Antipa Minerals (AZY) RIU Explorers Conference 2025 summary

Financial and operational highlights

• Market cap is AUD 217 million, with AUD 37 million in cash and an EV per resource gold ounce of AUD 78.

• Over 40% of shares are held by key groups, including Greatland Gold and major institutions.

• Research coverage by five groups, with price targets around double the current share price.

• Cash reserves bolstered to AUD 37 million as of December 2024, with no debt and a market capitalisation of AUD 200 million.

• A$17M Citadel JV sale to Rio Tinto and A$16M equity placement have strengthened the balance sheet, fully funding technical studies.

Key project updates and resource growth

• Minyari Dome Project's resource increased by 33% to 2.3 Moz gold, with significant copper, silver, and cobalt credits.

• Resource base totals 2.9 million gold-equivalent ounces across a 4,400 sq km portfolio.

• Delivered a scoping study for a standalone gold project with strong economics; pre-feasibility study planned this year.

• Updated scoping study confirms a stand-alone, +10-year mine life at 130 koz gold per annum, with robust economics and further upside potential.

• Updated MRE and pre-feasibility decision expected in Q1 CY2025, with technical work streams advancing to de-risk development.

Financial and economic highlights

• Project NPV7% (pre-tax) is AUD 834 million at AUD 3,000/oz gold, with a 52% IRR and a 2-year payback period.

• Initial capital cost is AUD 306 million, including AUD 90 million pre-production mining, with forecast AISC of AUD 1,721/oz (USD 1,205/oz).

• Production profile targets 1.3 Moz gold over 10+ years, averaging 130 koz per annum in the first decade.

• Sensitivity analysis shows strong leverage to gold price, with NPV7% rising to AUD 1,696 million at AUD 4,000/oz gold.

• Each additional year of production could add AUD 214 million post-tax free cash flow at AUD 4,000/oz gold.