Antipa Minerals : Quarterly Activity and Cashflow - 31 March 2022

MEDIA RELEASE 28 April 2022

ASX Quarterly Report and Appendix 5B for the Period ended 31 March 2022

Highlights

• • Major drilling programmes on all four of Antipa's Projects in WA's Paterson Province were completed in late CY 2021, with a significant number of assay results pending at 31 March:

  • • 100% owned Minyari Dome Project: expanded ~53,000m (Diamond Core (DD) + Reverse Circulation (RC) drilling) - assays outstanding for final 6,440m (RC drilling) for greenfields targets;

  • • Citadel Joint Venture with Rio Tinto1: ~24,500m (DD + RC drilling) - assays outstanding for final 6,833m;

  • • Wilki Farm-in with Newcrest2: ~8,000m (RC + DD drilling) - assays outstanding for final 606m; and

  • • Paterson Farm-in with IGO3: ~11,500m (Air Core) - all assays outstanding.

• • 100% owned Minyari Dome Project results continue to extend the potential size of the Mineral Resource Estimate (MRE) (current 2017 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, with the 2022 MRE update imminent.

• • Minyari Dome Project CY 2021 exploration programme continued with additional DD and RC results received during the Quarter, key highlights of which include:

  • • Minyari 2022 resource definition and resource extensional drilling returned further multiple high-grade gold and copper intersections, including a number of 50 to 300 gold gram-metre intersections. Significant intersections included:

    Minyari deposit near surface intersections:

    • o 35.0m at 3.52 g/t gold and 0.48% copper from 20.0m

    • o 30.0m at 2.95 g/t gold and 0.14% copper from 149.0m

    • o 77.0m at 1.26 g/t gold, 0.41% copper and 1.10 g/t silver from 85.0m

    • o 34.0m at 1.24 g/t gold and 0.18% copper from 124.0m

    • o 32.0m at 1.34 g/t gold and 0.19% copper from 55.0m

    • o 4.0m at 10.48 g/t gold, 0.53% copper and 0.05% cobalt from 34.0m

    • o 21.0m at 0.93 g/t gold and 0.72% copper from 105.0m

    • o 10.0m at 1.63 g/t gold and 0.25% copper from 22.0m

    • o 32.0m at 0.84 g/t gold and 0.14% copper from 46.0m

    Minyari deposit breccia intersections at depth:

    • o 362.0m at 1.4 g/t gold and 0.16% copper from 230.0m

    • o 142.0m at 1.87 g/t gold and 0.16% copper from 294.0m

    • o 207.0m at 1.45 g/t gold and 0.09% copper from 219.0m

    • o 134.0m at 1.70 g/t gold and 0.30% copper from 212.0m

    • o 98.0m at 1.41 g/t gold and 0.07% copper from 453.0m

    • o 51.3m at 1.98 g/t gold, 0.23% copper and 0.07% cobalt from 288.7m

    • o 44.0m at 1.49 g/t gold and 0.15% copper from 395.0m

    • o 12.7m at 6.32 g/t gold from 594.3m

    • o 60.0m at 1.18 g/t gold and 0.13% copper from 378.0m

• 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.

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

• o 68.1m at 0.74 g/t gold and 0.21% copper from 235.9m

• o 16.4m at 2.71 g/t gold and 0.14% copper from 426.7m

• o 5.9m at 7.68 g/t gold from 693.5m

• o 15.0m at 2.00 g/t gold and 0.17% copper from 472.0m

• o 27.4m at 1.12 g/t gold, 0.23% copper and 0.04% cobalt from 389.5m

• o 17.9m at 1.56 g/t gold and 0.46% copper from 437.0m

• o 20.0m at 1.02 g/t gold and 0.15% copper from 477.8m

The "Minyari East" Discovery, approximately 80m east of the existing Minyari Mineral Resource boundary:

• o 31.0m at 3.20 g/t gold and 0.26% copper from 383.0m

• o 6.0m at 16.83 g/t gold, 0.50% copper and 0.96 g/t silver from 335.0m

• o 22.0m at 2.60 g/t gold and 0.08% copper from 294.0m

WACA deposit near surface intersections:

• o 47.0m at 1.95 g/t gold and 0.33% copper from 151.0m down hole in 21MYC0287

• o 31.0m at 2.24 g/t gold and 0.22% copper from 18.0m down hole in 21MYC0300

• o 56.0m at 0.87 g/t gold, 0.28% copper and 0.15% cobalt from 63.0m down hole in 21MYC0283

• o 11.0m at 1.08 g/t gold and 0.08% copper from 27.0m down hole in 21MYC0282

• • 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, with final assays pending and expected in CY 2022 Q2.

