Antipa Minerals Limited · ASX:AZY
Antipa Minerals — RIU Explorers Conference 2026
51 slides from Antipa Minerals's conference presentation, Feb 17, 2026
Slide 1: With a 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 | February 2026
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 Country
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
Slide 4: Outstanding land package
OUTSTANDING SIZEABLE PROVEN LAND EXISTING MINERAL DEVELOPMENT PACKAGE RESOURCE OPPORTUNITY Over 4,500km2 Large growth potential 2024 Scoping Study Proximal to the Telfer mine 2.7 Moz of gold, NPV7% A$1.8B and Havieron and Winu 90,000 t of copper, and post-tax at development projects 700 koz of silve
Slide 5: 3.3 Moz gold equivalent
3.3 MOZ GOLD EQUIVALENT 1.0 MOZ GOLD EQUIVALENT INCREASE SINCE MID-2022 2.7Moz 65% PLUS Cu 90 kt GOLD ONLY CLASSIFIED AS RESOURCE INDICICATED Ag 700 koz Co 13 kt 1. For full Mineral Resource Estimate details, including gold equivalent calculations, refer to Antipa release dated 18 December 2025, “Mi
Slide 6: Stand-alone Minyari Dome gold-copper development project resource base
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT RESOURCE BASE GOLD-ONLY CONTAINED RESOURCE (Moz GOLD) RESOURCE GRADE (g/t GOLD) 7.0 A GROWING, NEAR Youanmi 5.6 SURFACE MINERAL Dalgaranga 5.1 RESOURCE BASE Ravensthorpe 3.3 Havieron 2.6 4.5 IN COMBINATION WITH Kal East 2.1 COMPELLING GOLD GRA
Slide 7: CY2025 results and CY2026 targets
CY2025 results delivered both extensional success across multiple zones and multiple new discoveries CY2026 targeting expansion of the existing near- surface Minyari Dome Mineral Resource to further enhance the development opportunity Focus on extending the resources down dip and/or along stri
Slide 8: Stand-alone Minyari Dome gold-copper development project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT
Slide 9: Stand-alone Minyari Dome gold-copper development project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT MINYARI PROJECT DEPOSITS 30.2 Mt at 1.5 g/t Au 3 Mtpa throughput 1.3 Moz Initial open pit and For 10 + years initial Average of 130 koz pa underground mine processing life for the first 10 yea
Slide 10: Minyari Dome development free cash flow
MINYARI DOME DEVELOPMENT FREE CASH FLOW PROJECTED ANNUAL FREE CASH FLOWS AT VARIOUS GOLD PRICE FORECASTS (POST-TAX, A$M)1 Year 139 1 250 362 151 2 226 270 170 3 228 318 110 4 191 271 132 5 230 328 126 6 222 318 7 117 210 LOM FREE CASH FLOW (POST-TAX) 304 127 Gold price (per oz) LoM FCF (million) 8 2
Slide 11: Advancing toward FID: PFS
ADVANCING THE STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT TOWARD FID Recruited highly experienced Study Manger and Environment PFS Manager Completion of multiple drilling programmes supporting PFS Mineral Resource Estimate, sterilisation drilling, geotechnical design Leading indus
Slide 12: Development schedule CY25-CY30
CY25 CY26 CY27 CY28 CY29 CY30 Technical Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Deliverables Pre-Feasibility Study Definitive Feasibility Study FID (incl. Supporting Works) FEED/Long Lead Items Construction/ Commissioning
Slide 13: Growth and new discovery drilling
GROWTH AND NEW DISCOVERY DRILLING
Slide 14: Minyari Dome resource area
MINYARI DOME RESOURCE AREA MINYARI DOME LONG SECTION LOOKING WEST SIGNIFICANT DEPOSITS WITH MULTIPLE RESOURCE EXTENSION TARGETS INVESTOR PRESENTATION | 14
Slide 15: Multiple resource extension targets
MULTIPLE RESOURCE EXTENSION TARGETS IDENTIFIED AT MINYARI DOME AND THE BROADER SATELLITE DEPOSITS TIMS DOME – 25KM TO MINYARI CHICKEN RANCH – 30KM TO MINYARI ZOOMED OUT MINYARI AND GEO-01 VIEW INVESTOR PRESENTATION | 15
Slide 16: Minyari deposit area: Minyari
MINYARI DEPOSIT AREA: MINYARI 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 21MYCD0200
