Antipa Minerals Limited · ASX:AZY

Antipa Minerals — 121 Mining Investment London 2022

37 slides from Antipa Minerals's conference presentation, Nov 22, 2022

1. Slide 1: 121 Mining Investment London

   For personal use only 121 MINING INVESTMENT LONDON Stand-alone gold development opportunity at 100% owned Minyari Dome Gold Project and commanding Paterson Province gold-copper exploration portfolio November 2022 | ASX : AZY

2. Slide 2: Disclaimer

   DISCLAIMER For personal use only Refer to Antipa Minerals ASX release 31 August 2022, for full Minyari Dome Project Scoping Study details. Antipa Minerals confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assum

3. Slide 3: The Antipa Minerals Portfolio

   THE ANTIPA MINERALS PORTFOLIO Rapid advancement of our flagship Minyari Dome Project For personal use only 2.7 ATTRIBUTABLE MINERAL Moz GOLD ONLY SCOPING STUDY CONFIRMS STAND-ALONE PROJECT POTENTIAL Minyari Dome B RESOURCE A 100% Antipa 5,100km 2 COMPLEMENTARY MAJOR D OF HIGHLY PROSPECTIVE GROWTH PR

4. Slide 4: Corporate Snapshot

   CORPORATE SNAPSHOT High quality register, strong strategic cornerstone investment For personal use only CAPITAL STRUCTURE | ASX : AZY SHARE REGISTER Share price1 A$ 0.024 9.9% Shares on issue1 3,593.0 M 3.3% 3.6% Market capitalisation1 A$ 86.2 M 9.6% Cash2 A$ 12.0 M 73.5% Debt Nil EV A$ 74.2 M Newcr

5. Slide 5: Board and Management

   BOARD AND MANAGEMENT Proven value creators For personal use only Stephen Power Roger Mason Mark Rodda Peter Buck Gary Johnson Luke Watson Non-executive Chairman Managing Director Executive Director – Non-Executive Director Non-Executive Director CFO and Company Commercial and Legal Secretary  Corpo

6. Slide 6: Minyari Dome

   MINYARI DOME A PROJECT For personal use only 100% ANTIPA Scoping Study confirms sizeable  Technically and commercially robust Stand-alone gold mining and processing operation stand-alone project potential with clear and substantial upside  Strategically significant location 35km from the Telfer mi

7. Slide 7: Scoping Study Highlights

   SCOPING STUDY HIGHLIGHTS Stand-alone gold mining and processing facility at Minyari Dome For personal use only MINE SCHEDULE MINING PHYSICALS STANDARD CIL PLANT 21.4 Mt at 1.6 g/t gold 3 Mtpa throughput 90% gold recovery Initial open pit and underground mine For 7+ years initial processing life Simp

8. Slide 8: Scoping Study Highlights: Detailed study outcomes

   SCOPING STUDY HIGHLIGHTS Detailed study outcomes For personal use only KEY MINYARI DOME PARAMETERS (± 35%) Ore tonnage Mt 21.4 Grade gold g/t 1.6 Contained ounces gold koz 1,090 Plant throughput Mtpa 3.0 Processing life (excluding pre-production) Years 7+ Strip ratio open pit waste:ore 5:1 LOM1 Gold

9. Slide 9: Potential Upside Drivers

   POTENTIAL UPSIDE DRIVERS Three key project value levers For personal use only 1 2 3 Cu Co MINERAL MINE ADDITIONAL RESOURCE SCHEDULING PROJECT EXPANSION REVISION OPTIMISATION Extensional Mineral Resource Future exploration success to Potential copper and cobalt targets including satellites optimise p

10. Slide 10: Potential Upside Drivers: Mineral Resource Extension Opportunities

    POTENTIAL UPSIDE DRIVERS 1. Mineral Resource Extension Opportunities For personal use only DRILL TESTING koz PHASE 1 - 13,000M OF RC AND DIAMOND CORE DRILLING COMPLETED PHASE 2 – 10,400M OF DIAMOND CORE AND AIR CORE DRILLING IN PROGRESS  Minyari Down Plunge Mineralisation open down plunge  Minyari