• • Significant soil geochemical sampling programme covering approximately 92km2 (826 samples) completed late last year - Assays pending and expected in CY 2022 Q2.

• • The significantly expanded $24.5M Citadel Joint Venture Project CY 2021 exploration programme was completed, with diamond core and RC drilling and geophysical surveys, 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 final assays pending and expected in CY 2022 Q2.

• • $10M Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and Rio Tinto includes follow-up drilling and geophysical activities at Rimfire and further regional target drill testing, with field activities planned to be recommenced in April 2022.

• • The Wilki Farm-in Project CY 2021 exploration drill programme, fully funded by Newcrest and operated by the Company, comprised 43 drill holes (7,422m) and was completed in late 2021. Assays for the final 606 metres of drilling are pending and expected in CY 2022 Q2.

• • 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 in late 2021 with particular focus being the El Paso Structural Corridor which hosts the Reaper-Poblano-Serrano and Grey gold and/or copper trends, and several new target areas. All assays are expected to be released in CY 2022 Q2.

• • All 2022 exploration programmes will take account of the impact of the COVID-19 virus and 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 $10.2 million, including $1.5 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.

Key metrics of the Minyari Deposit include:

• • High-grade gold with copper, silver and cobalt;

• • Mineralisation commences 0 to 10 metres from the surface and extends down for more than 670 vertical metres;

• • +500m strike length;

• • Multiple zones of mineralisation occur within a mineralised corridor up to 300m in width; and

• • Remains open down dip and down plunge along strike.

Key metrics of the WACA Deposit include:

• • Located only 580m southwest of the Minyari deposit;

• • High-grade gold with copper (and minor silver and cobalt);

• • Mineralisation commences 0 to 20 metres from surface and extends for more than 510 vertical metres;

• • +650m strike length;

• • Multiple zones of mineralisation occur within a mineralised corridor up to 100m in width; and

• • Remain open down dip and down plunge along strike, including very high-grade gold shoots.

The current 2017 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 - November 2017

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- off Grade*Resource Category

Tonnes

(kt)Au (g/t)Cu (%)Ag (g/t)Co (ppm)Au (oz)Cu (t)Ag (oz)Co (t)

Minyari 0.5 Au Minyari 0.5 Au

Indicated Inferred

3,170 660

1.9 1.7

0.30 0.24

0.7 0.6

590 340

192,610 36,260

9,600 1,560

75,660 1,860 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 Minyari 1.7 Au

Indicated Inferred

230 3,650

2.6 2.6

0.29 0.30

0.9 1.0

430 370

18,740 303,000

650 10,950

6,800 117,550 1,360

100

Minyari 1.7 Au

Sub-Total

Minyari

Total

3,880 7,710

2.6 2.2

0.30 0.30

1.0 0.9

380 460

321,740 550,610

11,600 22,760

124,350 1,460 213,520 3,540

WACA 0.5 Au WACA 1.7 Au

WACA

Inferred Inferred Total

2,780 540 3,320

1.4 2.9 1.6

0.11 0.09 0.11

0.2 0.2 0.2

180 230 190

121,950 50,780 172,730

3,120 510 3,630

15,920 3,850 19,770

500 120 620

Minyari + WACA

Deposits

Grand Total

11,030

2.0

0.24

0.7

380

723,340

26,390

233,290 4,160

Table 2a: Minyari Deposit Mineral Resource - November 2017

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)

Minyari Deposit using a 0.5 g/t gold cut-off grade above the 50mRL (NB: "Open Cut" cut-off grade)