Slide 17: Minyari deposit area: two new discoveries
MINYARI DEPOSIT AREA: TWO NEW DISCOVERIES TWO NEW LARGE-SCALE HIGH-IMPACT TARGET ZONES MINYARI MINYARI NORTH Two new gold ± copper discoveries proximate to the MINYARI existing Minyari resource NORTH Both discoveries within favourable host rocks and fold Potential axis structural settings and re
Slide 18: GEO-01 deposit area: key target areas
GEO-01 DEPOSIT AREA: KEY TARGET AREAS FEATURING DEPOSITS AT THE GEO-01 MAIN ZONE, CENTRAL, MINELLA, FIAMA, RIZZO, AND SURROUNDS Large 1km by 800m gold-copper footprint Gold ± copper mineralisation remains open in several directions and at multiple deposits CY2025 drilling in this area returned
Slide 19: GEO-01 deposit area: Fiama
GEO-01 DEPOSIT AREA: FIAMA CURRENT MRE OF 154 KOZ OF GOLD WITH MA JOR UPSIDE1 Bonanza gold intersections returned in CY2025 drilling up to 520 gram- metres in new extremely high-grade zones. Mineralisation remains open in multiple directions, with significant intercepts including: 33m at 15.8 g/t
Slide 20: GEO-01 deposit area: Fiama North discovery
GEO-1 DEPOSIT AREA: FIAMA NORTH DISCOVERY MAIDEN RESOURCE OPPORTUNITY IDENTIFIED IN PFS DRILLING Another new gold ± copper discovery, located just 65m north of Fiama Mineralisation exists beneath shallow cover of less than 5m Discovery drill hole 25MYDG033 intersections include: 24.7m at 1.4
Slide 21: GEO-01 deposit area: new Rizzo-Fiama extension
GEO-01 DEPOSIT AREA: NEW RIZZO-FIAMA EXTENSION NEW GOLD ± COPPER DISCOVERY SOUTH OF RIZZO AND FIAMA1 Located 1.7km south of Minyari Opens a large 1km metre by 700m target area hosting three ore horizons under less than 5m of cover To date, limited, broad spaced CY2025 drilling has been complet
Slide 22: GEO-01 deposit area: Minella
GEO-01 DEPOSIT AREA: MINELLA CURRENT MRE: 29 KOZ OF GOLD WITH GROWTH EXPECTED1 CY2025 drilling extended gold-copper mineralisation from 100 to 240 vertical metres below the surface and 130m along strike to the west Significant near-surface gold mineralisation: 67m at 1.1 g/t gold and 0.33% copper
Slide 23: GEO-01 deposit area: Main Zone
GEO-01 DEPOSIT AREA: MAIN ZONE MRE: 114 KOZ OF GOLD – GROWTH EXPECTED1 Multiple significant zones of high-grade gold mineralisation under 3-6m of sand cover: 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 in 23MYC0383, includin
Slide 24: Reaper-Poblano-Serrano (RPS) target
REAPER-POBLANO-SERRANO (RPS) TARGET A VERY LARGE-SCALE GOLD-COPPER-SILVER-TUNGSTEN TARGET1 Located 35km north of Minyari, with mineralisation under shallow cover (10 to 23m) Drilling has defined a 2km long by up to 250-metre-wide corridor hosting significant gold-copper-silver-tungsten mineralis
Slide 25: New Yolanda copper discovery
NEW YOLANDA COPPER DISCOVERY A VERY LARGE-SCALE COPPER TARGET1 New copper discovery located just 1km west of WACA Aerial electromagnetic conductivity anomaly Shallow cover between 4 to 10m Nine very broad spaced RC drill holes defined a 1.2km long by 220m wide copper anomaly, with several ho
Slide 26: Focused on testing priority greenfield targets
Focused on testing priority greenfield targets and existing prospects proximate to Minyari Dome deposits New gold-copper discovery south of Rizzo and Fiama: Discovery plus broader target covers a 1km x 700m area New shallow high-grade lode discovered 65m north of Fiama: 24.7m at 1.4 g/t gold a
Slide 27: Playing a major role in the region's resurgence
PLAYING A MA JOR ROLE IN THE REGIONS 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 FUNDING TO THE TELFER MINE AND HAVIERON POTENTIAL
Slide 28: Corporate
CORPORATE
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$0.63 13.0% Chester Asset Management Greatland Resources Shares on issue1 663M 6.2% Jupiter Asset Management 45.5% 5.4% Lion Selection Group Market capitalisati
