# AZY: PFS workstreams determine Optimal Development Configuration Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/azy-pfs-workstreams-determine-optimal-development-configuration--b05959d5-d175-4260-91f8-33e9df0f1fcc Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03141897 Publisher: asx Original announcement: 2026-09-21T22:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T23:13:17.401Z Atlas analysis updated: 2026-09-21T23:13:17.401Z - Company: Antipa Minerals Ltd - Ticker: AZY - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper, Silver, Cobalt - Document categories: Metallurgy, Other - Extracted: 2026-09-21 23:13:18 UTC Narrative sentiment: 0.50 · Bullish ## Minestarters Atlas summary Antipa Minerals has completed detailed option studies for its Minyari Dome Gold-Copper Development Project, defining the optimal processing and mine scheduling configuration. The selected pathway involves CIL gold doré production followed by flotation of CIL residue to produce a separate copper concentrate. This decision, aimed at maximizing project value, has led to a delay in the final Pre-Feasibility Study release, now expected in November 2026. Reasoning: Antipa Minerals has completed detailed option studies for its Minyari Dome project, defining an optimal development configuration involving CIL gold doré production followed by copper flotation, aimed at maximizing project value, despite a delay in the final PFS release. - Positive factor: Optimal development configuration defined - Positive factor: Processing pathway selected for gold doré and copper concentrate - Positive factor: Mine scheduling studies completed to optimize value - Positive factor: Focus on maximizing NPV, IRR, capital efficiency, and payback - Negative factor: PFS release delayed Facts used in scoring: 4 ## Classification and evidence **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Nick Vines is a Competent Person as defined by the JORC Code 2012 Edition and consents to the inclusion of his information. Evidence · text > Mr Vines is a Competent Person as defined by the JORC Code 2012 Edition, having more than five years’ experience which is relevant to the processing method and type of deposit under consideration and to the activity for which he is accepting responsibility. Mr Vines is a Member of the AusIMM and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Mr Nick Vines, the Competent Person for metallurgy, confirms he has read and understood the requirements of the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Evidence · text > Mr Vines has confirmed that he has read and understood the requirements of the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The selected PFS pathway includes 'CIL gold doré production', indicating a mill-based processing route. Evidence · text > The PFS pathway for the Minyari Development is to comprise CIL gold doré production **Flotation Route** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The selected PFS pathway includes 'flotation of CIL residue to produce a separate copper concentrate product'. Evidence · text > followed by the flotation of CIL residue to produce a separate copper concentrate product. **PFS Delay** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The completion of option studies has extended the previously anticipated timing for the PFS release, now expected in November 2026. Evidence · text > Completion of the extensive and detailed Option Studies has extended the previously anticipated timing for release of the PFS, which is now expected during November 2026. **Optimisation Study** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document details 'Option Studies designed to determine the development configuration that delivers the strongest combination of project value, capital efficiency, operating performance and payback'. Evidence · text > Option Studies designed to determine the development configuration that delivers the strongest combination of project value, capital efficiency, operating performance and payback. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Metallurgical Results (4) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/azy-pfs-workstreams-determine-optimal-development-configuration--b05959d5-d175-4260-91f8-33e9df0f1fcc#fact-metallurgical-facts-0) Minyari Dome Gold-Copper Development Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Minyari Dome Gold-Copper Development Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AZY #### Recovery - Recovery: 88 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical metallurgical recovery assumption from 2017-2018 test work, used for gold equivalent calculations, with no new test results or details provided in this announcement. - Negative factor: Stale data - Negative factor: Test scale not disclosed - Negative factor: Processing route not disclosed Evidence · text > Gold = 88.0% #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/azy-pfs-workstreams-determine-optimal-development-configuration--b05959d5-d175-4260-91f8-33e9df0f1fcc#fact-metallurgical-facts-1) Minyari Dome Gold-Copper Development Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Minyari Dome Gold-Copper Development Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: AZY #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical metallurgical recovery assumption from 2017-2018 test work, used for gold equivalent calculations, with no new test results or details provided in this announcement. - Negative factor: Stale data - Negative factor: Test scale not disclosed - Negative factor: Processing route not disclosed Evidence · text > Copper = 85.0% #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/azy-pfs-workstreams-determine-optimal-development-configuration--b05959d5-d175-4260-91f8-33e9df0f1fcc#fact-metallurgical-facts-2) Minyari Dome Gold-Copper Development Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Minyari Dome Gold-Copper Development Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: AZY #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical metallurgical recovery assumption from 2017-2018 test work, used for gold equivalent calculations, with no new test results or details provided in this announcement. - Negative factor: Stale data - Negative factor: Test scale not disclosed - Negative factor: Processing route not disclosed Evidence · text > Silver = 85% #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/azy-pfs-workstreams-determine-optimal-development-configuration--b05959d5-d175-4260-91f8-33e9df0f1fcc#fact-metallurgical-facts-3) Minyari Dome Gold-Copper Development Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Minyari Dome Gold-Copper Development Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: AZY #### Recovery - Recovery: 68 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This is a historical metallurgical recovery assumption from 2017-2018 test work, used for gold equivalent calculations, with no new test results or details provided in this announcement. - Negative factor: Stale data - Negative factor: Test scale not disclosed - Negative factor: Processing route not disclosed Evidence · text > Cobalt = 68% #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.