Antipa Minerals Limited (ASX: AZY) (Antipa or the Company) is pleased to provide an update in relation to the Wilki Farm-in Project 2020 Exploration Programme (Wilki 2020 Exploration Programme) in Western Australia's Paterson Province.

The Wilki 2020 Exploration Programme consists of two phases (refer to ASX release dated 20 July) of greenfield exploration to be operated by Antipa and fully funded by Newcrest Operations Limited (Newcrest). Under the terms of the Wilki Project Farm-in Agreement entered into with Newcrest on 28 February, Newcrest is required to fund a minimum of $6 million of exploration expenditure, inclusive of management fees, within two years.

Phase 1 Exploration Programme

Available results for the Phase 1 greenfield exploration programme, which is planned for completion in the September 2020 quarter, are summarised below.

2020 AEM Survey

A large 1,200km2 (4,755 line-km at a 250m line spacing) SkyTEM AEM survey has been carried out over areas not previously covered by modern AEM. The aim of the survey is to identify goldcopper targets, including high-grade targets, beneath shallow cover. The AEM survey included a region of the El Paso Structural Corridor coming to within 9km of the Havieron highgrade gold-copper deposit. AEM has been instrumental in several significant Paterson Province discoveries.

2020 AEM Survey - Targets

AEM20-01/NP37 (Grilla prospect) = 700 x 500m magnetic high and two partially coincident bull's-eye AEM late-time conductivity highs and partially co-incident gravity high anomaly: Located 45km NE of Telfer and 37km NNW along strike of Havieron

Proximal to major NW trending structure linking the Havieron gold-copper deposit and Winu copper-gold deposit

Less than 60m of cover

Three of four 70m historic drill holes immediately north of the AEM anomaly returned 1m intervals grading between 0.12 to 0.57 g/t gold

AEM20-02 = 800 x 600m partially coincident bull's-eye AEM late-time conductivity high and gravity high anomaly: Located 12km and 5km west of the Telfer and Fallows gold-copper mines respectively

Located just 3km and 6km NW along strike from the Joy's Gossan and Hasties goldcopper-arsenic mineral systems respectively, which represent a 13km long brecciated, hydrothermally altered, and mineralised trend

Situated on a possible thrust ramp structure

Shallow cover

Area has very limited nearby and ineffective 40 to 67m deep historic air core drilling

AEM20-03 = 1.2km bull's-eye AEM subtle late-time conductivity high and associated disrupted linear magnetic high anomalies: Situated on possible Havieron stratigraphic equivalent

Concealed beneath paleochannel cover (depth unknown > 68m)

Area with only one nearby historic air core drill hole which did not reach basement

2019 AEM Survey - Intrepid Re-processing

Intrepid Geophysics (Intrepid) re-processing and interpretation of the data from the AEM survey completed by Antipa in 2019, using proprietary 2.5D inversion MOKSHA-EM software has identified six additional EM conductivity targets which are the subject of ongoing review and will be reported in more detail once finalised.

Remaining Phase 1 Exploration Programme

The remaining Phase 1 greenfield exploration programme consists of the following work to be completed by the end of September 2020:

Ongoing review of AEM results in conjunction with other data.

Planning for drill testing of high priority AEM and magnetic targets.

Aeromagnetic survey covering 800km2 and 8,000 line-km at a 100m line spacing over areas requiring enhanced magnetic resolution, including over the Grilla magnetic and potential AEM target.

Ground based gravity survey over selected target areas aimed at identifying gold-copper targets beneath areas of deeper cover, recently completed with data pending.

Intrepid processing and interpretation of the data from the 2020 AEM survey pending delivery of final AEM data.

An ongoing review and interpretation of historic exploration data to enhance geological modelling, and potentially identify further target areas for gold-copper mineralisation.

Phase 2 Exploration Programme

The Phase 2 greenfield exploration programme to be completed this calendar year (subject to the appropriate approvals) includes the drill testing of high priority gold-copper targets identified during Phase 1. The exploration will consist of:

Heritage survey scheduled to be carried out during the first half of September.

Reverse Circulation (RC) +/- diamond core drill programmes testing priority targets under shallow cover, including Havieron high-grade gold-copper analogue magnetic and AEM conductivity anomalies, including Grilla.

These high priority targets, including nine magnetic (refer to ASX release dated 20 July) and three electromagnetic targets, share some or all of the following characteristics with the highgrade Havieron gold-copper deposit: Located within the fertile El Paso Structural Corridor, which hosts the Havieron, Winu and Minyari-WACA deposits, displaying favourable structures (including folding and shearing / faulting)

Bull's-eye to sub-circular magnetic high anomaly

AEM conductivity high anomaly

Interpreted meta-sedimentary host rocks including possible Havieron type lithologies

Related gravity high / shoulder anomaly

The Wilki 2020 Exploration Programme is subject to continuous monitoring and will be adjusted according to results and field conditions, and has been designed to ensure the safety and wellbeing of all Wilki Project stakeholders including local indigenous groups, employees, and contractors and to also comply with government restrictions aimed at stopping the spread of the COVID-19 virus. The Wilki 2020 Exploration Programme will be subject to ongoing review based on results, field conditions, contractor availability and pricing and other relevant matters.

Contact:

Tel: +61 8 9481 1103

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