AZY: Corporate Presentation - 121 APAC Conference

INVESTOR PRESENTATION 121 APAC

A commanding exploration position in a premier gold and copper district

November 2021 | ASX : AZY

DISCLAIMER

Nature of this document: The purpose of this document is to provide general information about Antipa Minerals Limited (the 'Company'). Unless otherwise stated herein, the information in this document is based on the Company's own information and estimates. In viewing this document you agree to be bound by the following terms and conditions.

Not an offer: This document is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction, including the United States. This document and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. In particular, this document is not for release to US newswire services or distribution in the United States. This document is not considered a recommendation by the Company or any of its affiliates, directors or officers that any recipient invest in the Company nor does it constitute investment, accounting, financial, legal or tax advice.

Not financial product advice: This document does not take into account the individual investment objectives, financial situation and particular needs of each of the Company's Shareholders. You may wish to seek independent financial and taxation advice before making any decision in respect of thisdocument. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financialproducts.

Forward looking statements: Certain statements contained in this document, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements: (a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject tosignificant technical, business, economic, competitive, political and social uncertainties and contingencies; (b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and (c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

The Company disclaims any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate","may", "will", "schedule" and similar expressions identify forward looking statements. All forward looking statements contained in this document are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this document, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this document or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information, unless required to do so by law. Any opinions expressed in the document are subject to change without notice. Recipients of this document should make their own, independent investigation and assessment of the Company its business, assets and liabilities, prospects and profits and losses, as well as the matters covered in this document. Independent expert advice should be sought before any decision based on an assessment of the Company is made.

Unverified information: This document may contain information (including information derived from publicly available sources) that has not been independently verified by theCompany.

Cautionary note regarding reserves and resources: You should be aware that as an Australian company with securities listed on the ASX, the Company is required to report reserves and resources in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). You should note that while the Company's reserve and resource estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this document describing the Company's mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

Competent Persons Statement - Exploration Results: Please refer to the detailed statement at the end of this document.

Competent Persons Statement - Mineral Resource Estimations: for the Minyari-WACA Deposits, Calibre Deposit

and Magnum Deposit: Please refer to detailed statement at end of this document.

Australian Dollars: All figures in Australian Dollars unless stated otherwise.

Release Authorised by: Stephen Power, Non-Executive Chairman

INVESTOR PRESENTATION |	2

ANTIPAMINERALS

Acommandingexplorationpositioninapremiergoldandcopperlocation

Moz			FLAGSHIP
2.3EQUIVALENTGOLD			PROJECTS
ATTRIBUTABLE MINERAL		A	Minyari Dome (100%)	B
RESOURCE1
1.7 Moz ATTRIBUTABLE GOLD	B Citadel (35%): Rio Tinto JV
5,200km2 PROSPECTIVE	D
		A
OF HIGHLY
GOLD AND COPPER GROUND	ADVANCED EXPLORATION
A$59/OZ			OPTIONALITY
	C Wilki (100%): Newcrest farm-in
EV / EQUIVALENT	2	D	Paterson (100%): IGO farm-in	50km
ATTRIBUTABLE RESOURCE

Broome

Port Hedland

ANTIPA MINERALS

Kalgoorlie

Perth

C

1. The gold equivalence calculation represents Antipa's total attributable metal value for each metal summed and expressed in equivalent gold grade and ounces. The prices used in calculation being LME close prices on 26 October 2021, Au US$ 1,805.20 /oz, Cu US$10,045.00/t, Ag US$ 24.51/oz and Co US$ 55,7000.00 .Gold equivalent Moz = (((price Au per ounce x attributable ounces of Au) + ( price Cu per tonne x attributable tonnes of Cu) + ( price Ag per ounce x attributable ounces of Ag)+ (price Co per tonne x attributable tonnes of Co) )/ price Au per ounce)/1,000,000.For full details of Mineral Resources estimates, please refer to relevant ASX releases as detailed on Slides 26 and 27 of this document. Antipa confirms that it is not aware of any new information or data that materially affects the information included in those ASX releases.All material assumptions and technical parameters underpinning the estimates in those releases continue to apply and have not materially changed.
2. The enterprise value per equivalent attributable resource calculation utilises the enterprise value expressed as the undiluted A$ market capitalisation at close on 26 October minus cash of A$21.1M (30 September 21) divided by the gold equivalence (in ounces) per the above.

INVESTOR PRESENTATION |	3

CORPORATE SNAPSHOT

CAPITAL STRUCTURE | ASX:AZY

Share price1	A$ 0.05
Shares on issue1	3,140 M
Market capitalisation1	A$ 157.0 M
Cash2	A$ 21.1 M
Debt2	Nil
EV	A$ 135.8 M
Options1	169.8 M

1. At 29 October 2021.
2. At 30 September 2021.

SHARE REGISTER

10%

5%

4%

7%

74%

Newcrest	IGO
Board and management	Institutions and funds
Other

INVESTOR PRESENTATION |	4

BOARD AND MANAGEMENT

Leadershipgroupwithadiversebackgroundanddeepindustryexperience

Stephen Power	Roger Mason	Mark Rodda	Peter Buck	Gary Johnson	Luke Watson
Non-executive Chairman	Managing Director	Executive Director -	Non-Executive Director	Non-Executive Director	CFO and Company
	Corporate lawyer with		Geologist with more	Commercial and Legal		Geologist		Metallurgist	Secretary
		
	more than 30 years of		than 30 years	Lawyer and corporate		40 years industry	 40 years of industry	Chartered Accountant
	legal, commercial and		experience spanning		consultant		with 20 years
				experience across		experience covering
	corporate		exploration,						experience
		25 years legal,		international		plant design, project
	management		production and			
			commercial and		exploration, acquisition		development and	Held senior corporate
	experience		acquisition projects
			corporate management		and production		operations		and finance positions
		
Former advisor to	Former General		experience	 Current Director of IGO		Chairman of Lepidico,		with several listed
	LionOre Mining		Manager Geology for				exploration and
		Director of Lepidico				and Director of
	International		LionOre Australia and		Previously Director of			development
					Strategic Metallurgy
			Norilsk Nickel		Former Chairman of		PMI Gold, Gallery Gold,			companies
			Australia		Coalspur Mines, and		LionOre Australia and		Former Director of		Former CFO and
					former General Counsel		Breakaway Resources		LionOre's Tati Nickel
		Former consultant to					Company Secretary of
			of LionOre Mining
			Integra Mining Ltd							Mantra Resources
				international

INVESTOR PRESENTATION |	5