Antipa Minerals Limited · ASX:AZY
Antipa Minerals — IMARC Conference (October 2025)
51 slides from Antipa Minerals's conference presentation, Oct 21, 2025
Slide 1: Stand-alone Minyari Dome Gold-Copper Development Project
For personal use only WITH A DOMINANT 100% OWNED PATERSON PROVINCE LANDHOLDING FEATURING THE STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT ASX: AZY | October 2025
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
Slide 3: Acknowledgement of Traditional Custodians
For personal use only 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 INVES
Slide 4: Investment highlights
For personal use only 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$834M and Havieron and Winu 84,000 t of copper, and pre-tax at development proj
Slide 5: Stand-alone Minyari Dome Gold-Copper Development Project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT
Slide 6: Stand-alone Minyari Dome Gold-Copper Development Project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT For personal use only MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT MINYARI DOME DEPOSITS 30.2 Mt at 1.5 g/t Au 3 Mtpa throughput 1.3 Moz Initial open pit and For 10 + years initial Average of 130 koz pa underground mine processing life f
Slide 7: Project Summary: Free Cash Flow
PROJECT SUMMARY: FREE CASH FLOW PROJECTED ANNUAL FREE CASH FLOWS (POST-TAX, A$M) AT VARIOUS GOLD PRICE ASSUMPTIONS1 For personal use only 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 3
Slide 8: Project highlights and strategic location
For personal use only 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 PROCESSI
Slide 9: Growing near-surface resource base and gold grade comparison
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT For personal use only 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 Ka
Slide 10: Pre-Feasibility Study workstreams
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT For personal use only 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
Slide 11: Drilling and study schedule
For personal use only CY25 CY26 CY27 CY28 Exploration and discovery drilling Phase 1 (22,000m) Phase 2 (>15,000m) Fully funded follow-up drilling Phase 2 Mineral Resource growth drilling Phase 1 (14,000m) (>10,000m) Technical study support drilling PFS (35,000m) DFS Mineral Resource Estimate updates
Slide 12: Drilling programme update
For personal use only Highly-successfully Phase 1 growth and discovery drilling now complete for a total of 308 holes for 35,158m, with results for all holes received. PFS Resource Definition drilling now complete for a total of 83 holes for 18,340m, with results for 12,097m received and the rem
Slide 13: Minyari Dome deposits resource growth drilling
For personal use only Targeting expansion of the existing near-surface Minyari Dome Mineral MINYARI DOME Resource to further enhance the development opportunity Results to date have delivered extensional success across multiple zones, with DEPOSITS notable intersections that included: 23m at 7
Slide 14: Multiple resource extension targets: long section
MULTIPLE RESOURCE EXTENSION TARGETS MINYARI DOME LONG SECTION: LOOKING WEST For personal use only TARGET TARGET INVESTOR PRESENTATION | 14
Slide 15: Resource extension targets at Minyari Dome and satellites
MULTIPLE RESOURCE EXTENSION TARGETS AT MINYARI DOME AND SATELLITE DEPOSITS TIMS DOME – 25KM TO MINYARI CHICKEN RANCH – 30KM TO MINYARI For personal use only INVESTOR PRESENTATION | 15
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: For personal use only 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% copp
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 For personal use only 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, h
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: For personal use only 35m at 3.0 g/t gold from 20m in 24MYC0610, including: 16m at 5.6 g/t gold from 33m 50m at
Slide 19: GEO-01 Discovery: Fiama
GEO-01 DISCOVERY: FIAMA FIAMA – MRE: 62 KOZ OF GOLD – GROWTH EXPECTED1 Bonanza gold intersections at Fiama of up to 520 gram-metres in new For personal use only extremely high-grade zones, with mineralisation open in multiple directions: 33m at 15.8 g/t gold and 0.28% copper from 96m in 25MYC0798,
Slide 20: GEO-01 Discovery: Minella
GEO-01 DISCOVERY: MINELLA MINELLA – MRE: 12 KOZ OF GOLD – GROWTH EXPECTED1 Phase 1 drilling extended gold-copper mineralisation from 100 to 240 For personal use only vertical metres below the surface and 130m along strike to the west Significant near-surface gold mineralisation: 67m at 1.1 g/t gol
Slide 21: 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, For personal use only including: 4m at 12.2 g/t gold and 1.00% copper from 68m 4m at 13.3 g/t go
Slide 22: Exploration drilling programme
For personal use only Focused on testing priority gold ± copper greenfield targets and existing prospects proximate to Minyari Dome deposits1,2 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) - Assay results
Slide 23: New discovery at GEO-01 Extension
NEW DISCOVERY AT GEO-01 EXTENSION A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET1 Located 1.7km south of Minyari For personal use only New gold ± copper discovery south of Rizzo and Fiama2 Opens up a large 2km metre by 800 metre target area 1.75km Shallow cover less than 5m Limite
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 For personal use only Located just 4km northeast of Greatland Resources’ Telfer 22 Mtpa plant Very large 3km long by up to 1.3km
