Antares Metals Secures Program of Work Approval for High-Grade Copper Drilling at Quinns Project, Western Australia

Program of Work Approval Enables Maiden Drilling Campaign at Quinns

Antares Metals announced the Department of Mines, Industry Regulation and Safety’s approval of its Program of Work, marking a critical regulatory milestone that permits heritage surveys and subsequent drilling at the Quinns project. This approval confirms compliance with Western Australian exploration regulations for the 383 km² tenure in the Murchison mineral field. Managing Director Terry Topping described the approval as "a big step forward for Quinns," noting that heritage surveys will commence mid-August 2026, with drilling to follow soon after.

The heritage surveys are essential prior to drilling and are expected to be completed promptly, allowing AM5 to advance its drilling program without significant delays. The company plans to coordinate this work alongside its Mt Isa operations, reflecting a phased exploration strategy to efficiently allocate capital across multiple project hubs. The Program of Work approval assures investors that AM5’s exploration activities align with government standards and regulatory frameworks in Western Australia.

High-Grade Historic Copper and Zinc Intersections Outside Current Austin Resource

The Austin copper-zinc-gold-silver VMS deposit has a historical Mineral Resource Estimate of 1.48 million tonnes at 1.02% copper, 1.39% zinc, 3.51g/t silver, and 0.24g/t gold, prepared under the JORC 2004 Code with a 0.4% copper cut-off. However, several high-grade historic intersections lie outside the current resource boundaries, suggesting significant extension potential both at depth and laterally. Notable excluded intersections include 58 metres grading 2.0% copper, 8.6g/t silver, and 0.42g/t gold from 148 metres depth at drill hole 10ATD001, with sub-intervals of 5 metres at 10.2% copper and 2 metres at 16.9% copper from 165 metres depth.

Zinc-rich intervals also exceed the current resource, including 38 metres at 14% zinc from 105 metres depth at the same drill hole, featuring 6 metres at 33.3% zinc and 2 metres at 45.6% zinc. Additional drill holes ATD108 and ATD110 returned 2 metres at 4.7% copper and 9 metres at 7.9% copper, respectively. The current resource estimate dates from 2010 when copper prices were significantly lower, and the 0.4% copper cut-off may require reassessment in future JORC 2012-compliant resource estimations. This historical data underpins the maiden drilling campaign as AM5 targets high-grade Austin extensions and new regional prospects.

$237,500 EIS Co-Funding Supports Exploration and Conserves Capital

Antares Metals has obtained $237,500 in non-dilutive co-funding from the Western Australian Government’s Exploration Incentive Scheme, allocated to cover major costs of the Quinns exploration program. This includes $150,000 for reverse circulation and diamond drilling, $50,000 for regional target generation, and $37,500 for a high-resolution aeromagnetic geophysical survey. The company highlights this funding as a strong government endorsement of its geological work and notes it offsets up to 50% of direct drilling costs, enabling AM5 to preserve cash for exploration across its broader portfolio spanning three project hubs.

The EIS co-funding reduces financial risk for junior explorers by accelerating exploration while maintaining capital flexibility. Securing this funding before drilling de-risks the Quinns program’s financial commitment and directs shareholder capital toward high-value exploration. Managing Director Terry Topping emphasized the non-dilutive nature of the funding, which avoids shareholder dilution from additional capital raises. This approach aligns with best practices among successful junior explorers leveraging government support to extend exploration reach.

Defiance and 4E Prospects Offer Untapped VMS Discovery Opportunities

The Quinns project includes two untested volcanogenic massive sulphide (VMS) prospects—Defiance, 5 kilometres northeast of Austin, and 4E, 7 kilometres northeast—both situated along the same mineralised trend as the Austin deposit. These targets have not undergone systematic drilling despite exhibiting characteristics indicative of VMS mineralisation. Aeromagnetic anomalies and geochemical surveys reveal elevated copper and zinc values at surface and shallow workings, with structural features consistent with VMS deposits, highlighting genuine discovery potential within this mineralised district.

Including Defiance and 4E in the maiden drill program reflects AM5’s comprehensive exploration strategy at Quinns. Testing these regional prospects alongside Austin extensions maximizes data from a single drilling campaign while managing costs efficiently. The absence of systematic historical drilling suggests significant untapped potential, particularly if copper-zinc-silver-gold mineralisation akin to Austin exists at depth. The $50,000 EIS funding for regional target generation will further support identification of additional prospects within the 383 km² tenement.

Strategic Location in Murchison Mineral Field with Established Infrastructure

The Quinns project is situated in the Murchison mineral field, approximately 70 kilometres south of Meekatharra, within a district rich in infrastructure including nearby processing and transport facilities. The tenure borders milling operations by Monument Mining Limited (TSX:MMY) at the Burnukura Mill and multiple mills operated by Westgold Resources Limited (ASX:WGX), such as Bluebird, Paddy's Flat, and Tuckabianna. This proximity reduces capital requirements for processing future ore and provides toll-treatment options for Quinns production.

