Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is pleased to report on its activities in the Paterson Province of Western Australia for the quarter ended 30 June 2023.

Highlights Minyari Dome (100% AZY) Commenced CY2023 growth focused exploration drilling programme at Minyari Dome, with0 testing of compelling new targets offering the potential to rapidly and substantially increase the existing resource base. Programme planned to include 12,000m to 15,000m of drilling, with up to 9,000m of reverse, circulation (RC), 5,000m of air core (AC) and 1,000m of diamond core drilling. Awarded Exploration Incentive Scheme (EIS) funding grants totalling A$660,000 to be used for testing the deep plunge target at Minyari and the Tetris and Pacman greenfield targets. Paterson (100% AZY, IGO1 Farm-in) Final assay results returned from the CY2022 exploration programme confirmed a highlyT prospective 8km long gold and base metal trend north of Minyari with multiple gold-copper targets identified for drill testing. EIS funding grant totalling A$210,000 received in April to be applied to testing two targetss situated 15km along strike from Rio Tinto's Winu copper-gold-silver development project. CY2023 exploration programme to commence Q3 CY2023, planned for approximately 9,000me total drilling to test multiple high priority greenfield targets, comprising 1,350m of diamond core drilling, 3,600m of RC drilling and 4,000m of AC drilling. Programme budget of A$4.2 million to be fully funded and operated by IGO.d Citadel (32% AZY, Rio2 Tinto Joint Venture) Final exploration results received for 2,278m of RC drilling during Q4 CY2022. Rimfire North gold-copper mineralisation footprint increased with 10km of highly prospective magnetic aureole still to be tested. Planned activity schedule for CY2023 exploration programme finalised, comprising 1,000 tou 1,400m of RC drilling with budgeted expenditure of A$2.1 million entirely funded by Rio Tinto: Antipa assumed operatorship of the Citadel Project on the 28th of April 2023, including execution of the CY2023 exploration programme. -- Antipa's joint venture interest estimated to dilute from 32.6% to 31.6% (at Antipa's election, upon completion and assuming entire CY2023 budgeted amount is spent). Programme designed to evaluate Rimfire Southwest target and two targets at Junction,t scheduled to commence in Q3 CY2023. Wilki (100% AZY, Newcrest3 Farm-in) CY2023 exploration programme finalised, planned for approximately 2,300m RC drilling to test Havieron, Winu and Telfer analogue targets within 10 to 50km of Newcrest's Telfer gold-coppersilver mine. Programme budget to be fully funded and operated by Newcrest. Corporate Cash balance of A$5.4M with zero debt at quarter end. Newcrest maintained its shareholding at 9.9%, after subscribing for 1.1 million shares pursuante to its February 2020 Subscription Agreement (as amended) with the Company.

Antipa's Managing Director, Roger Mason commented: 'Throughout the June Quarter the Antipa team has commenced and progressed several key workstreams across our prospective exploration portfolio. We commenced this year's drilling at Minyari Dome, operated by our highly skilled and experienced exploration team. The programme is focused on systematically testing compelling new targets with a view to rapidly increasing the near-surface, open-pittable, resource.' 'We have received final assay results from the CY2022 drilling programmes at our Paterson and Citadel Projects. At the Paterson IGO Farm-in, multiple gold-copper targets have been confirmed along a promising 40km long trend, while at the Citadel Rio JV, assay results increased the gold-copper mineralisation footprint at Rimfire North. These robust results enhance the high-growth potential at both projects, which has since informed our approach to planning and developing our various exploration programmes for CY2023.' 'We are excited to have multiple drill rigs turning across all four of Antipa's Paterson Province projects during the second half of this calendar year, with our partners Rio Tinto, IGO and Newcrest aiming to complete a total of approximately 13,000m of drilling as part of the three combined A$8.6 million FY2024 exploration programmes, which are in addition to drilling activities on our 100% owned Minyari Dome Project.' 'We look forward to updating our shareholders as we continue to unlock the inherent value across all of our highly prospective Paterson Province assets.'

Operations Minyari Dome Project (100% Antipa)

The Company's 100% owned Minyari Dome Project is within approximately 35km north of Newcrest's giant Telfer gold-copper-silver mine and 22 Mtpa processing facility, 75km southeast of Rio Tinto's Winu copper-gold-silver development project and 25km north of Newcrest /Greatland's Havieron goldcopper development project. The Minyari Dome hosts the Minyari and WACA gold-copper-silver-cobalt deposits, and Mineral Resources, which, in conjunction with several small satellite deposits, prospects and targets, offers substantial prospectivity and future potential development opportunities. In 2022, one of Antipa's strategic objectives was to facilitate an increase in the Minyari Dome Project Mineral Resource via a two-phase Exploration Programme, designed to test a range of gold-coppercobalt resource extension targets, prospects, and greenfield targets. Based on the recently completed analysis of the H2 CY2022 Phase 2 greenfield drilling at Minyari Dome, Antipa is of the view that the targets immediately north of Minyari and the GEO-01 soil/air core target south of Minyari, combined with other high-priority regional targets worked up to drill-ready status, warrant a more aggressive exploration focus this year than previously envisaged.

Commencement of 2023 Minyari Dome Project Exploration Programme

On 24 May 2023, Antipa announced the commencement of the Minyari Dome Project CY2023 Exploration Programme. The Company previously released programme details, which encompass the following principal growth-orientated activities: Drilling programme of 12,000m to 15,000m, including up to 9,000m of RC, 5,000m of AC and 1,000m of diamond core drilling, designed to: Aim to deliver a maiden Minyari North gold-copper resource; Test the revised Minyari Plunge gold-copper target position; Test the large-scale, 2022 AC defined, GEO-01 gold-copper prospect; Provide preliminary testing of several other targets including Chicane and Test high-priority greenfield target areas.

