Antipa Minerals Ltd (ASX:AZY) delivered a strong September quarter, advancing both exploration and pre-feasibility study (PFS) workstreams across its 100%-owned Minyari Dome Gold-Copper Development Project in Western Australia’s Paterson Province, while maintaining a robust cash position of A$61.4 million.
The company reported wide and high-grade gold-copper intersections from its Phase 1 CY2025 drilling campaign and said its parallel Phase 2 program remains on track for completion by mid-December.
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.
Strong exploration momentum
Step-out drilling during the quarter confirmed significant extensions to known mineralisation at multiple deposits across the Minyari Dome project area.
Map showing southern region of the Minyari Dome: Includes contoured maximum down-hole gold drill results, resource locations, 2024 Scoping Study open pit design limits, and deposit/prospect locations (including Minyari South, GEO-01 Main Zone, Fiama, Minella and Rizzo). Note the gold-copper discovery intersections across a large area (800m by 700m) indicating that Rizzo and Fiama may be connected and extending mineralisation 500m to the south into an area which Antipa’s access to was previously prevented by the Paterson IGO Farm-in Project (tenement) boundary.
At the Fiama prospect, Antipa intersected exceptionally high-grade gold zones — including standout results up to 520 gram-metres — extending mineralisation along strike and at depth. The Minella, GEO-01 Central and Minyari South zones also returned wide intercepts with strong gold and copper values, while drilling at Rizzo confirmed a new large, shallow mineralised system with potential for resource growth.
Long Section from south of Fiama to Minyari North: Including the Minyari, WACA, Minyari South, Minyari Southeast and GEO-01 area (i.e. Main Zone, Fiama, Minella and Central) deposits and recently discovered southern extensions to GEO-01, showing gold drill intercepts. Highlights multiple zones of plunging gold-copper resources and mineralisation variously open down dip/plunge from depths below the surface as shallow as 40m to 650m. Note this highly prospective 3.6km trend extends to approximately 5.0km to the Judes copper-silver-gold deposit to the north.
Discovery drilling to the south of Fiama and Rizzo identified additional mineralised gold-copper zones, while broad-spaced air-core drilling north of Minyari confirmed a 6-kilometre-long anomaly across the Reaper-Poblano-Serrano (RPS) and AL01 prospects.
Plan of the central region of Antipa’s Minyari Project: Showing advanced gold ± copper greenfield targets and existing prospects, within a 65km corridor which extends approximately 35km northwest and 30km southeast of the Minyari Dome development opportunity, which have been evaluated during the CY2025 Phase 1 air core ± RC drill programme. Note the location of Reaper-Poblano-Serrano (RPS) and AL01 north of Minyari. This structural domain hosts Greatland Resources’ Telfer Mine and Havieron development project, and along trend to the northwest Rio Tinto-Sumitomo’s Winu development project and Rio Tinto’s Calibre and Magnum deposits.
PFS-related resource definition drilling at the Minyari and WACA deposits also delivered continuity of substantial gold-copper zones, with intersections up to 200 gram-metres recorded.
Phase 2 exploration — comprising between 25,000 and 35,000 metres of air-core, RC and diamond drilling — began in August and is progressing towards completion in the December quarter.
Minyari Dome Development advancing
Antipa continued to de-risk the Minyari Dome Development through multiple PFS workstreams, including metallurgical test work, geotechnical and hydrogeological studies, and environmental and permitting activities.
The company expects to complete the PFS around August 2026. A mineral resource update incorporating current-year drill results is scheduled for November 2025.
Key recent milestones include:
- Completion of 18,340 metres of resource-definition drilling, with assays received for 12,097 metres to date.
- Ongoing geotechnical and sterilisation drilling due for completion in November.
- Initial groundwater exploration finished in August, followed by hydrogeological drilling in late September.
Antipa’s 4,100 square-kilometre tenement package lies 35 kilometres north of Greatland Resources’ Telfer mine and 54 kilometres along strike from the Havieron gold-copper development, placing it among a cluster of major Paterson Province discoveries that also includes Rio Tinto’s Winu deposit.
Location of Antipa’s Minyari Project relative to Greatland Resource’s Telfer Gold-Copper-Silver mine and 22Mtpa processing facility and Havieron Gold-Copper development project.
Capital strength and board expansion
During the quarter, Antipa completed a A$40 million equity placement at A$0.60 per share, supported by institutional and long-term investors. Director participation totalled A$125,000, approved by shareholders in September.
The company said the successful raising and strong investor backing underscored confidence in its development strategy and the significant discovery potential across the broader Minyari project area.
The board also appointed experienced mining executive Neil Warburton as non-executive director, adding depth to governance and operational expertise as Antipa advances towards development.
Financial position
At September 30, the company held A$61.4 million in cash following exploration expenditure of A$13 million during the quarter. Antipa has 652.9 million ordinary shares on issue and 50.8 million unlisted options with a weighted-average exercise price of A$0.434.
Antipa said it remains well-funded to complete its current exploration programs and progress the Minyari Dome PFS through to delivery.