Antipa Minerals : Further Outstanding High-Grade Gold Results at Minyari

MEDIA RELEASE 3 February 2022

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FURTHER OUTSTANDING HIGH-GRADE GOLD RESULTS

AT 100% OWNED MINYARI DEPOSIT

Highlights

• Further 50 Minyari and WACA deposit drill hole assays return significant high-grade gold and copper (± silver and cobalt) extending the potential size of the Minyari and WACA resources:
  Minyari deposit near surface intersections:

• 35.0m at 3.52 g/t gold and 0.48% copper from 20.0m down hole in 21MYC0272, including:
  o 3.0m at 4.57 g/t gold and 1.59% copper from 20.0m
  o 1.0m at 7.23 g/t gold and 0.32% copper and 0.10% cobalt from 32.0m o 1.0m at 22.00 g/t gold and 0.31% copper and 0.09% cobalt from 41.0m
  o 3.0m at 12.00 g/t gold and 0.54% copper from 48.0m, including:
• • 1.0m at 25.10 g/t gold and 0.58% copper from 48.0m
• 21.0m at 0.93 g/t gold and 0.72% copper from 105.0m down hole in 21MYC0273, including: o 6.0m at 2.11 g/t gold and 1.48% copper from 119.0m, including:
• • 1.0m at 3.15 g/t gold, 4.94% copper, 10.00 g/t silver and 0.13% cobalt from

121.0m

• 10.0m at 1.63 g/t gold and 0.25% copper from 22.0m down hole in 21MYC0227
• 32.0m at 0.84 g/t gold and 0.14% copper from 46.0m down hole in 21MYC0276, including:
  o 5.0m at 2.77 g/t gold and 0.11% copper from 48.0m

Minyari deposit intersections at depth:

• 142.0m at 1.87 g/t gold and 0.16% copper from 294.0m down hole in 21MYCD0200 (NB: Intersection incorporates recently received diamond‐tail assays and previously reported RC upper portion of hole), including:
  o 8.0m at 6.24 g/t gold and 0.14% copper from 294.0m o 6.0m at 2.58 g/t gold and 0.36% copper from 356.0m o 6.0m at 2.18 g/t gold and 0.25% copper from 394.0m
  o 14.0m at 10.60 g/t gold, 0.79% copper and 1.95 g/t silver from 410.0m, including:

• 1.0m at 54.00 g/t gold, 3.44% copper, 7.97 g/t silver and 0.10% cobalt from

415.0m

• 1.2m at 40.13 g/t gold, 4.56% copper, 11.56 g/t silver and 0.11% cobalt from

418.0m

• 207.0m at 1.45 g/t gold and 0.09% copper from 219.0m down hole in 21MYC0340, including: o 11.0m at 4.95 g/t gold and 0.14% copper from 303.0m, including:
• • 1.0m at 41.50 g/t gold, 0.88% copper and 0.13% cobalt from 303.0m

• 1. 5.0m at 36.84 g/t gold, 1.94% copper, 10.07 g/t silver and 0.11% cobalt from 419.0m
• 60.0m at 1.18 g/t gold and 0.13% copper from 378.0m down hole in 21MYC0273, including:
• 1. 6.0m at 2.71 g/t gold and 0.27% copper from 378.0m, including:
  2. • 1.0m at 10.80 g/t gold and 0.86% copper from 383.0m

1. 7.0m at 2.24 g/t gold and 0.07% copper from 391.0m o 5.0m at 3.16 g/t gold and 0.25% copper from 414.0m

• 1. 3.0m at 3.82 g/t gold and 0.09% copper from 426.0m, including:
  2. • 1.0m at 9.71 g/t gold and 0.18% copper from 426.0m
• 68.1m at 0.74 g/t gold and 0.21% copper from 235.9m down hole in 21MYD0507, including:
• 1. 14.3m at 1.06 g/t gold, 0.78% copper and 1.84 g/t silver from 240.6m, including:
  2. • 6.4m at 1.75 g/t gold, 0.61% copper and 1.69 g/t silver from 240.6m
• 16.4m at 2.71 g/t gold and 0.14% copper from 426.7m down hole in 21MYD0507, including:

