Contents
Page
Corporate Directory
1
Acknowledgement of Country
2
Chairperson’s Letter to Shareholders
3
Directors’ Report
4
Social and Environmental Responsibility
33
Remuneration Report
37
Auditor’s Independence Declaration
52
Independent Audit Report to Members
53
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income
57
Consolidated Statement of Financial Position
58
Consolidated Statement of Cash Flows
59
Consolidated Statement of Changes in Equity
60
Notes to the Consolidated Financial Statements
61
Consolidated Entity Disclosure Statement
83
Directors’ Declaration
84
Corporate Governance Statement
85
Additional ASX Information
107
Corporate Directory
ANNUAL REPORT | 1
Directors
Mr Roger Mason
Managing Director and CEO
Mr Mark Rodda
Executive Chair
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
Mr Stephen Power
Non-Executive Director
Mr Neil Warburton
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,
It is with great pleasure that I provide an update on Antipa Minerals’ progress during the 2025
financial year. This was a year in which we delivered strong drilling results, took material strides in
advancing our Minyari Dome Gold-Copper Development Project towards feasibility, and realised
significant value through corporate activity in the Paterson Province.
During the year, the gold price continued to strengthen, averaging well above historical levels.
Ongoing global uncertainty, particularly around tariffs and trade, coupled with a softer US dollar
created a highly favourable environment for gold producers and explorers alike. For Antipa, this
served to further highlight our investment appeal. In addition, effective 22 September 2025, Antipa
has been added to the S&P Dow Jones ASX All Ordinaries Index.
Our wholly owned flagship Minyari Dome Gold-Copper Development Project is undisputedly
located in one of Australia’s most underexplored yet highly prospective gold and copper regions.
During the period we delivered two Mineral Resource Estimate updates, with the project now
boasting 2.5 million ounces of gold, 84,000 tonnes of copper, 666,000 ounces of silver and 13,000
tonnes of cobalt, with more to come. In October 2024, the release of our updated Scoping Study
reaffirmed to the market the technical and financial viability of a potential stand-alone gold mining
and processing operation at Minyari.
There is no question that interest in the Paterson Province has been reignited. With established
infrastructure at Telfer and the immense prospectivity of the surrounding district, it is one of the
most attractive gold and copper belts in Australia, if not the world.
Early in the financial year, we announced the sale of our 32% non-controlling interest in the Citadel
Joint Venture to Rio Tinto for cash consideration of A$17 million. In March 2025, following the
completion of the Newmont–Newcrest transaction, Antipa returned to full ownership of Wilki at
no cost. Most recently, the Company completed its reconsolidation of key Paterson Province
tenure with IGO electing to withdraw from the region, bringing our wholly owned tenement
holding to 4,100km². Between the former Wilki and the Paterson Projects, a total of A$37 million
in exploration investment was soley funded by Antipa’s partners, expenditure that we will now
benefit from.
These corporate initiatives, combined with strong institutional fund-raising, position Antipa with
an enviable balance sheet. This firmly sets the Company to expand and accelerate resource-
growth and discovery-drilling programmes while progressing advanced technical studies that will
take Minyari towards a Final Investment Decision. Our exploration and development activities
continue to add resource ounces, building additional long-term value.
Looking ahead, our focus is on advancing Minyari in parallel with delivering exploration success.
The Paterson Province is undergoing a period of rapid and significant change, and Antipa Minerals
is exceptionally well placed to take full advantage.
Thank you for your ongoing support, and please rest assured that while exploration and project
development can sometimes feel slow, our team is working harder — and faster — than a drill rig
on double shift to unlock Antipa's full potential.
Yours sincerely,
Mark Rodda
Executive Chairperson
25 September 2025
Directors’ Report
30 June 2025
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 2025 (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 Roger Mason
Managing Director and Chief Executive Officer
Mr Mark Rodda
Executive Chairperson
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson
Non-Executive Director
Mr Stephen Power
Non-Executive Director
Mr Neil Warburton
Non-Executive Director (appointed 13 August 2025)
CURRENT DIRECTORS
Mr Roger Mason – Managing Director and Chief Executive Officer
Qualifications – BSc (Hons), MAusIMM
Roger Mason is a geologist with over 38 years’ resources industry experience involving exploration,
project, mining and business development roles covering a range of commodities including nickel,
base metals and gold to the level of executive management and company director. Roger
graduated from the University of Tasmania in 1986 with an honours degree in science and has
been a Member of the AusIMM since 1990.
Roger commenced his geology career with Western Mining Corporation (WMC) in 1987 before
joining Forrestania Gold in 1997, which was subsequently acquired by LionOre International. In
2006 Roger achieved the role of General Manager Geology for LionOre Australia and then Norilsk
Nickel Australia following its takeover of LionOre. During 2009 and 2010 Roger consulted to Integra
Mining on the Randalls Gold Project Feasibility Study and new business opportunities. Roger has
been the Managing Director and CEO of Antipa Minerals Ltd since the company was listed on the
ASX in April 2011, achievements include the discovery of multiple mineral deposits including the
2.5 million ounce Calibre gold-copper-silver deposit, and defining total combined resources of
approximately 5.4 million ounces of gold, 250,000 tonnes of copper and 2.6 million ounces of
silver, including the 2.4 million ounce Minyari Dome gold-copper-silver-cobalt deposits.
Other Current Directorships of listed public companies
Caprice Resources Ltd – Non-Executive Director (appointed 2 September 2024)
Former Directorships of listed public companies in the last three years
None
Directors’ Report
30 June 2025
ANNUAL REPORT | 5
Mr Mark Rodda – Executive Chairperson
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. 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 Director1 (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 48 years of international mineral exploration and
production experience, principally in nickel, base metals and gold. During his career he has been
associated with the discovery and development of a number of mineral deposits in Australia and
Brazil.
Peter worked with WMC for 23 years in a variety of senior exploration and production roles both
in Australia and Brazil before joining Forrestania Gold NL as Exploration Manager in 1994.
Forrestania Gold was subsequently acquired by LionOre International Ltd with whom he became
the Director of Exploration and Geology until mid-2006. Peter managed the highly successful
exploration team that delineated the Maggie Hays nickel deposit and discovered the Emily Ann,
Waterloo and Amorac nickel deposits and the two-million ounce Thunderbox gold deposit in
Western Australia. All of these were subsequently developed into mines. Peter played a key senior
management role in progressing these deposits through feasibility studies to production. Peter
also played key senior advisory roles in indigenous relations in Australia and in LionOre
International’s African operations and new business development. During this period Peter was
also a Non-Executive director with Gallery Resources Limited and Breakaway Resources Limited
(Breakaway).
In 2006, Peter played a key role in managing a divestment of a large portion of LionOre Australia’s
nickel exploration portfolio into Breakaway. Following this transaction, Peter became the
Managing Director of Breakaway and led the team that discovered extensions to a series of nickel
and base deposits in WA and Queensland. In 2009, Peter left Breakaway to pursue other
professional and personal interests.
From 2010 until early 2013 Peter chaired the Canadian company, PMI Gold (PMI), and played a key
role in co-listing the company on the ASX. The role entailed a revamping of the strategy of the
company to fast-track the advancement of the company’s Ghanaian gold assets and in particular
the preparation of the multi-million ounce Obotan gold deposit. Also, the role entailed overseeing
1 Mr Rodda was a non-executive director of Lepidico Limited when it was placed into voluntary administration on 3 December 2024 following unsuccessful attempts
to secure financing for the Karibib Lithium Project and mineral concentrator. On 15 May 2025, the creditors of Lepidico Limited resolved that the company should
be wound up.
Directors’ Report
30 June 2025
ANNUAL REPORT | 6
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
None
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 44 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.
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 – Non-Executive Director2 (appointed 9 June 2016)
Former Directorships of listed public companies in the last three years
None
2 Mr Johnson was a non-executive director of Lepidico Limited when it was placed into voluntary administration on 3 December 2024 following unsuccessful
attempts to secure financing for the Karibib Lithium Project and mineral concentrator. On 15 May 2025, the creditors of Lepidico Limited resolved that the company
should be wound up.
Directors’ Report
30 June 2025
ANNUAL REPORT | 7
Mr Stephen Power – Non-Executive Director
Qualifications – LLB
Stephen Power was previously a commercial lawyer with 41 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 Neil Warburton – Non-Executive Director
Qualifications – Assoc. MinEng WASM, MAusIMM, FAICD
Mr Warburton commenced his career with Western Mining Corporation in 1980 and went on to
hold senior roles with Coolgardie Gold NL and Barminco Limited, where he served as Chief
Executive Officer from 2007 to 2012. Under his leadership, Barminco became the largest
underground hard rock mining contractor in Australia and West Africa, with over 3,000 employees.
Subsequently, he joined the Creasy Group, playing a pivotal role in the $1.8 billion acquisition of
Sirius Resources NL by IGO Limited, later serving on the IGO Board. He has since held multiple
executive and non-executive roles across ASX-listed and private mining companies and is currently
Non-Executive Chairperson of Nimy Resources Ltd and Belararox Ltd.
Mr Warburton holds an Associate Degree in Mining Engineering from the Western Australian
School of Mines, is a Fellow of the Australian Institute of Company Directors (FAICD), and a Member
of the Australasian Institute of Mining and Metallurgy (MAusIMM). He was awarded an Honorary
Doctorate by Curtin University in 2022 for distinguished service to the mining and resources sector
and received the prestigious GJ Stokes Memorial Award at the 2023 Diggers and Dealers Mining
Forum.
Mr Warburton was appointed a director on 13 August 2025.
Special responsibilities
None
Directors’ Report
30 June 2025
ANNUAL REPORT | 8
Other Current Directorships of listed public companies
Nimy Resources Ltd - Non-Executive Chairperson (appointed 13 November 2024)
Belararox Ltd - 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, home to several world-class deposits,
including Greatland Resource’s3 Telfer gold-copper-silver mine, Rio Tinto4 and Sumitomo’s5 Winu
copper-gold-silver deposit, Greatland’s Havieron gold-copper development project and other
significant mineral gold, copper and uranium deposits.
DIVIDENDS
No dividends have been declared, provided for, or paid in respect of the financial year ended 30
June 2025 (2024: Nil).
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
involve significant risks that even a combination of careful evaluation, experience and
3 All references to ‘Greatland Resources’ or ‘Greatland’ in this document are to Greatland Resources Ltd.
4 All references to ‘Rio Tinto’ in this document are to Rio Tinto Limited.
5 All references to ‘Sumitomo’ in this document are to Sumitomo Metal Mining Co. Ltd.
Directors’ Report
30 June 2025
ANNUAL REPORT | 9
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
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.
Directors’ Report
30 June 2025
ANNUAL REPORT | 10
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 2025 the Group recorded a net loss of A$5,343,349 (year
ended 30 June 2024: A$2,443,268 loss) and a net cash outflow from operations of A$2,022,431
(year ending 30 June 2024: A$1,841,787).
The Company undertook a one for ten share consolidation on 4 March 2025. All securities listed
in this report are quoted on a post consolidation basis.
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 and advancing significant gold-copper-silver deposits in the highly
prospective Paterson Province of Western Australia.
The Company’s tenement holding covers over 4,100km2 in the region that hosts Greatland
Resources Ltd’s (Greatland, ASX: GDP) giant Telfer mine and some of the world’s more recent large
gold-copper discoveries including Rio Tinto-Sumitomo’s Winu and Greatland’s 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 Gold-Copper Development Project (Minyari
Dome Development).
During the financial year, Antipa announced two updates to the existing Minyari Mineral Resource
Estimate (MRE). The most recent updated MRE, released in May 2025, now includes 2.5 million
ounces of gold, adding 100,000 ounces of gold, and includes 84,000 tonnes of copper, 666,000
ounces of silver, and 13,000 tonnes of cobalt.
The Minyari Project’s MRE includes the Minyari Dome, Tim’s Dome and Chicken Ranch deposits,
which are situated between 10km and 35km from the Telfer gold-copper-silver mine and 22Mtpa
gold-copper-silver mineral processing facility.
Directors’ Report
30 June 2025
ANNUAL REPORT | 11
The Company’s updated total MRE comprises 53 million tonnes of Indicated and Inferred material
at 1.48 g/t gold, 0.18% copper, 0.43 g/t silver, and 0.03% cobalt, for (see Table at the end of this
Report):
2.52Moz gold;
84kt copper;
666koz silver; and
13kt cobalt.
The updated MRE includes results from drilling completed after the release of the Minyari Dome
September 2024 MRE and the May 2019 MRE for the satellite Tim’s Dome and Chicken Ranch
deposits.
In October 2024, Antipa released an updated Scoping Study reaffirming the technical and financial
viability of a potential stand-alone gold mining and processing operation at Minyari Dome6. The
updated Scoping Study was based on the Minyari Dome MRE, released in September 2024.
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 cash7. On 25 October 2024, the Company announced the successful
completion of the transaction with the receipt of A$17 million cash, significantly increasing Antipa’s
cash reserves. Following completion of the transaction, the Citadel Joint Venture (JV) was
terminated, with all parties released from any further obligations and liabilities under the joint
venture agreement.
During March and April 2025, Antipa reconsolidated its 100%-owned Minyari Dome, Wilki, and
Paterson Projects to form the single, belt-scale 4,100km² Minyari Project, which includes its
flagship standalone Minyari Dome Development.
The Paterson Province of Western Australia hosts several world-class gold, copper, silver, uranium,
and tungsten deposits, including:
Greatland’s Telfer gold-copper-silver mine, one of Australia’s largest gold producers;
Rio Tinto-Sumitomo’s Winu copper-gold-silver development project;
Geatland’s Havieron gold-copper development project;
Cyprium Metals’ Nifty copper (with cobalt) mine;
Rio Tinto’s Calibre gold-copper-silver deposit;
Antipa’s Minyari Dome gold-copper-silver-cobalt deposits;
Greatland’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.
6 Refer Minyari Dome Project Scoping Study Update dated 24 October 2024 completed to ±35% level of accuracy.
7 Refer ASX Release dated 13 September 2024, “A$17M Cash Sale of Antipa’s Citadel Joint Venture Interest”.
Directors’ Report
30 June 2025
ANNUAL REPORT | 12
Figure 1: Plan showing location of Antipas 100%-owned, 4,100km2 Minyari Project: Plan includes Greatland Resources’ Telfer Mine,
Havieron development project and O’Callaghans deposit, Rio Tinto-Sumitomo’s Winu deposit, Rio Tinto’s Calibre-Magnum deposits, and
Cyprium’s Nifty Mine8. Regional GDA2020 / MGA Zone 51 co-ordinates, 50km grid.
Minyari Dome Development (Antipa 100% Owned)
The Minyari Dome Development is situated just 35km from Greatland Resources’ (ASX: GGP) Telfer
gold copper-silver mine and 22Mtpa processing facility and 54km along strike from Greatland’s
Havieron gold-copper development project.
8 Telfer and Havieron refer to Greatland Gold plc AIM release dated 18 March 2025, “2024 Group Mineral Resource Statement”. 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”. Nifty refer to Cyprium Metals Ltd ASX release dated 14 March 2024, “Updated Nifty MRE Reaches 1M Tonnes Contained Copper”. Calibre refer to
Antipa release dated 26 August 2024, “Calibre Gold Resource Increases 19% to 2.5 Moz - Citadel JV”. Magnum refer to Antipa release dated 23 February 2015, “Calibre and
Magnum Deposit Mineral Resource JORC 2012 Updates”.
Directors’ Report
30 June 2025
ANNUAL REPORT | 13
Figure 2: Location of Antipa’s Minyari Project relative to Greatland Resource’s Telfer Gold-Copper-Silver mine and 22Mtpa
processing facility and Havieron Gold-Copper development project.9 NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 20km grid.
Mineral Resource Estimate Updates (September 2024 and May 2025)
The Company completed two MRE updates during the financial year, in September 2024 and May
2025, resulting in a significant increase from the prior financial year.
