Antipa Minerals Limited · ASX:AZY

Antipa Minerals — Diggers and Dealers Mining Forum 2025

55 slides from Antipa Minerals's conference presentation, August 2025

  1. Slide 1: Dominant 100% Owned Paterson Province Landholding

    WITH A DOMINANT 100% OWNED PATERSON PROVINCE LANDHOLDING FEATURING THE STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT ASX: AZY | August 2025

  2. Slide 2: Disclaimer

    DISCLAIMER Refer to Antipa Minerals ASX release 24 October 2024 “Minyari Scoping Study Update Confirms Development Potential”, for full 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

  3. Slide 3: Acknowledgement of Traditional Custodians

    ANTIPA MINERALS ACKNOWLEDGES THE TRADITIONAL CUSTODIANS OF COUNTRY THROUGHOUT AUSTRALIA AND THEIR CONNECTIONS TO LAND, SEA AND COMMUNITY WE PAY OUR RESPECTS TO THEIR ELDERS PAST AND PRESENT, EXTENDING THAT RESPECT TO ALL ABORIGINAL AND TORRES STRAIT ISLANDER PEOPLES TODAY INVESTOR PRESENTATION | 3

  4. Slide 4: Outstanding Land Package

    OUTSTANDING SIZEABLE PROVEN LAND EXISTING MINERAL DEVELOPMENT PACKAGE RESOURCE OPPORTUNITY Over 4,100km2 Large growth potential 2024 Scoping Study Proximal to the Telfer mine 2.5 Moz of gold, NPV7% A$834M and Havieron and Winu 84,000 t of copper, and pre-tax at development projects 666 koz of silver

  5. Slide 5: Stand-alone Minyari Dome Gold-Copper Development Project

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT

  6. Slide 6: Stand-alone Minyari Dome Gold-Copper Development Project

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT MINYARI DOME DEPOSITS 30.2 Mt at 1.5 g/t Au 3 Mtpa throughput 1.3 Moz Initial open pit and For 10 + years initial Average of 130 koz pa underground mine processing life for the first 10 years

  7. Slide 7: Project Summary: Free Cash Flow

    PROJECT SUMMARY: FREE CASH FLOW PROJECTED ANNUAL FREE CASH FLOWS (POST-TAX, A$M) AT VARIOUS GOLD PRICE ASSUMPTIONS1 A$3,000/oz Au A$4,000/oz Au A$4,200/oz Au 273 249 249 235 241 243 250 229 226 230 228 216 207 222 224 210 198 191 170 172 151 156 139 132 126 127 117 110 106 78 32 30 18 Y1 Y2 Y3 Y4 Y5

  8. Slide 8: Technically Reaffirmed and Robust Project Economics

    TECHNICALLY STRATEGICALLY SIMPLE, NON- EXISTING ROAD PROJECT ECONOMICS REAFFIRMED AND SIGNIFICANT LOCATION REFRACTORY AND PORT, PLUS HIGHLY LEVERAGED ROBUST, WITH IN A WORLD-CLASS METALLURGY SUPPORTS ESTABLISHED TO FURTHER SUBSTANTIALLY GOLD-COPPER A STANDARD CIL PLANT PROCESSING EXPLORATION ENHANCE

  9. Slide 9: A Growing, Near-Surface Mineral Resource Base

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT GOLD-ONLY CONTAINED RESOURCE (Moz GOLD)1,2 RESOURCE GRADE (g/t GOLD) SUBJECT OF RECENT A GROWING, NEAR Dalgaranga 5.6 CORPORATE ACTIVITY Youanmi 4.4 7.0 SURFACE MINERAL Central Tanami 3.2 RESOURCE BASE Ravensthorpe 2.1 Kal East 2.1 IN COMBINAT

  10. Slide 10: Pre-Feasibility Study

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT  Recruitment of highly experienced Study Manger finalised PFS  Leading industry consultants engaged across PFS workstreams  Metallurgical test work to refine processing flowsheet PRE-FEASIBILITY STUDY1  Environmental and water studies to s

  11. Slide 11: Development and Drilling Schedule CY25-CY28

    CY25 CY26 CY27 CY28 Exploration and discovery drilling Phase 1 (25,540m) Phase 2 (>15,000m) Fully funded follow-up drilling Phase 2 Mineral Resource growth drilling Phase 1 (12,243) (>10,000m) Technical study support drilling PFS (35,000m) DFS Mineral Resource Estimate updates Technical study workst

