ANTIPA MINERALS LIMITED
ABN 79 147 133 364
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2022
Contents
Corporate Directory
Directors’ Report
Remuneration Report
Auditor’s Independence Declaration
Independent Audit Report to Members
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Directors’ Declaration
Corporate Governance Statement
Additional ASX Information
ANNUAL REPORT
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ANNUAL REPORT
Auditor
BDO Audit (WA) Pty Ltd
Level 9
Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Securities Exchange Listing
Antipa Minerals Limited shares
are listed on the Australian Securities Exchange
Shares: AZY
Website
www.antipaminerals.com.au
Corporate Directory
Directors
Mr Stephen Power
Non-Executive Chairman
Mr Roger Mason
Managing Director
Mr Mark Rodda
Executive Director
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
Chief Financial Officer/Company Secretary
Mr Luke Watson
Registered and Principal Office
Level 2
16 Ord Street
West Perth WA 6005
Tel: +61 8 9481 1103
Share Register
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000
Telephone: +61 1300 787 272
Facsimile: +61 8 9323 2033
1
Directors’ Report
30 June 2022
ANNUAL REPORT
The Directors of Antipa Minerals Limited (Directors) present their report on the Consolidated Entity consisting
of Antipa Minerals Limited (Company or Antipa) and the entities it controlled at the end of, or during, the year
ended 30 June 2022 (Consolidated Entity or Group).
DIRECTORS
The following persons were directors of Antipa during the financial year or up to the date of this report:
Mr Stephen Power
Non-Executive Chairman
Mr Roger Mason
Managing Director
Mr Mark Rodda
Executive Director
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
CURRENT DIRECTORS
Mr Stephen Power – Non-Executive Chairman
Qualifications – LLB
Stephen Power was previously a commercial lawyer with over 35 years’ experience advising participants in the
energy and resources industry in Australia and overseas including England, Canada, Ghana, Tanzania, Brazil and
Peru. Stephen has extensive experience and understanding of the commercial aspects of resource companies,
including farm-in negotiations, joint ventures and mergers and acquisitions. Stephen was formerly a non-
executive director of Melbourne based Karoon Energy Limited and has interests in a number of businesses in
the resources and other industries. Stephen's wide-ranging commercial and legal experience provides valuable
commercial expertise to the Company.
Special responsibilities
Chair of the Environment, Social and Governance (ESG) Committee
Member of Audit and Risk Committee
Member of Nomination and Remuneration Committee
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last three years
None
Mr Roger Mason – Managing Director
Qualifications – BSc (Hons), MAusIMM
Roger Mason is a geologist with over 36 years’ resources industry experience involving exploration, project,
mining and business development roles covering a range of commodities including nickel, base metals and gold
to the level of executive management and company director. Roger graduated from the University of Tasmania
in 1986 with an honours degree in science and has been a Member of the AusIMM since 1990.
Roger commenced his geology career with Western Mining Corporation (WMC) in 1987 before joining
Forrestania Gold in 1997, which was subsequently acquired by LionOre International. In 2006 Roger achieved
the role of General Manager Geology for LionOre Australia and then Norilsk Nickel Australia following its
takeover of LionOre. During 2009 and 2010 Roger consulted to Integra Mining on the Randalls Gold Project
Feasibility Study and new business opportunities. Roger has been the Managing Director and CEO of Antipa
Minerals Ltd since the company was listed on the ASX in April 2011, achievements include the discovery of
multiple mineral deposits including the 2.1 million ounce Calibre gold-copper-silver deposit, and defining total
combined resources of approximately 4.3 million ounces of gold, 226,000 tonnes of copper and 2.4 million
ounces of silver, including the 1.8 million ounce Minyari Dome gold-copper-silver-cobalt deposits.
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Directors’ Report
30 June 2022
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last three years
None
Mr Mark Rodda – Executive Director (Commercial and Legal)
Qualifications – BA, LLB
ANNUAL REPORT
Mark Rodda is a lawyer and corporate consultant with over 25 years’ private law practice, in-house legal,
company secretarial and corporate experience. Mark has considerable practical experience in the management
of local and international mergers and acquisitions, divestments, exploration and project joint ventures,
strategic alliances, corporate and project financing transactions and corporate restructuring initiatives. Mark is
a non-executive director of Lepidico Limited and prior Chairman of Coalspur Mines Ltd, both ASX listed public
companies. Prior to its takeover by Norilsk Nickel for US$6+ billion, Mark held the position of General Counsel
and Corporate Secretary for LionOre Mining International Ltd, a company with operations in Australia and Africa
and listings on the TSX, LSE and ASX.
Other current directorships of listed public companies
Lepidico Ltd – Non-Executive Director (appointed 22 August 2016)
Former Directorships of listed public companies in the last three years
None
Mr Peter Buck – Non-Executive Director
Qualifications – MSc, MAusIMM, Fellow AIG
Peter Buck is a geologist with more than 45 years of international mineral exploration and production
experience, principally in nickel, base metals and gold. During his career he has been associated with the
discovery and development of a number of mineral deposits in Australia and Brazil.
Peter worked with WMC for 23 years in a variety of senior exploration and production roles both in Australia
and Brazil before joining Forrestania Gold NL as Exploration Manager in 1994. Forrestania Gold was subsequently
acquired by LionOre International Ltd with whom he became the Director of Exploration and Geology until mid-
2006. Peter managed the highly successful exploration team that delineated the Maggie Hays nickel deposit and
discovered the Emily Ann, Waterloo and Amorac nickel deposits and the two-million ounce Thunderbox gold
deposit in Western Australia. All of these were subsequently developed into mines. Peter played a key senior
management role in progressing these deposits through feasibility studies to production. Peter also played key
senior advisory roles in indigenous relations in Australia and in LionOre International’s African operations and
new business development. During this period Peter was also a Non-Executive director with Gallery Resources
Limited and Breakaway Resources Limited (Breakaway).
In 2006, Peter played a key role in managing a divestment of a large portion of LionOre Australia’s nickel
exploration portfolio into Breakaway. Following this transaction, Peter became the Managing Director of
Breakaway and led the team that discovered extensions to a series of nickel and base deposits in WA and
Queensland. In 2009, Peter left Breakaway to pursue other professional and personal interests.
From 2010 until early 2013 Peter chaired the Canadian company, PMI Gold (PMI), and played a key role in co-
listing the company on the ASX. The role entailed a revamping of the strategy of the company to fast-track the
advancement of the company’s Ghanaian gold assets and in particular the preparation of the multi-million ounce
Obotan gold deposit. Also, the role entailed overseeing PMI’s transition to a merger of the company with a
Canadian explorer, Keegan Resources, to form Asanko Gold (subsequently rebranded, Galiano Gold Inc.). Since
October 2014, Peter has served as a Non-Executive director of ASX listed, IGO Limited.
Peter was on the council of The Association of Mining and Exploration Companies (AMEC) for 12 years and
served as its Vice President for several years. After resigning from AMEC, Peter was awarded life membership.
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Directors’ Report
30 June 2022
ANNUAL REPORT
Also, for a number of years, Peter served on the Council for the Centre for Exploration Targeting established at
the University of Western Australia and Curtin University.
Special responsibilities
Chair of the Audit and Risk
Member of the ESG Committee
Member of the Nomination and Remuneration Committee
Other Current Directorships of listed public companies
IGO Limited (appointed 6 October 2014)
Former Directorships of listed public companies in the last three years
None
Mr Gary Johnson – Non-Executive Director
Qualifications – MAusIMM, MTMS, MAICD
Gary Johnson has over 41 years’ experience in the mining industry as a metallurgist, manager, owner, director
and managing director possessing broad technical and practical experience of the workings and strategies
required by successful mining companies.
Prior to 2011 Gary was Managing Director of Norilsk Nickel Australia, reporting to the Deputy Director of
International Assets at MMC Norilsk Nickel, the world’s largest nickel producer.
Gary now operates his own consulting business, Strategic Metallurgy Pty Ltd, specialising in high-level
metallurgical and strategic consulting. He is Chairman of Lepidico Limited, an ASX listed public company
developing new technology for the lithium battery industry.
For many years Gary was a director of Tati Nickel Mining Company (Pty) Ltd, in Botswana. During his long
association with Tati, it grew to be a low-cost nickel producer and the largest nickel mine in Africa.
Special responsibilities
Chair of the Nomination and Remuneration Committee
Member of Audit and Risk Committee
Member of ESG Committee
Other Current Directorships of listed public companies
Lepidico Limited (appointed 9 June 2016) – Non-Executive Chairman
Former Directorships of listed public companies in the last three years
None
CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY
Mr Luke Watson
Qualifications – B.Bus, CA, CS, FGIA, F Fin
Mr Watson is a Chartered Accountant and experienced CFO who commenced his career at a large international
accounting firm. Since 2005, Luke has held senior corporate and finance positions with several ASX and TSX listed
exploration and development companies operating in the resources industry, including Mantra Resources
Limited (Mantra), OreCorp Limited and OmegaCorp Limited. He was the CFO and Company Secretary of Mantra
from its $6 million IPO in October 2006 until its acquisition by ARMZ (JSC Atomredmetzoloto) for approximately
$1 billion in mid-2011. Luke is also a member of the Governance Institute of Australia (Chartered Secretary) and
the Financial Services Institute of Australasia.
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30 June 2022
PRINCIPAL ACTIVITIES
ANNUAL REPORT
Antipa is a mineral exploration company focussed on the Paterson Province in north-west Western Australia,
home to Newcrest Mining’s world-class Telfer gold-copper-silver mine, Rio Tinto’s Winu copper-gold-silver
development project, Greatland Gold-Newcrest’s recent Havieron gold-copper development project and other
significant mineral deposits.
DIVIDENDS
No dividends have been declared, provided for, or paid in respect of the financial year ended 30 June 2022 (2021:
Nil).
SUMMARY REVIEW OF OPERATIONS
For the financial year ending 30 June 2022 the Group recorded a net loss of $5,856,191 (year ended 30 June
2021: $3,556,918 loss) and a net cash outflow from operations of $1,708,340 (year ending 30 June 2021:
$834,692).
COMPANY PROJECTS AND ACTIVITIES UNDERTAKEN
Projects and Location Overview
The Company is an ASX listed (ASX:AZY) mineral resources company with large-scale world-class assets and the
objective of providing maximum leverage to shareholders via exploration leading to mine development success.
The Company has approximately 5,100km2 of highly prospective tenure in the Proterozoic Paterson Province of
Western Australia extending to within 3km of the world-class Telfer gold-copper-silver mine and in close
proximity to the recently discovered Winu copper-gold-silver development project1 and Havieron gold-copper
development project2.
The Company’s projects include the +1,200km2 Citadel Joint Venture Project with Rio Tinto3 (who currently holds
a 65% joint venture (JV) interest), the +2,200km2 Wilki Project that is subject to a $60 million Farm-in and Joint
Venture Agreement with Newcrest4 (who is yet to earn a JV interest) and the +1,550km2 Paterson Project that
is subject to a $30 million Farm-in and Joint Venture Agreement with IGO5 (who is yet to earn a JV interest).
Additionally, the Company retains a 100% interest in 144km2 of the Minyari Dome Project, which hosts the
Minyari-WACA Mineral Resources, plus other deposits and high-quality exploration targets. Details of these
projects are summarised below.
1 On 23 February 2022, Rio Tinto disclosed an updated Indicated and Inferred Mineral Resource for Winu (which at a 0.2% copper equivalent
cut-off, is 608Mt at 0.49% copper equivalent (CuEq) and includes a higher grade component of 268Mt at 0.73% 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).
2 On 22 July 2021, Newcrest confirmed that works to progress the necessary approvals and permits that are required to commence the
development of an operating underground mine and associated infrastructure at the Project are ongoing. Newcrest released its Havieron
Pre-Feasibility Study on 12 October 2021. For further information on Havieron, please refer to Newcrest’s website (www.newcrest.com) and
Australian Securities Exchange (ASX: NCM) news releases (www.asx.com.au).
3 All references to ‘Rio Tinto’ in this document are to Rio Tinto Exploration Pty Ltd, a wholly owned subsidiary of Rio Tinto Limited.
4 All references to ‘Newcrest’ in this document are to Newcrest Operations Ltd, a wholly owned subsidiary of Newcrest Mining Limited.
5 All references to ‘IGO’ in this document are to IGO Newsearch Pty Ltd, a wholly owned subsidiary of IGO Limited.
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Directors’ Report
30 June 2022
Project Name
Minyari Dome Project
(100% Antipa)
Area
144km2
ANNUAL REPORT
Details
• Owned and operated by the Company.
• Granted tenements.
• Hosts the Minyari Dome structure, stratigraphy and mineral systems.
• Includes Minyari high grade gold-copper (with cobalt and silver)
deposit and WACA high grade gold-copper (with silver ± cobalt)
deposit.
• Minyari drill results continued to increase the Mineral Resource
Estimate (May 2022 JORC 2012 combined MRE of 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% copper for Minyari, WACA
the project development
and satellite deposits) enhancing
opportunity, including as a potential standalone development.
• Hosts the Minyari South, Sundown, GP01, Minyari North, WACA
West, WACA East and Judes gold and/or copper satellite deposits and
prospects.
• Approximately 35km north of the Telfer gold-copper-silver mine and
mineral processing facility.
• August 2022 Scoping Study confirmed technical and financial
robustness of potential stand-alone development opportunity.
Citadel Project –
~1,200km2 • Managed and operated by Rio Tinto (since January 2020).
Rio Tinto Joint Venture
(35% Antipa / 65% Rio Tinto)
• Subject to Joint Venture (JV) Agreement with Rio Tinto under which
Rio Tinto has funded in excess of $25M of exploration expenditure to
earn a 65% interest.
• In April 2021, Antipa elected to contribute to future Citadel Project
Joint Venture expenditure in accordance with its remaining 35% joint
venture interest.
• Granted tenements.
• Hosts the Magnum Dome structure, prospective stratigraphy and
mineral systems.
• Includes the Magnum gold-copper-silver deposit, the Calibre gold-
copper-silver-tungsten deposit and the Corker polymetallic deposit.
• Existing combined MRE of 2.4Moz gold at 0.72 g/t, 162kt copper at
0.15% and 1.8Moz silver at 0.54 g/t silver resources.
• Tenements within 4km of Rio’s Winu copper-gold-silver development
project.
• $6 to $8M budget approved for CY 2022, Antipa has elected to utilise
the dilute-down provision in the JV agreement for the 2022
exploration programme and will not be required to make any JV cash
contributions for the year.
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30 June 2022
ANNUAL REPORT
Project Name
Wilki Project –
Newcrest Farm-in
(100% Antipa / 0%
Newcrest)
Paterson Project –
IGO Farm-in
(100% Antipa / 0% IGO)
Details
Area
~2,200km2 • Managed and operated by the Company during the 2021-22 financial
year (Antipa received a 10% management fee).
• Subject to Farm-in and Joint Venture Agreement with Newcrest (who
is yet to earn a joint venture interest) under which Newcrest can fund
up to $60M of exploration expenditure to earn up to a 75% interest.
• In November 2021, Newcrest elected to proceed to the next ($10M)
stage of the Wilki Project farm-in agreement.
• Granted tenements.
• Includes highly prospective areas around the Telfer Dome (including
the Chicken Ranch and Tim’s Dome deposits), the northern
continuation of the domal structure upon which the Telfer gold-
copper-silver open pit and underground mines are situated, and the
northern continuation of the stratigraphy which hosts the Havieron
gold-copper deposit.
• Surrounds Newcrest’s giant Telfer gold-copper-silver mine and
mineral processing facility on three sides coming to within 3km and
comes to within 9km of Havieron.
• Newcrest
is a ~9.9% shareholder
in Antipa via total $8.2M
investment.
~1,550km2 • Managed and operated by the Company until 15 March 2022 (Antipa
received a 10% management fee), at which time IGO assumed
management.
• Subject to Farm-in and Joint Venture Agreement with IGO (who is yet
to earn a joint venture interest) under which IGO can fund up to
$30M of exploration expenditure to earn up to a 70% interest.
• In December 2021, IGO met its initial (minimum) commitment of
$4M in exploration expenditure on the Paterson Farm-in Project and
elected to assume management of the project effective March 2022.
The next stage of the Paterson Farm-in Project requires IGO to spend
an additional $26M in exploration expenditure to earn a 70% joint
venture interest.
• Upon joint venture formation, IGO shall free-carry Antipa to the
completion of a Feasibility Study.
• Granted tenements.
• Within 22km of Newcrest’s Telfer gold-copper mine, 8km of Rio
Tinto’s Winu copper-gold-silver development project, and surrounds
the Minyari Dome Project.
• IGO is a ~4.7% shareholder in Antipa via total $4.5M investment.
The Paterson Province of Western Australia hosts several world-class gold, copper, silver, uranium, and tungsten
deposits, including:
Cyprium Metals’ Nifty copper (with cobalt) mine;
• Newcrest’s Telfer gold-copper-silver mine, one of Australia’s largest gold producers;
•
• Newcrest’s O’Callaghans deposit, one of the world’s largest tungsten deposits;
• Rio Tinto’s Winu copper-gold-silver development project;
• Newcrest and Geatland6 Farm-in and Joint Venture’s Havieron gold-copper development project;
• Rio Tinto and Antipa Joint Venture’s Calibre gold-copper-silver deposit;
• Antipa’s Minyari Dome gold-copper-silver-cobalt deposits; and
•
Cameco’s Kintyre uranium deposit.
6 All references to ‘Greatland’ in this document are to Greatland Gold plc.
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ANNUAL REPORT
The Company’s Projects are interpreted to host equivalent Proterozoic geological formations to that which hosts
the Telfer, Winu and Havieron gold-copper deposits, the Nifty copper deposit and O’Callaghans tungsten and
base metal deposit. Regionally, past exploration has interpreted geological structures and granite intrusions
considered to be essential ingredients of the genetic models for the Telfer, Nifty and O’Callaghans deposits.
The Company’s exploration strategy is to strive to deliver greenfields discoveries, increase brownfield gold-
copper Mineral Resources and deliver project development opportunities.
All 2022 exploration programmes took account of the impact of the COVID-19 virus to ensure the safety and
wellbeing of all stakeholders including local indigenous groups, employees and contractors and also to comply
with government restrictions aimed at stopping the spread of the virus.
Minyari Dome Project (Antipa 100% Owned)
Minyari Dome Project – Particulars
The Company has 100% ownership of 144km2 of highly prospective ground in the Paterson Province. The
Company’s Minyari Dome Project is located approximately 35km north of Newcrest’s giant Telfer gold-copper-
silver mine and 22 Mtpa processing facility, 75km south of Rio Tinto’s Winu copper-gold-silver development
project and 50km northwest of Newcrest - Greatland’s Havieron gold-copper development project. The Minyari
Dome structure and stratigraphy dominates the Project, which hosts the Minyari and WACA gold-copper-silver-
cobalt deposits, and Mineral Resources, which, in conjunction with a number of small satellite deposits,
prospects and targets, provides the Company with immediate exploration and possible future development
opportunities.
The May 2022 Mineral Resource estimate (MRE) update for the Minyari, WACA and satellite deposits is
summarised in Table 1 below. The MRE was prepared by mining industry consultants Snowden Optiro and
reported in accordance with guidelines and recommendations of the JORC Code (2012) based on 0.5 g/t and 1.5
g/t gold equivalent7 cut-offs. The deposits are considered amenable to open pit and underground mining.
Table 1: Minyari Dome Project Mineral Resource Statement – May 2022
Refer to Table 2 and Tables 3a-e for additional detailed information
Including a breakdown by 0.5 and 1.5 gold equivalent2 cut-off grades applied for open pit and underground mining
7 The calculation of the metal equivalent is documented below.
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Directors’ Report
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ANNUAL REPORT
The 2022 Indicated and Inferred MRE represents a very significant increase in tonnage (3.1x) and contained gold
ounces (2.4x), copper tonnes (2.4x), silver ounces (2.5x) and cobalt tonnes (2.7x) compared to the previous
estimate (November 2017) of an Indicated and Inferred Mineral Resource of 11.0Mt grading 2.0 g/t gold for
723koz, 0.24% copper for 26kt, 0.7 g/t silver for 233koz and 460ppm cobalt for 4kt. The 2022 Minyari and WACA
Indicated Mineral Resource tonnage has increased 6.2x in comparison to the 2017 MRE (i.e. 21.1Mt versus
3.4Mt) with Indicated Mineral Resource gold ounces increasing by 4.5x (i.e. 1Moz versus 213koz gold).
Minyari and WACA high-grade mineralisation is commonly associated with sulphide matrixed breccia zones
similar to the Havieron gold-copper style of mineralisation, with Minyari drilling at depth confirming continuity
of moderate northwest plunging “pipe” like high-grade breccia mineralisation.
The Minyari deposit represents a very large-scale high-grade gold with copper, silver and cobalt mineral system,
which occurs along 500m of strike across a horizontal width of up to 300m, which extends from surface down
to 670m below the surface, and mineralisation remains open in several directions including down plunge
providing material resource extension upside. At Minyari during 2021 mineralisation was discovered
immediately east, west, and both up plunge to the southeast and down plunge to the northwest, including
significant high-grade breccia style mineralisation.
At the WACA deposit, high-grade mineralisation occurs along 650m of strike across a horizontal width of up to
100m, which extends from surface down to 510m below the surface, and mineralisation remains open in several
directions providing resource extension upside. During 2021 mineralisation was discovered in both the shallow
and deeper regions of WACA, with drill results confirming a moderate northwesterly mineralisation plunge
similar to Minyari.
The maiden MREs for the Minyari South, Sundown and WACA West deposits are all near surface, remain open
in all directions and are within 100 to 250m of the Minyari or WACA deposits, highlighting the potential for
further resource upside.
The Minyari Dome Project is subject to a 1% net smelter royalty payable on the sale of product.
The Minyari Dome Project, including the Minyari and WACA deposits, is not subject to the Citadel Project Joint
Venture Farm-in Agreement with Rio Tinto, the Wilki Project Farm-in Agreement with Newcrest or the Paterson
Project Farm-in Agreement with IGO (refer below).
Minyari Project – CY 2021 Mineral Exploration Activities
During the 2021-22 financial year, the Company undertook extensive mineral exploration activities with the
objective to aggressively advance the multiple exploration and development opportunities across its Minyari
Dome Project. These activities, which are further detailed below, included the following:
• A significant diamond core (DD) and reverse circulation (RC) drill programme (42,110m) focused on the
Minyari and WACA deposits with the following objectives:
•
Test for both extensions to and new zones of high-grade Minyari-WACA gold-copper
mineralisation with the aim of increasing the size of the combined resource; and
• Upgrade the JORC classification of the Minyari-WACA MRE.
