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Stockhead - Canaccord sets Antipa price target at $1 on Minyari growth

By Staff Writer

• Canaccord maintains Speculative Buy rating and sets $1 price target for Antipa Minerals

• The target represents a 69% upside to the 59c share price cited in Canaccord’s research note

• Tim’s Dome, broader resource growth and the advancing Minyari PFS underpin the positive view

Canaccord Genuity has maintained a Speculative Buy rating and set a $1 price target for Antipa Minerals as new drilling results add weight to the development case at Minyari in WA’s Paterson Province.

The $1 target is about 69% above the 59c share price cited in Canaccord’s research note, with the broker highlighting a growing resource base, advancing PFS and a strong pipeline of exploration targets.

Leading that pipeline is Tim’s Dome, where recent drilling supports Antipa’s (ASX:AZY) view of a potentially larger Telfer-style gold-copper system.

Canaccord’s investment case goes beyond a single prospect, with Fiama North, AL01 and other regional targets offering more opportunities to grow Minyari’s substantial resource inventory.

“Overall, these latest results reinforce our view that Minyari remains one of the more compelling growth stories in the Paterson Province, combining advancing development work with meaningful exploration upside,” Canaccord said.

Antipa’s recent drilling at Tim’s Dome intersected thick gold-copper-lead-silver above a substantial untested AEM conductivity target.

Tim’s Dome 

Tim’s Dome has become one of Antipa’s top exploration targets after results from its 2026 drilling campaign.

RC drilling has hit broad zones of gold-copper-lead-silver mineralisation over about 500m of strike, directly above a large, untested airborne EM conductor.

The conductor runs for about 1.2km, is 200-470m wide and sits just 50-100m below the current drilling limit.

Canaccord highlighted results including 22m at 0.9g/t Au and 0.14% Cu from 157m, including 3m at 4.4g/t Au, along with 48m at 0.19% Cu and 0.31% Pb from 192m.

Antipa says the geological setting, metal association and scale of the conductor supports its interpretation that drilling may be defining the upper expression of a larger Telfer-style reef system.

That interpretation carries added significance given Tim’s Dome sits just 11km from Greatland Resources’ Telfer gold-copper mine and processing plant.

Diamond tails are scheduled to begin testing the conductor by mid-August.

Canaccord sees Tim’s Dome as one of the more intriguing emerging exploration targets in the Paterson, given its proximity to Telfer and the geological similarities highlighted by Antipa.

Growth pipeline

Tim’s Dome is just one part of Antipa’s broader resource growth strategy.

Aircore drilling at AL01 has outlined a 2km gold anomaly, while work at GEO-01 South has extended mineralised lodes in multiple directions.

These targets add to an already substantial resource base.

Minyari hosts 69Mt at 1.33g/t Au for 2.9Moz of gold, plus 91,000t of copper, 880,000oz of silver and 13,000t of cobalt, for a total 3.6Moz gold equivalent resource.

Minyari Dome, which underpins the PFS, contains 3.2Moz AuEq, including 2.5Moz of gold.

Canaccord sees Tim’s Dome, Fiama North, AL01 along with the broader regional pipeline as offering multiple ways to grow that inventory further.

Antipa finished June with $39.1m in cash and no debt, with its 41,000m Phase 1 drilling program fully funded as PFS work continues

Development case

The exploration push is running in parallel with work to advance Minyari towards development.

Canaccord points to the October 2024 updated scoping study, which outlined a standalone 3Mtpa operation producing about 128,000oz of gold annually over a 10-year mine life.

Since then, Antipa has grown the resource and Canaccord expects the PFS to focus on turning that larger inventory into a longer mine life rather than increasing processing capacity.

Recent metallurgical testwork supports the development case, with gold recoveries of 89-98% across all material types and a separate copper concentrate grading about 22% copper.

Technical PFS workstreams are set to finish in Q3 2026.

$1 valuation

Canaccord’s $1 price target factors in two possible development pathways for Minyari: a standalone mine based on the scoping study and a toll-treatment scenario.

The broker uses a 1.0x forward curve and NPV10% valuation framework to keep its Speculative Buy recommendation.
Canaccord notes that its valuation is unfunded, preliminary and risked to 70%, and that it does not include copper as a by-product in its development scenarios.

That leaves the near-term investment case focused on two fronts: advancing Minyari towards development and testing whether Tim’s Dome and expanded exploration pipeline can deliver another step-up in scale.

At Stockhead, we tell it like it is. While Antipa Minerals is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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