Antipa Minerals Limited · ASX:AZY

Antipa Minerals — Investor Presentation (June 2025)

47 slides from Antipa Minerals's investor presentation, Jun 11, 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 | June 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 Study1 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 silve

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

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT1 MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT MINYARI DOME DEPOSIT 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

  6. Slide 6: 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

  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, with Enhanced 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: Pre-Feasibility Study Workstreams

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT PFS  Metallurgical test work to refine process methodology and design  Environmental surveys and supporting studies ahead of regulatory submissions PRE-FEASIBILITY STUDY  Water assessment and management planning activities  Preparation of

  10. Slide 10: A Growing, Near Surface Mineral Resource Base

    STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT GOLD-ONLY CONTAINED RESOURCE (Moz GOLD)1,2,3 RESOURCE GRADE (g/t GOLD) 7.04 Dalgaranga 5.6 5 A GROWING, NEAR Youanmi 4.4 Central Tanami 3.2 SURFACE MINERAL Ravensthorpe 2.1 RESOURCE BASE Kal East 2.1 Lady Julie 1.8 4.06 IN COMBINATION WITH Lav

  11. Slide 11: Minyari Dome Development Project and Broader Minyari Project

    MINYARI DOME BROADER MINYARI DEVELOPMENT PROJECT PROJECT GROWTH DRILLING PROGRAMME DISCOVERY DRILLING PROGRAMME  Targeting expansion of the existing near-surface Minyari Dome  Scheduled to comprise 328 holes for approximately 20,400m, Mineral Resource including 288 air core holes (14,400m) and 40

  12. Slide 12: Phase CY2025 Drilling Programme Detail

    PHASE 1 CY2025 DRILLING PROGRAMME DETAIL

  13. Slide 13: Minyari Dome Growth Drilling Programme

    MINYARI DOME DEVELOPMENT PROJECT GROWTH DRILLING PROGRAMME  Targeting expansion of the existing near-surface Minyari Dome Mineral Resource  Scheduled to comprise approximately 57 RC holes for 13,000m and four diamond core holes for 1,500m  Initial focus on extending the resources at:  Minyari So

  14. Slide 14: Multiple Resource Extension Targets

    MULTIPLE RESOURCE EXTENSION TARGETS MINYARI DOME LONG SECTION: LOOKING WEST MINYARI DOME GOLD-COPPER MINERALISATION CURRENTLY SPANS 3.6 km TARGET TARGET TARGET INVESTOR PRESENTATION | 14

  15. Slide 15: 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:  86m at 1.7 g/t gold and 0.41% copper from 121m down hole in 24MYD0533, including:  28m at 4.0 g/t gold, 1.0% copper, 3.0 g/t si

  16. Slide 16: 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 down hole 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%

  17. Slide 17: Minyari Southeast

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

  18. Slide 18: Overview of the GEO-01 Discovery

    OVERVIEW OF THE GEO-01 DISCOVERY GEO-01 AND SURROUNDS – GROWTH EXPECTED  Large 700m by 500m gold ± copper footprint  Main zone of ENE trending thick high-grade gold mineralisation defines northern limit:  CY2024 drilling extended Main Zone’s strike to 500m and across strike width to between 10 to

  19. Slide 19: GEO-01 Discovery: Main Zone

    GEO-01 DISCOVERY: MAIN ZONE MRE: 188 KOZ OF GOLD – GROWTH EXPECTED  Significant near-surface high-grade gold mineralisation intersected :  35m at 3.0 g/t gold from 20m down hole in 24MYC0610, including:  16m at 5.6 g/t gold from 33m  50m at 2.3 g/t gold from 72m down hole in 23MYC0383, including

  20. Slide 20: GEO-01 Discovery: Fiama and Minella

    GEO-01 DISCOVERY: FIAMA AND MINELLA FIAMA PROSPECT – GROWTH EXPECTED  32m at 2.4 g/t gold from 140m down hole 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 down hole in 24MYC0632, including:  2m at 25.4 g/t gold and 0.21% copper from 120m

  21. Slide 21: Broader Minyari Project Discovery Drilling Programme

    BROADER MINYARI PROJECT DISCOVERY DRILLING PROGRAMME  Scheduled to comprise 328 holes for approximately 20,400m, including 288 air core holes (14,400m) and 40 RC holes (6,000m)  Initial RC drilling completed at high priority targets:  Parklands  GEO-01 and Rizzo air core (2024) southern extensio

  22. Slide 22: Exciting Parklands and Jezabeel Greenfield Targets

    EXCITING PARKLANDS AND JEZABEEL GREENFIELD TARGETS TWO VERY LARGE-SCALE SURFACE GEOCHEMICAL GOLD ANOMALIES VERY CLOSE TO TELFER1 Parklands: Surface geochemical gold anomaly:  Very large 3km long by up to 1.5km wide:  Peak surface geochemical lag result 1.52 g/t gold  Located just 10km northeast o

  23. Slide 23: Parklands Greenfield Target Detail

    PARKLANDS GREENFIELD TARGET DETAIL JUST 10KM NORTHEAST OF GREATLAND’S TELFER GOLD-COPPER-SILVER 22 MTPA PROCESSING FACILITY1  Coherent gold and mineral system pathfinder surface geochemical anomaly:  Very large 3km long by up to 1.5km wide  Peak surface geochemical lag result 1.52 g/t gold with m

  24. Slide 24: 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 2.0km long, 500-metre-wide corridor hosting significant high-grade gold-copper-silver mineralisation  Remains ope

  25. Slide 25: 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

  26. Slide 26: 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

  27. Slide 27: Corporate

    CORPORATE

  28. Slide 28: 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$0.76 7.1% 6.2% Greatland Gold 4.2% Copia Investment Partners Shares on issue1 578M 2.6% Lion Selection Group 2.5% IGO Market capitalisation1 A$437M Board and M

  29. Slide 29: 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 

  30. Slide 30: 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

  31. Slide 31: 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 A$40M CASH TO FULLY FUND RESOURCE TO THE TELFER MINE AND HAVI

  32. Slide 32: 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@

  33. Slide 33: Appendix

    ANTIPAMINERALS APPENDIX

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: Competent Persons Statements

    MINYARI PROJECT MINERAL RESOURCE ESTIMATE COMPETENT PERSONS STATEMENTS Competent Persons Statement – Exploration Results The information in this document that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Roger Mason, a Compe

  37. Slide 37: Top Australian Gold Projects: Reference Information

    TOP AUSTRALIAN GOLD PROJECTS TOP AUSTRALIAN GOLD PROJECTS: REFERENCE INFORMATION Project Company Contained Au Resource Grade Measured Resource Indicated Resource Inferred Resource Stage Study Level Source (Moz) (g/t Gold) (Mt) (Mt) (Mt) (completed) Havieron3 Greatland Gold 7.0 1.7 0.0 50.0 81.0 Pre-

  38. Slide 38: Scoping Study Detail

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

  39. Slide 39: 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

  40. Slide 40: 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: Aupit ore open  a gravity and CIL plant for a Gold- OPEN PIT GOLD Focused case producing doré gold; and ORE OUTPUT  a flotatio

  41. Slide 41: 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.

  42. Slide 42: 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

  43. Slide 43: 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

  44. Slide 44: 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

  45. Slide 45: 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 | 45

  46. Slide 46: 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

  47. Slide 47: Antipa Minerals

    ANTIPAMINERALS IAANKR YOU

Antipa Minerals — Investor Presentation (June 2025) on 6ix