• A significant greenfield exploration programme, including RC drilling (10,640m), focused on delivering
significant gold and/or copper discoveries within 4km of the existing Mineral Resources that can
enhance the Minyari-WACA development opportunity.
For the period from 1 July 2021 through to the date of this Report, Minyari Dome Project DD and RC drilling
results returned multiple high-grade gold and copper intersections, including further significant greenfield gold-
copper discoveries outside the existing Minyari-WACA Mineral Resource areas. Key highlights and significant
drill results received are summarised below:
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Directors’ Report
30 June 2022
Minyari Mineral Resource Definition Drill Programme:
• Minyari deposit near surface intersections:
ANNUAL REPORT
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
35.0m at 3.52 g/t gold and 0.48% copper from 20.0m down hole in 21MYC0272
77.0m at 1.50 g/t gold and 0.20% copper from 13.0m down hole in 21MYC0230
30.0m at 2.95 g/t gold and 0.14% copper from 149.0m down hole in 21MYC0235
77.0m at 1.26 g/t gold, 0.41% copper and 1.10 g/t silver from 85.0m down hole in 21MYC0221
45.0m at 1.42 g/t gold and 0.06% copper from 21.0m down hole in 21MYC0257
67.0m at 1.10 g/t gold and 0.44% copper from 48.0m down hole in 21MYC0280
118.0m at 1.0 g/t gold and 0.10% copper from 201.0m down hole in 21MYC0232
82.0m at 0.80 g/t gold and 0.16% copper from 133.0m down hole in 21MYC0231
34.0m at 1.24 g/t gold and 0.18% copper from 124.0m down hole in 21MYC0342
32.0m at 1.34 g/t gold and 0.19% copper from 55.0m down hole in 21MYC0227
4.0m at 10.48 g/t gold, 0.53% copper and 0.05% cobalt from 34.0m down hole in 21MYD0514
21.0m at 0.93 g/t gold and 0.72% copper from 105.0m down hole in 21MYC0273
10.0m at 2.33 g/t gold and 0.39% copper from 44.0m down hole in 21MYC0223
10.0m at 1.63 g/t gold and 0.25% copper from 22.0m down hole in 21MYC0227
32.0m at 0.84 g/t gold and 0.14% copper from 46.0m down hole in 21MYC0276
• Minyari deposit breccia intersections at depth:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
362.0m at 1.4 g/t gold and 0.16% copper from 230.0m down hole in 21MYCD0216
142.0m at 1.87 g/t gold and 0.16% copper from 294.0m down hole in 21MYCD0200
207.0m at 1.45 g/t gold and 0.09% copper from 219.0m down hole in 21MYC0340
134.0m at 1.70 g/t gold and 0.30% copper from 212.0m down hole in 21MYC0233
194.4m at 0.80 g/t gold and 0.06% copper from 527.0m down hole in 21MYD0502
98.0m at 1.41 g/t gold and 0.07% copper from 453.0m down hole in 21MYD0509
51.3m at 1.98 g/t gold, 0.23% copper and 0.07% cobalt from 288.7m down hole in 21MYD0510
44.0m at 1.49 g/t gold and 0.15% copper from 395.0m down hole in 21MYCD0220
20.7m at 1.97 g/t gold and 0.07% copper from 692.3.0m down hole in 21MYD0503
12.7m at 6.32 g/t gold from 594.3m down hole in 21MYD0510
60.0m at 1.18 g/t gold and 0.13% copper from 378.0m down hole in 21MYC0273
68.1m at 0.74 g/t gold and 0.21% copper from 235.9m down hole in 21MYD0507
16.4m at 2.71 g/t gold and 0.14% copper from 426.7m down hole in 21MYD0507
5.9m at 7.68 g/t gold from 693.5m down hole in 21MYD0513
15.0m at 2.00 g/t gold and 0.17% copper from 472.0m down hole in 21MYD0507
27.4m at 1.12 g/t gold, 0.23% copper and 0.04% cobalt from 389.5m down hole in 21MYD0512
17.9m at 1.56 g/t gold and 0.46% copper from 437.0m down hole in 21MYD0512
20.0m at 1.02 g/t gold and 0.15% copper from 477.8m down hole in 21MYD0510
•
The “Minyari East” Discovery, only approximately 80m east of the 2017 Minyari Mineral Resource
boundary, key results included:
•
•
•
31.0m at 3.20 g/t gold and 0.26% copper from 383.0m down hole to end-of-hole in
21MYC0205
6.0m at 16.83 g/t gold, 0.50% copper and 0.96 g/t silver from 335.0m down hole in 21MYC0208
22.0m at 2.60 g/t gold and 0.08% copper from 294.0m down hole in 21MYC0200
• WACA deposit near surface intersections:
•
•
•
•
•
47.0m at 1.95 g/t gold and 0.33% copper from 151.0m down hole in 21MYC0287
57.0m at 1.51 g/t gold and 0.05% copper from 127.0m down hole in 21MYC0241
31.0m at 2.24 g/t gold and 0.22% copper from 18.0m down hole in 21MYC0300
56.0m at 0.87 g/t gold, 0.28% copper and 0.15% cobalt from 63.0m down hole in 21MYC0283
14.0m at 1.64 g/t gold and 0.12% copper from 142.0m down hole in 21MYC0240
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ANNUAL REPORT
•
11.0m at 1.08 g/t gold and 0.08% copper from 27.0m down hole in 21MYC0282
• WACA deposit breccia intersections at depth:
•
76.2m at 0.90 g/t gold and 0.01% copper from 430.0m down hole in 21MYD0505
Further Significant Greenfield Gold-Copper Discoveries:
•
The greenfield exploration 10,640m RC drill programme was completed, testing multiple high priority
gold-copper targets all within 3.5km of the Minyari resource.
• Assay results returned significant high-grade gold and copper (± silver and cobalt) at several
•
targets/prospects highlighting the potential for further resource growth.
Four RC drill holes at the Minyari South prospect, 250m southwest of the Minyari resource, intersected
significant shallow high-grade gold and copper mineralisation, including:
•
•
•
9.0m at 10.8 g/t gold and 0.60% copper from 54.0m down hole in 21MYC0266
10.0m at 3.0 g/t gold and 0.60% copper from 98.0m down hole in 21MYC0267
13.0m at 1.6 g/t gold and 0.10% copper from 31.0m down hole in 21MYC0268
• A single RC drill hole at the Sundown target, 250 to 300m west of the Minyari resource, intersected
significant gold with copper mineralisation above the IP target including:
•
•
42.0m at 0.53 g/t gold and 0.2% copper from 125.0m down hole in 21MYC0278, including 14.0m
at 1.3 g/t gold and 0.4% copper.
Sundown demonstrates a similar near surface gold-copper mineralisation expression to the
shallow northern region of Minyari, highlighting the potential for significant increases in the
mineralisation grade and thickness with depth across the IP chargeability anomaly at Sundown.
First RC drill hole (21MYC0245) at GP01 target 800m southeast of the Minyari resource intersected
significant high-grade gold with copper mineralisation:
•
27.0m at 1.3 g/t gold and 0.1% copper from 131.0m down hole, including 7.0m at 3.9 g/t gold
and 0.1% copper.
Follow-up RC drilling at GP01 target, intersected further mineral system related sulphides and alteration
along 150m of strike which remains open:
•
•
•
7.0m at 1.5 g/t gold and 0.07% copper and 0.05% cobalt from 211.0m down hole in 21MYC0311.
• RC drill hole 21MYC0246 intersected significant gold-copper mineralisation 100m north of 21MYC0245
on an adjacent structure (WACA East), including:
•
36.0m at 0.50 g/t gold and 0.07% copper from 78.0m down hole in 21MYC0246.
• DD hole 21MYD0511 at WACA West intersected a broad zone of gold-copper-silver mineralisation
located 150 metres west of the WACA resource providing further resource upside, with drill hole
21MYD0511 returning multiple narrow intersections grading +1 g/t gold, up to 1% copper and up to 12
g/t silver across a 100 metre downhole zone.
Potentially significant mineral system related sulphides and alteration was intersected at four
additional targets (i.e. Minyari North, GP26, GAIP07-09 and Judes) which remains open in most
directions and all within close proximity to Minyari, with the following key highlight from the Minyari
North Prospect (350 metres north of the Minyari Deposit):
•
•
28.0m at 0.5 g/t gold and 0.16% copper from 134.0m down hole in 21MYC0336, including:
•
o 1.0m at 8.1 g/t gold and 0.24% copper from 135.0m.
These multiple near surface discoveries remain open with the Minyari Dome area showing signs of
camp style potential with multiple mineral systems.
Most of these newly discovered zones of mineralisation are close to surface and further enhance the project
development opportunity.
In addition to the greenfields drilling results outlined above, four highly encouraging gold ± copper and
pathfinder soil anomalies were identified as part of the 2021 Minyari Dome Project fine-fraction soil geochemical
sampling programme which covered approximately 92km2 (826 samples) with a 200 x 100m or 400 x 400m
sample spacing. These soil anomalies have been prioritised for follow-up drill testing this year and have the
potential to deliver further greenfield gold-copper discoveries in close proximity to the resources.
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30 June 2022
CY 2022 Minyari Dome Project Exploration Programme
ANNUAL REPORT
Antipa’s overall Paterson Province strategy is to deliver both greenfield discoveries and increase brownfield
gold, copper and cobalt resources with the ultimate aim of generating a short to medium term production
opportunity. Exploration activities within the Company’s 100% owned Minyari Dome Project form a critical part
of this rapidly advancing strategy, with the first phase of the CY 2022 Exploration Programme comprising the
following activities:
•
Scoping Study evaluating the potential for a stand-alone mining and processing operation (refer to the
section below for results of the Scoping Study, which were reported subsequent to the end of the
financial year);
• A 10,000m RC drill programme to test high-priority resource and greenfield targets;
•
3,000m diamond core drill programme to test high-priority resource targets; and
• A project-scale high-resolution Airborne Gravity Gradiometry (AGG) survey to assist drill targeting and
regional 3D geological modelling.
The second phase of the CY 2022 Exploration Programme is currently being finalised with the aim of delivering
an updated Minyari Dome Project MRE in H1 CY 2023.
Consistent with previous years, the Minyari Dome Project 2022 Exploration Programme and budget will be
subject to ongoing review based on results, field conditions, contractor availability and pricing, and other
relevant matters.
Minyari-WACA – August 2022 Scoping Study
Subsequent to year-end, the Company announced the key outcomes of the Scoping Study completed on the
Minyari Dome Project. The Scoping Study confirmed the technical and financial robustness of a stand-alone gold
mining and processing operation at Minyari Dome. It presented the preliminary evaluation of such a
development at Minyari Dome based on the May 2022 MRE. Key highlights of the Study included:
•
•
•
•
•
•
•
•
•
•
Initial combined open pit and underground mine schedule of 21.4 Mt at 1.6 g/t Au (1.1 Moz gold).
7+ years initial processing life at nameplate 3 Mtpa throughput.
Simple, non-refractory metallurgy allows standard CIL process plant with 90% gold recovery.
Total initial gold output of 975 koz, with an average of 170 koz p.a. for the first five years.
Forecast average All-In-Sustaining-Cost (AISC) of A$1,475/oz (US$1,062/oz).
Total pre-production capital cost of A$275M (includes pre-production mining of A$68M).
Pre-tax NPV7 of A$392M and 34% IRR (at US$1,750/oz gold and 0.72 A$/US$).
Post-tax NPV7 of A$278M and 29% IRR (at US$1,750/oz gold and 0.72 A$/US$).
Post-tax payback of approximately 2.5 years from first production.
Latent potential to boost economics with resource upside and by-product opportunities.
The Study provided justification that the Minyari Dome Project is a commercially viable stand-alone gold mining
and processing operation and accordingly the Board of Antipa has approved progression of the Project to a Pre-
Feasibility Study (PFS).
The PFS immediately commenced in parallel with ongoing exploration, resource growth and delineation drilling
and further metallurgical test-work with results expected to be provided in the second half of calendar year
2023.
The Project is located just 35km from Newcrest’s Telfer 22Mtpa processing facility. While a stand-alone
development of the Project is Antipa’s preferred base case, the Company will assess all potential third-party
pathways that might offer greater risk-weighted value for Antipa shareholders.
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ANNUAL REPORT
The Project economics are significantly leveraged to future resource growth, therefore exploration activities
within the Project aim to deliver both greenfield discoveries and increase brownfield gold-silver-copper-cobalt
resources, whilst continuing to advance various studies to de-risk the project.
For further details of the Scoping Study results, please refer to the Company’s Media Release dated 31 August
2022.
Citadel Project – Rio Tinto JV (35% Antipa / 65% Rio Tinto; earnt by sole funding $25 million)
Citadel Project - Particulars
The Citadel Project comprises a +1,200km2 tenement holding which is 80km north of Telfer gold-copper-silver
mine and within 5km of the Winu copper-gold-silver development project. It adjoins the Company’s Paterson
IGO Farm-in Project and includes the Magnum Dome structure, an area of approximately 30km2 which hosts the
Calibre and Magnum deposits. Calibre and Magnum are large scale minerals systems with existing Mineral
Resources (2.4 Moz gold, 162,000 t copper and 1.8 Moz silver) and significant exploration upside.
Key metrics of the Calibre Deposit include:
Large scale mineral system;
•
• multi commodity - gold, copper, silver and tungsten;
•
•
•
•
1.8km in strike;
up to 480m across strike;
extending to +500m below surface; and
open in most directions.
In May 2021, the Company announced a 62% increase to the Calibre Deposit’s MRE, which is shown in Table 2.
The MRE was compiled by Optiro Pty Ltd (for the Company) and reported in accordance with guidelines and
recommendations of the 2012 JORC Code based on a 0.5 g/t gold metal equivalent cut-off. The deposit is
considered amenable to open pit mining.
Table 2: Calibre Mineral Resource Statement (JORC 2012) – May 2021
Resource
Category
(JORC 2012)
Cut-off
(Aueq)
Tonnes
(Mt)
Aueq
(g/t)
Au
(g/t)
Cu
(%)
Inferred
Inferred
0.5
0.8
92
42
0.92
1.26
0.72
0.11
1.00
0.14
Ag
(g/t)
0.46
0.61
Au
(Moz)
Cu
(t)
Ag
(Moz)
Aueq
(Moz)
2.1
1.4
104,000
61,000
1.3
0.8
2.7
1.7
Notes:
1. The resource has been reported at cut-off grades above 0.5 g/t and 0.8 g/t gold equivalent (Aueq); the calculation of
the metal equivalent is documented below.
2. Both the 0.5 g/t and 0.8 g/t Aueq cut-offs assume large scale open pit mining.
3. The resource tonnages tabled are on a 100% basis, with Antipa’s current joint venture interest being 35%.
4. Small discrepancies may occur due to the effects of rounding.
Key metrics of the Magnum Deposit include:
Less than 2km from Calibre;
large scale mineral system;
•
•
• multi commodity - gold, copper, silver ± tungsten;
•
•
•
•
+2km in strike;
up to 600m across strike;
extending to +600m below surface; and
open in most directions.
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ANNUAL REPORT
The current MRE for the Magnum Deposit is shown in Table 3. The MRE was compiled by Cube Consulting Pty
Ltd (for Antipa Minerals) and reported in accordance with guidelines and recommendations of the 2012 JORC
Code based on a 0.5 g/t gold metal equivalent cut-off.
Table 3: Magnum Mineral Resource Statement (JORC 2012) – February 2015
Using a 0.5 g/t gold equivalent cut-off grade
Zone
Transitional
Primary
Total
Resource Category
Tonnes
(JORC 2012)
Inferred
Inferred
Inferred
(Mt)
1.7
14.3
16.1
Au
(g/t)
Cu
(%)
Ag
Au
(g/t)
(koz)
Cu
(t)
0.68
0.31 0.65
37.7
5,300
0.65
0.37 1.03
302
52,500
0.66
0.36 0.99
339
57,800
Ag
(koz)
35.7
476
511
Notes:
1. Small discrepancies may occur due to the effects of rounding.
2. Citadel JV Project Mineral Resources are tabled on a 100% basis, with Antipa’s current joint venture interest being
35%.
Citadel Project - Farm-in and Joint Venture Agreement
Under the terms of a Farm-in and Joint Venture Agreement, Rio Tinto could sole fund up to $60 million of
exploration expenditure to earn up to a 75% interest in the Citadel Project (Citadel Project Farm-in Agreement).
As at 31 March 2021, Rio Tinto had funded in excess of $25 million in exploration expenditure on the Citadel
Project and, in accordance with the terms of the Citadel Project Farm-in Agreement, earned a 65% interest in
the Citadel Project Joint Venture. In April 2021 and in accordance with the terms of the Citadel Project Farm-in
Agreement, the Company elected to co-contribute to future Citadel Project Joint Venture expenditure in
accordance with its remaining 35% joint venture interest. As such, Rio Tinto no longer has a right to earn a 75%
interest in the Citadel Project Joint Venture.
In July 2022, the Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and Rio Tinto
was reduced from $10 million to $6 to $8 million. Following this adjustment, Antipa elected to utilise the dilute-
down provision in the Citadel Project JV agreement for the 2022 exploration programme and will not be required
to make any further JV cash contributions for the revised 2022 JV budget and the Company was refunded ~$0.45
million of 2022 cash-call contributions. The revised CY 2022 Exploration Programme now includes follow-up
drilling and geophysical activities at Rimfire and further regional target drill testing, part of an initial 3,500 to
4,000 metre RC drill programme, targeting a material discovery under shallow cover.
Citadel Project - Mineral Exploration Activities
Citadel Project – Mineral Exploration Activities (Managed by Rio Tinto)
The Citadel CY 2021 Exploration Programme, 65% funded and operated by Rio Tinto, had a final cost of $24.5
million and comprised the following principal activities:
•
24,500m RC and DD drill programme focused on the Magnum Dome area, which hosts the Calibre and
Magnum gold-copper-silver Mineral Resources and Corker deposit, and the Rimfire area together with
other priority regional greenfield targets, including;
Calibre Southwest resource extensional drilling;
•
• Magnum North resource extensional drilling; and
•
Calibre geotechnical drilling.
• Undertaking preliminary metallurgical test-work at Calibre;
• Appraisal work in respect of early stage conceptual project development options at the Calibre deposit;
• Rimfire area detailed aeromagnetic survey to enhance drill targeting;
•
Continuation of the project scale GAIP survey programme across prospective structural corridors of the
Citadel tenements, prioritising areas that have had limited or no testing of the basement by drilling;
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ANNUAL REPORT
• Ongoing processing and interpretation of GAIP and drill hole data, including final 2020 programme data,
together with Calibre deposit and Magnum Dome modelling to identify further priority target areas and
support a potential MRE update; and
Calibre camp infrastructure installation and expansion.
•
Calibre Deposit 2021 Drilling Programme - Drilling Results
• Drilling at Calibre extended the gold-copper mineralisation outside the southern limits of the existing
2.1Moz gold 104kt copper Mineral Resource, with intersections including:
•
•
•
•
•
•
•
•
10.6m at 2.12 g/t gold and 0.12% copper from 153.0m down hole in CALB0030
31.9m at 1.07 g/t gold and 0.25% copper from 413.4m down hole in CALB0034
14.4m at 1.02 g/t gold and 0.08% copper from 310.6m down hole in CALB0035
4.6m at 2.29 g/t gold from 387.1m down hole in CALB0037
1.3m at 4.49 g/t gold from 257.1m down hole in CALB0045
126.1m at 0.43 g/t gold and 0.17% copper from 113.6m down hole in CALB0035
92.0m at 0.44 g/t gold and 0.16% copper from 217.3m down hole in CALB0030
39.9m at 0.50 g/t gold and 0.37% copper from 284.6m down hole in CALB0034
•
The 2021 drill programme extended the limits of Calibre gold-copper mineralisation by up to 100m west
and up to 150m beneath southern region of the resource.
Rimfire Area - Drilling Results
• Broad spaced drilling at Rimfire North intersected significant gold-copper mineralisation, including
sulphide breccias, along a 1.5km interpreted domal structure, with intersections including:
15.2m at 0.53 g/t gold and 0.21% copper from 148.9m down hole in RFRN0005
26.1m at 0.48 g/t gold and 0.23% copper from 182.2m down hole in RFRN0005
4.0m at 2.72 g/t gold and 0.07% copper from 102.0m down hole in RFRN0002
2.0m at 7.73 g/t gold and 0.09% copper from 106.0m down hole in RFRN0002
•
•
•
•
•
Further gold-copper-silver-tungsten mineralisation intersected at Rimfire East, North and South; large
scale mineral system extending across an area of up to 6km. The Rimfire results highlight the potential
for a material discovery under shallow cover with multiple magnetic anomalies remaining untested.
Future drill targeting to be enhanced via a recently completed detailed aeromagnetic survey and
ground geophysical surveys planned for 2022.
Magnum Shear – Drilling Programme
•
Eight broad spaced drill holes (one DD and seven RC holes) were completed at the Magnum Shear
target, which is located between the Magnum and Calibre deposits, with drilling intersecting further
narrow high-grade gold-copper mineralisation along a 1km strike with maximum grades of 6.78 g/t
gold, 1.7% copper, 7.51 g/t silver and 0.13% tungsten. The prospect is currently under review.
Magnum North - Drilling Programme
•
Two DD holes were completed at Magnum North testing for strike extensions to the Magnum gold-
intersected,
copper-silver Mineral Resource, with significant gold-copper-silver mineralisation
including:
• 18.5m at 0.54 g/t gold and 0.23% copper from 102.5m down hole in MGNN0001
• 7.2m at 0.92 g/t gold and 0.60% copper and 1.80 g/t silver from 395.8m down hole in MGNN0001
GAIP Geophysical Survey
•
Preliminary processing, and review of the 2021 GAIP survey results has not identified any new high
priority induced polarisation chargeability targets.
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ANNUAL REPORT
CY 2022 Citadel Project Exploration Programme (Managed by Rio Tinto)
The revised $6 to $8 million Citadel JV Project 2022 Exploration Programme, to be operated by Rio Tinto, is
currently planned to comprise the following activities:
• An initial 3,500 to 4,000 metre RC drill programme focused on the Rimfire area, together with select
regional targets including the Transfer and Northern Lights targets;
• A second contingent 3,500 to 4,500 metre RC drill programme in the Rimfire area;
• Geophysical programme comprising IP, possible Rimfire ground electromagnetic (EM) and downhole
•
geophysical surveys;
Processing and interpretation of IP and drilling data (including final 2021 exploration programme data),
together with Calibre deposit, Magnum Dome and preliminary Rimfire modelling, to identify further
priority target areas;
• Update to the existing 2021 Calibre deposit mineralisation model ± Mineral Resource;
•
•
• Rimfire water bore, was completed in Q2 CY 2022.
