Antipa Minerals (AZY) investor relations material

Strategic landholding and project overview

• Holds a 100% owned, 4,500 km² land package in the Paterson Province, Western Australia, with proximity to major mines and development projects, including Telfer, Havieron, and Winu.

• Flagship Minyari Dome Gold-Copper Project features a 3.3 Moz gold equivalent resource, including 2.7 Moz gold, 90 kt copper, 700 koz silver, and 13 kt cobalt.

• Aggressive exploration and drilling programs are planned for CY2026 to expand resources and make new discoveries.

Minyari Dome project economics and development

• 2024 Scoping Study confirms a post-tax NPV7% of A$1.8B at A$5,000/oz gold, with an IRR of 110% and a 2-year payback period.

• Initial mine plan: 30.2 Mt at 1.5 g/t Au, 3 Mtpa throughput, 10+ years processing life, and 1.3 Moz gold output in the first 10 years.

• Forecast AISC is A$1,721/oz (US$1,205/oz), with a capital cost of A$306M including A$90M pre-production mining.

• Project demonstrates strong leverage to gold price, with LOM post-tax free cash flow ranging from A$972M (A$3,000/oz) to A$2,760M (A$5,000/oz).

Resource growth and exploration upside

• Resource has grown from 723 koz Au in 2017 to 2.7 Moz Au (3.3 Moz AuEq) in 2025, with 65% classified as Indicated.

• Multiple new discoveries and extensions at Minyari North, Minyari Deeps, Fiama North, and Rizzo-Fiamma, all open in several directions.

• Major targets include GEO-01, Reaper-Poblano-Serrano (RPS), Yolanda copper trend, and large-scale greenfield anomalies at AL01, Jezabeel, and Parklands.