Small cap Gold and Copper M&A

Hi David,

You’re taking us out of our areas of focus here, with 2 of the companies having a market cap of sub $150mn hence we’ve added some technicals to our thoughts:

Antipa Minerals (ASX: AZY) – is a gold-copper developer in WA’s Paterson Province, with its 100%-owned Minyari project around 30km from Telfer, owned by 6.3% shareholder Greatland Resources (ASX: GGP). Minyari hosts 3.6Moz of gold equivalent, including 2.9Moz of gold plus copper, silver and cobalt, with 76% of the resource in the Indicated category.

The strategic angle is interesting here with Greatland the most logical potential acquirer, given Minyari’s proximity to Telfer and the potential to utilise existing processing infrastructure rather than Antipa building its own. Its existing stake provides a natural toehold, while the upcoming PFS should provide greater clarity around project economics. At a market capitalisation of around $370m, AZY also remains relatively modestly valued, although its ~1.3–1.5g/t grades mean capital costs, recoveries and operating costs will be important.

AZY has many ingredients that could attract corporate interest — a sizeable, increasingly de-risked resource, nearby infrastructure and a strategic neighbor already on the register. Greatland appears the obvious fit, although a takeover is far from certain, particularly given Antipa’s standalone ambitions and Copia’s influential shareholding.

• We like AZY as a speculative gold-copper stock around 55c.

Torque Metals (ASX: TOR) – is a $122mn gold explorer focused on its 100%-owned Ritz Gold Project in WA’s prolific South Kalgoorlie district, where it has established a 351koz resource at 3.1g/t gold, including 253koz at 3.8g/t at Paris. The broader South Kalgoorlie landholding exceeds 1,000km² and provides proximity to several operating mines and third-party processing facilities, while its Project RPM strategy is targeting a rapid increase in resources toward 1Moz.

Ritz’s relatively high grades, substantial unexplored strike and location among established mines and mills make TOR an interesting exploration and potential M&A candidate. However, at just 351koz today, the project remains sub-scale and speculative; delivering further discoveries and moving materially toward the 1Moz target will be important to justify development—or strengthen its appeal as a potential bolt-on for a larger regional producer.

• At this stage, having fallen ~70% from its 2026 high TOR looks like an interesting “punt” around 15c.

Terra Metals (ASX: TM1) – is a Perth-based explorer focused on its Dante Project in WA’s West Musgrave, which hosts a 148Mt near-surface titanium, vanadium, copper and PGM resource, with more than 80km of prospective ground offering further exploration upside. However, with a market capitalisation of around $170m and no scoping study completed, TM1 remains a highly speculative proposition, particularly given the relatively modest grades, remote location and significant funding likely required to advance the project.

• At this stage TM1 looks like a coin toss to us.

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Antipa Minerals Ltd (AZY)

LAST UPDATED 30/09/2026 12:11

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Antipa Minerals Ltd (AZY)

LAST UPDATED 30/09/2026 12:11