Antipa Minerals (AZY) Q1 2026 TU earnings summary

Executive summary

• Advanced Phase 1 and Phase 2 exploration programs at the 100%-owned Minyari Dome Gold-Copper Project, with significant step-out and new discovery drilling success across multiple deposits and prospects.

• Pre-Feasibility Study (PFS) workstreams, including metallurgical, environmental, and permitting activities, progressed ahead of expected PFS completion in August 2026.

• Strong corporate activity with a $40 million equity placement and appointment of a new Non-Executive Director.

Financial highlights

• Ended the quarter with a robust cash balance of approximately A$61.4 million.

• Raised A$40 million (before costs) via equity placement; 66.7 million shares issued at A$0.60 per share.

• Spent approximately A$13.0 million on exploration activities during the quarter.

• Net cash from financing activities was A$38.4 million; net cash used in investing activities was A$13.0 million.

Outlook and guidance

• Phase 2 exploration program (25,000–35,000m drilling) on track for completion by mid-December 2025.

• Updated Mineral Resource Estimate (MRE) incorporating 2025 drill results scheduled for November 2025.

• PFS completion targeted for August 2026, with ongoing technical and permitting workstreams.