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• 1. 0.4m at 71.50 g/t gold, 6.34% copper, 18.10 g/t silver and 0.16% cobalt from 426.7m
  1. 1.2m at 15.70 g/t gold from 441.8m
• 15.0m at 2.00 g/t gold and 0.17% copper from 472.0m down hole in 21MYD0507, including:
• 1. 7.2m at 3.77 g/t gold and 0.34% copper from 472.0m, including:
  2. • 1.3m at 10.40 g/t gold and 0.16% copper from 475.7m

WACA deposit near surface intersections:

• 47.0m at 1.95 g/t gold and 0.33% copper from 151.0m down hole in 21MYC0287, including: o 22.0m at 2.84 g/t gold and 0.55% copper from 151.0m, including:
• • 1.0m at 8.58 g/t gold and 0.30% copper from 151.0m
  • 2.0m at 6.55 g/t gold, 2.18% copper and 3.64 g/t silver from 169.0m

• 1. 5.0m at 3.14 g/t gold, 0.32% copper and 0.09% cobalt from 186.0m
• 31.0m at 2.24 g/t gold and 0.22% copper from 18.0m down hole in 21MYC0300, including:
• 1. 13.0m at 4.25 g/t gold and 0.35% copper from 23.0m, including:
  2. • 4.0m at 7.90 g/t gold and 0.20% copper from 23.0m
• 56.0m at 0.87 g/t gold, 0.28% copper and 0.15% cobalt from 63.0m down hole in 21MYC0283,
  including:
• 1. 19.0m at 1.11 g/t gold and 0.15% copper from 66.0m

1. 4.0m at 4.13 g/t gold, 1.35% copper, 2.41 g/t silver and 1.4% cobalt from 109.0m,

including:

• 1.0m at 9.93 g/t gold, 1.22% copper, 1.93 g/t silver and 5.4% cobalt from

112.0m

• • 11.0m at 1.08 g/t gold and 0.08% copper from 27.0m down hole in 21MYC0282, including:
    o 2.0m at 4.79 g/t gold and 0.07% copper from 27.0m
• Results continue to extend the potential size of the Minyari and WACA resources and enhance the project development opportunity
• Minyari drilling at depth confirms continuity of moderate northwest plunging "pipe" like thick high-grade breccia mineralisation which remains open at depth providing further exciting exploration upside
• 52,750m of resource definition, resource extensional and brownfield plus greenfield discovery drilling at Minyari Dome completed in 2021 - Awaiting assays for final 11,200m

Antipa Minerals Limited (ASX: AZY) (Antipa or the Company) is pleased to announce further assay results for the 2021 drill programme on its 100% owned, 144km2 Minyari Dome Project in Western Australia's Paterson Province (Figure 21). The Project is located within 35km of Newcrest Mining's (Newcrest) Telfer gold‐copper‐silver mine and mineral processing facility and 54km along strike from Greatland Gold‐Newcrest's Havieron gold‐copper development project (Figure 22).

Antipa's Managing Director, Roger Mason, said:

"These results continue to highlight the development opportunity demonstrating the potential for significant resource upside and extend the thick high‐grade breccia style mineralisation at depth at both Minyari and WACA.

At Minyari two high‐grade 270 to 300 gram‐metre gold downhole intersections are particularly impressive, whilst at WACA several shallow, high‐grade 50 to 100 gram‐metre gold downhole intersections were highly encouraging, including an intersection in the southern area of WACA which identified a thick high‐grade ore shoot.

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The Company eagerly awaits the remaining assays, in particular for the deeper holes into the down‐ plunge target at Minyari and also for the greenfield discovery focussed holes which provided significant visual encouragement including at Minyari North."

Summary of Minyari-WACA 2021 Drilling Results Received to Date

Assay results have now been received for 90% of the Minyari‐WACA 2021 resource infill and resource extensional drilling programme, with results continuing to increase the potential size of the Minyari and WACA resources and enhance the project development opportunity.

The assays received cover a further forty reverse circulation (RC) drill holes, five diamond‐tail and five diamond core (DD) drill holes in total (11,700m of the 42,110m drilled), which demonstrate favourable compatibility with the current Minyari and WACA Mineral Resource domains and have discovered significant additional high‐grade gold‐copper mineralisation outside the limits of both the Minyari and WACA resources.

