Antipa Minerals Limited · ASX:AZY
Antipa Minerals — Shareholder Meeting (November 2025)
51 slides from Antipa Minerals's shareholder meeting presentation, Nov 25, 2025
Slide 1: Stand-Alone Minyari Dome Gold-Copper Development Project
WITH A DOMINANT 100% OWNED PATERSON PROVINCE LANDHOLDING FEATURING THE STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT ASX: AZY | November 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 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 4,100km2 Large growth potential 2024 Scoping Study Proximal to the Telfer mine 2.5 Moz of gold, NPV7% A$834M and Havieron and Winu 84,000 t of copper, and pre-tax at development projects 666 koz of silver
Slide 5: Stand-Alone Minyari Dome Gold-Copper Development Project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT
Slide 6: Stand-Alone Minyari Dome Gold-Copper Development Project
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT MINYARI DOME DEPOSITS 30.2 Mt at 1.5 g/t Au 3 Mtpa throughput 1.3 Moz Initial open pit and For 10 + years initial Average of 130 koz pa underground mine processing life for the first 10 years
Slide 7: Project Summary: Free Cash Flow
PROJECT SUMMARY: FREE CASH FLOW PROJECTED ANNUAL FREE CASH FLOWS (POST-TAX, A$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
Slide 8: Technically Reaffirmed and Robust
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
Slide 9: Stand-Alone Minyari Dome Gold-Copper Development Project
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
Slide 10: Pre-Feasibility Study
STAND-ALONE MINYARI DOME GOLD-COPPER DEVELOPMENT PROJECT Recruitment of highly experienced Study Manger and PFS Environment Manager finalised Leading industry consultants engaged across PFS workstreams Metallurgical test work to refine processing flowsheet PRE-FEASIBILITY STUDY1 Environmenta
Slide 11: CY25 CY26 CY27 Schedule
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 Technical study works
Slide 12: Highly-Successful Phase 1 and Phase 2 Drilling
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 81 holes for 17,746m, with results for 13,838m received and the remaining assays expected
Slide 13: Minyari Dome Deposits
Targeting expansion of the existing near-surface Minyari Dome Mineral Resource to further enhance the development opportunity MINYARI DOME Results to date have delivered extensional success across multiple zones, with DEPOSITS notable intersections that included: 23m at 7.1 g/t gold and 0.07%
Slide 14: Multiple Resource Extension Targets
MULTIPLE RESOURCE EXTENSION TARGETS MINYARI DOME LONG SECTION: LOOKING WEST INVESTOR PRESENTATION | 14
Slide 15: Multiple Resource Extension Targets at Minyari Dome and Satellite Deposits
MULTIPLE RESOURCE EXTENSION TARGETS AT MINYARI DOME AND SATELLITE DEPOSITS TIMS DOME – 25KM TO MINYARI CHICKEN RANCH – 30KM TO MINYARI 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: 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
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
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
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 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, including: 1m at 41
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 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 fro
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, 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
Slide 22: Focused on Testing Priority Targets
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 received for all drill
Slide 23: New Discovery at Rizzo-Fiama Extension
NEW DISCOVERY AT RIZZO-FIAMA EXTENSION 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 700m metre by 500 metre target area hosting three ore zones Shallow cover less than 5m Limit
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
Slide 25: Reaper-Poblano-Serrano 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 Drilling has defined a 2km long by up to 250-metre-wide corridor hosting significant gold-copper-silver mineralisation including high-grade Remains open in most
Slide 26: AL01 Target
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 pathfinder anomalism,
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 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
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$0.58 10.8% Chester Asset Management 6.2% Greatland Resources Shares on issue1 662M Jupiter Asset Management 5.4% Lion Selection Group 47.5% 3.6% Market capital
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 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
Slide 33: Phase 1 Rizzo-Fiama Extension New Discovery
PHASE 1 RIZZO-FIAMA EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET MAXIMUM MAXIMUM DOWNHOLE DOWNHOLE GOLD COPPER INVESTOR PRESENTATION | 33
Slide 34: Phase 1 Rizzo-Fiama Extension New Discovery
PHASE 1 RIZZO-FIAMA EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET 830m INVESTOR PRESENTATION | 34
Slide 35: Phase 1 Rizzo-Fiama Extension New Discovery
PHASE 1 RIZZO-FIAMA EXTENSION NEW DISCOVERY A LARGE-SCALE RC AND AIR CORE GOLD-COPPER-SILVER TARGET INVESTOR PRESENTATION | 35
Slide 36: 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
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
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
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
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.
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 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
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 NPV7% UoM Base Spot A$834M Gold price assumption A$/oz 3,000 4,0002 NPV7% (pre-tax) A$M 834 1,696 Gold Price ± 30% 59 1610 IRR (pre-tax) % 52 91 Gold Price ± 20% 31
Slide 44: Project Summary: Optimal Processing Case
PROJECT SUMMARY: OPTIMAL PROCESSING CASE MINYARI DOME STAND ALONE DEVELOPMENT OPPORTUNITY1 OPTIMAL CASE Two standard processing facility options 13.5 M tonnes evaluated: Au open pit ore a gravity and CIL plant for a Gold- OPEN PIT GOLD Focused case producing doré gold; and ORE OUTPUT a flotati
Slide 45: Project Summary: Base Case
PROJECT SUMMARY: BASE CASE PROJECT PARAMETERS: BASE CASE (± 35%)1 KEY POTENTIAL UPSIDE DRIVERS Tonnes Mt 30.2 Mine schedule and operating life extension to be enabled by: Gold grade g/t 1.5 Contained ounces of gold Moz 1.5 Mineral Resource extensions at multiple deposits Plant throughput Mtpa 3.
Slide 46: Project Summary: Cost Analysis
PROJECT SUMMARY: COST ANALYSIS CAPITAL COST ESTIMATE (DEVELOPMENT+ SUSTAINING)1 OPERATING COST ESTIMATE1 Area A$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
Antipa Minerals — Shareholder Meeting (November 2025) on 6ix