  12. Slide 12: Phase CY2025 Growth and Discovery Drilling Programme

    PHASE 1 CY2025 GROWTH AND DISCOVERY DRILLING PROGRAMME

  13. Slide 13: Minyari Dome Deposits

     Targeting expansion of the existing near-surface Minyari Dome MINYARI DOME Mineral Resource to further enhance the development opportunity DEPOSITS  Initial results delivered extensional success across multiple zones, with notable intersections that included:  15m at 2.0 g/t gold from 336m in 25

  14. Slide 14: Multiple Resource Extension Targets

    MULTIPLE RESOURCE EXTENSION TARGETS MINYARI DOME LONG SECTION: LOOKING WEST TARGET TARGET TARGET INVESTOR PRESENTATION | 14

  15. Slide 15: Multiple Resource Extension Targets at Minyari Dome and Satellite Deposits

    MULTIPLE RESOURCE EXTENSION TARGETS AT MINYARI DOME AND SATELLITE DEPOSITS COUNTOURED MAXIMUM DOWHNOLE GOLD PLANS TIMS DOME – 25KM TO MINYARI CHICKEN RANCH – 30KM TO MINYARI INVESTOR PRESENTATION | 15

  16. Slide 16: Minyari Deposit Resource Definition

    MINYARI DEPOSIT RESOURCE DEFINITION MRE: 1.9 MOZ GOLD, 69 KT COPPER, 579 KOZ SILVER AND 11 KT COBALT  Outstanding high-grade gold + copper-silver-cobalt mineralisation:  154 metres at 2.1 g/t gold and 0.1% copper from 9m in 16MYC0045  142 metres at 1.9 g/t gold and 0.2% copper from 294m in 21MYCD

  17. Slide 17: Overview of the GEO-01 Discovery

    OVERVIEW OF THE GEO-01 DISCOVERY GEO-01 AND SURROUNDS – GROWTH EXPECTED1  Large 1km by 800m gold ± copper footprint  GEO-01 Main Zone deposit thick high-grade gold mineralisation defines current northern limit:  Main Zone’s strike 500m and between 10 to 190m thick  Thick, high-grade gold mineral

  18. Slide 18: GEO-01 Discovery: Main Zone

    GEO-01 DISCOVERY: MAIN ZONE MRE: 114 KOZ OF GOLD – GROWTH EXPECTED1  Multiple significant zones of high-grade gold mineralisation under just 3 to 16 metres of sand cover, including:  35m at 3.0 g/t gold from 20m in 24MYC0610, including:  16m at 5.6 g/t gold from 33m  50m at 2.3 g/t gold from 72m

  19. Slide 19: GEO-01 Discovery: Fiama and Minella

    GEO-01 DISCOVERY: FIAMA AND MINELLA FIAMA – MRE: 62 KOZ OF GOLD – GROWTH EXPECTED1  32m at 2.4 g/t gold from 140m in 24MYC0470, including:  4m at 8.9 g/t gold from 140m  16m at 3.8 g/t gold and 0.09% copper from 113m in 24MYC0632, including:  2m at 25.4 g/t gold and 0.21% copper from 120m  10m

  20. Slide 20: Minyari South

    MINYARI SOUTH MRE: 37 KOZ OF GOLD, 1,000T OF COPPER AND 8 KOZ SILVER  Significant near-surface high-grade gold mineralisation extension:  17m at 6.8 g/t gold and 0.50% copper from 65m in 24MYC0653, including:  4m at 12.2 g/t gold and 1.00% copper from 68m  4m at 13.3 g/t gold and 0.65% copper fr

  21. Slide 21: Broader Minyari Project

     Programme designed to test regional targets within a 65km corridor BROADER MINYARI extending approximately 35km northwest and 30km southeast of the PROJECT Minyari Dome development opportunity  Initial results delivered discovery success across multiple zones, including a new gold ± copper discov

  22. Slide 22: Minyari Project

     Focused on testing priority gold ± copper greenfield targets and existing prospects proximate to the Minyari Dome deposits1,2  Completed Phase 1 comprised 247 holes for 21,605m, including 205 air core holes (13,332m), 40 RC holes (7,477m) and two diamond core holes (796m)  Pending assay results

