Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is pleased to announce it has received binding commitments for a placement to raise approximately $5.75 million (before costs) through the issue of 575 million fully paid ordinary shares (New Shares) at $0.01 per share (Placement).
Antipa will issue one (1) free-attaching unlisted option (Option) for every two (2) new Shares subscribed for and issued pursuant to the Placement. The Options will be exercisable at $0.02 with an expiry date two years from the date of issue. Additionally, the Company has entered into a drill-for-equity arrangement with industry-leading drill programme partner Topdrill Pty Ltd (Topdrill), granting Antipa the option to partpay for future drilling services in fully paid ordinary shares up to $1.0 million.
Highlights
Firm commitments received to raise $5.75 million via a Placement to institutional and sophisticated investors, corner stoned by highly regarded specialised mining investment company Lion Selection Group (ASX: LSX). Proceeds of the Placement are to be applied to the continued advancement of Antipa's flagship Minyari Dome Gold-Copper Project (100% AZY) (Minyari Dome). Significant upcoming activities and key milestones at Minyari Dome include: Outstanding results from the recently completed Phase 1 CY2024 drilling programme2 (11,000m) at GEO-01 plus multiple growth and discovery targets. Maiden Mineral Resource Estimate (MRE) for GEO-01, scheduled for completion in July. Further growth and exploration drilling at GEO-01, currently planned for H2 CY2024. Exploration growth drilling at several targets proximate to Minyari and GEO-01, plus the Pacman target PM3. Update of the Minyari deposit MRE. Update of the August 2022 Minyari Dome Scoping Study, scheduled for August 2024. Potential to increase Placement size by $0.5 million should major shareholder, Newmont Corporation, exercise its right to maintain its 8.6% shareholding within five (5) business days of receipt of the issue terms. Up to $1.0 million drill-for-equity agreement executed with drill programme partner Topdrill.
The Placement was met with strong demand from new and existing international and domestic institutions together with sophisticated and professional investors. Highly regarded specialised ASX listed investment company Lion Selection Group, which focuses on junior miners, participated for $2.0 million in the Placement. Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers to the Placement
Antipa's Managing Director, Roger Mason, commented: 'This Placement ensures the Company is in a strong financial position for the continued advancement of exploration and development activities at Minyari Dome. We are excited to have numerous upcoming catalysts, both on our known discoveries and our numerous exploration targets, which are all capable of delivering significant value accretion for our shareholders. I would like to thank existing shareholders who supported this capital raise, as well as welcome all new shareholders onboard, in particular the highly regarded mining investment company Lion Selection Group, for the next, exciting phase of our development.'
USE OF PROCEEDS
Proceeds from the Placement will be applied to the advancement of Minyari Dome including resource growth and discovery focused exploration and development appraisal activities, including an update to the August 2022 Scoping Study, and general working capital. The Phase 2 Exploration Programme is planned for H2 CY2024 and is scheduled to include reverse circulation and diamond core drilling predominantly at the GEO-01 prospect. The key programme objective is an increase to the overall size of the Minyari Dome Mineral Resource which currently stands at 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt at 1.6 g/t gold and 0.19% copper1 . Expansion to this MRE could be expected to deliver strong value enhancement to the existing Minyari Dome development opportunity2 . Following the MRE updates, the August 2022 Minyari Dome Scoping Study update will be completed. This update will include any potential additional production opportunity that GEO-01 may provide and will take account of the significant increase in the Australian dollar gold price. The updated Scoping Study is currently scheduled for completion in August 2024. Subject to the outcomes from the August 2024 Scoping Study, and approval from the Board of Directors, a Pre-Feasibility Study for Minyari Dome may commence.
PLACEMENT DETAILS
Under the terms of the Placement, Antipa has agreed to issue 575 million Shares at an issue price of $0.01 per Share to raise approximately $5.75 million (before costs). Antipa will issue one (1) freeattaching Option for every two (2) new Shares subscribed for and issued pursuant to the Placement. The Options will be exercisable at $0.02 with an expiry date two years from the date of issue. The Placement issue price of $0.01 represents a 17% discount to the last close on 17 June 2024 and a 21% discount to the Company's 5-day VWAP.
ABOUT LION SELECTION GROUP
Lion Selection Group (Lion Selection) is an ASX listed, specialist mining investment company with a focus on early-stage mining opportunities. With a long-term view, Lion Selection aims to capture significant value through proven value creation steps. Employing a portfolio approach, Lion Selection selects the best opportunities from the junior end of the mining sector. With over 25 years of experience, Lion Selection is a key player in mining investment within Australia.
ABOUT TOPDRILL
Topdrill is a leading and highly reputable Australian drilling contractor that provides a range of drilling services to the exploration and mining sectors. Based in Kalgoorlie, Western Australia, Topdrill operates 29 drill rigs throughout Australia. With a focus on safety, environmental responsibility, and a commitment to providing high-quality drilling services to its clients, Topdrill has completed multiple drilling programmes for Antipa since 2021 including the recently completed Minyari Dome Phase 1 RC drilling programme.
About Antipa Minerals
Antipa Minerals Ltd (ASX: AZY) (Antipa or the Company) is a leading mineral exploration company with a strong track record of success in discovering world-class gold-copper deposits in the highly prospective Paterson Province of Western Australia. The Company's exploration and advancement programmes remain focused on identifying and unlocking the full potential of the region, which offers significant opportunities for profitable mining operations. The Company's tenement granted holding covers over 5,100km2 in a region that is home to Newmont's world-class Telfer mine and some of the world's more recent large gold-copper discoveries including Rio Tinto's Winu and Newmont-Greatland Gold's Havieron. Exploration success has led to the discovery of several major mineral deposits on Antipa's ground, including the wholly owned, flagship 900km2 Minyari Dome Gold-Copper Project. Minyari Dome currently hosts a 1.8 Moz gold resource (at 1.6 g/t) which was the subject of a Scoping Study (August 2022) indicating the potential for a sizeable initial development with further substantial upside. Antipa is pursuing an aggressive drilling programme this year, targeting substantial and rapid growth to the existing goldcopper resources at Minyari Dome, delivering strong further value enhancement to the existing development opportunity, and making new significant gold-copper discoveries.
ANTIPA MINERALS LIMITED 
