Contents
Page
Corporate Directory
1
Acknowledgement of Country
2
Chairperson’s Letter to Shareholders
3
Directors’ Report
4
Remuneration Report
26
Auditor’s Independence Declaration
38
Independent Audit Report to Members
39
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income
43
Consolidated Statement of Financial Position
44
Consolidated Statement of Cash Flows
45
Consolidated Statement of Changes in Equity
46
Notes to the Consolidated Financial Statements
47
Consolidated Entity Disclosure Statement
69
Directors’ Declaration
71
Corporate Governance Statement
72
Additional ASX Information
93
Corporate Directory
ANNUAL REPORT | 1
Directors
Mr Stephen Power
Non-Executive Chairperson
Mr Roger Mason
Managing Director and CEO
Mr Mark Rodda
Executive Director
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
Chief Financial Officer and Company
Secretary
Mr Luke Watson
Registered and Principal Office
Level 2
16 Ord Street
West Perth WA 6005
Tel: +61 8 9481 1103
Email: admin@antipaminerals.com.au
Share Register
Computershare Investor Services Pty Ltd
Level 17
221 St Georges Terrace
Perth WA 6000
Telephone: +61 1300 787 272
Facsimile: +61 8 9323 2033
Auditor
BDO Audit 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
ANNUAL REPORT | 2
ACKNOWLEDGEMENT
OF COUNTRY
Antipa Minerals acknowledges the Traditional Custodians
of country throughout Australia and their connections to
land, sea and community. We pay our respect to their
Elders past and present, extending that respect to all
Aboriginal and Torres Strait Islander peoples today.
Chairperson’s Letter to Shareholders
ANNUAL REPORT | 3
Dear Fellow Shareholder,
I am pleased to provide an update on our progress at Antipa Minerals for the financial year 2024
and to highlight the strategic opportunities that lie ahead in what is proving to be an exceptionally
favourable market for gold and copper exploration and development companies.
Over the past year, we have witnessed an extended rally in the price of gold, supported by ongoing
weakness in the US dollar and growing expectations of interest rate cuts. This macroeconomic
backdrop has created a robust environment for gold producers and explorers alike, further
enhancing the value of our high-quality assets in the Paterson Province.
Our flagship Minyari Dome Project, wholly owned by Antipa, continues to demonstrate its
substantial potential. As you are aware, this project is strategically located in the Paterson
Province, a relatively unexplored area brimming with opportunity. With an updated Mineral
Resource Estimate and a series of successful drilling campaigns completed this year, we are well-
positioned to advance this project towards development, leveraging the region’s immense mineral
wealth. This will culminate with the Scoping Study update that is scheduled for release within a
number of weeks.
Newmont’s decision to sell its Telfer gold-copper-silver mine, and other related interests in assets
in the Paterson region, and its 70% stake in the promising Havieron discovery to Greatland Gold
plc, has drawn new attention to, and heightened existing interest in, the Paterson Province. The
sale of these assets will be a transformative event for the region, presenting a unique opportunity
for consolidation. The existing infrastructure at Telfer, combined with the untapped potential of
the surrounding area, makes this an exceptionally attractive proposition for those seeking to
establish a dominant position in this prolific gold and copper district.
At Antipa, we are committed to capitalising on these opportunities. Our ongoing exploration and
development activities are designed to enhance the value of our assets and position us as a key
player in the region’s future. The results from our drilling programmes at Minyari Dome, including
the exciting GEO-01 discovery, have been highly encouraging, further validating our exploration
strategy and strengthening our resource base.
More recently, we announced the sale of our 32% non-controlling interest in the Citadel Joint
Venture Project to Rio Tinto for consideration of A$17 million cash. Upon completion, proceeds
from the transaction will significantly bolster Antipa’s cash reserves to approximately A$23 million,
enabling further exploration and advancement of the Minyari Dome Project. This forecast cash
position strengthens the balance sheet and leaves the Company in an incredibly good position as
it undertakes further appraisal and feasibility studies at Minyari.
As we look ahead, we remain focused on advancing our projects, unlocking value for our
shareholders, and exploring strategic partnerships that can accelerate the development of our
assets. The Paterson Province is on the cusp of significant change, and Antipa Minerals is ideally
placed to benefit from this transformation.
Thank you for your continued support. I look forward to sharing further updates with you as we
continue to unlock the potential of our world-class projects.
Yours sincerely,
Stephen Power
Chairperson
26 September 2024
Directors’ Report
30 June 2024
ANNUAL REPORT | 4
The Directors of Antipa Minerals Limited (Directors) present their report on the Consolidated
Entity consisting of Antipa Minerals Limited (Antipa, or the Company) and the entities it controlled
at the end of, or during, the year ended 30 June 2024 (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 Chairperson
Mr Roger Mason
Managing Director and Chief Executive Officer
Mr Mark Rodda
Executive Director
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
CURRENT DIRECTORS
Mr Stephen Power – Non-Executive Chairperson
Qualifications – LLB
Stephen Power was previously a commercial lawyer with 40 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 37 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
Directors’ Report
30 June 2024
ANNUAL REPORT | 5
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
2.5 million ounce Calibre gold-copper-silver deposit, and defining total combined resources of
approximately 5.3 million ounces of gold, 250,000 tonnes of copper and 2.6 million ounces of
silver, including the 2.3 million ounce Minyari Dome gold-copper-silver-cobalt deposits.
Other Current Directorships of listed public companies
Caprice Resources Ltd (appointed 2 September 2024)
Former Directorships of listed public companies in the last three years
None
Mr Mark Rodda – Executive Director (Commercial and Legal)
Qualifications – BA, LLB
Mark Rodda is a lawyer and corporate consultant with approximately 30 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 Chairperson 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 47 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,
Directors’ Report
30 June 2024
ANNUAL REPORT | 6
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.). From October 2014 to November 2022,
Peter 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. 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 Committee
Member of the ESG Committee
Member of the Nomination and Remuneration Committee
Other Current Directorships of listed public companies
Former Directorships of listed public companies in the last three years
IGO Limited (resigned 17 November 2022)
Mr Gary Johnson – Non-Executive Director
Qualifications – MAusIMM, MTMS, MAICD
Gary Johnson has over 43 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 Chairperson of Lepidico Limited, an ASX listed
public company developing new technology for the lithium battery industry.
Directors’ Report
30 June 2024
ANNUAL REPORT | 7
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 Chairperson
Former Directorships of listed public companies in the last three years
None
OTHER KEY MANAGEMENT PERSONNEL
Mr Luke Watson – Chief Financial Officer (CFO) and Company Secretary
Qualifications – B.Bus, CA, CS, 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 A$6 million IPO
in October 2006 until its acquisition by ARMZ (JSC Atomredmetzoloto) for approximately A$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.
Mr Watson has been the CFO and Company Secretary of Antipa since July 2020.
PRINCIPAL ACTIVITIES
Antipa is a mineral exploration company, with potential development assets, focussed on the
Paterson Province in north-west Western Australia. The region is home to several world-class
deposits, including Newmont Mining’s Telfer gold-copper-silver mine, Rio Tinto’s Winu copper-
gold-silver deposit, Newmont-Greatland Gold’s Havieron gold-copper deposit and other significant
gold, copper and uranium deposits.
DIVIDENDS
No dividends have been declared, provided for, or paid in respect of the financial year ended 30
June 2024 (2023: Nil).
Directors’ Report
30 June 2024
ANNUAL REPORT | 8
MATERIAL BUSINESS RISKS
The material business risks of the Company include:
Exploration and development risks: An ability to sustain or increase the current level
of progress in the longer term is in part dependent on the success of the Company’s
exploration activities. The exploration for, and potential development of, mineral deposits
involves significant risks that even a combination of careful evaluation, experience and
knowledge may not eliminate. While the discovery of an ore body may result in substantial
rewards,
few
properties
that
are
explored
subsequently
have
economic
deposits identified, and even fewer are ultimately developed into producing mines. Major
expenses may be required to locate and establish Ore Reserves, to establish rights to mine
the ground, to receive all necessary operating permits, to develop metallurgical processes
and to construct mining and processing facilities at a particular site. The Company seeks
to attract and retain high calibre employees and implement suitable systems and
processes, with the aim of ensuring it operates responsibly and in a manner that seeks to
manage these risks.
Government regulation: The Company’s activities are subject to various laws and statutory
regulations
governing
exploration,
development,
production,
taxes,
royalty
payments, labour standards and occupational health, mine safety, toxic substances, land
use, water use, communications, dealings with traditional owners and other matters. No
assurance can be given that new laws, rules and regulations will not be enacted or that
existing laws, rules and regulations will not be applied in a manner which could have a
material adverse effect on the Company’s financial position and the results of operational
activities.
Climate Change: The Company acknowledges that climate change effects have the
potential to impact our business. The highest priority climate related risks include reduced
water availability,
extreme weather
events,
changes to
legislation and
regulation,
reputational risk, and technological and market changes. The Company is committed to
understanding and proactively managing the impact of climate related risks to our
business. This includes integrating climate related risks, as well as energy considerations,
into our strategic planning and decision making.
Environmental: The Company has environmental liabilities associated with its tenement
holdings which arise as a consequence of exploration activities. The Company monitors its
ongoing environmental obligations and risks, and implements rehabilitation and
corrective
actions
as
appropriate,
through
compliance
with
its
environmental management systems.
Native Title, Cultural Heritage and Tenement Access: The Company is subject to the Native
Title Act 1993 (Cth), must comply with Aboriginal heritage legislation requirements and
access agreements which the Company has entered into with Traditional Owners. Heritage
survey work must be undertaken ahead of the commencement of exploration and any
future development activities. Aboriginal sacred sites and areas of cultural heritage
significance have been found within tenements held by the Company and these can
preclude exploration activities, and the Company may also experience delays with respect
to obtaining permission from the Traditional Owners to explore and extract minerals. The
Directors’ Report
30 June 2024
ANNUAL REPORT | 9
Company acknowledges Traditional Owners as key stakeholders, seeks to maintain an
excellent working relationship with them and has implemented appropriate procedures
and processes aimed at mitigating the risk of damage to Aboriginal sacred sites and areas
of cultural heritage significance.
People risks: The Company seeks to ensure that it provides a safe workplace to minimise
risk of harm to its employees and contractors. It achieves this through an appropriate
safety culture, safety systems, training and emergency preparedness.
Fluctuations in commodity prices and exchange rates: The Company is exposed to
fluctuations in the gold, copper, silver and cobalt prices which can potentially
impact on future revenue streams from operations. To mitigate future potential downside
in commodity and exchange rates, the Company will (at the appropriate time) consider
various hedging techniques.
Other risks: Risks applicable to a company, of the same size and scale as the Company, that
is operating in the mineral resources industry, including risks relating to the access of
future funding, the acquisition of new projects and joint venture opportunities.
Furthermore, project development risks in relation to financial, technical and other issues
also require consideration.
These risk areas are provided to assist investors to better understand the nature of the risks faced
by the Company and the industry in which the Company operates. They are not intended to be an
exhaustive list.
REVIEW OF OPERATIONS
For the financial year ending 30 June 2024 the Group recorded a net loss of A$2,443,268 (year
ended 30 June 2023: A$3,254,967 loss) and a net cash outflow from operations of A$1,841,787
(year ending 30 June 2023: A$2,895,547).
PORTFOLIO SUMMARY AND LOCATION OVERVIEW
Antipa is a leading ASX listed (ASX: AZY) mineral exploration company with a strong track record
of success in discovering significant gold-copper-silver deposits in the highly prospective Paterson
Province of Western Australia.
The Company’s granted tenement holding covers over 5,100km2 in the region that hosts
Newmont’s1 giant Telfer mine and some of the world’s more recent large copper-gold discoveries
including Rio Tinto’s2 Winu and Newmont-Greatland Gold’s3 Havieron deposits.
Exploration success has led to the discovery of several major mineral deposits on Antipa’s ground,
including the wholly owned, flagship Minyari Dome Project (Minyari).
1 All references to ‘Newmont’ in this document are to Newcrest Operations Ltd, a wholly owned subsidiary of Newmont
Mining Corporation.
2 All references to ‘Rio Tinto’ in this document are to Rio Tinto Exploration Pty Ltd, a wholly owned subsidiary of Rio Tinto
Limited.
3 All references to ‘Greatland’ in this document are to Greatland Gold plc.
Directors’ Report
30 June 2024
ANNUAL REPORT | 10
Subsequent to the end of the reporting period, Antipa announced an update to the existing
Minyari Mineral Resource Estimate (MRE). This update increased the overall size of the deposit to
2.3 Moz of gold (+33%) with a grade of 1.5 g/t gold (-6%), and a 53% upgrade of resources
categorised as Inferred to Indicated (refer ASX announcement dated 17 September 2024 “Minyari
Dome Project Gold Resource Grows by 33% to 2.3 Million Oz of Gold”).
The May 2022 Minyari MRE4 containing 1.8 Moz of gold at 1.6 g/t was the subject of a Scoping Study
(refer ASX announcement 31 August 2022) which indicated the potential for a sizeable initial
development opportunity with further potential upside. Antipa is preparing an update to the
August 2022 Scoping Study to re-visit mining and processing strategies for the Minyari Project and
re-evaluate operating and capital costs, along with scheduling aspects, to deliver a current
reflection of the project’s economic potential, development hurdles, and financing opportunities.
The Scoping Study update is scheduled for release within a number of weeks.
Minyari Dome is complemented by three substantial growth projects which have attracted major
listed miners to agree multi-million-dollar farm-in and joint venture (JV) arrangements:
Citadel Project (32% Antipa): Rio Tinto JV
Wilki Project (100% Antipa): Newmont farming-in
Paterson Project (100% Antipa): IGO5 farming-in
In September 2024, Antipa announced it had agreed binding terms for the sale of its approximately
32% non-controlling interest in the Citadel Project to joint venture partner Rio Tinto for
consideration of A$17 million cash6. Upon completion of the sale, expected by 31 October 2024,
the Citadel joint venture agreement will be terminated, and the parties will release each other
from any further obligations and liabilities under the joint venture agreement.
The Paterson Province of Western Australia hosts several world-class gold, copper, silver, uranium,
and tungsten deposits, including:
Newmont’s Telfer gold-copper-silver mine, one of Australia’s largest gold producers;
Rio Tinto’s Winu copper-gold-silver development project;
Newmont and Geatland Joint Venture’s Havieron gold-copper development project;
Cyprium Metals’ Nifty copper (with cobalt) mine;
Rio Tinto and Antipa Joint Venture’s Calibre gold-copper-silver deposit;
Antipa’s Minyari Dome gold-copper-silver-cobalt deposits;
Newmont’s O’Callaghans deposit, one of the world’s largest tungsten deposits; and
Cameco’s Kintyre uranium deposit.
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.
4 Refer ASX Release dated 2 May 2022, “Minyari Dome Project Gold Resource Increases 250% to 1.8Moz”.
5 All references to ‘IGO’ in this document are to IGO Newsearch Pty Ltd, a wholly owned subsidiary of IGO Limited.
6 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.
Directors’ Report
30 June 2024
ANNUAL REPORT | 11
Figure 1: Plan showing location of Antipa 100% owned Minyari Dome Project, Rio Tinto-Antipa Citadel Joint Venture
Project, including the Calibre and Magnum Mineral Resources. Also shows Antipa-Newmont Wilki Farm-in, Antipa-
IGO Paterson Farm-in, Newmont’s Telfer Mine and O’Callaghans deposit, Rio Tinto’s Winu deposit, Newmont-
Greatland Gold’s Havieron deposit and Cyprium’s Nifty Mine.7 NB: Rio and IGO tenement areas include related third-party
Farm-in’s/Joint Ventures. NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 50km grid.
7 Havieron refer to Greatland Gold plc AIM release dated 21 December 2023, “Havieron Mineral Resource Estimate Update”.
Winu refer to Rio Tinto Ltd ASX release dated 22 February 2023, “Changes to Ore Reserves and Mineral Resources”.
O’Callaghans refer to Newmont Corporation ASX release dated 23 February 2024, “PR as issued - 2023 Reserves and
Resources”. Telfer and Nifty gold and/or copper metal values are pre-mining totals based on historical production data (i.e.
these values are not JORC Mineral Resource estimates).
