Minyari Dome Scoping Study Shows A$834M NPV with 52% IRR at US$2,100 Gold

Minyari Dome Scoping Study Validates Project Viability

Antipa Minerals Ltd (ASX: AZY) has delivered a compelling update on its flagship Minyari Dome Gold-Copper Project in Western Australia's Paterson Province. The recently completed Scoping Study, based on the September 2024 Mineral Resource Estimate, reaffirms the project's technical and financial viability as a standalone mining operation. The study outlines an initial mine schedule combining open pit and underground operations, targeting 30 million tonnes at 1.5 g/t gold for a total of 1.5 million ounces of gold.

Financial metrics from the study are robust, with a pre-tax net present value (NPV7) of A$834 million and an internal rate of return (IRR) of 52% at a conservative gold price of US$2,100/oz. At a higher gold price of US$2,800/oz, the NPV7 nearly doubles to A$1.7 billion with an IRR soaring to 91%, underscoring the project's sensitivity to gold price fluctuations and its substantial upside potential.

Exploration Success Fuels Resource Growth Prospects

The quarter saw the completion of a 72-hole, 11,134-metre Phase 2 drilling campaign at Minyari Dome, yielding outstanding assay results. Notably, new zones of near-surface high-grade gold were discovered in the southern GEO-01 prospect area, now renamed Fiama, as well as at Minyari South and Minyari Southeast deposits. Highlights include intercepts such as 23 metres at 2.8 g/t gold including 3 metres at 18.2 g/t gold at GEO-01 South, and 17 metres at 6.8 g/t gold with significant copper grades at Minyari South.

These results not only expand the known mineralisation but also suggest substantial further resource growth opportunities, with many zones remaining open along strike and at depth. The company plans additional drilling in the first half of 2025 to capitalize on these promising targets.

Strategic Asset Sale and Capital Raise Strengthen Financial Position

Antipa's financial footing was bolstered by the receipt of A$17 million in cash proceeds from the sale of its approximately 32% non-controlling interest in the Citadel Joint Venture Project to Rio Tinto. This transaction allows Antipa to focus its resources and management attention on advancing Minyari Dome.

Complementing this, the company successfully completed an equity placement raising A$16 million from institutional and sophisticated investors, including a notable A$1 million investment from Lion Selection Group, now holding a 4.4% stake. These capital inflows have lifted Antipa's cash balance to a strong A$36.5 million at quarter-end, providing ample runway for exploration and development activities.

Advancing Development and Exploration Plans

With the positive Scoping Study outcomes and robust cash reserves, Antipa is positioned to commence a Pre-Feasibility Study (PFS) for Minyari Dome in early 2025, subject to board approval. The company continues to pursue resource growth through targeted drilling and metallurgical testing, aiming to de-risk the project and unlock further value.

Additionally, Antipa maintains active exploration programs at its Wilki and Paterson Farm-in Projects, operated by Newmont and IGO respectively, which hold significant potential for new discoveries near established mining hubs such as Telfer and Havieron.

Corporate Developments and Leadership

In corporate news, Antipa appointed Mark Rodda as Executive Chairperson, bringing extensive legal and corporate experience in the resources sector. Former Chair Stephen Power transitions to a Non-Executive Director role, ensuring continuity in governance as the company advances its strategic objectives.

Antipa also proposes a 10-for-1 consolidation of its issued capital, pending shareholder approval, aimed at enhancing market liquidity and aligning the capital structure with its growth trajectory.