  23. Slide 23: GEO-01 Extension New Discovery

    PHASE 1 GEO-01 EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET1  Located 1.7km south of Minyari  New gold ± copper discovery south of Rizzo and Fiama2  Opens up a large 2km metre by 800 metre target area  Limited, broad spaced (> than 200m x 100m spaced) Phase 1 d

  24. Slide 24: Jezabeel Greenfield Target

    JEZABEEL GREENFIELD TARGET TWO VERY LARGE-SCALE SURFACE GEOCHEMICAL GOLD ANOMALIES VERY CLOSE TO TELFER1 Jezabeel: Surface geochemical and RAB / air core gold anomaly  Located just 4km northeast of Greatland Resources’ Telfer 22 Mtpa plant  Very large 3km long by up to 1.3km wide:  Peak lag resul

  25. Slide 25: Reaper-Poblano-Serrano (RPS) Trend Target

    REAPER-POBLANO-SERRANO (RPS) TREND TARGET A VERY LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET1  Located 35km north of Minyari  Broad-spaced 2019 and 2020 drill holes define a 2km long, 500-metre-wide corridor hosting significant high-grade gold-copper-silver mineralisation  Remains open

  26. Slide 26: AL01 Target

    AL01 TARGET A VERY LARGE-SCALE AIR CORE GOLD TARGET1  Located 17km north of Minyari  2023 air core drilling extended AL01 anomaly to a 5km long target  Meta-sediment hosted gold and pathfinder anomaly: Extensive mineral system pathfinder anomalism, including Cu, Co, Bi, Te, Mo, Pb and Zn  Broad

  27. Slide 27: Multiple Targets Surrounding Minyari

    MULTIPLE TARGETS SURROUNDING MINYARI LARGE GOLD-COPPER TARGET PP-GRAV021  Located 10km WSW of Minyari adjacent to NE-trending Crofton Granite intruding a major fault:  Potential hydrothermal heat and metal source  CY2024 diamond core drilling intersected up to 0.66% copper and 0.07% cobalt, plus

  28. Slide 28: Corporate

    CORPORATE

  29. Slide 29: Excellent Financial Foundation and Clean Capital Structure

    EXCELLENT FINANCIAL FOUNDATION AND CLEAN CAPITAL STRUCTURE CAPITAL STRUCTURE | ASX: AZY SHARE REGISTER AND RESEARCH COVERAGE4 Share price1 A$0.54 6.3% 6.2% Greatland Resources 5.4% Chester Asset Management Shares on issue1 647M Jupiter Asset Management 3.7% Lion Selection Group 2.3% Market capitalis

  30. Slide 30: Highly Experienced and Motivated Executive Team

    HIGHLY EXPERIENCED AND MOTIVATED EXECUTIVE TEAM Mark Rodda Roger Mason Stephen Power Peter Buck Gary Johnson Luke Watson Executive Managing Non-Executive Non-Executive Non-Executive CFO and Company Chairperson Director and CEO Director Director Director Secretary  Lawyer and Corporate  Geologist 

  31. Slide 31: Committed to Social and Environmental Responsibility

    COMMITTED TO SOCIAL AND ENVIRONMENTAL RESPONSIBILITY LOCAL COMMUNITY REGIONAL ECONOMIC CULTURAL HERITAGE SOCIALLY INCLUSIVE PARTNERSHIPS DEVELOPMENT PROTECTION WORKPLACE ENGAGING LOCAL EXPLORATION COLLABORATING COMMITTED TO PEOPLE AND INVESTMENT FOR WITH TRADITIONAL WORKPLACE DIVERSITY BUSINESSES FO

  32. Slide 32: Set to Play a Major Part in the Region's Rapid Resurgence

    SET TO PLAY A MA JOR PART IN THE REGIONS RAPID RESURGENCE A TRULY OUTSTANDING GOLD GROWTH POTENTIAL FROM EXCELLENT FINANCIAL MINING LOCATION MULTIPLE TARGET AREAS FOUNDATION TIER-ONE GROUND PACKAGE PROXIMAL EXPLORATION PRESENTING SIZEABLE ROBUST CASH POSITION TO FULLY FUND TO THE TELFER MINE AND HAV

