Antipa Minerals : Quarterly Activity and Cashflow - 31 December 2021

MEDIA RELEASE

27 January 2022

For personal use only

ASX Quarterly Report and Appendix 5B for the Period ended 31 December 2021

Highlights

• Major drilling programmes on all four of Antipa's Projects in WA's Paterson Province were completed, with a significant number of assay results pending at 31 December and expected in Q1 2022:
• • 100% owned Minyari Dome: expanded ~53,000m (Diamond Core (DD) + Reverse Circulation (RC) drilling) - awaiting assays for 25,500m;
  • Citadel Joint Venture with Rio Tinto1: ~24,500m (DD + RC drilling);
  • Wilki Farm-in with Newcrest2: ~8,000m (RC + DD drilling); and
  • Paterson Farm-in with IGO3: ~11,500m (Air Core).
• 100% owned Minyari Dome Project CY 2021 exploration programme continued with additional DD and RC results received during the Quarter, key highlights of which include:
• • Existing Minyari Mineral Resource infill resource definition and extensional drilling returned further multiple high-grade gold and copper intersections, including:

Minyari deposit near surface intersections:

1. 77.0m at 1.50 g/t gold and 0.20% copper from 13.0m o 45.0m at 1.42 g/t gold and 0.06% copper from 21.0m o 67.0m at 1.10 g/t gold and 0.44% copper from 48.0m o 118.0m at 1.0 g/t gold and 0.10% copper from 201.0m o 82.0m at 0.80 g/t gold and 0.16% copper from 133.0m o 10.0m at 2.33 g/t gold and 0.39% copper from 44.0m

Minyari deposit breccia intersections at depth:

1. 194.4m at 0.80 g/t gold and 0.06% copper from 527.0m o 20.7m at 1.97 g/t gold and 0.07% copper from 692.3.0m

WACA deposit near surface intersections:

1. 57.0m at 1.51 g/t gold and 0.05% copper from 127.0m o 14.0m at 1.64 g/t gold and 0.12% copper from 142.0m

WACA deposit breccia intersections at depth:

• 1. 76.2m at 0.90 g/t gold and 0.01% copper from 430.0m
• Significant greenfield gold-copper discoveries from 10,500m greenfield exploration RC drill programme completed testing multiple high priority gold-copper targets all within 3.5km of the Minyari resource:

Minyari South prospect (250m southwest of the Minyari resource):

1. 9.0m at 10.80 g/t gold and 0.60% copper from 54.0m o 10.0m at 3.00 g/t gold and 0.60% copper from 98.0m o 13.0m at 1.60 g/t gold and 0.10% copper from 31.0m

Sundown target (400m west of the Minyari resource):

1. 42.0m at 0.53 g/t gold and 0.20% copper from 125.0m

1. All references to 'Rio Tinto' in this document are to Rio Tinto Exploration Pty Ltd, a wholly owned subsidiary of Rio Tinto Limited.
2. All references to 'Newcrest' in this document are to Newcrest Operations Ltd, a wholly owned subsidiary of Newcrest Mining Limited.
3. All references to 'IGO' in this document are to IGO Newsearch Pty Ltd, a wholly owned subsidiary of IGO Limited.

