Antipa Minerals (AZY) Noosa Mining Investor Conference summary

Financial and Operational Highlights

• Market capitalization is A$366M (US$370M), with A$71M cash and no debt, supporting fully funded exploration and technical studies through 2025.

• Enterprise value per gold resource ounce is $120, with over 50% institutional ownership and a major shareholder at 6.3%.

• The company holds a 100% owned 4,100 km² land package in Western Australia’s Paterson Province, proximal to major mines and development projects.

• The resource base is 2.9–3 million gold-equivalent ounces, underpinned by a proven standalone gold development opportunity.

• The executive team has decades of experience in geology, metallurgy, finance, and corporate management.

Project Development and Economic Outlook

• Minyari Dome scoping study (Oct 2024) confirmed a 1.5Moz mining inventory at 1.5 g/t, with a 10+ year processing life and 130,000 oz/year production for the first decade.

• The project is designed as a stand-alone open pit and underground mine with a 3Mtpa CIL plant and average gold recoveries of 90%.

• All-In Sustaining Cost is A$1,721/oz, with a base case gold price of A$3,000/oz yielding a pre-tax NPV7% of A$834M and IRR of 52%.

• At A$4,000/oz, post-tax NPV rises to A$1.2B (NPV7% A$1,696M) and IRR to 79–91%, with a two-year payback on A$306M CapEx.

• The project is strategically located near a major processing facility with expected spare capacity by mid-2027.

Exploration, Resource Growth, and Discovery Highlights

• Ongoing PFS with four drill rigs on site; PFS completion targeted for June 2026, DFS to follow, and first gold production scheduled for December 2028.

• Phase 1 CY2025 drilling (59 holes, 12,243m) delivered extensional success at Minyari Dome, with over 73% of assays pending.

• New high-grade gold-copper discoveries at GEO-01, Fiama, and Minella, with significant intersections and multiple zones open for further drilling.

• The Minyari Dome resource estimate as of May 2025 is 2.5Moz gold, 84kt copper, 666koz silver, and 13kt cobalt, with further growth targeted.

• Discovery of new gold-copper mineralization south of Fiama and Rizzo, with maiden resource potential to be tested in phase II.