Antipa Minerals Ltd announces A$17 million cash sale of Citadel Joint Venture interest to Rio Tinto

Antipa Minerals Ltd (ASX:AZY) has reached a binding agreement to sell its approximately 32% non-controlling interest in the Citadel Joint Venture Project to joint venture partner Rio Tinto Exploration Pty Ltd for A$17 million cash. The sale is expected to bolster Antipa's cash reserves to approximately A$23 million, providing the company with the financial means to further explore and advance its 100%-owned Minyari Dome Gold-Copper Project.

Executive Commentary on the Transaction

We are very pleased to have signed a binding term sheet with long-standing Citadel joint venture partner, Rio Tinto. The sale of our minority, non-controlling, interest in the Citadel Project, which was a non-core asset for Antipa, liberates cash, providing an extremely solid financial foundation from which to accelerate the development of our flagship, wholly owned Minyari Dome Project. Rio Tinto was the natural buyer for Citadel, and the A$17 million all-cash consideration fully reflects current value of our interest in the asset, positioning us to focus on unlocking the full potential at Minyari Dome. Our team is busy finalising an update to the existing Minyari deposit Mineral Resource including simultaneously preparing a maiden Mineral Resource for GEO-01. Together, these deposits will form a basis for a revised Minyari Dome Scoping Study. We look forward to sharing the outcomes from these project advancement milestones in the coming weeks.

Summary of A$17 million cash sale of Citadel Joint Venture interest

Antipa Minerals Ltd has agreed to sell its 32% non-controlling interest in the Citadel Joint Venture Project to Rio Tinto for A$17 million cash, with completion expected by November 2024. The sale will significantly bolster Antipa's cash reserves to approximately A$23 million, enabling further exploration and advancement of its 100%-owned Minyari Dome Gold-Copper Project. The transaction allows Antipa to focus on funding its drilling programmes and development appraisal related workstreams at the Minyari Dome Project. The company is also set to deliver an update to the existing Minyari deposit Mineral Resource and prepare a maiden Mineral Resource for GEO-01, forming a basis for a revised Minyari Dome Scoping Study. Antipa's exploration and advancement programmes remain focused on identifying and unlocking the full potential of the highly prospective Paterson Province of Western Australia, offering significant opportunities for profitable mining operations.