Directors’ Report
30 June 2024
ANNUAL REPORT | 12
Minyari Dome Project (Antipa 100% Owned)
Antipa’s 100% owned and operated Minyari Dome Project covers an area of 877km2 of granted
tenements. It is located approximately 35km north of Newmont’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 28km north of Newmont-Greatland’s Havieron gold-copper
development project (refer Figures 1 and 2).
The Minyari Dome area hosts the Minyari, WACA and GEO-01 gold‐copper-silver-cobalt deposits,
and Mineral Resources, which, in conjunction with several small satellite deposits, prospects, and
targets, offer substantial prospectivity and future development potential.
Figure 2: Location of Antipa’s 100% owned Minyari Dome Project relative to the Telfer Gold-Copper-Silver mine and
22 Mtpa processing facility and Greatland Gold’s Havieron Gold-Copper development project.8 NB: Regional GDA2020
/ MGA Zone 51 co-ordinates, 20km grid.
8 Havieron refer to Greatland Gold plc AIM release dated 21 December 2023, “Havieron Mineral Resource Estimate Update”.
O’Callaghans refer to Newmont Corporation ASX release dated 23 February 2024, “PR as issued - 2023 Reserves and
Resources”. Telfer gold and copper metal values are pre-mining totals based on historical production data (i.e. these values
are not JORC Mineral Resource estimates).
Directors’ Report
30 June 2024
ANNUAL REPORT | 13
Minyari Dome Project Exploration Drilling Activities
During the financial year ending 30 June 2024, exploration activities at the Minyari Dome Project
were designed to enable a maiden MRE at the GEO-01 discovery and to target new gold-copper
discoveries within multiple high-priority target areas.
Significant exploration milestones achieved during the reporting period include:
The remaining results from the previously completed CY2023 Phase 1 drilling programme
were reported on 15 April 2024.
An expanded CY2023 Phase 2 exploration programme at the Minyari Dome Project
commenced on 10 October 2023.
The CY2024 Phase 1 drilling programme commenced on 15 April 2024.
Post reporting period, the Company announced a major update to the Minyari MRE, which
substantially increased the size, grade and confidence of the Mineral Resource base.
CY2023 Phase 1 drilling programme
The CY2023 Phase 1 drilling programme encompassed 43 reverse circulation (RC) holes for 7,346m
across eight targets, including GEO-01, Minyari North, Minyari Plunge offset target, Chicane and a
selection of four geophysical targets proximate to the Minyari deposit.
CY2023 Phase 2 drilling programme
An expanded Phase 2 exploration drilling programme commenced on 10 October 2023 and
concluded on 21 December 2023. The total programme encompassed 178 holes for 11,248m and
included RC, diamond core and air core drilling. Results were returned for all holes during the
reporting period.
CY2024 Phase 1 drilling programme
Originally scheduled for 71 RC holes for 10,620m, positive results from the first 19 RC holes (with
results for first six holes released on 14 May 2024, and a further thirteen holes on 4 June 2024)
warranted an expansion of the programme to 81 RC drill holes for 12,816m. Results from the
remaining 40 holes of the RC programme and two diamond core holes completed at two of the
three Pacman targets were returned after the period (10 July 2024 and 29 August 2024
respectively).
Due to the expansion of RC drilling at GEO-01, the diamond core drill hole planned for the PM3
target has been rescheduled and may form part of the upcoming CY2024 Phase 2 drilling
programme.
Minyari Dome Project Exploration and Advancement Outcomes
Minyari Dome Project MRE Grows by 33% to 2.3 Million Ounces of Gold
The September 2024 MRE statement (2024 MRE) was prepared by leading mining industry
consultants Snowden Optiro and reported in accordance with the JORC Code (2012) guidelines and
recommendations. The September 2024 MRE is reported at 0.4 g/t and 1.5 g/t gold equivalent
Directors’ Report
30 June 2024
ANNUAL REPORT | 14
(Aueq) cut-offs, considered appropriate for open pit and underground mining respectively (refer
Figure 3).
Figure 3: Map of the southern region of the Minyari Dome area showing Mineral Resource locations.
NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 1,000m grid.
Directors’ Report
30 June 2024
ANNUAL REPORT | 15
Table 1: Minyari Dome Project Mineral Resource Statement (JORC 2012) – September 2024
JORC Resource
Category
Tonnes
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Co
(%)
Au
(oz)
Cu
(t)
Ag
(oz)
Co
(t)
Indicated
32.2
1.59
0.20
0.52
0.03
1,650,000
64,000
534,000
10,000
Inferred
15.4
1.35
0.13
0.26
0.02
670,000
19,500
127,000
3,000
Total
47.6
1.51
0.18
0.43
0.03
2,320,000
84,000
661,000
13,000
Notes:
1.
Discrepancies in totals may exist due to rounding.
2.
The Mineral Resource has been reported at cut-off grades above 0.4 g/t and 1.5 g/t gold equivalent (Aueq); the calculation
of the metal equivalent is documented below.
3.
MRE 0.4 g/t and 1.5 g/t Aueq cut-off grades assume open pit and underground mining, respectively.
4.
The Mineral Resource is 100% owned by Antipa Minerals.
GEO-01 Discovery
The GEO-01 discovery is located approximately 1.3km south of the Minyari gold-copper deposit.
Assay results were returned for all CY2024 Phase 1 RC holes during the reporting period,
successfully increasing the prospective mineralised footprint to 700m by 500m.
Post reporting period, results from outstanding RC drill holes revealed additional zones of near-
surface and high-grade gold mineralisation at the main zone and across the broader GEO-01
prospect area, which remain open in several directions (refer to ASX announcement on 10 July
2024).
Key outcomes from recent drilling at the main zone of GEO-01 mineralisation included:
Several shallow, high-grade gold intersections along the northern-side of the main
zone, (refer to Figure 4) expanding the mineralised area and zone further to the north and
highlighting a prospective folded metasediment-mafic intrusive contact, which remains
untested in several directions.
Narrower, tabular zones of mineralisation returned from east of the main zone, across
the east-northeast trending antiformal fold-axis (refer to Figure 4).
An exciting extensional target opportunity, with the main zone of thick high-grade gold
mineralisation modelled to plunge moderately to the east, where it remains open down
plunge below the current extent of RC drilling.
Notable observations from drilling across the broader 700m by 500m GEO-01 prospect area:
A new zone of significant gold-copper mineralisation identified approximately 400m
southeast of the main zone, with mineralisation (refer to Figure 4) of up to 9 g/t gold
(1m intersection) and 0.65% copper (4m intersection) along 100m of strike and from 20m
to 50m across strike. The mineralisation remains open in most directions.
An
additional
zone
of
significant
gold-copper
mineralisation
identified
approximately 250m south of the main zone, (refer to Figure 4) with mineralisation of
up to 2 g/t gold (4m intersection) and 0.6% copper (4m intersection) along 200m of strike
and from 20m to 40m across strike. The mineralisation remains open in most directions.
Directors’ Report
30 June 2024
ANNUAL REPORT | 16
Figure 4: GEO-01 deposit plan view showing gold ± copper drill intersections, including all CY2024 Phase
1 RC drill holes, and interpreted mineralisation envelopes. Drilling defines multiple zones of
mineralisation with interpreted ENE-SSW and NW-SE orientations. Folded and/or faulted hard/brittle
quartzite and mafic intrusives are preferentially mineralised. The thickest and highest-grade zone of
gold mineralisation is up to 250m in length and up to 150m in width, located in the northern region of
GEO-01. Multiple zones of mineralisation remain open, with large areas of GEO-01 to be tested for
strike and depth extensions to mineralisation. NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 200m
grid.
Thick zones of near surface, potentially open pittable, gold mineralisation have now been
successfully intersected at multiple zones across the broader GEO-01 prospect area, including
significant zones of high-grade mineralisation. Multiple zones of mineralisation at GEO-01 remain
open, with large areas to be tested for additional strike and depth extensions as part of the CY2024
Phase 2 drilling programme. A maiden MRE for the GEO-01 discovery was announced in
September 2024, of 6.7Mt at 0.70 g/t gold for 151,000 of gold 9.
GP01 Target
Located 800m from Minyari, GP01 is a 400m long anomaly with coincident magnetic-high, induced
polarisation chargeability, and electromagnetic conductivity. Significant near-surface, high-grade
gold mineralisation returned from drilling at GP01 during CY2021 (refer ASX announcement 19
October 2021) included notable intersections, including:
9 Refer ASX Release dated 17 September 2024, “Minyari Dome Project Gold Resource Grows by 33% to 2.3 Million Oz of
Gold”.
Directors’ Report
30 June 2024
ANNUAL REPORT | 17
27m at 1.3 g/t gold and 0.11% copper from 131m down hole in 21MYC0245, including:
–
7m at 3.9 g/t gold from 133m
During the CY2024 Phase 1 programme, two RC drill holes (348m) tested interpreted east-
northeast (ENE) mineralisation controls at GP01, intersecting significant high-grade gold
mineralisation. However, four RC drill holes (618m) evaluating an ENE trending structural corridor
intersecting the southern boundary of GP01 did not return significant mineralisation.
Notable CY2024 Phase 1 GP01 drilling intersections from the two completed RC holes included:
8m at 5.3 g/t gold and 0.07% copper from 96m down hole in 24MYC0607, including:
–
4m at 8.5 g/t gold and 0.12% copper from 96m down hole.
16m at 1.1 g/t gold from 108m down hole in 24MYC0608.
Minyari Southeast Extension Target
CY2024 Phase 1 drilling tested an extensional target southeast of the Minyari deposit (refer to
Figure 3). Seven RC drill holes (684m) intersected significant gold mineralisation along a 150m
strike corridor, which remains open along strike to the southeast and down dip, which contributed
to the Minyari deposit 2024 MRE growth.
T12 Target
T12 is located 10km northwest of the Minyari gold-copper deposit. CY2023 exploration included
broad-spaced air core drilling, which intersected gold mineralisation across a large area. CY2024
Phase 1 drilling comprised four RC drill holes (642m) as a preliminary investigation. Encouraging
results suggest further investigation is warranted.
Rizzo Target
Located approximately 370m southwest from the GEO-01 discovery, Rizzo was preliminarily
investigated through three RC drill holes (372m) during the CY2024 Phase 1 programme,
intersecting minor low-grade gold and copper mineralisation. The requirement for follow up
drilling at Rizzo is under review.
WACA East Target
WACA East, located near the WACA and Minyari South Mineral Resource areas, was investigated
through two RC drill holes (300m) during the CY2024 Phase 1 programme, with minor low-grade
gold and copper mineralisation returned. The requirement for follow up drilling at Rizzo is under
review.
Pacman Targets
The Pacman targets are located about 30km east of the Minyari gold-copper deposit, along trend
from the 7 Moz gold and 275 kt copper Havieron deposit and are along the trend from the
Havieron deposit (refer to Figure 1). Three targets, PM1, PM2, and PM3, were identified based on
geophysical anomalies.
Results for two diamond core drill holes (2,120m) at the PM1 and PM2 targets were announced
post reporting period (refer ASX announcement 30 August 2024), confirming encouraging gold-
Directors’ Report
30 June 2024
ANNUAL REPORT | 18
copper mineralisation and associated strong pathfinder anomalism at the PM1 Havieron analogue
magnetic high target. Any future drilling at the PM1 or PM2 targets is contingent on outcomes
from additional geophysical modelling and the completion of an integrated interpretation.
The diamond core drill hole at PM3 is currently contemplated to be completed during the Q4
CY2024 Phase 2 programme.
Complementary Major Growth Projects
Paterson Project (100% AZY, IGO Farm-in)
The Paterson Project refers to a A$30 million exploration farm-in agreement and associated
exploration JV agreement signed with IGO in July 2020. The Paterson Project comprises
approximately 1,500km2 of the Company’s 100%-owned tenements in the Paterson Province of
Western Australia (Figure 1). Under the terms of the earn-in agreement, IGO is entitled to earn up
to 70% in the Paterson Project, and upon JV formation, IGO shall also free-carry Antipa to
completion of a Feasibility Study.
The Paterson Project comes to within 22km of Newmont’s Telfer gold-copper-silver mine and 22
Mtpa mineral processing facility, 8km of Rio Tinto’s Winu copper-gold-silver development project
and surrounds the Company’s 100% owned Minyari Dome area on all four sides.
During the June 2024 Quarter, the FY2024 drilling programme was completed for a total of 9,190m,
comprising:
1,492m diamond core drilling (refer ASX announcement 28 March 2024);
1,423m RC drilling (refer to ASX announcement dated 28 March 2024);
3,668m air core drilling (refer to ASX announcement dated 28 March 2024);
A maiden diamond core drilling programme (seven holes for 2,607m) at priority
geophysical, gravity and/or magnetic high anomalies, targets PP-GRAV01 (three holes for
1,054m) and PP-GRAV02 (four holes for 1,553m) was completed during the reporting
period, with results expected to be announced in late September 2024; and
Development of the exploration programme for the remainder of the CY2024 continued
through the June 2024 Quarter.
Target generation activities at the Paterson Farm-in Project include:
A complete large-scale hydrochemistry sampling programme which is awaiting assays; and
Continuous project scale interpretation, data modelling and target generation.
The entire FY2024 exploration programme budget of A$4.2 million was fully funded and operated
by IGO.
Wilki Project (100% AZY, Newmont Farm-in)
The Wilki Project is part of a A$60 million farm-in agreement and associated exploration JV
agreement signed with Newcrest (now Newmont) in February 2020. The project encompasses
approximately 1,470km2 in the southern portion of Antipa’s 100%-owned tenement ground in the
Paterson Province of Western Australia (Figure 1). Under the terms of the earn-in agreement,
Newmont is entitled to earn up to 75% in the Wilki Project.
Directors’ Report
30 June 2024
ANNUAL REPORT | 19
The Wilki Project is strategically located within 3km of the Telfer mine, 9km from Newmont’s
(70%)/Greatland Gold (30%) Havieron gold-copper development project, and 5km from Newmont’s
O’Callaghans tungsten and base metal deposit. The project 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 and underground mines are situated.
Chicken Ranch and Tim’s Dome deposits hold a combined Inferred MRE of 104 koz of contained
gold, as estimated by Antipa.
Wilki Project Surface Geochemical Sampling Programme: Parklands Target Identified
The first tranche of the large-scale surface geochemical sampling programme (currently involving
approximately 4,000 samples) has identified an exciting new gold target known as Parklands,
located just 10km northeast of Telfer and 6km along a northwest trend from several known gold
deposits (Figure 5).
Figure 5: Satellite image plan showing the Wilki Farm-in Project’s (Antipa 100%) Parklands surface
geochemical gold anomaly, highlighting Parklands very large scale and 10km proximity to Newmont’s
giant Telfer pre-mining 32 million ounce gold, one million tonne copper (plus silver) deposit, and
Telfer’s mining and 22 Mtpa gold-copper-silver processing infrastructure. Note Newmont’s
Miscellaneous Licence for the proposed haul road to Havieron located approximately 50km to the
east of Telfer. NB: Over Satellite image and Regional GDA2020 / MGA Zone 51 co-ordinates, 5km grid.
Directors’ Report
30 June 2024
ANNUAL REPORT | 20
Key characteristics of the Parklands target include:
A large 3km long by up to 1.5km wide, coherent gold and mineral system pathfinder
(bismuth, tungsten, cobalt, sulphur, antimony, tin and selenium) surface geochemical
anomaly;
Peak surface geochemical sample lag result 1.52 g/t gold, with multiple results exceeding
0.1 g/t gold;
Favourable mineralisation fluid anticlinal trap site, with fluid conduit plumbing, including
an interpreted northeast-trending structure intersecting Telfer and local thrust faulting
concentrated in the fold nose;
Shallow cover, predominantly less than 20m; and
Anomaly open to the southeast, northwest and north.
During the period, a large Heritage Survey was completed, in preparation for potential drill testing
of the Parklands anomaly.
Exploration at the Wilki Farm-in Project for FY2024 was fully funded by Newmont under the
existing A$60 million farm-in agreement. The project’s exploration programme focuses on
greenfield discoveries at targets analogous to Havieron, Winu and Telfer, within 10 to 50km of
Telfer.