For personal use only

• Minyari results continue to extend the potential size of the Mineral Resource Estimate (MRE) (currently a combined JORC 2012 MRE of 723koz gold at 2.0 g/t and 26kt copper at 0.24% for Minyari and WACA4) and enhance a project development opportunity, including as a potential standalone development. The Minyari MRE was last updated in 2017.
• The significantly expanded $24.5M Citadel Joint Venture Project CY 2021 exploration programme was completed, with drilling and geophysical survey results reported, including Gradient Array Induced Polarisation (GAIP) and Rimfire detailed aeromagnetics. Drilling at Calibre deposit extended the gold- copper-silver mineralisation outside the southern limits of the existing 2.1Moz gold, 104kt copper and 1.3Moz silver Mineral Resource, with key intersections including:
• • 10.6m at 2.12 g/t gold and 0.12% copper from 153.0m
  • 31.9m at 1.07 g/t gold and 0.25% copper from 413.4m
  • 126.1m at 0.43 g/t gold and 0.17% copper from 113.6m
  • 92.0m at 0.44 g/t gold and 0.16% copper from 217.3m
  • 39.9m at 0.50 g/t gold and 0.37% copper from 284.6m
• $10M Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and Rio Tinto includes follow-up at Rimfire and further regional target drill testing.
• Drilling on Wilki Farm-in Project CY 2021 exploration programme, fully funded by Newcrest and operated by the Company, continued during the Quarter. Forty-three drill holes (7,422m) testing twelve greenfield and two brownfield targets were completed, with key intersections including:
• • 2.0m at 1.15 g/t gold from 146.0m
  • 7.0m at 1.29 g/t gold from 156.0m
  • 4.0m at 1.09 g/t gold and 0.17% copper from 211.0m
  • 1.0m at 3.65 g/t gold from 138.0m
  • 9.0m at 0.74 g/t gold from 82.0m
• Newcrest elected to proceed to the next ($10M) stage of the Wilki Project farm-in agreement.
• The Paterson Farm-in Project CY 2021 exploration drill programme, fully funded by IGO and operated by the Company, 168 drill holes (11,346m) and a regional / project scale soil geochemical sampling programme (2,589 samples) were completed with particular focus being the El Paso Structural Corridor which hosts the Reaper-Poblano-Serranogold-copper trend, and several new target areas. Assays are pending and expected in Q1 2022.
• IGO met its initial (minimum) commitment of $4M in exploration expenditure on the Paterson Farm-in Project and elected to assume management of the project effective March 2022. The next stage of the Paterson Farm-in Project requires IGO to spend an additional $26M in exploration expenditure to earn a 70% joint venture interest.
• All 2021 exploration programmes have taken account of the impact of the COVID-19 virus and also to ensure the safety and wellbeing of all stakeholders including local indigenous groups, employees and contractors, and also to comply with government restrictions aimed at stopping the spread of the virus.
• As at Quarter end, the Company held cash of approximately $11.9 million, including $1.6 million which was cash held on behalf of farm-in parties.

Operations Review - Minyari Dome Project (including Minyari and WACA Deposits) - 100% Antipa

The Company holds a 100% interest‐ in the 144km2 Minyari Dome Project located approximately 30km north of Newcrest's giant Telfer gold‐ -copper silver mine and processing facility. The Minyari Dome Project includes the Minyari and WACA gold copper-silver-cobalt deposits and Mineral Resources and provides the Company with immediate exploration and future development opportunities.

4 Mineral Resource information refer to Competent Person's statement and table to the rear of this Release.

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For personal use only

Key metrics of the Minyari Deposit include:

• High-gradegold with copper, silver and cobalt;
• Mineralisation commences 0 to 10 metres from the surface and extends down for more than 580 vertical metres;
• +500m strike length;
• Multiple zones of mineralisation occur within a mineralised corridor up to 290m in width; and
• Remains open down dip and down plunge along strike.

Key metrics of the WACA Deposit include:

• Located only 700m southwest of the Minyari deposit;
• High-gradegold with copper, silver (and minor cobalt);
• Mineralisation commences 0 to 20 metres from surface and extends for more than 340 vertical metres;
• +650m strike length;
• Multiple zones of mineralisation occur within a mineralised corridor up to 70m in width; and
• Remain open down dip and down plunge along strike, including very high-grade gold shoots.

The current Mineral Resource estimates for both the Minyari and WACA deposits are summarised in Table 1 and Tables 2a-b below (Mineral Resource).

Table 1: Minyari Deposit and WACA Deposit Mineral Resource Statement

Refer to Tables 2a and 2b for additional information

*0.5 Au = Using a 0.5 g/t gold cut-off grade above the 50mRL (NB: potential "Open Cut" cut-off grade) *1.7 Au = Using a 1.7 g/t gold cut-off grade below the 50mRL (NB: potential "Underground" cut-off grade)

	Deposit and Au Cut-			Resource			Tonnes			Au			Cu			Ag			Co			Au (oz)			Cu (t)			Ag (oz)			Co
	off Grade*			Category			(kt)			(g/t)			(%)			(g/t)			(ppm)									(t)
	Minyari 0.5 Au		Indicated	3,170	1.9		0.30		0.7		590		192,610	9,600		75,660	1,860
	Minyari 0.5 Au		Inferred	660	1.7		0.24		0.6		340		36,260	1,560		13,510	220
	Minyari 0.5 Au			Sub-Total			3,830			1.9			0.29			0.7			550			228,870			11,160			89,170			2,080
	Minyari 1.7 Au		Indicated	230	2.6		0.29		0.9		430		18,740	650		6,800	100
	Minyari 1.7 Au		Inferred	3,650	2.6		0.30		1.0		370		303,000	10,950		117,550	1,360
	Minyari 1.7 Au			Sub-Total			3,880			2.6			0.30			1.0			380			321,740			11,600			124,350			1,460
	Minyari			Total			7,710			2.2			0.30			0.9			460			550,610			22,760			213,520			3,540
	WACA 0.5 Au		Inferred	2,780	1.4		0.11		0.2		180		121,950	3,120		15,920	500
	WACA 1.7 Au		Inferred	540	2.9		0.09		0.2		230		50,780	510		3,850	120
	WACA		Total	3,320	1.6		0.11		0.2		190		172,730	3,630		19,770	620
	Minyari + WACA			Grand			11,030			2.0			0.24			0.7			380			723,340			26,390			233,290			4,160
	Deposits			Total

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Table 2a: Minyari Deposit Mineral Resource by gold cut-off grade regions and oxide zones

For personal use only

	Oxide Zone			Resource			Tonnes		Au		Cu		Ag		Co		Au		Cu		Ag		Co
			Category			(kt)		(g/t)	(%)			(g/t)		(ppm)		(oz)		(t)		(oz)		(t)
	Minyari Deposit using a 0.5 g/t gold cut-off grade above the 50mRL (NB: "Open Cut" cut-offgrade)
	Overburden		Indicated	30	1.0	0.03		0.0	20	870	0	0	0
	Overburden			Sub-Total			30		1.0		0.03			0.0		20		870		0		0		0
	Oxide		Indicated	180	1.8	0.27		0.3	430	10,020	480	1,680	80
	Oxide		Inferred	10	1.4	0.19		0.3	270	600	30	140	0
	Oxide			Sub-Total			190		1.7		0.27			0.3		410		10,620		510		1,820		80
	Transitional		Indicated	730	1.7	0.27		0.5	580	40,760	1,940	12,570	420
	Transitional		Inferred	80	1.1	0.17		0.3	280	3,100	140	930	20
	Transitional			Sub-Total			810		1.7		0.26			0.5		550		43,860		2,080		13,600		440
	Fresh		Indicated	2,230	2.0	0.32		0.9	610	140,960	7,180	61,410	1,360
	Fresh		Inferred	570	1.8	0.25		0.7	350	32,560	1,390	12,440	200
	Fresh		Sub-Total	2,800	1.9	0.31		0.8	560	173,520	8,570	73,850	1,560

0.5 g/t Au c.o.g.	Indicated	3,170	1.9	0.30	0.7	590	192,610	9,600	75,660	1,860
Inferred	660	1.7	0.24	0.6	340	36,260	1,560	13,510	220
above 50mRL
Sub-Total	3,830	1.9	0.29	0.7	550	228,870	11,160	89,170	2,080

Minyari Deposit using a 1.7 g/t gold cut-off grade below the 50mRL (NB: "Underground" cut-offgrade)

	Fresh		Indicated	230	2.6		0.29		0.9		430		18,740	650		6,800	100
	Fresh		Inferred	3,650	2.6		0.30		1.0		370		303,000	10,950		117,550	1,360
	1.7 g/t Au c.o.g.			Sub-Total			3,880			2.6			0.30			1.0			380			321,740			11,600			124,350			1,460
	below 50mRL
	Minyari		TOTAL	7,710	2.2		0.30		0.9		460		550,610	22,760		213,520	3,540

Note:

Small discrepancies may occur due to the effects of rounding.

Table 2b: WACA Deposit Mineral Resource by gold cut-off grade regions and oxide zones

	Oxide Zone			Resource		Tonnes	Au	Cu	Ag	Co	Au	Cu	Ag	Co
			Category		(kt)	(g/t)	(%)	(g/t)	(ppm)	(oz)	(t)	(oz)	(t)
		WACA Deposit using a 0.5 g/t gold cut-off grade above the 50mRL (NB: "Open Cut" cut-offgrade)
	Oxide			Inferred	130	1.1	0.10	0.1	200	4,620	130	460	30
	Transitional			Inferred	490	1.3	0.11	0.1	180	20,850	540	2,070	90
	Fresh			Inferred	2,160	1.4	0.11	0.2	170	96,480	2,450	13,390	380
				Sub-Total	2,780	1.4	0.11	0.2	180	121,950	3,120	15,920	500
	WACA Deposit using a 1.7 g/t gold cut-off grade below the 50mRL (NB: "Underground" cut-offgrade)
	Fresh			Inferred	540	2.9	0.09	0.2	230	50,780	510	3,850	120
	WACA			TOTAL	3,320	1.6	0.11	0.2	190	172,730	3,630	19,770	620

Note:

Small discrepancies may occur due to the effects of rounding.