Overburden Overburden

Indicated Sub-Total

30 30

1.0 1.0

0.03 0.03

0.0 0.0

20 20

870 870

0 0

0 0

0 0

Oxide Oxide

Indicated Inferred

180 10

1.8 1.4

0.27 0.19

0.3 0.3

430 270

10,020 600

480 30

1,680 140

80 0

Sub-Total

190

1.7

0.27

0.3

410

10,620

510

1,820

80

Transitional Transitional

Indicated Inferred

730 80

1.7 1.1

0.27 0.17

0.5 0.3

580 280

40,760 3,100

1,940 140

12,570 930

420 20

Sub-Total

810

1.7

0.26

0.5

550

43,860

2,080

13,600

440

Fresh Fresh

Indicated Inferred

Sub-Total

Indicated Inferred Sub-Total

2,800 3,170 660 3,830

2,230 570

2.0 1.8

0.32 0.25

0.9 0.7

610 350

140,960 32,560

7,180 1,390

1.9

1.9 1.7 1.9

0.31 0.30 0.24 0.29

0.8

0.7 0.6 0.7

560 590 340 550

173,520 192,610 36,260 228,870

8,570 9,600 1,560 11,160

73,850 75,660 13,510 89,170

61,410 12,440

1,360 200

1,560 1,860 220 2,080

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

Fresh Fresh

Indicated Inferred

230 3,650

2.6 2.6

0.29 0.30

0.9 1.0

430 370

18,740 303,000

650 10,950

6,800 117,550

100 1,360

1.7 g/t Au c.o.g. below 50mRL

Sub-TotalMinyari

TOTAL

3,880 7,710

2.6

2.2

0.30 0.30

1.0

0.9

380 460

321,740 550,610

11,600 22,760

124,350 213,520

1,460 3,540

Note:

Small discrepancies may occur due to the effects of rounding.

Table 2b: WACA Deposit Mineral Resource - November 2017 by gold cut-off grade regions and oxide zones

Oxide ZoneResource Category

Tonnes

(kt)Au (g/t)Cu (%)Ag (g/t)Co (ppm)Au (oz)Cu (t)Ag (oz)Co (t)WACA Deposit using a 0.5 g/t gold cut-off grade above the 50mRL (NB: "Open Cut" cut-off grade)

Oxide Transitional

Fresh

Inferred Inferred Inferred

130 490 2,160

1.1 1.3 1.4

0.10 0.11 0.11

0.1 0.1 0.2

200 180 170

4,620 20,850 96,480

130 540 2,450

460 2,070 13,390

30 90 380

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-off grade)

Fresh

WACA

540

0.09

TOTAL

3,320

1.6

0.11

230

0.2

190

120

172,730

3,630

19,770

620

Note:

Small discrepancies may occur due to the effects of rounding.

In 2017 the Company engaged consultants Optiro Pty Ltd to complete an independent Mineral Resource Estimate 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. The Minyari results continue to extend the potential size of the MRE (current 2017 combined JORC 2012 MRE of 723koz gold at 2.0 g/t and 26kt copper at 0.24% for Minyari and WACA) and enhance a project development opportunity,including as a potential standalone development. The Minyari MRE was last updated in November 2017, with the 2022 MRE update imminent.

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).

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 the following objectives:

  • • Test for both extensions to and new zones of high‐grade Minyari-WACA gold‐copper mineralisation;

  • • Update the Minyari-WACA Mineral Resource estimate; and

  • • Upgrade the Minyari-WACA Mineral Resource JORC classification (i.e. increase the Indicated component of the resource).

• • Minyari-WACA project development Scoping Study, key components including;

  • • Mining study (both open pit and underground);

  • • Geotechnical evaluation; and

  • • Obtain further sample material for 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 were:

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

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

  • • Surface Geochemical Programme - 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 60 drill holes including RC, DD-tails and DD drill holes for 16,460m), with results for Minyari continuing to return multiple high-grade gold and copper intersections, including further significant greenfield gold-copper discoveries outside the existing Minyari-WACA Mineral Resources. Antipa has engaged independent mining consultants Snowden Optiro to complete the Minyari and WACA Mineral Resource estimate update which is scheduled to be completed imminently.

Key highlights and significant drill results received during the Quarter are summarised below:

Minyari Mineral Resource Definition Drill Programme:

• • Further sixty 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: