Risks and Rewards: Antipa’s Path to Developing Minyari Dome by 2028
Antipa Minerals has reported a significant resource upgrade and strong drilling results at its Minyari Dome project, advancing its pre-feasibility study towards a mid-2028 investment decision.
- Updated Mineral Resource Estimate totals 2.7 million ounces gold and 90,000 tonnes copper
- Extensive Phase 1 and Phase 2 drilling programs deliver high-grade gold-copper intercepts
- Pre-Feasibility Study workstreams including metallurgy, geotechnical and environmental studies progressing
- Strong cash position of approximately A$51.2 million supports ongoing development
- Active engagement with Traditional Owners and financiers to de-risk project
Resource Growth and Exploration Success
Antipa Minerals Ltd (ASX, AZY) has delivered a transformative update for its Minyari Dome Gold-Copper Development Project in Western Australia's Paterson Province. The company announced an updated Mineral Resource Estimate (MRE) comprising 2.7 million ounces of gold, 90,000 tonnes of copper, 700,000 ounces of silver, and 13,000 tonnes of cobalt, equating to 3.3 million ounces gold equivalent. This marks a substantial increase, adding 163,000 ounces of gold and 6,600 tonnes of copper to the resource base during 2025.
The resource upgrade is underpinned by approximately 100,000 metres of drilling completed across Phase 1 and Phase 2 exploration programs. These drilling campaigns have extended mineralisation at key deposits including Minyari, Fiama, Minella, GEO-01, and new discoveries such as Rizzo and the Reaper-Poblano-Serrano (RPS) trend. Notably, high-grade intercepts such as 1 metre at 32.6 g/t gold and 0.24% copper at Fiama highlight the project's potential for further resource expansion.
Advancing Pre-Feasibility Study Workstreams
Alongside exploration, Antipa has made significant progress on its Pre-Feasibility Study (PFS) workstreams, targeting delivery in the third quarter of 2026. Metallurgical test-work confirms that gold is free milling with recoveries between 89% and 98%, supporting a conventional carbon-in-leach processing route. Complementary copper concentrate production via flotation is also being developed.
Geotechnical drilling, hydrogeological studies, and environmental assessments are well advanced, informing mine design and infrastructure planning. The company has also defined a structured approvals strategy and is actively engaging with Traditional Owners to secure Native Title and heritage approvals, a critical step in de-risking the project.
Financial Position and Corporate Developments
Antipa maintains a robust cash balance of approximately A$51.2 million at quarter-end, providing a solid foundation for ongoing exploration and development activities. The company raised additional funds through option exercises and placements during the quarter, reflecting investor confidence in the project’s trajectory.
Early engagement with debt advisors and project finance banks is underway to align PFS outputs with market requirements, positioning Antipa well for future funding rounds. The company’s comprehensive approach integrates technical, regulatory, and financial considerations to support an informed Final Investment Decision (FID) by mid-2028.
Strategic Positioning in the Paterson Province
Situated near major regional players such as Greatland Resources’ Telfer mine and Havieron project, as well as Rio Tinto-Sumitomo’s Winu deposit, Antipa’s Minyari Dome project benefits from a highly prospective geological setting. The company’s 100%-owned 4,500 km² tenement package offers multiple opportunities for resource growth and new discoveries, reinforcing its potential as a significant contributor to the region’s mining landscape.
With ongoing drilling programs planned for 2026 and a clear pathway to project development, Antipa is well positioned to unlock substantial value for shareholders while contributing to the broader economic activity in Western Australia’s mining sector.
Bottom Line?
Antipa’s Minyari Dome project is rapidly evolving, with resource growth and PFS progress setting the stage for a pivotal development decision in the coming years.
Questions in the middle?
- How will pending assay results from sterilisation and deep drilling impact the upcoming MRE update?
- What are the key milestones and potential hurdles in securing Native Title and environmental approvals?
- How will Antipa structure its debt and equity financing to support project development beyond the PFS?