The Minyari Project’s MRE includes the Minyari Dome, Tim’s Dome and Chicken Ranch deposits,
which are situated between 10km and 35km from the Telfer gold-copper-silver mine and 22Mtpa
gold copper-silver mineral processing facility.
Antipa’s MRE now totals 2.5 million ounces of gold, representing an increase of 100,000 ounces of
gold, and includes 84,000 tonnes of copper, 666,000 ounces of silver, and 13,000 tonnes of cobalt.
This comprises 53 million tonnes of Indicated and Inferred material at 1.48 g/t gold, 0.18% copper,
0.43 g/t silver, and 0.03% cobalt, for (refer to the Table at the end of this Report for full details):
2.52Moz gold;
84kt copper;
666koz silver; and
13kt cobalt.
9 Telfer and Havieron refer to Greatland Gold plc AIM release dated 18 March 2025, “2024 Group Mineral Resource Statement”.
Directors’ Report
30 June 2025
ANNUAL REPORT | 14
The updated MRE includes results from drilling completed after the release of the Minyari Dome
September 2024 MRE and the May 2019 MRE for the satellite Tim’s Dome and Chicken Ranch
deposits.
At Minyari Dome, seven deposits currently contribute to the MRE distributed along a 3.2km long
strike corridor. The Minyari, WACA and GEO-01 deposits contain the majority of the MRE contained
gold (2.2Moz, or 90%). The GEO-01 and Minyari South deposits, which are within 100m (Minyari
South) to 1.3km (GEO-01) of the flagship Minyari deposit, contribute 225koz to the MRE and offer
strong resource growth potential.
Following consolidation of the Wilki Farm-in Project in March 2025, the Chicken Ranch and Tim’s
Dome deposits have been returned unencumbered to Antipa. Both lie within 15km of Telfer’s
processing facility and are now being assessed as potential satellite production sources for the
Minyari Dome Development.
This updated MRE has been prepared by Antipa and reported in accordance with the JORC Code
(2012) guidelines and recommendations and is presented using cut-off grades of 0.4 g/t AuEq
(open pit) and 1.5 g/t AuEq (underground). Significant changes from previous estimates include:
GEO-01: +20% gold ounces (151koz to 188koz);
Minyari South: +41% gold ounces (22koz to 37koz);
Tim’s Dome: +37% gold ounces (63koz to 100koz); and
Chicken Ranch: +19% gold ounces (40koz to 50koz).
Further MRE growth is targeted during CY2025.
For full details, figures and tables, refer to ASX release dated 21 May 2025, “Minyari Project Gold
Resource Grows by 100koz to 2.5 Million Oz of Gold”.
Directors’ Report
30 June 2025
ANNUAL REPORT | 15
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 2025
ANNUAL REPORT | 16
Minyari Dome Scoping Study
In October 2024, Antipa released an updated Scoping Study reaffirming the technical and financial
viability of a potential stand-alone gold mining and processing operation at Minyari Dome10. The
updated Scoping Study was based on the Minyari Dome MRE, released in September 2024.
Table 1: Minyari Dome Project sensitivity analysis – gold price assumption scenarios
Base
case
Spot
case11
Gold price
(A$/oz)
UoM
$2,700
$3,000
$3,300
$3,600
$3,900
$4,000
$4,200
$4,500
$5,000
Pre-Tax
NPV7%
A$M
576
834
1,093
1,351
1,610
1,696
1,868
2,126
2,557
IRR
%
40
52
64
75
87
91
98
109
128
Payback
Years
2.25
2.00
1.50
1.50
1.25
1.25
1.00
0.75
0.75
LOM free cash flow
A$M
775
1,348
1,730
2,112
2,494
2,621
2,876
3,258
3,895
Post-Tax
NPV7%
A$M
303
598
781
963
1,144
1,205
1,326
1,507
1,810
IRR
%
25
46
56
66
75
79
85
94
110
Payback
Years
2.25
2.00
1.5
1.50
1.25
1.25
1.00
0.75
0.75
LOM free cash flow
A$M
571
972
1,239
1,507
1,774
1,864
2,042
2,309
2,755
Table 2: October 2024 Updated Scoping Study Key Details
Updated Scoping Study Summary (± 35%)
Ore tonnage
Mt
47.6
Gold grade
g/t
1.5
Contained ounces of gold
Moz
2.32
Plant throughput
Mtpa
3.0
Processing life (including pre-production)
Wears
10+
Strip ratio open pit
waste:ore
4.5:1
Life-of-Mine gold production
Moz
1.3
Average annual gold production (first 10 years)
koz p.a.
130
Total development capital (including pre-production mining)
A$M
306
Average Life-of-Mine (LOM) operating cost
A$/t ore milled
77.7
Gold price
US$/oz
2,100
Silver price
US$/oz
24.50
Exchange rate
AUD:USD
0.70
Royalty rate (Western Australian Government and Sandstorm)
NSR %
3.5
All in Sustaining Cost (AISC) LOM average
US$/oz
1,205
Net cash flow (undiscounted, pre-tax)
A$M
1,348
NPV7% (pre-tax)
A$M
834
IRR (pre-tax)
%
52
Payback period (pre-tax)
years
2.0
Net cash flow (undiscounted, post-tax)
A$M
972
NPV7% (post-tax)
A$M
598
IRR (post-tax)
%
46
10 Refer Minyari Dome Project Scoping Study Update dated 24 October 2024 completed to ±35% level of accuracy.
11 Less than spot gold price 13 January October 2025, which exceeds A$4,300.
Directors’ Report
30 June 2025
ANNUAL REPORT | 17
Figure 4: Map of the southern region of the Minyari Dome: Showing the 2024 Scoping Study open pit design limits, Mineral Resource
locations, prospect locations and the CY2025 Phase 1 RC, air core and diamond core drill hole collar locations and assay status. Note the
boundary between tenements E45/3919 and E45/5458; prior to 30 April 2025 Antipa’s access to E45/5458 was prevented by the Paterson
IGO Farm-in Project. NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 1km grid.
Directors’ Report
30 June 2025
ANNUAL REPORT | 18
Minyari Dome Project PFS Workstreams
Based on the positive outcomes of the updated Scoping Study and in conjunction with persistent
favourable gold-copper price environment, the Board of Directors has formally approved
progression to a Pre-feasibility Study (PFS) for the Minyari Dome Development.
The PFS will build upon the Updated Minyari Dome Scoping Study (October 2024). The Minyari
Dome Development forms a small part of a much larger and recently consolidated gold mining
and processing opportunity available from the broader Minyari Project tenement area.
Important recruitment activities were undertaken to secure the necessary personal to enhance
the Company’s in-house Board and technical capabilities to align with its project advancement
plans. This included the appointment of widely respected mining executive Mr Neil Warburton as
a Non-Executive Director and engagement of Aaron King a metallurgist and highly experienced
technical study manager.
Throughout the reporting period, Antipa has materially advanced several critical PFS workstreams,
including metallurgical test work, environmental studies, and permitting activities, including.
Engagement of leading industry consultants across PFS workstreams;
Metallurgical test work to refine processing flowsheet;
Completion of environmental and water studies to support permitting;
Detailed mine planning, process plant engineering, and non-processing infrastructure
development;
Additional drilling to support delivery of the PFS MRE, as well as mining and infrastructure
related geotechnical, sterilisation and hydrogeological drilling;
Preparation of key approvals and licence applications;
Ongoing engagement with Native Title stakeholders;
Recruitment of new board capability, project development and geology personnel; and
An ongoing assessment of funding options, focused on traditional debt and equity.
Pre-feasibility Study Drilling
The PFS Resource definition (ResDef) drill programme, which utilised multiple drill rigs, is nearing
completion with approximately 92% of the ResDef drilling programme is complete (planned for 84
holes), with the outstanding 1,500m metres of diamond core drilling expected to conclude by
October 2025.
At the time of report preparation, results have been received for 24 holes of the 84 holes
completed, with the outstanding assays expected to be reported in Q4 CY 2025. For significant
results from the first three batches of ResDef drilling, refer to the ASX Releases dated 30 June 2025,
4 August 2025 and 25 August 2025.
Directors’ Report
30 June 2025
ANNUAL REPORT | 19
Phase 1 CY2025 Drilling Programme
The Phase 1 CY2025 drilling campaign commenced in April 2025 and comprised 288 holes for
34,000m, incorporating air core, reverse circulation (RC) and diamond core drilling (including
diamond core tails). Antipa’s dual-purpose exploration programme was designed to grow the
existing MRE at multiple Minyari Dome deposits and to test greenfield targets to deliver new
discoveries across the broader tenement package.
At the end of the August, Antipa had reported the first three batches of assay results, with
outstanding expected during prior to the end of October.
Minyari Dome Deposit Growth Drilling Programme
Targeting expansion of the existing near-surface Minyari Dome MRE.
The focus was extending the resources at Minyari South and across the GEO-01 combined
1km x 700m opportunity footprint, including at the Main Zone, Minella, Fiama and Central
gold deposits, all of which remain open down-dip and in some cases along strike.
This component of the programme has been completed and comprised 60 holes for
14,343m (52 RC holes for 10,747m, six diamond core holes for 2,577m and two diamond
tailed RC hole for 1,020m).
At the time of this report, assay results have been received for 59 holes of 61 holes total,
with some holes only partially returned.
Broader Minyari Project Discovery Drilling Programme12
Drilling comprised 247 holes for 21,605m, including 205 air core holes (13,332m), 40 RC
holes (7,477m), one diamond core hole (455m; now being completed as part of Phase 2),
and one diamond core tail (341m). The RC and air core drilling components of the
programme are complete, with the diamond core hole to be finished in Phase 2.
The focus was testing priority gold ± copper greenfield targets and existing prospects
proximate to the Minyari Dome deposits including, but not limited to:
−
GEO-01 and Rizzo air core (2024) southern extensions (approximately 1.0km x
700m);
−
Minyari Depth Repeat target;
−
Minyari East Repeat target;
−
Parklands (approximately 2.6km x 1.4km area);
−
PP GRAV-02 (approximately 1.7km x 1.6km);
−
AL01 (approximately 6.0km x 2.0km area);
−
AL02 (approximately 2.7km x 1.2km area);
−
RPS Trend (approximately 4.5km x 1.0km); and
−
PA-5 (approximately 3.0km x 1.0km).
At the time of the preparation of this report, assay results have been received for 22,116m
of drilling.
12 Exploration programmes are subject to changes which may be made consequent upon results, field conditions and ongoing review.
Directors’ Report
30 June 2025
ANNUAL REPORT | 20
These results strongly validate Antipa’s dual-track exploration strategy, confirming a significant
new gold-copper discovery south of Fiama and Rizzo and delivered meaningful extensions to
known mineralisation at the GEO-01 Main Zone deposit particularly at depth.
Mineralisation remains open at the GEO-01 Main Zone, GEO-01 Central, Fiama, Minella, and
multiple prospects. Assay results from twenty RC holes completed at the Parklands target returned
limited low-grade gold ± copper mineralisation. With multiple areas of mineralisation uncovered
during the current campaign providing high-priority new targets, any further drilling at Parklands
is contingent on further integrated interpretation.
With the completion of the RC and diamond core components of the Phase 1 drill programme, the
PFS ResDef programme has largely been completed and is currently utilising two diamond core
rigs and one RC rig. Approximately 92% of the PFS ResDef drilling programme is complete (planned
for 84 holes), with the outstanding 1,500m metres of diamond core drilling expected to conclude
by October 2025.
A detailed summary of the current programme and the results of this first batch of assays are
summarised below. For full details, figures and tables, refer to ASX release dated 25 August 2025
“Bonanza New Gold Intersections Returned from Fiama”.
Minyari Dome Development Project Growth Drilling
GEO-01 Prospect Area
GEO-01 is located approximately 1.3km south of the Minyari deposit and is defined by a large 1km
x 500m mineralised footprint. Phase 1 drilling focused on extending resources at multiple
deposits, where high-grade gold mineralisation remains open down-dip and in some cases along
strike.
Open zones of mineralisation and extensional resource targets tested at GEO-01 include:
Main Zone: Three Phase 1 holes were completed (one RC, one diamond core, and one
diamond core tailed RC hole), with results currently reported for the RC hole and RC
portion of the tailed hole. The later was designed to test for extensions of the ore zone at
depth and intersected thick high-grade gold ± copper mineralisation highlighting the
potential for a significant resource increase requiring follow-up drilling, including:
−
15m at 2.0 g/t gold and 0.04% copper from 336m down hole in 25MYCD0698,
including:
•
1m at 3.4 g/t gold, 0.06% copper from 336m down hole; and
•
1m at 3.1 g/t gold, 0.04% copper from 345m down hole
Fiama: Located approximately 330m southeast of the GEO-01 Main Zone, this zone
features shallow gold ± copper mineralisation extending along a 300m of strike length, up
to 120m across strike and to a vertical depth of 220m.
Phase 1 drilling consisted of seventeen RC holes with full results received for all holes.
Gold-copper mineralisation has been extended from 220 to 315 vertical metres
below the surface, with bonanza-grade gold zones up to 520 gram-metres also
identified. Mineralisation remains open in multiple directions, including 420m along strike
and both up and down dip. Notable intersections returned in this current batch included:
−
33m at 15.8 g/t gold and 0.28% copper from 96m in 25MYC0798, including:
•
1m at 41.6 g/t gold from 114m
Directors’ Report
30 June 2025
ANNUAL REPORT | 21
•
3m at 150.0 g/t gold from 123m, also including:
− 1m at 395.0 g/t gold from 124m
−
18m at 0.9 g/t gold from 227m in 25MYC0798, including:
•
2m at 5.6 g/t gold from 232m, also including:
− 1m at 9.9 g/t gold from 232m
−
23m at 7.1 g/t gold and 0.07% copper from 125m in 25MYC0799, including:
•
2m at 62.0 g/t gold and 0.08% copper from 128m, also including:
− 1m at 97.5 g/t gold and 0.09% copper from 128m
Minella: Situated along Fiama’s isoclinal fold-hinge, mineralisation at Minella extends
along approximately 430m of strike and up to 50m across strike.
Phase 1 drilling extended gold-copper mineralisation from 100 to 240 vertical metres
below the surface and 130m along strike to the west. This indicates that Minella has
the potential to extend a further 300m to the west ± 150m to the east, with the gold zone
remaining open in multiple directions. Seven Phase 1 RC holes were completed and all
results have been returned, significant batch three intersections included:
−
18m at 0.6 g/t gold and 0.09% copper from 162m down hole in 25MYC0706,
including:
•
5m at 1.1 g/t gold and 0.24% copper from 162m down hole
−
13m at 0.4 g/t gold and 0.06% copper from 210m down hole in 24MYC0478
(extension), including:
•
1m at 2.9 g/t gold and 0.23% copper from 216m down hole
GEO-01 Central: Situated between Main Zone and Minella, fold hinge and contact related
gold mineralisation. The gold resource remains open in several directions. Four Phase 1
RC holes were completed, and results are pending.
Air core (late 2024 and recent Phase 1) and Phase 1 RC drilling at the surface geochemical
target AL05 extended the Fiama and nearby Rizzo gold ± copper mineralisation trends by
approximately 500m. These shallow air core and RC gold-copper intersections highlight
the potential to significantly increase the resource in this area. Importantly, Antipa’s access
to AL05 was previously prevented by the Paterson IGO Farm-in Project boundary and
provides an exciting new exploration opportunity.
Additional Resource Growth Targets
Additional resource growth targets to be tested as part of Phase 1 CY2025 drilling included:
WACA Southern Extension: Phase 1 results returned maximum 1m intersection grades
for gold and copper of 1.7 g/t and 0.11%, respectively. No further drilling is envisaged at
this zone.