Citadel Project (32% AZY, Rio Tinto Joint Venture)
The Citadel JV Project is located within 5km of Rio Tinto’s Winu copper-gold-silver development
project and 80km from Telfer in the Paterson Province of Western Australia (Figure 1).
Covering approximately 1,200km2, the Citadel JV Project adjoins the Antipa’s Paterson Project and
includes the Magnum Dome, an area of approximately 30km2. Situated within the Magnum Dome
are the Calibre and Magnum deposits, with combined Mineral Resources of 127 Mt containing 2.84
Moz of gold, 173 kt of copper and 2.1 Moz of silver.
Calibre Gold Resource Increases 19% to 2.5 Moz of Gold Plus Copper and Silver
Post reporting period, the Company announced an update to the Inferred MRE at the Calibre
deposit, with a 19% increase in contained gold. The updated Calibre Inferred MRE incorporates
the results of drilling completed in 2021 and is presented below, at a cut-off of 0.4 g/t gold
equivalent (Aueq).
Directors’ Report
30 June 2024
ANNUAL REPORT | 21
Table 2: Calibre Mineral Resource Statement (JORC 2012) – August 2024
Resource
Category
(JORC 2012)
Cut-off
(g/t
Aueq)
Tonnes
(Mt)
Aueq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Aueq
(Moz)
Au
(Moz)
Cu
(kt)
Ag
(Moz)
Inferred
0.4
111
0.86
0.71
0.10
0.44
3.1
2.5
115
1.6
Notes:
1. The resource has been reported at cut-off grade above 0.4 g/t gold equivalent (Aueq); the calculation of the metal equivalent
is documented below.
2. The 0.4 g/t Aueq cut-off assumes a large-scale open pit mining operation.
3. The Mineral Resource is reported on a 100% basis, with Antipa Minerals Ltd’s current joint venture interest being 32%.
4. Differences may occur in totals due to rounding.
The Calibre Mineral Resource extends approximately 1.4km and remains open along strike to the
south, at depth and potentially across strike. The existing Magnum Inferred MRE, located just
1.3km from Calibre, adds an additional 340,000 ounces of gold, 57,800 tonnes of copper and
511,000 ounces of silver to the global resource base. The mineralisation at Magnum remains open
at depth and along strike to both the north and south.
Rimfire Exploration Drilling and CY2024 Programme
During FY2024, thirteen holes totalling 1,943m of RC drilling were completed at the Rimfire
Southwest target and two Junction targets in the CY2023 exploration programme, fully funded by
Rio Tinto and operated by Antipa.
The Rimfire Southwest target, an interpreted synformal fold hinge, revealed metasediment and
amphibolite lithologies hosting several zones of low-grade copper mineralisation through RC
drilling. No significant mineralisation was intersected at Junction.
September 2024 Sale of Antipa’s Citadel Joint Venture Interest
Subsequent to the end of the financial year, Antipa announced it had agreed binding terms for the
sale of its approximately 32% non-controlling interest in the Citadel Project to joint venture partner
Rio Tinto for consideration of A$17 million cash. Upon Completion, expected to occur by 31
October 2024, the Citadel joint venture agreement will be terminated, and the parties will release
each other from any further obligations and liabilities under the joint venture agreement.
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.
Directors’ Report
30 June 2024
ANNUAL REPORT | 22
2. Competent Persons Statement – Mineral Resource Estimations for the Minyari Dome Project Deposits,
Chicken Ranch Area Deposits, Tim’s Dome Deposit and Calibre and Magnum Deposits: The information
in this document that relates to the estimation and reporting of the Minyari Dome Project deposits Mineral
Resources is extracted from the report entitled “100% Owned Minyari Dome Project Grows by 573,000 Oz of
Gold” created on 17 September 2024 with Competent Persons Ian Glacken, Jane Levett and Victoria Lawns, the
Tim’s Dome and Chicken Ranch deposits Mineral Resource information 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 19% to 2.5 Moz - Citadel JV” created on 26 August 2024 with Competent Person Susan
Havlin, 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.
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. 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.
4. Gold Metal Equivalent Information – Magnum, Calibre and Minyari Dome Mineral Resources Gold
Equivalent cut-off grades: Please refer to the Additional ASX Information at the end of this Annual Report for
full details.
STRATEGIC AND CORPORATE INITIATIVES
100% Minyari Dome Project
Antipa’s strategic objective for the wholly owned Minyari Dome Project is systematic advancement
towards development, by capitalising on its significant resource potential and strategic location
within the Paterson Province, a region experiencing heightened interest due to recent corporate
activity. The Company’s immediate focus is on expanding the existing MRE through targeted
drilling campaigns, while also exploring adjacent high-potential targets within the broader project
area. Minyari’s proximity to Newmont's Telfer operation and Havieron discovery offers substantial
infrastructure synergies, positioning Minyari Dome as a valuable asset in any future consolidation
of this highly prospective gold and copper district. Antipa is committed to unlocking shareholder
value by progressing the project through detailed feasibility studies and seeking strategic
partnerships that can accelerate its development. This methodical approach is designed to
optimise and extract value, ensuring that Minyari Dome contributes significantly to Antipa
Minerals' portfolio into the future.
Directors’ Report
30 June 2024
ANNUAL REPORT | 23
Complementary Major Growth Projects
Paterson Farm-in Project
In December 2021, IGO met its initial (minimum) commitment of A$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 A$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.
Citadel JV Project
Antipa elected not to contribute to the CY2023 Exploration Programme expenditure for the Citadel
JV Project, for A$1.6 million in total, inclusive of management fees. As a result of Antipa’s election,
the expenditure was fully funded by Rio Tinto and Antipa’s interest in the Citadel Project JV reduced
to 32% as at the end of CY2023.
Subsequent to the end of the financial year, Antipa announced it had agreed binding terms for the
sale of its approximately 32% non-controlling interest in the Citadel Project to joint venture partner
Rio Tinto for consideration of A$17 million cash. Upon Completion, expected to occur by 31
October 2024, the Citadel joint venture agreement will be terminated, and the parties will release
each other from any further obligations and liabilities under the joint venture agreement.
Wilki Farm-in Project
In November 2021, Newcrest met its initial (minimum) commitment of A$6 million in exploration
expenditure on the Wilki Farm-in Project. In the next stage of the Wilki Farm-in Project Newmont
can spend an additional A$10 million in exploration expenditure to earn a 51% joint venture
interest. Newcrest assumed management of the Wilki Project, with effect from 1 July 2022.
CORPORATE INFORMATION
Capital Structure
As at 30 June 2024, the Company had the following securities on issue:
4,710,049,428 ordinary shares; and
565,878,110 unlisted options, with a weighted average exercise price of A$0.0392.
During the year, the following securities were issued, expired or cancelled:
In June 2024, the Company completed a successful A$5.75 million Placement through the
issue of 570.5 million fully paid ordinary shares at A$0.01 per share (June 2024
Placement). The Placement also included, subject to shareholder approval obtained in
August 2024, one free-attaching unlisted option for every two new shares subscribed for
and issued pursuant to the June 2024 Placement. The Options are exercisable at A$0.02
with an expiry date two years from the date of issue.
In September and October 2023:
–
The Company completed a successful A$5 million Placement and A$2 million
Rights Issue and Shortfall Placement, issuing approximately 537.8 million fully paid
ordinary shares at A$0.013 per share (September 2023 Placement).
Directors’ Report
30 June 2024
ANNUAL REPORT | 24
–
Following completion of the September 2023 Placement and Rights Issue, 268.9
million free attaching unlisted options (Options) were also issued. The Options
were issued on a one for every two new shares issued basis and are exercisable at
A$0.02 with an expiry date two years from the date of issue;
48 million incentive options were issued to directors pursuant to shareholder approval at
the Company's AGM on 17 November 2023;
33.1 million ESOP options were issued to employees and consultants;
11.0 million ESOP options were cancelled; and
275,416,224 options expired unexercised.
As at the date of this Report, the Company had the following securities on issue:
4,768,699,428 ordinary shares; and
862,453,118 unlisted options, with a weighted average exercise price of A$0.0316.
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.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS ON OPERATIONS
Key outcomes of the Company’s activities undertaken during the financial year include:
Antipa focused on completing aggressive exploration growth drilling programmes at its
100%-owned gold-copper Minyari Dome Project (Figure 1), including RC and DD drilling for
a combined total of over 26,000 metres. Results returned identified new zones of near-
surface gold mineralisation at the GEO-01 discovery, at the GP01 target, and at the Minyari
Southeastern Extension target. Mineralisation at multiple GEO-01 lodes and the Minyari
Southeastern Extension target remains open in most directions, further adding to the
Mineral Resource growth opportunities.
In addition, post the September 2024 MRE upgrade for the Minyari Dome Project the JORC
Mineral Resources are approximately 2.9 Moz of gold equivalent resource for the Minyari,
GEO-01, WACA and satellite deposits which may offer a potential near-term development
opportunity for Antipa10.
The cumulative potential free-carried exploration spend on the Company’s Paterson and
Wilki Projects located in the Paterson Province of Western Australia is now A$90 million via
two farm-in agreements with major mining companies (noting this is post the recently
announced sale of the Company’s 32% share of the Citadel JV Project to Rio Tinto, which is
expected to complete by 31 October 2024). For these two farm-in projects, a combined
historical partner contribution of +A$19 million in exploration spend has occurred.
10 Excludes Mineral Resources in the following Antipa Minerals ASX releases dated 23 February 2015, “Calibre and Magnum
Mineral Resources JORC 2012 Updates”, 13 May 2019, “Chicken Ranch and Tims Dome Maiden Mineral Resources”, and 26
August 2024, Calibre Gold Resource Increases 19% to 2.5 Moz - Citadel JV”. These Mineral Resources are either the subject
of an agreement for sale between Antipa Minerals and Rio Tinto (refer Antipa Minerals ASX Release dated 13 September
2024, “A$17M cash Sale of Antipa’s Citadel Joint Venture Interest”) or form part of the Wilki Farm-in Project with Newmont.
Directors’ Report
30 June 2024
ANNUAL REPORT | 25
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:
Number of
fully paid
ordinary
shares
Number of
options
Mr Stephen Power (i)
Mr Roger Mason
Mr Mark Rodda (i)
Mr Peter Buck
Mr Gary Johnson
67,438,844
16,751,613
37,660,383
16,812,826
3,776,009
40,971,089
58,032,436
49,419,635
24,311,348
24,000,000
142,439,675
196,734,508
Notes:
(i)
These figures include:
1,557,692 shares and 28,846 options 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
3,000,000 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.
MEETINGS OF DIRECTORS
The following table sets out the number of meetings of the Company's Directors held during the
year ended 30 June 2024, and the number of meetings attended by each director.
Full Board meetings
No. eligible to attend
No. attended
Mr Stephen Power (Chair)
8
6
Mr Roger Mason
8
8
Mr Mark Rodda
8
8
Mr Peter Buck
8
7
Mr Gary Johnson
8
8
Audit and Risk Committee meetings
No. eligible to attend
No. attended
Mr Peter Buck (Chair)
2
2
Mr Stephen Power
2
1
Mr Gary Johnson
2
2
Nomination and Remuneration
Committee meetings
No. eligible to
attend
No. attended
Mr Gary Johnson (Chair)
2
2
Mr Stephen Power
2
1
Mr Peter Buck
2
2
ESG Committee meetings
No. eligible to attend
No. attended
Mr Stephen Power (Chair)
2
1
Mr Peter Buck
2
2
Mr Gary Johnson
2
2
Directors’ Report
30 June 2024
ANNUAL REPORT | 26
SHARE OPTIONS
At the date of this report the Company has the following options on issue.
2024 Number
Exercise Price
Grant
Expiry
47,000,000
A$0.0750
20 November 2020
20 November 2024
5,000,000
A$0.0730
23 April 2021
31 March 2025
26,000,000
A$0.0740
27 September 2021
31 August 2025
49,000,000
A$0.0950
19 November 2021
18 November 2025
25,400,000
A$0.0650
23 May 2022
30 April 2026
48,000,000
A$0.0360
11 November 2022
10 November 2026
1,000,000
A$0.0350
21 November 2022
31 October 2026
23,600,000
A$0.0195
3 July 2023
30 June 2027
1,000,000
A$0.0265
4 August 2023
31 July 2027
268,878,110
A$0.0200
6 October 2023
23 October 2025
3,000,000
A$0.0190
27 October 2023
30 September 2027
48,000,000
A$0.0230
17 November 2023
16 November 2027
2,000,000
A$0.0200
19 March 2024
28 February 2028
314,575,008
A$0.0200
16 August 2024
16 August 2026
862,453,118
Notes:
(i)
As at the date of this report Weighted average exercise price of the options on issue is A$0.032 each and if
exercised, would potentially raise ~A$27.2 million in total.
In the financial year ended 30 June 2024, a total of nil (30 June 2023: nil) shares were issued through
the exercise of options.
REMUNERATION REPORT (AUDITED)
This remuneration report is set out under the following main headings:
A.
Principles used to determine the nature and amount of remuneration
B.
Details of remuneration
C.
Service agreements
D.
Additional statutory information
E.
Use of remuneration consultants
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.
Directors’ Report
30 June 2024
ANNUAL REPORT | 27
Details of Key Management Personnel
Directors
Mr Stephen Power: Non-Executive Chairperson
Mr Roger Mason: Managing Director and Chief Executive Officer
Mr Mark Rodda: Executive Director
Mr Peter Buck: Non-Executive Director
Mr Gary Johnson: Non-Executive Director
Other KMP
Mr Luke Watson: 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 A$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’ 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
Directors’ Report
30 June 2024
ANNUAL REPORT | 28
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 2024, Mr Mason received a cash bonus of A$30,000 (2023: 33,000) and
Mr Watson received a bonus of A$23,000 (2023: A$26,000). Mr Mark Rodda received a bonus of
A$23,000 (2023: A$26,000). 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
2024.
2024
Number of options
Directors
Mr Stephen Power
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Other KMP
Mr Luke Watson
9,000,000
15,000,000
12,000,000
6,000,000
6,000,000
9,000,000
57,000,000
2023 Annual General Meeting
At the 2023 Annual General Meeting (AGM) held on 17 November 2023, 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.
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.
2020
2021
2022
2023
2024
Share price 30 June
A$0.025
A$0.041
A$0.032
A$0.013
A$0.01
EPS (cents per share)
(0.09)
(0.14)
(0.19)
(0.09)
(0.06)
Directors’ Report
30 June 2024
ANNUAL REPORT | 29
B.
DETAILS OF REMUNERATION
Amounts of remuneration
Details of the remuneration of KMP are set out in the following tables.
Fixed Remuneration
Variable Remuneration
2024
Cash salary
and fees
Other
Non-
monetary
benefits
Super-
annuation
Accrued
Leave (i)
Short Term
Incentive
Bonus (ii)
Value of
Options
(iii)
Total
Percentage of
Remuneration
relating to
Performance
A$
A$
A$
A$
A$
A$
A$
A$
%
Non-Executive directors
Mr Stephen Power
120,000
-
-
13,200
-
-
72,000
205,200
35.1%
Mr Peter Buck
65,000
-
-
7,150
-
-
48,000
120,150
40.0%
Mr Gary Johnson
65,000
-
-
7,150
-
-
48,000
120,150
40.0%
Sub-Total non-executive directors
250,000
-
-
27,500
-
-
168,000
445,500
Executive directors
Mr Roger Mason (iv)
336,060
-
-
27,490
14,195
30,000
120,000
527,745
28.4%
Mr Mark Rodda(iv)
279,575
-
-
14,575
8,637
23,000
96,000
421,787
28.2%
Other KMP
Luke Watson(iv)
263,875
-
-
27,500
22,701
23,000
54,000
391,076
19.7%
Total
1,129,510
-
-
97,065
45,533
76,000
438,000
1,786,108
Notes:
(i)
These figures include statutory annual leave and long-service leave entitlements.
(ii)
Messrs Mason, Rodda and Watson received discretionary bonuses of A$30,000 (A$33,000 in 2023), A$23,000 (A$26,000 in 2023) and A$23,000 (A$26,000 in 2023)
respectively during the year end 30 June 2024, for the Company’s ongoing exploration success in the Paterson Province.