Conclusion of the Calibre preliminary metallurgical test-work;
Conclusion of a preliminary assessment of a potential Calibre deposit development opportunity; and
Consistent with previous years, the programme and budget will be subject to ongoing review based on results,
field conditions, contractor availability and pricing and other relevant matters.
Wilki Project – Newcrest Farm-in (Antipa 100% / Newcrest 0%)
Wilki Project – Particulars
The Wilki Project comes to within 3km of Newcrest’s Telfer mine, 9km of Greatland Gold-Newcrest’s Havieron
high-grade gold-copper development project and includes the northern continuation of the stratigraphy which
hosts Havieron, and comes to within 5km of Newcrest’s O’Callaghans deposit and includes highly prospective
areas around the Telfer Dome (including the Chicken Ranch and Tim’s Dome resource areas), the domal structure
upon which the Telfer gold-copper-silver open pit, underground mines and mineral processing facility are
situated.
Key metrics of Chicken Ranch include:
• Mineralisation commences 0 to 10 metres from the surface and extends down for more than 130
vertical metres;
+1.1km strike length;
•
• Main zone consists of two or more northwest trending zones of mineralisation within a corridor up to
•
70m in width;
Several additional north-western trending mineralisation zones to the east and west of the main zone,
up to 60m in width;
• Remains open down dip and along 1.1km strike; and
•
Located just 15km northeast of Newcrest’s Telfer mineral processing facility.
Key metrics of Tim’s Dome include:
• Gold ± copper mineralisation commences within one metre from the surface;
• Mineralised corridor up to 200m in width;
•
• Along strike and interpreted to be on the same geological structure as Newcrest’s Telfer deposit, which
+3.2 km strike length; and
is just 12km away including the mineral processing facility.
Wilki Project - Farm-in and Joint Venture Agreement
On 28 February 2020, the Company entered into a $60 million farm-in agreement (Wilki Project Farm-in
Agreement) and associated exploration joint venture agreement with Newcrest in respect of a ~2,200km2
southern portion of the Company’s 100%-owned ground in the Paterson Province of Western Australia, now
known as the ‘Wilki Project’.
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ANNUAL REPORT
Key terms of the Wilki Project Farm-in Agreement include:
•
•
•
Initial $6 million minimum exploration expenditure within 2 years to be managed by Antipa. This was
satisfied in November 2021 and Newcrest elected to proceed to the next stage of the farm-in. No joint
venture interest was earned by the incurring of this amount;
Further $10 million exploration expenditure within 5 years of commencement to earn a 51% joint
venture interest (Stage 1); and
Further $44 million exploration expenditure within 8 years of commencement to earn a 75% joint
venture interest.
Following Newcrest’s decision to proceed with Stage 1 in November 2021, the parties agreed that Antipa
remained as operator of the Wilki Project until the completion of that programme of works, which was
completed in June 2022. Effective 1 July 2022, Newcrest assumed management of the operations for the
remainder of Stage 1. Currently Antipa owns 100% of the Wilki Project.
For further details of the Wilki Project Farm-in Agreement, please refer to the Company’s Media Releases of 28
February 2020, 24 November 2021 and 23 May 2022.
Wilki Project - Mineral Exploration Activities
CY 2021 Wilki Project Exploration Programme (Managed by Antipa)
The Wilki Project CY 2021 exploration programme commenced in May and was completed late December 2021,
and included:
• A forty-three RC and DD drill hole (7,422m) programme testing twelve recently identified greenfield
airborne electromagnetic (AEM) and/or magnetic targets and two brownfield extensional targets
at the Tim’s Dome and Chicken Ranch gold±copper deposits located within 15km of the Telfer mine
and 22Mtpa processing facility;
• Ground electromagnetic (EM) surveys at selected greenfield targets; and
•
Processing, review, and interpretation of recent and historic geophysical, drill hole and surface
geochemical exploration data to enhance geological modelling, and identify further target areas
for gold-copper mineralisation.
During the June Quarter 2022, the outstanding assays were reported for the six RC drill holes (366m) from the
Dagga prospect and for the Tyama magnetic target. No significant exploration results were returned, and no
follow-up drilling is currently planned for this area.
In addition, drill testing and ground EM at greenfield targets Protos-9 and WEM-20 identified co-incident
geochemical and EM conductivity anomalies for potential follow-up.
CY 2022 Wilki Project Exploration Programme (Managed by Antipa up to 30 June 2022)
The Wilki Farm-in Project 2022 Exploration Programme, operated by Newcrest from 1 July, is currently
planned to comprise the following activities:
• Diamond core drill programme to test the high-priority Tetris geophysical target;
•
Possible diamond core drill programme to test the Pacman geophysical target;
• An air core drill programme to identify new gold-copper targets;
•
•
• AEM data analysis by Danish-based consultants Aarhus Geophysics ApS, specialists in AEM modelling
Large-scale soil geochemical sampling programme;
Possible aeromagnetic geophysical survey; and
and interpretation (completed).
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ANNUAL REPORT
Consistent with previous years, the Wilki Farm-in Project 2022 Exploration Programme and budget will be
subject to ongoing review based on results, field conditions, contractor availability and pricing and other relevant
matters.
Tetris Havieron Look-alike Gold-Copper Target EIS Grant
Antipa’s DMIRS Exploration Incentive Scheme (EIS) application for diamond core testing of a Havieron look-alike
partially co-incident magnetic high and gravity high target called Tetris was successful with an EIS funding grant
of $190,000 being awarded by the Western Australian Government, with the grant funds available until
November 2022. Diamond drill testing of the Tetris target is currently planned to be completed in H2 CY 2022.
Paterson Project – IGO Farm-in (Antipa 100% / IGO 0%)
Paterson Project – Particulars
The Paterson Project comprises ~1,550km2, is located in the southern part of the Paterson Province and comes
to within 8km of the Winu development project, 22km of the Telfer mine and 36km of the Havieron deposit, and
surrounds the Company’s 100% owned Minyari Dome Project.
Paterson Project - Farm-in and Joint Venture Agreement
In July 2020, the Company entered into a $30 million farm-in agreement (Paterson Project Farm-in Agreement)
and associated exploration joint venture agreement with IGO.
Key terms of the Paterson Project Farm-in Agreement include:
•
•
Initial $4 million minimum exploration expenditure within 2.5 years from commencement to be
managed by the Company. This was satisfied in December 2021. No joint venture interest was earned
by the incurring of this amount;
Further $26 million optional exploration expenditure within 6.5 years from commencement to earn a
70% joint venture interest, managed by IGO; and
• Upon joint venture formation, IGO shall free-carry the Company to the completion of a Feasibility Study.
Following IGO’s decision to proceed with Stage 1 in December 2021, the parties agreed that Antipa remained as
operator of the Paterson Project until March 2022. Effective 15 March 2022, IGO assumed management of the
operations for Stage 1. Currently Antipa owns 100% of the Paterson Project.
Paterson Project - Mineral Exploration Activities
CY 2021 Paterson Project Exploration Programme (Managed by Antipa)
The focus of the CY 2021 greenfield exploration programme, which commenced in June 2021 and was completed
late November 2021, was to identify Nifty, Winu and Havieron style mineral systems under shallow cover. Target
regions include the El Paso Structural Corridor, host to the Reaper-Poblano-Serrano (RPS) gold-copper trend, the
Grey polymetallic prospect area, a north-northwest trending structural corridor immediately to the east of RPS
which hosts the Alcatraz prospect, and two newly identified target areas for potential gold-copper mineral
systems, one located to the west of Minyari and another to the south of Calibre.
The remainder of the Paterson Project CY 2021 exploration programme consisted of the following greenfield
exploration activities:
• Regional /project scale stratigraphic and geochemical air core drill programme completed covering an
area of approximately 350km2 (168 holes for 11,346m);
• Regional /project scale soil geochemical sampling programme was completed, covering an area of
approximately 650km2 (2,589 samples); and
• Ongoing processing, review, and interpretation of recent and historic geophysical, drill hole and surface
geochemical exploration data to enhance geological modelling, and potentially identify further target
areas for copper ± gold mineralisation.
18
Directors’ Report
30 June 2022
ANNUAL REPORT
Both the air-core drill programme and regional soil programme were completed in November. Drill assay and
soil sampling results were reported in Q2 CY 2022. Key results and highlights included:
•
•
Three highly encouraging gold, gold-copper and pathfinder anomalies were identified during the 2021
regional / project scale stratigraphic and geochemical air-core drill programme; and
Four highly encouraging copper-gold, gold and multielement pathfinder soil anomalies were identified
as part of the 2021 regional / project-scale fine-fraction soil geochemical sampling programme at a 320
x 320m sample spacing. These anomalies have been prioritised for infill soil sampling (160 x 160m
spacing) and air-core drill testing.
CY 2022 Paterson Project Exploration Programme (Managed and Operated by IGO)
The Paterson Farm-in Project 2022 Exploration Programme is currently planned to comprise the following
activities:
• A 7,000m air-core drill programme to test high-priority geochemical targets;
• A 1,000m diamond core drill programme to test high-priority geophysical targets;
•
Infill soil geochemical sampling programme (completed and awaiting results);
•
IP geophysical survey to identify drill targets along a section of the El Paso Corridor including at the Grey
prospect area, where drilling
intersected shallow copper-silver-lead-gold sulphide
mineralisation grading up to 2.3% copper, 562 g/t silver, 6.3% lead and 0.32 g/t gold; and
in 2019
• A project-scale high-resolution AGG survey to assist drill targeting and regional 3D geological modelling
(completed and awaiting data processing and modelling).
Consistent with previous years, the Paterson Farm-in Project 2022 Exploration Programme and budget will be
subject to ongoing review based on results, field conditions, contractor availability and pricing, and other
relevant matters.
E45/2519 Havieron Look-alike Gold-Copper Targets EIS Grant
Antipa was the successful recipient of a Western Australian Government EIS funding grant for $165,000. Funding
will be used for diamond core drill testing of two Havieron look-alike magnetic ± partially co-incident gravity
targets located 10 to 15km along trend from Rio Tinto’s 2.5Mt copper, 5.9Moz gold and 44Moz silver Winu
deposit on the Paterson Project tenement E45/2519. Drilling is planned to be completed in Q4 CY 2022.
Notes:
1.
Competent Persons Statement – Exploration Results: The information in this document that relates to Exploration
Results is based on and fairly represents information and supporting documentation compiled by Mr Roger Mason, a
Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Mason is a full-time
employee of the Company. Mr Mason is the Managing Director of Antipa Minerals Limited, is a substantial
shareholder of the Company and is an option holder of the Company. Mr Mason has sufficient experience relevant to
the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. The Company confirms that the form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market announcements, all of
which are available to view on www.antipaminerals.com.au and www.asx.com.au. Mr Mason, whose details are set
out above, was the Competent Person in respect of the Exploration Results in these original market announcements.
2.
Competent Persons Statement – Mineral Resource Estimations for the Minyari Dome Project Deposits, Calibre
Deposit, Magnum Deposit and Chicken Ranch Area Deposits and Tim’s Dome Deposit: The information in this
document that relates to relates to the estimation and reporting of the Minyari Dome Project deposits Mineral
Resources is extracted from the report entitled “Minyari Dome Project Gold Resource Increases 250% to 1.8 Moz”
created on 2 May 2022 with Competent Persons Ian Glacken, Jane Levett, Susan Havlin and Victoria Lawns, the Tim’s
Dome and Chicken Ranch deposits Mineral Resources is extracted from the report entitled “Chicken Ranch and Tims
Dome Maiden Mineral Resources” created on 13 May 2019 with Competent Person Shaun Searle, the Calibre deposit
Mineral Resource information is extracted from the report entitled “Calibre Gold Resource Increases 62% to 2.1 Million
Ounces” created on 17 May 2021 with Competent Person Ian Glacken, and the Magnum deposit Mineral Resource
information is extracted from the report entitled “Calibre and Magnum Deposit Mineral Resource JORC 2012 Updates”
created on 23 February 2015 with Competent Person Patrick Adams, all of which are available to view on
19
Directors’ Report
30 June 2022
ANNUAL REPORT
www.antipaminerals.com.au and www.asx.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the original market announcements and that
all material assumptions and technical parameters underpinning the estimates in the relevant original market
announcements continue to apply and have not materially changed. The Company confirms that the form and context
in which the Competent Person’s findings are presented have not been materially modified from the original market
announcements.
3.
4.
Minyari Dome Project Scoping Study: The information in this document that relates to the Scoping Study for the
Minyari Dome Project is extracted from the report entitled “Strong Minyari Dome Scoping Study Outcomes” reported
on 31 August 2022 which was compiled by Competent Person Roger Mason, which is available to view on
www.antipaminerals.com.au and www.asx.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the original market announcement and that
all material assumptions and technical parameters underpinning the study in the relevant original market
announcement continue to apply and have not materially changed. The Company confirms that the form and context
in which the Competent Person’s findings are presented have not been materially modified from the original market
announcement.
Gold Metal Equivalent Information – Magnum, Calibre and Minyari Dome Mineral Resources Gold Equivalent cut-
off grades: Gold Equivalent (Aueq) details of material factors and metal equivalent formulae for the Magnum, Calibre
and Minyari Dome Mineral Resources are reported in the following reports which are available to view on
www.antipaminerals.com.au and www.asx.com.au:
• Calibre and Magnum Mineral Resources JORC 2012 Updates
• Calibre Gold Resource Increases 62% to 2.1 Million Ounces
• Minyari Dome Project Gold Resource Increases 250% to 1.8 Moz
23 February 2015
17 May 2021
2 May 2022
COMPANY STRATEGIC AND CORPORATE INITIATIVES
On 31 August 2022, the Company announced the key outcomes of the Scoping Study completed on the Minyari
Dome Gold Project. The Study provided justification that the Minyari Dome Project is a potential commercially
viable stand-alone gold (and silver) mining and processing operation and accordingly the Board of Antipa has
approved progression of this Project to a PFS. This is a significant milestone for the Company which has the
potential to assist in achieving its strategic objective of becoming a producer in the short to medium term.
As noted above in the Review of Operations, in July 2022 the Citadel Joint Venture Project CY 2022 Exploration
Programme previously agreed by Antipa and Rio Tinto was reduced from $10 million to $6 to $8 million.
Following this adjustment, Antipa elected to utilise the dilute-down provision in the Citadel Project JV agreement
for the CY 2022 exploration programme and will not be required to make any further JV cash contributions for
the revised 2022 JV budget in Q3 CY 2022 and the Company was refunded ~$0.5 million of 2022 contributions it
had previously made.
In November 2021, Newcrest met its initial (minimum) commitment of $6 million in exploration expenditure on
the Wilki Farm-in Project. The next stage of the Wilki Farm-in Project requires Newcrest to spend an additional
$10 million in exploration expenditure to earn a 51% joint venture interest. Newcrest assumed management of
the Paterson Project, with effect from 1 July 2022.
In December 2021, IGO met its initial (minimum) commitment of $4 million in exploration expenditure on the
Paterson Farm-in Project. The next stage of the Paterson Farm-in Project requires IGO to spend an additional
$26 million in exploration expenditure to earn a 70% joint venture interest. IGO assumed management of the
Paterson Project, with effect from 15 March 2022.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than as mentioned in the Review of Operations, no significant changes in the state of affairs of the
Consolidated Entity occurred during the financial year.
20
Directors’ Report
30 June 2022
LIKELY DEVELOPMENTS AND EXPECTED RESULTS ON OPERATIONS
Key outcomes of the Company’s activities undertaken during the financial year include:
ANNUAL REPORT
•
•
•
Following the completion of the Scoping Study for the Minyari Dome Gold Project and management
providing justification that the Minyari Dome Project is a potential commercially viable stand-alone gold
mining and processing operation, the Board of Antipa has approved progression of the Project to a PFS.
The PFS is expected to be completed in late Q4 CY 2023.
In addition, post the MRE upgrade for the Minyari Dome Project in May 2022, the combined JORC
Mineral Resources are approximately 3.9 million ounces of gold (plus copper, silver and cobalt) for the
Minyari deposit (+ WACA and satellite deposits) and Calibre Deposits, both of which may offer potential
near-term development opportunities for Antipa8.
The cumulative potential free-carried exploration spend on the Company’s Projects located in the
Paterson Province of Western Australia is now $115 million via three farm-in agreements/joint ventures
with major mining companies (noting that the Citadel Project is now a joint venture).
INFORMATION ON DIRECTORS’ INTERESTS IN SECURITIES OF ANTIPA
As at the date of this report, the interests of the Directors in shares and options of Antipa are:
Mr Stephen Power (i)
Mr Roger Mason
Mr Mark Rodda (i)
Mr Peter Buck
Mr Gary Johnson
Number of fully paid ordinary shares
61,385,554
14,686,740
34,220,720
15,079,018
3,776,009
Number of
options
33,000,000
39,000,000
36,000,000
18,000,000
18,000,000
Notes:
(i)
These figures include:
• 1,500,000 shares which are owned by Napier Capital Pty Ltd which is an entity of which Mr Stephen
Power and Mr Mark Rodda both have an interest in; and
• 6,000,000 options which are owned by Mafiro Pty Ltd, as trustee for the Mafiro Trust, which is an
entity of which Mr Stephen Power and Mr Mark Rodda have an interest in.
129,148,041
144,000,000
MEETINGS OF DIRECTORS
The following table sets out the number of meetings of the Company's Directors held during the year ended 30
June 2022, and the number of meetings attended by each director.
8 Includes Rio Tinto’s 65% share of the Calibre MRE.
21
Directors’ Report
30 June 2022
Full Board meetings
Mr Stephen Power (Chair)
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Audit and Risk Committee meetings
Mr Peter Buck (Chair)
Mr Stephen Power
Mr Gary Johnson
Nomination and Remuneration Committee
meetings
Mr Gary Johnson (Chair)
Mr Stephen Power
Mr Peter Buck
ESG Committee meetings
Mr Stephen Power (Chair)
Mr Peter Buck
Mr Gary Johnson
SHARE OPTIONS
No. eligible to attend
9
9
9
9
9
No. eligible to attend
2
2
2
No. eligible to attend
1
1
1
No. eligible to attend
2
2
2
ANNUAL REPORT
No. attended
9
9
9
9
9
No. attended
2
2
2
No. attended
1
1
1
No. attended
2
2
2
At the date of this report the Company has the following options on issue.
2022
Number
3,000,000
3,000,000
750,000
45,000,000
3,000,000
4,000,000
14,000,000
2,000,000
47,000,000
5,000,000
29,000,000
49,000,000
1,000,000
30,900,000
236,650,000 (i)
Exercise Price
Grant
Expiry
$0.0390
$0.0380
$0.0210
$0.0190
$0.0228
$0.0700
$0.0670
$0.0810
$0.0750
$0.0730
$0.0740
$0.0950
$0.0750
$0.0650
12 November 2018
27 March 2019
12 November 2019
21 November 2019
13 December 2019
1 September 2020
14 September 2020
23 October 2020
23 November 2020
23 April 2021
27 September 2022
19 November 2021
6 May 2022
23 May 2022
11 November 2022
26 March 2023
11 November 2023
22 November 2023
12 December 2023
31 July 2024
31 August 2024
30 September 2024
20 November 2024
31 March 2025
31 August 2025
18 November 2025
30 April 2026
30 April 2026
Notes:
(i) Weighted average exercise price of the options on issue is $0.065 each and if exercised, would potentially
raise ~$15.3 million in total.
In the financial year ended 30 June 2022, a total of 7,500,000 (30 June 2021: 62,010,871) shares were issued
through the exercise of options.
22
Directors’ Report
30 June 2022
REMUNERATION REPORT (AUDITED)
This remuneration report is set out under the following main headings:
A
B
C
D
E
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Additional statutory information
Use of remuneration consultants
ANNUAL REPORT
This remuneration report outlines the Director and Executive remuneration arrangements of the Company and
Group in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purpose
of this report, key management personnel (KMP) of the Group are defined as those persons having authority
and responsibility for planning, directing and controlling the major activities of the Company and Group, directly
or indirectly, including any director (whether executive or otherwise) of the Parent Company, and includes the
highest paid executives of the Company and Group.
The information provided in this remuneration report has been audited as required by section 308(3c) of the
Corporations Act 2001.
Details of Key Management Personnel
Directors
Mr Stephen Power
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Other KMP
Mr Luke Watson
-
-
-
-
-
-
Non-Executive Chairman
Managing Director
Executive Director
Non-Executive Director
Non-Executive Director
Chief Financial Officer (CFO) & Company Secretary
No remuneration was paid to Directors of the Group by Group companies other than Antipa Minerals Limited,
accordingly remuneration paid to KMP of the Group is the same as that paid to KMP of the Company.
A.
PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION
The Company’s objective is to ensure that pay and rewards are competitive and appropriate for the results
delivered. A Nominations and Remuneration Committee has been established which makes recommendations
to the Board which aims to align rewards with achievement of strategic objectives and the creation of value for
shareholders. The remuneration framework applied provides a mix of fixed and variable remuneration and a
blend of base pay and long-term incentives as appropriate.
The Nomination and Remuneration Committee considers remuneration of Directors and the Executive and
makes recommendations to the Board. Issues of remuneration are considered annually or otherwise as required.
Non-Executive Directors
The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by
shareholders at General Meetings and is currently set at $400,000. The Company’s policy is to remunerate Non-
Executive Directors at market rates (for comparable companies) for time, commitment and responsibilities. Fees
for Non-Executive Directors are not linked to the performance of the Company, however, to align Directors’
23
Directors’ Report
30 June 2022
ANNUAL REPORT
interests with shareholders’ interests, Directors are encouraged to hold shares in the Company and subject to
shareholder approval Non-Executive Directors may receive options.
In addition to Directors’ fees, Non-Executive Directors are entitled to additional remuneration as compensation
for work outside the scope of Non-Executive Directors’ duties (whether performed in a consulting or part-time
employee capacity). Non-Executive Directors’ fees and payments are reviewed annually by the Board.
No retirement benefits or allowances are paid or payable to Non-Executive Directors of the Company other than
superannuation benefits.
Executives
Executives are offered a competitive level of base pay which comprises the fixed (non-risk) component of their
pay and rewards. Base pay for senior executives is reviewed annually to ensure market competitiveness. There
are no guaranteed base pay increases included in any senior executives’ contracts.
Executives may be paid a cash bonus at the discretion of the Board based on a recommendation received from
the Nomination and Remuneration Committee.
