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Proactive Investors - Antipa Minerals set to unlock gold-copper potential in WA's booming Paterson Province

By Lisa Uhlman

Renowned for its rich mineral deposits, the Paterson Province in Western Australia is fast becoming a global exploration hotspot, with major players such as Greatland Gold and Rio Tinto established in the region and drawing significant interest.

Positioned at the heart of this exploration boom, Antipa Minerals Ltd (ASX:AZY) is strategically placed to make a substantial impact.

With a dominant landholding covering more than 4,100 square kilometres of exploration tenements, Antipa is advancing its flagship Minyari Dome Gold-Copper Development Project — close to world-class deposits like Greatland’s Telfer gold-copper mine and Havieron project and Rio Tinto’s Winu project.

Antipa’s exploration extends beyond Minyari Dome, with additional exciting targets like Parklands and Jezabeel also in focus. These greenfield targets within the company’s expansive landholding are characterised by large surface gold anomalies, making them key prospects for new discoveries.

As exploration at the broader Minyari Project continues to yield encouraging results, Antipa is on track to expand its resource base and unlock further growth — backed by a solid financial position and a focus on rapid development, as Paterson Province exploration continues heating up.

A rapidly emerging exploration hub

The Paterson Province first gained significant attention in the 1970s with the discovery of the Telfer mine, marking the beginning of the region’s rich mining history.

Over the decades, exploration in the area has continued to reveal high-grade gold and copper resources, culminating in a second "land rush" driven by new discoveries. Rio Tinto’s Winu copper-gold deposit and Greatland’s Havieron project, discovered in 2017 and 2018, respectively, have reinvigorated interest in the region, drawing major mining players to the area.

With these world-class deposits and further discoveries on the horizon, the Paterson Province is quickly becoming one of the most sought-after mining districts globally, positioning itself as a hub for major copper-gold exploration.

Minyari Dome: A cornerstone development project

Antipa’s Minyari Dome project, located near Telfer’s 22-million-tonnes-per-annum (Mtpa) plant, is a critical part of its growth strategy. The project hosts a 2.9-million-ounce (Moz) gold equivalent resource, including 2.4 million ounces (oz) of contained gold and 69,000 tonnes of copper. These substantial resources position Minyari Dome as one of Antipa’s flagship development opportunities.

Standalone Minyari Dome Gold-Copper Development Project

The project’s scoping study has confirmed its economic potential, showing a pre-tax net present value (NPV) of $834 million at a gold price of $3,000/oz and an internal rate of return (IRR) of 52%. These impressive metrics underscore the project's potential to generate significant returns and provide a solid foundation for further exploration and development.

Key project highlights include:

Mining schedule: Antipa plans to develop an open-pit and underground operation with a 3 Mtpa throughput, aiming to produce 1.3 Moz of gold over an initial 10-year mine life.

Capital and infrastructure: With initial capital costs estimated at $306 million, including $90 million for pre-production mining, Minyari Dome benefits from proximity to established infrastructure, including roads, ports, and processing facilities, significantly lowering development risks and costs.

Simple metallurgy: The project’s metallurgy is straightforward, with recoveries expected to reach 90% using a conventional CIL (carbon-in-leach) processing plant, making it a highly efficient project with minimal processing complexity.

Antipa is working to expand the Minyari Dome resource further, and drilling results are expected to continue driving value for the company. The proximity to Telfer means Antipa also benefits from access to a proven gold-copper mining region with extensive mining and logistical infrastructure.

Exploration and resource growth: Unlocking Minyari Dome’s full potential

Antipa is pushing forward with a robust exploration program aimed at expanding the Minyari Dome deposit. The Phase 1 drilling program includes 57 reverse circulation (RC) holes for 13,000 metres and four diamond core holes for 1,500 metres, targeting extensions to known mineralisation at Minyari South and GEO-01, both of which remain open at depth and along strike.

