Infinity targets Cangai cash while advancing Hillside and Victoria exploration

Cangai sale would provide cash while preserving slag rights

Infinity Mining Limited (ASX:IMI) is seeking to turn its Cangai Copper Project into a $1.0 million cash transaction, with a further approximately $0.2 million rehabilitation security payment to be returned at completion. The proposed sale to Huntore Australia is not yet binding, however, leaving the value and timing of any cash inflow conditional on due diligence, definitive documentation and required approvals.

The term sheet covers Cangai’s three exploration licences and associated project assets. Infinity has agreed to a three-month exclusivity period while the parties negotiate, but the announcement makes clear there is no certainty a binding sale agreement will be signed or that the transaction will proceed. The company’s cash balance was $195,306 at 30 September, making the proposed proceeds material relative to its reported liquidity, although the filing does not disclose how any proceeds would be allocated.

Orivium link survives through four-year slag access

Infinity would retain certain testing and processing rights over the Cangai slag dumps for four years, allowing it to continue its arrangement with Orivium Global. That matters because the proposed disposal does not entirely sever Cangai from Infinity’s processing strategy: the company said Orivium’s laboratory work on historical smelter waste continued during the quarter, while the partner-funded Alpha Plant in Orange is intended to generate operating and engineering data. Construction of that facility was reported in the Orange Alpha Plant construction, but commercial processing costs, logistics and revenue-sharing terms remain to be documented before any Infinity campaign begins.

The retained rights are not yet fully detailed. The term sheet says those arrangements will be documented in a binding sale agreement, so the eventual scope of Infinity’s access and any economics attached to future processing remain open questions. The company also cautions that its earlier laboratory result of effectively 100% copper extraction was produced under laboratory conditions and does not establish commercial viability.

Hillside drilling follows high-grade surface results

While Cangai moves towards a possible exit, Infinity’s exploration attention is shifting towards newer targets. At Hillside in Western Australia’s Pilbara, reconnaissance sampling across a roughly 9 kilometre gossan corridor returned results including 9.4% copper, 163 g/t silver, 0.7 g/t gold and 0.7% zinc. The company has since completed preliminary heritage clearance across 10 proposed drill areas and plans to begin maiden reverse-circulation drilling before the end of the year. The earlier Hillside copper-silver assays came from surface rock chips in an area where historical drilling was limited.

“Location map of Hillside rock-chip samples collected in May and October 2026.”

“Location map of Hillside rock-chip samples and reported assay results.”

Caption and image © Infinity Mining Limited. From “Quarterly Activities Report period ended 30 September 2026”, 30 Oct 2026.

Those grades are attention-grabbing, but they remain reconnaissance results rather than evidence of a defined deposit. The samples are not true widths and cannot establish continuity, tonnage, economic parameters or a mineral resource. Drilling will have to test whether the mapped gossans continue below the surface and whether the mineralisation has coherent geometry.

Victoria targets broaden gold and antimony pipeline

Infinity’s Victorian joint venture also produced a wider exploration footprint. The Tanjil Dome gold anomaly now extends for approximately 1 kilometre, with surface results up to 3.70 g/t gold, while a separate Good Hope target runs for at least 1.5 kilometres and produced a grab sample grading 12.91 g/t gold. The company’s earlier Tanjil Dome gold-antimony expansion described the same emerging two-target program, with trenching and drilling planned after further surface work.

“Tanjil Dome and Good Hope gold-in-soils laboratory results.”

“Planned work areas at Tanjil Dome and Good Hope.”

Caption and image © Infinity Mining Limited. From “Quarterly Activities Report period ended 30 September 2026”, 30 Oct 2026.

Tanjil Dome also returned a rock-chip result of 48.7% antimony with 1.35 g/t gold, supported by an antimony-arsenic soil anomaly. Infinity plans more soil sampling, mapping, trenching and initial drill planning across both prospects. As with Hillside, however, continuity of mineralisation has not been demonstrated and no drilling results are included in the quarterly report.