2020 Annual Report September 30, 2020

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# 2020 Annual Report September 30, 2020

Source: https://antipaminerals.com.au/upload/documents/investors/asx-announcements/201130024930_200929-Antipa_2020-Annual-Report_Final_Fully-Signed1.pdf
Published: 2020-09-30T00:00:00+00:00
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## Content

# 2020 Annual Report September 30, 2020
ANTIPA MINERALS LTD
ACN 147 133 364
ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2020
Contents ANNUAL REPORT
Page
Corporate Directory 1
Directors’ Report 2
Remuneration Report 21
Auditor’s Independence Declaration 32
Independent Audit Report to Members 33
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income 37
Consolidated Statement of Financial Position 38
Consolidated Statement of Cash Flows 39
Consolidated Statement of Changes in Equity 40
Notes to the Consolidated Financial Statements 41
Directors’ Declaration 72
Corporate Governance Statement 73
Additional ASX Information 82
Corporate Directory ANNUAL REPORT
Directors Auditor
Mr Stephen Power BDO Audit (WA) Pty Ltd
Executive Chairman 38 Station Street
Subiaco WA 6008
Mr Roger Mason
Managing Director
Mr Mark Rodda Securities Exchange Listing
Non-executive Director Antipa Minerals Limited shares
are listed on the Australian Securities Exchange
Mr Peter Buck
Non-executive Director Shares: AZY
Mr Gary Johnson
Non-executive Director Website
www.antipaminerals.com.au
Chief Financial Officer/Company Secretary
Mr Luke Watson
Registered and Principal Office
Level 2
16 Ord Street
West Perth WA 6005
Tel: +61 8 9481 1103
Fax: +61 8 9481 0117
Share Register
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000
Telephone: +61 1300 787 272
Facsimile: +61 8 9323 2033
1
Directors’ Report
30 June 2020
ANNUAL REPORT
The Directors of Antipa Minerals Limited (Directors) present their report on the Consolidated Entity
consisting of Antipa Minerals Limited (Company or Antipa) and the entities it controlled at the end of,
or during, the year ended 30 June 2020 (Consolidated Entity or Group).
DIRECTORS
The following persons were directors of Antipa during the financial year or up to the date of this
report:
Mr Stephen Power Executive Chairman
Mr Roger Mason Managing Director
Mr Mark Rodda Non-executive Director
Mr Peter Buck Non-executive Director
Mr Gary Johnson Non-executive Director
CURRENT DIRECTORS
Mr Stephen Power – Executive Chairman
Qualifications – LLB
Stephen Power was previously a commercial lawyer with 30 years’ experience advising participants in
the energy and resources industry in Australia and overseas including England, Canada, Ghana,
Tanzania, Brazil and Peru. Stephen has extensive experience and understanding of the commercial
aspects of resource companies, including farm-in negotiations, joint ventures and mergers and
acquisitions. Stephen was formerly a non-executive director of Melbourne based Karoon Energy
Limited and has interests in a number of businesses in the resources and other industries. Stephen's
wide-ranging commercial and legal experience provides valuable commercial expertise to the
Company.
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last 3 years
None
Mr Roger Mason – Managing Director
Qualifications – BSc (Hons), MAusIMM
Roger Mason is a geologist with over 30 years’ resources industry experience involving exploration,
project, mining and business development roles covering a range of commodities including nickel,
base metals and gold to the level of executive management and company director. Roger graduated
from the University of Tasmania in 1986 with an honours degree in science and has been a Member
of the AusIMM since 1990.
2
Directors’ Report
30 June 2020
ANNUAL REPORT
Roger commenced his geology career with WMC Resources Ltd in 1987 before joining Forrestania Gold
NL, which was subsequently acquired by LionOre International Ltd. In 2006 Roger achieved the role of
General Manager Geology for LionOre Australia and then Norilsk Nickel Australia Pty Ltd following the
takeover of LionOre International. During 2009 and 2010 Roger consulted to Integra Mining Ltd on the
Randalls Gold Project Feasibility Study and associated Mineral Resource development and new
business opportunities. Roger has been the Managing Director and CEO of Antipa Minerals Ltd since
the company was listed on the ASX in April 2011.
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last 3 years
None
Mr Mark Rodda – Non-executive Director
Qualifications – BA, LLB
Mark Rodda is a corporate consultant with more than 20 years’ in private practice, in-house legal,
company secretary and corporate consultancy experience. Mark has considerable practical experience
in the management of mergers and acquisitions, divestments, joint ventures, corporate and project
financing transactions and corporate restructuring initiatives.
Mark currently manages Napier Capital, a business established in 2008 which provides clients with
specialist corporate services and assistance with transactional or strategic projects. Prior to its
takeover by Norilsk Nickel for +$6 billion, Mark held the position of General Counsel and Corporate
Secretary for LionOre Mining International Ltd, a company with nickel and gold operations in Australia
and Africa and listings on the Toronto Stock Exchange, London Stock Exchange and ASX.
Special responsibilities
Member of the Audit Committee
Member of the Remuneration and Nomination Committee
Member of Risk and Sustainability Committee
Other Current Directorships of listed public companies
Lepidico Ltd (formerly Platypus Minerals Ltd) – Non-executive Director (appointed 22 August 2016)
Former Directorships of listed public companies in the last 3 years
Coalspur Mines Pty Ltd (formerly Coalspur Mines Limited) – Non-executive Director
3
Directors’ Report
30 June 2020
ANNUAL REPORT
Mr Peter Buck – Non-executive Director
Qualifications – MSc, MAusIMM, Fellow AIG