However, drill testing along the 750 metres of prospective WACA trend extending
southeast from this Phase 1 test area to GEO-01 has been historically restricted to broad
(50 to 150m) spaced shallow (typically 10 to 30m) air core drilling, and a portion of this
trend has been targeted for RC drill testing as part of the Phase 2 exploration programme.
Directors’ Report
30 June 2025
ANNUAL REPORT | 22
Minyari Southeast: Extends southeast from the southeast corner of the Minyari deposit
beyond the limits of the current open pit design, with gold mineralisation remaining open
down dip. Four Phase 1 RC holes were completed, and results have been received for all
holes. Significant third batch intersections included 5m at 1.5 g/t gold and 0.30% copper
from 186m down hole in 25MYC0740. No further drilling is currently envisaged for this
area.
Minyari Southwest Sector - Inside the Scoping Study Open Pit: Tested both the depth
and strike potential of high-grade gold mineralisation beyond the limits of the current
open pit design. Fourteen Phase 1 holes were completed (13 RC and one diamond core),
with results for 11 RC holes reported.
Directors’ Report
30 June 2025
ANNUAL REPORT | 23
Figure 5: Map showing southern region of the Minyari Dome: Includes contoured maximum down-hole gold drill results, resource
locations, 2024 Scoping Study open pit design limits, and deposit/prospect locations (including Minyari South, GEO-01 Main Zone, Fiama,
Minella and Rizzo). Note the gold-copper discovery intersections across a large area (800m by 700m) extending the Rizzo and Fiama
mineralisation 500m to the south into an area which Antipa’s access to was previously prevented by the Paterson IGO Farm-in Project
(tenement) boundary. NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 1km grid.
Directors’ Report
30 June 2025
ANNUAL REPORT | 24
Minyari Project Discovery Drilling
Following the recent reconsolidation, Antipa now controls a district-scale gold ± copper
exploration package with multiple advanced greenfield targets and prospects.
Drilling comprised 247 holes for 21,605m, including 205 air core holes (13,332m), 40 RC holes
(7,477m), one diamond core hole (455m; now being completed as part of Phase 2), and one
diamond core tail (341m). The RC and air core drilling components of the programme are
complete, with the diamond core hole to be finished in Phase 2.
Assay results have been received for 8,783m of drilling, including 39 RC holes, one diamond core
tail, and 28 air core holes.
Discovery Targets
The Phase 1 discovery programme is testing regional gold ± copper targets, existing prospects,
and conceptual targets within a 65km corridor which extends approximately 35km northwest and
30km southeast of the Minyari Dome development opportunity. Key areas of focus included:
GEO-01 and Rizzo: Follow up of air core (2024) target for extensions to both GEO-01 and
Rizzo covering an area of approximately 1.0km x 700m in this area which Antipa’s access
to was previously prevented by the Paterson IGO Farm-in Project boundary. Thirty-three
Phase 1 holes were completed (18 air core and 15 RC), with results reported for all air core
holes and two RC holes. Phase 1 drilling has discovered shallow gold-copper
mineralisation across a large area (800m by 700m) highlighting the potential to
materially increase the Minyari Dome MRE. Significant follow-up RC drilling to
investigate the largely untested broader 2km by 800m target area, including magnetic and
aerial electromagnetic (AEM) conductivity anomalies, is in the planning phase.
RC drill hole 25MYC0748 was the only hole in this area reported in this batch, although
sub-optimally orientated, due to pre-existing heritage constraints, it successfully extended
significant gold ± copper mineralisation a further 100m east along strike from Rizzo toward
Fiama. The highly prospective Fiama-Rizzo corridor comprises a folded (syncline) dolerite
and meta-sediment host rock package; with a target zone strike length of 700 to 1,000 m,
open to the northwest, and an across-strike width of 120 to 160m. This Fiama-Rizzo target
does not include the Phase 1 discovered mineralised dolerite located 200m to the south
which provides an additional 500m of prospective strike, nor the remaining magnetic and
AEM targets across the broader 1km by 1.2km southern target area. Notable 25MYC0748
intersections include:
−
16m at 0.6 g/t gold from 52m, including:
• 4m at 1.5 g/t gold from 56m down hole
−
92m at 0.1 g/t gold and 0.08% copper from 108m down hole, including:
• 8m at 0.4 g/t gold and 0.21% copper from 108m down hole
Parklands: Parklands is a coherent gold and pathfinder surface geochemical anomaly
extending 2.6km by 1.4km, under shallow cover (average 25m). It lies along the Chicken
Ranch Triangle gold corridor. Twenty Phase 1 RC holes were completed with all results
returning limited low-grade gold ± copper mineralisation predominantly from within
metasediment host rocks (maximum downhole intersections of 4m at 0.11 g/t gold and
8m at 0.05% copper). Any further Parklands drilling will be contingent on completion of an
integrated interpretation, including lithogeochemical and structural analysis.
Directors’ Report
30 June 2025
ANNUAL REPORT | 25
GP05: Brownfield air core target, including low-grade gold-copper mineralisation,
associated with a magnetic anomaly 250m northeast of the GEO-01 Main Zone deposit.
Four Phase 1 RC holes were completed, assays pending.
Chicane: Brownfield RC and air core target, including high-grade gold-copper
mineralisation, over a disrupted magnetic anomaly 400m southwest of the Minyari
deposit. One Phase 1 RC hole was completed, assays pending.
Minyari Depth Repeat: The programme tested the potential for repetitions of gold-
copper mineralisation beyond the depth limits of the current resource and mine design.
Drilling of a single diamond core hole commenced during Phase 1 to test the Minyari Depth
(WACA host rock package), considered a repeat target. This hole is being completed as part
of the Phase 2 programme.
PP GRAV-02: Large-scale gold-copper gravity target covering an area of approximately
1.7km x 1.6km and located 10km west-southwest of Minyari. Thirty-one Phase 1 air core
holes were completed, with assay results currently reported for 10 holes returning no
significant mineralisation. The assay results for all air core bottom-of-hole sample intervals
remain outstanding.
AL01: Large-scale air core (2022 and 2023) target, including low-grade gold mineralisation,
covering an area of approximately 6.0km x 2.0km and located 18km north of Minyari.
Forty-two Phase 1 air core holes were completed, with assays pending.
AL02: Large-scale air core / RAB gold-copper target, covering an area of approximately
3.0km x 1.2km and located 9km north of Minyari. Fourteen Phase 1 air core holes were
completed, assays pending.
Reaper-Poblano-Serrano (RPS) Trend: Large-scale magnetic and RC gold-copper target,
including high-grade gold mineralisation, covering an area of approximately 4.5km x 1.0km
and located 30km north of Minyari. Phase 1 air core drilling in progress, 13 of 80 holes
completed, assays pending.
Kali-WEM: Aeromagnetic and AEM conductivity target covering an area of approximately
2.0km x 600m located 15km southwest of Minyari. Four Phase 1 air core holes were
completed, with assays currently pending.
PA-5: 800m long AEM conductivity target covering an area of approximately 3.0km x 1.0km
and located 25km southeast of Minyari. Drilling is scheduled to begin at PA-5 shortly.
Directors’ Report
30 June 2025
ANNUAL REPORT | 26
Figure 6: Plan of the central region of Antipa’s Minyari Project: Showing advanced gold ± copper greenfield targets and existing
prospects, within a 65km corridor which extends approximately 35km northwest and 30km southeast of the Minyari Dome development
opportunity, which have been evaluated during the CY2025 Phase 1 air core ± RC drill programme. This structural domain hosts Greatland
Resources’ Telfer Mine and Havieron development project13, and along trend to the northwest Rio Tinto-Sumitomo’s Winu development
project and Rio Tinto’s Calibre and Magnum deposits. NB: Regional GDA2020 / MGA Zone 51 co-ordinates, 20km grid.
13 Telfer and Havieron refer to Greatland Gold plc AIM release dated 18 March 2025, “2024 Group Mineral Resource Statement”.
Directors’ Report
30 June 2025
ANNUAL REPORT | 27
Other Projects
Former Paterson Project (100% Antipa)
The former 1,520km2 Paterson Project is situated within 22km of Greatland’s Telfer gold-copper-
silver mine and 22Mtpa mineral processing facility, 8km from Rio Tinto-Sumitomo’s Winu copper-
gold-silver development project. It also surrounded Antipa’s Minyari Dome Project on all four
sides.
From July 2020, Antipa was part of a A$30 million farm-in agreement with IGO Limited (ASX: IGO).
IGO invested a total of A$15 million in the Paterson Project.
On 9 April 2025, Antipa announced IGO had elected to withdraw from the Paterson Project farm-
in agreement. As a result of IGO’s withdrawal, Antipa retained 100% ownership and resumed
management of the Paterson Project effective 30 April 2025.
The Paterson Project remains highly prospective for metasediment- and mafic-intrusive-hosted
gold and/or copper deposits. IGO’s funded exploration focused on new copper discoveries, often
deprioritising or avoiding gold-dominant prospects and anomalies, many of which are in close
proximity to the Minyari Dome Development.
Multiple exciting high-potential gold ± copper prospects and greenfield targets are primed for
follow-up or initial drill testing. Additional project scale interpretation and data modelling is also
expected to produce further targets.
Former Wilki Project (100% Antipa)
The former 1,430km² Wilki Project is strategically located contiguous to the north and southwest
of Telfer, within Antipa’s 100%-owned tenure in the Paterson Province of Western Australia.
Antipa originally entered into a A$60 million Wilki Project Farm-In Agreement with Newcrest
Mining Ltd. in February 2020 (Wilki). Newcrest invested an initial A$6 million in Wilki by November
2021 and assumed project management from July 2022.
Newcrest Mining’s was acquired by Newmont Corporation (Newmont)14 in 2023 and in September
2024, Newmont announced that it had agreed to divest the Telfer operation, its 70% interest in
the Havieron gold-copper development project, and other related regional Paterson interests to
Greatland as part of a broader asset divestment programme. The completed transaction did not
include the transfer of Newmont’s Wilki farm-in rights, as this transfer required Antipa’s consent.
Newmont subsequently elected to withdraw from the project. Effective 3 March 2025 Antipa
retained 100% ownership and resumed management of Wilki. A total of A$12 million had been
invested in the project since February 2020, solely by Antipa’s partners.
Former Citadel JV Project (100% Rio Tinto)
The former Citadel JV Project is located within 5km of Rio Tinto-Sumitomo’s Winu copper-gold-
silver development project, adjoining the Antipa’s Paterson Project.
During the year, Antipa announced it had agreed binding terms for the sale of its approximately
32% non-controlling interest in the Citadel JV Project to joint venture partner Rio Tinto for
consideration of A$17 million cash. On 25 October 2024, the Company announced the successful
14 All references to “Newmont” in this document are to Newcrest Operations Ltd, a wholly owned subsidiary of Newmont Mining Limited.
Directors’ Report
30 June 2025
ANNUAL REPORT | 28
completion of the transaction with the receipt of A$17 million cash, significantly increasing Antipa’s
cash reserves.
The Citadel JV has subsequently been terminated, with all parties released from any further
obligations and liabilities under the agreement. The sale enhances Antipa’s ability to focus on the
advancement of the Minyari Project.
Regulatory Disclosures:
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’. Mr Mason consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears. 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 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.
Competent Persons Statement – Mineral Resource Estimations for the Minyari Project Deposits: The
information in this document that relates to the estimation and reporting of the GEO-01 Main Zone, Fiama, Minella,
GEO-01 Central, Minyari South, Tim’s Dome and Chicken Ranch Mineral Resource is extracted from the report
entitled “Minyari Project Resource Grows by 100 Koz to 2.5 Moz of Gold” created on 21 May 2025 with Competent
Person Victoria Lawns, 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 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 estimation and reporting of the Minyari, Minyari North,
Sundown, WACA and WACA West 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, Susan Havlin and Victoria Lawns, 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 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.
Scoping Study for Minyari Dome: The information in this document that relates to the Scoping Study for Minyari
Dome is extracted from the report entitled “Minyari Scoping Study Update Confirms Development Potential”
reported on 24 October 2024, which is available to view on www.antipaminerals.com.au and www.asx.com.au. The
Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and that all material assumptions and technical parameters
underpinning the study in the relevant original market announcement continue to apply and have not materially
changed. The Company confirms that the form and context in which the Competent Person’s findings are presented
have not been materially modified from the original market announcement.
Gold Metal Equivalent Information – 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.
Directors’ Report
30 June 2025
ANNUAL REPORT | 29
STRATEGIC AND CORPORATE INITIATIVES
100% Minyari Dome Project
Antipa’s strategic priority is the systematic advancement of the Minyari Dome Gold-Copper
Development Project towards development.
The Company’s exploration focus is on the expansion of the existing Mineral Resource Estimate
through targeted drilling, while also testing high-potential targets across the broader Project area.
Minyari’s close proximity to Greatland’s Telfer operation and Havieron development project
presents strong infrastructure synergies, underscoring its value in the context of the recent
corporate activity within this tier-one gold-copper district.
Antipa’s project advancement approach is deliberate and disciplined: progressing technical
studies, engaging in strategic partnerships, and driving development pathways that enhance both
economics and optionality. This strategy is designed to maximise shareholder value and ensure
the Minyari Dome Gold-Copper Development Project reaches its full potential.
CORPORATE INFORMATION
Capital Structure
As at 30 June 2025, the Company had the following securities on issue:
579,542,891 ordinary shares; and
54,324,946 unlisted options, with a weighted average exercise price of A$0.376.
The Company undertook a one for ten share consolidation on 4 March 2025. The following
securities were issued, expired or cancelled during the year. All are presented on a post
consolidation basis:
Newmont exercised its right to maintain its shareholding in Antipa on the same terms as
the June 2024 placement, delivering approximately A$0.54 million in new funds;
31.45 million free attaching unlisted options were issued on a one for every two new
shares issued basis pursuant to the Newmont 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$0.20 and expire on 16 August 2026;
0.45 million fully paid ordinary shares (Tranche 2 June 2024 Placement Shares) were issued
to participating Directors to raise A$45,000;
0.3 million fully paid ordinary shares were issued to suppliers for advisory services at an
average price of A$0.346 per share;
4.725 million options were issued to employees and consultants under the Company’s
Incentive Option Plan;
2.3 million fully paid ordinary shares were issued to a drilling contractor pursuant to the
terms of a drill-for-equity agreement announced to the market on 20 June 2024. The
shares were issued at an average price of A$0.305 per share and are subject to voluntary
escrow periods of six months from the date of issue;
Directors’ Report
30 June 2025
ANNUAL REPORT | 30
4.65 million incentive options were issued to directors pursuant to shareholder approval
at the Company's AGM in November 2024;
The Company completed a successful A$16 million Placement issuing 64 million fully paid
ordinary shares at A$0.25 per share;
36.1 million options were exercised at a price of between A$0.195 - A$0.20 each raising a
total of A$7.2 million; and
7 million options expired unexercised.
As at the date of this Report, the Company had the following securities on issue:
649,281,876 ordinary shares; and
54,194,294 unlisted options, with a weighted average exercise price of A$0.419.
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 drilling programmes at its 100%-
owned gold-copper Minyari Project (Figure 1), including diamond core, RC and air core
drilling. Key drill results include extensions to known gold-copper mineralisation at
multiple deposits, including GEO-01 Main Zone, Minella, Fiama, GEO-01 Central and
Minyari South; the discovery of zones of near-surface gold-copper mineralisation south of
Rizzo and Fiama across a large area; and identification of bonanza gold zones at Fiama.
Mineralisation at multiple deposits and areas remains open, further adding to the Project’s
Mineral Resource growth opportunities.
In addition, post the September 2024 and May 2025 MRE upgrades for the Minyari Project
the JORC Mineral Resources are approximately 3.0 Moz of gold equivalent resource for the
Minyari, GEO-01, WACA and satellite deposits which may offer a potential near-term
development opportunity for Antipa.