11. Slide 11: Minyari and Minyari North Plunge Targets

    POTENTIAL UPSIDE DRIVERS 1. Mineral Resource Extension Opportunities –Minyari and Minyari North Plunge Targets For personal use only  Thick pipe like Minyari breccia mineralisation starting at surface and remaining open below 670 metres depth – delivers 3,300oz per vertical metre  The intensity of

12. Slide 12: Maiden Mineral Resource Opportunities

    POTENTIAL UPSIDE DRIVERS 1. Maiden Mineral Resource Opportunities For personal use only  Minyari North 300m long coincident geophysical anomaly 500m north of Minyari with encouraging Minyari-style alteration and sulphide mineralisation including koz 28m at 0.5 g/t gold and 0.20% copper which plunge

13. Slide 13: Mine Scheduling Revision

    POTENTIAL UPSIDE DRIVERS 2. Mine Scheduling Revision For personal use only ktpa 3,500 5.0 4.5 3,000 4.0 2,500 3.5 g/t 3.0 2,000 2.5 IMMEDIATE 1,500 2.0 POTENTIAL TO 1,000 1.5 PUSH-BACK THE 1.0 PROCESSING OF 500 0.5 LOWER GRADE 0 - STOCKPILES Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Plant throughput Gold feed grade S

14. Slide 14: Additional Project Optimisation

    POTENTIAL UPSIDE DRIVERS 3. Additional Project Optimisation For personal use only POTENTIAL TO UNDERTAKE MORE Cu Co DETAILED EVALUATION OF POLYMETALLIC DEVELOPMENT OPPORTUNITIES PRE-FEASIBILITY STUDY METALLURGICAL TEST-WORK  Minyari Dome May 2022 Mineral Resource Estimate also contains OBJECTIVE TO

15. Slide 15: Development Timeline

    DEVELOPMENT TIMELINE Prioritising the rapid advancement of our flagship Minyari Dome Project For personal use only 2022 CY23 MINYARI Q3 Q4 Q1 Q2 Q3 Q4 DOME Scoping Study RAPID ADVANCEMENT New target finalisation FOCUS 2022 Exploration Programme: Phase 1 2022 Exploration Programme: Phase 2 STUDIES +

16. Slide 16: Complementary Major Growth Projects

    For personal use only COMPLEMENTARY MAJOR GROWTH PROJECTS B CITADEL JV (35% Antipa and 65% Rio Tinto) C WILKI FARM-IN (100% Antipa - Newcrest Mining Ltd farming in) D PATERSON FARM-IN (100% Antipa - IGO Ltd farming in)

17. Slide 17: Citadel JV Project (35%)

    B CITADEL JV PROJECT (35%) Significant gold-copper-silver resource For personal use only STRATEGIC 1,200km2 JOINT VENTURE OF PROJECT AREA WITH RIO 8,500M DRILL PROGRAMME TINTO2 FOR 20221 B 108 MT MINERAL RESOURCE WITHIN 45 OF km Au 2.4 Moz (0.85 Moz attrib.) at 0.72 g/t Cu 162 kt (56.7 kt attrib.) a

18. Slide 18: Wilki Farm-In Project

    C WILKI FARM-IN PROJECT A compelling greenfield opportunity For personal use only MASSIVE ATTRACTIVE FARM-IN AGREEMENT WITH A$60M 2,200km 2 NEWCREST SPEND FOR 75% JV LAND MINING1 INTEREST HOLDING +A$6M WITHIN SPENT BY NEWCREST TO 3 km DATE OF THE 2.4 MT MINERAL RESOURCE TELFER GOLD-COPPER- SILVER MI