Peter Buck is a geologist with more than 45 years of international mineral exploration and production
experience, principally in nickel, base metals and gold. During his career he has been associated with
the discovery and development of a number of mineral deposits in Australia and Brazil.
Peter worked with WMC for 23 years in a variety of senior exploration and production roles both in
Australia and Brazil before joining Forrestania Gold NL as Exploration Manager in 1994. Forrestania
Gold was subsequently acquired by LionOre International Ltd with whom he became the Director of
Exploration and Geology until mid-2006. Peter managed the highly successful exploration team that
delineated the Maggie Hays nickel deposit and discovered the Emily Ann, Waterloo and Amorac nickel
deposits and the two-million ounce Thunderbox gold deposit in Western Australia. All of these were
subsequently developed into mines. Peter played a key senior management role in progressing these
deposits through feasibility studies to production. Peter also played key senior advisory roles in
indigenous relations in Australia and in LionOre International’s African operations and new business
development. During this period Peter was also a Non-executive director with Gallery Resources
Limited and Breakaway Resources Limited (Breakaway).
In 2006, Peter played a key role in managing a divestment of a large portion of LionOre Australia’s
nickel exploration portfolio into Breakaway. Following this transaction, Peter became the Managing
Director of Breakaway and led the team that discovered extensions to a series of nickel and base
deposits in WA and Queensland. In 2009, Peter left Breakaway to pursue other professional and
personal interests.
From 2010 until early 2013 Peter chaired the Canadian company, PMI Gold (PMI, and played a key
role in co-listing the company on the ASX. The role entailed a revamping of the strategy of the
company to fast-track the advancement of the company’s Ghanaian gold assets and in particular the
preparation of the multi-million ounce Obotan gold deposit. Also, the role entailed overseeing PMI’s
transition to a merger of the company with a Canadian explorer, Keegan Resources, to form Asanko
Gold (subsequently rebranded, Galiano Gold Inc.). Since October 2014, Peter has served as a Non-
executive director of ASX listed, Independence Group NL.
Peter was on the council of The Association of Mining and Exploration Companies (AMEC) for 12 years
and served as its Vice President for several years. After resigning from AMEC, Peter was awarded life
membership. Also, for a number of years, Peter served on the Council for the Centre for Exploration
Targeting established at the University of Western Australia and Curtin University.
Special responsibilities
Member of the Audit Committee
Member of the Remuneration and Nomination Committee
Chair of the Risk and Sustainability Committee
Other Current Directorships of listed public companies
Independence Group NL (appointed 6 October 2014)
Former Directorships of listed public companies in the last 3 years
None
4
Directors’ Report
30 June 2020
ANNUAL REPORT
Mr Gary Johnson – Non-executive Director
Qualifications – MAusIMM, MTMS, MAICD
Gary Johnson has over 31 years’ experience in the mining industry as a metallurgist, manager, owner,
director and managing director possessing broad technical and practical experience of the workings
and strategies required by successful mining companies.
Prior to 2011 Gary was Managing Director of Norilsk Nickel Australia, reporting to the Deputy Director
of International Assets at MMC Norilsk Nickel, the world’s largest nickel producer.
Gary now operates his own consulting business, Strategic Metallurgy Pty Ltd, specialising in high-level
metallurgical and strategic consulting. He is Chairman of Lepidico Limited, an ASX listed public
company developing new technology for the lithium battery industry.
For many years Gary was a director of Tati Nickel Mining Company (Pty) Ltd, in Botswana. During his
long association with Tati it grew to be a low-cost nickel producer and the largest nickel mine in Africa.
Special responsibilities
Member of Audit Committee
Chair of the Remuneration and Nomination Committee
Member of Risk and Sustainability Committee
Other Current Directorships of listed public companies
Lepidico Limited (appointed 9 June 2016) (formerly Platypus Minerals Ltd) – Non-executive Chairman
Former Directorships of listed public companies in the last 3 years
None
CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY
Mr Luke Watson – appointed 3 August 2020
Qualifications – B.Bus, CA, CS, FGIA, F Fin
Mr Watson is a Chartered Accountant and experienced CFO who commenced his career at a large
international accounting firm. Since 2005, Luke has held senior corporate and finance positions with
several ASX and TSX listed exploration and development companies operating in the resources
industry, including Mantra Resources Limited (Mantra), OreCorp Limited and OmegaCorp Limited. He
was the CFO and Company Secretary of Mantra from its $6 million IPO in October 2006 until its
acquisition by ARMZ (JSC Atomredmetzoloto) for approximately $1 billion in mid-2011. Luke is also a
member of the Governance Institute of Australia (Chartered Secretary) and the Financial Services
Institute of Australasia.
Mr Simon Robertson – resigned 3 August 2020
Qualifications - B.Bus, CA, M Appl. Fin.
Simon Robertson currently holds the position of Company Secretary for a number of publicly listed
companies and has experience in corporate finance, accounting and administration, capital raisings
and ASX compliance and regulatory requirements.
5
Directors’ Report
30 June 2020
ANNUAL REPORT
PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial period was mineral exploration for precious
and base metals including gold (Au), copper (Cu

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