Antipa announced it had agreed binding terms for the sale of its approximately 32% non-
controlling interest in the Citadel JV Project to joint venture partner Rio Tinto for
consideration of A$17 million cash. On 25 October 2024, the Company announced the
successful completion of the transaction with the receipt of A$17 million cash, significantly
increasing Antipa’s cash reserves.
During March and April 2025, Antipa reconsolidated its 100%-owned Minyari Dome, Wilki,
and Paterson Projects to form the single, belt-scale 4,100km² Minyari Project, which
includes its flagship standalone Minyari Dome Development Project.
Directors’ Report
30 June 2025
ANNUAL REPORT | 31
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 Roger Mason
1,675,160
6,103,243
Mr Mark Rodda (i)
3,766,037
5,091,962
Mr Peter Buck
1,681,282
2,431,134
Mr Gary Johnson
1,027,600
2,400,000
Mr Stephen Power (i)
6,743,884
3,497,108
Mr Neil Warburton
-
600,000
14,893,963
20,123,447
Notes:
(i)
These figures include 155,769 shares and 2,884 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.
MEETINGS OF DIRECTORS
The following table sets out the number of meetings of the Company's Directors held during the
year ended 30 June 2025, and the number of meetings attended by each director.
Full Board meetings
No. eligible to attend
No. attended
Mr Mark Rodda (Chair)
7
7
Mr Roger Mason
7
7
Mr Peter Buck
7
7
Mr Gary Johnson
7
7
Mr Stephen Power
7
5
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)
1
1
Mr Stephen Power
1
1
Mr Peter Buck
1
1
ESG Committee meetings
No. eligible to attend
No. attended
Mr Stephen Power (Chair)
1
1
Mr Peter Buck
1
1
Mr Gary Johnson
1
1
Directors’ Report
30 June 2025
ANNUAL REPORT | 32
SHARE OPTIONS
At the date of this report the Company has the following options on issue.
2025 Number
Exercise Price
Grant
Expiry
4,900,000
A$0.950
19 Nov 2021
18 Nov 2025
2,540,000
A$0.650
23 May 2022
30 Apr 2026
4,800,000
A$0.360
11 Nov 2022
10 Nov 2026
100,000
A$0.350
21 Nov 2022
31 Oct 2026
1,980,000
A$0.195
3 Jul 2023
30 Jun 2027
100,000
A$0.265
4 Aug 2023
31 Jul 2027
9,519,815
A$0.200
6 Oct 2023
23 Oct 2025
300,000
A$0.190
27 Oct 2023
30 Sep 2027
4,800,000
A$0.230
17 Nov 2023
16 Nov 2027
10,029,479
A$0.200
16 Aug 2024
16 Aug 2026
3,725,000
A$0.510
24 Oct 2024
30 Sep 2028
4,650,000
A$0.350
26 Nov 2024
25 Nov 2028
1,000,000
A$0.740
17 Apr 2025
31 Mar 2029
4,400,000
A$0.860
14 Jul 2025
30 Jun 2029
600,000
A$0.830
13 Aug 2025
12 Aug 2029
750,000
A$0.840
14 Aug 2025
31 Jul 2029
54,194,294
Notes:
(i)
All securities are presented on a post-consolidation basis;
(ii)
As at the date of this report weighted average exercise price of the options on issue is A$0.419 each and if
exercised, would potentially raise ~A$22.7 million in total.
During the financial year ended 30 June 2025, a total of 36.1 million (30 June 2024: nil) shares were
issued through the exercise of options at an average exercise price of A$0.20 each.
Directors’ Report
30 June 2025
ANNUAL REPORT | 33
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Overview
Antipa Minerals is committed to advancing its Paterson Province Project in a manner that delivers
meaningful value creation for all stakeholders. As we progress the Minyari Dome Gold-Copper
Development Project and continue our district-scale exploration, we recognise that the success of
our business is closely linked with responsible environmental stewardship, positive social
outcomes and strong governance.
Our Environment, Social and Governance (ESG) approach is underpinned by four values:
Integrity: We act transparently and ethically with the ongoing aim of improving our ESG
performance.
People: We foster a safe, respectful and inclusive workplace culture that empowers our
team to achieve excellence.
Community: We engage openly and constructively with Traditional Owners, local
communities and regional stakeholders to build enduring relationships and shared
benefits.
Innovation: We embrace technologies and practices that enhance sustainability and
improve outcomes across our exploration activities.
Directors’ Report
30 June 2025
ANNUAL REPORT | 34
Committed to Social and Environmental Responsibility
Antipa has embedded commitments that guide how we engage with stakeholders and progress
our projects:
LOCAL COMMUNITY PARTNERSHIPS
Engaging local people and businesses to deliver wide-ranging social benefits.
REGIONAL ECONOMIC DEVELOPMENT
Investing in exploration and development that supports long-term regional
prosperity.
CULTURAL HERITAGE PROTECTION
Working with Traditional Owners to safeguard cultural landscapes
and heritage values.
SOCIALLY INCLUSIVE WORKPLACE
Building a diverse workforce and ensuring equal opportunity in employment
and career progression.
These
commitments
frame
our
decision-making
and
provide
a
roadmap for how Antipa will operate as
Minyari
Dome
advances
towards
development.
Environmental Responsibility
During
FY25,
Antipa
advanced
comprehensive environmental baseline
studies, focusing on biodiversity, water
resources,
land
management
and
potential project impacts. These studies
will inform future permitting and
project design while ensuring that
operations are developed in line with
contemporary
environmental
standards.
The
Company
is
also
evaluating opportunities to integrate
renewable energy, water conservation
strategies and low-impact technologies
into
project
planning
to
reduce
environmental footprint and enhance
long-term sustainability.
Directors’ Report
30 June 2025
ANNUAL REPORT | 35
Social Engagement
Antipa recognises the importance of genuine and ongoing engagement with local communities
and Traditional Owners. During the year we strengthened dialogue with Native Title holders,
focused on heritage surveys and cultural landscape preservation. Initial discussions with regional
stakeholders, including local government representatives and businesses, have identified potential
opportunities in employment, workforce training and infrastructure development.
To ensure that community perspectives are considered in project design, Antipa currently intends
to establish a structured forum to bring together community, Traditional Owners and company
representatives. This forum will assist to guide initiatives that have potential to support
biodiversity, land and water management, workforce planning, education and training.
Governance
Strong governance underpins all Antipa activities. The Board and leadership team oversee ESG
performance through rigorous frameworks for compliance, risk management and strategic
decision-making. The appointment of highly credentialed directors and senior executives has
further strengthened Antipa’s capability as the Company advances the Minyari Dome Project
towards key development milestones, including future investment decisions.
Antipa remains committed to transparency and accountability. Regular communication with
investors, regulators and community stakeholders is maintained through ASX announcements,
company reports, social media channels and direct engagement. A dedicated system for recording
and responding to stakeholder feedback ensures issues are addressed and considered in
planning.
Directors’ Report
30 June 2025
ANNUAL REPORT | 36
Looking Ahead
The year ahead will see Antipa continue to build on its ESG foundations. Environmental and social
studies will remain central to project approvals, while the development of tailored management
plans for construction and operations will further embed sustainability into project delivery. As
Minyari Dome Gold-Copper Development Project advances, Antipa will maintain its focus on
creating positive environmental, social and economic outcomes that extend beyond the life of the
project.
By prioritising environmental responsibility, respectful community relationships, inclusive
employment and robust governance, Antipa is positioning itself not only as a successful explorer
and developer but also as a long-term partner in the sustainable development of the Paterson
Province.
Directors’ Report
30 June 2025
ANNUAL REPORT | 37
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.
Short term incentive plan
E.
Additional statutory information
F.
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.
Details of Key Management Personnel
Directors
Mr Roger Mason: Managing Director and Chief Executive Officer
Mr Mark Rodda: Executive Chair
Mr Peter Buck: Non-Executive Director
Mr Gary Johnson: Non-Executive Director
Mr Stephen Power: 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, short-term incentives
and long-term incentives as appropriate.
Directors’ Report
30 June 2025
ANNUAL REPORT | 38
The Nomination and Remuneration Committee considers remuneration of Directors and the
Executives 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
market competitiveness. There are no guaranteed base pay increases included in any senior
Executive’s contracts.
Cash Bonuses
Executives may be paid a cash bonus at the discretion of the Board based on a recommendation
received from the Nomination and Remuneration Committee.
During the year ended 30 June 2025, Mr Mason received a cash bonus of A$40,000 (2024:
A$30,000), Mr Rodda received a cash bonus of A$35,000 (2024: A$23,000) and Mr Watson received
a cash bonus of A$32,500 (2024: A$23,000). No other cash bonuses were paid during the year
under review.
Short-term incentives and cash bonus offers
During the year ended 30 June 2025, the Company also adopted a formal short-term incentive
plan (STI Plan) to provide eligible Executives (being the Managing Director, Executive Chairperson
and Chief Financial Officer, each an Eligible Executive) with a short-term incentive opportunity
(STI Award) payable in cash to assist in their reward, retention and motivation, as well as
strengthening the Company’s performance culture by encouraging, recognising and rewarding
high and on-target performance.
Under the STI Plan, during the year ending 31 December 2025, Mr Mason was offered a maximum
STI Award of A$118,642, Mr Rodda was offered a maximum STI Award of A$107,856 and Mr
Watson was offered a maximum STI Award of A$97,020, representing 30% of their respective total
fixed remuneration. Each Eligible Executive’s entitlement to their STI Award, and the proportion of
the STI Awards payable, is subject to the Board’s assessment of the relevant performance
milestones following the performance year (1 January 2025 to 31 December 2025), as described in
further detail on page 43.
Directors’ Report
30 June 2025
ANNUAL REPORT | 39
In addition to their respective STI Awards, Mr Mason will be entitled to a further cash bonus of an
amount equal to nine months’ salary and Mr Watson will be entitled to a further cash bonus of an
amount equal to nine months’ salary where a ‘Change of Control Event’ (defined on page 45) occurs
during the performance year (1 January 2025 to 31 December 2025).
Long-term incentives
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, but instead have an exercise price reflecting a premium to the relevant
weighted average price prior to the date of grant.
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 (or their nominees) during the
year ending 30 June 2025:
2025
Number of options
Directors
Mr Roger Mason
1,500,000
Mr Mark Rodda
1,350,000
Mr Peter Buck
600,000
Mr Gary Johnson
600,000
Mr Stephen Power
600,000
Other KMP
Mr Luke Watson
900,000
5,550,000
Notes:
(i) All securities are presented on a post-consolidation basis.
2024 Annual General Meeting
At the 2024 Annual General Meeting (AGM) held on 26 November 2024, 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
earnings per share (EPS) over the last five years.
2021
2022
2023
2024
2025
Share price 30 June
A$0.41 (i)
A$0.32 (i)
A$0.13 (i)
A$0.10 (i)
A$0.69
EPS (cents per share)
(1.38) (i)
(1.87) (i)
(0.93) (i)
(0. 61) (i)
(1.02)
Notes:
(i) Share prices are presented on a post-consolidated basis, following a ten for one share consolidation completed
on 4 March 2025.
Directors’ Report
30 June 2025
ANNUAL REPORT | 40
B.
DETAILS OF REMUNERATION
Amounts of remuneration
Details of the remuneration of KMP are set out in the following tables.
Fixed Remuneration
Variable Remuneration
FY2025
Cash salary
and fees
Other(i)
Non-
monetary
benefits
Super-
annuation
Accrued
Leave (ii)
Short Term
Incentive
Bonus (iii)
Value of
Options
(iv)
Total
Percentage of
Remuneration
relating to
Performance
A$
A$
A$
A$
A$
A$
A$
A$
%
Non-Executive directors
Mr Stephen Power
79,046
-
-
9,090
-
-
72,000
160,136
45.0%
Mr Peter Buck
65,000
-
-
7,475
-
-
72,000
144,475
49.8%
Mr Gary Johnson
65,000
-
-
7,475
-
-
72,000
144,475
49.8%
Sub-Total non-executive directors
209,046
-
-
24,040
-
-
216,000
449,086
Executive directors
Mr Roger Mason (v)
354,720
111,500
-
29,990
(70,626)
40,000
180,000
645,584
34.1%
Mr Mark Rodda(v)
310,276
-
-
29,990
16,269
35,000
162,000
553,535
35.6%
Other KMP
Luke Watson(v)
281,059
-
-
30,000
(3,034)
32,500
135,000
475,525
35.2%
Total
1,155,101
111,500
-
114,020
(57,391)
107,500
693,000
2,123,730
Notes:
(i)
Mr Mason was paid out 81 days of accrued annual leave during the year end 30 June 2025.
(ii)
These figures include statutory annual leave and long-service leave entitlements. The amounts disclosed in this column represent the increase/(decrease) in the associated
provisions.
(iii) Messrs Mason, Rodda and Watson received discretionary bonuses of A$40,000 (A$30,000 in 2024), A$35,000 (A$23,000 in 2024) and A$32,500 (A$23,000 in 2024)
respectively during the year end 30 June 2025, for the Company’s ongoing exploration success in the Paterson Province.
(iv) The value of options granted during the period is recognised as compensation in the year of grant, in accordance with Australian accounting standards, and have not
actually been paid during the year. Details of incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 20.
(v)
Messrs Mason, Rodda and Watson elected to receive a portion of their superannuation entitlements above the statutorily required maximum amount as salary.
Directors’ Report
30 June 2025
ANNUAL REPORT | 41
Fixed Remuneration
Variable Remuneration
FY2024
Cash salary
and fees
Other
Non-
monetary
benefits
Super-
annuation
Accrued
Leave (i)
Short Term
Incentive
Bonus (ii)
Value of
Options
(iii)
Total
Percentage of
Remuneration
relating to
Performance
A$
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$26,000 in 2023)
respectively during the year end 30 June 2024, for the Company’s ongoing exploration success in the Paterson Province.
(iii) The value of options granted during the period is recognised as compensation in the year of grant, in accordance with Australian accounting standards, and have not
actually been paid during the year. Details of incentive options granted as remuneration to each KMP of the Group during the financial year are outlined in Note 20.
(iv) Messrs Mason, Rodda and Watson elected to receive a portion of their superannuation entitlements above the statutorily required maximum amount as salary.
Directors’ Report
30 June 2025
ANNUAL REPORT | 42
During the year to 30 June 2025 no at-risk cash bonuses were paid or options granted to KMP.
(1)
Loans to KMP
There were no loans made to KMP (or their personally related entities) during the current financial
period.
(2)
Other transactions with KMP
2025
A$
2024
A$
Payments to director-related parties:
Strategic Metallurgy Pty Ltd(i)
196,946
7,093
Notes:
(i) Payments were made to Strategic Metallurgy Pty Ltd, a company of which Mr 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 was A$99,184 in trade payables.
C.
SERVICE AGREEMENTS
Remuneration and other terms of agreement for the Company's Non-Executive Directors are
formalised in letters of appointment. The letters summarise the terms of the appointment,
including compensation, relevant to the office of Director. Effective 1 July 2025, Non-Executive
Directors' fees are set at A$75,000 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 and any subsequent revisions:
•
Mr Mason receives a minimum remuneration package of A$353,100 per annum base
salary plus superannuation, effective from 1 January 2025.
•
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 2 October 2024, the Company entered into an Executive Service Agreement with Executive
Chairperson Mark Rodda. Under the terms of the contract and any subsequent revisions:
•
Mr Rodda receives a minimum remuneration package of up to A$321,000 per annum base
salary plus superannuation, effective from 1 January 2025.
Directors’ Report
30 June 2025
ANNUAL REPORT | 43
•
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 (being where there is, without the
consent of Mr Rodda, a material adverse change to Mr Rodda’s direct reporting line, a
demotion of Mr Rodda to a level below ‘Executive Chairperson’, a material change to Mr
Rodda’s level of authority or a reduction in Mr Rodda’s base salary), 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 and any subsequent
revisions:
•
Mr Watson receives a minimum remuneration package of up to A$288,750 per annum
base salary plus superannuation, effective from 1 January 2025.