At Minyari, high‐grade gold with copper, silver and cobalt mineralisation which occurs along 500m of strike across a horizontal width of up to 300m, has now been extended down to 670m below the surface, and mineralisation remains open in several directions in particular down plunge. During 2021 mineralisation has now been discovered immediately east, west, and both up plunge to the southeast and down plunge to the northwest, including significant high‐grade breccia style mineralisation.

At WACA, high‐grade mineralisation which occurs along 650m of strike across a horizontal width of up to 100m, has now been extended down to 510m below the surface, and mineralisation remains open in several directions. During 2021 mineralisation has been discovered in both the shallow and deeper regions of WACA, with drill results confirming a moderate northwesterly mineralisation plunge similar to Minyari.

For detailed information relating to the latest drill holes with assay results refer to Tables 1 and 2 and Figures 1 to 19.

The drill results received to date significantly have:

• substantially extended zones of very high‐grade gold‐copper‐silver‐cobalt mineralisation outside the current Minyari and WACA deposit Mineral Resource estimate boundaries (Figures 1 and 11). This would be expected to have a material positive impact on the existing Minyari‐WACA 2017 Mineral Resource Estimate, which combined host 723koz gold at 2.0 g/t and 26kt copper at 0.24%, planned to be updated in Q1 CY 2022;
• discovered new high‐grade gold‐copper mineralisation in several areas with mineralisation remaining open down plunge, along strike and variously open across strike to the east and west (Figures 1 to 19); and
• further confirmed that high‐grade mineralisation is commonly associated with sulphide matrixed breccia zones similar to the Havieron gold‐copper style of mineralisation, with Minyari drilling at depth confirming continuity of moderate northwest plunging "pipe" like thick high‐grade breccia mineralisation which remains open at depth providing further exciting exploration upside (Figures 1 and 2).

Minyari Geology and Mineral System

The Minyari plunging breccia pipe is hosted by a package of folded moderate to steeply dipping metasediments, along with lesser felsic, intermediate and mafic intrusive dykes. Two significant pre to possibly syn‐mineralisation diorite (intermediate) dykes approximately 60m thick have been

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identified, both of which are mineralised including at Minyari South (Figures 2 and 3). At Havieron hydrothermally altered and gold‐copper mineralised diorite is a significant Mineral Resource host rock occupying the centre of the Havieron breccia pipe.

Summary of Minyari-WACA Drill Programme Objectives

The 2021 Minyari‐WACA drill programme, from early May to mid‐December, was designed to:

1. Test for extensions of both the Minyari and WACA resources (Figure 20);
2. Explore for new zones of mineralisation proximal to the existing resources such as the new Minyari East discovery;
3. Elevate the existing Mineral Resource JORC classification via 25m infill drill sections, upgrading regions of Inferred Mineral Resource to an Indicated Mineral Resource category; and
4. Provide the basis for project development studies.

Minyari-WACA CY 2021 Exploration Programme Remaining

Assay results are pending for 4,068m of Minyari‐WACA drilling, including holes which evaluated the Minyari down plunge breccia style mineralisation along a further 200m of strike and down to 770m below the surface.

Assay results for the remainder of the 2021 drill programme, including the greenfield drill holes, are expected to be received within the next six weeks. Following receipt of the outstanding Minyari and WACA drill hole assay results the Mineral Resource estimate (MRE) updates can be completed. Interpretation and assessment of the available Minyari and WACA drill hole data has commenced in preparation for the MRE.

Due to the correlation between high‐grade mineralisation and (conductive) sulphide rich breccias a downhole electromagnetic (DHEM) survey was completed during December for a selection of diamond core drill holes at both Minyari and WACA. The processing and interpretation of the DHEM data is ongoing.

A significant Minyari Dome Project soil geochemical sampling programme covering approximately 92km2 (826 samples) was completed late last year. The soil assay results are expected to be received during the first quarter of this year and will be analysed in conjunction with the 2021 greenfield drill hole data and other data sets to rank existing and new greenfield exploration targets for further direct drill testing in the CY 2022.

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Figure 1: Minyari deposit cross-sectionalview showing only the 2020 (3 holes) and 2021drill hole gold intercepts which post-datethe 2017 Mineral Resource (brown wireframes). Note the abundant mineralisation discovered to the east, west and between the 2017 resource, with the deposit still remaining open in several directions. NB: 100m Elevation grid (MGA mRL), looking toward Local 192° (or 160° MGA

Zone 51).

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