  33. Slide 33: Contact Us

    CONTACT US MANAGING DIRECTOR & CEO EXECUTIVE CHAIRPERSON Mr Roger Mason Mr Mark Rodda E: roger.mason@antipaminerals.com.au E: mark.rodda@antipaminerals.com.au CORPORATE OFFICE MEDIA RELATIONS Level 2, 16 Ord Street Mr Michael Vaughan West Perth WA 6005 Fivemark Partners Australia E: michael.vaughan@

  34. Slide 34: Appendix

    ANTIPAMINERALS APPENDIX

  35. Slide 35: Shallow Young Cover Across a Large 4,100km2 Portfolio

    SHALLOW YOUNG COVER ACROSS A LARGE 4,100km2 PORTFOLIO1 APPROXIMATELY 40% OF ANTIPA TENEMENTS ARE UNDER LESS THAN 20 METRES OF COVER APPROXIMATELY 75% OF ANTIPA TENEMENTS ARE UNDER LESS THAN 80 METRES OF COVER 1. Telfer and Havieron refer to Greatland Gold plc AIM release dated 18 March 2025, “2024 G

  36. Slide 36: GEO-01 Extension New Discovery

    PHASE 1 GEO-01 EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET 1.5km MAXIMUM MAXIMUM DOWNHOLE DOWNHOLE GOLD COPPER ADDITIONAL ADDITIONAL TARGET AREA TARGET AREA INVESTOR PRESENTATION | 36

  37. Slide 37: Rizzo and Fiama Extension New Discovery

    PHASE 1 RIZZO AND FIAMA EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET INVESTOR PRESENTATION | 37

  38. Slide 38: Minyari Repeat Targets

    MINYARI REPEAT TARGETS DEPTH AND STRUCTURALLY CONTROLLED REPEAT TARGETS INVESTOR PRESENTATION | 38

  39. Slide 39: Minyari Southeast

    MINYARI SOUTHEAST MAIDEN MRE: 25 KOZ OF GOLD  Significant near-surface high-grade gold mineralisation:  10m at 3.0 g/t gold from 67m in 24MYC0644, including:  2m at 13.2 g/t gold from 67m  20m at 1.0 g/t gold and 0.07% copper from 5m in 24MYC0641, including:  2m at 7.1 g/t gold and 0.22% copper

  40. Slide 40: Minyari Project Mineral Resource Estimate

    MINYARI PROJECT MINERAL RESOURCE ESTIMATE 1. For full details of the Minyari Project Mineral Resources Estimate, please refer to ASX announcement dated 21 May 2025, “Minyari Project Resource Grows by 100 Koz to 2.5 Moz of Gold”. 2. Refer to gold equivalent (Aueq) calculation parameters on following

  41. Slide 41: Competent Persons Statements

    COMPETENT PERSONS STATEMENTS COMPETENT PERSONS STATEMENTS Competent Persons Statement – Exploration Results The information in this document that relates to Exploration Results is extracted from previously announced reports (refer to the list below). The Company confirms that it is not aware of any

  42. Slide 42: Competent Persons Statement

    COMPETENT PERSONS STATEMENT COMPETENT PERSONS STATEMENT EXPLORATION RESULTS Various information in this report which relates to Exploration Results have been extracted from the following announcements lodged on the ASX, where further details, including JORC Code reporting tables, can also be found:

  43. Slide 43: Competent Persons Statement Exploration Results - Continued

    COMPETENT PERSONS STATEMENT COMPETENT PERSONS STATEMENT EXPLORATION RESULTS - CONTINUED Various information in this report which relates to Exploration Results have been extracted from the following announcements lodged on the ASX, where further details, including JORC Code reporting tables, can als

  44. Slide 44: Top Australian Gold Projects

    TOP AUSTRALIAN GOLD PROJECTS TOP AUSTRALIAN GOLD PROJECTS: REFERENCE INFORMATION Project Company Contained Au Resource Grade Measured Resources Indicated Resources Inferred Resources Stage Study Level Source (Moz) (g/t Au) (Mt) (Mt) (Mt) (completed) Havieron3 Greatland Resources 7.0 1.7 0.0 50.0 81.