Slide 30: Highly experienced and motivated executive team
HIGHLY EXPERIENCED AND MOTIVATED EXECUTIVE TEAM 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 Director Director Secretar
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
Slide 32: Shallow young cover across a large 4,500km2 portfolio
SHALLOW YOUNG COVER ACROSS A LARGE 4,500km2 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
Slide 33: Minyari deposit area: Minyari South
MINYARI DEPOSIT AREA: MINYARI SOUTH MRE: 48 KOZ OF GOLD, 1,355T OF COPPER AND 9 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 go
Slide 34: New Yolanda copper discovery
NEW YOLANDA COPPER DISCOVERY A VERY LARGE-SCALE COPPER TARGET1 New copper discovery located just 1km west of WACA Aerial electromagnetic conductivity anomaly Shallow cover between 4 to 10m Nine very broad spaced RC drill holes defined a 1.2km long by 220m wide copper anomaly, with several ho
Slide 35: Minyari deposit area: AL01 target
MINYARI DEPOSIT AREA: AL01 TARGET A VERY LARGE-SCALE AIR CORE GOLD TARGET1 Located 17km north of Minyari 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 36: Telfer area: Jezabeel and Parklands
TELFER AREA: JEZABEEL AND PARKLANDS TWO VERY-LARGE GREENFIELD SURFACE GEOCHEMICAL GOLD ANOMALIES LESS THAN 10KM FROM 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 wi
Slide 37: Minyari project mineral resource estimate
MINYARI PROJECT MINERAL RESOURCE ESTIMATE 1. Discrepancies in totals may exist due to rounding. 2. The Minyari Dome Mineral Resource has been reported at cut-off grades above 0.4 g/t and 1.5 g/t gold equivalent (Aueq); the calculation of the metal equivalent is documented below. 3. The 0.4 g/t and 1
Slide 38: Competent persons statement
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
Slide 39: 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:
Slide 40: 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 2.6 0.0 50.0 81.
Slide 41: Scoping study detail
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT SCOPING STUDY DETAIL
Slide 42: Project summary: base case highlights
PROJECT SUMMARY: BASE CASE 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 CO
Slide 43: Project summary: base case sensitivity analysis
PROJECT SUMMARY: BASE CASE SENSITIVITY ANALYSIS NPV SENSITIVITY ANALYSIS (PRE-TAX, A$3,000/oz AU)1 PROJECT PROVIDES TREMENDOUS GOLD PRICE UPSIDE1 NPV7% UoM Base Mid-2025 Feb-2026 A$834M Gold price assumption A$/oz 3,000 4,0002 5,000 NPV7% (pre-tax) A$M 834 1,696 2,557 Gold Price ± 30% 59 1610 IRR (p
Slide 44: Project summary: optimal processing case
PROJECT SUMMARY: OPTIMAL PROCESSING CASE MINYARI DOME STAND ALONE DEVELOPMENT OPPORTUNITY1 OPTIMAL CASE Two standard processing facility options 13.5 M tonnes evaluated: Au open pit ore a gravity and CIL plant for a Gold- OPEN PIT GOLD Focused case producing doré gold; and ORE OUTPUT a flotati
Slide 45: Project summary: base case
PROJECT SUMMARY: BASE CASE PROJECT PARAMETERS: BASE CASE (± 35%)1 KEY POTENTIAL UPSIDE DRIVERS Tonnes Mt 30.2 Mine schedule and operating life extension to be enabled by: Gold grade g/t 1.5 Contained ounces of gold Moz 1.5 Mineral Resource extensions at multiple deposits Plant throughput Mtpa 3.
Slide 46: Project summary: cost analysis
PROJECT SUMMARY: COST ANALYSIS CAPITAL COST ESTIMATE (DEVELOPMENT+ SUSTAINING)1 OPERATING COST ESTIMATE1 Area A$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
Slide 47: 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
Slide 48: 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
Slide 49: 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 | 49
Slide 50: 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
Slide 51: Thank you
ANTIPAMINERALS IAANKR YOU