Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is pleased to announce the successful completion of the sale of its non-controlling interest in the Citadel Joint Venture Project to Rio Tinto Exploration Pty Ltd (Rio Tinto), for a total consideration of A$17 million in cash (the Transaction).
The Transaction has been completed on the terms previously disclosed in the ASX announcement dated 13 September 2024.
Transaction Highlights
Receipt of the A$17 million cash consideration from Rio Tinto.R Increases Antipa's cash reserves to in excess A$23 million, providing a strong financial foundation to accelerate development of its 100%-owned Minyari Dome Gold-Copper Project (Minyari Dome). The sale enhances Antipa's ability to focus on the advancement of Minyari Dome, while continuing to benefit from its interests in two remaining complementary major growth projects, being the Paterson Farm-In Project with IGO (100% Antipa) and Wilki Farm-in Project with Newmont (100% Antipa)
Antipa's Managing Director, Roger Mason, commented 'The completion of this transaction is a significant milestone for Antipa and places us in an excellent financial position, with a robust cash balance of approximately A$23 million. Our recently updated Scoping Study for the Minyari Dome Project underscored the quality of our wholly owned asset and highlighted the positive economic leverage available with any further exploration success. With a strengthened treasury position, we have an excellent financial foundation from which to advance exploration and development of our 100%-owned Minyari Dome Project, alongside other value accretive activities within WA's highly prospective Paterson Province. On behalf of the Antipa Board and Management team, I extend our thanks to Rio Tinto for their collaboration throughout our time as joint venture partners and during the sale process. We look forward to observing the advancement of the Citadel Project under Rio Tinto's stewardship'.
Minyari Dome Project Advancement Plan and Exploration Activity Antipa's recently released Updated Scoping Study reaffirmed the technical and financial viability of a stand-alone gold mining and processing operation at Minyari Dome. The Updated Scoping Study was based on the September 2024 Minyari Dome Mineral Resource Estimate (MRE) (JORC 2012), which comprises 47.6 million tonnes at 1.51 g/t gold, 0.18% copper, 0.43 g/t silver and 0.03% cobalt, representing 2.3 million ounces of gold, 84,000 tonnes of copper, 661,000 ounces of silver and 13,000 tonnes of cobalt.
The information in this document that relates to the Updated Scoping Study for the Minyari Dome Project is extracted from the report entitled 'Minyari Dome Project Scoping Study Update - Exceptional Development Potential Confirmed' reported on 24 October 2024 which was compiled by Competent Person Roger Mason, which is available to view on www.antipaminerals.com.au and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the study in the relevant original market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
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
About Antipa Minerals Ltd
Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is a leading mineral exploration company with a proven track record of discovering world-class gold-copper deposits in the highly prospective Paterson Province of Western Australia. The Company remains focused on advancing its exploration and development programmes to unlock the full potential of this richly endowed region, which offers substantial opportunities for profitable mining operations. Antipa's combined tenement holdings cover over 3,900km-2 and host total attributable Mineral Resources of 2.42 million ounces (Moz) of gold, 84,000 tonnes (t) of copper, and 661 thousand ounces (koz) of silver, situated in a region home to Newmont's Telfer mine and 22 Mtpa processing facility, as well as recent large gold-copper discoveries including Rio Tinto's Winu and Newmont-Greatland Gold's Havieron.1 Antipa's exploration success includes the discovery of several significant mineral deposits within its tenements, notably the 100%-owned flagship, 880km2 Minyari Dome Gold-Copper Project (Minyari Dome Project). The Minyari Dome Project currently hosts a 2.3Moz gold Mineral Resource at 1.5 grams per tonne (g/t) plus copper, silver and cobalt (2024 MRE). An Updated Scoping Study for the Minyari Dome Project indicated the potential for a substantial standalone development opportunity with further upside potential.
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