(iii) The value of options granted during the period is recognised as compensation in the year of grant, in accordance with Australian accounting standards, and have not
actually been paid during the year. Details of incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 19.
(iv) Messrs Mason, Rodda and Watson elected to receive a portion of their superannuation entitlements above the statutorily required maximum amount as salary.
Directors’ Report
30 June 2024
ANNUAL REPORT | 30
Fixed Remuneration
Variable Remuneration
2023
Cash salary
and fees
Other
Non-
monetary
benefits
Super-
annuation
Accrued
Leave (i)
Short
Term
Incentive
Bonus (ii)
Value of
Options (iii)
Total
Percentage of
Remuneration
relating to
Performance
A$
A$
A$
A$
A$
A$
A$
A$
%
Non-Executive directors
Mr Stephen Power
120,000
-
-
12,600
-
-
108,000
240,600
44.9%
Mr Peter Buck
65,000
-
-
6,825
-
-
72,000
143,825
50.1%
Mr Gary Johnson
65,000
-
-
6,825
-
-
72,000
143,825
50.1%
Sub-Total non-executive directors
250,000
-
-
26,250
-
-
252,000
528,250
Executive directors
Mr Roger Mason(iv)
334,525
-
-
27,500
38,034
33,000
180,000
613,059
34.7%
Mr Mark Rodda(iv)
278,912
-
-
13,913
3,325
26,000
144,000
466,150
36.5%
Other KMP
Luke Watson(iv)
262,600
-
-
27,462
12,372
26,000
-
328,434
7.9%
Total
1,126,037
-
-
95,125
53,731
85,000
576,000
1,935,893
Notes:
(i)
These figures include statutory annual leave and long-service leave entitlements.
(ii)
Messrs Mason, Rodda and Watson received discretionary bonuses of A$33,000 (A$30,000 in 2002), A$26,000 (Nil in 2022) and A$26,000 (A$10,000 in 2022) respectively
during the year end 30 June 2023, for the Company’s ongoing exploration success in the Paterson Province.
(iii) The value of options granted during the period is recognised as compensation in the year of grant, in accordance with Australian accounting standards, and have not
actually been paid during the year. Details of incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 19.
(iv) Messrs Mason, Rodda and Watson elected to receive a portion of their superannuation entitlements above the statutorily required maximum amount of salary.
Directors’ Report
30 June 2024
ANNUAL REPORT | 31
During the year to 30 June 2024 no at-risk cash bonuses were paid or options granted to KMP.
(1)
Loans to KMP
There were no loans made to KMP (or their personally related entities) during the current financial
period.
(2)
Other transactions with KMP
2024
A$
2023
A$
Payments to director-related parties:
Strategic Metallurgy Pty Ltd(ii)
7,093
31,583
Notes:
(i)
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 A$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 A$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 A$305,000 p.a. base salary plus
superannuation, plus a motor vehicle allowance of A$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:
Directors’ Report
30 June 2024
ANNUAL REPORT | 32
Mr Rodda receives a minimum remuneration package of up to A$265,000 p.a. base salary
plus superannuation, effective from 16 September 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 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 A$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.
Directors’ Report
30 June 2024
ANNUAL REPORT | 33
Share holdings
2024
Balance at
start of year
Purchased (ii)
Disposed
Net other
change
Balance at
end of year
Directors
Mr Stephen Power (i)
Mr Roger Mason
Mr Mark Rodda (i)
Mr Peter Buck
Mr Gary Johnson
63,496,665
14,686,740
36,041,831
16,190,129
3,776,009
2,442,179
564,873
1,339,272
622,697
-
-
-
(1,220,720) (iii)
-
-
-
-
-
-
-
65,938,844
15,251,613
36,160,383
16,812,826
3,776,009
Other KMP
Mr Luke Watson
2,380,952
91,575
-
-
2,472,527
Notes:
(i)
These figures include shares which are owned by Napier Capital Pty Ltd, a company which Mr Stephen Power
and Mr Mark Rodda are both deemed to have an interest in.
(ii)
All shares purchased during the year were purchased at A$0.013 each on 6 October 2023, as part of the
Rights Issue completed on that date.
(iii)
Mr Rodda was deemed to no longer have an interest in these shares as a result of resigning as a director of
the trustee, Kenepuru Blue Pty Ltd, as trustee for the Lochmara Super Fund.
Option holdings
2024
Balance
at start of
year (i)
Granted
during the
year as
remuneration
(ii)
Issued
during
the year –
October
2023
Rights
Issue (iii)
Expired
Balance
at end of
year (i)(iv)
Value of
options
granted
during the
year as
remunera
tion
Directors
Mr Stephen Power
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
42,555,555
54,000,000
48,555,555
24,555,555
24,000,000
9,000,000
15,000,000
12,000,000
6,000,000
6,000,000
1,221,089
282,436
669,635
311,348
-
(12,555,555)
(12,000,000)
(12,555,555)
(6,555,555)
(6,000,000)
40,221,089
57,282,436
48,669,635
24,311,348
24,000,000
72,000
120,000
96,000
48,000
48,000
Other KMP
Mr Luke Watson
18,000,000
9,000,000
45,787
-
27,045,787
54,000
Notes:
(i)
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.
(ii)
The options granted to the Directors were approved by shareholders at the Company’s Annual General
Meeting on 17 November 2023 and are exercisable at A$0.023 each on or before 16 November 2027.
(iii)
The options granted to Mr Watson were issued under the Company’s Employee Incentive Option Plan in two
tranches:
Directors’ Report
30 June 2024
ANNUAL REPORT | 34
−
On 3 July 2023, Mr Watson was granted 6,000,000 options exercisable at A$0.0195 each on or before
30 June 2027.
−
On 27 October 2023, Mr Watson was granted 3,000,000 options exercisable at A$0.019 each on or
before 30 September 2027.
(iv)
Following the completion of the A$2 million Rights Issue and Shortfall Offer (Rights Issue) in October 2023,
Antipa issued approximately 268.9 million free attaching options pursuant to the placements and Rights
Issue. These options were issued on a one for every two new shares issued basis and are exercisable at
A$0.02 with an expiry date two years from the date of issue. Messrs Power, Mason, Rodda, Buck and Watson
participated in the Rights Issue and consequently received free attaching options on the same terms as all
other participants.
(v)
Options held by all KMP are fully vested and exercisable at 30 June 2024.
2024
Grant
Date
Expiry
Date
Exercise
Price
A$
Grant
Date
Share
Price
A$
Number
Granted (i)
% Vested
at 30 June
2024
% of
Grant
Vested
%
% of Total
Remuneration
that consists of
Option
Valuations
%
Directors
Stephen Power
17 Nov 23
16 Nov 27
A$0.023
A$0.016
9,000,000
100%
100%
32.1%
Roger Mason
17 Nov 23
16 Nov 27
A$0.023
A$0.016
15,000,000
100%
100%
20.5%
Mark Rodda
17 Nov 23
16 Nov 27
A$0.023
A$0.016
12,000,000
100%
100%
20.5%
Peter Buck
17 Nov 23
16 Nov 27
A$0.023
A$0.016
6,000,000
100%
100%
36.8%
Gary Johnson
17 Nov 23
16 Nov 27
A$0.023
A$0.016
6,000,000
100%
100%
36.8%
Other KMP
Luke Watson
3 Jul 23
30 Jun 27
A$0.0195
A$0.013
6,000,000
100%
100%
13.8%
27 Oct 23
30 Sep 27
A$0.019
A$0.012
3,000,000
100%
100%
Notes:
(i)
48,000,000 options issued to Directors pursuant to shareholder approval obtained at the Company’s
Annual General Meeting on 17 November 2023. These options were valued using a Black-Scholes model.
The options had a total fair value of A$384,000 and were fully expensed during the period (refer below for
valuation details):
(ii)
Each option converts into one ordinary share of Antipa Minerals Limited on exercise.
(iii)
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.
Director Issue
Other KMP Issue
Other KMP Issue
Number of options
48,000,000
6,000,000
3,000,000
Grant date
17-Nov-23
3-Jul-23
27-Oct-23
Grant date share price
A$0.016
A$0.013
A$0.012
Exercise price
A$0.023
A$0.0195
A$0.019
Expected volatility
80%
80%
80%
Option life
4 years
4 years
4 years
Dividend yield
0.00%
0.00%
0.00%
Interest rate
4.14%
3.89%
4.44%
Vesting
Immediately
Immediately
Immediately
Directors’ Report
30 June 2024
ANNUAL REPORT | 35
Details of the value of options granted, exercised or lapsed for each Key Management Personnel
of the Company or Group during the financial year are as follows:
2024
Total Value of
Options Granted
During the Year (i)
A$
Value of Options
Exercised During the
Year
A$
Value of Options
Expired During the
Year (ii)
A$
Directors
Stephen Power
72,000
-
83,856
Roger Mason
120,000
-
83,856
Mark Rodda
96,000
-
83,856
Peter Buck
48,000
-
41,928
Gary Johnson
48,000
-
41,928
Other KMP
Luke Watson
54,000
-
-
Notes:
(i)
The value of options granted during the year is recognised in compensation in the year of grant, in
accordance with Australian Accounting Standards.
(ii)
No options were forfeited or cancelled during the year.
E.
USE OF REMUNERATION CONSULTANTS
In the year ended 30 June 2024, 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.
In July 2024, the Company announced that major shareholder Newmont, via its wholly
owned subsidiary Newcrest Operations Limited, had exercised its top-up right to maintain
an 8.6% shareholding (Top-Up Placement). On 16 August 2024, the Company completed
the placement of 58.65 million ordinary shares at an issue price of A$0.01 per share to raise
gross proceeds of A$586,500. Antipa also issued one free attaching unlisted option (Option)
for every two new Shares subscribed for and issued pursuant to the Top-Up Placement, as
well as the earlier placement to institutional and sophisticated investors completed on 28
June 2024. The Options are exercisable at A$0.02 and expire on 16 August 2026. A total of
314,575,008 free attaching Options were issued.
Directors’ Report
30 June 2024
ANNUAL REPORT | 36
On 26 August 2024, the Company announced a 19% increase to the Calibre deposit’s
Inferred MRE to 2.5 million ounces of gold (up from 2.1 million ounces). The updated
Inferred MRE (on a 100% basis), which incorporates the results of drilling completed in 2021,
totals 111 million tonnes at 0.86 g/t gold-equivalent (0.71 g/t gold, 0.10% copper and 0.44
g/t silver) containing 3.1 million gold-equivalent ounces (2.5 million ounces of gold, 115,000
tonnes of copper and 1.6 million ounces of silver) using a 0.4 g/t gold equivalent cut-off
grade.
On 13 September 2024, Antipa announced it had agreed binding terms for the sale of its
approximately 32% non-controlling interest in the Citadel Project to joint venture partner
Rio Tinto for consideration of A$17 million cash. Upon Completion, expected to occur by 31
October 2024, the Citadel joint venture agreement will be terminated, and the parties will
release each other from any further obligations and liabilities under the joint venture
agreement.
On 17 September 2024, Antipa announced an update to the existing Minyari MRE. This
update increased the overall size of the deposit to 2.3 Moz of gold (+33%) with a grade of
1.5 g/t gold (-6%), and a 53% upgrade of resources categorised as Inferred to Indicated.
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:
Directors’ Report
30 June 2024
ANNUAL REPORT | 37
2024
2023
A$
A$
BDO
Audit and review of financial statements
47,602
45,500
Corporate services – share-based payment valuation
services
5,400
1,660
Total remuneration for auditors
53,002
47,160
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is included on page 38 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 Chairperson
Perth, Western Australia
26 September 2024
BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
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 2024, 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 Pty Ltd
Perth
26 September 2024
38
BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
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 2024, 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 material accounting policy information, the consolidated entity
disclosure statement 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 2024 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 (including Independence Standards) (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.
39
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 2024.
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.
40
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 2024, 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:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i) the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of 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.
41
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.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 26 to 35 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Antipa Minerals Limited, for the year ended 30 June 2024,
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 Pty Ltd
Jarrad Prue
Director
Perth, 26 September 2024
42
Consolidated Statement of Profit or
Loss and Other Comprehensive Income
For the year ended 30 June 2024
ANNUAL REPORT | 43
Note
2024
2023
A$
A$
Other income
6
597,864
224,759
Total income from continuing operations
597,864
224,759
Administrative expenses
7
(944,341)
(1,160,631)
Employee Benefits
7
(1,418,249)
(1,628,962)
Depreciation
(92,942)
(103,133)
Share based payments
7
(585,600)
(587,000)
Loss before income tax
(2,443,268)
(3,254,967)
Income tax expense
8
-
-
Loss after income tax
(2,443,268)
(3,254,967)
Total comprehensive loss for the year attributable
to owners of the Group
(2,443,268)
(3,254,967)
Loss per share attributable to ordinary equity
holders
Basic and dilutive loss per share (cents per share)
22
(0.06)
(0.09)
The above consolidated statement of profit or loss and other comprehensive income should be
read in conjunction with the accompanying notes.
Consolidated Statement of
Financial Position
As at 30 June 2024
ANNUAL REPORT | 44
Note
2024
2023
A$
A$
Current assets
Cash and cash equivalents
9
8,037,317
5,802,470
Trade and other receivables
423,495
291,629
Total current assets
8,460,812
6,094,099
Non-current Assets
Other receivables
159,044
159,044
Property, plant and equipment
10
137,083
145,705
Right of use assets
12
241,321
315,573
Deferred exploration and evaluation expenditure
11
72,049,894
64,474,926
Total non-current assets
72,587,342
65,095,248
Total assets
81,048,154
71,189,347
Current liabilities
Trade and other payables
14
1,104,032
1,429,052
Provisions
15
587,689
518,788
Lease liability
13
56,954
56,954
Unexpended Joint Venture contributions
16
360,688
262,275
Total current liabilities
2,109,363
2,267,069
Non-current liabilities
Lease liability
13
284,890
362,300
Total non-current liabilities
284,890
362,300
Total liabilities
2,394,253
2,629,369
Net assets
78,653,901
68,559,978
Equity
Issued capital
17
96,579,914
84,628,323
Reserves
18a
11,165,006
10,579,406
Accumulated losses
18b
(29,091,019)
(26,647,751)
Total equity
78,653,901
68,559,978
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
Consolidated Statement of
Cash Flows
For the year ended June 2024
ANNUAL REPORT | 45
Note
2024
2023
A$
A$
Cash flows from operating activities
Payments to suppliers and employees
(2,337,066)
(2,830,700)
Interest received
277,992
206,658
Management fee
217,287
28,495
Net cash outflow from operating activities
21
(1,841,787)
(2,595,547)
Cash flows from investing activities
Payments to suppliers and employees capitalised as
exploration and evaluation
(7,876,446)
(9,963,671)
Payments for property, plant and equipment
(10,068)
(2,653)
Net movement payments from Joint Venture Newmont
(2,062)
(713,392)
Net movement payments from Joint Venture IGO
(53,843)
(567,975)
Net movement receipts from Joint Venture Rio Tinto
43,809
296,304
Net cash outflow from investing activities
(7,898,610)
(10,951,387)
Cash flows from financing activities
Proceeds from issues of shares
12,753,206
12,263,418
Share issue costs
(777,962)
(788,695)
Net cash inflow from financing activities
11,975,244
11,474,723
Net increase / (decrease) in cash and cash
equivalents
2,234,847
(2,072,211)
Cash and cash equivalents at the beginning of the year
5,802,470
7,874,680
Cash and cash equivalents and the end of the year
9
8,037,317
5,802,470
The above consolidated statement of cash flows should be read in conjunction with the
accompanying notes.
