The magmatic controls on the formation of giant epithermal Au deposits genetically associated with alkaline magmatic systems are not well understood. The general model, which attributes the generation of alkaline magmas to low-degree partial melting of metasomatized lithospheric mantle in a post-subduction tectonic setting cannot easily explain why some of these magmas are highly fertile for Au mineralization while others are not. This knowledge gap hampers the effective exploration of this economically important deposit type. In this study, we focused on the alkaline magmatism on Lihir Island and the Conical Seamount, Papua New Guinea, that gave birth to the Ladolam deposit and investigated the composition of silicate melt inclusions (SMIs) hosted in primitive volcanic rocks. Our findings offer important and novel insights into the early and deep magmatic processes that controlled the ore fertility of the melts that produced the largest known alkalic-type epithermal Au deposit on Earth. Olivine- and clinopyroxene-hosted primitive SMIs reveal nepheline-normative ankaramitic melt compositions derived from high-degree partial melting of metasomatized clinopyroxene-dominated lithologies, presumably amphibole-bearing clinopyroxenitic cumulates and metasomatically overprinted lithospheric mantle, both produced during earlier active subduction. These ultra-calcic parental melts are relatively low in H2O, S, and Cl, but enriched in Cu and highly oxidized. Due to their low water contents, significant clinopyroxene crystallization over a narrow temperature interval drove melt evolution from ankaramitic to alkaline compositions by strongly increasing incompatible element concentrations. Despite initially low H2O concentrations, evidence for high-temperature degassing is present in the form of low-density single-phase fluid inclusions co-existing with SMIs in clinopyroxene. This degassing event led to a strong decrease of S concentrations in the melt, whereas Cl and chloride-complexing elements remained largely unaffected. We propose that high-temperature volatile saturation as consequence of significant clinopyroxene crystallization is a key process for subsequent epithermal Au mineralization and can explain the efficient separation of Au from Cu. The complex tectonic setting of Lihir Island, marked by a reversal of subduction polarity, a tear in the slab beneath the island, and trans-lithospheric extensional structures, facilitated the generation and ascent of highly oxidized and relatively dry ankaramitic melts that ultimately exsolved a vapor-like, S- and presumably Au-rich fluid phase and might thus represent a prerequisite for alkalic-type epithermal Au mineralization.