Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is pleased to provide an update on Pre Feasibility Study (PFS) workstreams and drilling activities at its Minyari Dome Project in Western Australia (Minyari Dome, or the Project).
The PFS builds upon the Updated Minyari Dome Scoping Study (October 2024), which reaffirmed the technical and financial viability of a potential standalone gold mining and processing operation at Minyari Dome and the surrounding area.
The Minyari Dome Project forms a small part of a the much larger and recently consolidated Minyari Project, which now includes the Wilki and Paterson Projects. Several critical workstreams have been materially advanced, including metallurgical test work, environmental studies, and permitting activities. Concurrently, exploration drilling programme plans have been finalised, targeting both expansion of the resource base at and near-to the potential future Minyari Dome development, and to deliver new discoveries from high-priority target areas across the Minyari Project. With approximately $40 million cash at bank (unaudited), the Company is well funded to pursue these activities.
Current Pre-feasibility Study (PFS) Workstream Activities1: Advanced metallurgical test work to refine process methodology and design.e Environmental surveys and supporting studies ahead of regulatory submissions. Water assessment and management planning activities.i Preparation of permitting and approval documentation, including licence applications. Drill programme design and planning to support the PFS Mineral Resource Estimate (MRE). Tendering and engagement with leading industry consultants across PFS workstreams.o Ongoing engagement with Native Title stakeholders. Human resourcing, including recruitment of project development and geology personnel. Ongoing engagement with potential debt advisors and the evaluation of various capital structure and project funding pathways, focusing on traditional forms of debt and equity. Upcoming Drilling Activities1: Minyari Dome Mineral Resource reverse circulation (RC) and diamond corep extensional/growth drilling: Scheduled to commence in the second half of April 2025. Greenfield targets, RC drilling: Including at Parklands, to commence second mid-April 2025.r Greenfield targets, air core drilling: To commence first half of May 2025. Minyari Dome PFS-specific drilling: Currently scheduled to commence July 2025.0 Follow-up drilling: Budgeted and fully funded from current cash position, with programme planning and schedule to be informed by H1 CY2025 results.
Antipa's Managing Director, Roger Mason, commented: 'Our Minyari Dome development team, assembled in late 2024, has already made significant progress across multiple critical technical and permitting activities during the first quarter of this year. Workstreams have been designed to get ahead of long-lead activities required for future development, in parallel with refining and de-risking the already substantial development opportunity at hand. Alongside this, our exploration team has been laser-focused on its primary objective of designing and planning drilling campaigns which target continued low-cost resource growth, both in and around the Minyari Deposit, but also from within our substantially expanded portfolio of attractive targets. Even in its current form, Minyari Dome is comfortably one of the top gold development projects in Australia. With so much exploration upside potential yet to be unlocked and with multiple fully funded drilling programmes set to begin, investors can look forward to an exciting period of activity and news flow.'
The Minyari Dome development project is situated just 35km from Greatland Gold plc's Telfer gold copper-silver mine and 22 Mtpa processing facility and 54km along strike from Greatland's Havieron gold-copper development project. In October 2024, Antipa released an updated Scoping Study based on its September 2024 Mineral Resource Estimate, which stands at 2.3Moz gold, 84kt copper, 661koz of silver and 13kt of cobalt, featuring high-grade gold mineralisation from surface. The Scoping Study provided a preliminary evaluation of stand-alone gold mining and processing operation with a 1.5Moz gold inventory and demonstrated the technical and financial viability of a project at this scale. While significant resource growth potential is expected to be delivered via multiple programmes of exploration drilling, Antipa's Board took the decision to progress the development opportunity to an advanced study stage. As such, key PFS-related activities have been a focus of the Minyari Dome development team during the first quarter of 2025.
Environmental Studies
Environmental studies are well advanced, with multiple surveys completed and additional workstreams planned to support permitting and regulatory approvals: Completed work includes an initial desktop review, baseline flora and fauna surveys, and a pilot sub-fauna survey. A dual-phase fauna survey is underway, with Phase 1 completed in March 2025 and Phase 2p planned for September 2025. A dual-phase flora survey is scheduled, with Phase 1 set to begin in April 2025 and Phase 2 planned for September 2025. Subterranean fauna surveys completed in March 2023 and April 2025, with an analysis ofe results to determine the need for further studies. Additional studies, including waste rock characterisation, mine closure and rehabilitation planning, and permitting, are currently under review.
Hydrogeology
Hydrogeological assessments are progressing to evaluate groundwater conditions and inform future water management strategies and required submissions: Surface water and groundwater desktop studies have been completed. Drill design and hydrogeological contractor engagement are in progress.n Hydro drilling is scheduled for Q3 and Q4 CY2025.
Permitting and Approvals
Regulatory approvals are progressing in parallel with the PFS to support project development timelines: Applications for an infrastructural corridor, including access road, Miscellaneous Licence ando water exploration Miscellaneous Licences have been submitted. A Mining Lease application is currently being prepared. Engagement with Native Title stakeholders has commenced, including advancing discussionse on the approval process.
Required PFS Drilling1
Drilling programmes are planned to support PFS resource estimation, identify sterile areas for mine site infrastructure, including waste dumps and processing plant, and to contribute to geotechnical assessments: Drill programmes in the final stages of design and planning.o Both RC and diamond core drill service providers have been engaged. PFS-related drilling is scheduled to commence in July 2025.
Human Resourcing and Project Development Team
Antipa has strengthened its overall team and is engaging with leading industry consultants to support delivery of the PFS: Minyari Dome Development team established late 2024.A Preferred service providers for key PFS workstreams have been identified.r Tenders received include Infrastructure, Process Plant Design and Tailings Storage Facility. Additional tenders for geotechnical studies, mine design, Ore Reserve estimation, ESG, logistics, and financial modelling are either under review or pending submission. The geology team has been expanded with four new hires.d An administration assistant has been appointed.
Project Funding and Debt Advisory
Discussions with potential debt advisors are ongoing and the Company's financial modelling is progressing and evaluating a suite of capital structure scenarios, supporting ongoing analysis of funding pathways. The Company and its advisors continue to focus on traditional sources of project finance debt and equity and are confident that the Project will be fundable from these traditional sources, particularly given current record gold prices.
Contact:
Mark Rodda
Executive Chairperson
Antipa Minerals Ltd
Tel: +61 (0)8 9481 1103
Roger Mason Managing
Director and CEO
Antipa Minerals Ltd
Tel: +61 (0)8 9481 1103
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