  45. Slide 45: Scoping Study Detail

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT SCOPING STUDY DETAIL

  46. Slide 46: Project Summary: Highlights

    PROJECT SUMMARY: HIGHLIGHTS1 MINE SCHEDULE MINING PHYSICALS STANDARD CIL PLANT 30.2 Mt at 1.5 g/t Au 3 Mtpa throughput 90% gold recovery Initial open pit and underground mine For 10+ years initial processing life Simple non-refractory metallurgy INITIAL GOLD OUTPUT FORECAST AISC CAPITAL COST 1.3 Moz

  47. Slide 47: Project Summary: Sensitivity Analysis

    PROJECT SUMMARY: SENSITIVITY ANALYSIS NPV SENSITIVITY ANALYSIS (PRE-TAX, A$3,000/oz AU)1 PROJECT PROVIDES TREMENDOUS GOLD PRICE UPSIDE1 NPV7% UoM Base Spot A$834M Gold price assumption A$/oz 3,000 4,0002 NPV7% (pre-tax) A$M 834 1,696 Gold Price ± 30% 59 1610 IRR (pre-tax) % 52 91 Gold Price ± 20% 31

  48. Slide 48: Project Summary: Optimal Processing Case

    PROJECT SUMMARY: OPTIMAL PROCESSING CASE MINYARI DOME STAND ALONE DEVELOPMENT OPPORTUNITY1 OPTIMAL CASE  Two standard processing facility options 13.5 M tonnes evaluated: Au open pit ore  a gravity and CIL plant for a Gold- OPEN PIT GOLD Focused case producing doré gold; and ORE OUTPUT  a flotati

  49. Slide 49: Project Summary: Base Case

    PROJECT SUMMARY: BASE CASE PROJECT PARAMETERS: BASE CASE (± 35%)1 KEY POTENTIAL UPSIDE DRIVERS Tonnes Mt 30.2  Mine schedule and operating life extension to be enabled by: Gold grade g/t 1.5 Contained ounces of gold Moz 1.5  Mineral Resource extensions at multiple deposits Plant throughput Mtpa 3.

  50. Slide 50: Project Summary: Cost Analysis

    PROJECT SUMMARY: COST ANALYSIS CAPITAL COST ESTIMATE (DEVELOPMENT+ SUSTAINING)1 OPERATING COST ESTIMATE1 Area A$M Area A$ Processing Plant (3 Mtpa CIL) 96.2 Mining – Open pit 26.50/t ore Contingency 9.6 Mining – Underground 80.00/t ore Infrastructure - Process 36.0 Infrastructure - Process 20.58/t o

  51. Slide 51: Project Summary: Mining Approach

    PROJECT SUMMARY: MINING APPROACH CONCEPTUAL CONFIGURATION – OPEN PIT and UNDERGROUND MINE DESIGN1 View bearing -16° to 098° Mining Method / Approach:  Contractor mining  Five open pits and one underground mine  Minyari deposit accounts for 95% of the gold production  Economic gold cut-off grades

  52. Slide 52: Project Summary: Production Profile

    PROJECT SUMMARY: PRODUCTION PROFILE PRODUCTION PROFILE PROJECTION1 PRODUCTION DETAIL1 Recovered gold (koz)  1.32 Moz total gold produced:  forecast annual output of up to 145 142 139 144 136 145,000 ounces of gold in Year 5 134 120  average of 130,000 ounces of gold 115 114 116 per annum over the

  53. Slide 53: Project Summary: Mining Schedule

    PROJECT SUMMARY: MINING SCHEDULE MINING SCHEDULE: BY RESOURCE CLASSIFICATION1 MINING SCHEDULE: OPEN PIT AND UNDERGROUND1 1. Minyari Dome Project Scoping Study Update dated 24 October 2024 completed to ±35% level of accuracy. INVESTOR PRESENTATION | 53

  54. Slide 54: Project Summary: Configuration and Processing

    PROJECT SUMMARY: CONFIGURATION AND PROCESSING CONCEPTUAL CONFIGURATION1 PROJECT PROCESSING SCHEDULE1 500 m 3,500 3.50 Mill feed (kt) Gold grade (g/t) 3,000 3.00 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Mining Method / Approach: 2,500 2.50  Contractor mining  Five open pits and one 2,2

  55. Slide 55: Thank You

    ANTIPAMINERALS IAANKR YOU

Antipa Minerals — Diggers and Dealers Mining Forum 2025 on 6ix