19. Slide 19: Paterson Farm-In Project

    D PATERSON FARM-IN PROJECT Limited historic drilling, massive potential For personal use only LARGE ATTRACTIVE FARM-IN AGREEMENT WITH A$30M 1,550km IGO 2 1 SPEND FOR 70% JV INTEREST LAND HOLDING ANTIPA FREE CARRIED TO COMPLETION OF FEASABILITY STUDY WITHIN +A$4M 22 km SPENT BY IGO TO DATE OF THE GOL

20. Slide 20: Planned Discovery Activity Schedule

    PLANNED DISCOVERY ACTIVITY SCHEDULE For personal use only CY2022 H1 CY2023 Q2 Q3 Q4 Q1 Q2 Minyari Dome (AZY 100%): Drilling (diamond and reverse circulation), geophysical surveys Paterson IGO Farm-in1: Soil sampling, geophysical surveys, drilling (air core and diamond) Wilki Newcrest Farm-in1: Targe

21. Slide 21: Emerging Tier Gold and Copper Business

    EMERGING TIER 1 GOLD AND COPPER BUSINESS For personal use only OUTSTANDING  Paterson region has been historically underexplored  Prospective frontier for the discovery of multi-cycle, tier-one gold-copper LOCATION deposits PROXIMAL TO THE TELFER MINE AND HAVIERON AND  In the last 6 years >16Moz o

22. Slide 22: Contact

    CONTACT Managing Director For personal use only Mr Roger Mason E: roger.mason@antipaminerals.com.au Executive Director Mr Mark Rodda E: mark.rodda@antipaminerals.com.au Media Relations Mr Michael Vaughan Fivemark Partners E: michael.vaughan@fivemark.com.au T : +61 422 602 720 Corporate Office Level

23. Slide 23: Appendix

    For personal use only APPENDIX Scoping Study, Mineral Resource detail and other additional information INVESTOR PRESENTATION | 23

24. Slide 24: Production Projection

    PRODUCTION PROJECTION At throughput rate 3 Mtpa ore For personal use only Minyari Dome Project gold and silver recovered output schedule koz AVERAGE 168 koz pa 250 GOLD Peak production Overthefirstfiveyearsofmining 205 koz of gold in 200 Year 3 AVERAGE 44 koz pa 150 SILVER 100 Over the life of mine

25. Slide 25: Project NPV Sensitivity Analysis

    PROJECT NPV SENSITIVITY ANALYSIS Tremendous upside to bull market gold pricing For personal use only IRR NPV7% 34% A$392M (pre-tax) (pre-tax) OPEX ± 10% 213 557 UNLEVERED PAYBACK 2.5 Gold price ± 10% 228 557 years (pre-tax) Recovery ± 2% (Abs) 356 429 NET CASH FLOW Discount rate ± 15% 363 424 A$672M

26. Slide 26: Mining Methods

    MINING METHODS Contractor mining at three open pits and Minyari deposit underground For personal use only  Minyari deposit accounts for 96% of total gold mining Minyari Dome Project conceptual configuration production  Standard truck and shovel mining at three open pits  Underground mining will u

27. Slide 27: Mining Schedule

    MINING SCHEDULE Ore tonnage by Mineral Resource category and mining source For personal use only  21.4 Mt of open pit and underground ore Minyari Dome Project Mined Ore Projection by mining method (kt)  Average LOM grade of 1.6 g/t for 1.1 Moz gold 8,000 6,000  13.5 Mt ore from open pits (at a st

28. Slide 28: Process Flowsheet and Production Rate

    PROCESS FLOWSHEET AND PRODUCTION RATE 3 Mtpa Carbon-In-Leach facility currently considered optimal For personal use only  Gravity and Carbon-In-Leach facility (CIL) for a gold-silver Block flow diagram of CIL flowsheet case producing doré gold  Processing facility was evaluated at throughput rates

