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Infinity Metals Limited (INF) has secured an Option Agreement to acquire 100% ownership of the historic Swansea copper mine in Arizona, USA, with a 2-year exercise period. Located in northwest Arizona’s key copper-producing region, the Swansea mine yielded about 29 million pounds of copper at an average grade of 2.43% before its closure in 1937. Additionally, Infinity Metals has progressed exploration efforts across its tin, lithium, and gold-silver-copper projects in Australia and Spain, while raising A$2.25 million through placement funding.
Key Highlights
- Infinity Metals Limited (ASX:INF) obtained an option to fully acquire the Swansea copper mine in La Paz County, Arizona, USA.
- The Swansea Project is a historic, high-grade copper deposit that produced approximately 29 million pounds of copper at an average grade of 2.43% between 1908 and 1937.
- Historical drilling includes notable intercepts such as 18.3m @ 3.8% copper (DH7), 19.5m @ 2.32% copper (DH6), and 14.6m @ 2.0% copper (CDH10).
- Infinity Metals raised A$2.25 million via placement, holding A$2.62 million in cash as of 30 June 2026, with additional funding pending shareholder approval.
- Exploration advances include tin-lithium drilling approval requests in Australia, lithium permitting in Spain, and gold-silver-copper reconnaissance across multiple Australian projects.
Option Agreement Grants Access to High-Grade Swansea Copper Deposit in Arizona
During the quarter ending 30 June 2026, Infinity Metals entered into an Option Agreement to acquire 100% of the historic Swansea copper mine located in La Paz County, northwest Arizona, USA. The option spans a 2-year term, allowing the company to evaluate the asset before deciding on acquisition. The Swansea Project includes 34 unpatented claims managed by the Bureau of Land Management (BLM), with substantive exploration such as drilling or bulk sampling subject to standard Plan of Operations submissions.
The Swansea mine operated from 1908 to 1937, producing roughly 29 million pounds of copper at a head grade of 2.43% from 544,911 tonnes of ore. Historical records highlight high metallurgical recovery rates and excellent concentrate quality. Situated about 180 kilometres northwest of Phoenix in arid desert terrain, Swansea lies within northwest Arizona’s major copper production belt, which accounts for over 70% of U.S. copper output. Proximity to established mining infrastructure and ongoing major copper projects enhances its strategic value.
Historical Drilling Reveals Extensive Copper Mineralisation Zones at Depth
Between 1943 and 1974, 62 drillholes totaling over 6,400 metres of diamond core and percussion drilling were completed at Swansea. This extensive historical drilling dataset will be extended during Infinity’s evaluation phase. Results show continuity and extensions of structurally controlled copper mineralisation beyond previous workings, underscoring the deposit’s exploration potential.
Significant historical intercepts include 18.3 metres grading 3.8% copper from 125 metres depth (DH7), 19.5 metres at 2.32% copper from 122 metres (DH6), 14.6 metres at 2.0% copper from 67 metres (CDH10), and 6.1 metres at 2.5% copper from 128 metres plus 4.9 metres at 2.7% copper from 143 metres (CDH11). Additional intercepts are 14.6 metres at 1.39% copper from 63 metres (DH9) and 9.8 metres at 0.89% copper from 104 metres (DH5). Detailed geological interpretations of mineralisation continuity and structural controls are provided in the company’s 18 June 2026 announcement.
Underground Mining Extended to 200 Metres Depth with Over 600 Metres Strike Length
Historical underground operations extracted ore from seven levels spaced about 30 metres apart, with shafts reaching depths exceeding 200 metres (around 700 feet). The mineralized fault zone extends over a strike length greater than 610 metres at mining closure in 1937. Significant copper mineralisation remains unmined within this fault zone, indicating potential for resource expansion during the option evaluation.
The deposit features structurally controlled mineralisation where copper precipitated along detachment faults upon contact with sedimentary rocks like limestone. Mining reports cite lodes 3 to 9 metres thick extending hundreds of feet along strike. Swansea is the largest and highest-grade historical producer in its mining camp, which includes two other former copper mines within 20 kilometres, the latest closing in 1970.
