Antipa Minerals (AZY) investor relations material

Executive summary

• Advanced Pre-Feasibility Study (PFS) workstreams for the Minyari Gold-Copper Project, with PFS completion targeted for Q3 CY2026.

• Completed CY2025 drilling program, confirming additional resource growth and new high-grade discoveries, including a new lode at Fiama and a copper trend at Yolanda.

• Announced an updated Mineral Resource Estimate (MRE) post-quarter, increasing total resources and reinforcing standalone development potential.

• Launched a major new drilling campaign in CY2026 to expand resources and test high-priority regional targets.

Financial highlights

• Ended the quarter with a strong cash balance of approximately A$47.7 million.

• Spent approximately A$2.7 million on exploration activities during the quarter.

• Net cash outflow from operating activities was A$785,000 for the quarter.

• Net cash outflow from investing activities was A$2.77 million for the quarter.

• Estimated 13.5 quarters of funding available at current expenditure rates.

Outlook and guidance

• PFS for Minyari Project remains on track for completion in Q3 CY2026.

• Major CY2026 drilling campaign underway, targeting both resource growth and new discoveries, fully funded by existing cash.

• Continued focus on technical, environmental, regulatory, and commercial workstreams to optimize development and reduce risk.