Antipa Minerals Limited announced the key outcomes of the Scoping Study completed on its 100%owned Minyari Dome Gold Project located in Western Australia's Paterson Province. Minyari Dome is located within 35km of Newcrest Mining's Telfer goldcoppersilver mine and processing facility and 54km along strike from Greatland GoldNewcrest's Havieron goldcopper development project. The Scoping Study has confirmed the technical and financial robustness of a standalone gold mining and processing operation at Minyari Dome.

It presents the preliminary evaluation of such a development at Minyari Dome based on the May 2022 Mineral Resource estimate, which is expected to grow significantly via current and planned future drilling. The Scoping Study is based on the May 2022 Minyari Dome Mineral Resource Estimate (MRE) (JORC 2012) of 33.9 million tonnes at 1.60 g/t gold, 0.19% copper, 0.54 g/t silver and 0.03% cobalt for 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt. Antipa is assessing the potential to develop the Minyari Dome goldsilvercoppercobalt Project in the Paterson Province in northwest Western Australia.

The Project is located approximately 35 kilometres (km) from Newcrest Mining Ltd.'s Telfer goldcoppersilver mine and mineral processing facility, 450km east of the regional hub of Port Hedland and 1,700km northeast of Perth. The closest town is Marble Bar, approximately 280km west of the Project Area. Existing material infrastructure capable of servicing the Project includes: Twolane bitumen roads from Port Hedland to Telfer Access Road turnoff, via Marble Bar.

Twolane gravel roads including Telfer Mine Access Road and Punmu Community Road. Access to site is via well maintained local tracks. Telfer Mine Gas Pipeline (owned by Energy Infrastructure Investments and operated by APA Group).

Asian Renewable Energy Hub planned development (AREH up to 26GW of combined solar and wind power generating capacity). Port Hedland port, a bulk import and export facility. Port Hedland International Airport and Newcrest's Telfer Airport.

The Company engaged Snowden Optiro and Strategic Metallurgy to complete the Scoping Study for the Minyari Dome Project. The Study provides a preliminary technical and economic study of the potential viability of this Project based on low level technical and economic assessments (¦ 35% accuracy). The recommendations of the Scoping Study provide guidance for the ongoing appraisal of the development potential, including a PreFeasibility Study.

The Project's principal source of production is the Minyari deposit (96% of the ounces), which underpins the Project with minor production contributions from the WACA and Minyari South deposits (combined 4% of the ounces). The Study assessed two processing facility options each at throughput rates of 1Mtpa, 2Mtpa and 3Mtpa for goldsilver (gold) and goldsilvercoppercobalt (polymetallic) cases. Based on various constraints applied to the Study, including the May MRE, mining rates (open pit and underground) and metallurgical factors, a gold Project with a plant throughput rate of 3Mtpa was considered optimal at this point in time.

Whilst the PFS will focus on the gold case it may also undertake a more detailed evaluation of the polymetallic development opportunity. The production profile of the Project demonstrates annual production of up to 205,000 ounces of gold in Year 3, with average of 168,000 ounces of gold over the first five years of mining, and 122,000 ounces of gold per annum over the 7+ year evaluation period. Forecast LOM silver production is 350 koz, which is an annual average output of 44 koz.

Gold production over the evaluation period is sourced from Indicated and Inferred Mineral Resource tonnage (JORC 2012), with 74% Indicated Resource (26% Inferred) for the three years of production spanning the payback period of the project and 72% (28% Inferred) over the current 7+ year evaluation period. The Minyari deposit comprises 96% of the gold production over the 7+ year evaluation period. Refer to Table 2 and Figure 2 below for a summary of the process production.

The Company studied two industry standard processing facility options; a gravity and CarbonInLeach facility (CIL) for a goldsilver (gold) case producing dorT gold, and a flotation and gravity facility (Flotation) for the goldsilvercoppercobalt (polymetallic) case producing separate coppergold and cobalt concentrates plus some dorT gold. Each processing facility type was evaluated at throughput rates of 1Mtpa, 2Mtpa and 3Mtpa. The 3Mtpa CIL gold Project case was considered optimal at this point in time.Contractor mining will be undertaken from three open pits using standard truck and shovel mining methods with the Minyari deposit accounting for 90% of the open pit gold mining production.

The open pit lower economic cutoff grade was determined to be 0.30 g/t.Contractor mining will also be undertaken for the Minyari deposit underground using Modified SubLevel Caving MSLC) mining methods. The Minyari South open pit will also act as the boxcut for the Minyari deposit underground portal and decline. The Minyari underground lower economic cutoff grade was determined to be 1.50 g/t. Based on the conceptual underground mine design the decline is also an optimal drill platform for delineating and accessing underground resource growth and mining opportunities including the Minyari and WACA plunge targets, Minyari South and Sundown.

Consultants Snowden Optiro were engaged to independently estimate the open pit and underground mining costs based on a contractor mining strategy. The mining costs were estimated based on appropriate open pit and underground equipment sizing considered relevant to each deposit and the required mining rates. Haulage costs to the ROM and waste rock dump were included in the overall operating cost.