The district also contains several copper-gold deposits held by other explorers, notably the Nanadie Copper Deposit owned by Solstice Minerals Ltd (ASX:SLS), located about 40 kilometres east of Quinns. Nanadie hosts a JORC 2012-compliant Inferred Mineral Resource of 40.4 million tonnes at 0.4% copper and 0.1g/t gold, containing 162,000 tonnes of copper and 130,000 ounces of gold. While mineralisation at Nanadie does not guarantee similar results on AM5’s tenements, it supports the regional copper-gold prospectivity and validates the economic potential of the Murchison district for future mining development.

Austin VMS Deposit Historical Resource and JORC 2004 Classification

The Austin VMS deposit was estimated in 2010 by Silver Swan Group Limited under the JORC 2004 Code, with a historical Mineral Resource Estimate totaling 1.48 million tonnes. This includes Measured resources of 463,428 tonnes at 1.22% copper, Indicated resources of 703,286 tonnes at 0.97% copper, and Inferred resources of 317,708 tonnes at 0.85% copper. The deposit averages 1.39% zinc, 3.51g/t silver, and 0.24g/t gold across all categories. The 0.4% copper cut-off grade was appropriate for 2010 commodity prices but may require revision given current market conditions.

AM5 has disclosed that the historical estimate was prepared under the 2004 JORC Code and has not been reclassified under JORC 2012. A Competent Person has not verified the estimate to JORC 2012 standards, so investors are cautioned against relying on it as a current Mineral Resource. There is no guarantee that future exploration will result in the historical estimate being reported as a Mineral Resource or Ore Reserve under the updated code. This conservative disclosure complies with professional and legal standards, while the high-grade intersections outside the current resource provide a technical basis for the upcoming drilling campaign aimed at establishing a JORC 2012-compliant resource.

Targeting Maiden JORC 2012 Resource and Cut-Off Grade Reassessment

Antares Metals is targeting a maiden JORC 2012 Mineral Resource Estimate for the Quinns project in the near term. The company’s strategy involves drilling to test high-grade Austin extensions and untested regional VMS prospects, anticipating that combining historical data with new results could yield a JORC 2012-compliant resource. The announcement notes that copper prices have risen significantly since 2010, suggesting that a higher cut-off grade than the historical 0.4% copper may be justified economically today. This reassessment could enhance resource estimation by potentially including lower-grade mineralisation within an economic ore body.

Establishing a JORC 2012-compliant resource would materially advance the Quinns project by converting the historical resource into a current, verified asset suitable for feasibility studies and development planning. AM5’s drilling campaign reflects management’s confidence in the Austin deposit’s quality and quantity, supported by untested prospects and nearby processing infrastructure. Investors should watch for drilling results and resource updates as key indicators of progress toward this milestone.

Exploration Schedule and Anticipated Shareholder Updates in H2 2026

The company has outlined an operational timeline beginning mid-August 2026 with heritage surveys, followed by the maiden reverse circulation and diamond drilling program. Managing Director Terry Topping expects "Quinns to generate material news flow for AM5 shareholders in the second half of 2026," signaling that drilling results are anticipated within the calendar year. The sequencing aims to maintain momentum and minimize delays between regulatory approvals and drilling commencement.

Expected updates will include drilling results from Austin’s high-grade extensions and the Defiance and 4E prospects, providing insights into mineralisation continuity and expansion potential. Positive outcomes could support progressing toward JORC 2012 resource estimation, while discoveries at Defiance and 4E may identify new exploration targets or confirm VMS potential. The exploration program is designed to deliver regular data and news catalysts, offering shareholders transparency on progress toward a maiden resource estimate. Investors should monitor AM5’s quarterly reports and announcements for drilling results and resource estimation updates.

Geographic Positioning and Tenement Acquisition Background

Antares Metals acquired 100% ownership of the Quinns exploration tenure in January 2026, gaining full rights to the historic Austin copper-zinc-gold-silver VMS deposit and the untested Defiance and 4E prospects. This acquisition provided entry into the Murchison mineral field, a well-established copper and gold district in Western Australia with significant historical mining and modern processing infrastructure. The Quinns tenure covers approximately 383 square kilometres, offering substantial exploration upside within a region known for copper-zinc VMS mineralisation.

The January 2026 acquisition allowed AM5 to participate in the Western Australian Government’s Exploration Incentive Scheme application process, resulting in $237,500 in co-funding secured in May 2026. AM5’s strategic focus on the Murchison district, adjacent to existing milling infrastructure and near other explorers’ copper-gold deposits, reflects a deliberate approach targeting an established copper exploration region. This regional strategy highlights management’s view of Murchison as offering near-term exploration and development potential supported by infrastructure and validated by multiple active exploration companies.