Antipa Minerals (AZY) 2025 Conference Transcript

Summary of Antipa Minerals Conference Call Company Overview - Antipa Minerals is focused on development and discovery opportunities in Western Australia’s Paterson Province [1] - The company has a market capitalization of approximately AUD 350 million and cash reserves of AUD 71 million [3][4] Key Financial Metrics - The enterprise value per resource ounce is AUD 110 million [4] - The company has seen a six-fold increase in value since the last Diggers and Dealers conference [4] - Price targets from analysts range from AUD 1 to AUD 1.5 [4] Mineral Resources and Projects - Antipa's land package covers over 4,100 square kilometers and hosts a substantial mineral resource of 3 million gold equivalent ounces [4] - The Paterson Province has seen discoveries of over 20 million ounces of gold and 3.4 million tons of copper in recent years [5] - The Minyari Dome project has a scoping study indicating the potential to mine 1.5 million ounces of gold at 1.5 grams per tonne, producing 130,000 ounces annually for the first ten years [6] Economic Viability - The NPV at a base case gold price of AUD 3,000 per ounce is AUD 834 million, with an IRR of 52% [6] - At AUD 4,000 per ounce, the post-tax NPV increases to AUD 1.2 billion with an IRR of 79% [6] - Annual free cash flow post-tax averages AUD 126 million at AUD 3,000 per ounce, increasing to AUD 214 million at AUD 4,000 per ounce, representing a 70% increase [7] Development Timeline - The pre-feasibility study is on track for completion in June, with plans to move into a definitive feasibility study and aim for a financial investment decision by 2027 [11] - First gold production is targeted for December 2028 [11] Exploration and Drilling Activities - A recent 13,000-meter growth-focused drilling program has identified significant resource extension potential [12] - The Minyari deposit has shown promising intersections, including 154 meters at 2.1 grams per tonne [13] - The GEO-one discovery, located 1.3 kilometers south of Minyari, currently hosts around 200,000 ounces of gold, with plans for further resource increases [14] Strategic Focus - Antipa is fully funded for its technical studies and resource growth drilling programs, with a total of 35,000 meters of growth and exploration drilling planned for this year [20] - The company aims to drill between 50,000 to 70,000 meters next calendar year based on success [20] - Antipa is positioned well within a province experiencing significant M&A activity and exploration interest [21] Conclusion - Antipa Minerals presents a compelling investment opportunity with a strong cash position, significant resource potential, and a clear development timeline in a region with increasing exploration activity [21]