21 February 2025
The Northern Miner - Spotlight: Global Metals Exploration
Antipa Minerals
Antipa Minerals (ASX: AZY) is focused on its Minyari Dome gold-silver-copper-cobalt project in Western Australia. It’s about 35 km from Greatland Gold’s (LSE: GGP) Telfer gold-silver-copper mine and processing plant and 450 km from the regional hub of Port Hedland.
Last October, Antipa updated the resource estimate and scoping study for Minyari Dome, outlining a combined open-pit and underground mining operation that would produce 130,000 oz. gold a year or 1.3 million oz. gold in total over a 10-year life at an all-in sustaining cost of A$1,721 (US$1,205) per ounce. The mine plan envisioned a 3-million-tonne-per-year gravity and carbon-in-leach (CIL) plant producing doré gold.
The study estimated an after-tax net present value (at a 7% discount rate) of A$598 million and post-tax IRR of 52%. At a gold price of US$2,100 per oz., the initial capex of A$306 million, including A$90 million for pre-production mining, could be repaid in about two years.
The Minyari Dome project, which hosts seven deposits along a 3.2-km strike length, contains 32.2 million indicated tonnes grading 1.59 grams gold per tonne, 0.52 gram silver, 0.2% copper and 0.03% cobalt for 1.65 million oz. contained gold, 534,000 oz. silver, 64,000 tonnes copper and 10,000 tonnes cobalt. Inferred resources add 15.4 million tonnes grading 1.35 grams gold, 0.26 gram silver, 0.13% copper and 0.02% cobalt for 670,000 oz. gold, 127,000 oz. silver, 19,500 tonnes copper and 3,000 tonnes cobalt.
Antipa holds over 5,100 sq. km of tenements in Patterson province, of which Minyari Dome makes up just 880 sq. kilometres. Its remaining tenements have attracted major mining companies.
Newmont (TSX: NGT; NYSE: NEM) is farming into Antipa’s 1,470-sq.-km Wilki project and IGO (ASX: IGO) into its 1,550-sq.-km Paterson project.
Last September, Antipa sold its 32% stake in the 1,200-sq.-km Citadel project to joint-venture partner Rio Tinto (LSE, NYSE, ASX: RIO).
Antipa Minerals has a market cap of A$230 million (C$207 million).
By: Northern Miner Staff
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