GEO-01 and Minyari South: High-grade extensions

The GEO-01 discovery has shown impressive high-grade gold intersections, including 35 metres at 3.0 grams per tonne (g/t) gold, and is open for expansion in several directions.

Minyari South, near the main Minyari deposit, hosts additional high-grade gold and copper mineralisation, with a mineral resource estimate of 37,000 ounces of gold and 8,000 ounces of silver. Drilling results, such as 17 metres at 6.8 g/t gold and 0.50% copper, suggest considerable potential for significant extension of near-surface mineralisation.

As Antipa continues its drilling program, it expects further growth in its resource base, which could significantly enhance the Minyari Dome project’s economics.

Broadening the scope: Large-scale discovery potential across Paterson Province

While Minyari Dome is a focal point for Antipa, the company’s extensive landholding in the Paterson Province offers significant upside from a broad range of exploration targets. The province remains largely underexplored, particularly at depth, and Antipa’s land package, with shallow cover in many areas, is ripe for new discoveries.

Promising exploration targets include:

Parklands and Jezabeel: These large surface gold anomalies are located just 10 kilometres (km) northeast of Telfer, offering significant exploration upside. Parklands has a 3-km-by-1.5-km anomaly, with peak gold values reaching 1.52 g/t. The area’s proximity to the 22-Mtpa Telfer processing plant makes it an especially attractive prospect, with established infrastructure providing a clear development path.

PP-GRAV02 and RPS Trend: Other key targets in Antipa’s exploration program include PP-GRAV02 and the Reaper-Poblano-Serrano (RPS) Trend, both of which have demonstrated significant high-grade gold-copper-silver mineralisation in early drilling. These areas remain open for expansion, with numerous high-priority targets awaiting follow-up drilling.

Antipa Minerals: Exciting Parklands and Jezabeel Greenfield Targets

The company's exploration program is extensive, with 328 holes and 20,400 metres of drilling planned for 2025, and multiple drill rigs in operation. As the company continues its discovery drilling, Antipa will look to make new, high-impact discoveries that could add significant value to its growing resource base.

Strong financial position supports rapid growth

Antipa’s $40 million cash balance and zero debt provide the company with the financial flexibility to accelerate exploration and development without relying on external funding. This solid financial foundation supports Antipa’s ambitious growth plans, enabling it to continue its aggressive drilling programs and development work at Minyari Dome.

Antipa Minerals Project Summary: Free Cash Flow

With a market capitalisation of $437 million and institutional backing from companies like Greatland Gold and IGO, Antipa is well positioned to maintain its momentum and deliver long-term growth. The company’s balance sheet, free from debt, is a major advantage as it moves forward with its development and exploration goals.

Experienced leadership team at the helm

Antipa is led by a highly experienced team, including managing director and CEO Roger Mason, who brings 37 years of experience in exploration, project development, and mining operations. The team’s expertise in gold and copper exploration, particularly in the Paterson Province, provides Antipa with the technical and strategic knowledge to successfully advance its projects and unlock shareholder value.

Antipa Minerals: Highly Experienced and Motivated Executive Team

The leadership team is committed to building strong relationships with local communities and stakeholders, ensuring that Antipa’s projects are developed responsibly and sustainably. The company’s social responsibility programs focus on local partnerships and the protection of cultural heritage, further solidifying Antipa’s reputation as a responsible corporate citizen.

Growing shareholder value through exploration success

As Antipa pushes forward with its drilling campaigns and exploration programs, the company is aiming to deliver substantial value for its shareholders. With a combination of strong project economics at Minyari Dome, multiple high-potential exploration targets, and a solid financial foundation, Antipa is positioned for long-term success.

The company’s ongoing drilling campaigns, coupled with the potential for new gold and copper discoveries, are expected to generate significant news flow throughout the rest of 2025. Investors can look forward to regular updates as Antipa progresses its projects and continues to unlock value from its extensive landholding in the Paterson Province.

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