Antipa Minerals Limited · ASX:AZY

Antipa Minerals — Euroz Hartleys Institutional Investor Conference 2025

53 slides from Antipa Minerals's conference presentation, March 2025

  1. Slide 1: A Premier Mineral Exploration and Development Company

    A PREMIER MINERAL EXPLORATION AND DEVELOPMENT COMPANY EXCEPTIONAL DISCOVERY POTENTIAL AND STAND-ALONE DEVELOPMENT OPPORTUNITY AT ANTIPA’S 100% OWNED GOLD-COPPER PROJECTS Euroz Hartleys Institutional Investor Conference ASX: AZY | March 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 Country

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

  4. Slide 4: About Antipa Minerals

    ANTIPA MINERALS ABOUT ANTIPA MINERALS OUTSTANDING SIZEABLE PROVEN LAND EXISTING MINERAL DEVELOPMENT PACKAGE RESOURCE OPPORTUNITY Over 4,060km2 C Large growth potential 2024 Scoping Study2 Proximal to the Telfer mine 2.42 Moz of gold, NPV7% A$834M and Havieron and Winu 84,000 t of copper, and pre-tax

  5. Slide 5: Significant Milestones Delivered in Q4 CY2024

    SIGNIFICANT MILESTONES DELIVERED IN Q4 CY2024 LIBERATED LATENT VALUE BOOSTED PROJECT ECONOMICS FURTHER EXPLORATION SUCCESS CITADEL JV EXIT RESOURCE GROWTH A$17 million cash sale to Rio Tinto1 Now a 2.3 Moz gold Resource3 MULTIPLE GREENFIELD AND Monetised a non-core, minority interest +573 koz gold f

  6. Slide 6: Minyari Dome Project (100%)

    A MINYARI DOME PROJECT (100%)

  7. Slide 7: Minyari Dome Gold Project

    A MINYARI DOME GOLD PROJECT 100% Antipa SIGNIFICANT SEPTEMBER 2024 MINERAL RESOURCE UPDATE A 2.9 Moz GOLD EQUIVALENT RESOURCE1 2.3 Moz CONTAINED GOLD-ONLY INDICATED RESOURCE 1.7 Moz GOLD AT 1.6 g/t GOLD INCREASES AND ENHANCES RESOURCE SCALE 1. Antipa’s 100% owned Minyari Dome Project MRE only. 2. Ha

  8. Slide 8: One of Australia's top gold development projects

    A MINYARI DOME GOLD PROJECT One of Australia’s top gold development projects GOLD-ONLY CONTAINED RESOURCE OUNCES (Moz Gold)1,2 RESOURCE GRADE (g/t Gold) Dalgaranga 4.8 7.0 A GROWING, NEAR Youanmi 4.4 SURFACE MINERAL Central Tanami Ravensthorpe 3.2 2.1 RESOURCE BASE Kal East 2.1 Laverton 1.8 4.0 IN C

  9. Slide 9: Exceptional development potential confirmed

    A MINYARI DOME GOLD PROJECT Exceptional development potential confirmed A MINE MINING INITIAL SCHEDULE PHYSICALS GOLD OUTPUT 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 yrs NPV7% I

  10. Slide 10: Minyari Dome Project Scoping Study: October 2024

    A MINYARI DOME PROJECT SCOPING STUDY: OCTOBER 20241 TECHNICALLY STRATEGICALLY SIMPLE, NON- EXISTING ROAD PROJECT REAFFIRMED AND SIGNIFICANT REFRACTORY AND PORT, PLUS ECONOMICS ROBUST, WITH LOCATION IN A METALLURGY ESTABLISHED HIGHLY LEVERAGED SUBSTANTIALLY WORLD-CLASS SUPPORTS A PROCESSING TO FURTHE

  11. Slide 11: CY2025 Drilling Programmes

    A CY2025 DRILLING PROGRAMMES Multiple gold-copper targets across Minyari Dome – Including Resource extension targets MINYARI DOME LONG SECTION: LOOKING WEST PRIORITY RESOURCE EXTENSION TARGETS:  GEO-01 Area: Open at depth at multiple deposits:  Minyari South: Open down plunge:  Minyari SE + East:

  12. Slide 12: Minyari Deposit CY2024 Resource Definition

    A MINYARI DEPOSIT CY2024 RESOURCE DEFINITION Highlights the exceptional size and quality of the orebody 350m MRE: 1.9 MOZ GOLD, 69 KT COPPER, 579 KOZ SILVER AND 11 KT COBALT  Outstanding CY2024 Phase 2 high-grade gold + copper intersections:  86m at 1.7 g/t gold and 0.41% copper from 121m down hol