Strategic Positioning Within Arizona’s Premier Copper Production Belt
Northwest Arizona is a globally significant copper-producing region, responsible for over 70% of U.S. copper mining. The Swansea Project’s location offers access to proven mineral endowment and established infrastructure. Major projects like Rio Tinto’s Resolution copper and developments by BHP highlight sustained copper demand and investment in the area.
The company emphasizes that Swansea’s location within this major copper belt provides strategic advantages for exploration and development, including proximity to infrastructure, major mining operations, and familiarity with BLM permitting processes. A standard Plan of Operations submission will be required for substantive exploration activities, outlining a clear regulatory pathway during the option period.
Progress on Tin-Lithium Exploration with Drilling Approval Request in New South Wales
Infinity advanced its tin-lithium exploration program in New South Wales during the quarter, securing landholder access agreements for its tin project and submitting an application to the Department of Resources NSW to conduct reconnaissance drilling at its 100% owned Yambacoona Project. The planned shallow air core drilling aims to test bedrock geology beneath a geophysical anomaly.
This cost-effective air core drilling technique is suitable for Australian mineral exploration targeting subsurface geology. The company did not disclose drill depth or timing. Progress from access agreements and regulatory applications to planned drilling indicates advancement through exploration stages, though no geological results or anomaly details were shared.
Gold-Silver-Copper Reconnaissance Field Work Underway at Australian Projects
During the quarter, Infinity conducted reconnaissance field work at multiple Australian gold-silver-copper projects, including EL 7072 (Mitta) and EL 7070-71 (Bindi), focusing on soil and stream sediment sampling. Assessment of historic alluvial gold fields at the Cobungra Project also commenced, though specific sampling details and results were not disclosed. These early-stage exploration activities support evaluation of the company’s 100% owned Australian assets.
Soil and stream sediment sampling are standard reconnaissance methods to identify mineralisation and guide further exploration. Infinity’s diversified Australian portfolio spans tin-lithium and gold-silver-copper commodities. However, assay results, sample counts, and priority targets from these programs remain undisclosed, as does the status of future drilling plans.
San Jose Lithium Project in Spain Awaits Regional Government Feedback on Mining Licence
Infinity holds a 75% interest in the San Jose Lithium Project in Spain. In the September 2025 quarter, the company submitted extensive documentation responding to regional authorities’ requests related to the Exploitation Concession Application (Mining Licence Application). The application remains under review amid a regional government coalition formed in Extremadura in April 2026, with the mining and industry minister reappointed following December 2025 elections.
Infinity remains committed to collaborating with authorities on permitting. European lithium projects require multi-stage environmental assessments and regional mining licence approvals. No timelines or next regulatory milestones have been disclosed. This permitting phase is critical but subject to administrative processes beyond the company’s control.
Capital Raise of A$2.25 Million Bolsters Exploration Funding
During the quarter, Infinity completed a placement to raise A$2.25 million, with A$1.1 million raised before costs by 30 June 2026 and a further A$1.15 million expected in August pending shareholder approval. Cash on hand at quarter-end was A$2.62 million, supporting exploration across the company’s global copper, tin, lithium, and gold-silver-copper projects.
The placement price, shares issued, and participant identities were not disclosed. The staged funding approach reflects standard ASX capital market practices. Detailed exploration budgets for Swansea, Yambacoona, and other assets were not provided. The secured capital will fund reconnaissance drilling in Australia and Swansea evaluation during the upcoming financial year.
Exploration Outlook and Upcoming Milestones Across Multi-Commodity Portfolio
Infinity’s near-term plans include processing NSW drilling approvals for the Yambacoona tin-lithium project, continuing reconnaissance at Bindi, Mitta, and Cobungra gold-silver-copper projects, and awaiting feedback on Spain’s San Jose lithium mining licence. For Swansea, the company will conduct evaluation and extend historical drilling data to inform acquisition decisions within the 2-year option window.
Specific timelines for assay results, NSW drilling approvals, or Spanish regulatory feedback were not disclosed. Investors will monitor announcements regarding Yambacoona drilling commencement, gold-silver-copper program results, Spanish permitting updates, and early-stage Swansea drilling outcomes. Quarterly reports remain the primary channel for communicating exploration progress and project status to shareholders and the market.
