This article is a sponsored feature from Mining.com.au partner Antipa Minerals. It is not financial advice. Talk to a registered financial expert before making investment decisions.
Antipa Minerals (ASX:AZY) has carved out a significant and strategic landholding in Western Australia’s Paterson Province, commanding more than 4,500km2 in a district now recognised as one of the country’s most prolific gold-copper frontiers.
With a 3.6-million-ounce gold-equivalent resource, including 2.9 million ounces of gold, 91,000 tonnes of copper, and 880,000 ounces of silver, the company’s flagship Minyari Project anchors a strong development and discovery pipeline.
With a first-mover advantage and significant drilling campaigns providing steady resource growth, Antipa has positioned itself to deliver a substantial standalone gold and copper development opportunity as it simultaneously unlocks new discoveries across the district.
Managing Director Roger Mason highlights that Antipa has a large-scale development opportunity on its hands, with both brownfields and greenfields opportunities to grow the resource base and expand the development opportunity from where it stands today.
“Our Minyari Dome development opportunity is in the top three in terms of contained ounces for undeveloped gold deposits in Australia that have a resource grade better than one gram per tonne,” Mason says.
“The Paterson Province is very much an underexplored region. We had a first-mover advantage into the area commencing in 2011.
“Over the last 10 years, there’s been roughly 20 million ounces of gold, 3.4 million tonnes of copper, and 60 million ounces of silver discovered in this Province, with this discovery trajectory set to be maintained over the short to long term as exploration continues to deliver.”
Minyari Dome Gold-Copper Project: Unlocking Paterson growth
“What sets us apart from other Paterson explorers is that our province-scale portfolio with significant new discovery and growth potential is under shallow post-mineralisation cover, that’s our first-mover advantage,” Mason says.
About 40% of the company’s Minyari Project tenements are under less than 20m of cover, and about 75% are under less than 80m of cover, making it a much more viable project from an exploration and development perspective compared to competitors’ deeply buried projects.
“Since reconsolidating our Paterson ground in April last year, we’ve been doing a huge amount of exploration, including drilling 100,000m last year, and we are planning to drill over 70,000m this year.”
With Antipa’s focus on drilling, the company has delivered steady resource growth, having added 1.3 million gold-equivalent ounces in just three years.
Alongside that resource growth, Antipa completed the Minyari Dome Scoping Study in 2024, which highlighted a standalone development opportunity.
“This Scoping Study identified a 10+ year development opportunity with very strong economics, producing 130,000 ounces of gold per year via a 3-million-tonnes-per-annum CIL processing facility,” Mason says.
The Minyari Dome Scoping Study outlined a development opportunity with a net present value post-tax of $1.8 billion at a 7% discount, using a gold price of $5,000 per ounce.
“These results gave us the confidence to commence a Prefeasibility Study.”
Antipa commenced its Prefeasibility Study (PFS) in 2025, with an expected completion date of September 2026. The company has already completed a substantial amount of PFS work, including the recruitment of key personnel, engagement of industry-leading consultants, multiple drilling programs, and metallurgical test work.
Mine planning and process plant engineering design is ongoing, as are the Traditional Owner engagement and environmental approval activities.
Phase one sets the pace
Antipa has now just launched a ‘major’ 41,000m drill program across the Project, as previously reported, with a plan for 321 holes to expand the current gold resource across existing deposits and make new discoveries.
“This Phase 1 drill program is testing existing deposits and targets and should also generate new greenfields targets and discoveries across the Project,” Mason says.
Discovery drilling is planned for 258 holes for 26,540m, broken down into 205 air core holes, 51 reverse circulation (RC) holes, and two diamond holes, while growth drilling will cover 63 holes for 14,200m, including 61 RC holes and two diamond holes.
Phase one drilling is expected to be completed in early H2 CY2026, with assays to be released in batches throughout the campaign.
Phase two will be heavily reliant on the results from phase one, but Mason notes that several exploration activities may overlap across both phases.
The next 15 to 18 months are critical as Antipa advances the Minyari Dome development to final investment decision (FID). The company’s timeline to complete the PFS is September 2026, with the Definitive Feasibility Study (DFS) scheduled for completion in Q3 CY2027.
“The Antipa Board approved various supporting works toward the DFS, which are being completed concurrent with the PFS,” Mason says.
This overlapping time frame means that Antipa can potentially shorten the time it takes to complete the DFS.
Gold strength meets copper demand
The Minyari Project’s dual-commodity focus provides major upside to Antipa, as it rides a wave of record gold prices and high appetite for copper.
“Gold has continually hit record prices in recent times, and its outlook seems very positive based on the high-inflation outlook, debasement of the USD, and a safe haven investment for central banks and investors,” Mason says.
He stresses that it’s important to keep in mind that Antipa used a base case of $3,000 per ounce in the 2024 Scoping Study and copper didn’t even feature; so the upcoming PFS will be using a substantially higher gold price and the PFS metallurgical test work is also highlighting the potential for up to 60,000 tonnes of copper production.
Mason says that the project financing landscape is very competitive.
“There’s a high appetite for financing robust gold development projects at the moment, with the added upside potential for copper concentrate production also attracting attention.”
Exposure to scale in Western Australia
The company is emerging as a potential significant future producer, with several re-rate catalysts in a region that is emerging as Australia’s next prolific mining province.
Mason stresses that Antipa is a great opportunity for investors looking for pre-production gold-copper opportunities in a reliable, stable jurisdiction, with added exposure to serious resource growth and discovery leverage.
“We appear to provide strong investment leverage, with a market cap of around $450 million and about $50 million cash in the bank generating an EV per gold resource ounce of about $130, making the company very attractively priced relative to its peers who are closer to FID,” Mason says.
“Antipa remains focused on advancing Minyari Dome through de-risking milestones to reach a final investment decision and become a 130,000-ounce gold producer; and as we make this progression, we think that the company’s valuation will begin to reflect the underlying value of the development Project and the additional growth and discovery opportunities, with the added bonus being if the market’s forecast gold price rise occurs.
“There will be plenty of positive newsflow this year which is perfect timing with record gold prices and M&A accelerating.”
As Antipa advances towards its PFS and beyond, the company’s dual focus positions it to capture strong market tailwinds while unlocking new discoveries across the Paterson Province. With a proven track record of discovery, resource growth, a clear development pathway, and Western Australia’s supportive jurisdiction, Antipa is advancing as an exciting gold-copper investment opportunity.
Write to Amy Rotman at Mining.com.au
Images: Antipa Minerals and Mining.com.au