•
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.
SHORT TERM INCENTIVE PLAN
As noted above, the Company adopted the STI Plan during the year ending 30 June 2025. A
summary of the key terms of the STI Plan, and the STI Awards offered for the 2025 calendar year,
is set out below.
STI Plan
What is the purpose?
The purpose of the STI Plan is to facilitate the offer of annual cash
awards to Eligible Executives to assist in the reward, retention and
motivation of highly talented and competent individuals, as well as
strengthening
the
Company’s
performance
culture
by
encouraging, recognising, and rewarding high and on target
performance.
How is it paid?
Any STI Award is paid in cash after the assessment of annual
performance milestones by the Board.
Directors’ Report
30 June 2025
ANNUAL REPORT | 44
What is the
performance year?
1 January to 31 December each year.
How much can Eligible
Executives earn?
The maximum STI Award for the relevant performance year is
expressed as a percentage of the Eligible Executive’s total fixed
remuneration (inclusive of superannuation) and is determined
annually by the Board, in its absolute discretion.
For the performance year of 1 January 2025 to 31 December 2025,
the Eligible Executives each have a maximum STI Award
representing 30% of their respective total fixed remuneration.
How is performance
measured for the 2025
calendar year?
The Board may offer an STI Award with such performance
conditions, milestones, gateways, key performance indicators or
other hurdles for a performance year, as determined by the Board.
The performance milestones and their respective weightings for
the performance year of 1 January 2025 to 31 December 2025 are
summarised below:
Performance Milestones
Weighting
Health and Safety
10%
Minyari Project - Development Studies
15%
Minyari Project - Resource Growth
20%
Company Market Cap
10%
Funding
10%
Budget
10%
ESG - Environment
5%
ESG - Stakeholder Engagement
5%
ESG - People and Culture
5%
Individual KPI - area of responsibility
10%
When is the STI Award
paid?
To determine the proportion of the maximum STI Award that will
be payable, the Board will assess the performance milestones for
each Eligible Executive following the end of the performance year
to determine whether they have been satisfied, reached or met.
The Board may, at its absolute discretion determine to waive any
performance milestones in whole or in part at any time and in any
particular case, which may be subject to shareholder approval if it
constitutes a termination benefit.
The Board approves the final STI Award payable based on this
assessment of performance and the STI Award is paid in cash on
approval (or following shareholder approval if required).
How is the STI Award
treated at cessation of
employment?
If an Eligible Executive ceases employment before the end of the
relevant performance year, the STI Award will automatically lapse
(unless the Board has already made a determination that a
Directors’ Report
30 June 2025
ANNUAL REPORT | 45
performance milestone has been satisfied, reached, met or waived,
in which case the STI Award will be paid in cash) unless the Eligible
Executive ceases employment because of one of the following
reasons (Good Leaver):
-
death or permanent incapacitation making the Eligible
Executive unable to perform their employment duties;
-
retirement from employment over 65 years of age;
-
the Eligible Executive validly terminates their employment
for cause; or
-
the Eligible Executive’s employment is terminated other
than for cause.
If an Eligible Executive ceases employment in a Good Leaver
scenario, the Eligible Executive will be eligible to receive the pro-
rated portion of their maximum STI Award for the applicable
performance year (on a time basis for the proportion of the
performance year elapsed, and notwithstanding whether any of
the performance milestones have been met) subject to any
required shareholder approval.
The Board may determine to treat any unpaid STI Awards in any
way other than in the manner set out above if the Board
determines that the relevant circumstances warrant such
treatment.
How is the STI Award
treated upon a change
of control?
If a ‘Change of Control Event’ occurs, unless the Board determines
otherwise, all Eligible Executives with a target STI Award for the
relevant performance year in which the event occurs will be
deemed to have satisfied the performance milestones for that STI
Award and will be entitled to be paid a pro-rata amount of their full
STI Award (on a time basis for the proportion of the performance
year elapsed).
A Change of Control Event will occur where:
-
an offer is made for shares pursuant to a takeover bid and
is (or is declared) unconditional and valid acceptances
representing at least 50% of shares have been received;
-
the Court sanctions under Part 5.1 of the Corporations Act
a compromise or arrangement relating to the Company;
-
any other merger, consolidation or amalgamation
involving the Company occurs which results in the holders
of shares immediately prior being entitled to 50% or less of
the voting shares in the body corporate resulting from the
merger, consolidation or amalgamation;
-
any Group Company enters into agreements to sell in
aggregate a majority in value of the businesses or assets of
the Group to a person, or a number of persons, none of
which are Group Companies; or
-
the Board determines in its reasonable opinion, control of
the Company has or is likely to change or pass to one or
more persons, none of which are Group Companies.
Directors’ Report
30 June 2025
ANNUAL REPORT | 46
How is the STI Award
treated upon a fatality?
If there has been a fatality of any worker in connection with the
activities or operations of the Group, or on the premises of any
Group Member, in a particular performance year, the Board may
determine that any unpaid STI Awards offered to the Eligible
Executive will be forfeited and any right to payment of those STI
Awards will be extinguished.
E.
ADDITIONAL STATUTORY INFORMATION
Share and option holdings
The numbers of shares and options over ordinary shares in the Company held during the financial
period by KMP, including their personally related parties, are set out below.
Share holdings
FY2025
Balance at
start of
financial
year
Purchased (iii)
Disposed
Net other
change
Balance at
end of
financial
year
Directors
Mr Roger Mason
Mr Mark Rodda (ii)
Mr Peter Buck
Mr Gary Johnson
Mr Stephen Power (ii)
1,525,160
3,616,037
1,681,282
377,600
6,593,884
150,000
150,000
-
650,000
150,000
-
-
-
-
-
-
-
-
-
-
1,675,160
3,766,037
1,681,282
1,027,600
6,743,884
Other KMP
Mr Luke Watson
247,252
200,000
-
-
447,252
Notes:
(i)
All securities are presented on a post-consolidation basis.
(ii)
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.
(iii)
All shares purchased during the year were purchased at A$0.10 each on 16 August 2024, as part of the Share
Placement approved by shareholders on 13 August 2024, with the exception of the shares purchased by Mr
Gary Johnson. These were purchased on 2 December 2024 at A$0.254 each.
Directors’ Report
30 June 2025
ANNUAL REPORT | 47
Option holdings
2025
Balance
at start of
financial
year (i)
Granted
during the
financial year
as
remuneration
(ii)(iii)
Issued
during the
financial
year – Aug-
24 Free
Attaching
Placement
Options (iv)
Expired
Balance
at end of
financial
year (i)(v)
Value of
options
granted
during the
financial
year as
remunera
tion
Directors
Mr Roger Mason
Mr Mark Rodda
Mr Peter Buck
Mr Gary Johnson
Mr Stephen Power
5,728,243
4,866,962
2,431,134
2,400,000
4,022,108
1,500,000
1,350,000
600,000
600,000
600,000
75,000
75,000
-
-
75,000
1,200,000
1,200,000
600,000
600,000
1,200,000
6,103,243
5,091,962
2,431,134
2,400,000
3,497,108
A$180,000
A$162,000
A$72,000
A$72,000
A$72,000
Other KMP
Mr Luke Watson
2,704,578
900,000
100,000
600,000
3,104,578
A$135,000
Notes:
(i)
All securities are presented on a post-consolidation basis.
(ii)
The options granted to the Directors were approved by shareholders at the Company’s Annual General
Meeting on 26 November 2024 and are exercisable at A$0.35 each on or before 25 November 2028.
(iii)
The options granted to Mr Watson were issued under the Company’s Employee Incentive Option Plan on 24
October 2024, Mr Watson was granted 900,000 options exercisable at A$0.51 each on or before 30
September 2028.
(iv)
On 16 August 2024, the Company issued one free attaching unlisted 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$0.20 and expire on
16 August 2026. A total of 31,457,500 free attaching options were issued. Messrs Mason, Rodda, Power and
Watson participated in Placement and consequently received free attaching options on the same terms as
all other participants.
(v)
Options held by all KMP are fully vested and exercisable at 30 June 2025.
Directors’ Report
30 June 2025
ANNUAL REPORT | 48
FY2025
Grant
Date
Expiry
Date
Exercise
Price
A$
Grant
Date
Share
Price
A$
Number
Granted
(ii)
%
Vested
at 30
June
2025
% of
Grant
Vested
%
% of Total
Remuneration
that consists
of Option
Valuations
%
Directors
Roger
Mason
26 Nov 24 25 Nov 28
A$0.35
A$0.23 1,500,000
100%
100%
28%
Mark
Rodda
26 Nov 24 25 Nov 28
A$0.35
A$0.23 1,350,000
100%
100%
29%
Peter Buck
26 Nov 24 25 Nov 28
A$0.35
A$0.23
600,000
100%
100%
50%
Gary
Johnson
26 Nov 24 25 Nov 28
A$0.35
A$0.23
600,000
100%
100%
50%
Stephen
Power
26 Nov 24 25 Nov 28
A$0.35
A$0.23
600,000
100%
100%
45%
Other KMP
Luke
Watson
24 Oct 24 30 Sep 28
A$0.51
A$0.32
900,000
100%
100%
28%
Notes:
(i)
All securities are presented on a post-consolidation basis.
(ii)
4.65 million options issued to Directors pursuant to shareholder approval obtained at the Company’s
Annual General Meeting on 26 November 2024. These options were valued using a Black-Scholes model.
The options had a total fair value of A$558,000 and were fully expensed during the period (refer below for
valuation details):
(iii)
Each option converts into one ordinary share of Antipa Minerals Limited on exercise.
(iv)
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
Number of options
4,650,000
900,000
Grant date
26 Nov 24
24 Oct 24
Grant date share price
A$0.23
A$0.31
Exercise price
A$0.35
A$0.51
Expected volatility
80%
80%
Option life
4 years
4 years
Dividend yield
0.00%
0.00%
Interest rate
4.07%
4.03%
Vesting
Immediately
Immediately
Directors’ Report
30 June 2025
ANNUAL REPORT | 49
Details of the value of options granted, exercised or lapsed for each Key Management Personnel
of the Company or Group during the financial year are as follows:
FY2025
Total Value of
Options Granted
During the Financial
Year (ii)
A$
Value of Options
Exercised During the
Financial Year
A$
Value of Options
Expired During the
Financial Year (iii)
A$
Directors
Roger Mason
180,000
-
370,786
Mark Rodda
162,000
-
370,786
Peter Buck
72,000
-
185,393
Gary Johnson
72,000
-
185,393
Stephen Power
72,000
-
370,786
Other KMP
Luke Watson
135,000
-
170,787
Notes:
(i)
All securities are presented on a post-consolidation basis.
(ii)
The value of options granted during the year is recognised in compensation in the year of grant, in
accordance with Australian Accounting Standards.
(iii)
No options were forfeited or cancelled during the year.
F.
USE OF REMUNERATION CONSULTANTS
In the year ended 30 June 2025, the Group did not use the services of a remuneration consultant.
- End of audited remuneration report -
Directors’ Report
30 June 2025
ANNUAL REPORT | 50
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Other than as disclosed below, there were no significant events occurring after balance date
requiring disclosure.
Between 1 July 2025 and the date of this report, 3,280,652 unlisted options were exercised
at a weighted average exercise price of A$0.20 per share. As a result, 3,280,652 fully paid
ordinary shares were issued and a total of A$656,130 raised.
On 7 July 2025, the Company announced a share placement to raise A$40 million (before
costs) enabling the Company to expand and accelerate its resource growth and discovery
programme alongside advanced project development activities at its 100%-owned Minyari
Gold-Copper Project.
On 14 July 2025, the Company issued 4.4 million Employee Incentive Options, at an
exercise price of $0.86 per option, expiring on 30 June 2029.
On 13 August 2025, the Company announced the appointment of Mr Neil Warburton as a
Non-Executive Director. Mr Warburton is a widely respected mining executive with over 45
years’ experience, and his appointment adds considerable depth to the Antipa Board, as it
advances its flagship, 100% owned, stand-alone Minyari Dome Development Project
towards future production. The Company issued Mr Warburton or his nominee with
600,000 options at an exercise price of A$0.83 per option, expiring on 12 August 2029.
On 14 August 2025, the Company issued 750,000 Employee Incentive Options, at an
exercise price of $0.84 per option, expiring on 31 July 2029.
ENVIRONMENTAL REGULATION
The Consolidated Entity’s environmental obligations are regulated under Australian State and
Federal laws. The Company has a policy of exceeding or at least complying with its environmental
performance obligations.
During the financial period, the Consolidated Entity did not materially breach any particular or
significant Federal, Commonwealth, State or Territory regulation in respect to environmental
management.
INSURANCE AND INDEMNITY OF OFFICERS AND AUDITORS
During the year, the Company has paid an insurance premium in respect of a contract to insure
the Directors of the Company (as named above) and the Company Secretary against liabilities
incurred as such a Director, secretary or executive officer to the extent permitted by the
Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability
and the amount of the premium. The Company has not otherwise, during or since the financial
year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or
auditor of the Company or of any related body corporate against a liability incurred as such an
officer or auditor.
Directors’ Report
30 June 2025
ANNUAL REPORT | 51
NON-AUDIT SERVICES
The Group may decide to use its auditor to provide non-audit services where the auditor’s
expertise and experience with the Group is important.
During the year, the following fees were paid or payable for services provided by the auditor of
the Group:
2025
2024
A$
A$
BDO
Audit and review of financial statements
55,665
47,602
Corporate services – share-based payment valuation
services
-
5,400
Total remuneration for auditors
55,665
53,002
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is included on page 52 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.
Mark Rodda
Executive Chair
Perth, Western Australia
25 September 2025
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 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 2025, 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
25 September 2025
52
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
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
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 2025, 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)
ii)
Giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its financial
performance for the year ended on that date; and
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.
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.
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
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.
53
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Recoverability of deferred exploration and evaluation expenditure
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
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 2025, 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.
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 12 to the financial report, the
Our procedures included, but were not limited to:
carrying value of capitalised exploration and
•
Obtaining a schedule of tenements held by the
evaluation expenditure represents a significant asset
Group and assessing whether the rights to tenure
of the Group at 30 June 2025.
of the area of interest remained current at balance
In accordance with AASB 6 Exploration for and
date;
Evaluation of Mineral Resources (AASB 6), the
•
Considering the status of the ongoing exploration
recoverability of exploration and evaluation
programmes in the Minyari Project by holding
expenditure requires significant judgment by
discussions with management, and reviewing the
management in determining whether there are any
Group’s exploration budget, ASX announcements
facts or circumstances that exist to suggest that the
and directors’ minutes;
carrying amount of this asset may exceed its
recoverable amount. As a result, this is considered a
•
Considering whether the Minyari Project had
key audit matter.
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 12 to the Financial Report.
54
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
a)
b)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
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)
ii)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
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.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.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 37 to 49 of the directors’ report for the
year ended 30 June 2025.
In our opinion, the Remuneration Report of Antipa Minerals Limited, for the year ended 30 June 2025,
complies with section 300A of the Corporations Act 2001.
