Antipa Minerals Limited (ASX: AZY) has announced a significant expansion of its Minyari Project Mineral Resource Estimate. The updated MRE totals 3.3 million ounces of gold equivalent, including 2.7 million ounces of gold, representing an increase of 163,000 ounces. The Minyari development resource announcement on 18 December 2025 reinforces the project’s potential as a standalone mining opportunity in Western Australia’s Paterson Province.
The Company’s 100 per cent owned Minyari Project now includes 90,000 tonnes of copper, 700,000 ounces of silver, and 13,000 tonnes of cobalt. This Antipa Minerals resource growth follows successful two-phase drilling programmes throughout 2025. The expansion strengthens outcomes presented in the October 2024 Scoping Study whilst demonstrating significant exploration upside across multiple deposits.
What Does the Minyari Development Resource Include for Antipa Minerals?
The total Minyari Project MRE comprises 58 million tonnes at 1.45 grams per tonne gold. The resource includes 0.17 per cent copper, 0.42 grams per tonne silver and 0.03 per cent cobalt. These figures combine to deliver 3.3 million ounces of gold equivalent at 1.80 grams per tonne.
The Indicated Mineral Resource represents 70 per cent of the total at 34.1 million tonnes. This material grades 1.60 grams per tonne gold and contains 1.8 million ounces gold, 66,000 tonnes copper, 545,000 ounces silver and 10,000 tonnes cobalt. Total Mineral Resource growth during calendar year 2025 reached 263,000 ounces of gold and 6,000 tonnes of copper.
Geographic Distribution and Proximity to Infrastructure
The Minyari Project deposits sit between 10 kilometres and 35 kilometres from Greatland Resources Limited’s Telfer gold-copper-silver mine. Greatland operates a 22 million tonnes per annum mineral processing facility at Telfer. This proximity provides potential processing infrastructure access for future Antipa Minerals mining operations.
The Minyari Dome hosts eight deposits distributed along a 3.6-kilometre strike corridor. The Minyari, GEO-01 and WACA deposits contain 2.4 million ounces or 88 per cent of the contained gold. Following the consolidation of the Wilki Farm-in Project in March 2025, Chicken Ranch and Tim’s Dome returned unencumbered to Antipa.
Antipa Minerals adds 163,000 ounces of gold to the Minyari Project through 2025 drilling programmes.
Deposit-by-Deposit Expansion Analysis
Fiama recorded exceptional growth with gold ounces increasing 150 per cent from 62,000 ounces to 154,000 ounces. High-grade gold mineralisation at Fiama remains open down dip, providing further expansion potential. GEO-01 Main Zone increased 21 per cent from 102,000 ounces to 123,000 ounces with mineralisation extending beyond 850 metres below surface.
Minella demonstrated similar exceptional growth with a 150 per cent increase from 12,000 ounces to 29,000 ounces. Minyari South recorded 30 per cent growth from 37,000 ounces to 48,000 ounces, remaining open in several directions. Rizzo and GEO-01 South discoveries delivered a maiden Mineral Resource of 24,000 gold ounces with substantial further growth expected.
What Are Antipa Minerals’ Plans for Minyari Development Resource Expansion?
Antipa has set an aspirational target to extend the production horizon by three years through resource growth. Based on the October 2024 Scoping Study, forecast free cash flow post-tax averages AUD 257 million annually at gold prices of AUD 4,500 per ounce. At AUD 5,000 per ounce, the forecast annual free cash flow reaches AUD 301 million.
Multiple deposits offer immediate expansion opportunities at the Minyari development resource. GEO-01 Main Zone’s steeply plunging high-grade zone extends beyond current drilling to over 850 metres depth. Rizzo and GEO-01 South Area contain three mineralisation packages spanning 500 to 800 metres, remaining open in multiple directions.
What Maiden Resource Opportunities Exist at the Minyari Project?
The Reaper-Poblano-Serrano Trend, located 30 kilometres north of Minyar, i presents maiden resource potential. Discovery drilling returned multiple thick shallow intersections,s including 32 metres at 1.5 grams per tonne gold, 0.18 per cent copper and 1.2 grams per tonne silver.
WACA Repeat Beneath Minyari represents another high-priority target for Antipa Minerals’ resource growth. Recent drilling returned narrow but high-grade mineralisation approximately 500 metres below existing resources, including 0.3 metres at 6.9 grams per tonne gold and 2.91 per cent copper.
How Does Metallurgical Test-Work Support Minyari Development Resource?
Metallurgical test-work demonstrates excellent recoveries for oxide, transitional and primary gold mineralisation across all deposits. Preliminary testing confirmed metallurgical recoveries of 95 per cent for oxide material and 88 per cent for primary ore. The Company’s metallurgical programmes also produced viable copper and cobalt concentrates.
The October 2024 Scoping Study confirmed positive economics for a 3 million tonnes per annum CIL plant. The study outlined a life of mine exceeding 10 years processing 30 million tonnes at 1.5 grams per tonne gold. Internal rate of return reached 52 per cent pre-tax and 46 per cent post-tax.
What Makes the Minyari Development Resource Geology Unique?
The Paterson Province hosts Proterozoic-aged meta-sediment and meta-mafic mineralisation systems. Precious and base metal deposits are typically sulphide-bearing and structurally controlled, interpreted as intrusion-related with granite associations. Typical mineralisation styles include veins, stockwork, breccia and skarns.
GEO-01 Area deposits feature gold-dominant low-sulphide mineralisation with minor copper, silver and cobalt. Mineralisation commences variably from 1 to 12 metres below surface, extending approximately 880 metres vertically. Individual lodes average approximately 280 metresin depth extension with strike lengths between 40 and 500 metres.
Antipa Minerals Share Price Performance
Antipa Minerals shares last traded at AUD 0.552 per share. The stock has traded within a 52-week range of AUD 0.230 to AUD 0.825 per share. The Company’s market capitalisation stands at AUD 361.01 million following the Minyari development resource announcement.
The significant Antipa Minerals resource growth announcement provides investors with enhanced project confidence. The Company maintains a strong balance sheet to continue advancing exploration and development activities through pre-feasibility studies and technical de-risking programmes.
FAQs
Q1. What is the total Minyari Project Mineral Resource Estimate announced by Antipa Minerals?
Ans. The updated Minyari development resource totals 3.3 million ounces gold equivalent, comprising 2.7 million ounces gold, 90,000 tonnes copper, 700,000 ounces silver and 13,000 tonnes cobalt.
Q2. How much gold did Antipa Minerals add to the Minyari resource in 2025?
Ans. Antipa Minerals’ resource growth during calendar year 2025 totalled 263,000 ounces of gold and 6,000 tonnes of copper, representing 400,000 ounces of gold equivalent.
Q3. Which deposits showed the largest percentage increases at the Minyari Project?
Ans. Fiama and Minella both increased by 150 per cent in gold ounces. Fiama expanded from 62,000 to 154,000 ounces, whilst Minella grew from 12,000 to 29,000 ounces.
Q4. How far is the Minyari Project from existing processing infrastructure?
Ans. The Minyari development resource sits between 10 kilometres and 35 kilometres from Greatland Resources’ Telfer mine and 22 million tonnes per annum processing facility.
