Antipa Minerals (AZY) H2 2024 earnings summary

Executive summary

• Achieved a 33% increase in Minyari Dome Project gold resources to 2.3 Moz, with a 53% upgrade from Inferred to Indicated category and a 6% decrease in grade to 1.5 g/t gold year-over-year.

• Sold 32% non-controlling interest in Citadel JV to Rio Tinto for A$17 million cash, expected to complete by 31 October 2024, strengthening cash reserves and balance sheet.

• Raised A$5.75 million in June 2024 and A$5 million in September 2023 through share placements, with additional rights issue and options issued.

• Continued aggressive exploration at Minyari Dome, including successful drilling at GEO-01 and other targets, supporting further resource growth.

Financial highlights

• Net loss of A$2.44 million for FY2024, an improvement from A$3.25 million loss in FY2023.

• Net cash outflow from operations was A$1.84 million, down from A$2.60 million in the prior year.

• Cash and cash equivalents at 30 June 2024 were A$8.04 million, up from A$5.80 million at 30 June 2023.

• Deferred exploration and evaluation expenditure increased to A$72.05 million from A$64.47 million year-over-year.

• No dividends declared or paid for the year.

Outlook and guidance

• Updated Minyari Dome Scoping Study to be released in coming weeks, focusing on mining, processing, and economic potential.

• Proceeds from Citadel JV sale to fund further exploration and feasibility studies at Minyari Dome.

• Ongoing farm-in agreements with IGO and Newmont provide up to A$90 million in potential free-carried exploration spend.