Consolidated Statement of
Changes in Equity
For the year ended 30 June 2024
ANNUAL REPORT | 46
Contributed
Equity
Share
Option
Reserve
Share
Based
Payment
Reserve
Accumulated
Losses
Total
A$
A$
A$
A$
A$
Balance at 1 July 2023
84,628,323
312,500
10,266,906
(26,647,751)
68,559,978
Comprehensive income:
Loss for the year
-
-
-
(2,443,268)
(2,443,268)
Total comprehensive loss
for the year
-
-
-
(2,443,268)
(2,443,268)
Transactions with
owners, in their capacity
as owners:
Contributions of equity,
net of costs
11,951,591
-
-
-
11,951,591
Issue of options
-
-
585,600
-
585,600
Balance at 30 June 2024
96,579,914
312,500
10,852,506
(29,091,019)
78,653,901
Balance at 1 July 2022
73,097,082
312,500
9,679,905
(23,392,784)
59,696,703
Comprehensive income:
Loss for the year
-
-
-
(3,254,967)
(3,254,967)
Total comprehensive loss
for the year
-
-
-
(3,254,967)
(3,254,967)
Transactions with
owners, in their capacity
as owners:
Contributions of equity,
net of costs
11,531,241
-
-
-
11,531,241
Issue of options
-
-
587,001
-
587,001
Balance at 30 June 2023
84,628,323
312,500
10,266,906
(26,647,751)
68,559,978
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 47
NOTE 1: CORPORATE INFORMATION
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 2024 comprise
the Company and its subsidiaries (together referred to as the “Group” and individually as “Group
entities”).
NOTE 2: SUMMARY OF MATERIAL 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.
The Company is domiciled in Australia and all amounts are presented in Australian dollars, unless
otherwise noted.
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.
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 A$2,443,268 for the year ended 30 June 2024 and had a net cash
outflow from operating activities, plus exploration and evaluation activities, of A$9,718,233
(excluding cashflows related to the Newmont 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 A$7,670,949 as at 30 June 2024.
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
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 48
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 2024 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.
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
programme 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 an Audit and Risk 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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 49
The Group holds the following financial instruments:
2024
2023
A$
A$
Financial assets
Cash and cash equivalents
7,670,949
5,423,012
Restricted cash
366,368
379,458
Trade and other receivables
423,495
291,629
8,460,812
6,094,099
Financial liabilities
Trade and other payables
1,104,032
1,429,052
a.
Market risk
Interest rate risk
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.
2024
2023
%
A$
%
A$
Financial assets
Cash assets Floating rate*
3.05%
8,037,317
2.09%
5,802,470
* 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 2024, all cash and cash equivalents were held with National Australia Bank and ANZ,
which are AA- credit rated.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 50
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 A$1,104,032 (2023: A$1,429,052)
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.
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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 51
(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 2024, the carrying value of capitalised exploration and evaluation is A$72,049,894
(2023: A$64,474,926).
Share based payments
The consolidated entity measures the cost of equity-settled transactions by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined
by using either the Binomial or Black-Scholes model taking into account the terms and conditions
upon which the instruments were granted. The accounting estimates and assumptions relating to
equity-settled share-based payments would have no impact on the carrying amounts of assets
and liabilities within the next annual reporting period but may impact profit or loss and equity.
NOTE 5: SEGMENT INFORMATION
Management has determined that the Group has one reportable segment, being mineral
exploration. As the Group is focused on mineral exploration, the Board monitors the Group based
on actual versus budgeted revenues and expenditure incurred by area of interest. This internal
reporting framework is the most relevant to assist the Board with making decisions regarding the
Company and its ongoing exploration activities, while also taking into consideration the results of
exploration work that has been performed to date.
NOTE 6: OTHER INCOME
2024
2023
A$
A$
From continuing operations
Other income
Management fee
216,166
18,101
Interest income
277,992
206,658
Government rebates
103,706
-
597,864
224,759
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 52
Accounting policy
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:
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).
NOTE 7: EXPENSES
2024
2023
A$
A$
Administration expenses
944,341
1,160,631
Employee benefit expenses
1,418,249
1,628,962
Share based payments (i)
585,600
587,000
2,948,190
3,376,593
Notes:
(i)
Refer to Note 19 for further details.
NOTE 8: INCOME TAX
2024
2023
A$
A$
Current tax
-
-
-
-
(a) Income tax expense
A reconciliation between tax expense and the product of accounting profit before income tax
multiplied by the Group's applicable income tax rate is as follows:
Accounting loss before tax
(2,443,268)
(3,254,977)
Tax at the Australian statutory income tax rate of 25%
(2023: 25%)
(610,817)
(813,744)
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 53
2024
2023
A$
A$
Tax effect of amount which are not deductible (taxable)
in calculating taxable income:
Share based payments
Entertainment
Other expenses
Rent expense
Effective income tax rate changes
Tax loss recognised
Tax losses not recognised
146,400
433
-
(25,530)
-
-
489,514
146,750
739
200
(26,647)
-
-
690,702
-
-
(b) Deferred tax asset and (liabilities) are
attributable to the following:
Trade and other receivables
1,150
(164)
Prepayments
(10,519)
(14,142)
Property, plant and equipment
(14,511)
(15,934)
ROI asset - lease
92,816
74,253
Deferred exploration expenditure
(18,091,997)
(16,109,919)
Capital raising costs
(898,441)
(728,958)
Trade and other payables
1,457
6,375
Interest bearing loans and borrowings
(1,330,663)
(1,041,791)
Provisions
146,922
129,697
Lease liability
54,079
48,584
Tax losses recognised to the extent of deferred tax
liabilities
20,049,707
17,651,999
-
-
The balance of potential deferred tax assets attributable to tax losses carried forward of A$769,311
(2023: loss A$3,276,745) and other timing differences of nil (2023: nil) in respect of Antipa Minerals
Limited and its controlled entities in the tax consolidated group have not been brought to account
because the Directors do not believe it is appropriate to regard realisation of future tax benefits
as probable.
Antipa Minerals Limited and its controlled entities in the tax consolidated group have not been
brought to account because the Directors do not believe it is appropriate to regard realisation of
future tax benefits as probable.
Antipa Minerals Limited and its wholly owned Australian controlled entities have implemented the
tax consolidation legislation.
The head entity, Antipa Minerals Limited, and its controlled entities in the tax consolidated group
account for their own current and deferred tax amounts. The entities have also entered into a tax
funding agreement under which the wholly owned entities fully compensate Antipa Minerals
Limited for any current tax payable assumed and are compensated by Antipa Minerals Ltd for any
current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits
that are transferred to Antipa Minerals Limited under the tax consolidation legislation.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 54
NOTE 9: CURRENT ASSETS CASH AND CASH EQUIVALENTS
2024
2023
A$
A$
Cash at bank and in hand
7,670,949
5,423,012
Restricted cash(i)
339,172
296,357
Restricted cash(ii)
47
2,109
Restricted cash(iii)
27,149
80,992
8,037,317
5,802,470
Notes:
(i)
As at 30 June 2024 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 A$339,172 (2023: A$296,357).
(ii)
As at 30 June 2024 Cash and cash equivalents is held as restricted cash being monies received in advance
from Newmont and restricted for use on the Wilki project A$47 (2023: A$2,109).
(iii)
As at 30 June 2024 Cash and cash equivalents is held as restricted cash being monies received in advance
from IGO and restricted for use on the Paterson project A$27,149 (2023: A$80,992).
(a)
Fair value
The carrying amount of cash and cash equivalents is a reasonable approximation of fair value.
(b)
Interest rate risk exposure
Information about the Group’s exposure to interest rate risk in relation to cash and cash
equivalents is provided in Note 3.
Accounting policy
For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value, and bank overdrafts.
NOTE 10: NON-CURRENT ASSETS PROPERTY PLANT & EQUIPMENT
2024
2023
A$
A$
Plant and Equipment
Cost
461,370
451,302
Accumulated depreciation
(324,287)
(305,597)
Net carrying amount
137,083
145,705
Reconciliation
Carrying amount at beginning of year
145,705
171,932
Additions
10,068
2,652
Net written down value of plant and equipment written off
-
-
Depreciation charge for the year
(18,690)
(28,879)
Net carrying amount at end of year
137,083
145,705
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 55
NOTE 11: DEFERRED EXPLORATION & EVALUATION EXPENDITURE
2024
2023
A$
A$
At cost
Opening balance
64,474,926
54,802,740
Additions
8,013,867
9,672,186
Exploration Incentive Scheme grants
(438,899)
-
Closing balance
72,049,894
64,474,926
Notes:
(i)
The majority of exploration and evaluation expenditure capitalised during the year ended 30 June 2024 was
in relation to the 100% Minyari Dome Project.
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.
NOTE 12: RIGHT-OF USE LEASE ASSETS
2024
2023
A$
A$
Carrying value
At cost - Premises
Cost
612,585
612,585
Accumulated depreciation
(371,264)
(297,012)
241,321
315,573
Reconciliation
Opening Balance
315,573
389,826
Depreciation expense
(74,252)
(74,253)
Closing balance
241,321
315,573
NOTE 13: LEASE LIABILITIES
30 June 2024
30 June 2023
Premises
Total
Premises
Total
A$
A$
A$
A$
Current Liabilities
56,954
56,954
56,954
56,954
Non-Current Liabilities
284,890
284,890
362,300
362,300
Fair value as at 30 June
341,844
341,844
419,254
419,254
Reconciliation
30 June 2024
Opening balance
419,254
419,254
485,870
485,870
Additions
-
-
-
-
Finance expenses
(77,410)
(77,410)
(66,616)
(66,616)
Closing balance
341,844
341,844
419,254
419,254
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 56
NOTE 14: CURRENT LIABILITIES
2024
2023
A$
A$
Trade and other payables
Trade payables
1,000,877
731,416
Other payables
103,155
697,636
1,104,032
1,429,052
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.
NOTE 15: PROVISIONS
2024
2023
A$
A$
Provisions
Annual leave provision
355,369
337,330
Long service leave provision
232,320
181,458
587,689
518,788
Accounting policy - Other long-term employee benefit obligations
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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 57
NOTE 16: UNEXPENDED JOINT VENTURE CONTRIBUTIONS
2024
2023
A$
A$
Newmont Farm-In (i)
Opening balance 1 July
2,027
308,378
Returned contributions Newmont Services Pty Ltd
-
(200,000)
Expenditure
(853)
(106,351)
Closing balance
1,174
2,027
Rio Tinto Joint Venture (ii)
Opening balance 1 July
178,922
1,571
Contributions Rio Tinto Exploration Pty Ltd
1,676,648
269,364
Expenditure
(1,528,130)
(92,013)
Closing balance
327,440
178,922
IGO Farm-In (iii)
Opening balance 1 July
81,326
669,959
Returned contributions IGO
-
(500,000)
Expenditure
(49,252)
(88,633)
Closing balance
32,074
81,326
Total Unexpended Joint Venture Contributions
360,688
262,275
Notes:
(i)
In February 2020, the Company entered into a A$60 million farm-in agreement (Wilki Project Farm-in
Agreement) and associated exploration joint venture agreement with Newcrest. In November 2021, Newcrest
met its initial (minimum) commitment of A$6M in exploration expenditure on the Wilki Farm-in Project and
elected to assume management of the project effective July 2022. No joint venture interest was earned by the
incurring of this amount.
During the next stage, Newmont can spend a further A$10 million exploration expenditure within 5 years of
commencement to earn a 51% joint venture interest. The Stage 2 period may be extended by Newmont by up
to two years, to 28 February 2027.
(ii)
Under the terms of a Farm-in and Joint Venture Agreement, Rio Tinto could sole fund up to A$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 A$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.
In July 2022, Antipa and Rio Tinto agreed to reduce the previously approved CY2022 budgeted exploration
spend from A$10 million to between A$6 to A$8 million. In recognition of this adjustment, Antipa elected to
utilise the dilute-down provision in the Citadel Project JV agreement for the 2022 and 2023 exploration
programmes. As a result of this election, Antipa's interest in the Citadel Project JV has reduced to approximately
32% at the conclusion of the CY2023 exploration programme.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 58
In September 2024, Antipa announced it had agreed binding terms for the sale of its approximately 32% non-
controlling interest in the Citadel Project to joint venture partner Rio Tinto for consideration of A$17 million
cash. Upon Completion, expected to occur by 31 October 2024, the Citadel joint venture agreement will be
terminated, and the parties will release each other from any further obligations and liabilities under the joint
venture agreement.
(iii) In July 2020 the Company entered into a A$30 million farm-in agreement (Paterson Project Farm-in
Agreement) and associated exploration joint venture agreement with IGO. In December 2021, IGO met it’s
initial (minimum) commitment of A$4M in exploration expenditure on the Paterson Farm-in Project and
elected to assume management of the project effective March 2022. No joint venture interest was earned by
the incurring of this amount.
The next stage of the Paterson Farm-in Project requires IGO to spend an additional A$26M in exploration
expenditure to earn a 70% joint venture interest.
Accounting policy – Joint Venture Contributions
Cash received from farm-In agreements are received in advance. Upon receipt of the funds a liability is
recognised for unexpended exploration contributions. As expenditure is incurred, the liability is
decreased. The cash received in advance is held by the Company in the capacity as operator and is
classified as restricted cash.
NOTE 17: CONTRIBUTED EQUITY
2024
2023
Number
A$
Number
A$
(a) Share capital
Fully paid ordinary shares
4,710,049,428
96,579,914
3,597,051,478
84,628,323
(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 – 2024
Description
Date
Number of
Shares
Issue
Price A$
Value
A$
Balance 1 July 2023
3,597,051,478
84,628,323
Share Placement (i)
5 September 2023
384,615,400
A$0.0130
5,000,000
Share Placement (ii)
6 October 2023
51,732,293
A$0.0130
672,520
Share Placement (iii)
26 October 2023
101,408,741
A$0.0130
1,318,314
Shares issued in lieu of payment (iv)
17 May 2024
4,741,516
A$0.0121
57,372
Share Placement (v)
28 June 2024
570,500,000
A$0.0100
5,705,000
Less transaction costs
(801,615)
Closing Balance
30 June 2024
4,710,049,428
96,579,914
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 59
Notes:
(i)
September 2023 Placement:
On 5 September 2023, the Company completed a share placement to institutional and sophisticated investors
to raise A$5 million (before costs) through the issue of approximately 384.6 million fully paid ordinary shares
at A$0.013 per share.
(ii) October 2023 Rights Issue:
On 6 October 2023, the company completed a pro-rata non-renounceable entitlement issue of one (1) fully
paid ordinary share (Share) for every twenty-six (26) Shares held by eligible shareholders. 51,732,293 fully
paid ordinary shares were issued at A$0.013 per share.
(iii) Shortfall Placement:
On 26 October 2023, the company completed a shortfall placement to raise circa A$1.3 million (before costs)
via the placement of approximately 101.4 million fully paid ordinary shares at A$0.013 pe share.
(iv) Share Issue – Advisor:
On 17 May 2024, the Company issued 4,741,516 ordinary shares to an advisor, in lieu of payment, at A$0.0121
per share.
(v) June 2024 Placement:
On 28 June 2024, the Company completed a share placement to institutional and sophisticated investors to
raise approximately A$5.7 million (before costs) through the issue of 570.5 million fully paid ordinary shares
at A$0.010 per share.
Movements in ordinary share capital – 2023
Description
Date
Number of
Shares
Issue
Price A$
Value
A$
Balance 1 July 2022
3,139,708,262
73,097,082
Share Placement (i)
19 September 2022
333,703,704
A$0.0270
9,010,000
Share Placement (ii)
19 September 2022
36,666,667
A$0.0270
990,000
Share Placement (iii)
14 October 2022
75,488,842
A$0.0270
2,038,200
Share Placement (iv)
19 October 2022
7,473,395
A$0.0270
201,782
Shares issued in lieu of payment (v)
12 May 2023
2,866,048
A$0.0197
56,518
Share Placement (vi)
25 May 2023
1,144,560
A$0.0205
23,436
Less transaction costs
(788,695)
Closing balance
30 June 2023
3,597,051,478
84,628,323
Notes:
(i)
Institutional Placement:
On 19 September 2022, the Company completed a share placement to institutional and sophisticated investors
to raise A$9 million through the issue of approximately 333.7 million fully paid ordinary shares at A$0.027 per
share.
(ii)
Newcrest Placement #1:
On 23 September 2022, Newcrest maintained its 9.9% interest in Antipa by subscribing for A$1 million in
shares on the same terms as the share placement and SPP.
(iii) Share Purchase Plan (SPP):
On 14 October 2022, the Company completed a SPP to raise A$2 million through the issue of approximately
75.5 million fully paid ordinary shares at A$0.027 per share.
