Antipa Minerals
Primary ticker: ASX:AZY
Stage of development: Exploration, Development
Primary minerals: Gold and Copper
Project to promote: Minyari Dome Project (100% AZY), Wilki Farmin Project (100% AZY, Newmont Farming in) and Paterson Farmin Project (AZY 100%, IGO Limited Farming in)
Project location: Paterson Province, Western Australia
Website: www.antipaminerals.com.au
Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is a leading mineral exploration company with a proven track record of discovering world-class gold-copper deposits in the highly prospective Paterson Province of Western Australia. The Company remains focused on advancing its exploration and development programmes to unlock the full potential of this richly endowed region, which offers substantial opportunities for profitable mining operations. Antipa’s combined tenement holdings cover over 3,900km² and host total attributable Mineral Resources of 2.42 million ounces (Moz) of gold, 84,000 tonnes (t) of copper, and 661 thousand ounces (koz) of silver, situated in a region home to Greatland Gold’s Telfer mine and 22Mtpa processing facility, as well as recent large gold-copper discoveries including Rio Tinto’s Winu and Greatland Gold’s Havieron.
Antipa’s exploration success includes the discovery of several significant mineral deposits within its tenements, notably the 100%-owned flagship, Minyari Dome Gold-Copper Project (Minyari Dome Project). The Minyari Dome Project currently hosts a 2.3 Moz gold Mineral Resource at 1.5 grams per tonne (g/t) plus copper, silver and cobalt (2024 MRE). An Updated Scoping Study for the Minyari Dome Project indicated the potential for a substantial standalone development opportunity with further upside potential.
An ongoing ambitious drilling programme aimed at rapid and substantial growth of the existing gold-copper resources at Minyari Dome is designed to enhance the value of the current development opportunity while also targeting new significant gold-copper discoveries.
The Minyari Dome Project is complemented by two additional large-scale growth projects covering over 3,000km², which have attracted major mining companies through multi-million-dollar farm-in and joint venture arrangements:
– Wilki Project (100% Antipa): Newmont farming-in
– Paterson Project (100% Antipa): IGO farming-in
Antipa is well-positioned to continue its resource growth and project development trajectory targeting significant value creation for its shareholders through focused exploration and sensible development in one of the world’s most promising gold-copper regions.
Cash: AUD$37M (31 December 2024)
Debt: NIL
Major shareholders:
Institutions and Funds – 23.5%
Greatland Gold – 7.4%
Lion Selection Group – 4.3%
IGO Limited – 2.7%
Other – HNW, Retail, Board and Management – 62%
Management Ownership – 2.70%
Financials
Management Profile
Roger Mason, Managing Director, BSc (Hons), MAusIMM
Roger is a geologist with over 35 years resources industry experience involving exploration, project, mining and business development roles covering a range of commodities gained in Australia and overseas including Africa and North America. Roger’s career highlights include the discovery of the Calibre, Victor South and Corker deposits, and working on the gold deposits of Kalgoorlie’s Golden Mile, nickel sulphide deposits of Kambalda, iron oxide copper-gold deposits in Queensland and his current role as Managing Director of Antipa Minerals.
Mark Rodda, Executive Chairperson, BA, LLB
Mark has been a lawyer, corporate consultant and director of various public companies for approximately 30 years and has considerable practical experience in the management of local and international mergers and acquisitions, divestments, exploration and project joint ventures, strategic alliances, corporate and project financing transactions and corporate restructuring initiatives. Mark held the position of General Counsel and Corporate Secretary for LionOre Mining International Ltd, a company with operations in Australia and Africa and listings on the TSX, LSE and ASX, which was acquired by Norilsk Nickel for in excess of US$6.3 billion.
What is your rationale for taking part in 121 Mining Investment?
Antipa Minerals attends 121 Mining Investment events to update existing and potential investors on recent developments relating to the Company and the unique investment opportunity that it presents.
What recent news would you like to highlight to investors attending?
Strong Cash Balance (February 2025): Of approx. A$37 million provides significant financial strength to:
– Pursue further exploration discoveries;
– Advance Minyari toward a potential development decision; and
– Retain the flexibility to respond to and capitalise on emerging opportunities.
