Antipa Minerals Advances Minyari Project with New Discoveries and 3.6Moz Resource Upgrade

Significant Resource Growth and New Discoveries at Minyari

Antipa Minerals Ltd (ASX:AZY) has wrapped up its CY2025 drilling program at its 100%-owned Minyari Gold-Copper Project in Western Australia’s Paterson Province, delivering a string of high-grade gold and copper intersections that underpin an updated Mineral Resource Estimate (MRE) announced shortly after quarter end. The total MRE now stands at 69 million tonnes grading 1.33 g/t gold, containing 2.9 million ounces of gold, or 3.6 million ounces gold equivalent (AuEq) when including copper, silver, and cobalt credits.

Key discoveries during the quarter include a new high-grade lode 65 metres north of Fiama, which returned 24.7 metres at 1.4 g/t gold and 0.04% copper, including a standout 2.3 metres at 6.8 g/t gold and 0.18% copper, with mineralisation still open in all directions. Further north, repeat drilling 250 metres from the Minyari Deposit confirmed a large-scale target zone with 12.2 metres at 1.2 g/t gold and 0.04% copper from 623 metres depth, including 7.2 metres at 2.0 g/t gold and 0.06% copper. A new copper discovery at Yolanda, about 1 kilometre west of the WACA prospect, intersected 44 metres at 0.07% copper, including 12 metres at 0.13% copper, confirming a 1.2-kilometre copper trend.

These results build on Antipa’s broader 2025 drilling success and feed directly into the updated resource, which now includes 91,000 tonnes of copper, 880,000 ounces of silver, and 13,000 tonnes of cobalt. The Minyari Dome alone accounts for 2.5 million ounces of gold, representing 88% of the project’s gold resource, with the Minyari Deposit contributing 1.9 million ounces or 66% of the total contained gold. The resource upgrade also features a maiden estimate for the Reaper-Poblano-Serrano (RPS) deposits, adding 230,000 ounces of gold and 3,600 tonnes of copper to the portfolio. This update was prepared by Snowden Optiro and Antipa, adhering to JORC Code (2012) standards. The increased proportion of Indicated resources at Minyari Dome (now 85%) and Minyari Deposit (now 97%) enhances the project's development confidence and supports ongoing Pre-Feasibility Study (PFS) workstreams.

Pre-Feasibility Study Progress and Development Planning

Antipa remains on track to complete its PFS by Q3 2026, advancing multiple technical, environmental, regulatory, native title, and commercial workstreams. Metallurgical testwork confirms the gold is free milling with recoveries between 89% and 98%, compatible with conventional Carbon-in-Leach processing, and potential copper concentrate pathways are under evaluation. Geotechnical and hydrogeological investigations continue to refine pit and mine design inputs, including dewatering and water supply assessments.

Mine design and engineering studies are progressing in parallel with resource and metallurgical work, supporting capital and operating cost estimates. Environmental baseline studies and regulatory planning are advancing, alongside native title negotiations with the Martu people, an essential step in the approvals pathway. Early financing readiness activities include financial modelling and lender engagement to align study outputs with potential funding requirements.

Major New Drilling Campaign Commences to Expand Resource Base

Following the quarter, Antipa launched a major Phase 1 CY2026 drilling campaign targeting both greenfield discoveries and resource growth across the Minyari Project’s 4,500 square kilometre tenure. The program comprises 321 holes for approximately 41,000 metres, combining air core, reverse circulation (RC), and diamond core drilling. The campaign aims to systematically test high-priority regional targets and expand the existing Minyari Dome deposits, with initial RC drilling focused on multiple gold and copper targets within the GEO-01 area, which remains open down-dip and along strike.

This new drilling initiative is fully funded from Antipa’s robust cash position of circa A$47.7 million at quarter end, reflecting disciplined capital management despite ongoing exploration expenditure of approximately A$2.7 million during the quarter. The program’s scale and scope underscore Antipa’s commitment to rapid resource expansion and project advancement in one of Australia’s most prospective gold-copper provinces.

Antipa’s Minyari Project benefits from its strategic location near major operations such as Greatland Resources’ Telfer Mine and Havieron development, as well as Rio Tinto-Sumitomo’s Winu and Cyprium Metals’ Nifty Mine, situating it within a proven mineralised corridor. The company’s ongoing exploration success and resource growth trajectory position it well to capitalise on this highly competitive landscape.

Antipa’s recent resource upgrade and exploration milestones build on a steady stream of positive results, including the significant resource increase to 3.6 million ounces gold equivalent with a strong Indicated base earlier this year Minyari Resource to 3.6Moz and multiple new high-grade gold and copper zones reported in February New High-Grade Gold and Copper. These developments reinforce the company’s potential to unlock value in the Paterson Province through disciplined exploration and development execution.