55
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Responsibilities
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
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, 25 September 2025
56
Consolidated Statement of Profit or
Loss and Other Comprehensive Income
For the year ended 30 June 2025
ANNUAL REPORT | 57
Note
2025
2024
A$
A$
Other income
6
1,905,993
597,864
Total income from continuing operations
1,905,993
597,864
Administrative expenses
7
(1,625,654)
(944,341)
Employee Benefits
7
(1,680,258)
(1,418,249)
Depreciation
(100,275)
(92,942)
Share based payments
7
(1,409,750)
(585,600)
Loss on disposal of Joint Venture interest
8
(2,433,405)
-
Loss before income tax
(5,343,349)
(2,443,268)
Income tax expense
9
-
-
Loss after income tax
(5,343,349)
(2,443,268)
Total comprehensive loss for the year attributable
to owners of the Group
(5,343,349)
(2,443,268)
Loss per share attributable to ordinary equity
holders
Weighted Average Number of Shares
522,781,364
402,154,124
Basic and dilutive loss per share (cents per share)
23
(1.02)
(0.61)
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 2025
ANNUAL REPORT | 58
Note
2025
2024
A$
A$
Current assets
Cash and cash equivalents
10
36,482,365
8,037,317
Trade and other receivables
921,795
423,495
Total current assets
37,404,160
8,460,812
Non-current assets
Other receivables
204,044
159,044
Property, plant and equipment
11
142,388
137,083
Right of use assets
13
167,068
241,321
Deferred exploration and evaluation expenditure
12
65,773,326
72,049,894
Total non-current assets
66,286,826
72,587,342
Total assets
103,690,986
81,048,154
Current liabilities
Trade and other payables
15
4,577,469
1,104,032
Provisions
16
607,921
587,689
Lease liability
14
56,954
56,954
Unexpended Joint Venture contributions
17
-
360,688
Total current liabilities
5,242,344
2,109,363
Non-current liabilities
Lease liability
14
195,431
284,890
Total non-current liabilities
195,431
284,890
Total liabilities
5,437,775
2,394,253
Net assets
98,253,211
78,653,901
Equity
Issued capital
18
120,112,823
96,579,914
Reserves
19a
12,574,756
11,165,006
Accumulated losses
19b
(34,434,368)
(29,091,019)
Total equity
98,253,211
78,653,901
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 2025
ANNUAL REPORT | 59
Note
2025
2024
A$
A$
Cash flows from operating activities
Payments to suppliers and employees
(3,346,469)
(2,337,066)
Interest received
1,026,497
277,992
Government grants and rebates
289,532
-
Management fee
8,009
217,287
Net cash outflow from operating activities
22
(2,022,431)
(1,841,787)
Cash flows from investing activities
Proceeds from sale of JV interest
16,826,304
-
Payments to suppliers and employees capitalised as
exploration and evaluation
(9,461,285)
(7,876,446)
Payments for property, plant and equipment
(27,206)
(10,068)
Net movement payments from Joint Venture Newmont
-
(2,062)
Net movement payments from Joint Venture IGO
(26,800)
(53,843)
Net movement receipts from Joint Venture Rio Tinto
(341,671)
43,809
Proceeds from termination of Farm-in Agreements
778,875
-
Net cash inflow / (outflow) from investing activities
7,748,217
(7,898,610)
Cash flows from financing activities
Proceeds from issues of shares
16,586,500
12,753,206
Proceeds from options exercised
7,217,139
-
Share issue costs
(1,084,377)
(777,962)
Net cash inflow from financing activities
22,719,262
11,975,244
Net increase in cash and cash equivalents
28,445,048
2,234,847
Cash and cash equivalents at the beginning of the year
8,037,317
5,802,470
Cash and cash equivalents and the end of the year
10
36,482,365
8,037,317
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 2025
ANNUAL REPORT | 60
Contributed
Equity
Share
Option
Reserve
Share
Based
Payment
Reserve
Accumulated
Losses
Total
A$
A$
A$
A$
A$
Balance at 1 July 2024
96,579,914
312,500
10,852,506
(29,091,019)
78,653,901
Comprehensive income:
Loss for the year
-
-
-
(5,343,349)
(5,343,349)
Total comprehensive
loss for the year
-
-
-
(5,343,349)
(5,343,349)
Transactions with
owners, in their capacity
as owners:
Contributions of equity,
net of costs
23,532,909
-
-
-
23,532,909
Issue of options
-
-
1,409,750
-
1,409,750
Balance at 30 June 2025
120,112,823
312,500
12,262,256
(34,434,368)
98,253,211
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
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 2025
ANNUAL REPORT | 61
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 2025 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$5,343,349 for the year ended 30 June 2025 and had a net cash
outflow from operating activities, plus exploration and evaluation activities, of A$11,483,716
(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$36,482,365 as at 30 June 2025, excluding the A$40 million share placement (before costs)
announced to the market on 7 July 2025.
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. The Directors believe that they will be able to raise additional capital as
required and are in the process of evaluating the Group’s cash requirements. The Directors believe
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 62
that the Group will continue as a going concern. As a result, the financial report has been prepared
on a going concern basis. 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 2025 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”.
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 2025
ANNUAL REPORT | 63
The Group holds the following financial instruments:
2025
2024
A$
A$
Financial assets
Cash and cash equivalents
36,482,365
7,670,949
Restricted cash
-
366,368
Trade and other receivables
921,795
423,495
37,404,160
8,460,812
Financial liabilities
Trade and other payables
4,577,469
1,104,032
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.
2025
2024
%
A$
%
A$
Financial assets
Cash assets Floating rate*
4.14%
36,482,365
3.05%
8,037,317
* 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 2025, 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 2025
ANNUAL REPORT | 64
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$4,577,469 (2024: A$1,104,032)
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 2025
ANNUAL REPORT | 65
(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 2025, the carrying value of capitalised exploration and evaluation is A$65,773,326
(2024: A$72,049,894).
Share based payments
The consolidated entity measures the cost of equity-settled transactions by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined
by using either the Binomial or Black-Scholes model taking into account the terms and conditions
upon which the instruments were granted. The accounting estimates and assumptions relating to
equity-settled share-based payments would have no impact on the carrying amounts of assets
and liabilities within the next annual reporting period but may impact profit or loss and equity.
NOTE 5: SEGMENT INFORMATION
Management has determined that the Group has one reportable segment, being mineral
exploration. As the Group is focused on mineral exploration, the Board monitors the Group based
on actual versus budgeted revenues and expenditure incurred by area of interest. This internal
reporting framework is the most relevant to assist the Board with making decisions regarding the
Company and its ongoing exploration activities, while also taking into consideration the results of
exploration work that has been performed to date.
NOTE 6: OTHER INCOME
2025
2024
A$
A$
From continuing operations
Other income
Proceeds from termination of Farm-in Agreements
778,875
-
Management fee
4,018
216,166
Interest income
1,026,497
277,992
Government rebates
96,603
103,706
1,905,993
597,864
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 66
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
2025
2024
A$
A$
Administration expenses
1,625,654
944,341
Employee benefit expenses
1,680,258
1,418,249
Share based payments (i)
1,409,750
585,600
4,715,662
2,948,190
Notes:
(i)
Refer to Note 20 for further details.
NOTE 8: LOSS ON DISPOSAL OF JOINT VENTURE INTEREST
During the period, the Company sold its 32% non-controlling interest in the Citadel Joint Venture
Project to joint venture partner Rio Tinto Exploration Pty Ltd for consideration of A$17 million
cash.
The initial cash consideration received, less the carrying value of the asset of $19,159,709 (refer
note 12) and legal and advisory costs associated with the sale, resulted in a net loss on disposal
of the JV interest of $2,433,405 which has been accounted for within the Statement of Profit or
Loss and Other Comprehensive Income.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 67
NOTE 9: INCOME TAX
2025
2024
A$
A$
Current tax
-
-
-
-
(b) 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
(5,343,349)
(2,443,268)
Tax at the Australian statutory income tax rate of 25%
(2024: 25%)
(1,335,837)
(610,817)
2025
2024
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
352,438
1,693
-
(25,507)
-
-
1,007,213
146,400
433
-
(25,530)
-
-
489,514
-
-
(c) Deferred tax asset and (liabilities) are
attributable to the following:
Trade and other receivables
(87)
1,150
Prepayments
(38,233)
(10,519)
Property, plant and equipment
(16,571)
(14,511)
ROI asset – lease
111,379
92,816
Deferred exploration expenditure
(16,413,107)
(18,091,997)
Capital raising costs
(1,121,242)
(898,441)
Trade and other payables
6,565
1,457
Interest bearing loans and borrowings
-
(1,330,663)
Provisions
151,980
146,922
Lease liability
57,221
54,079
Tax losses recognised to the extent of deferred tax
liabilities
17,262,095
20,049,707
-
-
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 68
The balance of potential deferred tax assets attributable to tax losses carried forward of
A$4,820,935 (2024: loss A$769,311) and other timing differences of nil (2024: nil) in respect of
Antipa Minerals Limited and its controlled entities in the tax consolidated group have not been
brought to account because the Directors do not believe it is appropriate to regard realisation of
future tax benefits as probable.
Antipa Minerals Limited and its controlled entities in the tax consolidated group have not been
brought to account because the Directors do not believe it is appropriate to regard realisation of
future tax benefits as probable.
Antipa Minerals Limited and its wholly owned Australian controlled entities have implemented the
tax consolidation legislation.
The head entity, Antipa Minerals Limited, and its controlled entities in the tax consolidated group
account for their own current and deferred tax amounts. The entities have also entered into a tax
funding agreement under which the wholly owned entities fully compensate Antipa Minerals
Limited for any current tax payable assumed and are compensated by Antipa Minerals Ltd for any
current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits
that are transferred to Antipa Minerals Limited under the tax consolidation legislation.
NOTE 10: CURRENT ASSETS CASH AND CASH EQUIVALENTS
2025
2024
A$
A$
Cash at bank and in hand
36,482,365
7,670,949
Restricted cash
-
339,172
Restricted cash
-
47
Restricted cash
-
27,149
36,482,365
8,037,317
(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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 69
NOTE 11: NON-CURRENT ASSETS PROPERTY PLANT & EQUIPMENT
2025
2024
A$
A$
Plant and Equipment – at cost
Cost
492,698
461,370
Accumulated depreciation
(350,310)
(324,287)
Net carrying amount
142,388
137,083
Reconciliation
Carrying amount at beginning of year
137,083
145,705
Additions
31,327
10,068
Depreciation charge for the year
(26,022)
(18,690)
Net carrying amount at end of year
142,388
137,083
NOTE 12: DEFERRED EXPLORATION & EVALUATION
EXPENDITURE
2025
2024
A$
A$
Deferred Exploration and Evaluation Expenditure Reconciliation
Opening balance
72,049,894 64,474,926
Additions
13,076,070
8,013,867
Disposal of interest in the Citadel JV
(19,159,709)
-
Exploration Incentive Scheme grants
(192,929)
(438,899)
Closing balance
65,773,326 72,049,894
Notes:
(i)
The majority of exploration and evaluation expenditure capitalised during the year ended 30 June 2025 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 13: RIGHT-OF USE LEASE ASSETS
2025
2024
A$
A$
Premises – at cost
Cost
612,585
612,585
Accumulated depreciation
(445,517)
(371,264)
Net carrying amount
167,068
241,321
Reconciliation
Carrying amount at beginning of year
241,321
315,573
Depreciation charge for the year
(74,253)
(74,252)
Net carrying amount at end of year
167,068
241,321
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 70
NOTE 14: LEASE LIABILITIES
30 June 2025
30 June 2024
Premises
Total
Premises
Total
A$
A$
A$
A$
Current liabilities
56,954
56,954
56,954
56,954
Non-current liabilities
195,431
195,431
284,890
284,890
Fair value as at 30 June
252,385
252,385
341,844
341,844
Reconciliation
Opening balance
341,844
341,844
419,254
419,254
Additions
-
-
-
-
Finance expenses
(89,459)
(89,459)
(77,410)
(77,410)
Closing balance
252,385
252,385
341,844
341,844
NOTE 15: CURRENT LIABILITIES
2025
2024
A$
A$
Trade and other payables
Trade payables
3,998,361
1,000,877
Other payables
579,108
103,155
4,577,469
1,104,032
The average credit period on purchases is 30 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 16: PROVISIONS
2025
2024
A$
A$
Provisions
Annual leave provision
290,069
355,369
Long service leave provision
317,852
232,320
607,921
587,689
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 71
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.
NOTE 17: UNEXPENDED JOINT VENTURE CONTRIBUTIONS
2025
2024
A$
A$
Newmont Farm-In (i)
Opening balance 1 July
1,174
2,027
Other
(1,174)
-
Expenditure
-
(853)
Closing balance
-
1,174
Rio Tinto Joint Venture (ii)
Opening balance 1 July
327,440
178,922
Returned contributions to Rio Tinto Exploration Pty Ltd
(272,012)
1,676,648
Expenditure
(55,428)
(1,528,130)
Closing balance
-
327,440
IGO Farm-In (iii)
Opening balance 1 July
32,074
81,326
Returned contributions IGO
(32,074)
-
Expenditure
-
(49,252)
Closing balance
-
32,074
Total Unexpended Joint Venture Contributions
-
360,688
Notes:
(i)
On 4 March 2025, Newmont elected to withdraw from the Wilki Project Farm-in Agreement. As a result of
Newmont’s withdrawal, Antipa retained 100% ownership and resumed management of the Wilki Project
effective 3 March 2025.
(ii)
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. On 25 October 2024, the Company announced the successful completion of the transaction with the
receipt of A$17 million cash, significantly increasing Antipa’s cash reserves. Following completion of the
transaction, the Citadel JV was terminated, with all parties released from any further obligations and liabilities
under the joint venture agreement.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 72
(iii) On 9 April 2025, IGO elected to withdraw from the Paterson Project Farm-in Agreement. As a result of IGO’s
withdrawal, Antipa retained 100% ownership and resumed management of the Paterson Project effective 30
April 2025.
Accounting policy – Joint Venture Contributions
Cash received from farm-In agreements are received in advance. Upon receipt of the funds a liability is
recognised for unexpended exploration contributions. As expenditure is incurred, the liability is
decreased. The cash received in advance is held by the Company in the capacity as operator and is
classified as restricted cash.
NOTE 18: CONTRIBUTED EQUITY
2025
2024
Number
A$
Number
A$
(a) Share capital
Fully paid ordinary shares (i)
579,542,891
120,112,823
471,003,972
96,579,914
Notes:
(i)
All securities are presented on a post-consolidation basis.
(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 – 2025
Description
Date
Number of Shares
Issue
Price A$
Value
A$
Opening balance
1 July 2024
471,003,972
96,579,914
Share placement (ii)(iii)
16 Aug 2024
5,865,000
0.1000
586,500
Shares issued in lieu of
payment (iv)
24 Oct 2024
295,858
0.338
100,000
Shares issued in lieu of
payment (v)
28 Nov 2024
1,245,529
0.214
266,575
Shares issued in lieu of
payment (vi)
9 Dec 2024
488,601
0.254
124,105
Share placement (vii)
27 Dec 2024
64,000,000
0.250
16,000,000
Shares issued in lieu of
payment (viii)
22 May 2025
206,492
0.500
103,205
Shares issued in lieu of
payment (ix)
30 May 2025
18,627
0.476
8,861
Shares issued in lieu of
payment (x)
12 Jun 2025
323,616
0.605
195,658
Exercise of options (xi)
36,095,196
0.200
7,217,139
Less transaction costs
(1,069,134)
Closing balance
30 June 2025
579,542,891
120,112,823
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 73
Notes:
(i)
All securities and related notes are presented on a post-consolidation basis;
(ii) Share Issue – Newmont Placement:
On 16 August 2024, Newmont maintained its 8.6% interest in Antipa by subscribing for A$541,500 in fully paid,
ordinary shares on the same terms as the share placement announced on 20 June 2024.
(iii) Share Issue – Directors Placement:
On 16 August 2024, an aggregate of 450,000 fully paid, ordinary shares were issued to Directors Mark Rodda,
Roger Mason and Stephen Power on the same terms as the share placement announced on 20 June 2024.
(iv) Share Issue – Advisor:
On 24 October 2024, the Company issued 295,858 ordinary shares to an advisor at A$0.338 per share
(v) Share Issue – Drill for Equity:
On 28 November 2024, the Company issued 1,245,529 ordinary shares to a drilling contractor at A$0.214 per
share pursuant to the terms of a drill-for-equity agreement announced on 20 June 2024.