(iv)
Newcrest Placement #2:
On 19 October 2022, Newcrest maintained its 9.9% interest in Antipa by subscribing for A$0.2 million in shares
on the same terms as the share placement and SPP.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 60
(v)
Share Issue – Advisor:
On 12 May 2023, the Company issued 2,866,048 ordinary shares to an advisor at A$0.0197 per share.
(vi)
Newcrest Placement #3:
On 25 May 2023 and pursuant to the Subscription Agreement with Newcrest dated 27 February 2020, as
amended, the Company issued 1,144,560 ordinary shares at A$0.0205 per share. This allowed Newcrest to
maintain its shareholding at 9.9%.
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of
new shares or options are shown in equity as a deduction from the proceeds.
NOTE 18: RESERVES AND ACCUMULATED LOSSES
2024
2023
A$
A$
(a) Share based payment and option reserve
Opening balance
10,579,406
9,992,405
Movement for the year
585,600
587,001
Balance at 30 June
11,165,006
10,579,406
(b) Accumulated losses
Opening balance
(26,647,751)
(23,392,784)
Net loss for the year
(2,443,268)
(3,254,967)
Balance at 30 June
(29,091,019)
(26,647,751)
(c) Nature and purpose of reserves
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.
NOTE 19: OPTIONS
As at 30 June 2024, the Group has the following options on issue:
2024
Number
Exercise Price
Grant
Expiry
4,000,000
A$0.0700
3 August 2020
31 July 2024
14,000,000
A$0.0670
14 September 2020
31 August 2024
47,000,000
A$0.0750
20 November 2020
20 November 2024
5,000,000
A$0.0730
23 April 2021
31 March 2025
26,000,000
A$0.0740
27 September 2021
31 August 2025
49,000,000
A$0.0950
19 November 2021
18 November 2025
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 61
2024
Number
Exercise Price
Grant
Expiry
25,400,000
A$0.0650
23 May 2022
30 April 2026
48,000,000
A$0.0360
11 November 2022
10 November 2026
1,000,000
A$0.0350
21 November 2022
31 October 2026
23,600,000
A$0.0195
3 July 2023
30 June 2027
1,000,000
A$0.0265
4 August 2023
31 July 2027
268,878,110
A$0.0200
6 October 2023
23 October 2025
3,000,000
A$0.0190
27 October 2023
30 September 2027
48,000,000
A$0.0230
17 November 2023
16 November 2027
2,000,000
A$0.0200
19 March 2024
28 February 2028
565,878,110
Options carry no dividend or voting rights. Upon exercise, each option is convertible into one
ordinary share to rank pari passu in all respects with the Group’s existing fully paid ordinary
shares.
Movements in the number of options on issue during the year are as follows:
Description
2024
Number
Weighted
Average
Exercise
Price A$
2023
Number
Weighted
Average
Exercise
Price A$
Options
Opening balance
502,316,224
0.0511
240,650,000
0.0645
Issued during the year (i)(ii)(iii)(iv)(v)
349,978,110
0.0202
275,666,224
0.0393
Cancelled during the year
(11,000,000)
0.0551
(6,000,000)
0.0723
Exercised during the year
-
-
-
-
Expired during the year
(275,416,224)
0.0363
(8,000,000)
0.0344
Closing balance at 30 June
565,878,110
0.0391
502,316,224
0.0511
Notes:
(i)
27,100,000 options were issued to employees under the Company’s Incentive Option Plan on 3 July 2023. These
options are exercisable at A$0.0195 and expire on 30 June 2027. These options were valued using a Black-
Scholes model. They had a total fair value of A$162,600 and were fully expensed during the year.
(ii)
1,000,000 options were issued to a Consultant under the Company’s Incentive Option Plan on 4 August 2023.
These options are exercisable at A$0.0185 and expire on 31 July 2027. These options were valued using a Black-
Scholes model. They had a total fair value of A$9,000 and were fully expensed during the year.
(iii) Following completion of the A$2 million Rights Issue and Shortfall Offer (Rights Issue) in October 2023, Antipa
issued 268,878,110 free attaching unlisted options pursuant to the placements and Rights Issue. The options
were issued on a one for every two new shares issued basis and are exercisable at A$0.02 with and expiry date
two years from the date of issue.
(iv) 3,000,000 options were issued to an employee under the Company’s Incentive Option Plan on 27 October
2023. These options are exercisable at A$0.019 and expire on 30 September 2027. These options were valued
using a Black-Scholes model. They had a total fair value of A$18,000 and were fully expensed during the year.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 62
(v)
48,000,000 options issued to Directors pursuant to shareholder approval obtained at the Company’s Annual
General Meeting on 17 November 2023. These options were valued using a Black-Scholes model. They had a
total fair value of A$336,000 and were fully expensed during the year.
(vi) 2,000,000 options were issued to an employee under the Company’s Incentive Option Plan on 19 March 2024.
These options are exercisable at A$0.02 and expire on 28 February 2028. These options were valued using a
Black-Scholes model. They had a total fair value of A$12,000 and were fully expensed during the year.
(i)
(ii)
(iii)
(iv)
(v)
Number of options
27,100,000
1,000,000
3,000,000
48,000,000
2,000,000
Grant date
3-Jul-23
4-Aug-23
27-Oct-23
17-Nov-23
19-Mar-24
Grant date share
price
A$0.013
A$0.019
A$0.012
A$0.016
A$0.013
Exercise price
A$0.0195
A$0.0265
A$0.019
A$0.023
A$0.020
Expected volatility
80%
80%
80%
80%
80%
Option life
4 years
4 years
4 years
4 years
4 years
Dividend yield
-
-
-
-
-
Interest rate
3.89%
3.9%
4.44%
4.14%
3.74%
Vesting
Immediately
Immediately
Immediately
Immediately
Immediately
Fair Value per
option
A$0.006
A$0.009
A$0.006
A$0.008
A$0.006
2024
2023
A$
A$
Share based payments
Options issued to Directors and Employees
585,600
587,000
585,600
587,000
NOTE 20: REMUNERATION OF AUDITORS
2024
2023
A$
A$
During the year, the following fees were paid or payable for
services provided by BDO, the auditor of the Group, its network
firms and unrelated firms:
Audit services – BDO
Auditing or reviewing the financial report
47,602
45,500
Other services - BDO
Corporate services – share-based payment valuation services
5,400
1,660
Total remuneration for audit and other assurance services
53,002
47,160
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 63
The BDO entity performing the audit of the Group transitioned from BDO Audit (WA) Pty Ltd to
BDO Audit Pty Ltd on 18 April 2024. The disclosures include amounts received or due and
receivable by BDO Audit (WA) Pty Ltd, BDO Audit Pty Ltd and their respective related entities.
NOTE 21: RECONCILIATION OF LOSS AFTER INCOME TAX TO
NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2024
2023
A$
A$
Loss for the year
(2,443,268)
(3,254,967)
Adjustment for:
Share based payments
585,600
587,000
Depreciation
92,942
103,133
(Decrease)/Increase in current liabilities
(79,770)
(141,468)
(Increase)/Decrease in trade and other receivables
2,709
110,755
Net cash (outflow) from operating activities
(1,841,787)
(2,595,547)
Non-cash Financing and Investment Activities
(i) 30 June 2024
During the year ended 30 June 2024, the Group issued 4,741,516 shares as consideration for
professional services.
(ii) 30 June 2023
During the year ended 30 June 2023, the Group issued 2,866,048 shares as consideration for
professional services.
NOTE 22: LOSS PER SHARE
2024
2023
A$(cents)
A$(cents)
Basic / diluted loss per share
Loss attributable to the ordinary equity holders of
the Company
(0.06)
(0.09)
A$
A$
Loss used in calculation of basic / diluted loss per
share
(2,443,268)
(3,254,967)
Weighted average number of ordinary shares
used as the denominator in calculating basic /
diluted loss per share
4,021,541,242
3,492,204,308
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 64
NOTE 23: EVENTS SUBSEQUENT TO REPORTING PERIOD
Other than as disclosed below, there were no significant events occurring after balance date
requiring disclosure.
(i)
In July 2024, the Company announced that major shareholder Newmont, via its wholly
owned subsidiary Newcrest Operations Limited, had exercised its top-up right to maintain
an 8.6% shareholding (Top-Up Placement). On 16 August 2024, the Company completed
the placement of 58.65 million ordinary shares at an issue price of A$0.01 per share to raise
gross proceeds of A$586,500. Antipa also issued one free attaching unlisted option (Option)
for every two new Shares subscribed for and issued pursuant to the Top-Up Placement, as
well as the earlier placement to institutional and sophisticated investors completed on 28
June 2024. The Options are exercisable at A$0.02 and expire on 16 August 2026. A total of
314,575,008 free attaching Options were issued.
(ii)
On 26 August 2024, the Company announced a 19% increase to the Calibre deposit’s
Inferred MRE to 2.5 million ounces of gold (up from 2.1 million ounces). The updated
Inferred MRE (on a 100% basis), which incorporates the results of drilling completed in 2021,
totals 111 million tonnes at 0.86 g/t gold-equivalent (0.71 g/t gold, 0.10% copper and 0.44
g/t silver) containing 3.1 million gold-equivalent ounces (2.5 million ounces of gold, 115,000
tonnes of copper and 1.6 million ounces of silver) using a 0.4 g/t gold equivalent cut-off
grade.
(iii)
On 13 September 2024, Antipa announced it had agreed binding terms for the sale of its
approximately 32% non-controlling interest in the Citadel Project to joint venture partner
Rio Tinto for consideration of A$17 million cash. Upon Completion, expected to occur by 31
October 2024, the Citadel joint venture agreement will be terminated, and the parties will
release each other from any further obligations and liabilities under the joint venture
agreement.
(iv)
On 17 September 2024, Antipa announced an update to the existing Minyari MRE. This
update increased the overall size of the deposit to 2.3 Moz of gold (+33%) with a grade of
1.5 g/t gold (-6%), and a 53% upgrade of resources categorised as Inferred to Indicated.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 65
NOTE 24: COMMITMENTS AND CONTINGENCIES
2024
2023
A$
A$
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
1,587,105
868,054
After one year but less than two years
1,601,924
872,887
After two years up to five years
2,652,899
854,181
After five years
-
136,072
5,841,928
2,731,194
Notes:
(i)
Commitments at 30 June 2024 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.
Other than those disclosed above, the Group has no commitments at reporting date.
NOTE 25: RELATED PARTY TRANSACTIONS
2024
2023
A$
A$
Short term employee benefits
1,302,575
1,306,162
Post-employment benefits
45,533
53,731
Share based payments
438,000
576,000
1,786,108
1,935,893
There have been the following transactions with related parties
during the year ended 30 June 2024 and the prior period
Payments to director-related parties:
Strategic Metallurgy Pty Ltd (ii)
7,093
31,583
Total payments to director-rated parties
7,093
31,583
Notes:
(i)
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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 66
There were no other related party transactions during the period, other than those to KMP’s as
part of remuneration.
NOTE 26: SUBSIDIARIES
Name of entity
Country of
incorporation
Class of Shares
Equity Holding
Antipa Resources Pty Ltd (i)
Australia
Ordinary
100%
Kitchener Resources Pty Ltd(ii)
Australia
Ordinary
100%
MK Minerals Pty Ltd (ii)
Australia
Ordinary
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 2024 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.
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. The 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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 67
NOTE 27: PARENT ENTITY DISCLOSURES
2024
2023
A$
A$
Financial position Assets
Assets
Current assets
79,303,988
69,082,084
Non-current assets
880,250
947,132
Total assets
80,184,238
70,029,216
Liabilities
Current liabilities
(1,131,382)
(1,009,985)
Non-current liabilities
(341,844)
(419,254)
Total liabilities
(1,473,226)
(1,429,239)
Net Assets
78,711,012
68,599,977
Equity
Issued capital
96,579,914
84,628,323
Accumulated losses
(29,033,908)
(26,607,752)
Reserves:
Share based payments
11,165,006
10,579,406
Total equity
78,711,012
68,599,977
Financial performance
Loss for the year
(2,426,156)
(3,178,030)
Other comprehensive income
-
-
Total comprehensive loss
(2,426,156)
(3,178,030)
Parent Entity Commitments & Contingencies
The parent entity had no contingent assets or liabilities at reporting date.
NOTE 28: 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 2023.
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
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT | 68
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)
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
(2)
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).
Consolidated Entity Disclosure
Statement
As at 30 June 2024
ANNUAL REPORT | 69
Name of
entity
Type of
entity
Trustee,
partner or
participant
in joint
venture(i)
% of
share
capital
held
Country of
incorporation
Australian
resident or
foreign
resident(ii)
Foreign tax
jurisdiction(s)
of foreign
residents(iii)
Antipa
Minerals
Ltd
Body
Corporate
-
N/A
Australia
Australian
N/A
Antipa
Resources
Pty Ltd
Body
Corporate
Participant in
the Citadel JV
Project11, Wilki
Farm-in
Project and
Paterson
Farm-in
Project
100
Australia
Australian
N/A
Kitchener
Resources
Pty Ltd
Body
Corporate
Participant in
the Wilki
Farm-in
Project and
Paterson
Farm-in
Project
100
Australia
Australian
N/A
MK Minerals
Pty Ltd
Body
Corporate
Participant in
the Wilki
Farm-in
Project and
Paterson
Farm-in
Project
100
Australia
Australian
N/A
Notes:
(i)
Entities listed here are those that are part of the consolidated entity at the end of the financial year. Entities
disposed of during the year, or where the entity has lost control by the reporting date, are not included here.
This means that entities listed could be different to the ‘Subsidiaries’ note contained in the notes to the financial
statements.
(ii)
This means whether, at that time, the entity was a trustee of a trust within the consolidated entity, a partner
in a partnership within the consolidated entity, or a participant in a joint venture within the consolidated
entity.
(iii) The definitions of ‘Australian resident’ and ‘foreign resident’ in the ITAA 1997 are mutually exclusive. This means
if an entity is an ‘Australian resident’ it cannot be a ‘foreign resident’ for the purposes of the public company
disclosures in the consolidated entity disclosure statement.
Information for the comparative period is not required.
11 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.
Consolidated Entity Disclosure
Statement
As at 30 June 2024
ANNUAL REPORT | 70
Basis of Preparation
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with
the Corporations Act 2001. It includes certain information for each entity that was part of the
consolidated entity at the end of the financial year.
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001 defines tax residency as having the meaning in
the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as
there are currently several different interpretations that could be adopted, and which could give
rise to a different conclusion on residency. It should be noted that the definitions of ‘Australian
resident’ and ‘foreign resident’ in the Income Tax Assessment Act 1997 are mutually exclusive. This
means that if an entity is an ‘Australian resident’ it cannot be a ‘foreign resident’ for the purposes
of disclosure in the CEDS.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having
regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5.
Foreign tax residency
Not applicable, on the basis that Antipa only operates in Western Australia and all controlled
entities are residents of Australia for tax purposes.
Partnerships and Trusts
Not applicable, on the basis that Antipa is not a participant in any partnerships or trusts.
Directors’ Declaration
30 June 2024
ANNUAL REPORT | 71
The Directors declare that:
(a)
in the Directors’ opinion, there are reasonable grounds to believe that the Group will be
able to pay its 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;
(d)
The information disclosed in the attached consolidated entity disclosure statement is true
and correct; and
(e)
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 Chairperson
Perth, Western Australia
26 September 2024
Corporate Governance Statement
ANNUAL REPORT | 72
ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT
FOR THE FINANCIAL YEAR ENDING 30 JUNE 2024
This Corporate Governance Statement is current as at 26 September 2024 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 2024, 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/about-us/corporate-governance.
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.
Corporate Governance Statement
ANNUAL REPORT | 73
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Recommendation 1.2
A listed entity should:
(a)
undertake appropriate checks before
appointing a director or senior executive
or putting someone forward for election
as a Director; and
(b)
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.
YES
(a)
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.
(b)
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
(c)
The Company did not undertake any checks set out in paragraph (a) above,
or include the information set out in paragraph (b) above during the
financial year ended 30 June 2024 because the Board did elect any new
Directors during the relevant period.
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
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.
Recommendation 1.4
YES
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.
Corporate Governance Statement
ANNUAL REPORT | 74
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
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.
