AZY:Corporate Presentation - Beaver Creek PMS - September 21

STRATEGIC POSITION IN A WORLD CLASS MINERAL PROVINCE

CORPORATE PRESENTATION Precious Metals Summit Beaver Creek - September 2021

ASX:AZY

IMPORTANT NOTICE / 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 presentation, 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 otherconditions.

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 Presentation 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 presentation 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 USsecurities 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, Executive Chairman

ASX:AZY

Presentation: Precious Metals Summit Beaver Creek - September 2021

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COMPELLING INVESTMENT OPPORTUNITY

Advancing World Class Exploration and Development Projects

Significant Exploration and Resource Development

Potential in World Class Paterson Province

• 5,200km2 of under-explored gold and copper ground in a province hosting producing mines and recent world class discoveries
• Antipa 100% Project (144km2) with Resource growth and

development potential

• Quality Farm-in / Joint Venture projects and partners:
• • Rio Tinto1 (1,300km2)
  • Newcrest2 (2,200km2)
  • IGO3 (1,550km2)
• 2021 combined portfolio exploration programme of +75,000 drill metres (up to A$45 million spend)
• Combined existing JORC resource in excess of 3.2Moz gold on farm-in/joint venture and 100% ground4
• Cumulative potential free-carried exploration spend of up to A$115 million
• Antipa Cash A$24.7 million5

1. All references to 'Rio Tinto' or 'Rio'in this document are to Rio Tinto Exploration Pty Ltd, a wholly owned subsidiary of Rio TintoLimited
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. Includes Rio Tinto's 65% of the Calibre and Magnum Mineral Resources
5. Cash as at 31 July 2021 (unaudited)

Presentation: Precious Metals Summit Beaver Creek - September 2021

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HIGH-QUALITY PARTNERS TO FAST-TRACK DISCOVERIES AND DEVELOPMENT

Farm-in/Joint Venture and Development Projects

Citadel Joint Venture - Antipa 35% : Rio Tinto 65% (Rio earnt 65% by sole funding A$25m)

• ~1,300km2 Antipa / Rio Tinto JV with existing combined Mineral Resource: 2.4Moz gold at 0.72 g/t and 162kt copper at 0.15% just 45km from Rio Tinto's Winu copper-gold-silver project
• • Rio Tinto targeting first Winu ore production in 20251
• Expanded A$24.5m budget approved for calendar year 20212

Wilki Project - A$60m Newcrest Farm-in for up to 75% interest agreed 2020

• ~2,200km2 Antipa / Newcrest Farm-in project comes within 3km of Telfer
• Surrounding Telfer on three sides
• Newcrest holds 9.9% interest in Antipa

Paterson Project - A$30m IGO Farm-in for up to 70% interest agreed 2020

• ~1,550km2 Antipa / IGO Farm-in project comes within 23km of Telfer and 8km of Rio's Winu deposit
• A$30m plus free-carry to completion of a Feasibility Study
• IGO holds 4.9% interest in Antipa

Resource Development - 100%-owned ground

• Mineral Resource of 723koz gold at 2.0 g/t and 26kt copper at 0.24%
• Proximal location to Telfer Mine and mineral processing facility (within 40km)
• Havieron style mineral systems
• Significant exploration upside to current high-grade resource

1. On 28 July 2020, Rio Tinto disclosed a maiden Inferred Mineral Resource for Winu (which at a 0.2% copper equivalent cut-off, is 503Mt at 0.45% copper equivalent (CuEq) and includes a higher grade component of 188Mt at 0.68% CuEq at a cut-off grade of 0.45% CuEq) and on 16 July 2021 disclosed that it continued to actively engage with the Traditional Owners and plans to commence discussions on the initial scope and mine design, also in consultation with the Western Australian Environmental Protection Authority, with a final investment decision now targeted for 2022 and first production in 2025 partly due to COVID-19 constraints. Drilling, fieldwork and study activities continued to progress. For further information on Winu, please refer to Rio Tinto's website (www.riotinto.com) and Australian Securities Exchange (ASX: RIO) news releases (www.asx.com.au) (www.asx.com.au)
2. Exploration programmes are subject to any changes which may be made consequent upon results, field conditions and ongoing review

Presentation: Precious Metals Summit Beaver Creek - September 2021

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ESTABLISHED RESOURCE BASE - 100% OWNED GROUND	DEVELOPMENT POTENTIAL
Overview

• 144km2 Project surrounded by IGO farm-in project and located just 40km from Newcrest's Telfer gold-copper processing facility
• Minyari-WACAMineral Resource of 723koz at 2.0 g/t Au, 26kt at 0.24% Cu, 233koz at 0.7 g/t Ag1
• Potential stand-alone development opportunity
• Deposits analogous to Havieron breccia deposit

• High-gradegold-copper-silver shoots remain open down plunge - Including visible gold intersections grading up to 295 g/t

• Significant mineralisation near Minyari-WACA resources at Minyari South and Judes

2020 and 2021 (ongoing) drilling confirmed

• Significant zones of very high-gradegold-copper-silver-cobalt mineralisation exist outside Minyari Mineral Resource, including:
• Recent Minyari East high-grade discovery 80m east of Minyari resource:
• • 31.0m at 3.20 g/t gold and 0.26% copper
  • 6.0m at 16.83 g/t gold and 0.50% copper
• High-grademineralisation associated with sulphide breccias - Havieron analogue
• • Recent results - 362.0m at 1.40 g/t gold and 0.16% copper

Priority Minyari Dome Project targets for CY2021

• Minyari East high-grade gold discovery - open in all directions
• Extensions to Minyari-WACAgold-copper-silver-cobalt resources
• Minyari South and Judes prospects, plus air core and geophysical targets
  CY2021 Exploration Programme2
• Expanded up to 35,000m drill programme - Comprising RC and diamond drilling:
• • 27,000m completed and assays received for 8,000m
• Project development studies (including mining and geotechnical)
• Significant geophysical programme - Including DHEM, GAIP and drone magnetics
• Surface geochemical programme

1. Minyari-WACAglobal Mineral Resource also contains 4kt at 380ppm Cobalt and 233koz at 0.7 g/t Silver
2. Exploration programmes are subject to any changes which may be made consequent upon results, field conditions and ongoing review

Presentation: Precious Metals Summit Beaver Creek - September 2021

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