For the year ended 30 June 2022, Mr Mason received a cash bonus of $30,000 (2021: 30,000) and Mr Watson
received a bonus of $10,000 (2021: nil). No other cash bonuses were paid during the year under review.
Long-term performance incentives comprise options granted at the recommendation of the Nomination and
Remuneration Committee in order to align the objectives of executives with shareholders and the Company
(refer section D for further information). The issue of options to Directors is subject to shareholder approval.
The grant of share options has not been directly linked to previously determined performance milestones or
hurdles.
Persons granted options are not permitted to enter into transactions (whether through the use of derivatives or
otherwise) that limit their exposure to the economic risk in relation to the securities.
The following options were granted to Key Management Personnel during the year ending 30 June 2022.
2022
Directors
Mr Stephen Power
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Other KMP
Mr Luke Watson
Number of
options
9,000,000
15,000,000
12,000,000
6,000,000
6,000,000
12,000,000
60,000,000
2021 Annual General Meeting
At the 2021 Annual General Meeting (AGM) held on 19 November 2021, the Company’s shareholders did not
record a vote of more than 25% against the Remuneration Report and no questions or comments were raised
at the meeting relating to the Remuneration Report.
24
Directors’ Report
30 June 2022
ANNUAL REPORT
Company Performance
The table below shows the performance of the Group as measured by the Group’s share price and EPS over the
last five years.
Share price 30 June
EPS (cents per share)
2018
$0.013
(0.16)
2019
$0.014
(0.10)
2020
$0.025
(0.09)
2021
$0.041
(0.14)
2022
$0.032
(0.19)
25
Directors’ Report
30 June 2022
B.
DETAILS OF REMUNERATION
Amounts of remuneration
Details of the remuneration of KMP are set out in the following tables.
ANNUAL REPORT
Fixed Remuneration
Variable Remuneration
Cash salary and
fees
$
Other
$
Non-
monetary
benefits
$
Super-
annuation
$
Accrued
Leave (i)
$
Short
Term
Incentive
Bonus (ii)
$
Value of
Options
(iii)
$
Percentage of
Remuneration
relating to
Performance
%
Total
$
207,332
55,000
55,000
317,332
330,000
227,875
256,250
1,131,457
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,733
5,500
5,500
31,733
-
-
-
-
-
-
-
-
353,498
235,665
235,665
824,828
581,563
296,165
296,165
1,173,893
30,500
15,500
22,162
13,866
30,000
-
589,163
471,330
1,001,825
728,571
25,625
103,358
8,810
44,838
10,000
337,595
40,000 2,222,916
638,280
3,542,569
60.8%
79.6%
79.6%
61.8%
64.7%
52.9%
2022
Non-Executive directors
Mr Stephen Power(iv)
Mr Peter Buck
Mr Gary Johnson
Sub-Total non-executive directors
Executive directors
Mr Roger Mason
Mr Mark Rodda(v)
Other KMP
Luke Watson
Total
Notes:
(i)
(ii) Messrs Mason and Watson received discretionary bonuses of $30,000 and $10,000 respectively during the year end 30 June 2022, for the Company’s ongoing
These figures include statutory annual leave and long-service leave entitlements.
exploration success in the Paterson Province.
The value of options granted during the period is recognised in compensation in the year of grant, in accordance with Australian accounting standards. Details of
incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 18. Noted that the valuation of options granted
during the year was increased significantly by movements in the Antipa share price at the time shareholder approval was obtained at the Company’s annual general
meeting on 19 November 2021.
Effective 16 September 2021, Stephen Power ceased as Executive Chairman and was appointed Non-Executive Chairman.
Effective 16 September 2021, Mark Rodda ceased as a Non-Executive Director and was appointed Executive Director – Commercial and Legal.
(iii)
(iv)
(v)
26
Directors’ Report
30 June 2022
Fixed Remuneration
Variable Remuneration
ANNUAL REPORT
2021
Non-Executive directors
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Sub-Total non-executive directors
Executive directors
Mr Stephen Power
Mr Roger Mason
Other KMP
Luke Watson (iv)
Total
Cash salary
and fees
$
Non-
monetary
benefits
$
Super-
annuation
$
Other
$
Accrued
Leave (i)
$
Short Term
Incentive
Bonus
$
Value of
Options (ii)
$
Percentage of
Remuneration
relating to
Performance
%
Total
$
55,000
55,000
55,000
165,000
250,000
315,000
188,768
918,768
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,225
5,225
5,225
15,675
-
-
-
-
-
-
-
-
278,090
185,393
185,393
648,876
338,315
245,618
245,618
829,551
23,750
27,550
(34,351)
36,168
-
30,000
370,786
370,786
610,185
779,504
17,933
84,908
15,148
16,965
-
30,000
170,787
1,561,235
392,636
2,611,876
82.2%
75.5%
75.5%
60.8%
51.4%
43.5%
These figures include statutory annual leave and long-service leave entitlements.
Notes:
(i)
(ii) Mr Mason received a discretionary bonus of $30,000 during the year end 30 June 2021, for the Company’s ongoing exploration success in the Paterson Province.
(iii)
The value of options granted during the period is recognised in compensation in the year of grant, in accordance with Australian accounting standards. Details of
incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 18.
(iv) Mr Watson was appointed as CFO and Company Secretary effective 20 July 2020.
27
Directors’ Report
30 June 2022
ANNUAL REPORT
During the year to 30 June 2022 no at-risk cash bonuses were paid or options granted to KMP.
(1)
Loans to KMP
There were no loans made to KMP (or their personally related entities) during the current financial period.
(2)
Other transactions with KMP
Payments to director-related parties:
Napier Capital Pty Ltd (i)
Strategic Metallurgy Pty Ltd(ii)
2022
$
44,375
6,325
2021
$
213,000
-
(i)
(ii)
The payments were made to Napier Capital Pty Ltd, a company of which Stephen Power and Mark Rodda
are directors. The payments were for corporate advisory, commercial and administrative services on an
arm’s length basis. At the year-end there were no amounts outstanding.
Payments were made to Strategic Metallurgy Pty Ltd, a company of which Gary Johnson is a director. The
payments were for metallurgical advisory services in relation to the Scoping Study for the Minyari Dome
Project and were provided on an arm’s length basis. At the year-end there were no amounts outstanding.
C.
SERVICE AGREEMENTS
Remuneration and other terms of agreement for the Company's non-executive directors are formalised in letters
of appointment. The letter summarises the terms of the appointment, including compensation, relevant to the
office of director. Effective 1 July 2022, Non-Executive directors' fees are set at $65,000 exclusive of
superannuation and excluding any additional fees which may be payable as compensation for special exertions
outside the normal scope of non-executive duties. The Non-Executive Chair’s fees are set at $120,000 exclusive
of superannuation and excluding any additional fees which may be payable as compensation for special
exertions outside the normal scope of non-executive duties. No termination benefits are payable to non-
executive directors under the terms of their letters of appointment.
On 10 March 2011, the Company entered into an Executive Service Agreement with Managing Director Roger
Mason. Under the terms of the contract:
•
•
•
•
•
Mr Mason receives a minimum remuneration package of $305,000 p.a. base salary plus superannuation,
plus a motor vehicle allowance of $25,000 per annum, effective from 1 January 2021.
The Company may terminate this agreement in writing if the Executive becomes incapacitated by illness
or accident for an accumulated period of two months or a period aggregating more than three months in
any twelve-month period.
The Company may terminate the contract at any time without notice if serious misconduct has occurred.
On termination with cause, the Executive is not entitled to any payment.
Upon the occurrence of certain prescribed events, the Company may be required to pay the Executive an
amount equal to twelve months’ salary.
If Mr Mason terminates the agreement, he must provide the Company with three months’ notice period.
On 15 September 2021, the Company entered into an Executive Service Agreement with Executive Director Mark
Rodda. Under the terms of the contract:
•
Mr Rodda receives a minimum remuneration package of up to $265,000 p.a. base salary plus
superannuation, effective from 16 September 2021.
28
Directors’ Report
30 June 2022
ANNUAL REPORT
•
•
•
•
The Company may terminate this agreement in writing if the Executive becomes incapacitated by illness
or accident for an accumulated period of two months or a period aggregating more than three months in
any twelve-month period.
The Company may terminate the contract at any time without notice if serious misconduct has occurred.
On termination with cause, the Executive is not entitled to any payment.
Upon the occurrence of certain prescribed events, the Company may be required to pay the Executive an
amount equal to twelve months’ salary.
If Mr Rodda terminates the agreement, he must provide the Company with three months’ notice period.
On 20 July 2020, the Company entered into an Executive Service Agreement with Chief Financial Officer and
Company Secretary Luke Watson. Under the terms of the contract:
•
•
•
•
•
Mr Watson receives a minimum remuneration package of up to $262,500 p.a. base salary plus
superannuation, effective from 1 January 2022.
The Company may terminate this agreement in writing if the Executive becomes incapacitated by illness
or accident for an accumulated period of two months or a period aggregating more than three months in
any twelve-month period.
The Company may terminate the contract at any time without notice if serious misconduct has occurred.
On termination with cause, the Executive is not entitled to any payment.
Upon the occurrence of certain prescribed events, the Company may be required to pay the Executive an
amount equal to twelve months’ salary.
If Mr Watson terminates the agreement, he must provide the Company with three months’ notice period.
D.
ADDITIONAL STATUTORY INFORMATION
Share and option holdings
The numbers of shares and options over ordinary shares in the Company held during the financial period by
KMP, including their personally related parties, are set out below.
Share holdings
2022
Directors
Mr Stephen Power (i)
Mr Roger Mason
Mr Mark Rodda (i)
Mr Peter Buck
Mr Gary Johnson
Other KMP
Mr Luke Watson
Balance at
start of year
Purchased
Disposed
Net
other
change
Balance at
end of year
61,385,554
14,686,740
34,220,720
15,079,018
3,776,009
2,380,952
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
61,385,554
14,686,740
34,220,720
15,079,018
3,776,009
2,380,952
Notes:
(i)
These figures include shares which are owned by Napier Capital Pty Ltd and Mafiro Pty Ltd, companies
which Mr Stephen Power and Mr Mark Rodda are both deemed to have an interest in.
29
Directors’ Report
30 June 2022
Option holdings
Balance at
start of
year (i)
Granted during
the year as
remuneration (ii)
Expired
Exercised
2022
Directors
Mr Stephen Power
24,000,000
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
24,000,000
24,000,000
12,000,000
Mr Gary Johnson
12,000,000
9,000,000
15,000,000
12,000,000
6,000,000
6,000,000
Other KMP
Mr Luke Watson (iii)
6,000,000
12,000,000
-
-
-
-
-
-
ANNUAL REPORT
Balance at
end of
year (i)(iv)
Value of options
granted during the
year as
remuneration
33,000,000
39,000,000
36,000,000
18,000,000
18,000,000
$
353,498
589,163
471,330
235,665
235,665
18,000,000
337,595
-
-
-
-
-
-
Notes:
(i)
(ii)
(iii)
Mr Power’s option holdings include 6 million options held by Mafiro Pty Ltd, an entity in which Mr Power
and Mr Rodda are both deemed to have an interest in.
The options granted to the Directors were approved by shareholders at the Company’s Annual General
Meeting on 19 November 2021 and are exercisable at $0.095 each on or before 18 November 2025.
6 million options granted to Mr Watson are exercisable at $0.074 each on or before 31 August 2025, with
the remaining 6 million options exercisable at $0.065 each on or before 30 April 2026.
(iv) Options held by all KMP are fully vested and exercisable at 30 June 2022.
Exercise
Price
$
Grant
Date Fair
Value
$
No. Granted
% Vested
at 30
June
2022
% of
Grant
Vested
%
Grant
Date
Expiry
Date
% of Total
Remuneration
that consists of
Option
Valuations
%
19-11-21 18-11-25 $0.095 $0.063
19-11-21 18-11-25 $0.095 $0.063
19-11-21 18-11-25 $0.095 $0.063
19-11-21 18-11-25 $0.095 $0.063
19-11-21 18-11-25 $0.095 $0.063
9,000,000
15,000,000
12,000,000
6,000,000
6,000,000
27-09-21 31-08-25 $0.074 $0.048
23-05-22 30-04-26 $0.065 $0.043
6,000,000
6,000,000
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
60.8%
61.8%
64.7%
79.6%
79.6%
52.9%
2022
Directors
Stephen Power
Roger Mason
Mark Rodda
Peter Buck
Gary Johnson
Other KMP
Luke Watson
Notes
(i)
(ii)
(iii)
Details on the valuation of the options granted during the year are provided in Note 18.
Each option converts into one ordinary share of Antipa Minerals Limited on exercise.
No amounts are paid or payable by the recipient on receipt of the options. The options are not subject
to vesting conditions and there are no further service or performance criteria that need to be met in
relation to options granted.
Details of the value of options granted, exercised or lapsed for each Key Management Personnel of the
Company or Group during the financial year are as follows:
30
Directors’ Report
30 June 2022
ANNUAL REPORT
Total Value of
Options Granted
During the Year (i)
$
Value of Options
Exercised During
the Year
$
Value of Options
Expired During the
Year (ii)
$
353,498
589,163
471,330
235,665
235,665
337,595
-
-
-
-
-
-
-
-
-
-
-
-
2022
Directors
Stephen Power
Roger Mason
Mark Rodda
Peter Buck
Gary Johnson
Other KMP
Luke Watson
Notes
(i)
(ii)
The value of options granted during the year is recognised in compensation in the year of grant, in
accordance with Australian Accounting Standards.
No options were forfeited or cancelled during the year.
USE OF REMUNERATION CONSULTANTS
E.
In the year ended 30 June 2022, the Group did not use the services of a remuneration consultant.
- End of audited remuneration report -
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Other than as disclosed below, there were no significant events occurring after balance date requiring disclosure.
(1)
(2)
On 19 September 2022, the Company completed the placement of 333.7 million ordinary shares at an
issue price of A$0.027 per share to raise gross proceeds of $9 million (Placement). The Company will also
undertake a Share Purchase Plan (SPP) of up to $3 million, resulting in a total capital raising of up to $12
million (before costs). Antipa will issue one free attaching unlisted option (Option) for every two new
Shares subscribed for and issued pursuant to the Placement and SPP. The Options will be exercisable at
$0.04 with an expiry date one year from the date of issue.
On 23 September 2022, the Company completed a top-up placement to Newcrest of 36.7 million ordinary
shares at an issue price of A$0.027 per share to raise gross proceeds of $1 million (Top-Up Placement).
Antipa will also issue one free attaching unlisted Option for every two new Shares subscribed for and
issued pursuant to the Top-Up Placement. In-line with the Placement terms, Antipa will issue one free
attaching unlisted Option for every two new shares issued pursuant to the Top-Up Placement. The
Options will be exercisable at $0.04 with an expiry date one year from the date of issue. The Top-Up
Placement Options will be issued coincident with the Options issued under the Placement and SPP.
(3)
On 31 August 2022, the Company announced the key outcomes of the Scoping Study completed on the
Minyari Dome Gold Project. The Study provided justification that the Minyari Dome Project is a potential
commercially viable stand-alone gold mining and processing operation and accordingly the Board of
Antipa has approved progression of this Project to a PFS.
(4)
On 26 July 2022, the Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and
Rio Tinto was reduced from $10 million to $6 to $8 million. Following this adjustment, Antipa elected to
31
Directors’ Report
30 June 2022
ANNUAL REPORT
utilise the dilute-down provision in the Citadel Project JV agreement for the 2022 exploration programme
and will not be required to make any further JV cash contributions for the revised 2022 JV budget and in
Q3 CY 2023 the Company was refunded ~$0.5 million of 2022 contributions it previously made.
(5)
On 26 July 2022, 2,000,000 $0.022 unlisted options expired unexercised.
(6)
On 29 July 2022, 1,000,000 $0.81 unlisted options were cancelled.
(7)
On 29 July 2022, 1,000,000 $0.074 unlisted options were cancelled.
(8)
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has limited impact on the
group up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after
the reporting date. The situation continues to develop and is dependent on measures imposed by the
Australian Government and other countries, such as maintaining social distancing requirements,
quarantine, travel restrictions and any economic stimulus that may be provided.
ENVIRONMENTAL REGULATION
The Consolidated Entity’s environmental obligations are regulated under Australian State and Federal laws. The
Company has a policy of exceeding or at least complying with its environmental performance obligations.
During the financial period, the Consolidated Entity did not materially breach any particular or significant
Federal, Commonwealth, State or Territory regulation in respect to environmental management.
INSURANCE AND INDEMNITY OF OFFICERS AND AUDITORS
During the year, the Company has paid an insurance premium in respect of a contract to insure the Directors of
the Company (as named above) and the Company Secretary against liabilities incurred as such a Director,
secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium. The Company has not
otherwise, during or since the financial year, except to the extent permitted by law, indemnified or agreed to
indemnify an officer or auditor of the Company or of any related body corporate against a liability incurred as
such an officer or auditor.
NON-AUDIT SERVICES
The Group may decide to use its auditor to provide non-audit services where the auditor’s expertise and
experience with the Group is important.
During the year, the following fees were paid or payable for services provided by the auditor of the Group:
BDO
Audit and review of financial statements
Other non-audit services
Total remuneration for auditors
2022
$
2021
$
43,000
850
43,850
37,000
1400
38,400
32
Directors’ Report
30 June 2022
AUDITOR’S INDEPENDENCE DECLARATION
ANNUAL REPORT
The auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is included
on page 34 of the financial report.
This report is made in accordance with a resolution of the directors made pursuant to section 298(2) of the
Corporations Act 2001.
Stephen Power
Non-Executive Chairman
Perth, Western Australia
28 September 2022
33
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF ANTIPA MINERALS
LIMITED
As lead auditor of Antipa Minerals Limited for the year ended 30 June 2022, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Antipa Minerals Limited and the entities it controlled during the
period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth, 28 September 2022
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
34
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Antipa Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Antipa Minerals Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2022, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance
with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material uncertainty related to going concern
We draw attention to Note 2 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the group’s
ability to continue as a going concern and therefore the group may be unable to realise its assets and
discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this
matter.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
35
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Recoverability of deferred exploration and evaluation expenditure
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 11 to the financial report,
the carrying value of capitalised exploration and
evaluation expenditure represents a significant
asset of the Group at 30 June 2022.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (AASB 6), the
recoverability of exploration and evaluation
expenditure requires significant judgment by
management in determining whether there are
any facts or circumstances that exist to suggest
that the carrying amount of this asset may
exceed its recoverable amount. As a result, this is
considered a key audit matter.
Our procedures included, but were not limited
to:
Obtaining a schedule of the areas of
interest held by the Group and assessing
whether the rights to tenure of those
areas of interest remained current at
balance date;
Considering the status of the ongoing
exploration programmes in the
respective areas of interest by holding
discussions with management, and
reviewing the Group’s exploration
budgets, ASX announcements and
directors’ minutes;
Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
Considering whether any facts or
circumstances existed to suggest
impairment testing was required; and
Assessing the adequacy of the related
disclosures in Note 4(a) and Note 11 to
the Financial Report.
36
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2022, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
37
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 23 to 31 of the directors’ report for the
year ended 30 June 2022.
In our opinion, the Remuneration Report of Antipa Minerals Limited, for the year ended 30 June 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth, 28 September 2022
38
Consolidated Statement of
Profit or Loss and Other
Comprehensive Income
For the year ended 30 June 2022
Revenue
Total revenue from continuing operations
Administrative expenses
Employee Benefits
Depreciation
Share based payments
Loss before income tax
Income tax expense
Loss after income tax
ANNUAL REPORT
Note
2022
2021
6
7
7
7
8
$
$
549,873
549,873
756,843
756,843
(889,943)
(1,542,295)
(107,591)
(3,866,235)
(5,856,191)
-
(795,845)
(1,122,083)
(75,879)
(2,319,954)
(3,556,918)
-
(5,856,191)
(3,556,918)
Total comprehensive loss for the year attributable to
owners of the Group
(5,856,191)
(3,556,918)
Loss per share attributable to ordinary equity holders
Basic and dilutive loss per share (cents per share)
21
(0.19)
(0.14)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
39
Consolidated Statement of
Financial Position
As at 30 June 2022
ANNUAL REPORT
Current assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-current Assets
Other receivables
Property, Plant and equipment
Right of use assets
Deferred exploration and evaluation expenditure
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Provisions
Lease liability
Unexpended Joint Venture contributions
Total current liabilities
Non-current liabilities
Lease liability
Total Non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Note
2022
2021
$
$
9
10
12
11
14a
14b
13
15
7,874,680
537,288
33,650,484
1,283,023
8,411,968
34,933,507
140,149
171,932
389,826
54,802,740
55,504,647
63,916,615
140,148
163,736
464,079
37,216,131
37,984,095
72,917,603
2,261,349
492,785
56,954
979,908
8,657,719
431,982
56,954
1,867,899
3,790,996
11,014,554
13
428,916
485,870
428,916
4,219,912
59,696,703
485,870
11,500,424
61,417,178
16
17a
17b
73,097,082
9,992,405
(23,392,784)
72,827,601
6,126,169
(17,536,592)
59,696,703
61,417,178
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
40
Consolidated Statement of
Cash Flows
For the year ended June 2022
ANNUAL REPORT
Note
2022
2021
$
$
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Management fee
Government stimulus grant
Net cash outflow from operating activities
20
Cash flows from investing activities
Payments to suppliers and employees capitalised as exploration
and evaluation
Payments for property, plant & equipment
Net movement receipts & (payments) from Joint Venture Newcrest
Net movement receipts & (payments) from Joint Venture IGO
Net movement receipts & (payments) from Joint Venture Rio Tinto
Net cash outflow from investing activities
Cash flows from financing activities
Proceeds from issues of shares
Proceeds from options exercised
Share issue costs
Net cash inflow from financing activities
(2,298,850)
26,682
563,828
-
(1,708,340)
(1,534,560)
29,785
492,645
177,438
(834,692)
(22,660,714)
(3,711,537)
(41,534)
(163,736)
(965,406)
(670,570)
156,669
1,113,364
-
-
(24,338,224)
(2,605,240)
41,000
242,250
(12,490)
270,760
30,084,191
1,754,000
(1,784,565)
30,053,626
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
(25,775,804)
33,650,484
26,613,694
7,036,790
Cash and cash equivalents at the end of the year
9
7,874,680
33,650,484
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
41
Consolidated Statement of
Changes in Equity
For the year ended 30 June 2022
Contributed
Equity
$
Share
Option
Reserve
$
Share Based
Payment
Reserve
$
Accumulated
Losses
$
Total
$
Balance at 1 July 2021
72,827,601
312,500 5,813,670
(17,536,592)
61,417,178
Comprehensive income:
Loss for the period
Total comprehensive loss for the period
Transactions with owners, in their
capacity as owners:
Contributions of equity, net of costs
Issue of options
-
-
- -
(5,856,191)
-
-
(5,856,191)
(5,856,191)
(5,856,191)
269,481
-
-
-
- 3,866,235
-
-
269,481
3,866,235
Balance at 30 June 2022
73,097,082
312,500 9,679,905 (23,392,784)
59,696,703
Balance at 1 July 2020
42,766,459
312,500 3,493,716
(13,979,675)
32,593,000
Comprehensive income:
Loss for the period
Total comprehensive loss for the period
Transactions with owners, in their
capacity as owners:
Contributions of equity, net of costs
Issue of options
-
-
-
-
-
(3,556,918)
-
(3,556,918)
(3,556,918)
(3,556,918)
30,061,142
-
-
-
- 2,319,954
-
-
30,061,142
2,319,954
Balance at 30 June 2021
72,827,601
312,500 5,813,670 (17,536,592)
61,417,178
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes.