Recommendation 1.5
A listed entity should:
(a)
have and disclose a diversity policy;
(b)
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
(c)
disclose in relation to each reporting
period:
(i)
the measurable objectives set
for that period to achieve gender
diversity;
(ii)
the entity’s progress towards
achieving those objectives; and
(iii)
either:
PARTIALLY
(a)
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.
(b)
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.
(c)
The Board did not set measurable gender diversity objectives for the past
financial year, because:
(i)
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
(ii)
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
objectives 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
(iii)
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:
Corporate Governance Statement
ANNUAL REPORT | 75
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
(A)
the
respective
proportions
of
men
and women on the
Board,
in
senior
executive positions and
across
the
whole
workforce
(including
how the entity has
defined
“senior
executive”
for
these
purposes); or
(B)
if
the
entity
is
a
“relevant
employer”
under the Workplace
Gender Equality Act,
the entity’s most recent
“Gender
Equality
Indicators”, as defined
in
the
Workplace
Gender Equality Act.
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.
(A)
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
(B)
The Company has four female employees (27% of the total
number of Directors and employees). In addition, there are
currently two female contractors based at the Minyari Dome
Project.
Corporate Governance Statement
ANNUAL REPORT | 76
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Recommendation 1.6
A listed entity should:
(a)
have
and
disclose
a
process
for
periodically evaluating the performance
of the Board, its committees, and
individual Directors; and
(b)
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
(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.
(b)
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.
Recommendation 1.7
A listed entity should:
(a)
have and disclose a process for evaluating
the performance of its senior executives
at least once every reporting period; and
(b)
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
(a)
The Company’s Nomination and Remuneration Committee (or, in its
absence, the Board) is responsible for evaluating the performance and
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.
(b)
The Company has completed performance evaluations in respect of the
senior executives for the past financial year in accordance with the
applicable processes.
Corporate Governance Statement
ANNUAL REPORT | 77
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Principle 2: Structure the Board to be effective and add value
Recommendation 2.1
The Board of a listed entity should:
(a)
have a nomination committee which:
(i)
has at least three members, a
majority
of
whom
are
independent Directors; and
(ii)
is chaired by an independent
Director,
and disclose:
(iii)
the charter of the committee;
(iv)
the members of the committee;
and
(v)
as at the end of each reporting
period, the number of times the
committee met throughout the
period
and
the
individual
attendances of the members at
those meetings; or
(b)
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 its duties and responsibilities
effectively.
YES
(a)
The Company has 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.
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 Annual
Report.
Corporate Governance Statement
ANNUAL REPORT | 78
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
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
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.
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.
Corporate Governance Statement
ANNUAL REPORT | 79
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
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 Annual Report.
Recommendation 2.3
A listed entity should disclose:
(a)
the names of the Directors considered by
the Board to be independent Directors;
(b)
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
(c)
the length of service of each Director
YES
(a)
The Board Charter requires the disclosure of the names of Directors
considered by the Board to be independent. Mr Peter Buck, Mr Gary
Johnson are considered independent Directors.
(b)
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.
Recommendation 2.4
A majority of the Board of a listed entity should be
independent Directors.
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)
the Company considers at least two (2) Directors need to be executive
Directors for the Company to be effectively managed;
Corporate Governance Statement
ANNUAL REPORT | 80
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RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
(b)
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
(c)
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.
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 Board Charter provides that, where practical, the Chair of the Board should be
an independent Director and should not be the CEO/Managing Director.
Effective 16 September 2021, the Chair of the Company, Mr Power transitioned
from Executive Chair to Non-Executive Chair and was therefore not be eligible to
be classified as an independent director until 16 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 therefore have an independent Chair for the past financial year,
because it was not feasible due to the company’s current size and Board structure.
Corporate Governance Statement
ANNUAL REPORT | 81
ANNUAL REPORT
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Recommendation 2.6
A listed entity should have a programme 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
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
programmes 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.
Principle 3: Instil a culture of acting lawfully, ethically and responsibly
Recommendation 3.1
A listed entity should articulate and disclose its
values.
YES
(a)
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.
(b)
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.
Recommendation 3.2
A listed entity should:
(a)
have and disclose a code of conduct for its
Directors,
senior
executives,
and
employees; and
(b)
ensure that the Board or a committee of
the Board is informed of any material
breaches of that code.
YES
(a)
The Company’s Corporate Code of Conduct applies to the Company’s
Directors, senior executives and employees.
(b)
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.
Corporate Governance Statement
ANNUAL REPORT | 82
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Recommendation 3.3
A listed entity should:
(a)
have and disclose a whistleblower policy;
and
(b)
ensure that the Board or a committee of
the Board is informed of any material
incidents reported under that policy.
YES
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.
Recommendation 3.4
A listed entity should:
(a)
have and disclose an anti-bribery and
corruption policy; and
(b)
ensure that the Board or committee of the
Board is informed of any material
breaches of that policy.
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.
Principle 4: Safeguard the integrity of corporate reports
Recommendation 4.1
The Board of a listed entity should:
(a)
have an audit committee which:
(i)
has at least three members, all of
whom
are
non-executive
Directors and a majority of
whom
are
independent
Directors; and
(ii)
is chaired by an independent
Director, who is not the Chair of
the Board,
and disclose:
(iii)
the charter of the committee;
YES
(a)
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 Annual Report. The charter of the Audit and Risk
Committee is available, as part of the Corporate Governance Plan, on the
Company’s website.
Corporate Governance Statement
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(iv)
the relevant qualifications and
experience of the members of
the committee; and
(v)
in relation to each reporting
period, the number of times the
committee met throughout the
period
and
the
individual
attendances of the members at
those meetings; or
(b)
if it does not have an audit committee,
disclose that fact and the processes it
employs that independently verify and
safeguard the integrity of its corporate
reporting, including the processes for the
appointment and removal of the external
auditor and the rotation of the audit
engagement partner.
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.
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.
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.
Corporate Governance Statement
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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):
(a)
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;
(b)
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;
(c)
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
(d)
periodic corporate 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 these reports.
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
(a)
The Company’s Corporate Governance Plan details the Company’s
Continuous Disclosure policy.
(b)
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 Managing Director, Executive 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.
Corporate Governance Statement
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Recommendation 5.2
A listed entity should ensure that its board receives
copies of all material market announcements
promptly after they have been made.
YES
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.
Recommendation 5.3
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.
YES
All substantive investor or analyst presentations were released on the ASX Markets
Announcement Platform ahead of such presentations.
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
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.
Corporate Governance Statement
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Recommendation 6.2
A listed entity should have an investor relations
programme that facilitates effective two-way
communication with investors.
YES
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.
Recommendation 6.3
A listed entity should disclose how it facilitates and
encourages participation at meetings of security
holders.
YES
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 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.
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.
YES
All substantive resolutions at securityholder meetings were decided by a poll
rather than a show of hands.
Corporate Governance Statement
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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
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.
Corporate Governance Statement
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Principle 7: Recognise and manage risk
Recommendation 7.1
The Board of a listed entity should:
(a)
have a committee or committees to
oversee risk, each of which:
(i)
has at least three members, a
majority
of
whom
are
independent Directors; and
(ii)
is chaired by an independent
Director,
and disclose:
(iii)
the charter of the committee;
(iv)
the members of the committee;
and
(v)
as at the end of each reporting
period, the number of times the
committee met throughout the
period
and
the
individual
attendances of the members at
those meetings; or
(b)
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.
YES
(a)
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. 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.
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 Annual Report.
Corporate Governance Statement
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Recommendation 7.2
The Board or a committee of the Board should:
(a)
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
(b)
disclose in relation to each reporting
period, whether such a review has taken
place.
YES
(a)
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.
(b)
The Company’s Audit and Risk Committee has completed a review of the
Company’s risk management framework in the past financial year.
Recommendation 7.3
A listed entity should disclose:
(a)
if it has an internal audit function, how the
function is structured and what role it
performs; or
(b)
if it does not have an internal audit
function, that fact and the processes it
employs for evaluating and continually
improving
the
effectiveness
of
its
governance,
risk
management
and
internal control processes.
YES
(a)
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.
(b)
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.
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.
Corporate Governance Statement
ANNUAL REPORT | 90
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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 presently 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.
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The Board of a listed entity should:
(a)
have a remuneration committee which:
(i)
has at least three members, a
majority
of
whom
are
independent Directors; and
(ii)
is chaired by an independent
Director,
and disclose:
YES
(a)
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.
Corporate Governance Statement
ANNUAL REPORT | 91
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(iii)
the charter of the committee;
(iv)
the members of the committee;
and
(v)
as at the end of each reporting
period, the number of times the
committee met throughout the
period
and
the
individual
attendances of the members at
those meetings; or
(b)
if it does not have a remuneration
committee, disclose that fact and the
processes it employs for setting the level
and composition of remuneration for
Directors and senior executives and
ensuring that such remuneration is
appropriate and not excessive.
(b)
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 Annual Report.
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
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 Annual Report.
Messrs Power, Johnson and Buck are paid a fixed annual fee for their service to
the Company as Non-Executive Directors.
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.
All Directors may, subject to shareholder approval, be granted securities in the
Company.
Corporate Governance Statement
ANNUAL REPORT | 92
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Recommendation 8.3
A
listed
entity
which
has
an
equity-based
remuneration scheme should:
(a)
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
(b)
disclose that policy or a summary of it.
YES
(a)
The Company had an equity-based remuneration scheme during the past
financial year. The Company has 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.
(b)
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.
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 is not applicable.
Recommendation 9.2
A listed entity established outside Australia should
ensure that meetings of security holders are held at
a reasonable place and time.
Recommendation is not applicable.
Recommendation 9.3
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.
Recommendation is not applicable.
Additional ASX Information
ANNUAL REPORT | 93
The Shareholder information set out below was applicable as at 10 September 2024:
1. Twenty Largest Shareholders
Ordinary Shares
Number
Percentage
NEWCREST OPERATIONS LIMITED
410,264,785
8.60
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
386,944,601
8.11
LION SELECTION GROUP LIMITED
200,000,000
4.19
CITICORP NOMINEES PTY LIMITED
144,790,850
3.04
HAWKSBURN CAPITAL PTE LTD
138,710,268
2.91
ZERO NOMINEES PTY LTD
118,909,000
2.49
FREYCO PTY LTD
65,881,152
1.38
BNP PARIBAS NOMS PTY LTD
46,190,173
0.97
BNP PARIBAS NOMINEES PTY LTD
44,863,324
0.94
BNP PARIBAS NOMS PTY LTD
41,913,152
0.88
ROSANE PTY LTD
40,000,000
0.84
MR ANDREW JAMES COUPER + MRS WENDY MARIE COUPER
35,000,000
0.73
J B WILLIAMS PTY LTD
32,588,860
0.68
LATSOD PTY LTD
31,000,000
0.65
HASTA MANANA PTY LTD
30,000,001
0.63
GLYDE STREET NOMINEES PTY LTD
30,000,000
0.63
SKED PROPRIETARY LIMITED
29,513,839
0.62
IGO LIMITED
29,308,650
0.61
MS CATHERINE ANNE CARRUTHERS
27,923,076
0.59
MR HOANG HUY HUYNH
24,353,645
0.51
Total Top 20
1,850,718,461
40.01
Other
2,860,544,052
59.99
Total ordinary shares on issue
4,768,699,428
100.00
Additional ASX Information
ANNUAL REPORT | 94
2.
Substantial Shareholders
Substantial shareholders at the date of this Report are:
Shareholder Name
Number of
Shares
Percentage
%
Newcrest Operations Limited (a wholly owned subsidiary of Newmont Corporation)
410,264,785
8.6
3.
Voluntary Escrow
There are currently no holders with shares in voluntary escrow.
4.
Voting Rights
See Note 19 to the Annual Financial Statements.
5.
On-Market Buy Back
There is currently no on-market buyback programme for any of the Company’s listed securities.
6.
Distribution of Equity Securities
Number of shares being held less than a marketable parcel is 41,667.
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Ordinary
shares
at A$0.075
expiring
20 Nov 2024
at A$0.073
expiring
31 Mar 2025
at A$0.074
expiring
31 Aug 2025
at A$0.020
expiring
23 Oct 2025
at A$0.095
expiring
18 Nov 2025
at A$0.065
expiring
30 Apr 2026
at A$0.020
expiring
16 Aug 2026
1 - 1,000
147
-
-
-
64
-
-
-
1,001 - 5,000
29
-
-
-
105
-
-
-
5,001 - 10,000
151
-
-
-
63
-
-
-
10,001 - 100,000
2,384
-
-
-
149
-
-
-
Over 100,001
2,650
6
3
10
142
6
8
100
Total
5,361
6
3
10
523
6
8
100
Number
4,768,699,428
47,000,000
5,000,000
26,000,000
268,878,110
49,000,000
25,400,000
314,575,008
Additional ASX Information
ANNUAL REPORT | 95
7.
Option Holders (other than issued pursuant on an employee incentive scheme or to Directors following shareholder approval)
Unlisted Options
Number
Options issued on completion of the A$2 million Rights Issue and Shortfall Offer in October 2023. These options were issued on
a one for every two new share issued basis and are exercisable at A$0.02 with an expiry date two years from the date of issue
268,878,110
Options issued on completion of the A$5.7 million June and August 2024 Placements. These options were subject to shareholder
approval obtained in August 2024 and were issued on a one for every two new share issued basis and are exercisable at A$0.02
with an expiry date two years from the date of issue
314,575,008
583,453,118
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
At A$0.035
expiring
31 Oct 2026
At A$0.036
expiring
10 Nov 2026
At A$0.0195
expiring
30 Jun 2027
At A$0.0265
expiring
31 Jul 2027
At A$0.019
expiring
30 Sep 2027
At A$0.023
expiring
16 Nov 2027
At A$0.020
expiring
28 Feb 2028
1 - 1,000
-
-
-
-
-
-
-
1,001 - 5,000
-
-
-
-
-
-
-
5,001 - 10,000
-
-
-
-
-
-
-
10,001 - 100,000
-
-
-
-
-
-
-
Over 100,001
1
5
8
1
1
5
1
Total
1
5
8
1
1
5
1
Number
1,000,000
48,000,000
23,600,000
1,000,000
3,000,000
48,000,000
2,000,000
Additional ASX Information
ANNUAL REPORT | 96
8.
Mineral Resources (JORC Code, 2012 Edition)
Table: Minyari Dome Project (Antipa 100%) September 2024 MRE
Minyari Dome Project (Antipa 100%)1
Deposit
Classification
Tonnes
Au g/t
Au ounces
Ag g/t
Ag ounces
Cu %
Cu tonnes
Co %
Co tonnes
Minyari
Indicated
27,100,000
1.75
1,505,000
0.58
507,000
0.22
59,800
0.04
9,720
Minyari
Inferred
6,200,000
1.78
347,000
0.36
72,000
0.15
9,000
0.02
1,000
Total Minyari
33,300,000
1.73
1,852,000
0.54
579,000
0.21
68,900
0.03
10,800
WACA
Indicated
1,710,000
0.96
53,000
0.17
9,000
0.11
1,900
0.02
300
WACA
Inferred
3,454,000
1.27
143,000
0.16
17,000
0.14
5,000
0.02
900
Total WACA
5,164,000
1.18
195,000
0.16
26,000
0.13
6,900
0.02
1,200
WACA West
Inferred
403,000
0.73
9,400
0.77
10,010
0.19
750
0.03
101
Total WACA West
403,000
0.73
9,400
0.77
10,010
0.19
750
0.03
101
Minyari South
Inferred
151,000
4.52
22,000
1.04
5,000
0.59
900
0.05
100
Total Minyari South
151,000
4.52
22,000
1.04
5,000
0.59
900
0.05
100
Sundown
Indicated
442,000
1.31
19,000
0.55
8,000
0.27
1,200
0.03
100
Sundown
Inferred
828,000
1.84
49,000
0.27
7,000
0.16
1,300
0.06
500
Total Sundown
1,270,000
1.65
68,000
0.37
15,000
0.19
2,500
0.05
600
GEO-01
Indicated
2,992,000
0.76
73,000
0.1
10,000
0.04
1,200
0.003
100
GEO-01
Inferred
3,748,000
0.65
78,000
0.11
13,000
0.05
2,000
0.003
100
Total GEO-01
6,740,000
0.70
151,000
0.10
23,000
0.05
3,200
0.00
200
Minyari North
Inferred
587,000
1.07
20,000
0.15
3,000
0.09
500
0.01
60
Total Minyari North
587,000
1.07
20,000
0.15
3,000
0.09
500
0.01
60
Total Indicated
32,200,000
1.59
1,650,000
0.52
534,000
0.20
64,000
0.03
10,000
Total Inferred
15,400,000
1.35
670,000
0.26
127,000
0.13
19,500
0.02
3,000
Total Minyari Dome Project
47,600,000
1.51
2,320,000
0.43
661,000
0.18
84,000
0.03
13,000
Notes: Minyari Dome Project Table above:
1.