Soil geochemical sampling programme to identify new greenfield gold-copper targets.

Limited ongoing Minyari Dome PFS workstreams, mainly confined to desktop elements.

The CY2023 Minyari Dome Project exploration programme and budget is subject to ongoing review based on results, field conditions, contractor availability and pricing, and other relevant matters.

Western Australian Government Exploration Drilling Grants

As announced in April, the Company has received additional funding grants from the Western Australian Government's EIS, increasing total grant funding to be received in relation to the Minyari Dome Project to A$660,000 (Funding Grants). The Funding Grants are to be used for drill testing of a deep plunge target at Minyari, and the Tetris and Pacman greenfield targets

Paterson Project (100% Antipa, IGO Farm-in up to 70%)

The Paterson Project refers to a A$30 million exploration farm-in agreement with IGO pertaining to over 1,550km2 of the Company's 100%-owned tenements in the Paterson Province of Western Australia. Under the terms of the earn-in agreement, IGO is entitled to earn up to a 70% joint venture interest in the Project. Upon joint venture formation, IGO shall free-carry Antipa to the completion of a Feasibility Study. The Paterson Project comes to within 22km of Newcrest's Telfer gold-copper mine and 22 Mtpa mineral processing facility, 8km of Rio Tinto's Winu copper-gold-silver development project and surrounds the Company's Minyari Dome Project on all four sides. CY2022 exploration was fully funded by IGO and included soil geochemical sampling and a 51 hole, 3,637m AC drilling programme.

Western Australian Government Exploration Drilling Grants

Antipa acknowledges the ongoing support provided by the WA Government through its EIS programme for the Company's Paterson Province exploration programmes, which include funding grants for the Minyari Dome and Paterson Projects

Citadel JV Project (32% Antipa, Rio Tinto Joint Venture)

The Citadel Joint Venture (JV) Project comes to within 5km of Rio Tinto's Winu copper-gold-silver development project and 80km from Newcrest's world-class Telfer gold-copper-silver mine and 22 Mtpa processing facility in the Paterson Province of Western Australia. The approximately 1,200km2 Citadel JV Project adjoins the Company's Paterson IGO Farm-in Project and includes Magnum Dome, an area of approximately 30km2. Situated within the Magnum Dome are the Calibre and Magnum deposits and combined Mineral Resources of 108 Mt containing 2.45 Moz of gold, 161.5 kt of copper and 1.84 Moz of silver. Under the terms of the earn-in and JV Agreement, Rio Tinto had conditional rights to solely fund up to $60 million of exploration expenditure to earn up to a 75% interest in the Citadel Project. By March 2021, Rio Tinto had funded in excess of $25 million in exploration expenditure, earning a 65% interest in the Project. In April 2021 Antipa elected to co-contribute to future expenditure in accordance with its remaining 35% joint venture interest. As such, Rio Tinto no longer has a right to earn a 75% interest in the Citadel Joint Venture. Antipa elected not to contribute to the CY2022 Exploration Programme expenditure for the Citadel JV Project, for $4.6 million total, inclusive of management fees. As a result of Antipa's election, the expenditure was fully funded by Rio Tinto and Antipa's interest in the Citadel Project JV reduced to 32.6% as at the end of CY2022.

Wilki Project (100% Antipa, Newcrest Farm-in up to 75%)

The Wilki Project refers to a A$60 million farm-in agreement and associated exploration joint venture agreement signed with Newcrest in February 2020. The Wilki Project comprises approximately 1,470km2 in total landholding and is located on the southern portion of Antipa's 100%-owned tenement ground in the Paterson Province of Western Australia. Under the terms of the earn-in agreement, Newcrest is entitled to earn up to 75% in the Project. The Wilki Project comes to within 3km of Newcrest's Telfer gold-copper-silver mine and 22 Mtpa mineral processing facility, 9km of Newcrest's (70%)/Greatland Gold's (30%) Havieron high-grade 5.5 Moz gold and 222 kt copper development project and 5km of Newcrest's O'Callaghans tungsten and base metal deposit, and includes highly prospective areas around the Telfer Dome (including the Chicken Ranch and Tim's Dome resource areas), the domal structure upon which the Telfer goldcopper-silver open pit and underground mines are situated. Together, the Chicken Ranch and Tim's Dome gold deposits possess a 104koz Inferred Mineral Resource Estimate.

Corporate

Financial Position

As at Quarter end, the Company had the following securities on issue: 3,597,051,478 ordinary shares and 502,316,224 unlisted options, with a weighted average exercise price of A$0.051.

During the Quarter, the following shares were issued: 2,866,048 ordinary shares were issued to an advisor and Pursuant to the Subscription Agreement with Newcrest Mining dated 27 February 2020, as amended, the Company issued 1,144,560 ordinary shares at $0.0205 per share. This allowed Newcrest to maintain its shareholding at 9.9%.

There were no other changes to the capital structure.

At the end of the June quarter, the Company held cash of A$5.8 million, comprising: A$5.4 million, being cash held in its own right and A$0.4 million, being cash held on behalf of farm-in parties.

Expenditure on Exploration Activities As set out in Section 2 of the attached Appendix 5B, the Company expended approximately A$1.3 million on exploration activities (including expenditure on behalf of farm-in parties) during the Quarter.

Contact:

Tel: +61 (0)8 9481 1103

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