(vi) Share Issue – Drill for Equity:
On 9 December 2024, the Company issued 488,601 ordinary shares to a drilling contractor at A$0.254 per
share pursuant to the terms of a drill-for-equity agreement announced on 20 June 2024.
(vii) Share Issue – Institutional Placement:
On 27 December 2024, the Company completed a share placement to institutional and sophisticated investors
to raise A$16 million through the issue of 64 million fully paid ordinary shares at A$0.25 per share.
(viii) Share Issue – Drill for Equity:
On 22 May 2025, the Company issued 206,492 ordinary shares to a drilling contractor at A$0.4998 per share
pursuant to the terms of a drill-for-equity agreement announced on 20 June 2024.
(ix) Share Issue – Advisor:
On 30 May 2025, the Company issued 18,627 ordinary shares to an advisor at A$0.4757 per share.
(x) Share Issue – Drill for Equity:
On 12 June 2025, the Company issued 323,616 ordinary shares to a drilling contractor at A$0.605 per share
pursuant to the terms of a drill-for-equity agreement announced on 20 June 2024.
(xi) Exercise of A$0.20 Options:
Between 1 October 2024 and 30 June 2025, 36,095,196 unlisted options were exercised at an average exercise
price of A$0.20 per option. As a result, 36,095,196 fully paid, ordinary shares were issued and a total of
A$7,217,139 raised.
The Group has entered into arrangements to settle certain services received through the issue of ordinary shares.
The fair value of the services received has been measured directly, as it is reliably determinable. The number of
shares to be issued in consideration for these services has been calculated by reference to the value of the services
provided, divided by the market value of the Company’s shares at the date of the agreement.
Movements in ordinary share capital – 2024
Description
Date
Number of
Shares(i)
Issue
Price A$(i)
Value
A$
Opening balance
1 July 2023
359,705,148
84,628,323
Share Placement (ii)
5 Sep 2023
38,461,540
A$0.130
5,000,000
Share Placement (iii)
6 Oct 2023
5,173,229
A$0.130
672,520
Share Placement (iv)
26 Oct 2023
10,140,874
A$0.130
1,318,314
Shares issued in lieu of payment (v)
17 May 2024
474,152
A$0.121
57,372
Share Placement (vi)
28 Jun 2024
57,050,000
A$0.100
5,705,000
Less transaction costs
(801,615)
Closing balance
30 June 2024
471,004,943
96,579,914
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 74
Notes:
(i)
On 21 February 2025, at the Company’s General Meeting, shareholders approved the consolidation of the
Company’s issued capital on the basis that every ten (10) shares be consolidated into one (1) share and every
ten (10) options be consolidated into one (1) option. The table above and the notes below relating to 2024,
reflects the issued and fully paid shares on a post-consolidation basis.
(ii) 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 38.5 million fully paid ordinary shares
at A$0.13 per share.
(iii) 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. Approximately 5.2
million fully paid ordinary shares were issued at A$0.13 per share.
(iv) 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 10.1 million fully paid ordinary shares at A$0. 13 pe share.
(v) Share Issue – Advisor:
On 17 May 2024, the Company issued 474,152 ordinary shares to an advisor, in lieu of payment, at A$0.121
per share.
(vi) 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 57.05 million fully paid ordinary shares
at A$0.10 per share.
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of
new shares or options are shown in equity as a deduction from the proceeds.
NOTE 19: RESERVES AND ACCUMULATED LOSSES
2025
2024
A$
A$
(a) Share based payment and option reserve
Opening balance
11,165,006
10,579,406
Movement for the year
1,409,750
585,600
Balance at 30 June
12,574,756
11,165,006
(b) Accumulated losses
Opening balance
(29,091,019)
(26,647,751)
Net loss for the year
(5,343,349)
(2,443,268)
Balance at 30 June
(34,434,368)
(29,091,019)
(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.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 75
NOTE 20: OPTIONS
As at 30 June 2025, the Group has the following options on issue:
2025 Number
Exercise Price
Grant
Expiry
2,600,000
A$0.740
27 Sep 2021
31 Aug 2025
4,900,000
A$0.950
19 Nov 2021
18 Nov 2025
2,540,000
A$0.650
23 May 2022
30 Apr 2026
4,800,000
A$0.360
11 Nov 2022
10 Nov 2026
100,000
A$0.350
21 Nov 2022
31 Oct 2026
1,980,000
A$0.195
3 Jul 2023
30 Jun 2027
100,000
A$0.265
4 Aug 2023
31 Jul 2027
11,974,894
A$0.200
6 Oct 2023
23 Oct 2025
300,000
A$0.190
27 Oct 2023
30 Sep 2027
4,800,000
A$0.230
17 Nov 2023
16 Nov 2027
200,000
A$0.200
19 Mar 2024
28 Feb 2028
10,655,052
A$0.200
16 Aug 2024
16 Aug 2026
3,725,000
A$0.510
24 Oct 2024
30 Sep 2028
4,650,000
A$0.350
26 Nov 2024
25 Nov 2028
1,000,000
A$0.740
17 Apr 2025
31 Mar 2029
54,324,946
Options carry no dividend or voting rights. Upon exercise, each option is convertible into one
ordinary share to rank pari passu in all respects with the Group’s existing fully paid ordinary
shares.
Movements in the number of options on issue during the year are as follows:
Description
2025
Number
Weighted
Average
Exercise
Price A$
2024
Number
Weighted
Average
Exercise
Price A$
Options
Opening balance
56,587,811
0.391
50,231,622
0.511
Issued during the year (ii)(iii)(iv)(v)
40,832,501
0.374
34,997,811
0.202
Cancelled during the year
-
-
(1,100,000)
0.551
Exercised during the year(vi)
(36,095,196)
0.200
-
-
Expired during the year
(7,000,000)
0.730
(27,541,622)
0.363
Other
(170)
0.200
-
-
Closing balance at 30 June
54,324,946
0.376
56,587,811
0.391
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 76
Notes:
(i) On 21 February 2025, at the Company’s General Meeting, shareholders approved the consolidation of the
Company’s issued capital on the basis that every ten (10) shares be consolidated into one (1) share and every
ten (10) options be consolidated into one (1) option. The table above relating to 2024, reflects the issued and
fully paid shares on a post-consolidation basis.
(ii) On 16 August 2024, the Company issued one free attaching unlisted 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$0.20 and expire on
16 August 2026. A total of 31.5 million free attaching options were issued.
(iii) On 24 October 2024, 3.725 million options were issued to employees and consultants pursuant to the
Employee Incentive Option Plan. These options were valued using a Black-Scholes model. The options had a
total fair value of A$558,750 and were fully expensed in the year.
(iv) On 26 November 2024, 4.65 million options were issued to Directors pursuant to shareholder approval
obtained at the Company’s Annual General Meeting. These options were valued using a Black-Scholes model.
The options had a total fair value of A$558,000 and were fully expensed during the year.
(v) On 17 April 2025, 1 million options were issued to employees pursuant to the Employee Incentive Option Plan.
These options were valued using a Black-Scholes model. The options had a total fair value of A$293,000 and
were fully expensed in the year.
(vi) Exercise of A$0.20 Options:
Between 1 October 2024 and 30 June 2025, 36,095,196 unlisted options were exercised at an average exercise
price of A$0.20 per option. As a result, 36,095,196 fully paid, ordinary shares were issued and a total of
A$7,217,139 raised.
Options Issued to
Employees and
Consultants on
24 Oct 2025
Options Issued to
Directors on
26 Nov 2025
Options Issued to
Employees on
17 Apr 2025
Number of options
3,725,000
4,650,000
1,000,000
Grant date
24 Oct 2024
26 Nov 2024
17 Apr 2025
Grant date share price
A$0.310
A$0.230
A$0.545
Exercise price
A$0.510
A$0.350
A$0.740
Expected volatility
80%
80%
80%
Option life
4 years
4 years
4 years
Dividend yield
-
-
-
Interest rate
4.03%
4.07%
3.58%
Vesting
Immediately
Immediately
Immediately
Fair Value per option
A$0.150
A$0.120
A$0.293
2025
2024
A$
A$
Share based payments
Options issued to Directors and Employees
1,409,750
585,600
1,409,750
585,600
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 77
NOTE 21: REMUNERATION OF AUDITORS
2025
2024
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
55,665
47,602
Other services - BDO
Corporate services – share-based payment valuation services
-
5,400
Total remuneration for audit and other assurance services
55,665
53,002
NOTE 22: RECONCILIATION OF LOSS AFTER INCOME TAX TO
NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2025
2024
A$
A$
Loss for the year
(5,343,349)
(2,443,268)
Adjustment for:
Share based payments
1,409,750
585,600
Depreciation
100,275
92,942
Loss on sale of JV interest
2,433,405
-
Other income and expenses recognised in net loss relating to
investing activities
(729,484)
-
Other non-cash items
8,861
-
Increase/(decrease) in current liabilities
60,400
(79,770)
Decrease in trade and other receivables
37,711
2,709
Net cash (outflow) from operating activities
(2,022,431)
(1,841,787)
Non-cash Financing and Investment Activities
(i) 30 June 2025
During the year ended 30 June 2025, the Group issued 2,578,723 shares as consideration for
drilling and professional services.
(ii) 30 June 2024
During the year ended 30 June 2024, the Group issued 474,152 shares as consideration for
professional services.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 78
NOTE 23: LOSS PER SHARE
2025
2024
A$(cents)
A$(cents)
Basic / diluted loss per share
Loss attributable to the ordinary equity holders of
the Company
(1.02)
(0.61)
A$
A$
Loss used in calculation of basic / diluted loss per
share
(5,343,349)
(2,443,268)
Weighted average number of ordinary shares
used as the denominator in calculating basic /
diluted loss per share
522,781,364
402,154,124
NOTE 24: EVENTS SUBSEQUENT TO REPORTING PERIOD
Other than as disclosed below, there were no significant events occurring after balance date
requiring disclosure.
•
Between 1 July 2025 and the date of this report, 3,280,652 unlisted options were exercised
at a weighted average exercise price of A$0.20 per share. As a result, 3,280,652 fully paid
ordinary shares were issued and a total of A$656,130 raised.
•
On 7 July 2025, the Company announced a share placement to raise A$40 million (before
costs) enabling the Company to expand and accelerate its resource growth and discovery
programme alongside advanced project development activities at its 100%-owned Minyari
Gold-Copper Project.
•
On 14 July 2025, the Company issued 4.4 million Employee Incentive Options, at an
exercise price of $0.86 per option, expiring on 30 June 2029.
•
On 13 August 2025, the Company announced the appointment of Mr Neil Warburton as a
Non-Executive Director. Mr Warburton is a widely respected mining executive with over 45
years’ experience and his appointment adds considerable depth to the Antipa Board, as it
advances its flagship, 100% owned, stand-alone Minyari Dome Development Project
towards future production. The Company issued Mr Warburton or his nominee with
600,000 options at an exercise price of A$0.83 per option, expiring on 12 August 2029.
•
On 14 August 2025, the Company issued 750,000 Employee Incentive Options, at an
exercise price of $0.84 per option, expiring on 31 July 2029.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 79
NOTE 25: COMMITMENTS AND CONTINGENCIES
2025
2024
A$
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 are not provided for in the financial statements and
are:
Not later than one year
5,299,837
1,587,105
After one year but less than two years
3,196,477
1,601,924
After two years up to five years
3,703,260
2,652,899
12,199,574
5,841,928
Other than those disclosed above, the Group has no commitments at reporting date.
NOTE 26: RELATED PARTY TRANSACTIONS
2025
2024
A$
A$
Short term employee benefits
1,488,121
1,302,575
Post-employment benefits
(57,391)
45,533
Share based payments
693,000
438,000
2,123,730
1,786,108
There have been the following transactions with related parties
during the year ended 30 June 2025 and the prior period
Payments to director-related parties:
Strategic Metallurgy Pty Ltd (i)
196,946
7,093
Total payments to director-rated parties
196,946
7,093
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 and PFS for the Minyari
Dome Project and were provided on an arm’s length basis. At year-end there was A$99,184 included in trade
payables (2024 A$0).
There were no other related party transactions during the period, other than those to KMP’s as
part of remuneration.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 80
NOTE 27: SUBSIDIARIES
Name of entity
Country of
incorporation
Class of Shares
Equity Holding
Antipa Resources Pty Ltd
Australia
Ordinary
100%
Kitchener Resources Pty Ltd
Australia
Ordinary
100%
MK Minerals Pty Ltd
Australia
Ordinary
100%
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 2025 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 2025
ANNUAL REPORT | 81
NOTE 28: PARENT ENTITY DISCLOSURES
2025
2024
A$
A$
Financial position
Assets
Current assets
100,372,265
79,303,988
Non-current assets
860,204
880,250
Total assets
101,232,469
80,184,238
Liabilities
Current liabilities
(1,014,318)
(1,131,382)
Non-current liabilities
(252,385)
(341,844)
Total liabilities
(1,266,703)
(1,473,226)
Net assets
99,965,766
78,711,012
Equity
Issued capital
120,112,822
96,579,914
Accumulated losses
(32,721,811)
(29,033,908)
Reserves:
Share based payments
12,574,755
11,165,006
Total equity
99,965,766
78,711,012
Financial performance
Loss for the year
(3,687,904)
(2,426,156)
Total comprehensive loss
(3,687,904)
(2,426,156)
Parent Entity Commitments & Contingencies
The parent entity had no contingent assets or liabilities at reporting date.
Notes To The Consolidated
Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT | 82
NOTE 29: 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 2024.
New and amended standards not yet adopted by the Group
The Company has adopted all of the new, revised or amending Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory
for the current reporting period. There has been no material impact on the financial statements
by their adoption.
(b) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST),
except:
(1)
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 2025
ANNUAL REPORT | 83
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
Foreign
jurisdiction(s) in
which the entity
is a resident for
tax purposes
(according to the
law of foreign
jurisdiction)
Antipa
Minerals Ltd
Body
Corporate
-
N/A
Australia
Australian
N/A
Antipa
Resources
Pty Ltd
Body
Corporate
-
100
Australia
Australian
N/A
Kitchener
Resources
Pty Ltd
Body
Corporate
-
100
Australia
Australian
N/A
MK
Minerals Pty
Ltd
Body
Corporate
-
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.
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(3B)(a) of the Corporation Acts 2001 defines Australian resident 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. Section 295 (3A)(a)(vii) requires the determination
of tax residency in a foreign jurisdiction to be based on the law of the foreign jurisdiction relating
to foreign income tax.
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 2025
ANNUAL REPORT | 84
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.
Mark Rodda
Executive Chair
Perth, Western Australia
25 September 2025
Corporate Governance Statement
ANNUAL REPORT | 85
CORPORATE GOVERNANCE STATEMENT
FOR THE FINANCIAL YEAR ENDING 30 JUNE 2025
This Corporate Governance Statement is current as at 25 September 2025 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 2025, 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 | 86
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 2025 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.
Corporate Governance Statement
ANNUAL REPORT | 87
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Recommendation 1.4
The Company Secretary of a listed entity should be
accountable directly to the Board, through the
Chair, on all matters to do with the proper
functioning of the Board.
YES
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.
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
Corporate Governance Statement
ANNUAL REPORT | 88
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.
(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:
(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 five female employees (24% of the total
number of Directors and employees). In addition, there are
approximately seven female contractors currently based at
the Minyari Dome Project.
Corporate Governance Statement
ANNUAL REPORT | 89
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 | 90
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
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 | 91
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
(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.
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.
Corporate Governance Statement
ANNUAL REPORT | 92
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
Accounting and finance: The ability to read and comprehend the Company’s
accounts, financial material presented to the Board, financial reporting
requirements and an understanding of corporate finance.
Legal: Overseeing compliance with numerous laws, ensuring appropriate legal
and regulatory compliance frameworks and systems are in place and
understanding an individual Director’s legal duties and responsibilities.
Risk management: Identify and monitor risks to which the Company is or has the
potential to be exposed to.
