Antipa Minerals secures $6.75m funding for Minyari Dome project

Antipa Minerals Ltd (ASX: $AZY) has received binding commitments for a placement to raise approximately $5.75 million through the issue of 575 million fully paid ordinary shares at $0.01 per share. The company will also issue one free-attaching unlisted option for every two new shares subscribed for and issued pursuant to the placement. Additionally, Antipa has entered into a drill-for-equity arrangement with Topdrill Pty Ltd, allowing the option to part-pay for future drilling services in fully paid ordinary shares up to $1.0 million.

Antipa's Managing Director, Roger Mason, on the funding

This Placement ensures the Company is in a strong financial position for the continued advancement of exploration and development activities at Minyari Dome. We are excited to have numerous upcoming catalysts, both on our known discoveries and our numerous exploration targets, which are all capable of delivering significant value accretion for our shareholders. I would like to thank existing shareholders who supported this capital raise, as well as welcome all new shareholders onboard, in particular the highly regarded mining investment company Lion Selection Group, for the next, exciting phase of our development.

Antipa Minerals' outlook and use of proceeds

The $6.75 million funding secured through the placement will be applied to the advancement of Minyari Dome, including resource growth and discovery-focused exploration and development appraisal activities. The Phase 2 Exploration Programme planned for H2 CY2024 aims to increase the overall size of the Minyari Dome Mineral Resource, which currently stands at 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver, and 11,100 tonnes of cobalt. Antipa also plans to update the August 2022 Minyari Dome Scoping Study, with potential commencement of a Pre-Feasibility Study subject to outcomes from the August 2024 Scoping Study and approval from the Board of Directors. The company has also entered into a drill-for-equity agreement with Topdrill, providing flexibility in payment for drilling services. Antipa's focus remains on identifying and unlocking the full potential of the highly prospective Paterson Province in Western Australia, aiming to capture significant value through proven value creation steps.