Antipa Minerals : Australian Gold Conference Presentation

onlyINVESTOR PRESENTATION

useCritical mass resource with complementary major growth projects in one of the world's underexplored ersonalTier 1 gold-copper-silver-cobalt provinces

June 2022 | ASX : AZY

DISCLAIMER

Nature of this document: The purpose of this document is to provide general information about Antipa Minerals Limited (the 'Company'). Unless otherwise stated herein, the information in this document is based on the Company's own information and estimates. In viewing this document you agree to be bound by the following

onlyterms and conditions.

Not an offer: This document is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction, including the United States. This document and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. In particular, this document is not for release to US newswire services or distribution in the United States. This d cument is not considered a recommendation by the Company or any of its affiliates, directors or officers that any recipient invest in the Company nor does it constitute investment, accounting, financial, legal or tax advice.

Not financial product advice: This document does not take into account the individual investment objectives, usefinancial situation and particular needs of each of the Company's Shareholders. You may wish to seek ind pendent financial and taxation advice before making any decision in respect of this document. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the

Company's securities or any other financialproducts.

Forward looking statements: Certain statements contained in this document, including information as to the f t re financial or operating performance of the Company and its projects, are forward looking statements. S ch forward looking statements: (a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; (b) involve known and unknown

risks and uncertainties that could cause actual events or results to differ materially from estimated or ersonalnticipated events or results reflected in such forward looking statements; and (c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital

expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

The Company disclaims any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. All forward looking statements contained in this d cument are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking tatements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this document, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this document or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information, unless required to do so by law. Any opinions expressed in the document are subject to change without notice. Recipients of this document should make their own, independent investigation and assessment of the Company its business, assets and liabilities, prospects and profits and losses, as well as the matters covered in this document. Independent expert advice should be sought before any decision based on an assessment of the Company is made.

Unverified information: This document may contain information (including information derived from publicly available sources) that has not been independently verified by theCompany.

Cautionary note regarding reserves and resources: You should be aware that as an Australian company with securities listed on the ASX, the Company is required to report reserves and resources in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). You should note that while the Company's reserve and resource estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this document describing the Company's mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

Competent Persons Statement - Exploration Results: Please refer to the detailed statement at the end of this document.

Competent Persons Statement - Mineral Resource Estimations: for the Minyari Dome Project Deposits, Calibre

Deposit, Magnum Deposit, Chicken Ranch Deposit and Tims Dome deposit: Please refer to detailed statement at end of this document.

Australian Dollars: All figures in Australian Dollars unless stated otherwise.

Release Authorised by: Roger Mason - Managing Director.

INVESTOR PRESENTATION |

2

MINYARI DOME PROJECT

100% ANTIPA

Now a critical mass resource
onlywith sizeable stand-alone
project potential
use	AT 1.6 g/t
1.8	Moz GOLD ONLY	2.5x
	2022 RESOURCE	INCREASE IN

GOLD-ONLY

RESOURCE

ersonal	Moz GOLD	g/t
2.6 EQUIVALENT1 AT 2.4 EQUIVGOLD	1
INDICATED	Moz	g/t	65% ABOVE
RESOURCE	1.0 GOLD	AT1.4 GOLD	275M DEPTH

1. The gold equivalence calculation represents Antipa's total attributable metal value for each metal summed and expressed in equivalent gold grade and ounces. The prices used in calculation being LME close prices on 3 May 2022, Au US$1,870/oz, Cu US$9,510/t, Ag US$ 23/oz and Co US$81,220/t. Gold equivalent Moz = (((price Au per ounce x attributable ounces of Au) + (price Cu per tonne x att ibutable tonnes of Cu) + (price Ag per ounce x attributable ounces of Ag)+ (price Co per tonne x attributable tonnes of Co) )/ p ice Au per ounce)/1,000,000. Antipa confirms that it is not aware of any new information or data that materially affects the information includ d in those ASX releases. All material assumptions and technical parameters underpinning the estimates in those releases continue to apply and have not materially changed.

1	Critical mass resource
Sizeable stand-alone project potential
	Strategically significant location
2
35km from the Telfer mine and processing facility
	Outstanding further prospectivity
3
Shallow mineralisation, continued growth potential
	Prioritising project advancement
4
Scoping Study completion in Q3CY22
	Proven value creators
5
Delivered discovery cost $7.20/gold equiv1 resource oz

INVESTOR PRESENTATION |

3

THE ANTIPAMINERALSPORTFOLIO

Commandingexplorationanddevelopmentpositioninapremiergoldandcopperlocation

2.7	Moz			Broome
only		GOLD ONLY		STAND-ALONE	Port
		Hedland	ANTIPA
					MINERALS
ATTRIBUTABLE MINERAL	PROJECT POTENTIAL	B	Kalgoorlie
RESOURCE			Minyari Dome	Perth
	ATTRIBUTABLE	A
	100% Antipa
3.8 Moz GOLD EQUIVALENT1
use		OF HIGHLY			D
5,100km2 PROSPECTIVE	COMPLIMENTARY MAJOR	A
GOLD AND COPPER GROUND	GROWTH PROJECTS
B Citadel (35%): Rio Tinto JV
ersonal			C
		C Wilki (100%): Newcrest Farm-in
A$33/OZ
EV / GOLD EQUIVALENT1	D Paterson (100%): IGO Farm-in
ATTRIBUTABLE RESOURCE2
1. The g ld equivalence calculation represents Antipa's total attributable metal value for each metal summed and expressed in equivalent gold grade and ounces. The prices used in calculation being LME close prices on 3 May 2022, Au US$1,870/oz, Cu
US$9,510/t, Ag US$ 23/oz and Co US$81,220/t. Gold equivalent Moz = (((price Au per ounce x attributable ounces of Au) + (price Cu per tonne x attributable tonnes of Cu) + (price Ag per ounce x attributable ounces of Ag)+ (price Co per tonne x attributable
tonnes of Co) )/ price Au per ounce)/1,000,000. Antipa confirms that it is not aware of any new information or data that materially affects the information included in those ASX releases. All material assumptions and technical parameters underpinning the
e timates in those releases continue to apply and have not materially changed.
2. The ente prise value per equivalent attributable resource calculation utilises the enterprise value expressed as the undiluted A$ market capitalisation at close on 4 May 2022 minus cash of A$8.7M (31 March 2022) divided by the gold equivalence (in ounces) per
the above.
					INVESTOR PRESENTATION |	4

CORPORATE SNAPSHOT

Highqualityregister,strongstrategiccornerstoneinvestment

		CAPITAL STRUCTURE | ASX : AZY
only
	Share price1	A$ 0.042
	Shares on issue1	3,139.7 M
	Market capitalisation1	A$ 131.9 M
use
	Cash2		A$ 8.7 M
	Debt2		Nil
ersonal
	EV		A$ 123.2 M
	Options1	240.7 M

1. At 7 June 2022.

2. At 31 Ma ch 2022, Antipa cash only (excludes Farm-in funds).

SHARE REGISTER

9.9%

4.7%

4%

7%

74.4%

Newcrest

IGO

Board and management

INVESTOR PRESENTATION |

5