42
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 1: CORPORATE INFORMATION
ANNUAL REPORT
Antipa Minerals Limited (Company or Antipa) is a company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Securities Exchange. The consolidated financial statements of the
Group as at and for the year ended 30 June 2022 comprise the Company and its subsidiaries (together referred
to as the “Group” and individually as “Group entities”).
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statement are set out below. These
policies have been consistently applied to all the periods presented, unless otherwise stated.
Basis of preparation
The financial statements are general-purpose financial statements, which has been prepared in accordance with
Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards
Board, Urgent Issues Group Interpretations and the Corporations Act 2001. Antipa is a for profit entity for the
purposes of preparing financial statements.
Statement of compliance
The financial statements comply with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial
statements of Antipa Minerals Limited comply with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB).
The separate financial statements of the parent entity, Antipa Minerals Limited, have not been presented within
this financial report as permitted by the Corporations Act 2001.
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets.
Critical accounting estimates and significant judgements
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgment in the process of applying the company’s accounting policies. The areas
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant
to the financial statements as disclosed in Note 4.
Going Concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the normal course of business.
The Group incurred a net loss of $5,856,191 for the year ended 30 June 2022 and had a net cash outflow from
operations including exploration and evaluation activities of $24,369,054 (excluding cashflows related to the
Newcrest and IGO Farm-in Agreements and the Rio Tinto JV Agreement). Notwithstanding this, the financial
report has been prepared on a going concern basis which the Directors consider to be appropriate based upon
the available unrestricted cash assets of $6,509,917 as at 30 June 2022.
43
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
In addition, on 31 January 2020, the World Health Organization (WHO) announced a global health emergency
because of a new strain of coronavirus originating in Wuhan, China (COVID-19 outbreak) and the risks to the
international community as the virus spreads globally beyond its point of origin. Because of the rapid increase in
exposure globally, on 11 March 2020, the WHO classified the COVID-19 outbreak as a pandemic. These events
are having a significant negative impact on world stock markets, currencies and general business activities. The
full impact of the COVID-19 outbreak continues to evolve at the date of this report as disclosed in Note 22.
The ability of the group to continue as a going concern is dependent on the Group being able to raise additional
funds as required to meet ongoing and budgeted exploration commitments and for working capital. These
conditions indicate a material uncertainty that may cast significant doubt about the Group’s ability to continue
as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal
course of business. The Directors believe that they will be able to raise additional capital as required and are in
the process of evaluating the Group’s cash requirements. The Directors believe that the Group will continue as
a going concern. As a result, the financial report has been prepared on a going concern basis. However, should
the Group be unsuccessful in undertaking additional raisings, the Group may not be able to continue as a going
concern. No adjustments have been made relating to the recoverability and classification of liabilities that might
be necessary should the Group not continue as a going concern.
Should the going concern basis not be appropriate, the entity may have to realise its assets and extinguish its
liabilities other than in the ordinary course of business and at amounts different from those stated in the financial
report. No allowance for such circumstances has been made in the financial report.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all joint operations of Antipa
Minerals Limited (the Company or the Parent Entity) as at 30 June 2022 and the results of all joint operations
for the year then ended. Antipa Minerals Limited and its joint operations together are referred to in this financial
report as the “group” or the “consolidated entity”.
The Company has a non-controlling interest in the Citadel Project Joint Venture (CPJV). However, the Company
only has rights to CPJV’s assets and obligations for CPJV’s liabilities in proportion to its participating interest in
the arrangement. Based on the AASB framework, an asset is recognised when it is probable that future economic
benefits associated with the asset will flow to the entity and when the cost of the item can be measured reliably.
Given that the Company only has a proportionate ownership interest in CPJV’s assets, therefore only a
proportion of the benefits of the assets will flow to the Company. On this basis whilst AASB 10 applies, the
Company has recognised only its share in the assets of the CPJV. Similarly, to for liabilities, as the Company are
only obligated for a proportion of the liabilities within CPJV, the Company has recognised only its share of the
obligations in the financial statements.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to the assets, and obligations for the liabilities, relating to the arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
When the Company undertakes its activities under joint operations, the Company as a joint operator recognises
in relation to its interest in a joint operation:
•
•
•
•
•
Its assets, including its share of any assets held jointly;
Its liabilities, including its share of any liabilities incurred jointly;
Its revenue from the sale of its share of the output arising from the joint operation;
Its share of the revenue from the sale of the output by the joint operation; and
Its expenses, including its share of any expenses incurred jointly.
44
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
The Company accounts for the assets, liabilities, revenues, and expenses relating to its interest in a joint
operation in accordance with the AASB’s applicable to the particular assets, liabilities, revenues, and expenses.
When the company entity transacts with a joint operation in which the company is a joint operator (such as a
sale or contribution of assets), the Company is considered to be conducting the transaction with the other parties
to the joint operation, and gains and losses resulting from the transactions are recognised in the Company’s
financial statements only to the extent of other parties' interests in the joint operation.
NOTE 3: FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate
risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Group. The Group uses different methods to measure different types of risk to which it is
exposed.
During the year, the Company maintained a Risk and Sustainability Committee whose role included the
identification and evolution of financial and other risks in conjunction with executives. The Board provides the
overall risk management framework which balances the potential adverse effects of financial risks on Antipa’s
financial performance and position with the “upside” potential made possible by exposure to these risks and by
taking into account the costs and expected benefits of the various methods available to manage them.
The Group holds the following financial instruments:
Financial assets
Cash and cash equivalents
Restricted cash
Trade and other receivables
Financial liabilities
Trade and other payables
(a)
Market risk
Interest rate risk
2022
$
2021
$
6,509,917
1,364,763
537,288
30,649,779
3,000,705
1,283,024
8,411,968
34,933,508
2,261,349
7,658,660
As at and during the year ended on reporting date the Group had no significant interest-bearing assets or
liabilities other than liquid funds on deposit. As such, the Group’s income and operating cash flows (other than
interest income from funds on deposit) are substantially independent of changes in market interest rates. The
Group’s exposure to interest rate risk and the effective weighted average interest rate for each class of financial
assets and liabilities is set out below.
45
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
2022
2021
%
$
%
$
Financial assets
Cash assets Floating rate*
0.57%
7,874,680
0.65%
33,650,484
* Weighted average effective interest rate.
The Group’s policy is to maximise the return on cash held through the use of term deposits where possible.
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk as at reporting date.
The sensitivity analysis demonstrates the effect on the current year results and equity was not material.
(b)
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
exposures to customers. The maximum exposure to credit risk at the reporting date is the carrying amount of
the financial assets as summarised in part (a) of this note.
As at 30 June 2022, all cash and cash equivalents were held with National Australia Bank and ANZ, which are AA-
credit rated.
(c)
Liquidity risk
Prudent liquidity risk management involves the maintenance of sufficient cash and access to capital markets. It
is the policy of the Board to ensure that the Group is able to meet its financial obligations and continuing to meet
its objectives by ensuring the Group has sufficient working capital and preserving the placement capacities
available to the Company under the ASX Listing Rules. The Group manages liquidity risk by continuously
monitoring actual and forecast cash flows.
Contractual maturities of financial liabilities
As at the reporting date the Group had total financial liabilities of $2,261,349 (2021: $7,658,660) comprised of
non-interest-bearing trade creditors and accruals with a maturity of less than six months.
(d)
Fair value estimation
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement
and/or disclosure purposes.
The carrying value less impairment provision of trade receivables and payables are assumed to approximate their
fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated
by discounting the future contractual cash flows at the current market interest rate that is available to the Group
for similar financial instruments.
(e)
Capital risk management
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the
potential return to shareholders.
46
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
NOTE 4: CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing this financial report the Group has been required to make certain estimates and assumptions
concerning future occurrences. There is an inherent risk that the resulting accounting estimates will not equate
exactly with actual events and results.
(a)
Significant accounting judgements
In the process of applying the Group's accounting policies, management has made the following judgements,
apart from those involving estimations, which have the most significant effect on the amounts recognised in the
financial statements:
Deferred tax assets
The Group has carried forward tax losses which have not been recognised as deferred tax assets as it is not
considered sufficiently probable that these losses will be recouped by means of future profits taxable in the
appropriate jurisdictions.
Capitalisation of exploration and evaluation expenditure
The Group has capitalised significant exploration and evaluation expenditure on the basis either that this is
expected to be recouped through future successful development (or alternatively sale) of the Areas of Interest
concerned or on the basis that it is not yet possible to assess whether it will be recouped.
(b)
Significant accounting estimates and assumptions
The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions
of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of certain assets and liabilities within the next annual reporting period are:
Impairment of assets
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of
factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully
recovers the related exploration and evaluation asset through sale.
Factors that could impact the future recoverability include the level of Ore Reserves and Mineral Resources,
future technological changes, costs of drilling and production, production rates, future legal changes (including
changes to environmental restoration obligations) and changes to commodity prices.
As at 30 June 2022, the carrying value of capitalised exploration and evaluation is $54,802,740 (2021:
$37,216,131).
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the COVID-19 pandemic has had, or may have, on
the consolidated entity based on known information. This consideration extends to the nature of the services
offered, farm-in partners, supply chain, staffing and geographic regions in which the consolidated entity
operates. Other than as addressed in specific notes, there does not currently appear to be either any significant
impact upon the financial statements or any significant uncertainties with respect to events or conditions which
may impact the consolidated entity unfavourably as at the reporting date or subsequently as a result of the
COVID-19 pandemic.
Share based payments
The consolidated entity measures the cost of equity-settled transactions by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using either the
Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were
granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have
47
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may
impact profit or loss and equity.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is
estimated to discount future lease payments to measure the present value of the lease liability at the lease
commencement date. Such a rate is based on what the entity estimates it would have to pay a third party to
borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms,
security and economic environment.
NOTE 5: SEGMENT INFORMATION
Management has determined that the Group has one reportable segment, being mineral exploration. As the
Group is focused on mineral exploration, the Board monitors the Group based on actual versus budgeted
revenues and expenditure incurred by area of interest. This internal reporting framework is the most relevant to
assist the Board with making decisions regarding the Company and its ongoing exploration activities, while also
taking into consideration the results of exploration work that has been performed to date.
NOTE 6: REVENUE
From continuing operations
Other revenue
Management fee
Interest income
Government stimulus grants
Accounting policy
2022
$
2021
$
523,191
26,682
-
549,873
549,620
29,785
177,438
756,843
Revenue is measured at the fair value of the consideration received or receivable. The Group recognises revenue
when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to
the entity and specific criteria have been met for each of the Group’s activities as described below:
Government grants
Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to
match them with the costs that they are intended to compensate. Cash Boost income received due to COVID-19
during the year.
Interest
Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying
amount of the financial asset).
48
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 7: EXPENSES
Administration expenses
Employee benefit expenses
Share based payments (i)
Notes:
(i)
Refer to Note 18 for further details.
ANNUAL REPORT
2022
$
2021
$
889,943
1,542,295
3,866,235
6,298,473
795,845
1,122,083
2,319,954
4,237,882
49
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 8: INCOME TAX
Current tax
(a) Income tax expense
reconciliation
A
income tax multiplied by the Group's applicable income tax rate is as follows:
between
expense
product
and
the
tax
of
ANNUAL REPORT
2022
$
2021
$
-
-
-
-
accounting
profit
before
Accounting loss before tax
Tax at the Australian statutory income tax rate of 27% (2021:26%)
(5,856,191)
(1,464,048)
(3,556,918)
(924,799)
Tax effect of amount which are not deductible (taxable) in calculating
taxable income:
Share based payments
Entertainment
Cash flow boost
Rent expense
Effective income tax rate changes
Tax loss recognised
Tax losses not recognised
(b) Deferred tax asset and (liabilities) are attributable to the following:
Trade and other receivables
Prepayments
Property, plant and equipment
ROI asset - lease
Deferred exploration expenditure
Capital raising costs
Trade and other payables
Interest bearing loans and borrowings
Provisions
Lease liability
Tax losses recognised to the extent of deferred tax liabilities
966,559
282
-
(26,448)
386,074
-
137,580
603,188
228
(13,000)
(26,429)
427,796
(66,984)
-
-
-
575
(6,935)
(21,757)
55,689
(13,950,284)
(597,617)
4800
(796,815)
123,196
40,858
(15,148,290)
(316)
(9,832)
(19,735)
38,611
(9,676,194)
(518,302)
5,720
-
112,315
29,794
10,037,939
-
-
The balance of potential deferred tax assets attributable to tax losses carried forward of $2,580,560 (2021: loss
$2,397,253) and other timing differences of nil (2021: nil) in respect of Antipa Minerals Limited and its controlled
entities in the tax consolidated group have not been brought to account because the Directors do not believe it
is appropriate to regard realisation of future tax benefits as probable.
50
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
Antipa Minerals Limited and its controlled entities in the tax consolidated group have not been brought to
account because the Directors do not believe it is appropriate to regard realisation of future tax benefits as
probable.
Antipa Minerals Limited and its wholly owned Australian controlled entities have implemented the tax
consolidation legislation.
The head entity, Antipa Minerals Limited, and its controlled entities in the tax consolidated group account for
their own current and deferred tax amounts. The entities have also entered into a tax funding agreement under
which the wholly-owned entities fully compensate Antipa Minerals Limited for any current tax payable assumed
and are compensated by Antipa Minerals Ltd for any current tax receivable and deferred tax assets relating to
unused tax losses or unused tax credits that are transferred to Antipa Minerals Limited under the tax
consolidation legislation.
Accounting policy
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income
based on the applicable tax rate adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
Deferred tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other
than a business combination that at the time of the transaction affects neither accounting or taxable profit or
loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised
or the deferred income tax liability is settled.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and
tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax for the year
Current and deferred tax is recognised as an expense or income in the statement of profit or loss and other
comprehensive income, except when it relates to items credited or debited directly to equity, in which case the
deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a business
combination, in which case it is taken into account in the determination of goodwill or excess.
51
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 9: CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash At bank and in hand
Restricted cash(i)
Restricted cash(ii)
Restricted cash(iii)
ANNUAL REPORT
2022
$
2021
$
6,509,917
296
715,501
648,966
30,649,779
260
1,680,908
1,319,537
7,874,680
33,650,484
Notes:
(i)
(ii)
(iii)
As at 30 June 2022 Cash and cash equivalents is held as restricted cash being monies received in advance
from Rio Tinto and restricted for use on the Citadel project $296 (2021: $260).
As at 30 June 2022 Cash and cash equivalents is held as restricted cash being monies received in advance
from Newcrest and restricted for use on the Wilki project $715,501 (2021: $1,680,908).
As at 30 June 2022 Cash and cash equivalents is held as restricted cash being monies received in advance
from IGO and restricted for use on the Paterson project $648,966 (2021: $1,319,537).
(a)
The carrying amount of cash and cash equivalents is a reasonable approximation of fair value.
Fair value
(b)
Interest rate risk exposure
Information about the Group’s exposure to interest rate risk in relation to cash and cash equivalents is provided
in Note 3.
Accounting policy
For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand, deposits held
at call with financial institutions, other short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts.
NOTE 10: NON CURRENT ASSETS – PROPERTY PLANT AND EQUIPMENT
Plant and Equipment
Cost
Accumulated depreciation
Net carrying amount
Reconciliation
Carrying amount at beginning of period
Additions
Net written down value of plant and equipment written off
Depreciation charge for the period
Net carrying amount at end of year
52
2022
$
2021
$
448,649
(276,717)
171,932
407,116
(243,380)
163,736
163,736
41,534
-
(33,338)
171,932
-
165,373
-
(1,637)
163,736
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 11: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE
At cost
Opening balance
Additions
Less: Exploration Incentive Scheme grants
Closing balance
ANNUAL REPORT
2022
$
2021
$
37,216,131
17,586,609
-
27,544,063
9,672,068
-
54,802,740
37,216,131
The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful
development and exploitation, or alternatively sale of the respective area of interest.
Notes:
(i)
The majority of exploration and evaluation expenditure capitalised during the year ended 30 June 2022
was in relation to the 100% Minyari Dome Project.
Accounting policy
Exploration and evaluation expenditure is stated at cost and is accumulated in respect of each identifiable area
of interest.
Such costs are only carried forward in respect of areas of interest for which the rights of tenure are current and
where:
(i)
such costs are expected to be recouped through successful development and exploitation of the area of
interest or, alternatively, by its sale; or
activities in the area have not at the statement of financial position date reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and active and
significant operations in, or in relation to the area of interest are continuing.
(ii)
All other costs which do not meet these criteria are written off immediately to the statement of profit or loss
and other comprehensive income.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest. Where carried forward expenditure does not satisfy the policy
stated above it is written off to the statement of profit or loss and other comprehensive income in the period in
which the decision is made to write-off. Accumulated costs in relation to an abandoned area are written off to
the statement of profit or loss and other comprehensive income in the period in which the decision to abandon
the area is made.
Rehabilitation, Restoration and Environmental Costs
Long-term environmental obligations are based on the Group’s environmental management plans, in compliance
with current environmental and regulatory requirements. There are currently no material rehabilitation
obligations.
53
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
NOTE 12: RIGHT-OF USE LEASE ASSETS
2022
$
2021
$
Carrying value
At cost - Premises
Cost
Accumulated depreciation
Reconciliation
Opening Balance
Additions
Depreciation expense
Closing balance
Accounting policy
612,585
(222,759)
389,826
612,585
(148,506)
464,079
464,079
-
(74,253)
389,826
538,332
-
(74,253)
464,079
Each lease payment is allocated between the liability and the finance cost. The finance cost is charged to profit
or loss over the lease period to produce a consistent period rate of interest on the remaining balance of the
liability for each period.
NOTE 13: LEASE LIABILITIES
30 June 2022
Premises
$
Total
$
30 June 21
Premises
$
Total
$
Current Liabilities
Non-Current Liabilities
Fair value as at 30 June
56,954
428,916
485,870
56,954
428,916
485,870
56,954
485,870
542,824
56,954
485,870
542,824
Reconciliation
30 June 2021
Opening Balance
Additions
Finance Expenses
Closing Balance 30 June 2022
542,824
-
(56,954)
485,870
542,824
-
(56,954)
590,520
-
(47,696)
485,870
542,824
590,520
-
(47,696)
542,824
54
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 14: CURRENT LIABILITIES
(a) Trade and other payables
Trade payables
Other payables
ANNUAL REPORT
2022
$
2021
$
1,088,452
1,172,897
2,261,349
6,722,495
1,935,224
8,657,719
The average credit period on purchases is 45 days from the date of invoice. Group policy is to pay all undisputed
invoices within 30 days from the month of receipt. All amounts are expected to be settled within twelve months.
Fair value
The carrying amount of trade payables is a reasonable approximation of fair value due to their short-term nature.
Accounting policy
Trade payables and other accounts payable represent liabilities for goods and services provided to the Group
prior to the end of the financial period which are unpaid. The amounts are unsecured and are usually paid within
30 days of recognition.
(b) Provisions
Annual leave provision
Long service leave provision
Accounting policy
Other long-term employee benefit obligations
2022
$
2021
$
361,957
130,828
492,785
264,803
167,179
431,982
The liability for long service leave and annual leave which is not expected to be settled within 12 months after
the end of the period in which the employees render the related service is recognised in the provision for
employee benefits and measured as the present value of expected future payments to be made in respect of
services provided by employees up to the end of the reporting period using the projected unit credit method.
Consideration is given to the expected future wage and salary levels, experience of employee departures and
periods of service. Expected future payments are discounted using market yields at the end of the reporting
period on national government bonds with terms to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
55
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 15: UNEXPECTED JOINT VENTURE CONTRIBUTIONS
Newcrest Farm-In (i)
Opening balance 1 July
Contributions Newcrest Services Pty Ltd
Expenditure
Closing balance
Rio Tinto Farm-In (ii)
Opening balance 1 July
Contributions Rio Tinto Exploration Pty Ltd
Expenditure
Closing balance
IGO Farm-In (iii)
Opening balance 1 July
Contributions IGO
Expenditure
Closing balance
ANNUAL REPORT
2022
$
2021
$
1,001,684
2,493,952
(3,187,258)
1,096,353
4,109,725
(4,204,394)
308,378
1,001,684
1,571
-
-
1,571
2,206
-
(635)
1,571
864,644
2,473,428
(2,668,113)
-
2,992,856
(2,128,212)
669,959
864,644
Total Unexpended Joint Venture Contributions
979,908
1,867,899
Notes:
(i)
In February 2020 Antipa signed the Wilki Project Farm-in agreement with Newcrest Operations Ltd
(Newcrest) to agree that Antipa will assume the operatorship of the exploration of the Wilki project. In
accordance with the agreement Antipa will be the operator for the Wilki Project for the $6 million
expenditure period. Under the Wilki Project Farm-in Agreement Newcrest is sole funding exploration on
the Wilki Project to earn an interest. Effective 1 July 2022, Newcrest became manager and operator of the
project.
Accounting policy
Cash received from pertaining to farm-In agreements is received in advance. Upon receipt of the funds a
liability is recognised for unexpended exploration contributions. As expenditure is incurred, the liability is
decreased. The cash received in advance by Newcrest is held by the Company in the capacity as operator
and is classified as restricted cash.
(ii)
Under the terms of a Farm-in and Joint Venture Agreement, Rio Tinto could sole fund up to $60 million of
exploration expenditure to earn up to a 75% interest in the Citadel Project (Citadel Project Farm-in
Agreement). As at 31 March 2021, Rio Tinto had funded in excess of $25 million in exploration expenditure
on the Citadel Project and, in accordance with the terms of the Citadel Project Farm-in Agreement, earned
a 65% interest in the Citadel Project Joint Venture. In April 2021 and in accordance with the terms of the
Citadel Project Farm-in Agreement, the Company elected to co-contribute to future Citadel Project Joint
Venture expenditure in accordance with its remaining 35% joint venture interest. As such, Rio Tinto no
longer has a right to earn a 75% interest in the Citadel Joint Venture.
