28 June 2024
ProActive Investors - Antipa Minerals secures $5.75 million to fund Minyari Dome endeavours
Antipa Minerals Ltd (ASX:AZY) managing director Roger Mason joins Proactive’s Jonathan Jackson to talk about funding and plans for its Minyari Dome Project. Antipa has secured binding commitments to raise approximately $5.75 million through a placement of 575 million fully paid ordinary shares at $0.01 per share. The funds will advance the Minyari Dome Project, including resource growth, exploration and an updated scoping study.
A Phase 2 exploration program in the second half of 2024 will involve reverse circulation and diamond core drilling at the GEO-01 prospect, aiming to expand the current resource of 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt.
An updated scoping study, expected in August 2024, will consider additional production opportunities from GEO-01 and the increased Australian dollar gold price. A pre-feasibility study may start depending on the scoping study's results and board approval. The placement, led by Lion Selection Group, includes one unlisted option for every two shares subscribed, exercisable at $0.02 with a two-year expiry.
Antipa has also arranged a drill-for-equity agreement with Topdrill Pty Ltd for up to $1 million in shares for drilling services. The placement size could increase by around $500,000 if Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) exercises its right to maintain its 8.6% shareholding. Mason stated that the placement ensured a strong financial position for continued exploration and development at Minyari Dome.
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