The Company engaged consultants Optiro Pty Ltd to complete an independent Mineral Resource Estimate (MRE) and subsequent reporting, in accordance with the 2012 JORC Code, for the Minyari and WACA deposits. Both deposits are potentially amenable to open pit and underground mining methods.

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The Minyari Dome Project, including the Minyari and WACA deposits, are not subject to the Citadel Project Joint Venture with Rio Tinto, the Wilki Project Farm-in with Newcrest or the Paterson Project Farm-in with IGO (refer below).

For personal use only

2021 Minyari Dome Project Exploration Programme

The expanded Minyari Dome Project CY 2021 exploration programme, which was commenced in May and was completed late December, included the following:

• A significant DD and RC drill programme (42,666m) focused on the Minyari and WACA deposits with
• • Test for both extensions and new zones high‐grade Minyari-WACA gold‐copperoftothe following objectives:

mineralisation; and

• Upgrade the Minyari-WACA Mineral Resource estimate.

• Minyari-WACA project development study, key components including;

• Mining study (both open pit and underground);

• Geotechnical evaluation;‐and

• Further metallurgical test work.

• Undertake a ‐Minyari-WACA downhole electromagnetic (DHEM) survey to identify the location of potential high grade sulphide rich breccias similar to the Havieron "Sulphide Crescent Zone";

• A significant greenfield exploration programme, including RC drilling (10,530m), focused on delivering significant gold and/or copper discoveries within 4km of the existing Mineral Resources that can enhance the Minyari-WACA development opportunity. The key components of this greenfield exploration programme are:

• Detailed Drone (UAV) Magnetic Survey (completed) - Survey with 20m line spacing to enhance deposit, prospect, and greenfield targeting via the identification of key lithologies, structures, and magnetic anomalies;

• GAIP Survey (completed) - To identify IP chargeability (± resistivity ± conductivity) anomalies related to gold-copper sulphide mineralisation and also map certain key lithologies;

• Surface Geochemical Programme (ongoing) - Systematic fine-fraction soil programme across significant areas of the Minyari Dome Project to generate further priority greenfield targets for drill testing in CY 2022; and

• RC Drill Programme - 10,530m (43 RC drill holes) testing approximately 14 geophysical and/or geochemical (air core) greenfield targets.

The Company's Paterson Province dual exploration strategy strives to deliver both greenfield discoveries and increase brownfield gold and/or copper resources plus identify and evaluate potential mineral development projects. Future exploration activities within the Minyari Dome Project are complementary to this strategy.

2021 Minyari Dome Project Exploration Programme Results

During the Quarter further DD and RC drilling results (received for 61 drill holes including RC, DD-tails and DD drill holes) at Minyari continued to return multiple high-grade gold and copper intersections, including further significant greenfield gold-copper discoveries outside the existing Minyari-WACA Mineral Resources. Key highlights and significant drill results received post the previous Quarterly Report are summarised below:

Minyari Mineral Resource Definition Drill Programme:

• Further 52 Minyari and WACA deposit drill hole assays received during the Quarter returned significant high-grade gold and copper (± silver and cobalt) extending the potential size of the Minyari and WACA resources:
  Minyari deposit near surface intersections:

• 77.0m at 1.50 g/t gold and 0.20% copper from 13.0m down hole in 21MYC0230, including: o 7.0m at 2.30 g/t gold and 0.46% copper from 16.0m
  o 1.0m at 13.55 g/t gold and 0.77% copper from 53.0m o 4.0m at 6.36 g/t gold and 0.56% copper from 68.0m o 4.0m at 9.74 g/t gold and 0.60% copper from 85.0m
• 45.0m at 1.42 g/t gold and 0.06% copper from 21.0m down hole in 21MYC0257, including: o 11.0m at 4.23 g/t gold and 0.11% copper from 35.0m
• 67.0m at 1.10 g/t gold and 0.44% copper from 48.0m down hole in 21MYC0280, including:

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