On 26 July 2022, the Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and
Rio Tinto was reduced from $10 million to $6 - $8 million. Following this adjustment, Antipa elected to
utilise the dilute-down provision in the Citadel Project JV agreement for the 2022 exploration programme
56
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
and will not be required to make any further JV cash contributions for the revised 2022 JV budget and the
Company will be refunded ~$0.5 million of 2022 contributions it previously made.
Accounting policy
Cash received from pertaining to farm-In agreements is received in advance. Upon receipt of the funds a
liability is recognised for unexpended exploration contributions. As expenditure is incurred, the liability is
decreased. The cash received in advance by Rio is held by the Company in the capacity as operator and is
classified as restricted cash. Following the formation of the unincorporated joint venture, the arrangement
will be accounted for as a joint operation in accordance with accounting policies outlined in Note 2.
(iii)
In July 2020 Antipa signed the Paterson Project Farm-in agreement with IGO Newsearch Pty Ltd (IGO) to
agree that Antipa will assume the operatorship of the exploration of the Paterson project. In accordance
with the agreement Antipa will be the operator for the Paterson Project for the $4 million expenditure
period. Under the Paterson Project Farm-in Agreement IGO is sole funding exploration on the Paterson
Project to earn an interest. Effective 15 March 2022, IGO became manager and operator of the project.
Accounting policy
Cash received from pertaining to farm-In agreements is received in advance. Upon receipt of the funds a
liability is recognised for unexpended exploration contributions. As expenditure is incurred, the liability is
decreased. The cash received in advance by IGO is held by the Company in the capacity as operator and is
classified as restricted cash.
NOTE 16: CONTRIBUTED EQUITY
2022
2021
Number
$
Number
$
(a) Share capital
Fully paid ordinary shares
3,139,708,262
73,097,082
3,131,388,262
72,827,601
(b) Movements in ordinary share capital
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Group in
proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a
meeting or by proxy, is entitled to one vote. Upon a poll every holder is entitled to one vote per share held.
Movements in ordinary share capital – 2022
Description
Balance 1 July 2021
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Share Placement (i)
Less transaction costs
Balance 30 June 2022
Date
Number of Shares
Issue Price $
$
13 August 2021
27 August 2021
27 August 2021
6 September 2021
20 October 2021
3,131,388,262
3,000,000
1,500,000
2,400,000
600,000
820,000
3,139,708,262
57
$0.0320
$0.0325
$0.0325
$0.0325
$0.0500
72,827,601
96,000
48,750
78,000
19,500
41,000
(13,769)
73,097,082
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
Notes:
(i)
Share Issue – Newcrest Placement #1:
On 20 October 2021, Newcrest maintained its 9.9% interest in Antipa by subscribing for $41,000 in shares
on the same terms as the previous year’s share placement and SPP.
Movements in ordinary share capital – 2021
Description
Date
Number of Shares
Issue Price $
$
Balance 1 July 2020
Share placement (i)
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Share Placement (ii)
Share Placement (iii)
Share Placement (iv)
Share Placement (v)
Exercise of options
Share Placement (vi)
Less transaction costs
Closing balance
9 July 2020
4 August 2020
21 August 2020
21 August 2020
27 August 2020
27 August 2020
3 September 2020
3 September 2020
18 September 2020
18 September 2020
23 October 2020
13 November 2020
13 November 2020
21 December 2020
22 January 2021
16 February 2021
29 April 2021
24 May 2021
27 May 2021
2 June 2021
11 June 2021
18 June 2021
2,307,805,247
131,974,500
10,000,000
1,250,000
1,500,000
2,500,000
1,000,000
10,000,000
1,000,000
6,510,871
1,500,000
1,500,000
1,500,000
1,000,000
10,000,000
7,000,000
5,000,000
523,809,549
71,428,571
7,750,000
23,809,524
750,000
2,800,000
30 June 2021
3,131,388,262
$0.0275
$0.0170
$0.0380
$0.0190
$0.0210
$0.0220
$0.0170
$0.0380
$0.0460
$0.0325
$0.0325
$0.0190
$0.0220
$0.0310
$0.0390
$0.0390
$0.0420
$0.0420
$0.0420
$0.0420
$0.0210
$0.0420
42,766,459
3,625,340
170,000
47,500
28,500
52,500
22,000
170,000
38,000
299,500
48,750
48,750
28,500
22,000
310,000
273,000
195,000
22,000,001
3,000,000
325,500
1,000,000
15,750
117,600
(1,777,048)
72,827,601
Notes:
(i)
Share issue – IGO and Newcrest:
On 9 July 2020, IGO acquired a 4.9% interest in the Company by subscribing for $3.27 million in shares at
a price of $0.275 per share, a 25% premium to the 10-day VWAP prior to receipt by Antipa of a non-binding
farm-in proposal from IGO. Newcrest maintained its 9.9% interest in Antipa by subscribing for $358,909
in shares on the same terms as IGO. The placements raised a total of 3,625,340 (before costs).
(ii) Share Issue – Institutional Placement:
On 29 April 2021, the Company completed a share placement to institutional and sophisticated investors
to raise $22 million through the issue of approximately 524 million fully paid ordinary shares at $0.042
per share.
(iii) Share Issue – Share Purchase Plan (SPP):
On 24 May 2021, the Company completed a SPP to raise $3 million through the issue of approximately
71.4 million fully paid ordinary shares at $0.042 per share.
58
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
(iv) Share Issue – Newcrest Placement #1:
ANNUAL REPORT
On 27 May 2021, Newcrest maintained its 9.9% interest in Antipa by subscribing for $325,500 in shares
on the same terms as the share placement and SPP.
(v) Share Issue – CDF Placement #1:
On 2 June 2021, the Company completed a share placement to the CD Fund to raise $1 million through
the issue of approximately 23.8 million fully paid ordinary shares at $0.042 per share.
(vi) Share Issue – Newcrest Placement #2:
On 18 June 2021, Newcrest maintained its 9.9% interest in Antipa by subscribing for $117,600 in shares
on the same terms as the share placement and SPP.
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction from the proceeds.
NOTE 17: RESERVES AND ACCUMULATED LOSSES
(a) Share based payment and option reserve
Opening balance
Movement for the year
Balance at 30 June
(b) Accumulated losses
Opening balance
Net loss for the year
Balance at 30 June
(c) Nature and purpose of reserves
2022
$
2021
$
6,126,169
3,866,235
9,992,405
3,806,216
2,319,953
6,126,169
(17,536,592)
(5,856,191)
(13,979,675)
(3,556,918)
(23,392,784)
(17,536,592)
The share-based payments reserve is used to recognise the grant date fair value of options issued to employees
but not exercised.
The share option reserve is used to recognise the grant date fair value of options issued to consultants in
exchange for services but not exercised.
59
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
NOTE 18: OPTIONS
As at 30 June 2022, the Group has the following options on issue:
2022
Number
2,000,000
3,000,000
3,000,000
750,000
45,000,000
3,000,000
4,000,000
14,000,000
3,000,000
47,000,000
5,000,000
30,000,000
49,000,000
1,000,000
30,900,000
240,650,000
Exercise Price
Grant
$0.0220
$0.0390
$0.0380
$0.0210
$0.0190
$0.0228
$0.0700
$0.0670
$0.0810
$0.0750
$0.0730
$0.0740
$0.0950
$0.0750
$0.0650
27 July 2018
12 November 2018
27 March 2019
12 November 2019
21 November 2019
13 December 2019
3 August 2020
14 September 2020
23 October 2020
20 November 2020
23 April 2021
27 September 2021
19 November 2021
6 May 2022
23 May 2022
Expiry
26 July 2022
11 November 2022
27 March 2023
11 November 2023
22 November 2023
12 December 2024
31 July 2024
31 August 2024
30 September 2024
20 November 2024
31 March 2025
31 August 2025
18 November 2025
30 April 2026
30 April 2026
Options carry no dividend or voting rights. Upon exercise, each option is convertible into one ordinary share to
rank pari passu in all respects with the Group’s existing fully paid ordinary shares.
Movements in the number of options on issue during the year are as follows:
Description
Options
Opening balance
Issued during the period (i)(ii)(iii)(iv)(v)
Cancelled during the period
Exercised during the period
Expired during the period
Closing Balance at 30 June
Weighted
Average
Exercise
Price
$
2022
Number
Weighted
Average
Exercise
Price
$
2021
Number
142,750,000
117,900,000
(11,000,000)
(7,500,000)
(1,500,000)
240,650,000
0.0499
0.0802
0.0700
0.0323
0.0325
0.0645
169,250,000
77,000,000
(3,000,000)
(62,010,871)
(38,489,129)
142,750,000
0.4839
0.0731
0.0358
0.0286
0.0460
0.0499
Notes:
(i)
(ii)
2,000,000 options issued to employees pursuant to the Employee Incentive Option Plan. These options
were valued using a Black-Scholes model. They had a total fair value of $53,213.46 and were fully
expensed during the period.
29,000,000 options issued to employees and 6,000,000 issued to KMP pursuant to the Employee Incentive
Option Plan. These options were valued using a Black-Scholes model. They had a total fair value of
$1,021,066.77 and were fully expensed during the period.
60
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
(iii)
(iv)
(v)
48,000,000 options issued to Directors and 1,000,000 issued to Consultants pursuant to shareholder
approval obtained at the Company’s Annual General Meeting on 19 November 2021. These options were
valued using a Black-Scholes model. They had a total fair value of $1,924,599 and were fully expensed
during the period.
1,000,000 options issued to employees pursuant to the Employee Incentive Option Plan. These options
were valued using a Black-Scholes model. They had a total fair value of $30,192 and were fully expensed
during the period.
24,900,000 options issued to employees and 6,000,000 issued to KMP pursuant to the Employee Incentive
Option Plan. These options were valued using a Black-Scholes model. They had a total fair value of
$837,157 and were fully expensed during the period.
(i)
(ii)
(iii)
(iv)
(v)
Number of options
Grant date
Grant data share price
Exercise price
Expected volatility
Option life
Dividend yield
Interest rate
Vesting
2,000,000
06-Jul-21
$0.043
$0.063
100%
4 years
0.00%
0.36%
Immediately
35,000,000
27-Sep-21
$0.048
$0.074
100%
4 years
0.00%
0.36%
Immediately
49,000,000
19-Nov-21
$0.063
$0.095
100%
4 years
0.00%
1.40%
Immediately
1,000,000
6-May-22
$0.048
$0.075
100%
4 years
0.00%
3.14%
Immediately
30,900,000
23-May-22
$0.043
$0.065
100%
4 years
0.00%
3.01%
Immediately
Share based payments
Options issued to Directors, Employees and Company Secretary
2022
$
2021
$
3,866,235
3,866,235
2,319,954
2,319,954
NOTE 19: REMUNERATION OF AUDITORS
2022
$
2021
$
During the period, the following fees were paid or payable for services
provided by the auditor of the Group, its related practices and
non-related audit firms:
BDO Audit (WA) Pty Ltd for:
Audit of financial reports and other audit work under the
Corporations Act 2001
Other assurance services
Total remuneration for audit and other assurance services
43,000
850
43,850
37,000
1,400
38,400
61
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
NOTE 20: RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
2022
$
2021
$
Loss for the year
(5,856,191)
(3,556,918)
Adjustment for:
Share based payments
Depreciation
(Decrease)/Increase in current liabilities
(Increase)/Decrease in trade and other receivables
Net cash (outflow) from operating activities
Non-cash Financing and Investment Activities
(i) 30 June 2022
3,866,235
107,591
(63,715)
237,740
(1,708,340)
2,319,954
75,879
493,966
(167,573)
(834,692)
During the year ended 30 June 2022, the Group did not complete any financing and investment transactions that
involved the issue of shares as consideration.
(ii) 30 June 2021
During the year ended 30 June 2021, the Group did not complete any financing and investment transactions that
involved the issue of shares as consideration.
NOTE 21: LOSS PER SHARE
Basic / diluted loss per share
Loss attributable to the ordinary equity holders of the Company
2022
Cents
2021
Cents
(0.19)
(0.14)
$
$
Loss used in calculation of basic / diluted loss per share
(5,856,191)
(3,556,918)
Weighted average number of ordinary shares used as the denominator in
calculating basic / diluted loss per share
3,138,284,591
2,577,605,842
Accounting policy
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial period, adjusted for bonus elements in ordinary shares issued during the period.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after-tax effect of interest and other financing costs associated with dilutive potential ordinary
62
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
shares and the weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
NOTE 22: EVENTS SUBSEQUENT TO REPORTING PERIOD
Other than as disclosed below, there were no significant events occurring after balance date requiring disclosure.
(1)
(2)
(3)
(4)
On 19 September 2022, the Company completed the placement of 333.7 million ordinary shares at an
issue price of A$0.027 per share to raise gross proceeds of $9 million (Placement). The Company will also
undertake a Share Purchase Plan (SPP) of up to $3 million, resulting in a total capital raising of up to $12
million (before costs). Antipa will issue one free attaching unlisted option (Option) for every two new
Shares subscribed for and issued pursuant to the Placement and SPP. The Options will be exercisable at
$0.04 with an expiry date one year from the date of issue.
On 23 September 2022, the Company completed a top-up placement to Newcrest of 36.7 million ordinary
shares at an issue price of A$0.027 per share to raise gross proceeds of $1 million (Top-Up Placement).
Antipa will also issue one free attaching unlisted Option for every two new Shares subscribed for and
issued pursuant to the Top-Up Placement. In-line with the Placement terms, Antipa will issue one free
attaching unlisted Option for every two new shares issued pursuant to the Top-Up Placement. The
Options will be exercisable at $0.04 with an expiry date one year from the date of issue. The Top-Up
Placement Options will be issued coincident with the Options issued under the Placement and SPP.
On 31 August 2022, the Company announced the key outcomes of the Scoping Study completed on the
Minyari Dome Gold Project. The Study provided justification that the Minyari Dome Project is a
commercially viable stand-alone gold mining and processing operation and accordingly the Board of
Antipa has approved progression of the Project to a Pre-Feasibility Study (PFS).
On 26 July 2022, the Citadel Joint Venture Project CY 2022 Exploration Programme agreed by Antipa and
Rio Tinto was reduced from $10 million to $6 - $8 million. Following this adjustment, Antipa elected to
utilise the dilute-down provision in the Citadel Project JV agreement for the 2022 exploration programme
and will not be required to make any further JV cash contributions for the revised 2022 JV budget and the
Company will be refunded ~$0.5 million of 2022 contributions it previously made.
(5)
On 26 July 2022, 2,000,000 $0.022 unlisted options expired unexercised.
(6)
On 29 July 2022, 1,000,000 $0.81 unlisted options were cancelled.
(7)
On 29 July 2022, 1,000,000 $0.074 unlisted options were cancelled.
63
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 23: COMMITMENTS AND CONTINGENCIES
ANNUAL REPORT
2022
$
2021
$
The Group had no contingent assets or liabilities at reporting date.
The Group must meet the following tenement expenditure commitments
to maintain them in good standing until they are farmed out, sold, reduced,
relinquished, exemptions from expenditure are applied or are otherwise
disposed of. It is noted that this is subject to ongoing exploration results.
These commitments, net if farm outs, are not provided for in the financial
statements and are:
Not later than one year
After one year but less than two years
After two years up to five years
After five years
390,765
395,444
772,266
36,962
5,568,448
949,594
2,812,800
937,600
1,595,437
10,268,442
Notes:
(i)
Commitments at 30 June 2022 includes tenement expenditure commitments to maintain the Group
exploration licences in good standing until they are farmed out, sold, reduced, relinquished, exemptions
from expenditure are applied or are otherwise disposed of. It is noted that this is subject to ongoing
exploration results. These commitments, net of farm outs, are not provided for in the financial statements.
(ii)
Commitments for the prior year included an amount of approximately $4.4 million for the Citadel Project
JV with Rio Tinto. In July 2022, Antipa elected to utilise the dilute-down provision in the Citadel Project JV
agreement for the CY 2022 exploration programme and will not be required to make any further JV cash
contributions for the 2022 JV budget. This has significantly reduced the Group’s Commitments as at 30
June 2022.
Other than those disclosed above, the Group has no commitments at reporting date.
64
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
NOTE 24: RELATED PARTY TRANSACTIONS
Short term employee benefits
Post-employment benefits
Share based payments
There have been the following transactions with related parties during the
year ended 30 June 2022 and the prior period
Payments to director-related parties:
Napier Capital Pty Ltd (i)
Strategic Metallurgy Pty Ltd (ii)
Total payments to director-rated parties
ANNUAL REPORT
2022
$
2021
$
1,274,815
44,838
2,222,916
3,542,569
1,033,675
16,965
1,561,235
2,611,875
44,375
6,325
50,700
213,000
-
213,000
Notes:
(i)
(ii)
The payments were made to Napier Capital Pty Ltd, a company of which Stephen Power and Mark Rodda
are directors. The payments were for corporate advisory and administrative services on an arm’s length
basis. At the year-end there were no amounts outstanding.
Payments were made to Strategic Metallurgy Pty Ltd, a company of which Gary Johnson is a director. The
payments were for metallurgical advisory services in relation to the Scoping Study for the Minyari Dome
Project and were provided on an arm’s length basis. At the year-end there were no amounts outstanding.
There were no other related party transactions during the period, other than those to KMP’s as part of
remuneration.
NOTE 25: SUBSIDIARIES
Name of entity
Antipa Resources Pty Ltd (i)
Kitchener Resources Pty Ltd(ii)
MK Minerals Pty Ltd (ii)
Country of
incorporation
Class of Shares
Equity Holding
Australia
Australia
Australia
Ordinary
Ordinary
Ordinary
100%
100%
100%
Notes:
(i) Holds tenements in relation to the Citadel JV, Wilki and Paterson Farm-in projects, and Minyari Dome
(100%) Project.
(ii) Holds tenements in relation to the Wilki and Paterson Farm-in projects.
Accounting policy
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Antipa Minerals
Limited ('company' or 'parent entity') as at 30 June 2022 and the results of all subsidiaries for the year then ended.
Antipa Minerals Limited and its subsidiaries together are referred to in this financial report as the group or the
consolidated entity.
65
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
ANNUAL REPORT
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. Intercompany
transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with
the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss and other comprehensive income, statement of changes in equity and statement of
financial position, respectively.
NOTE 26: PARENT ENTITY DISCLOSURES
2022
$
2021
$
Financial position Assets
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Equity
Issued capital
Accumulated losses
Reserves:
Share based payments
Total equity
Financial performance
Loss for the period
Other comprehensive income
Total comprehensive loss
60,220,339
1,012,725
61,826,536
1,081,724
61,233,064
62,908,260
(1,087,429)
(485,870)
(1,573,299)
59,659,765
(1,010,968)
(542,824)
(1,553,792)
61,354,469
73,097,082
(23,429,722)
72,827,601
(17,599,302)
9,992,405
6,126,170
59,659,765
61,354,469
(5,830,420)
-
(5,830,420)
(3,581,714)
-
(3,581,714)
66
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2022
Parent Entity Commitments & Contingencies
The parent entity had no contingent assets or liabilities at reporting date.
ANNUAL REPORT
NOTE 27: OTHER ACCOUNTING POLICIES
(a)
Adoption of New and Revised Standards and Change in Accounting Standards
Early adoption of accounting standards
The Group has not elected to apply any pronouncements before their operative date in the annual reporting
year beginning 1 July 2022.
New and amended standards not yet adopted by the Group
The Company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period.
There has been no material impact on the financial statements by their adoption.
(b)
Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
(1)
(2)
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these
circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense
item as applicable; and
receivables and payables, with the exception of accrued expenses and expense provisions, are stated with
the amount of GST included.
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in
the statement of financial position.
Cash flows are included in the cash flow statement on a gross basis. The GST components of cash flows arising
from investing and financing activities, which are recoverable from, or payable to, the ATO are classified as
operating cash flows.
(c)
Share based payment transactions
The fair value of any options issued as remuneration is measured using an appropriate model. Measurement
inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on
weighted average historic volatility adjusted for changes expected due to publicly available information (if any),
weighted average expected life of the instruments (based on historical experience and general option holder
behaviour), expected dividends, and the risk-free interest rate (based on government bonds).
67
Directors’ Declaration
30 June 2022
The Directors declare that:
ANNUAL REPORT
in the Directors’ opinion, there are reasonable grounds to believe that the Group will be able to pay its
(a)
debts as and when they become due and payable;
(b)
the financial statements and accompanying notes are prepared in compliance with International
Financial Reporting Standards and interpretations adopted by the International Accounting Standards Board;
(c)
in the Directors’ opinion, the attached financial statements and notes thereto are in accordance with
the Corporations Act 2001 and other mandatory professional reporting requirements, including compliance
with accounting standards and giving a true and fair view of the financial position and performance of the
Group; and
(d)
the Directors have been given the declarations required by s.295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors made pursuant to s.295(5) of the Corporations Act
2001.
Stephen Power
Non-Executive Chairman
Perth, Western Australia
28 September 2022
68
Corporate Governance Statement
CORPORATE GOVERNANCE STATEMENT
FOR THE FINANCIAL YEAR ENDING 30 JUNE 2022
ANNUAL REPORT
This Corporate Governance Statement is current as at 28 September 2022 and has been approved by the Board of the Company on that date.
This Corporate Governance Statement discloses the extent to which the Company has, during the financial year ending 30 June 2022, followed the recommendations set by
the ASX Corporate Governance Council in its publication Corporate Governance Principles and Recommendations – 4th Edition (Recommendations). The Recommendations
are not mandatory, however the Recommendations that have not been followed for any part of the reporting period have been identified and reasons provided for not
following them along with what (if any) alternative governance practices were adopted in lieu of the recommendation during that period.
The Company has adopted a Corporate Governance Plan which provides the written terms of reference for the Company’s corporate governance duties.
The Company’s Corporate Governance Plan is available on the Company’s website at www.antipaminerals.com.au.
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Principle 1: Lay solid foundations for management and oversight
Recommendation 1.1
(a)
A listed entity should have and disclose a board
charter which sets out the respective roles and
responsibilities of the Board, the Chair and
management, and includes a description of
those matters expressly reserved to the Board
and those delegated to management.
YES
The Company has adopted a Board Charter that sets out the specific roles and responsibilities
of the Board, the Chair and management and includes a description of those matters expressly
reserved to the Board and those delegated to management.