Experience with financial markets: Experience in working in or raising funds
from the equity, debt or capital markets.
Investor relations: Experience in identifying and establishing relationships with
Shareholders, potential investors, institutions and equity analysts.
The Board Charter requires the disclosure of each Board member’s qualifications
and expertise. Full details as to each Director and senior executive’s relevant skills
and experience are available in the Company’s Annual Report.
Recommendation 2.3
A listed entity should disclose:
(a)
the names of the Directors considered by
the Board to be independent Directors;
YES
(a)
The Board Charter requires the disclosure of the names of Directors
considered by the Board to be independent. Messrs Peter Buck, Gary
Johnson, Stephen Power and Neil Warburton (appointed 13 August 2025)
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.
(c)
Messrs Power, Mason, Rodda, and Buck have been Directors since 1
November 2010. Mr Johnson has been a Director since 23 November 2010,
and Mr Warburton has been a Director since 13 August 2025.
Corporate Governance Statement
ANNUAL REPORT | 93
RECOMMENDATIONS (4TH EDITION)
COMPLY
EXPLANATION
(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
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 an independent majority of the Board for most of the past financial
year, from 16 September 2024 – 30 June 2025.
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 3 October 2024, Mr Rodda was appointed the Executive Chair of the
Company and was therefore not be eligible to be classified as an independent
director until. Notwithstanding this the Directors believe that Mr Rodda is able to,
and does make, quality and independent judgements in the best interests of the
Company on all relevant issues before the Board. Mr Roger Mason is Managing
Director and CEO 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 | 94
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
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 | 95
(b)
ensure that the Board or a committee of
the Board is informed of any material
breaches of that code.
Recommendation 3.3
A listed entity should:
(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
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.
Corporate Governance Statement
ANNUAL REPORT | 96
(ii)
is chaired by an independent
Director, who is not the Chair of
the Board,
and disclose:
(iii)
the charter of the committee;
(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 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.
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
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
ANNUAL REPORT | 97
The Board of a listed entity should, before it
approves the entity’s financial statements for a
financial period, receive from its CEO and CFO a
declaration that the financial records of the entity
have been properly maintained and that the
financial statements comply with the appropriate
accounting standards and give a true and fair view
of the financial position and performance of the
entity and that the opinion has been formed on the
basis of a sound system of risk management and
internal control which is operating effectively.
Recommendation 4.3
A listed entity should disclose its process to verify
the integrity of any periodic corporate report it
releases to the market that is not audited or
reviewed by an external auditor.
YES
The Company has included in each of its (to the extent that the information
contained in the following is not audited or reviewed by an external auditor):
(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
YES
(a)
The Company’s Corporate Governance Plan details the Company’s
Continuous Disclosure policy.
Corporate Governance Statement
ANNUAL REPORT | 98
A listed entity should have and disclose a written
policy for complying with its continuous disclosure
obligations under listing rule 3.1.
(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 Chair 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.
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.
Corporate Governance Statement
ANNUAL REPORT | 99
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.
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 Chair 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.
Corporate Governance Statement
ANNUAL REPORT | 100
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.
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
ANNUAL REPORT | 101
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
ANNUAL REPORT | 102
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 | 103
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
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 | 104
(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 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 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.
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, Buck and Warburton are paid a fixed annual fee for their
service to the Company as Non-Executive Directors.
Corporate Governance Statement
ANNUAL REPORT | 105
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.
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.
Corporate Governance Statement
ANNUAL REPORT | 106
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 | 107
The Shareholder information set out below was applicable as at 12 September 2025:
1. Twenty Largest Shareholders
Ordinary Shares
Number of
Shares
Percentage
%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
101,315,087
15.60
CITICORP NOMINEES PTY LIMITED
51,166,858
7.88
GREATLAND HOLDINGS GROUP PTY LTD
41,026,478
6.32
LION SELECTION GROUP LIMITED
24,000,000
3.70
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
23,145,801
3.57
BNP PARIBAS NOMINEES PTY LTD
17,070,339
2.63
ZERO NOMINEES PTY LTD
11,890,900
1.83
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LTD
8,557,471
1.32
FREYCO PTY LTD
6,588,115
1.02
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
5,750,000
0.89
WARBONT NOMINEES PTY LTD
4,168,341
0.64
ROSANE PTY LTD
4,000,000
0.62
UBS NOMINEES PTY LTD
3,910,000
0.60
BNP PARIBAS NOMS PTY LTD
3,799,523
0.59
BNP PARIBAS NOMINEES PTY LTD
3,546,244
0.55
LATSOD PTY LTD
3,500,000
0.54
MR ANDREW JAMES COUPER + MRS WENDY MARIE COUPER
3,400,000
0.52
J B WILLIAMS PTY LTD
3,073,721
0.47
MR MICHAEL ALLAN FABBRO
3,055,645
0.47
HASTA MANANA PTY LTD
3,053,126
0.47
Total Top 20
326,017,649
50.21
Other
323,264,227
49.79
Total ordinary shares on issue
649,281,876
100.00
Additional ASX Information
ANNUAL REPORT | 108
2.
Substantial Shareholders
Substantial shareholders at the date of this Report are:
Shareholder Name
Number of
Shares
Percentage
%
Copia Investment Partners Ltd (via Chester Asset Management)
47,000,000
7.26
Greatland Holdings Group Pty Ltd
41,026,478
6.34
Jupiter Asset Management Ltd
31,248,260
5.39
3.
Voluntary Escrow
Shareholders with shares currently in voluntary escrow at the date of this Report are:
Shareholder Name
End of Escrow
Period
Number of
Shares
Percentage
%
Topdrill Holdings Pty Ltd
30 October 2025
206,492
0.03
Topdrill Holdings Pty Ltd
25 November 2025
323,616
0.05
4.
Voting Rights
See Note 20 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.
Option Holders (other than issued pursuant to an employee incentive scheme or to
Directors following shareholder approval), as at 12 September 2025
Unlisted Options
Number
of
Holders
Options issued on completion of the A$5 million August 2023 Placement and 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$0.20 (post-
consolidation basis), expiring 23 October 2025
247
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$0.20 (post-consolidation basis), expiring 16 August 2026
24
271
Additional ASX Information
ANNUAL REPORT | 109
7.
Distribution of Equity Securities, as at 12 September 2025
Number of shares being held less than a marketable parcel is 720.
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Ordinary
shares
at A$0.20
expiring
23 Oct 2025
at A$0.95
expiring
18 Nov 2025
at A$0.65
expiring
30 Apr 2026
at A$0.20
expiring
16 Aug 2026
At A$0.35
expiring
31 Oct 2026
At A$0.36
expiring
10 Nov 2026
At A$0.195
expiring
30 Jun 2027
1 - 1,000
616
143
-
-
-
-
-
-
1,001 - 5,000
2,379
61
-
-
-
-
-
-
5,001 - 10,000
1,146
12
-
-
-
-
-
-
10,001 - 100,000
2,520
23
1
-
13
1
-
2
Over 100,001
631
8
5
8
11
-
5
5
Total
7,292
247
6
8
24
1
5
7
Number
649,281,876
9,519,815
4,900,000
2,540,000
10,029,479
100,000
4,800,000
1,980,000
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
Unlisted
options
At A$0.265
expiring
31 Jul 2027
At A$0.19
expiring
30 Sep 2027
At A$0.23
expiring
16 Nov 2027
At A$0.51
expiring
30 Sep 2028
At A$0.35
expiring
25 Nov 2028
At A$0.74
expiring
31 Mar 2029
At A$0.86
expiring
30 Jun 2029
At A$0.84
expiring
31 Jul 2029
At A$0.83
expiring
12 Aug 2029
1 - 1,000
-
-
-
-
-
-
-
-
-
1,001 - 5,000
-
-
-
-
-
-
-
-
-
5,001 - 10,000
-
-
-
-
-
-
-
-
-
10,001
-
100,000
1
-
-
2
-
-
1
-
-
Over 100,001
-
1
5
9
5
4
14
1
1
Total
1
1
5
11
5
4
15
1
1
Number
100,000
300,000
4,800,000
3,725,000
4,650,000
1,000,000
4,400,000
750,000
600,000
Additional ASX Information
ANNUAL REPORT | 110
8.
Mineral Resources (JORC Code, 2012 Edition)
Table: Minyari Project May 2025 Mineral Resource Estimate
Minyari Dome2,3
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
481,000
2.4
37,000
0.55
8,000
0.21
1,000
0.03
130
Total Minyari
South
481,000
2.4
37,000
0.55
8,000
0.21
1,000
0.03
130
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
3,121,000
0.89
89,000
0.1
10,250
0.03
1,060
0.002
75
GEO-01
Inferred
3,419,000
0.9
99,000
0.14
15,600
0.07
2,370
0.003
220
Total GEO-01
6,540,000
0.89
188,000
0.12
25,850
0.05
3,430
0.00
3
220
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
32,370,000
1.6
1,670,000
0.51
533,000
0.20
64,000
0.03
10,000
Total Inferred
15,370,000
1.42
704,000
0.27
133,000
0.13
20,000
0.01
3,000
Total Minyari Dome
48,000,000
1.54
2,400,000
0.43
666,000
0.18
84,000
0.02
13,000
Satellite Deposits4,5
Chicken Ranch
Inferred
4,206,000
0.76
100,000
Tims Dome
Inferred
1,158,000
1.34
50,000
Total Satellite Deposits
5,360,000
0.87
150,000
Total Indicated
32,370,000
1.6
1,670,000
0.51
533,000
0.20
64,000
0.03
10,000
Total Inferred
20,700,000
1.28
854,000
0.27
133,000
0.13
20,000
0.02
3,000
GRAND TOTAL MINERAL
RESOURCE
INDICATED + INFERRED
53,000,000
1.48
2,520,000
0.43
666,000
0.18
84,000
0.02
13,000
Notes to Minyari Project MRE Table above:
1.
Discrepancies in totals may exist due to rounding.
2.
The Minyari Dome 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 Satellite Deposit Mineral Resource has been reported at a cut-off grade above 0.4 g/t g/t gold (Au).
5.
The 0.4 g/t Au cut-off assumes open pit mining.
6.
The Minyari Project and its Mineral Resource are 100% owned by Antipa Minerals.
Additional ASX Information
ANNUAL REPORT | 111
Mineral Resource Estimates – Comparison with Previous Year
Minyari Dome Project (JORC 2012) – May 2025 and September 2024
In May 2025, the Company announced the Minyari Project’s MRE (JORC 2012) contained gold
ounces had increased by ~9% to:
•
2.5 million ounces gold at 1.48 g/t, plus 84,000 tonnes of copper at 0.18%, 666,000 ounces
of silver at 0.43 g/t, and 13,000 tonnes of cobalt at 0.02%; and
•
3.0 million gold equivalent15 ounces at 1.94 g/t gold equivalent, contained within 53.0
million tonnes.
The May 2025 MRE was compiled by Antipa (including using key estimates provided by Snowden -
Optiro Pty Ltd during the preparation of the September 2024 MRE) 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 Project’s MRE at 24
September 2024 and 21 May 2025 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)
September 2024
Indicated and
Inferred
47.6
1.50
0.18
0.43
0.03
2,320,000
84,000
661,000
13,000
May 2025
Indicated and
Inferred
53.0
1.48
0.18
0.43
0.02
2,520,000
84,000
666,000
13,000
Notes:
1.
The Minyari Dome 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.
2.
The Tim's Dome and Chicken Ranch Mineral Resources have been reported at cut-off grades above 0.4 g/t gold.
3.
The 0.4 g/t Aueq and 0.4 g/t gold cut-off grades assume open pit mining.
4.
The 1.5 g/t Aueq cut-off grade assumes underground mining.
5.
Differences in totals may occur due to rounding.
6.
The Minyari, Minyari North and Sundown Mineral Resources are unchanged from the August 2024 MRE.
7.
The WACA and WACA West Mineral Resources are unchanged from the May 2022 MRE.
8.
The Mineral Resource is 100% owned by Antipa Minerals Ltd.
The May 2025 MRE was prepared and reported in accordance with the JORC Code (2012) guidelines
and recommendations. Significant changes from previous estimates include:
GEO-01: +20% gold ounces (151koz to 188koz)
Minyari South: +41% gold ounces (22koz to 37koz)
Tim’s Dome: +37% gold ounces (63koz to 100koz)
Chicken Ranch: +19% gold ounces (40koz to 50koz)
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.
15 Calculation of the gold equivalent (Aueq) is documented below.
Additional ASX Information
ANNUAL REPORT | 112
Mineral Resource Estimates – Additional Information
In the course of preparing the Company’s MREs, the company and/or its independent 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.
Refer to the Competent Persons Statements on the following page for further details.
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 estimation of 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 | 113
Competent Persons Statement – Mineral Resource Estimations for the Minyari Project Deposits: The
information in this document that relates to the estimation and reporting of the GEO-01 Main Zone, Fiama,
Minella, GEO-01 Central, Minyari South, Tim’s Dome and Chicken Ranch Mineral Resource is extracted from
the report entitled “Minyari Project Resource Grows by 100 Koz to 2.5 Moz of Gold” created on 21 May 2025
with Competent Person Victoria Lawns, 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 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 estimation and reporting of the Minyari, Minyari North,
Sundown, WACA and WACA West 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, Susan Havlin and Victoria Lawns, 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 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.
Scoping Study for Minyari Dome: The information in this document that relates to the Scoping Study for
Minyari Dome is extracted from the report entitled “Minyari Scoping Study Update Confirms Development
Potential” reported on 24 October 2024, which is available to view on www.antipaminerals.com.au and
www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement and that all material assumptions and
technical parameters underpinning the study in the relevant original market announcement continue to
apply and have not materially changed. The Company confirms that the form and context in which the
Competent Person’s findings are presented have not been materially modified from the original market
announcement.
Gold Metal Equivalent Information - Minyari Dome 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 /oz gold
– US$ 4.06 / lb copper
– US$ 24.50 /oz silver
– US$ 49,701 per tonne cobalt
•
An exchange rate (A$:US$) of 0.700 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)
Additional ASX Information
ANNUAL REPORT | 114
Tenement Listing
Tenement
Project
Status
Holder
Company
Interest
E 45/2519
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2524
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2525
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2526
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2527
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2528
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/2529
Antipa (100%)
Live
Kitchener Resources Pty Ltd
100%
E 45/3917
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/3918
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/3919
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/3925
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4459
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4460
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4514
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4518
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4565
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4567
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4614
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4618
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4652
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4784
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4812
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4839
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4840
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4867
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/4886
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5078
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5079
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5135
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5147
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5148
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5149
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
Additional ASX Information
ANNUAL REPORT | 115
E 45/5150
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5151
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5152
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5153
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5154
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5155
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5156
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5157
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5158
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5309
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5310
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5311
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5312
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5313
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5413
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5414
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5458
Antipa (100%)
Live
MK Minerals Pty Ltd
100%
E 45/5459
Antipa (100%)
Live
MK Minerals Pty Ltd
100%
E 45/5460
Antipa (100%)
Live
MK Minerals Pty Ltd
100%
E 45/5461
Antipa (100%)
Live
MK Minerals Pty Ltd
100%
E 45/5462
Antipa (100%)
Live
MK Minerals Pty Ltd
100%
E 45/5655
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5670
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5671
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5781
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/5782
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6553
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6554
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6555
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6558
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6561
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6675
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6684
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/6685
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/6686
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
Additional ASX Information
ANNUAL REPORT | 116
E 45/6687
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6688
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6689
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6737
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6738
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6739
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/6740
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/7001
Antipa (100%)
Live
Antipa Resources Pty Ltd
100%
E 45/7049
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7064
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7065
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7066
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7067
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7090
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7095
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7127
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7131
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
E 45/7170
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/851
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/852
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/853
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/854
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/855
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%
L 45/856
Antipa (100%)
Pending
Antipa Resources Pty Ltd
100%