RIO TINTO – ANTIPA CITADEL JOINT VENTURE PROJECT, PATERSON PROVINCE

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Antipa Minerals Limited (ASX: AZY) (Antipa or the Company) informs of a decision taken by Antipa and Rio Tinto Exploration Pty Ltd (Rio Tinto) to reduce budgeted 2022 exploration spending at the Citadel Gold-Copper-Silver Project (35% Antipa, 65% Rio Tinto) joint venture in the Province of Paterson of Western Australia (JV Citadel Project).

The previously approved Citadel Project joint venture budget for 2022 was 10 million Australian dollars, including JV management fees. This has been funded so far this year via co-contributions from the partners, in line with the joint venture’s proportional shareholdings. Due to broader industry time pressures impacting targeted activity levels, the 2022 budget for the Citadel JV project has been reduced based on the lower than expected spend rate achieved to date.

The revised Citadel Project JV program and budget for 2022 are 8 million Australian dollarsincluding JV management fees, noting that this includes ~AU$1.5$2 million for a second (provisional) drilling program. In recognition of this adjustment, Antipa has elected to utilize the dilution provision in the Citadel Project Joint Venture Agreement for the 2022 exploration program. This will see a cash reimbursement of approximately 0.5 million Australian dollars be paid to Antipa by Rio Tinto within the next 10 working days (representing Antipa’s Citadel Project joint venture contribution for 2022 to date) and, furthermore, Antipa will not be required to make any further cash contributions for the Citadel 2022 Project Joint Venture Revised Budget. Following this election, Antipa’s interest in the Citadel project joint venture is expected to decrease to approximately 31.1-32.0% by the end of the 2022 exploration program expenditures (subject to final expenditure levels of 2022 and if the second drilling program is completed this year).

Managing Director and CEO of Antipa, Roger Masoncommented: “With the tremendous progress made in our flagship Minyari Dome Project during the first half of this year, we consider that our priority is to allocate more funds for its rapid advancement. The Minyari Dome scoping study remains on track for completion and publication in the current quarter. We remain very optimistic about the Tier 1 nature of the Citadel Project joint venture and the value of our stake in this asset. The decision to dilute slightly to Citadel is solely a function of the relative capital allocation preferences within the Antipa portfolio at the current time.

Revised Citadel CY 2022 Exploration Program

The revised version Citadel The 2022 exploration program, which will be operated by Rio Tinto, is now expected to include the following activities:

An initial 3,500 to 4,000 meter reverse circulation (RC) drilling program focused on the Rimfire zone, as well as some regional targets including the Transfer and Northern Lights targets, is scheduled to begin in August; A second contingent RC drill program of 3,500 to 4,500 meters in the Rimfire area, beginning in late October or November; Geophysical program including Induced Polarization (IP), possible Rimfire Electromagnetic (EM) ground geophysical and downhole surveys, which started in Q2 CY 2022; Ongoing processing and interpretation of IP and drilling data (including final data from the 2021 exploration program), as well as the Caliber deposit, Magnum Dome and preliminary modeling from Rimfire, to identify new other priority target areas; Possible update of the existing mineralization model of the Caliber 2021 +/- Mineral Resources deposit; Conclusion of Caliber metallurgical tests; Preliminary assessment underway of a potential Caliber deposit development opportunity; and

Rimfire water drilling, which was completed in Q2 CY 2022.

Contact:

Roger Mason

General director

Antipa Minerals Ltd.

T: +61 (0)8 9481 1103

Marc Rodda

Executive Director

T: +61 (0)8 9481 1103

Media

Michael Vaughan

Antipa Minerals Ltd.

Fivemark Partners

T: +61 (0)422 602 720

(C) 2022 electronic news edition, source ENP Newswire

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