Antares Metals Ltd (ASX:AM5) has secured a combined $237,500 in Western Australian government funding to support exploration activities at its Quinns Copper-Gold-Zinc Project in the Murchison region of Western Australia. The funding was awarded under the West Australian Government’s Exploration Incentive Scheme (EIS), which supports mineral exploration projects considered prospective and technically compelling.

The funding package includes $150,000 in direct co-funding support for reverse circulation (RC) and diamond drilling, an additional $50,000 allocation, and $37,500 for a high-resolution aeromagnetic geophysical survey across the Quinns tenure.

Antares stated that the funding will contribute toward advancing maiden drilling activities targeting the Austin Volcanogenic Massive Sulphide (VMS) copper-zinc deposit, alongside additional VMS targets at the Defiance and 4E prospects.

Antares Metals shares traded at AUD 0.0070 during the morning session on 8 May 2026, down 12.50% for the day and approximately 30% lower over the past year.

Government Funding Supports Maiden Quinns Drill Campaign

The EIS program is designed to stimulate private sector Investment in mineral exploration throughout Western Australia through merit-based funding support.

For Antares, the successful application provides non-dilutive Capital that can be directed toward exploration and target generation activities without requiring additional Equity raising.

Management indicated that the funding award validates the company’s geological interpretation at Quinns and strengthens confidence in the broader exploration potential of the project area beyond the existing Austin resource.

The funding will also assist the company in sequencing exploration activities alongside work programs at its Mt Isa operations in Queensland.

Aeromagnetic Survey to Enhance Drill Targeting

Part of the awarded funding will be allocated toward a high-resolution aeromagnetic survey designed to improve the current geophysical dataset across the Quinns project area.

The survey is expected to sharpen target definition and improve understanding of structural controls associated with potential VMS mineralisation ahead of drilling activities.

The company noted that the additional geophysical information will play an important role in refining drill targeting across the broader tenure package.

Quinns Project Positioned in Established Mining Region

The Quinns Copper-Gold-Zinc Project covers approximately 383 square kilometres within the Murchison mineral field in Western Australia, around 70 kilometres south of Meekatharra.

The project is located near existing infrastructure and processing facilities, which could support future development scenarios should exploration activities continue to advance positively.

Antares acquired a 100% interest in the Quinns tenure in January 2026. The project contains the historic Austin copper-zinc-gold-silver VMS deposit as well as several additional exploration targets that remain relatively underexplored.

Austin Deposit Hosts Existing Historical Resource

The Austin VMS deposit represents the most advanced exploration area within the Quinns project.

The deposit currently hosts a historical Mineral Resource Estimate of 1.48 million tonnes grading:

  • 1.02% copper
  • 1.39% zinc
  • 3.51 g/t silver
  • 0.24 g/t gold

The estimate was prepared under the 2004 JORC Code.

The company cautioned that insufficient work has been completed to classify the historical estimate under the current 2012 JORC Code requirements. As a result, further exploration and technical evaluation will be necessary before the resource can potentially be updated to current reporting standards.

Historical Drilling Highlights Additional Upside Potential

Antares highlighted several shallow, high-grade copper and zinc intersections that remain excluded from the current historical resource estimate and may represent future upgrade potential.

Among the notable historical intersections were:

  • 58 metres at 2.0% copper, 8.6 g/t silver, and 0.42 g/t gold from 148 metres, including:
    • 5 metres at 10.2% copper, 36.4 g/t silver, and 2.0 g/t gold
    • 2 metres at 16.9% copper, 61.8 g/t silver, and 3.1 g/t gold
  • 38 metres at 14% zinc from 105 metres, including:
    • 6 metres at 33.3% zinc
    • 2 metres at 45.6% zinc

Additional drilling also intersected:

  • 9 metres at 7.9% copper from 84 metres
  • 10 metres at 37.3 g/t silver from 84 metres

These results form part of the company’s rationale for further exploration and resource expansion targeting.

Defiance and 4E Prospects Add Exploration Pipeline

Beyond Austin, Antares is also targeting the Defiance and 4E prospects, both of which display characteristics considered prospective for VMS-style mineralisation.

The Defiance prospect contains aeromagnetic anomalies extending over approximately one kilometre in strike length. Historical drilling within the area intersected elevated zinc and copper values, though follow-up exploration remains limited.

One historical drillhole intersected 30 metres grading 0.25% zinc from 36 metres to end of hole, while nearby drilling returned elevated copper values over broad intervals.

The 4E prospect has also shown geological features associated with VMS systems, including chlorite-altered felsic volcanic units and silica-magnetite ironstone containing sulphide mineralisation.

Historical assays at 4E included 10 metres grading 0.23% copper alongside anomalous gold values.

Importantly, the company noted that both prospects have not undergone systematic follow-up drilling despite encouraging early-stage results and geophysical signatures.

Field Activities and Drilling Plans Progressing

Antares stated that heritage surveys and final drill targeting activities are currently being completed ahead of maiden EIS-funded drilling at Quinns.

The company expects drilling activities at Quinns to commence in the third quarter of 2026.

In parallel, exploration work is also advancing at the company’s Mt Isa North Project in Queensland, where drilling is expected to begin in coming weeks at the Conglomerate Creek copper-gold-silver prospect.

Previous rock chip sampling at Conglomerate Creek returned results of up to:

  • 22% copper
  • 1.6 g/t gold
  • 394 g/t silver

The company believes ongoing activity across both Western Australian and Queensland Assets could provide multiple exploration-related updates during the second half of 2026.

Management Commentary Highlights Exploration Outlook

Managing Director Terry Topping described the EIS funding award as an endorsement of the company’s geological work at Quinns.

Management stated that the competitive nature of the EIS program supports confidence in the project’s discovery potential beyond the current Austin resource area.

The company also noted that the funding support allows it to expand exploration activities while preserving existing capital for broader operational initiatives across multiple projects.

What This Means for Investors?

Antares Metals’ latest update centres on exploration advancement rather than immediate production or financial performance outcomes. The successful EIS application provides government-backed support for drilling and geophysical programs at Quinns while reducing the funding burden on the company.

Investor attention is likely to focus on upcoming drilling campaigns at both Quinns and Mt Isa, particularly given the presence of historical high-grade intersections and multiple underexplored VMS targets.

The combination of government support, upcoming drilling activity, and multiple exploration targets across two jurisdictions positions the coming quarters as an active period for project news flow.