The Board Charter sets out the specific responsibilities of the Board, requirements as to the
Board’s composition, the roles and responsibilities of the Chair and Company Secretary, the
establishment, operation and management of Board Committees, Directors’ access to
Company records and information, details of the Board’s relationship with management,
details of the Board’s performance review and details of the Board’s disclosure policy.
A copy of the Company’s Board Charter, which is part of the Company’s Corporate Governance
Plan, is available on the Company’s website.
69
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 1.2
A listed entity should:
(a)
YES
(b)
(c)
appropriate
before
undertake
appointing a director or senior executive or
putting someone forward for election as a
Director; and
checks
provide security holders with all material
information in its possession relevant to a
decision on whether or not to elect or re-elect a
Director.
(b)
The Company has guidelines for the appointment and selection of the Board and
senior executives in its Corporate Governance Plan. The Company’s Nomination and
Remuneration Committee Charter (in the Company’s Corporate Governance Plan)
requires the Nomination and Remuneration Committee (or, in its absence, the Board)
to ensure appropriate checks (including checks in respect of character, experience,
education, criminal record and bankruptcy history (as appropriate)) are undertaken
before appointing a person or putting forward to security holders a candidate for
election, as a Director. In the event of an unsatisfactory check, a Director is required
to submit their resignation.
The Company did not elect any new Directors during the financial year ending 30 June
2022.
Under the Nomination and Remuneration Committee Charter, all material
information relevant to a decision on whether or not to elect or re-elect a Director
must be provided to security holders in the Notice of Meeting containing the
resolution to elect or re-elect a Director.
Recommendation 1.3
A listed entity should have a written agreement with each
Director and senior executive setting out the terms of their
appointment.
YES
Recommendation 1.4
The Company Secretary of a listed entity should be
accountable directly to the Board, through the Chair, on all
matters to do with the proper functioning of the Board.
YES
Recommendation 1.5
A listed entity should:
(d)
have and disclose a diversity policy;
PARTIALLY
The Company’s Nomination and Remuneration Committee Charter requires the Nomination
and Remuneration Committee (or, in its absence, the Board) to ensure that each Director and
senior executive is personally a party to a written agreement with the Company which sets out
the terms of that Director’s or senior executive’s appointment.
The Company has had written agreements with each of its Directors and senior executives for
the past financial year.
The Board Charter outlines the roles, responsibility and accountability of the Company
Secretary. In accordance with this, the Company Secretary is accountable directly to the Board,
through the Chair, on all matters to do with the proper functioning of the Board.
(a)
(b)
The Company has adopted a Diversity Policy which provides a framework for the
Company to establish, achieve and measure diversity objectives, including in respect
of gender diversity. The Diversity Policy is available, as part of the Corporate
Governance Plan, on the Company’s website.
The Diversity Policy allows the Board to set measurable gender diversity objectives,
if considered appropriate, and to continually monitor both the objectives if any have
been set and the Company’s progress in achieving them.
70
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
(e)
through its board or a committee of the board
set measurable objectives for achieving gender
diversity in the composition of its board, senior
executives, and workforce generally; and
(f)
disclose in relation to each reporting period:
(i)
(ii)
the measurable objectives set for that
period to achieve gender diversity;
entity’s
the
achieving those objectives; and
progress
towards
(iii)
either:
(A)
(B)
the respective proportions
of men and women on the
Board, in senior executive
positions and across the
workforce
whole
(including how the entity
“senior
has
executive”
these
purposes); or
defined
for
under
if the entity is a “relevant
employer”
the
Workplace
Gender
Equality Act, the entity’s
most
“Gender
Equality
Indicators”, as
defined in the Workplace
Gender Equality Act.
recent
COMPLY
EXPLANATION
(c)
The Board did not set measurable gender diversity objectives for the past financial
year, because:
ANNUAL REPORT
(i)
(ii)
(iii)
the Board considered that, given the limited size, nature and stage of
development of the Company, setting measurable objectives for the
Diversity Policy at this time was not practical; and
if it became necessary to appoint any new Directors or senior executives,
the Board considered the application of the measurable diversity objectives
and determined that, given the small size of the Company and the Board,
requiring specified objectectives to be met, may unduly limit the Company
from applying the Diversity Policy as a whole and the Company’s policy of
appointing the best person for the job; and
the respective proportions of men and women on the Board, in senior
executive positions and across the whole organisation (including how the
entity has defined “senior executive” for these purposes) for the past
financial year is as follows:
(A)
(B)
the Company currently has no women on the Board or in senior
executive positions. A senior executive, for these purposes, means
key management personnel (as defined in the Corporations Act)
other than a non-executive Director; and
The Company has four female employees (25% of the total number
of Directors and employees). In addition, there are currently two
female contractors based at the Minyari Dome Project.
If the entity was in the S&P / ASX 300 Index at the
commencement of the reporting period, the measurable
objective for achieving gender diversity in the composition
of its board should be to have not less than 30% of its
directors of each gender within a specified period.
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Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 1.6
A listed entity should:
(g)
(h)
have and disclose a process for periodically
evaluating the performance of the Board, its
committees, and individual Directors; and
disclose for each reporting period whether a
performance evaluation has been undertaken in
accordance with that process during or in
respect of that period.
Recommendation 1.7
A listed entity should:
(i)
(j)
have and disclose a process for evaluating the
performance of its senior executives at least
once every reporting period; and
disclose for each reporting period whether a
performance evaluation has been undertaken in
accordance with that process during or in
respect of that period.
YES
YES
Principle 2: Structure the Board to be effective and add value
Recommendation 2.1
The Board of a listed entity should:
(k)
have a nomination committee which:
YES
(i)
has at
least three members, a
majority of whom are independent
Directors; and
(a)
(b)
(a)
(b)
(a)
The Company’s Nomination and Remuneration Committee (or, in its absence, the
Board) is responsible for evaluating the performance of the Board, its committees
and individual Directors on an annual basis. It may do so with the aid of an
independent advisor. The process for this is set out in the Company’s Corporate
Governance Plan, which is available on the Company’s website.
The Company’s Corporate Governance Plan requires the Company to disclose
whether or not performance evaluations were conducted during the relevant
reporting period. The Company has completed performance evaluations in respect
of the Board, its committees (if any) and individual Directors for the past financial
year in accordance with the above process.
These performance evaluations were completed by the Company’s Nomination and
Remuneration Committee.
The Company’s Nomination and Remuneration Committee (or, in its absence, the
Board) is responsible for evaluating the performance of the Company’s senior
executives on an annual basis. The Company’s Remuneration Committee (or, in its
absence, the Board) is responsible for evaluating the remuneration of the Company’s
senior executives on an annual basis. A senior executive, for these purposes, means
key management personnel (as defined in the Corporations Act) other than a non-
executive Director.
The applicable processes for these evaluations can be found in the Company’s
Corporate Governance Plan, which is available on the Company’s website.
The Company has completed performance evaluations in respect of the senior
executives for the past financial year in accordance with the applicable processes.
The Company had a Nomination and Remuneration Committee for the past financial
year. Currently, Mr Gary Johnson, Mr Peter Buck and Mr Stephen Power serve on the
Nomination and Remuneration Committee. Mr Johnson is the chair of the committee.
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Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
(ii)
chaired by an
is
Director,
independent
and disclose:
(iii)
(iv)
(v)
the charter of the committee;
the members of the committee; and
as at the end of each reporting
period, the number of times the
committee met
the
period and the individual attendances
of the members at those meetings; or
throughout
if it does not have a nomination committee,
disclose that fact and the processes it employs
to address Board succession issues and to
ensure that the Board has the appropriate
balance of skills, knowledge, experience,
independence, and diversity to enable it to
discharge
responsibilities
effectively.
its duties and
(l)
Recommendation 2.2
A listed entity should have and disclose a Board skills
matrix setting out the mix of skills that the Board currently
has or is looking to achieve in its membership.
YES
The Company’s Nomination and Remuneration Committee Charter provides for the
creation of a Nomination and Remuneration Committee (if it is considered it will
benefit the Company), with at least three members, a majority of whom are
independent non-executive Directors, and which must be chaired by an independent
Director. A copy of the committee’s charter is available in the corporate governance
section of the Company's website. The members of the Nomination and
Remuneration Committee, the number of times the committee met during the last
financial year, and the individual attendances of the members, are disclosed in the
Directors’ Report.
Under the Nomination and Remuneration Committee Charter (in the Company’s Corporate
Governance Plan), the Nomination and Remuneration Committee (or, in its absence, the
Board) is required to prepare a Board skills matrix setting out the mix of skills that the Board
currently has (or is looking to achieve) and to review this at least annually against the
Company’s Board skills matrix to ensure the appropriate mix of skills to discharge its
obligations effectively and to add value and to ensure the Board has the ability to deal with
new and emerging business and governance issues.
The Company has, for the past financial year, had a Board skill matrix setting out the mix of
skills and diversity that the Board currently has or is looking to achieve in its membership. A
copy is available in the Company’s Annual Report.
On a collective basis the Board has the following skills:
Strategic expertise: Ability to identify and critically assess strategic opportunities and threats
and develop strategies.
73
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Specific Industry knowledge: Geological and metallurgical qualifications are held by Board
members and all members of the Board have a general background and experience in the
resources sector including exploration, mineral resource project development and mining.
Accounting and finance: The ability to read and comprehend the Company’s accounts,
financial material presented to the Board, financial reporting requirements and an
understanding of corporate finance.
Legal: Overseeing compliance with numerous laws, ensuring appropriate legal and regulatory
compliance frameworks and systems are in place and understanding an individual Director’s
legal duties and responsibilities.
Risk management: Identify and monitor risks to which the Company is or has the potential to
be exposed to.
Experience with financial markets: Experience in working in or raising funds from the equity,
debt or capital markets.
Investor relations: Experience in identifying and establishing relationships with Shareholders,
potential investors, institutions and equity analysts.
The Board Charter requires the disclosure of each Board member’s qualifications and
expertise. Full details as to each Director and senior executive’s relevant skills and experience
are available in the Company’s Directors’ Report.
(a)
(b)
The Board Charter requires the disclosure of the names of Directors considered by
the Board to be independent. Mr Peter Buck and Mr Gary Johnson are considered
independent Directors.
Mr Roger Mason and Mark Rodda are Executive Directors and are not considered
independent Directors as they are employed in an executive capacity. Mr Stephen
Power was an Executive Director of the Company until 16 September 2021 and
consequently, will not be eligible to be classified as an independent director until
September 2024.
(c)
Messrs Power, Mason, Rodda, and Buck have been Directors since 1 November 2010.
Mr Johnson has been a Director since 23 November 2010.
74
Recommendation 2.3
A listed entity should disclose:
YES
(m)
(n)
the names of the Directors considered by the
Board to be independent Directors;
if a Director has an
interest, position or
relationship of the type described in Box 2.3 of
the ASX Corporate Governance Principles and
Recommendations (4th Edition), but the Board
is of the opinion that it does not compromise the
independence of the Director, the nature of the
interest, position or relationship in question and
an explanation of why the Board is of that
opinion; and
(o)
the length of service of each Director
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 2.4
A majority of the Board of a listed entity should be
independent Directors.
NO
Recommendation 2.5
The Chair of the Board of a listed entity should be an
independent Director and, in particular, should not be the
same person as the CEO of the entity.
NO
The Company’s Board Charter requires that, where practical, the majority of the Board should
be independent.
There was not an independent majority of the Board for all of the past financial year.
The Board did not consider an independent majority of the Board was appropriate for the past
financial year given:
(a)
(b)
(c)
the Company considers at least two (2) Directors need to be executive Directors for
the Company to be effectively managed;
the Company considers it necessary, given its speculative and small scale activities,
to attract and retain suitable Directors by offering Directors an interest in the
Company; and
the Company considers it appropriate to provide remuneration to its Directors in the
form of securities in order to conserve its limited cash reserves.
In order to structure the Board in such a way to add value despite not having an independent
majority of Directors, the Board requires that any Director who has a conflict of interest in
relation to a particular item of business must absent themselves from the Board meeting
before commencement of discussion on the item.
The Board Charter provides that, where practical, the Chair of the Board should be an
independent Director and should not be the CEO/Managing Director.
The Chair of the Company, Mr Stephen Power, for the first quarter of the past financial year
was not an independent Director and was not the CEO/Managing Director. Effective 16
September 2021, Mr Power transitioned to the position of Non-Executive Chair and will
therefore not be eligible to be classified as an independent director until September 2024.
Notwithstanding this the Directors believe that Mr Power is able to, and does make, quality
and independent judgement in the best interests of the Company on all relevant issues before
the Board. Mr Roger Mason is Managing Director of the Company.
The Board did not have an independent Chair because it was not feasible due to the company’s
current size and Board structure. The Board has agreed, and the Company has set out, a clear
statement of division of responsibility between the roles of the Executive Chairman and the
Managing Director.
75
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 2.6
A listed entity should have a program for inducting new
Directors and for periodically reviewing whether there is a
need for existing directors to undertake professional
development to maintain the skills and knowledge needed
to perform their role as Directors effectively.
YES
Principle 3: Instil a culture of acting lawfully, ethically and responsibly
Recommendation 3.1
A listed entity should articulate and disclose its values.
YES
Recommendation 3.2
A listed entity should:
(p)
(q)
have and disclose a code of conduct for its
Directors, senior executives, and employees;
and
ensure that the Board or a committee of the
Board is informed of any material breaches of
that code.
Recommendation 3.3
A listed entity should:
(r)
have and disclose a whistleblower policy; and
YES
YES
In accordance with the Company’s Board Charter, the Nomination and Remuneration
Committee (or, in its absence, the Board) is responsible for the approval and review of
induction and continuing professional development programs and procedures for Directors to
ensure that they can effectively discharge their responsibilities. The Company Secretary is
responsible for facilitating inductions and professional development including receiving
briefings on material developments in laws, regulations and accounting standards relevant to
the Company.
There were no new Directors appointed during the reporting period.
(a)
(b)
(a)
(b)
The Company and its subsidiary companies (if any) are committed to conducting all
of its business activities fairly, honestly with a high level of integrity, and in
compliance with all applicable laws, rules and regulations. The Board, management
and employees are dedicated to high ethical standards and recognise and support the
Company’s commitment to compliance with these standards.
The Company’s values are set out in its Code of Conduct (which forms part of the
Corporate Governance Plan) and are available on the Company’s website. All
employees are given appropriate training on the Company’s values and senior
executives will continually reference such values.
The Company’s Corporate Code of Conduct applies to the Company’s Directors,
senior executives and employees.
The Company’s Corporate Code of Conduct (which forms part of the Company’s
Corporate Governance Plan) is available on the Company’s website. Any material
breaches of the Code of Conduct are reported to the Board or a committee of the
Board.
The Company’s Whistleblower Protection Policy (which forms part of the Corporate
Governance Plan) is available on the Company’s website. Any material breaches of the
Whistleblower Protection Policy are to be reported to the Board or a committee of the Board.
76
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
(s)
ensure that the Board or a committee of the
Board is informed of any material incidents
reported under that policy.
Recommendation 3.4
A listed entity should:
(t)
(u)
have and disclose an anti-bribery and corruption
policy; and
ensure that the Board or committee of the
Board is informed of any material breaches of
that policy.
Principle 4: Safeguard the integrity of corporate reports
COMPLY
EXPLANATION
ANNUAL REPORT
YES
The Company’s Anti-Bribery and Anti-Corruption Policy (which forms part of the Corporate
Governance Plan) is available on the Company’s website. Any material breaches of the Anti-
Bribery and Anti-Corruption Policy are to be reported to the Board or a committee of the
Board.
Recommendation 4.1
The Board of a listed entity should:
(v)
have an audit committee which:
(a)
YES
(i)
(ii)
has at least three members, all of
whom are non-executive Directors
and a majority of whom are
independent Directors; and
chaired by an
is
independent
Director, who is not the Chair of the
Board,
and disclose:
(iii)
(iv)
the charter of the committee;
relevant qualifications and
the
experience of the members of the
committee; and
The Company had an Audit and Risk Committee for the past financial year. The
Company’s Corporate Governance Plan contains an Audit and Risk Committee
Charter that provides for the creation of an Audit and Risk Committee with at least
three members, all of whom must be non-executive Directors, and majority of the
Committee must be independent Directors. The Committee must be chaired by an
independent Director who is not the Chair.
The members of the Audit and Risk Committee, their relevant qualification and
experience, the number of times the Committee met during the last financial year,
and the individual attendances of the members, are disclosed in the Directors’
Report. The charter of the Audit and Risk Committee is available, as part of the
Corporate Governance Plan, on the Company’s website.
The Audit Committee is chaired by Mr Buck, who is an independent director.
Although the members of the Audit Committee do not hold accounting or finance
qualifications, they do have an understanding of financial reporting requirements
and experience in ensuring that these requirements are met and that relevant
controls are in place to ensure the integrity of the financial statements and reports.
The role of the Audit and Risk Committee is to assist the Board in monitoring and
reviewing any matters of significance affecting financial reporting and compliance.
77
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
(v)
in relation to each reporting period,
the number of times the committee
met throughout the period and the
the
of
attendances
individual
members at those meetings; or
ANNUAL REPORT
(w)
if it does not have an audit committee, disclose
that fact and the processes it employs that
independently verify and safeguard the integrity
of
the
processes for the appointment and removal of
the external auditor and the rotation of the
audit engagement partner.
its corporate reporting,
including
YES
The Company’s Audit and Risk Committee Charter requires the CEO and CFO (or, if none, the
person(s) fulfilling those functions) to provide a sign off on these terms.
The Company has obtained a sign off on these terms for each of its financial statements in the
past financial year.
Recommendation 4.2
The Board of a listed entity should, before it approves the
entity’s financial statements for a financial period, receive
from its CEO and CFO a declaration that the financial
records of the entity have been properly maintained and
that the financial statements comply with the appropriate
accounting standards and give a true and fair view of the
financial position and performance of the entity and that
the opinion has been formed on the basis of a sound
system of risk management and internal control which is
operating effectively.
Recommendation 4.3
A listed entity should disclose its process to verify the
integrity of any periodic corporate report it releases to the
market that is not audited or reviewed by an external
auditor.
YES
The Company has included in each of its (to the extent that the information contained in the
following is not audited or reviewed by an external auditor):
78
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
(a)
(b)
(c)
(d)
(a)
(b)
annual reports or on its website, a description of the process it undertook to verify
the integrity of the information in its annual directors’ report;
quarterly reports, or in its annual report or on its website, a description of the
process it undertook to verify the integrity of the information in its quarterly
reports;
integrated reports, or in its annual report (if that is a separate document to its
integrated report) or on its website, a description of the process it undertook to
verify the integrity of the information in its integrated reports; and
periodic corporate reports (such as a sustainability or ESG report), or in its annual
report or on its website, a description of the process it undertook to verify the
integrity of the information in these reports.
The Company’s Corporate Governance Plan details the Company’s Continuous
Disclosure policy.
The Corporate Governance Plan, which incorporates the Continuous Disclosure
policy, is available on the Company’s website.
The Company’s Continuous Disclosure policy is designed to guide compliance with ASX Listing
Rule disclosure requirements and to ensure that all Directors, senior executives and
employees of the Company understand their responsibilities under the policy. The Board has
designated the Chairman, Managing Director and the Company Secretary as the persons
responsible for ensuring that this policy is implemented and enforced and that all required
price sensitive information is disclosed to the ASX as required.
In accordance with the Company's Continuous Disclosure policy, all information provided to
ASX for release to the market is posted to its website, after ASX confirms an announcement
has been made.
Under the Company’s Continuous Disclosure Policy (which forms part of the Corporate
Governance Plan), all members of the Board receive material market announcements
promptly after they have been made.
All substantive investor or analyst presentations were released on the ASX Markets
Announcement Platform ahead of such presentations.
79
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
A listed entity should have and disclose a written policy
for complying with its continuous disclosure obligations
under listing rule 3.1.
YES
Recommendation 5.2
A listed entity should ensure that its board receives copies
of all material market announcements promptly after they
have been made.
Recommendation 5.3
YES
YES
Corporate Governance Statement
COMPLY
EXPLANATION
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
A listed entity that gives a new and substantive investor or
analyst presentation should release a copy of the
presentation materials on the ASX Market Announcements
Platform ahead of the presentation.
Principle 6: Respect the rights of security holders
Recommendation 6.1
A listed entity should provide information about itself and
its governance to investors via its website.
YES
Recommendation 6.2
A listed entity should have an investor relations program
that facilitates effective two-way communication with
investors.
YES
Recommendation 6.3
A listed entity should disclose how it facilitates and
encourages participation at meetings of security holders.
YES
Information about the Company and its governance is available in the Corporate Governance
Plan which can be found on the Company’s website.
The Company’s website also contains information about the Company’s projects, Directors
and management and the Company’s corporate governance practices, policies and charters.
All ASX announcements made to the market, including annual and half year financial results
are posted on the website as soon as reasonably practicable after they have been released by
the ASX. The full text of all notices of meetings and explanatory material, the Company’s
Annual Report and copies of all investor presentations are posted on the website.
The Company has adopted a Shareholder Communications Strategy which aims to promote
and facilitate effective two-way communication with investors. The Strategy outlines a range
of ways in which information is communicated to shareholders and is available on the
Company’s website as part of the Company’s Corporate Governance Plan.
The Company’s Managing Director and Executive Director are the Company’s main contacts
for investors and potential investors and make themselves available to discuss the Company’s
activities when requested. In addition to announcements made in accordance with its
continuous disclosure obligations, from time to time, the Company prepares and releases
general investor updates.
Contact with the Company can be made via an email address provided on the website and
investors can subscribe to the Company’s mailing list.
Shareholders are encouraged to participate at all general meetings and AGMs of the Company.
Upon the despatch of any notice of meeting to Shareholders, the Company Secretary shall
send out material stating that all Shareholders are encouraged to participate at the meeting.
The Company provided Shareholders with the opportunity to participate in shareholder
meetings by live webcasting meetings online and allowing voting in person, by proxy or online.
The full text of all notices of meetings and explanatory material are posted on the Company’s
website.
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Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 6.4
A
listed entity should ensure that all substantive
resolutions at a meeting of security holders are decided by
a poll rather than by a show of hands.
Recommendation 6.5
A listed entity should give security holders the option to
receive communications from, and send communications
to, the entity and its security registry electronically.
YES
YES
All substantive resolutions at securityholder meetings were decided by a poll rather than a
show of hands.
The Shareholder Communication Strategy provides that security holders can register with the
Company to receive email notifications when an announcement is made by the Company to
the ASX, including the release of the Annual Report, half yearly reports and quarterly reports.