Exploration Success (December 2024/January 2025): Outstanding initial assay results from CY2024 Phase 2 drilling at 100%-owned Minyari Dome Gold-Copper Project (Minyari Dome) in the Paterson Province of Western Australia, including the discovery of additional new zones of near-surface high-grade gold. Notable results were returned from the south of the GEO-01 prospect area (now referred to as Fiama), the Minyari South Deposit, and from Minyari Southeast resource definition drilling.
Equity Placement (December 2024): Completion of an equity placement to new and existing institutional and sophisticated investors, raising A$16 million in new capital.
Scoping Study Released (October 2024): Completion of Scoping Study:
– Updated Scoping Study reaffirmed the technical and financial viability of a gold mining and processing operation at Minyari Dome.
– Initial mine schedule of combined open pit and underground operations includes 30 Mt at 1.5 g/t gold for a total of 1.5 Moz gold.
– Total initial gold production of 1.3 Moz at an average rate of 130 koz p.a. for the first 10 years.
– Pre-tax NPV7 of A$834M and 52% IRR, at US$2,100/oz gold and 0.70 A$/US$ (A$3,000/oz).
– Pre-tax NPV7 of A$1,696M and 91% IRR, at US$2,800/oz gold and 0.70 A$/US$ (A$4,000/oz).
Citadel Joint Venture (JV) Sale Settlement (October 2024): A$17 million in cash proceeds received from the sale of Antipa’s non-controlling interest in the Citadel JV Project.
Minyari Mineral Resource Estimate Update (September 2024). This update increased the overall size of the deposit to 2.3 Moz of gold (+33%) with a grade of 1.5 g/t gold (-6%), and a 53% upgrade of resources categorised as Inferred to Indicated.
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Undertaking Phase 1 CY2025 Mineral Resource growth drilling programme at the Company’s 100% owned Minyari Dome Project, together with additional drilling of compelling greenfield exploration targets. Commencement of exploration activities on partnered projects
6 Months:
Updated Minyari Dome Project Mineral Resource expected and potential recommencement of Minyari Dome Project PFS. Potential Phase 2 drilling programme at the Company’s 100% owned Minyari Dome Project. Continuation of exploration activities on partnered projects
12 Months:
Further exploration success, MRE estimates and the Minyari Dome Project PFS materially progressing
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
The Company has endeavored to mitigate risks associated with mineral exploration by farming out a large portion of its extensive landholding to majors, maintaining excellent and mutually beneficial relations with all stakeholders, including relevant native title holders.
What do you think makes your company such a compelling investment?
Large holding of highly prospective gold and copper ground
2.3 Moz Gold only attributable Mineral Resource
Recent Scoping Study reaffirmed the technical and financial viability of a gold mining and processing operation at 100% Minyari Dome
Cash of approx $A37M, no debt
Aggressive 2025 growth drilling programme
Board and Management (200+ years combined industry experience) have a proven track record of value creation
High quality strategic partners with continuing exploration programmes
What are the top 3 key investor takeaways?
Truly Outstanding location Gold Mining Location – Proximal to the Telfer Mine and Winu and Havieron development projects
– Corporate and development activity in the Paterson region has heated up
– Prospective frontier for the discovery of multi-cycle, tier-one gold-copper deposits
– In the last 8 years approximately 20 Moz of gold and 3.4 Mt of copper discovered
– Western Australia is widely considered to be a low-risk, mining-friendly jurisdiction
Growth Potential from Multiple Target Areas – Exploration is ongoing presenting sizable potential for further expansion
– Existing 3 Moz attributable group gold equivalent Mineral Resource
– Aggressive CY2025 drilling programmes at Minyari Dome
– Additional, substantial exploration leverage across the Farm-in portfolio
– Multi-layered value pathways for shareholders
Strategic Partners Funding Exploration Spend – High Quality Partners with Strong Balance Sheets and major discovery objectives
– Proven ability to advance and monetise partnership arrangements
– Strategic farm-in agreements on-foot with Newmont and IGO
– Combined historical partner contribution of +A$60M of exploration spend
– Cumulative potential free-carry exploration spend of up to A$90M+
– Strong major discovery objectives