Discrepancies in totals may exist due to rounding.
2.
The Mineral Resource has been reported at cut-off grades above 0.4 g/t and 1.5 g/t gold equivalent (Aueq); the calculation of the metal equivalent is documented below.
3.
The 0.4 g/t and 1.5 g/t Aueq cut-off grades assume open pit and underground mining, respectively.
4.
The Minyari Dome Project and its Mineral Resource are 100% owned by Antipa Minerals.
Additional ASX Information
ANNUAL REPORT | 97
Table: Citadel Project (Antipa 32% and Rio Tinto 68% Joint Venture) Mineral Resource Estimates12
Citadel Project (Antipa 32%)
Deposit
Cut-off
Category
Tonnes
(Mt)
Au grade
(g/t)
Cu grade
(%)
Ag grade
(g/t)
Au
(Moz)
Cu
(t)
Ag
(Moz)
Calibre (August 2024)
0.4 Aueq
Inferred
111
0.71
0.10
0.44
2.50
115,000
1.6
Magnum (February 2015)
0.5 Aueq
Inferred
16
0.70
0.37
1.00
0.34
58,000
0.5
Total Citadel Project (100% basis)
127
0.71
0.13
0.51
2.84
173,000
2.1
Notes: Citadel Joint Venture Project Table above:
1.
The Calibre and Magnum Mineral Resources have been reported at cut-off grades above 0.4 g/t and 0.5 g/t gold equivalent (Aueq) respectively; the calculation of the metal equivalents are documented below.
2.
Both the 0.4 g/t and 0.5 g/t gold equivalent (Aueq) cut-offs assume large scale open pit mining.
3.
Citadel Project Mineral Resources are tabled on a 100% basis, with current joint venture interests being approximately Antipa 32% and Rio Tinto 68%.
4.
Small discrepancies may occur due to the effects of rounding.
Table: Wilki Project (Antipa 100%) May 2019 MRE
Wilki Project (Antipa 100%)
Deposit
Cut-off
Category
Tonnes (Mt)
Au grade (g/t)
Au (oz)
Chicken Ranch
0.5 Au
Inferred
0.8
1.6
40,300
Tims Dome
0.5 Au
Inferred
1.8
1.1
63,200
Total Wilki Project
2.4
1.3
103,500
Notes – Wilki Project Table above:
1.
The Chicken Ranch and Tims Dome Mineral Resources have been reported at cut-off grades above 0.5 g/t gold.
2.
The 0.5 g/t gold cut-off assumes open pit mining.
3.
Wilki Project Mineral Resources are tabled on a 100% basis, with current interests being Antipa 100% and farm-in partner Newmont Corporation 0%.
4.
Small discrepancies may occur due to the effects of rounding.
12 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.
Additional ASX Information
ANNUAL REPORT | 98
Mineral Resource Estimates – Comparison with Previous Year
Minyari Dome Project (JORC 2012) – September 2024 and May 2022
In September 2024, the Company announced the Minyari Dome Project’s MRE (JORC 2012) contained gold ounces had increased by 33% to:
2.3 million ounces gold at 1.51 g/t, plus 84,000 tonnes of copper at 0.18%, 661,000 ounces of silver at 0.43 g/t, and 13,000 tonnes of cobalt at
0.03%; and
2.9 million gold equivalent13 ounces at 1.90 g/t gold equivalent, contained within 47.6 million tonnes.
The 2024 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 0.4 and 1.5 g/t gold metal equivalent cut-off grades applied for open pit and underground mining. The deposits are
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 2 May 2022 and 24 September 2024 is provided below:
Mineral Resource Estimate
JORC Resource Category
Tonnes
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Co
(%)
Au
(oz)
Cu
(t)
Ag
(oz)
Co
(t)
May 2022
Indicated and Inferred
33.9
1.6
0.19
0.54
0.03
1,750,000
64,300
584,000
11,100
September 2024
Indicated and Inferred
47.6
1.5
0.18
0.43
0.03
2,320,000
84,000
661,000
13,000
Notes:
1.
Discrepancies in totals may exist due to rounding.
2.
The Mineral Resources have been reported at cut-off grades above 0.4 g/t (2022 MRE) and 0.5 g/t (2024 MRE) and 1.5 g/t gold (both MRE’s) equivalent (Aueq); the calculation of the metal equivalent is documented
below.
3.
The 0.4 g/t (2022 MRE) / 0.5 g/t (2024 MRE) and 1.5 g/t Aueq (both MRE’s) cut-off grades assume open pit and underground mining, respectively.
4.
The Mineral Resource is 100% owned by Antipa Minerals.
The 2024 Indicated and Inferred MRE represents a significant increase in tonnage (+40%) and contained gold ounces (+33%), copper tonnes (+30%),
silver ounces (+13%) and cobalt tonnes (+19%) compared to the previous MRE (May 2022) of an Indicated and Inferred Mineral Resource of 33.9Mt
grading 1.6 g/t gold for 1.75 Moz, 0.19% copper for 64 kt, 0.54 g/t silver for 584 koz and 300ppm (0.03%) cobalt for 11 kt. The 2024 Minyari Dome Project
Indicated MRE tonnage has increased 40% in comparison to the 2022 MRE (i.e. 47.6Mt versus 33.9Mt) with Indicated Mineral Resource gold ounces
increasing by 74% (i.e. 1.65 Moz versus 950 koz gold).
13 Calculation of the gold equivalent (Aueq) is documented below.
Additional ASX Information
ANNUAL REPORT | 99
Calibre Deposit (JORC 2012) – August 2024 and May 202114
In August 2024, the Company announced the Calibre deposit’s MRE (JORC 2012) contained gold ounces had increased by 19% to:
2.5 million ounces of gold at 0.71 g/t , plus 115,000 tonnes of copper at 0.10%, and 1.6 million ounces of silver at 0.44 g/t; and
3.1 million gold-equivalent ounces at 0.86 g/t gold-equivalent15, contained within 111 million tonnes.
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 0.4 g/t gold metal equivalent cut-off grades applied for open pit mining. The deposit is considered amenable to open pit mining.
In accordance with ASX Listing Rule 5.21.4, a comparison of the Minyari Dome Project’s MRE at 24 September 2024 and 24 September 2023 is provided
below:
Mineral Resource Estimate
JORC Resource Category
Cut-off
(Aueq)
Tonnes
(Mt)
Aueq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Aueq
(Moz)
Au
(Moz)
Cu
(kt)
Ag
(Moz)
May 2021
Inferred
0.5
92
0.92
0.72
0.11
0.46
2.7
2.1
104
1.3
August 2024
Inferred
0.4
111
0.86
0.71
0.10
0.44
3.1
2.5
115
1.6
Notes:
1.
Discrepancies in totals may exist due to rounding.
2.
The Mineral Resource has been reported at cut-off grades above 0.4 g/t gold equivalent (Aueq); the calculation of the metal equivalent is documented below.
3.
The 0.4 g/t (2021 MRE) / 0.5 g/t (2024 MRE) cut-off grades assume open pit mining.
4.
Citadel Project Mineral Resources are tabled on a 100% basis, with current joint venture interests being approximately Antipa 32% and Rio Tinto 68%.
The 2024 Inferred MRE represents an increase in in tonnage of 21%, contained gold ounces of 19%, copper tonnes of 11% and silver ounces of 23%
compared to the previous MRE (May 2022) of an Inferred Mineral Resource of 92Mt grading 0.72 g/t gold for 2.1 Moz, 0.11% copper for 104 kt and 0.46
g/t silver for 1.3 koz at a 0.5 g/t Aueq cut-off. Lowering the Calibre MRE cut-off grade from 0.5 to 0.4 g/t Aueq reflects the significant increase in the
Australian dollar gold and copper prices since May 2021.
Other than as disclosed above, the Company confirms that there have been no material changes to the any of the Company’s MREs since 17 September
2024.
14 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.
15 Calculation of the gold equivalent (Aueq) is documented below.
Additional ASX Information
ANNUAL REPORT | 100
Mineral Resource Estimates – Additional Information
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.
Additional ASX Information
ANNUAL REPORT | 101
Competent Persons Statement – Mineral Resource Estimations for the Minyari Dome Project Deposits, Chicken Ranch Area Deposits, Tim’s
Dome Deposit and Calibre and Magnum Deposits
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 “100% Owned Minyari Dome Project Grows by 573,000 Oz of Gold” created on 17 September 2024 with Competent
Persons Ian Glacken, Jane Levett and Victoria Lawns, the Tim’s Dome and Chicken Ranch deposits Mineral Resource information 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 19% to 2.5 Moz - Citadel JV” created on 26
August 2024 with Competent Person Susan Havlin, 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. 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.
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.
Additional ASX Information
ANNUAL REPORT | 102
Gold Metal Equivalent Calculations
Gold Metal Equivalent Information – Minyari Dome Project Mineral Resource Gold Equivalent reporting cut-off grade:
The 0.4 g/t and 1.5 g/t Aueq cut-off grades assume open pit and underground mining, respectively.
A gold equivalent grade (Aueq) has been calculated from individual gold, copper, silver and cobalt grades. This equivalent grade has been calculated
and declared in accordance with Clause 50 of the JORC Code (2012) that it is the Company’s opinion that all metals included in this metal equivalent
calculation have reasonable potential to be recovered and sold, using the following parameters:
The metal prices used for the calculation are as follows:
–
US$ 2,030 per oz gold
–
US$ 4.06 per lb copper
–
US$ 25.50 per oz silver
–
US$ 49,701 per tonne cobalt
An exchange rate (A$:US$) of 0.7000 was assumed
Metallurgical recoveries for by-product metals, based upon Antipa test-work in 2017 and 2018, are assumed as follows:
–
Gold = 88.0% Copper = 85.0%, Silver = 85%, Cobalt = 68%
The gold equivalent formula, based upon the above commodity prices, exchange rate and recoveries, is thus:
–
Aueq = (Au g/t) + (Ag g/t * 0.012) + (Cu % * 1.32) + (Co % * 5.88)
Gold Metal Equivalent Information - Calibre Mineral Resource Gold Equivalent reporting cut-off grade and Gold Equivalent grade:
A gold equivalent grade (Aueq) has been calculated from individual gold, copper and silver grades. This equivalent grade has been calculated and
declared in accordance with Paragraph 50 of the JORC Code that it is the Company’s opinion that all metals included in this metal equivalent calculation
have reasonable potential to be recovered and sold, using the following parameters:
The metal prices used for the calculation are as follows:
–
US$ 2,030 /oz gold
–
US$ 4.06 /lb copper
–
US$ 24.50 /oz silver
Additional ASX Information
ANNUAL REPORT | 103
An exchange rate (A$:US$) of 0.700 was assumed.
Metallurgical recoveries, based upon Antipa test-work in 2014, are assumed as follows:
–
Gold = 84.5%, Copper = 90.0%, Silver = 85.4%
A factor of 105% (as with the previous estimate) has been applied to the recoveries for gold, copper and silver to accommodate further
optimisation of metallurgical performance. Antipa believes that this is appropriate, given the preliminary status of the recovery test-work.
Tungsten has not been estimated and does not contribute to the equivalent formula.
The gold equivalent formula, based upon the above commodity prices, exchange rate, recoveries, and using individual metal grades provided
by the Citadel Project MRE table, is thus:
–
Aueq = Au (g/t) + (1.46*Cu%) + (0.012*Ag g/t)
Gold Metal Equivalent Information - Magnum Mineral Resource Gold Equivalent reporting cut-off grade:
A gold equivalent grade (Aueq) has been calculated from individual gold, copper, silver and tungsten grades. This equivalent grade has been
calculated and declared in accordance with Paragraph 50 of the JORC Code that it is the Company’s opinion that all metals included in this metal
equivalent calculation have reasonable potential to be recovered and sold, using the following parameters:
The metal prices used for the calculation are as follows:
–
US$ 1,227 /oz gold
–
US$ 2.62 /lb copper
–
US$ 16.97 /oz silver
–
US$ 28,000 /t WO3 concentrate
An exchange rate (A$:US$) of 0.778 was assumed.
Metallurgical recoveries, based upon Antipa test-work in 2014, are assumed as follows:
–
Gold = 84.5%, Copper = 90.0%, Silver = 85.4% and W = 50.0%
A factor of 105% (as with the previous estimate) has been applied to the recoveries for gold, copper and silver to accommodate further
optimisation of metallurgical performance. Antipa believes that this is appropriate, given the preliminary status of the recovery test-work.
Note that the tungsten recovery of 50% is considered indicative at this preliminary stage based on the initial metallurgical findings.
Additional ASX Information
ANNUAL REPORT | 104
Conversion of W% to WO3% grade requires division of W% by 0.804.
The gold equivalent formula, based upon the above commodity prices, exchange rate, and recoveries, is thus:
–
Aueq = (Au (g/t) x 0.845) + ((%Cu x (74.32/50.69) x 0.90)) + ((Ag (g/t) x (0.70/50.69) x 0.854)) + ((%W/0.804 x (359.80/50.69) x 0.50))
It is the Company’s opinion that all the metals included in the metal equivalents calculations above have a reasonable potential to be recovered and
sold.
Additional ASX Information
ANNUAL REPORT | 105
Tenement Listing
Tenement
Project
Status
Holder
Company
Interest
E45/4618
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/4812
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5079
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5147
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5148
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5655
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5670
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/5671
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E45/6553
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6554
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6555
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6558
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6561
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6675
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6684
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6685
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6686
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6687
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6688
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6689
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6918
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E47/5153
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6737
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6738
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6739
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/6740
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E45/3918
Antipa (100%) / Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/3919
Antipa (100%) / Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/3917
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4784
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5078
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5149
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
Additional ASX Information
ANNUAL REPORT | 106
Tenement
Project
Status
Holder
Company
Interest
E45/5150
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5309
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5413
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5414
Antipa IGO (Paterson) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/2519
Antipa IGO (Paterson) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/2524
Antipa IGO (Paterson) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/5458
Antipa IGO (Paterson) Farm-in
Live
MK Minerals Pty Ltd
100%
E45/5459
Antipa IGO (Paterson) Farm-in
Live
MK Minerals Pty Ltd
100%
E45/5460
Antipa IGO (Paterson) Farm-in
Live
MK Minerals Pty Ltd
100%
E45/3925
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4459
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4460
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4514
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4518
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4565
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4567
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4614
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4652
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4839
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4840
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4867
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/4886
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5135
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5151
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5152
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5153
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5154
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5155
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5156
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5157
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5158
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5310
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5311
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
Additional ASX Information
ANNUAL REPORT | 107
Tenement
Project
Status
Holder
Company
Interest
E45/5312
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5313
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5781
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/5782
Antipa Newmont (Wilki) Farm-in
Live
Antipa Resources Pty Ltd
100%
E45/2525
Antipa Newmont (Wilki) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/2526
Antipa Newmont (Wilki) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/2527
Antipa Newmont (Wilki) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/2528
Antipa Newmont (Wilki) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/2529
Antipa Newmont (Wilki) Farm-in
Live
Kitchener Resources Pty Ltd
100%
E45/5461
Antipa Newmont (Wilki) Farm-in
Live
MK Minerals Pty Ltd
100%
E45/5462
Antipa Newmont (Wilki) Farm-in
Live
MK Minerals Pty Ltd
100%
E45/2874
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/2876
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/2877
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/2901
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/4212
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/4213
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/4214
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
E45/4561
Antipa Rio Tinto Citadel JV Project
Live
Antipa Resources Pty Ltd
Rio Tinto Exploration Pty Ltd
32%16
68%
16 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.