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 For personal use only Drilling has defined a 2km long by up to 250-metre-wide corridor hosting significant gold-copper-silver mineralisation including high-grade
Slide 26: AL01 target
AL01 TARGET A VERY LARGE-SCALE AIR CORE GOLD TARGET1 Located 17km north of Minyari For personal use only Multiple large AL01 gold-copper anomalies, with a combined strike of 4km – Anomalies remain open in most direction Meta-sediment hosted gold and pathfinder anomaly: Extensive mineral system
Slide 27: Set to play a major part in the region's resurgence
SET TO PLAY A MA JOR PART IN THE REGIONS RAPID RESURGENCE A TRULY OUTSTANDING GOLD GROWTH POTENTIAL FROM EXCELLENT FINANCIAL For personal use only MINING LOCATION MULTIPLE TARGET AREAS FOUNDATION TIER-ONE GROUND PACKAGE PROXIMAL EXPLORATION PRESENTING SIZEABLE ROBUST CASH POSITION TO FULLY FUND TO T
Slide 28: For personal use only
For personal use only
Slide 29: Excellent financial foundation and clean capital structure
EXCELLENT FINANCIAL FOUNDATION AND CLEAN CAPITAL STRUCTURE For personal use only CAPITAL STRUCTURE | ASX: AZY SHARE REGISTER AND RESEARCH COVERAGE4 Share price1 A$0.75 8.5% 6.3% Chester Asset Management Greatland Resources Shares on issue1 653M 5.4% Jupiter Asset Management 3.7% Lion Selection Group
Slide 30: Highly experienced and motivated executive team
HIGHLY EXPERIENCED AND MOTIVATED EXECUTIVE TEAM For personal use only Mark Rodda Roger Mason Neil Warburton Peter Buck Gary Johnson Stephen Power Luke Watson Executive Managing Non-Executive Non-Executive Non-Executive Non-Executive CFO and Company Chairperson Director and CEO Director Director Dire
Slide 31: Committed to social and environmental responsibility
COMMITTED TO SOCIAL AND ENVIRONMENTAL RESPONSIBILITY For personal use only 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 D
Slide 32: Shallow young cover across a large 4,100km2 portfolio
SHALLOW YOUNG COVER ACROSS A LARGE 4,100km2 PORTFOLIO1 For personal use only 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
Slide 33: Phase GEO-01 Extension new discovery
PHASE 1 GEO-01 EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET For personal use only 1.5km MAXIMUM MAXIMUM DOWNHOLE DOWNHOLE GOLD COPPER ADDITIONAL ADDITIONAL TARGET AREA TARGET AREA INVESTOR PRESENTATION | 33
Slide 34: Phase GEO-01 Extension new discovery
PHASE 1 GEO-01 EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET For personal use only 830m INVESTOR PRESENTATION | 34
Slide 35: Phase 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 For personal use only INVESTOR PRESENTATION | 35
Slide 36: Minyari Project Mineral Resource Estimate
MINYARI PROJECT MINERAL RESOURCE ESTIMATE For personal use only 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 pa
Slide 37: 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
Slide 38: Competent Persons Statement: Exploration Results
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:
Slide 39: 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
Slide 40: Top Australian gold projects: reference information
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) For personal use only Havieron3 Greatland Resource
Slide 41: Scoping Study Detail
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT SCOPING STUDY DETAIL
Slide 42: Project Summary: Highlights
PROJECT SUMMARY: HIGHLIGHTS1 MINE SCHEDULE MINING PHYSICALS STANDARD CIL PLANT For personal use only 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 AIS
Slide 43: 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 For personal use only NPV7% UoM Base Spot A$834M Gold price assumption A$/oz 3,000 4,0002 NPV7% (pre-tax) A$M 834 1,696 Gold Price ± 30% 59 1610 IRR (pre-tax) % 52
Slide 44: Project Summary: Optimal Processing Case
PROJECT SUMMARY: OPTIMAL PROCESSING CASE MINYARI DOME STAND ALONE DEVELOPMENT OPPORTUNITY1 OPTIMAL CASE For personal use only Two standard processing facility options 13.5 M tonnes evaluated: Au open pit ore a gravity and CIL plant for a Gold- OPEN PIT GOLD Focused case producing doré gold; and
Slide 45: Project Summary: Base Case
PROJECT SUMMARY: BASE CASE PROJECT PARAMETERS: BASE CASE (± 35%)1 KEY POTENTIAL UPSIDE DRIVERS For personal use only Tonnes Mt 30.2 Mine schedule and operating life extension to be enabled by: Gold grade g/t 1.5 Contained ounces of gold Moz 1.5 Mineral Resource extensions at multiple deposits Pl
Slide 46: Project Summary: Cost Analysis
PROJECT SUMMARY: COST ANALYSIS CAPITAL COST ESTIMATE (DEVELOPMENT+ SUSTAINING)1 OPERATING COST ESTIMATE1 For personal use only Area A$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 Infrastructu
Slide 47: Project Summary: Mining Approach
PROJECT SUMMARY: MINING APPROACH CONCEPTUAL CONFIGURATION – OPEN PIT and UNDERGROUND MINE DESIGN1 For personal use only 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 Econom
Slide 48: Project Summary: Production Profile
PROJECT SUMMARY: PRODUCTION PROFILE PRODUCTION PROFILE PROJECTION1 PRODUCTION DETAIL1 For personal use only 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
Slide 49: Project Summary: Mining Schedule
PROJECT SUMMARY: MINING SCHEDULE MINING SCHEDULE: BY RESOURCE CLASSIFICATION1 MINING SCHEDULE: OPEN PIT AND UNDERGROUND1 For personal use only 1. Minyari Dome Project Scoping Study Update dated 24 October 2024 completed to ±35% level of accuracy. INVESTOR PRESENTATION | 49
Slide 50: Project Summary: Configuration and Processing
PROJECT SUMMARY: CONFIGURATION AND PROCESSING CONCEPTUAL CONFIGURATION1 PROJECT PROCESSING SCHEDULE1 For personal use only 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
Slide 51: Thank you
ANTIPAMINERALS IAANKR YOU