24 Nov

Newcrest Elects to Proceed to Next Stage Wilki Farm-in

MEDIA RELEASE 24 November 2021 NEWCREST ELECTS TO PROCEED TO NEXT STAGE OF WILKI PROJECT FARM-IN Antipa Minerals Ltd (ASX: AZY) ( Antipa or the Company ) is pleased to announce the decision by Newcrest Operations Limited ( Newcrest ) to proceed to the next stage ( Stage 1 ) of the farm- in agreement on the Wilki Project in the Paterson Province of Western Australia ( Wilki Project ). Stage 1 requires Newcrest to invest a further A$10 million of exploration expenditure by March 2025 to earn a 51% joint venture interest in the Wilki Project. Newcrest’s decision to proceed with Stage 1 follows the satisfactory completion of the initial commitment of A$6 million exploration expenditure, which it had to complete within the first 2 years of commencement of the Wilki Project farm-in agreement. The parties have agreed that Antipa will remain as operator of the Wilki Project until the completion of the current programme of works, which is anticipated to complete in Q1 CY 2022. Newcrest may then assume management of the operations for the remainder of Stage 1 or request that Antipa continue as operator. Farm-in Terms The farm-in agreement with Newcrest requires the following expenditure to be incurred and paid by Newcrest to earn up to a 75% joint venture interest: • Initial commitment : A$6 million in exploration expenditure within 2 years of commencement of the farm-in agreement. This has now been satisfied. No joint venture interest was earned by the incurring of this amount. • Stage 1 : a further A$10 million in exploration expenditure by March 2025 to earn a 51% joint venture interest. Newcrest can extend this period by up to 2 years. Newcrest is now proceeding with this stage. Newcrest has rights to withdraw from the farm-in during the Stage 1. • Stage 2 : A$44 million in exploration expenditure by March 2028 to earn a 75% joint venture interest. Newcrest can extend this period by up to 2 years (in aggregate with any earlier extension). Upon Newcrest earning a 51% interest in the Project, Antipa and Newcrest will become parties to a Joint Venture Agreement under terms already agreed (for further details, please refer to Antipa’s ASX Release of 28 February 2020). Release authorised by Stephen Power Non-Executive Chairman For further information, please visit www.antipaminerals.com.au or contact: Roger Mason Stephen Power Angela East Managing Director Non-Executive Chairman Associate Director Antipa Minerals Ltd Antipa Minerals Ltd Media & Capital Partners +61 (0)8 9481 1103 +61 (0)8 9481 1103 +61 (0)428 432 025 2 About Antipa Minerals : Antipa is a mineral exploration company focused on the Paterson Province in north-west Western Australia, home to Newcrest Mining’s world-class Telfer gold-copper mine, Rio Tinto’s Winu copper-gold deposit, Greatland Gold-Newcrest’s recent Havieron gold-copper discovery and other significant mineral deposits. Having first entered the Paterson in 2011 when it was a less sought-after exploration address, the Company has used its early mover advantage to build an enviable tenement holding of ~5,200km 2 , including the ~1,300km 2 Citadel Joint Venture Project with Rio Tinto (who currently holds a 65% joint venture interest), the ~2,200km 2 Wilki Project that is subject to a $60 million Farm-in and Joint Venture Agreement with Newcrest (who is yet to earn a joint venture interest) and the ~1,500km 2 Paterson Project that is subject to a $30 million Farm-in and Joint Venture Agreement with IGO (who is yet to earn a joint venture interest). The Citadel Project lies within 5km of the Winu discovery and contains a Mineral Resource of 1.64 million ounces of gold and 128,000 tonnes of copper from two deposits, Calibre and Magnum. Antipa retains 144km 2 of 100%-owned Minyari Dome Project tenements which contains an established Mineral Resource, with the Minyari and WACA deposits containing 723,000 ounces of gold and 26,000 tonnes of copper plus other deposits and high quality exploration targets. Unlike certain parts of the Paterson where the post mineralisation (younger) cover can be kilometres thick, making for difficult exploration, the Company’s combined ~5,200km 2 tenement portfolio features relatively shallow cover; approximately 80% being under less than 80 metres of cover. Extensive drilling and geophysical surveys are planned for 2021 across Antipa’s combined Paterson tenement portfolio as the company pursues a dual strategy of targeting tier-one greenfields discoveries and growing its existing resources through brownfields exploration. Forward-Looking Statements: This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Antipa Mineral Ltd’s planned exploration programme and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. 3 Competent Persons Statement – Exploration Results: The information in this document that relates to previously reported Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Roger Mason, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Mason is a full- time employee of the Company. Mr Mason is the Managing Director of the Company, is a substantial shareholder of the Company and is an option holder of the Company. Mr Mason has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements, all of which are available to view on www.antipaminerals.com.au and www.asx.com.au . The Company also confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. Mr Mason, whose details are set out above, was the Competent Person in respect of the Exploration Results in these original market announcements. Competent Persons Statement – Mineral Resource Estimations for the Minyari-WACA Deposits, Calibre Deposit, Tim’s Dome and Chicken Ranch Deposits, and Magnum Deposit: The information in this document that relates to the estimation and reporting of the Minyari-WACA deposits Mineral Resources is extracted from the report entitled “ Minyari/WACA Deposits Maiden Mineral Resources ” created on 16 November 2017 with Competent Persons Kahan Cervoj and Susan Havlin, the Calibre deposit Mineral Resource is extracted from the report entitled “ Calibre Gold Resource Increases 62% to 2.1 Million Ounces ” created on 17 May 2021 with Competent Person Ian Glacken, the Tim’s Dome and Chicken Ranch deposits Mineral Resources is extracted from the report entitled “ Chicken Ranch and Tims Dome Maiden Mineral Resources ” created on 13 May 2019 with Competent Person Shaun Searle, and the Magnum deposit Mineral Resource information is extracted from the report entitled “ Calibre and Magnum Deposit Mineral Resource JORC 2012 Updates ” created on 23 February 2015 with Competent Person Patrick Adams, all of which are available to view on www.antipaminerals.com.au and www.asx.com.au . The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Gold Metal Equivalent Information - Calibre Mineral Resource Gold Equivalent cut-off grade: Gold Equivalent (Aueq) details of material factors and metal equivalent formula are reported in “ Calibre Gold Resource Increases 62% to 2.1 Million Ounces ” created on 17 May 2021 which is available to view on www.antipaminerals.com.au and www.asx.com.au . Gold Metal Equivalent Information - Magnum Mineral Resource Gold Equivalent cut-off grade: Gold Equivalent (Aueq) details of material factors and metal equivalent formula are reported in “ Citadel Project - Calibre and Magnum Deposit Mineral Resource JORC 2012 Updates ” created on 23 February 2015 which is available to view on www.antipaminerals.com.au and www.asx.com.au . 4 Mineral Resource Estimates
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