Antipa Minerals (AZY) Diggers & Dealers Mining Forum 2025 summary

Financial and Operational Highlights

• Market capitalization is A$350 million with A$71 million in cash and no debt, supported by strong institutional backing including a 6.3% stake by Greatland Resources.

• Enterprise value per resource ounce is $110, with a sixfold increase in value since the previous year and an enterprise value of A$279 million.

• Land package covers over 4,100 sq km in Western Australia's Paterson Province, adjacent to major gold-copper projects, hosting up to 3 million gold equivalent ounces.

• The Minyari Dome Project features a 2.9Moz gold equivalent resource, with a 2024 Scoping Study confirming a pre-tax NPV7% of A$834M at A$3,000/oz gold and a 52% IRR, supporting a stand-alone development opportunity.

• Project economics: NPV (7% pre-tax) at AUD 3,000/oz is $834 million (IRR 52%), post-tax NPV $600 million (IRR 46%), and at AUD 4,000/oz, post-tax NPV $1.2 billion (IRR 79%).

Project Development and Exploration

• Pre-feasibility study (PFS) is underway, fully funded through to final investment decision, targeted for Q2 2027, with PFS completion expected June next year.

• Four drill rigs on site; first gold production targeted for December 2028.

• Recent drilling programs have completed over 21,000m, identifying significant resource extension potential and new discoveries, with phase II drilling to commence next week.

• GEO-01 discovery (1.3 km south of Minyari) currently hosts ~200,000 oz gold, with substantial resource growth targeted this year and follow-up drilling planned.

• New discoveries include high-grade gold and copper zones, with recent hits up to 9% copper and large-scale gold-copper-silver targets identified.

Strategic Positioning and Outlook

• Paterson Province has seen over 20 million oz gold and 3.4 million tons copper discovered in recent years, with significant M&A activity and is considered a low-risk, mining-friendly jurisdiction.

• Minyari ranks fifth among undeveloped Australian gold projects by contained ounces, with only two projects viable at AUD 3,000/oz.

• Three-pronged strategy: technical studies to de-risk development, aggressive resource growth drilling, and discovery-focused programs.

• Next year’s drilling program aims for 50,000–70,000 m, targeting substantial increases in project life and economics.

• Well-funded position ensures flexibility and capacity to capitalize on ongoing regional consolidation and exploration success.