Antipa Minerals (AZY) investor relations material

Strategic overview and resource base

• Holds a 100% owned 4,500 sq km land package in Western Australia's Paterson Province, proximal to major mines, with significant gold, copper, and silver endowment growth over the past decade.

• Portfolio includes Minyari Dome, a flagship standalone development with a 3.6 million gold equivalent ounce resource and 2.9 million ounces of gold.

• Market capitalisation is approximately AUD 362 million (July 2026), with strong institutional backing and analyst price targets up to AUD 2.25.

• Cash position at end of June was AUD 39 million, supporting aggressive exploration and development.

• 59% of shares are held by a select group, including Greatland Resources and institutions.

Project development and economics

• Scoping Study (Oct 2024) confirms robust economics: NPV7% post-tax up to AUD 1.8 billion at AUD 5,000/oz gold, IRR up to 110%, and initial capital cost of AUD 306 million.

• Projected annual gold output averages 130,000 ounces for the first 10 years, with a total of 1.3 million ounces produced and a 10+ year processing life at 3 Mtpa.

• Life-of-mine free cash flow ranges from AUD 972 million to AUD 2.8 billion post-tax, depending on gold price scenarios.

• PFS underway, due for completion in several months, also highlighting up to 60,000 tons of copper production.

• Contractor mining approach with five open pits and one underground mine; Minyari deposit accounts for 95% of gold production.

Exploration and growth initiatives

• Major 2026 drilling program underway, targeting resource extensions and new discoveries at Minyari Dome, Tim's Dome, AL01, and Mollie.

• Tim's Dome, 30 km from Minyari, has 110,000 ounces in resource and recent drilling intersected thick gold-copper-lead mineralization.

• GEO-01 and Tim's Dome areas show significant high-grade gold-copper mineralisation, with multiple zones open for further expansion and maiden resource opportunities.

• Expansion of Tim's Dome RC program underway, with WA government co-funding AUD 180,000.

• Mollie target to be tested with diamond drilling, supported by AUD 200,000 government funding.