Antipa Minerals (ASX: AZY) – a Paterson focused explorer
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
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ABOUT COMPANY
Antipa Minerals (AZY) (https://antipaminerals.com.au/) explores gold and base metals. It holds over 5,200 km2 land parcels in Paterson province WA including its 100% owned Minyari Dome Project. The company has JV agreements with Rio, Newcrest, and IGO.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| AZY | 0.012 | 4134807912 | 49617694.944 | 6.3/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| n/a | 36.43% | 37.1% | 3.43% | last raise $5m@1.3c+2cOpt; pre raise $13m@2.7c+4cOpt |
NCM holds 241.5m shares, and IGO holds 118.9m shares in the company.
All directors receive generous wages.
FLAGSHIP ASSETS
Paterson Portfolio
Project Data
RIO’s Citadel project hosts 108Mt@0.72g/t for 2.44Moz gold.
Noting that, in 2020, RIO reported the maiden resources at Winu. The Inferred Mineral Resource, reported at a 0.2% copper equivalent cutoff, is 503Mt at 0.45% copper equivalent (CuEq). This includes a higher grade component of 188Mt at 0.68% CuEq at a cutoff grade of 0.45% CuEq.
Minyari Dome’s Scoping Study shows that the initial mine of 21.4Mt@1.6 g/t (1.1Moz gold) with 90% recovery to produce 975k oz over 5 years. CAPEX expects to be $275m with IRR of 29% at gold price of $2430. PFS is scheduled to complete in Q4CY23, but deferred again beyond 2024!
Below are the Minyari Dome project’s resources:
SUMMARY
The company’s recent Scope Study basically suggests that the project at the current status is not viable.