Why Has ANAX Metals Ltd (ASX:ANX) Stock Tumbled on the ASX Today?

Sonal Goyal

23 October 2026 02:47 PM AEDT

Why Has ANAX Metals Ltd (ASX:ANX) Stock Tumbled on the ASX Today?

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Key Highlights

ANAX Metals Ltd (ASX:ANX) was trading at A$0.028, down 15.15%, during the 23 October 2026 trading session.
On 23 September 2026, the company reported Mons Cupri infill drilling assays including 85.90m at 2.89% CuEq.
The S&P/ASX 200 was down 0.37% at 8,760.50 at 1:16 pm AEDT, well below the size of ANAX's decline.

ANAX Metals Ltd (ASX:ANX) shares were trading at A$0.028, down 15.15%, during the 23 October 2026 trading session, compared with a 0.37% decline for the S&P/ASX 200 (XJO), which was at 8,760.50, down 32.70 points, at 1:16 pm AEDT. ANAX is advancing the Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia, and its latest announcement, dated 23 September 2026, reported assay results from the first four holes of an infill and exploration drilling program at the Mons Cupri deposit.

Latest Developments

Mons Cupri infill drilling assays reported on 23 September 2026

On 23 September 2026, ANAX announced assays from the initial four holes of a 5,000 metre program at the Mons Cupri deposit. Hole 26ANXDD001 returned 85.90m at 2.89% copper equivalent (CuEq) from 34.60m, including 4.70m at 8.34% CuEq and 17.50m at 8.37% CuEq. Hole 26ANXDD003 returned 62.54m at 2.95% CuEq from 107.32m, including 5.04m at 5.46% CuEq and 18.98m at 6.01% CuEq. The company noted that widths are downhole and true widths have not been determined, and that results for holes 26ANXDD005A to 26ANXDD010 were pending.

Drilling progress and geophysics

The company said that as at mid-September it had completed 10 holes for 2,736.30m of the planned 5,000m program, comprising four metallurgical and infill holes at Mons Cupri and six exploration holes stepping out across the western corridor. A review by Newexco Exploration Services of historic down-hole electromagnetic (DHEM) surveys concluded that known mineralisation produces a subtle but genuine response and that vintage equipment limited resolution. A DHEM crew was due to mobilise to site in late September, and additional holes were scheduled to follow up induced polarisation targets, with drilling continuing through the December quarter.

Project funding and reserve work

ANAX said the infill drilling supports metallurgical testwork and refinement of the base-of-pit design and provides information for ongoing project finance due diligence. It said work is progressing towards updating reserves following the 24% resource increase to 6.32Mt at 1.38% CuEq on a 100% project basis, announced on 25 August 2026. According to the company, funding and front-end engineering design (FEED) workstreams are advancing in parallel as the Whim Creek Project progresses towards a final investment decision (FID). Managing Director Geoff Laing described the results as outstanding.

About ANAX Metals Ltd

ANAX Metals Limited is an ASX-listed company advancing the Whim Creek Copper-Zinc Project, located 120 kilometres southwest of Port Hedland in the north-western Pilbara. ANAX owns 80% of the project, and the remaining 20% is owned by Develop Global Limited.

The company's announcements referenced in the 23 September 2026 release include a Whim Creek definitive feasibility study update dated 24 February 2026, the commencement of exploration drilling in July 2026, the start of front-end engineering design on 27 July 2026 and the Mons Cupri Mineral Resource update on 25 August 2026. The company's restart plan for Mons Cupri is referred to in the announcement as underpinning early cashflow, according to Mr Laing.

Related Sector Context

ANAX operates in base metals development within the ASX Mining sector, with exposure to copper and zinc as well as lead, silver and gold by-products reported in its drill results. The company's CuEq figures combine these metals using the weightings set out in its 25 August 2026 resource announcement. Projects at this stage typically report drilling, studies, funding progress and approvals rather than production revenue.

The S&P/ASX 200 benchmark was down 0.37% at 1:16 pm AEDT on 23 October 2026, a considerably smaller move than ANAX's 15.15% decline during the session.

Risks to Weigh In

The Whim Creek Project has not yet reached a final investment decision, and the company said it is still finalising project funding.
Drilling results are reported on a downhole basis, with true widths not determined, and several holes remain pending assay.
Reserves for Mons Cupri are still being updated following the resource increase.
The company's CuEq figures depend on metal weightings and the announcement carries forward-looking statements subject to risks and uncertainties.
ANAX owns 80% of the project, with Develop Global Limited owning the remaining 20%.

Catalysts on Watch

Pending assay results for holes 26ANXDD005A to 26ANXDD010.
Results of the DHEM survey scheduled to begin in late September 2026.
The updated Ore Reserve for Mons Cupri.
Completion of project funding and FEED workstreams ahead of a potential FID.
Drilling to follow up IP targets, continuing through the December quarter.

Where Things Stand

ANAX shares were down 15.15% at A$0.028 during the 23 October 2026 trading session, while the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT. The company's latest announcement, dated 23 September 2026, reported initial Mons Cupri infill assays and progress on drilling, reserves, funding and engineering workstreams.

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