Antipa Minerals (AZY) Q2 2026 TU earnings summary

Executive summary

• Advanced Phase 2 exploration and PFS workstreams for the Minyari Dome Gold-Copper Project, culminating in a significant updated Mineral Resource Estimate (MRE) and substantial progress in de-risking the project.

• Achieved major milestones in drilling, resource growth, and project development, positioning the company as a leading explorer in Western Australia's Paterson Province.

Financial highlights

• Ended the quarter with a robust cash balance of approximately A$51.2 million.

• Spent A$12.8 million on exploration activities during the quarter.

• Net cash outflow from operating and investing activities was A$12.9 million, with four quarters of funding available at current expenditure rates.

• Raised A$2.6 million from the exercise of options and A$0.2 million from a placement.

Outlook and guidance

• PFS workstreams are on track for delivery in Q3 CY2026, with integration and optimisation phases underway.

• Project is targeting further resource growth and maiden resource delineation through CY2026, with follow-up drilling planned for Q2 CY2026.

• Final Investment Decision (FID) expected by mid-2028, contingent on completion of technical, regulatory, and funding criteria.