Infinity Metals Secures Option for High-Grade Tule Canyon Molybdenum-Copper Project

Strategic Entry into Critical Minerals Amid Surging Prices

Infinity Metals Limited (ASX:INF) has taken a decisive step to expand its critical minerals portfolio by securing an exclusive option to acquire a 100% interest in the Tule Canyon molybdenum-copper porphyry project in Nevada. This move positions Infinity to capitalise on molybdenum prices trading at historic highs above US$40 per pound, approximately seven times the price of copper, reflecting the metal's growing strategic importance.

The Tule Canyon project is a sizeable land package comprising 44 unpatented claims on Bureau of Land Management (BLM) administered land in Esmeralda County, a Tier-1 mining jurisdiction. The project lies northwest of Infinity's Swansea copper project in neighbouring Arizona, reinforcing the company’s growing footprint in the world-class Nevada-Arizona mineral district.

Encouraging Historical Data Supports Exploration Upside

The project benefits from an extensive exploration history dating back to 1959, with drilling and underground adit development conducted by established miners including Molycorp, AMAX, and Freeport-McMoran. Historical non-JORC resource estimates suggest a substantial molybdenum endowment, including a basalt cap resource of 30 million tonnes at 0.066% Mo and an adit zone with 9 million tonnes grading between 0.075% and 0.15% Mo.

Significant drill intercepts underpin the project's potential, such as 91.4 metres at 0.05% molybdenum from surface and narrower high-grade zones including 21.3 metres at 0.132% Mo at depth. Underground sampling from the exploration adit confirms broad mineralisation with grades up to 0.04% Mo over 30.5 metres, ending in mineralisation, indicating continuity. Surface rock chip samples have yielded molybdenum grades as high as 2.57%.

Infinity highlights the classic porphyry characteristics at Tule Canyon, featuring an acid-leached cap with increasing grades and alteration intensity at depth, suggesting a potentially larger mineralised system remains to be tested. The company plans to conduct geophysical magnetic surveys and extensional drilling to validate and expand on the historical data, aiming to upgrade the resource to JORC-compliant status within five years.

Favourable Regulatory Environment and Strategic Alignment

Notably, the U.S. government’s recent expansion of its critical minerals list and supportive policies for domestic supply chains add a layer of strategic validation. The nearby Mount Hope molybdenum mine in Eureka County secured BLM approval for development in March 2026, illustrating the positive permitting climate Infinity expects to navigate under the expedited Notice of Intent framework. This regulatory backdrop could accelerate Tule Canyon’s exploration and development timeline.

Infinity’s Executive Chairman Adrian Byass emphasised the strategic rationale: "This option agreement is another step in our strategy of gaining significant exposure to critical minerals in Tier-1 locations. Molybdenum, like copper, keeps hitting record high prices and Tule Canyon delivers walkup drill targets and rapid access under the minimal Notice of Intent process." This complements Infinity’s recent acquisition of the historic Swansea copper mine in Arizona, where the company raised A$2.25 million to fund exploration and development efforts.

Option Agreement Terms and Next Steps

The option agreement requires Infinity to pay a US$35,000 non-refundable fee for a 12-month exclusive option period. Upon exercise, Infinity will issue A$100,000 in shares to the vendor, with a further A$250,000 in shares payable upon delivery of a JORC Indicated or Measured resource estimate of at least 250 million tonnes at 0.06% molybdenum within five years. A 2.5% net smelter royalty applies on mineral sales, with Infinity holding the right to buy back 1% of this royalty for US$1 million.

Further exploration work is contingent on satisfactory due diligence and regulatory approvals. Infinity aims to commence geophysical surveys and drilling within a 3–6 month timeframe, subject to baseline environmental surveys and BLM permitting.