Links are made available to the Company’s website on which all information provided to the
ASX is immediately posted.
Shareholder queries should be referred to the Company Secretary at first instance. Contact
with the Company can be made via an email address provided on the website and investors
can subscribe to the Company’s mailing list.
The Company’s share registry provides a facility whereby investors can provide email
addresses to receive correspondence from the Company electronically and investors can
contact the share register via telephone, facsimile or email.
Principle 7: Recognise and manage risk
Recommendation 7.1
The Board of a listed entity should:
(x)
have a committee or committees to oversee
risk, each of which:
(a)
YES
(i)
(ii)
has at
least three members, a
majority of whom are independent
Directors; and
chaired by an
is
Director,
independent
and disclose:
(iii)
(iv)
the charter of the committee;
the members of the committee; and
The Company had a Audit and Risk Committee for the past financial year. The
Company’s Corporate Governance Plan contains an Audit and Risk Committee
Charter that provides for the creation of an Audit and Risk Committee with at least
three members, all of whom must be non-executive Directors, and majority of the
Committee must be independent Directors. The Committee must be chaired by an
independent Director who is not the Chair. Members of the Audit and Risk Committee
are Mr Peter Buck (independent Chair), Mr Stephen Power and Mr Gary Johnson. A
majority of the Directors comprising the Audit and Risk Committee are considered to
be independent.
The role of the Audit and Risk Committee is to oversee the Company’s risk
management systems, practices and procedures to ensure effective risk
identification and management and compliance with internal guidelines and external
requirements.
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Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
(v)
as at the end of each reporting
period, the number of times the
committee met
the
period and the individual attendances
of the members at those meetings; or
throughout
(y)
if
it does not have a risk committee or
committees that satisfy (a) above, disclose that
fact and the process it employs for overseeing
the entity’s risk management framework.
Recommendation 7.2
The Board or a committee of the Board should:
YES
(z)
review the entity’s risk management framework
at least annually to satisfy itself that it continues
to be sound and that the entity is operating with
due regard to the risk appetite set by the Board;
and
(aa)
disclose in relation to each reporting period,
whether such a review has taken place.
Recommendation 7.3
A listed entity should disclose:
YES
(bb)
(cc)
if it has an internal audit function, how the
function is structured and what role it performs;
or
if it does not have an internal audit function,
that fact and the processes it employs for
the
evaluating and continually
effectiveness
risk
management and internal control processes.
governance,
improving
its
of
A copy of the Corporate Governance Plan, which contains the Audit and Risk
Committee Charter, is available on the Company’s website. The members of the Audit
and Risk Committee, the number of times the Committee met during the last financial
year, and the individual attendances of the members, are disclosed in the Directors’
Report.
(a)
(b)
(a)
(b)
The Audit and Risk Committee Charter requires that the Audit and Risk Committee
(or, in its absence, the Board) should, at least annually, satisfy itself that the
Company’s risk management framework continues to be sound and that the
Company is operating with due regard to the risk appetite set by the Board.
The Company’s Audit and Risk Committee has completed a review of the Company’s
risk management framework in the past financial year.
The Audit and Risk Committee Charter provides for the Audit and Risk Committee to
monitor and periodically review the need for an internal audit function, as well as
assessing the performance and objectivity of any internal audit procedures that may
be in place.
Given its current size and level of activities, the Company did not have an internal
audit function for the past financial year. The Audit and Risk Committee was
responsible for overseeing the Company’s risk management systems, practices and
procedures to ensure effective risk identification and management and compliance
with internal guidelines and external requirements and monitors the quality of the
accounting function.
82
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 7.4
A listed entity should disclose whether it has any material
exposure to environmental or social risks and, if it does,
how it manages or intends to manage those risks.
YES
The ESG Committee Charter requires the ESG Committee to assist management to determine
whether the Company has any potential or apparent exposure to environmental, social or
governance risks and, if it does, put in place management systems, practices and procedures
to manage those risks.
Where the Company does not have material exposure to environmental, social or governance
risks, the Committee will report the basis for that determination to the Board, and where
appropriate benchmark the Company’s environmental or social risk profile against its peers.
The Company discloses this information in its Annual Report.
The operations and proposed activities of the Company are subject to State and Federal laws
and regulations concerning the environment. As with most exploration projects and mining
operations, the Company’s activities are expected to have an impact on the environment,
particularly if advanced exploration or mine development proceed. The Company manages
environmental risks, material or otherwise, by seeking to conduct its operational activities to
the highest standard of environmental obligation, including compliance with all environmental
laws.
The Board currently considers that the Company does not have any material exposure to social
sustainability risk. The Company’s Corporate Code of Conduct outlines the Company’s
commitment to integrity and fair dealing in its business affairs and to a duty of care to all
employees, clients and stakeholders. The Code sets out the principles covering appropriate
conduct in a variety of contexts and outlines the minimum standard of behaviour expected
from employees when dealing with stakeholders.
The impact of the Coronavirus (COVID-19) pandemic is ongoing, and it is not practicable to
estimate the potential impact, positive or negative, after the reporting date. The situation is
rapidly developing and is dependent on measures imposed by the Australian Government and
other countries, such as maintaining social distancing requirements, quarantine, travel
restrictions and any economic stimulus that may be provided.
83
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The Board of a listed entity should:
(dd)
have a remuneration committee which:
YES
(i)
(ii)
has at
least three members, a
majority of whom are independent
Directors; and
chaired by an
is
Director,
independent
and disclose:
(iii)
(iv)
(v)
the charter of the committee;
the members of the committee; and
as at the end of each reporting
period, the number of times the
committee met
the
period and the individual attendances
of the members at those meetings; or
throughout
(ee)
if it does not have a remuneration committee,
disclose that fact and the processes it employs
level and composition of
for setting the
senior
for Directors
remuneration
executives and ensuring that such remuneration
is appropriate and not excessive.
and
Recommendation 8.2
A listed entity should separately disclose its policies and
practices regarding the remuneration of non-executive
Directors and the remuneration of executive Directors and
other senior executives.
YES
(a)
(b)
The Company had a Nomination and Remuneration Committee for the past financial
year. The Company’s Corporate Governance Plan contains a Nomination and
Remuneration Committee Charter that provides for the creation of a Nomination and
Remuneration Committee (if it is considered it will benefit the Company), with at least
three members, a majority of whom are be independent Directors, and which must
be chaired by an independent Director.
Current members of the Nomination and Remuneration Committee are Mr Gary
Johnson (independent Chair), Mr Peter Buck and Mr Stephen Power. A majority of
the Directors comprising the Nomination and Remuneration Committee are
considered to be independent.
The members of the Remuneration Committee, the number of times the committee
met during the last financial year, and the individual attendances of the members,
are disclosed in the Directors’ Report.
The Company’s Corporate Governance Plan requires the Board to disclose its policies and
practices regarding the remuneration of Directors and senior executives, which is disclosed in
the Remuneration Report (Audited) contained in the Directors’ Report.
Messrs Power, Johnson and Buck are paid a fixed annual fee for their service to the Company
as Non-Executive Directors. Non-Executive Directors may, subject to shareholder approval, be
granted options.
84
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
ANNUAL REPORT
Recommendation 8.3
A listed entity which has an equity-based remuneration
scheme should:
YES
(ff)
have a policy on whether participants are
permitted to enter into transactions (whether
through the use of derivatives or otherwise)
which limit the economic risk of participating in
the scheme; and
(gg)
disclose that policy or a summary of it.
Additional recommendations that apply only in certain cases
Recommendation 9.1
A listed entity with a director who does not speak the
language in which board or security holder meetings are
held or key corporate documents are written should
disclose the processes it has in place to ensure the director
understands and can contribute to the discussions at those
meetings and understands and can discharge their
obligations in relation to those documents.
Recommendation 9.2
A listed entity established outside Australia should ensure
that meetings of security holders are held at a reasonable
place and time.
Executives of the Company typically receive remuneration comprising a base salary
component and other fixed benefits based on the terms of their employment agreements with
the Company and potentially the ability to participate in bonus arrangements and may, subject
to shareholder approval if appropriate, be granted options.
(a)
(b)
The Company had an equity-based remuneration scheme during the past financial
year. The Company did have a policy on whether participants are permitted to enter
into transactions (whether through the use of derivatives or otherwise) which limit
the economic risk of participating in the scheme.
In summary, the policy states that participants in any Company equity-based
remuneration scheme are not permitted to enter into transactions which limit the
economic risk of participating in the scheme.
Recommendation is not applicable.
Recommendation is not applicable.
Recommendation 9.3
Recommendation is not applicable.
85
Corporate Governance Statement
RECOMMENDATIONS (4TH EDITION)
A listed entity established outside Australia, and an
externally managed listed entity that has an AGM, should
ensure that its external auditor attends its AGM and is
available to answer questions from security holders
relevant to the audit.
COMPLY
EXPLANATION
ANNUAL REPORT
86
Additional ASX Information
ANNUAL REPORT
The Shareholder information set out below was applicable as at 13 September 2022:
1.
Twenty Largest Shareholders
Ordinary Shares
NEWCREST OPERATIONS LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
CITICORP NOMINEES PTY LIMITED
ZERO NOMINEES PTY LTD
ROSANE PTY LTD
FREYCO PTY LTD
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMS PTY LTD
REDLAND PLAINS PTY LTD
IGO LIMITED
HOFFMANS PTY LTD
BNP PARIBAS NOMINEES PTY LTD
J B WILLIAMS PTY LTD
NORVALE PTY LTD
DOSTAL NOMINEES PTY LTD
DARRELL JAMES HOLDINGS PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
MR GREGORY SEGAL
SODELU PTY LTD
MR MARK HORNSBY
Total Top 20
Other
Total ordinary shares on issue
Number
Percentage
310,830,163
144,041,818
126,795,263
119,059,000
65,000,000
59,885,554
50,060,167
44,690,172
29,391,877
29,308,650
28,000,000
25,499,802
24,796,505
22,500,000
22,250,000
20,000,000
18,717,007
18,000,000
17,250,001
16,470,951
9.90
4.59
4.04
3.79
2.07
1.91
1.59
1.42
0.94
0.93
0.89
0.81
0.79
0.72
0.71
0.64
0.60
0.57
0.55
0.52
1,192,546,930
1,947,161,332
3,139,708,262
37.98
62.02
100.0
Substantial Shareholders
2.
Substantial shareholders at the date of this report are:
Shareholder Name
Newcrest Operations Limited
Number of
Shares
310,830,163
Percentage
%
9.9
Voluntary Escrow
3.
There are currently no holders with shares in voluntary escrow.
Voting Rights
4.
See Note 18 to the Annual Financial Statements.
On-Market Buy Back
5.
There is currently no on-market buyback program for any of the Company’s listed securities.
87
Additional ASX Information
6
Distribution of Equity Securities
ANNUAL REPORT
Ordinary
Shares
144
31
195
2,697
2,333
5,400
Unlisted
options
At $0.039
Expiring
Unlisted
options
At $0.038
Expiring
Unlisted
options
At $0.021
Expiring
Unlisted
options
At $0.019
Expiring
Unlisted
options
At $0.02275
Expiring
Unlisted
options
At $0.07
Expiring
Unlisted
options
At $0.067
Expiring
11 Nov 2022
-
-
-
-
1
26 Mar 2023
-
-
-
-
2
12 Nov 2023
-
-
-
-
1
22 Nov 2023
-
-
-
-
5
12 Dec 2023
-
-
-
-
1
31 July 2024
-
-
-
-
1
31 Aug 2024
-
-
-
-
6
1
2
1
5
1
1
6
3,139,708,262
3,000,000
3,000,000
750,000
45,000,000
3,000,000
4,000,000
14,000,000
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
Over 100,001
Total
Number
Number of shares being held less than a marketable parcel is 15,625.
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
Over 100,001
Total
Number
Unlisted
options
At $0.081
Expiring
Unlisted
options
At $0.075
Expiring
Unlisted
options
At $0.073
Expiring
Unlisted
options
At $0.074
Expiring
30 Sep 2024
-
-
-
20 Nov 2024
-
-
-
31 Mar 2025
-
-
-
31 Aug 2025
-
-
-
Unlisted
options
At $0.095
Expiring
18 Nov 2025
-
-
-
Unlisted
options
At $0.075
Expiring
30 Apr 2026
-
-
-
Unlisted
options
At $0.065
Expiring
30 Apr 2026
-
-
-
-
1
1
-
6
6
-
3
3
-
12
12
-
6
6
-
1
1
-
10
10
2,000,000
47,000,000
5,000,000
29,000,000
49,000,000
1,000,000
30,900,000
88
Additional ASX Information
ANNUAL REPORT
6. Option Holders (other than issued pursuant on an employee incentive scheme or to Directors following shareholder approval)
Unlisted Options
Mrs Tania Kristine King (exercisable at $0.0274 on or before 12 December 2023
Number
3,000,000
3,000,000
89
Additional ASX Information
7. Mineral Resources (JORC Code, 2012 Edition)
Minyari Dome Project (100% Antipa)
ANNUAL REPORT
90
Additional ASX Information
Wilki Project (Newcrest Farm-in)
ANNUAL REPORT
**0.5 Au = Using a 0.5 g/t gold cut-off grade above the 50mRL (NB: potential “Open Cut” cut-off grade)
Note: Wilki Project Mineral Resources are tabled on a 100% basis, with Antipa’s current joint venture interest being 100%
Citadel Project (Rio Tinto JV)
***0.5 AuEquiv = Refer to details provided by the Notes section
Note: Citadel Project Mineral Resources are tabled on a 100% basis, with Antipa’s current joint venture interest being 35%
Notes:
(i) Mineral Resource for Minyari and WACA Deposits estimated during year ended 30 June 2022 (refer additional comments below).
(ii) Mineral Resource at Chicken Ranch and Tim’s Dome estimated during year ended 30 June 2019.
(iii) Mineral Resource at Calibre Deposit estimated during year ended 30 June 2021.
(iv) Mineral Resource at Magnum Deposits estimated during year ended 30 June 2015.
(v)
Citadel Project Mineral Resources are tabled on a 100% basis, with Antipa’s current joint venture interest being 35%.
Mineral Resource Estimates – Comparison with Previous Year
In May 2022, the Company announced the Minyari Dome Project’s MRE (JORC 2012) had increased by 250% to:
•
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% copper; and
91
Additional ASX Information
ANNUAL REPORT
•
2.3 million gold equivalent1 ounces from 33.9 million tonnes at 2.14 g/t gold equivalent.
The MRE was compiled by Snowden - Optiro Pty Ltd (for the Company) and reported in accordance with guidelines and recommendations of the 2012 JORC Code based on
a 0.5 and 1.5 g/t gold metal equivalent cut-off grades applied for open pit and underground mining. The deposit is considered amenable to open pit and underground mining.
In accordance with ASX Listing Rule 5.21.4, a comparison of the Minyari Dome Project’s MRE at 30 June 2022 and 30 June 2021 is provided below:
Minyari Dome Project (JORC 2012) – May 2022 and November 2017
Mineral
Resource
Estimate
May 2022
November
2017
Notes:
JORC Resource
Category
Cut-off
(Aueq)
Tonnes
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Co
(%)
Au
(oz)
Cu
(t)
Ag
(oz)
Co
(t)
Indicated and
Inferred
Indicated and
Inferred
0.5
0.5
33.9
11.0
1.6
2.0
0.19
0.54
0.03
1,750,000
64,300
584,000
11,100
0.24
0.7
0.04
723,340
26,390
233,290
4,160
1. Discrepancies in totals may exist due to rounding.
2.
3.
4.
The resource has been reported at cut-off grades above 0.5 g/t and 1.5 g/t gold equivalent (Aueq); the calculation of the metal equivalent is documented below.
The 0.5 g/t and 1.5 g/t Aueq cut-off grades assume open pit and underground mining, respectively.
The resource is 100% owned by Antipa Minerals.
The 2022 Indicated and Inferred MRE represents a very significant increase in tonnage (3.1x) and contained gold ounces (2.4x), copper tonnes (2.4x), silver ounces (2.5x) and
cobalt tonnes (2.7x) compared to the previous estimate (November 2017) of an Indicated and Inferred Mineral Resource of 11.0Mt grading 2.0 g/t gold for 723koz, 0.24%
copper for 26kt, 0.7 g/t silver for 233koz and 460ppm cobalt for 4kt. The 2022 Minyari and WACA Indicated Mineral Resource tonnage has increased 6.2x in comparison to
the 2017 MRE (i.e. 21.1Mt versus 3.4Mt) with Indicated Mineral Resource gold ounces increasing by 4.5x (i.e. 1Moz versus 213koz gold).
Other than as disclosed above, the Company confirms that there have been no material changes to the any of the Company’s MREs since 2 May 2022.
92
Additional ASX Information
Mineral Resource Estimates – Additional Information
ANNUAL REPORT
The Company engaged independent consultants to prepare the MREs. In the course of preparing the MREs these consultants have:
• Reviewed the Company’s relevant assay and related QA-QC data;
• generated or reviewed deposit digital 3D wireframe models representative of the interpreted geology, mineralisation, oxidisation profiles ± structure which are
based on drilling, geological, geochemical, and geophysical information utilised and provided by the Company;
• completed statistical analysis and spatial variography for various metals (including gold and copper) for deposits;
• completed grade estimations using geostatistical techniques;
• completed block model validation checks for the resultant Mineral Resources;
• classified all MREs in accordance with the JORC Code, 2012 Edition; and
•
reported the MREs and compiled the supporting documentation in accordance with the JORC Code, 2012 Edition.
Governance of Mineral Resources
The Company engages employees, external consultants and competent persons (as determined pursuant to the JORC 2012 Code) to assist with the preparation and
calculation of estimates for its Mineral Resources.
Management and the Executive Directors review these estimates and underlying assumptions for reasonableness and accuracy. The results of the MRE are then reported
in accordance with the requirements of JORC 2012 and other applicable rules (including ASX Listing Rules).
Where material changes occur during the year to a project, including the project’s size, title, exploration results or other technical information, previous MRE and market
disclosures are reviewed for completeness.
The Company reviews its MRE annually each year, for inclusion in the Company’s Annual Report. If a material change has occurred in the assumptions or data used in
previously reported mineral resources, where possible a revised MRE will be prepared as part of the annual review process. However, there are circumstance where
this may not be possible (e.g. an ongoing drilling programme), in which case a revised MRE will be prepared and reported as soon as practicable.
Competent Persons Statement – Mineral Resource Estimations for the Minyari Dome Project Deposits, Calibre Deposit, Magnum Deposit and Chicken Ranch Area
Deposits and Tim’s Dome Deposit: The information in this document that relates to relates to the estimation and reporting of the Minyari Dome Project deposits
Mineral Resources is extracted from the report entitled “Minyari Dome Project Gold Resource Increases 250% to 1.8 Moz” created on 2 May 2022 with Competent
Persons Ian Glacken, Jane Levett, Susan Havlin and Victoria Lawns, the Tim’s Dome and Chicken Ranch deposits Mineral Resources is extracted from the report entitled
“Chicken Ranch and Tims Dome Maiden Mineral Resources” created on 13 May 2019 with Competent Person Shaun Searle, the Calibre deposit Mineral Resource
information is extracted from the report entitled “Calibre Gold Resource Increases 62% to 2.1 Million Ounces” created on 17 May 2021 with Competent Person Ian
Glacken, and the Magnum deposit Mineral Resource information is extracted from the report entitled “Calibre and Magnum Deposit Mineral Resource JORC 2012
Updates” created on 23 February 2015 with Competent Person Patrick Adams, all of which are available to view on www.antipaminerals.com.au and www.asx.com.au.
93
Additional ASX Information
ANNUAL REPORT
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and
that all material assumptions and technical parameters underpinning the estimates in the relevant original market announcements continue to apply and have not
materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from
the original market announcements.
Gold Metal Equivalent Information – Magnum, Calibre and Minyari Dome Mineral Resources Gold Equivalent cut-off grades: Gold Equivalent (Aueq) details of material
factors and metal equivalent formulae for the Magnum, Calibre and Minyari Dome Mineral Resources are reported in the following reports which are available to view
on www.antipaminerals.com.au and www.asx.com.au:
• Calibre and Magnum Mineral Resources JORC 2012 Updates
• Calibre Gold Resource Increases 62% to 2.1 Million Ounces
• Minyari Dome Project Gold Resource Increases 250% to 1.8 Moz
23 February 2015
17 May 2021
2 May 2022
94
Additional ASX Information
ANNUAL REPORT
Project
Status
Holder
Company
Interest
Change in
Quarter
8. Tenement Listing
Tenement
E45/4618
Antipa (100%)
E45/3918
Antipa (100%) / Antipa IGO (Paterson) Farm-in
E45/3919
Antipa (100%) / Antipa Newcrest (Wilki) Farm-in
E45/3917
E45/4784
E45/5078
E45/5149
E45/5150
E45/5309
E45/5413
E45/5414
E45/2519
E45/2524
E45/5458
E45/5459
E45/5460
E45/3925
E45/4459
E45/4460
E45/4514
E45/4518
E45/4565
E45/4567
E45/4614
E45/4652
E45/4812
E45/4839
E45/4840
E45/4867
E45/4886
E45/5079
E45/5135
E45/5147
E45/5148
E45/5151
E45/5152
E45/5153
E45/5154
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa IGO (Paterson) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Kitchener Resources Pty Ltd
Kitchener Resources Pty Ltd
MK Minerals Pty Ltd
MK Minerals Pty Ltd
MK Minerals Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
95
Additional ASX Information
ANNUAL REPORT
E45/5155
E45/5156
E45/5157
E45/5158
E45/5310
E45/5311
E45/5312
E45/5313
E45/5781
E45/5782
E45/2525
E45/2526
E45/2527
E45/2528
E45/2529
E45/5461
E45/5462
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
Antipa Newcrest (Wilki) Farm-in
E45/2874
Antipa Rio Tinto Citadel JV Project
E45/2876
Antipa Rio Tinto Citadel JV Project
E45/2877
Antipa Rio Tinto Citadel JV Project
E45/2901
Antipa Rio Tinto Citadel JV Project
E45/4212
Antipa Rio Tinto Citadel JV Project
E45/4213
Antipa Rio Tinto Citadel JV Project
E45/4214
Antipa Rio Tinto Citadel JV Project
E45/4561
Antipa Rio Tinto Citadel JV Project
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Antipa Resources Pty Ltd
Kitchener Resources Pty Ltd
Kitchener Resources Pty Ltd
Kitchener Resources Pty Ltd
Kitchener Resources Pty Ltd
Kitchener Resources Pty Ltd
MK Minerals Pty Ltd
MK Minerals Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
100%
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35%
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