  13. Slide 13: Minyari South

    A MINYARI SOUTH One of eight targets poised for material growth MRE: 22 KOZ OF GOLD, 900T OF COPPER AND 5 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%

  14. Slide 14: Minyari Southeast

    A MINYARI SOUTHEAST Gold resource poised for further growth MAIDEN MRE: 25 KOZ OF GOLD – GROWTH EXPECTED  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 go

  15. Slide 15: GEO-01 Discovery: Overview

    A GEO-01 DISCOVERY: OVERVIEW Maiden gold Resource and initial open pit ounces delivered GEO-01 AND SURROUNDS GEO-01 MAIN ZONE MAIDEN MRE: 151 KOZ OF GOLD – GROWTH EXPECTED  Large 700m by 500m gold ± copper footprint  Main zone of ENE trending thick high-grade gold mineralisation defines northern l

  16. Slide 16: GEO-01 Discovery: Main Zone

    A GEO-01 DISCOVERY: MAIN ZONE Gold resource poised for material growth MAIDEN MRE: 151 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

  17. Slide 17: GEO-01 Discovery: Fiama and Minella

    A GEO-01 DISCOVERY: FIAMA AND MINELLA Maiden resource and growth opportunities FIAMA PROSECT:  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 an

  18. Slide 18: High-Impact Exploration Activities to Continue in CY2025

    A HIGH-IMPACT EXPLORATION ACTIVITIES TO CONTINUE IN CY2025 Multiple gold-copper targets across Minyari Dome TARGETING FURTHER MRE GROWTH AND MA JOR NEW DISCOVERIES1  Phase 1 drill programme in advanced stages of planning (10,000 to 15,000 metres):  Scheduled to commence in April  Expansion of 2.3

  19. Slide 19: Wilki Project (100%)

    — B | WILKI PROJECT (100%) ANTIPAVINERALE OU)

  20. Slide 20: Wilki Project

    B WILKI PROJECT Returned to 100% Antipa ownership and management in March 20251 B B WILKI PROJECT (100% ANTIPA) Targeting greenfield gold discoveries close to Minyari and Telfer’s 22 Mtpa gold- copper-silver processing facility B  Parklands exciting gold target drill testing to commence early Q2 CY

  21. Slide 21: Exciting Parklands and Jezabeel Greenfield Targets

    B EXCITING PARKLANDS AND JEZABEEL GREENFIELD TARGETS Two very large-scale surface geochemical gold anomalies very close to Telfer Parklands: Surface geochemical gold anomaly:  Telfer sized, very large 3km long by up to 1.5km wide  Located just 10km northeast of Greatland Gold’s Telfer gold-copper-

  22. Slide 22: Parklands Greenfield Target Detail

    B PARKLANDS GREENFIELD TARGET DETAIL A very large-scale surface geochemical gold anomaly  Located 10km northeast of Greatland’s Telfer gold-copper-silver 22 Mtpa processing facility1 3 kilometres  Coherent gold and mineral system pathfinder surface geochemical anomaly:  Very large 3km long by up

  23. Slide 23: Parklands Greenfield Target Detail

    B PARKLANDS GREENFIELD TARGET DETAIL A very large-scale surface geochemical gold anomaly  Located 10km northeast of Greatland’s Telfer gold-copper-silver 22 Mtpa processing facility1 3 kilometres  Coherent gold and mineral system pathfinder surface geochemical anomaly:  Very large 3km long by up

  24. Slide 24: Wilki Project CY2025 Exploration Programme

    B WILKI PROJECT CY2025 EXPLORATION PROGRAMME1 In the advanced stages of planning  Early preparation complete: Large-scale Parklands 20251 Heritage Survey undertaken March April May June July August  Parklands Target: Immediate and primary focus  Tim’s Dome ± Chichen Ranch: Resource growth focused

  25. Slide 25: Paterson Project (100%): IGO Farming In

    C PATERSON PROJECT (100%): IGO FARMING IN

  26. Slide 26: Paterson Project Farm-In

    C PATERSON PROJECT FARM-IN Project overview and farm-in details A$30M IGO FARM-IN FOR UP TO 70% INTEREST (AZY 100%, IGO 0%)  ~1,520km2 Antipa / IGO Farm-in Project (agreed 9 July 2020) comes PATERSON FARM-IN within 23km of Greatland Gold’s Telfer and 8km of Rio Tinto - (100% ANTIPA: IGO) Sumitomo’s

  27. Slide 27: Multiple Targets Surrounding Minyari

    C MULTIPLE TARGETS SURROUNDING MINYARI Including Winu and Havieron analogue targets PRIORITY GREENFIELD TARGETS  Two co-incident magnetic-gravity high Havieron analogue targets 11 to 25km from Minyari:  PP-GRAV02 and PP-GRAV01  Collie 2km long EM target 10km along strike from Winu  Multiple air

