Antipa Minerals Ltd (ASX:AZY) advanced its exploration and development strategy during the June 2025 quarter, reconsolidating the 100%-owned Minyari Dome, Wilki and Paterson Projects into a single, 4,100-square-kilometre Minyari Project. A May 2025 Mineral Resource Estimate (MRE) update lifted the total resource base to 3.0 million ounces (Moz) of gold equivalent (AuEq) at 1.94 grams per tonne (g/t).
Phase 1 CY2025 drilling started with a focus on both resource expansion and discovery. Initial assays confirmed a significant new gold-copper discovery and extended known mineralisation at the GEO-01 Main Zone. The company ended the quarter with A$36.5 million in cash and, post-period, completed a A$40 million placement, bringing its pro-forma cash balance to A$70.6 million.
Plan showing location of Antipas 100%-owned, 4,100km2 Minyari Project: Plan includes Greatland Resources’ Telfer Mine, Havieron development project and O’Callaghans deposit, Rio Tinto-Sumitomo’s Winu deposit, Rio Tinto’s Calibre-Magnum deposits, and Cyprium’s Nifty Mine. Regional GDA2020 / MGA Zone 51 co-ordinates, 50km grid.
Updated MRE reinforces standalone development case
The updated MRE for the Minyari Project totals 53 million tonnes at 1.48 g/t gold, 0.18% copper, 0.43 g/t silver and 0.02% cobalt for:
- 2.5Moz gold
- 84,000 tonnes copper
- 666,000 ounces silver
- 13,000 tonnes cobalt
- 3.0Moz gold equivalent at 1.94 g/t AuEq
Approximately 66% of the resource is classified as Indicated. Key growth was recorded at GEO-01 (+20% gold), Minyari South (+41%), Tim’s Dome (+37%) and Chicken Ranch (+19%). The results support a standalone development model with near-surface mineralisation and scalable potential, building on the October 2024 Scoping Study.
Drill program confirms new discovery and extends known zones
Phase 1 drilling focused on resource growth and greenfield exploration across 35,000 metres and 389 planned holes. Assay results from the first 66 holes confirmed a new discovery south of Fiama and Rizzo, as well as extensions at the GEO-01 Main Zone.
Key intercepts include:
- 21m at 1.8 g/t gold and 0.06% copper from 44m (25MYC0715), including: 4m at 8.6 g/t gold, 0.02% copper, 0.5 g/t silver
- 41m at 0.16 g/t gold and 0.15% copper from 4m (24MYA0293), including: 8m at 0.32 g/t gold, 0.21% copper
- 15m at 2.0 g/t gold and 0.04% copper from 336m (25MYCD0698)
- 15m at 0.9 g/t gold and 0.12% copper from 287m (25MYC0737), including: 5m at 1.5 g/t gold and 0.14% copper
- 44m at 0.4 g/t gold and 0.06% copper from 82m (25MYC0745), including: 2m at 2.8 g/t gold and 0.05% copper, 1m at 1.9 g/t gold and 0.11% copper
- 7m at 1.1 g/t gold and 0.06% copper from 130m (25MYC0687), including: 2m at 2.9 g/t gold and 0.17% copper
- 5m at 1.1 g/t gold and 0.07% copper from 78m (25MYC0688), including: 1m at 3.6 g/t gold, 0.16% copper, 0.5 g/t silver
- 2m at 2.5 g/t gold and 0.20% copper from 81m (25MYC0695), including: 1m at 4.2 g/t gold and 0.37% copper
Minyari Dome growth drilling targets multiple zones
Growth-focused drilling at the Minyari Dome targeted expansion of near-surface resources at Minyari South and across the GEO-01 corridor, including Main Zone, Fiama, Minella and Central. This portion of the program comprised 57 holes for 12,080 metres.
Assays for approximately 25% of these holes have been reported, with remaining results expected by the end of Q3 2025. The company highlighted GEO-01 and Fiama as high-priority areas for follow-up, with mineralisation remaining open in several directions.
Greenfield drilling identifies new mineralised zones
Discovery drilling across multiple greenfield targets totalled 229 planned holes for 21,218 metres. Assays have been received for 22 RC holes and 28 air core holes, though bottom-of-hole air core results remain pending.
Notable results from GEO-01 and Rizzo extension drilling include:
- 21m at 1.8 g/t gold and 0.06% copper from 44m (25MYC0715)
- 32m at 0.13 g/t gold from 24m (24MYA0292), including 12m at 0.21 g/t gold from 32m
- 41m at 0.16 g/t gold and 0.15% copper from 4m (24MYA0293), including 8m at 0.32 g/t gold and 0.21% copper
Results from the Parklands target returned low-grade mineralisation. Other targets such as GP05, Chicane, AL01/AL02, PP GRAV-02 and RPS Trend are in progress or awaiting assays.
Paterson Project returns to full Antipa ownership
In April, IGO Ltd formally withdrew from the Paterson Project farm-in agreement, returning 100% ownership to Antipa. The project area, which previously attracted A$15 million in exploration expenditure from IGO, is considered highly prospective for gold and copper. The withdrawal enables Antipa to integrate the area into its broader Minyari exploration strategy and test previously sidelined gold-dominant targets.
Placement boosts balance sheet to A$70.6 million
Following the end of the reporting period, Antipa completed a placement raising A$40 million (before costs). The raise was strongly supported by existing shareholders and new institutional investors, including director participation subject to shareholder approval.
At the end of June, the company had:
- A$36.5 million in cash
- 647.2 million shares on issue
- 57.5 million unlisted options
- Post-placement cash: ~A$70.6 million (as at July 16, 2025)