29. Slide 29: Capital Cost Estimate Summary

    CAPITAL COST ESTIMATE SUMMARY Upfront capital requirement of A$275M For personal use only CAPITAL COST ESTIMATE (A$M ± 35%) MAXIMISES Processing Plant (3 Mtpa CIL) 77.1 GOLD OUNCES Contingency 7.7 duringthefirstfouryearsof production Infrastructure - Process 33.0 EPCM 13.5 PREFERENTIAL Reagents 2.3

30. Slide 30: Operating Cost Estimate Summary

    OPERATING COST ESTIMATE SUMMARY Contractor mining at 3 Mtpa throughput For personal use only  Operating costs estimated for mining, processing OPERATING COST ESTIMATE (A$/T ORE ± 35%) and administration Mining – open pit (13.5 Mt of ore) 25.3  Consultants Snowden Optiro independently Mining – unde

31. Slide 31: JV and Farm-In Project Summary

    JV AND FARM-IN PROJECT SUMMARY Citadel Joint Venture – Antipa 35% : Rio Tinto 65% (Rio earnt 65% by sole funding A$25M)  ~1,200km2 Citadel JV Project just 4km from Rio Tinto’s Winu copper-gold-silver development project For personal use only  Existing Mineral Resource 2.4Moz gold at 0.72 g/t, 162k

32. Slide 32: Shallow Depth of Younger Cover

    SHALLOW DEPTH OF YOUNGER COVER –FIRST MOVER EXPLORATION AND DEVELOPMENT ADVANTAGE For personal use only ~50% OF ANTIPA TENEMENTS ARE UNDER LESS THAN 20 metres OF COVER ~80% OF ANTIPA TENEMENTS ARE UNDER LESS THAN 80 metres OF COVER INVESTOR PRESENTATION | 32

33. Slide 33: Citadel JV Project (35% Antipa)

    CITADEL JV PROJECT (35% ANTIPA) Geology and scale suggests substantial growth and development potential For personal use only Calibre deposit (shown right)  Inferred Mineral Resource 92Mt at 0.72 g/t gold, 0.11% copper and 0.46 g/t silver for 2.1Moz gold, 104kt copper and 1.3Moz silver  1.7km long

34. Slide 34: Havieron Gold-Copper Deposit

    HAVIERON GOLD - COPPER DEPOSIT For personal use only 1. The Havieron deposit is the subject of a joint venture agreement between Greatland Gold Plc and Newcrest Mining Ltd. Newcrest holds a 70% interest in Havieron earnt via total expenditure of US$65M. 2. Refer Greatland Gold Plc’s website (www.gre

35. Slide 35: Telfer Gold-Copper-Silver Operation

    TELFER GOLD – COPPER - SILVER OPERATION • Gold production gap For personal use only Newcrest Mining Ltd’s (NCM) group production profile - Focus just on the orange area (i.e. Telfer+Havieron)1 Note NCM’s diminishing production from the Telfer hub (35km from Minyari) from FY241 onwards which has rece

36. Slide 36: Mineral Resource: Minyari Dome

    MINERAL RESOURCE Minyari Dome For personal use only Minyari Dome Project (100%)1 Deposit Au cut-off Category Tonnes (Mt) Au grade (g/t) Cu grade (%) Ag grade (g/t) Co (%) Au (oz) Cu (t) Ag (oz) Co (t) Minyari 0.5 Au Indicated 15.00 1.17 0.19 0.54 0.04 567,000 27,800 259,600 5,930 Minyari 0.5 Au Infe

37. Slide 37: Mineral Resource: Advanced exploration optionality

    MINERAL RESOURCE Advanced exploration optionality Citadel Project (Antipa 35% and Rio Tinto 65% JV) For personal use only Deposit Au cut-off Category Tonnes (Mt) Au equiv. (g/t) Au grade (g/t) Cu grade (%) Ag grade (g/t) Au equiv. (Moz) Au (Moz) Cu (t) Ag (Moz) Calibre 0.5 Au Inferred 92 0.92 0.72 0

Antipa Minerals — 121 Mining Investment London 2022 on 6ix