  28. Slide 28: Multiple Targets Surrounding Minyari: PP-GRAV02

    C MULTIPLE TARGETS SURROUNDING MINYARI Including Winu and Havieron analogue targets LARGE GOLD-COPPER TARGET PP-GRAV02  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 intersec

  29. Slide 29: Multiple Targets Surrounding Minyari: PP-GRAV01

    C MULTIPLE TARGETS SURROUNDING MINYARI Including Winu and Havieron analogue targets LARGE GOLD-COPPER TARGET PP-GRAV01  Located 25km north of Minyari adjacent to Anketell-Samphire Thrust (which connects Winu, Minyari and Havieron) and a reduced sub-circular granite:  Potential hydrothermal heat an

  30. Slide 30: AL01 - A Very Large-Scale Air Core Gold Target

    C AL01 – A VERY LARGE-SCALE AIR CORE GOLD TARGET Including Winu and Havieron analogue targets VERY LARGE AIR CORE GOLD TARGET AL01  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

  31. Slide 31: Corporate

    CORPORATE ANTIPAVINERALS CU)

  32. Slide 32: Excellent Financial Foundation and Clean Capital Structure

    EXCELLENT FINANCIAL FOUNDATION AND CLEAN CAPITAL STRUCTURE CAPITAL STRUCTURE | ASX: AZY SHARE REGISTER4 Share price1 A$0.40 7.4% 4.3% Greatland Gold 2.7% Shares on issue1 556M 2.7% Lion Selection Group IGO Market capitalisation1 A$222M Board and Management 59% 24% Institutions and Funds Cash2 A$37M

  33. Slide 33: 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 

  34. Slide 34: 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

  35. Slide 35: 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$37M CASH TO FULLY FUND RESOURCE TO THE TELFER MINE AND HAVI

  36. Slide 36: Contact Details

    CONTACT DETAILS MANAGING DIRECTOR AND 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.v

  37. Slide 37: Appendix

    ANTIPAMINERALS x (=) a Ww a. a. <x

  38. Slide 38: Shallow Young Cover Across a Large 4,060km2 Portfolio

    SHALLOW YOUNG COVER ACROSS A LARGE 4,060km2 PORTFOLIO 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. Havieron refer to Greatland Gold plc AIM release dated 21 December 2023, “Havieron Minera

  39. Slide 39: Minyari Dome Project Mineral Resource Estimate

    MINYARI DOME PROJECT MINERAL RESOURCE ESTIMATE MINYARI DOME PROJECT (ANTIPA 100%)1,2 Deposit Classification Tonnes Au g/t Au ounces Ag g/t Ag ounces Cu % Cu tonnes Co % Co tonnes Minyari Indicated 27,100,000 1.75 1,505,000 0.58 507,000 0.22 59,800 0.04 9,720 Minyari Inferred 6,200,000 1.78 347,000 0

  40. Slide 40: Wilki Project Mineral Resource Estimate

    WILKI PROJECT MINERAL RESOURCE ESTIMATE Wilki Farm-In Project (Antipa 100%) Deposit Cut-off Category Tonnes (Mt) Au grade (g/t) Cu grade (%) Ag grade (g/t) Co (ppm) Au (oz) Cu (t) Ag (oz) Co (t) Chicken Ranch 0.5 Au Inferred 0.8 1.6 40,300 Tim's Dome 0.5 Au Inferred 1.8 1.1 63,200 Total Wilki Projec

  41. Slide 41: 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) Havieron Greatland Gold 7.0 1.7 0.0 51.0 81.0 Pre-

  42. Slide 42: Minyari Dome Scoping Study Detail

    MINYARI DOME SCOPING STUDY DETAIL

  43. Slide 43: Scoping Study Highlights

    A SCOPING STUDY 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

  44. Slide 44: Processing Overview: Optimal Case

    A PROCESSING OVERVIEW: OPTIMAL 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 flotation and

  45. Slide 45: Project Summary: Base Case

    A 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

  46. Slide 46: Cost Analysis

    A 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 ore EPCM 14.5 G&

  47. Slide 47: Mining Approach

    A 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:  Open pit =

  48. Slide 48: Production Profile

    A 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 first ten year

  49. Slide 49: Mining Schedule

    A 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

  50. Slide 50: Configuration and Processing Schedule

    A CONFIGURATION AND PROCESSING SCHEDULE 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 2,250 und

  51. Slide 51: Free Cash Flow

    A 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 Y6 Y7 Y8 Y9 Y1

  52. Slide 52: Sensitivity Analysis

    A 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% 317 1351 Payback

  53. Slide 53: Thank You

    ANTIPAMINERALS THANK YOU

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