Antipa Minerals (AZY) AGM 2025 Presentation summary

Strategic landholding and resource base

• Holds 100% of a 4,100km² land package in the Paterson Province, near major mines and development projects, with a 2.5 Moz gold, 84,000 t copper, and 666 koz silver resource and significant growth potential.

• Minyari Dome Project features a 3.0 Moz gold equivalent resource, with 2.4 Moz contained gold and 1.7 Moz indicated at 1.6 g/t, and a mine schedule of 30.2 Mt at 1.5 g/t Au for initial open pit and underground mining.

Minyari Dome project economics and development

• Scoping Study (Oct 2024) shows NPV7% A$834M pre-tax at A$3,000/oz gold, IRR 52%, and payback in 2 years, with a capital cost of A$306M and forecast AISC of A$1,721/oz.

• Projected average annual gold output is 130 koz for the first 10 years, with a total of 1.3 Moz produced and 3 Mtpa throughput for 10+ years.

• Sensitivity analysis demonstrates strong leverage to gold price, with NPV7% rising to A$1,696M at A$4,000/oz gold and IRR up to 91%.

• Mining approach includes five open pits and one underground mine, with contractor mining and economic cut-off grades of 0.30 g/t (open pit) and 1.20 g/t (underground).

Exploration, growth, and discovery

• Aggressive CY2025 drilling programs target resource growth and new discoveries, with multiple extensional and greenfield targets, including Rizzo-Fiama, AL01, and Reaper-Poblano-Serrano.

• Recent drilling at Minyari Dome and satellite deposits has delivered high-grade gold and copper intersections, supporting further resource expansion.

• New discoveries at Fiama and Minella show bonanza gold grades and mineralisation open in several directions.

• Ongoing PFS and DFS workstreams are fully funded, with key technical, environmental, and permitting studies advanced.