Article

Proactive - Antipa strengthens Minyari development case with 3.3Moz resource

By Lisa Uhlman

Antipa Minerals Ltd (ASX: AZY) has lifted the scale of its flagship Minyari Development in Western Australia’s Paterson Province, delivering a substantial upgrade to its Mineral Resource and reinforcing the project’s credentials as a standalone gold-copper development.

The company’s updated Mineral Resource Estimate (MRE) now totals 3.3 million ounces (Moz) of gold equivalent, comprising 2.7 million ounces of gold, 90,000 tonnes of copper, 700,000 ounces of silver and 13,000 tonnes of cobalt. The revision adds 163,000 ounces of gold and 6,600 tonnes of copper to the resource base, marking Antipa’s second material resource increase this calendar year.

In tonnage terms, the Minyari Project now hosts 58 million tonnes at 1.45 g/t gold, 0.17% copper, 0.42 g/t silver and 0.03% cobalt, equivalent to 1.80 g/t gold equivalent. Importantly, around 70% of the resource is classified as Indicated, providing a stronger platform for mine planning and upcoming technical studies.

Managing director Roger Mason said the update highlighted both the quality and growth potential of the project.

“This latest increase reflects the effectiveness of our two-phase 2025 drilling program, which successfully expanded the existing Minyari Dome resource base while also converting new discovery zones into maiden resources,” Mason said.

“Importantly, many of these deposits remain open along strike and at depth, providing a clear line of sight to additional growth next year.”

Stronger foundation ahead of PFS update

The updated MRE underpins Antipa’s ongoing pre-feasibility study (PFS) work, with a consolidated PFS resource update covering Minyari, WACA and Sundown due in February 2026.

Resource growth during 2025 totals 263,000 ounces of gold and around 6,000 tonnes of copper, equivalent to roughly 400,000 ounces of gold equivalent, reflecting the success of the company’s two-phase drilling program.

At Minyari Dome, eight deposits now contribute to the resource across a 3.6-kilometre strike corridor, with the Minyari, GEO-01 and WACA deposits accounting for around 88% of contained gold. The flagship Minyari deposit alone hosts 1.9 million ounces, or nearly 70% of total contained gold.

Notable growth has also come from the broader GEO-01 area, where the resource has expanded 80% to 340,000 ounces of gold, including maiden resources from the recently delineated GEO-01 South and Rizzo discoveries. Several of these zones remain open along strike and at depth and are scheduled for follow-up drilling in the first half of 2026.

Satellite deposits and regional upside

Following consolidation of the Wilki Farm-in Project earlier this year, the Tim’s Dome and Chicken Ranch deposits have reverted unencumbered to Antipa and are now being assessed as potential satellite feed sources. Both sit within 15 kilometres of Greatland Resources’ Telfer processing facility, highlighting potential infrastructure synergies.

The company is also advancing an ambitious resource growth strategy aimed at extending the project’s production horizon by up to three years through continued drilling and maiden resource definition.

Based on Antipa’s October 2024 Scoping Study, Minyari is forecast to generate average post-tax free cashflow of A$257 million per annum at A$4,500/oz gold and A$301 million per annum at A$5,000/oz gold over the first decade of production, underscoring the value leverage associated with further resource expansion.

Priority growth targets include depth extensions at Fiama, GEO-01 Main Zone and Minella, as well as new mineralised packages at Rizzo, WACA and Minyari South. Beyond the core development area, Antipa is also targeting maiden resources at prospects such as the Reaper-Poblano-Serrano trend, GP01 and WACA East, alongside a pipeline of earlier-stage regional targets.

With a strengthened resource base, a high proportion of Indicated material and a clear pathway to further growth, Antipa says it is well funded and well positioned to continue de-risking Minyari while driving the project toward development in one of Australia’s most prospective gold-copper provinces.

Find Out More