Annual Report to shareholders September 22, 2023

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# Annual Report to shareholders September 22, 2023

Source: https://antipaminerals.com.au/upload/documents/investors/asx-announcements/230922031824_23-09-21-AntipaAnnualReport2023_FINAL.pdf
Published: 2023-09-22T00:00:00+00:00
Fetched: 2026-05-12T14:09:04.831+00:00
Source artifact: 6c36beee-6186-4957-9b1c-a35b69a5eeae
Normalizer input: text

## Content

# Annual Report to shareholders September 22, 2023
Contents ANNUAL REPORT
Page
Corporate Directory 1
Directors’ Report 2
Remuneration Report 27
Auditor’s Independence Declaration 39
Independent Audit Report to Members 40
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income 44
Consolidated Statement of Financial Position 45
Consolidated Statement of Cash Flows 46
Consolidated Statement of Changes in Equity 47
Notes to the Consolidated Financial Statements 48
Directors’ Declaration 73
Corporate Governance Statement 74
Additional ASX Information 94
Corporate Directory ANNUAL REPORT
Directors Auditor
Mr Stephen Power BDO Audit (WA) Pty Ltd
Non-Executive Chairman Level 9
Mia Yellagonga Tower 2
Mr Roger Mason 5 Spring Street
Managing Director Perth WA 6000
Mr Mark Rodda
Executive Director
Securities Exchange Listing
Mr Peter Buck Antipa Minerals Limited shares
Non-Executive Director are listed on the Australian Securities Exchange
Mr Gary Johnson Shares: AZY
Non-Executive Director
Website
Chief Financial Officer/Company www.antipaminerals.com.au
Secretary
Mr Luke Watson
Registered and Principal Office
Level 2
16 Ord Street
West Perth WA 6005
Tel: +61 8 9481 1103
Email: admin@antipaminerals.com.au
Share Register
Computershare Investor Services Pty Ltd
Level 17
221 St Georges Terrace
Perth WA 6000
Telephone: +61 1300 787 272
Facsimile: +61 8 9323 2033
1
Directors’ Report
30 June 2023 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 2023 (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 Non-Executive Chairman
Mr Roger Mason Managing Director
Mr Mark Rodda Executive Director
Mr Peter Buck Non-Executive Director
Mr Gary Johnson Non-Executive Director
CURRENT DIRECTORS
Mr Stephen Power – Non-Executive Chairman
Qualifications – LLB
Stephen Power was previously a commercial lawyer with over 35 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.
Special responsibilities
Chair of the Environment, Social and Governance (ESG) Committee
Member of Audit and Risk Committee
Member of Nomination and Remuneration Committee
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last three years
None
Mr Roger Mason – Managing Director
Qualifications – BSc (Hons), MAusIMM
Roger Mason is a geologist with over 36 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
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Directors’ Report
30 June 2023 ANNUAL REPORT
graduated from the University of Tasmania in 1986 with an honours degree in science and has
been a Member of the AusIMM since 1990.
Roger commenced his geology career with Western Mining Corporation (WMC) in 1987 before
joining Forrestania Gold in 1997, which was subsequently acquired by LionOre International. In
2006 Roger achieved the role of General Manager Geology for LionOre Australia and then Norilsk
Nickel Australia following its takeover of LionOre. During 2009 and 2010 Roger consulted to Integra
Mining on the Randalls Gold Project Feasibility Study 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, achievements include the discovery of multiple mineral deposits including the
2.1 million ounce Calibre gold-copper-silver deposit, and defining total combined resources of
approximately 4.3 million ounces of gold, 226,000 tonnes of copper and 2.4 million ounces of
silver, including the 1.8 million ounce Minyari Dome gold-copper-silver-cobalt deposits.
Other Current Directorships of listed public companies
None
Former Directorships of listed public companies in the last three years
None
Mr Mark Rodda – Executive Director (Commercial and Legal)
Qualifications – BA, LLB
Mark Rodda is a lawyer and corporate consultant with approximately 30 years’ private law practice,
in-house legal, company secretarial and corporate experience. Mark has considerable practical
experience in the management of local and international mergers and acquisitions, divestments,
exploration and project joint ventures, strategic alliances, corporate and project financing
transactions and corporate restructuring initiatives. Mark is a non-executive director of Lepidico
Limited and prior Chairman of Coalspur Mines Ltd, both ASX listed public companies. Prior to its
takeover by Norilsk Nickel for US$6+ billion, Mark held the position of General Counsel and
Corporate Secretary for LionOre Mining International Ltd, a company with operations in Australia
and Africa and listings on the TSX, LSE and ASX.
Other current directorships of listed public companies
Lepidico Ltd – Non-Executive Director (appointed 22 August 2016)
Former Directorships of listed public companies in the last three years
None
Mr Peter Buck – Non-Executive Director
Qualifications – MSc, MAusIMM, Fellow AIG
Peter Buck is a geologist with more than 46 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,
3
Directors’ Report
30 June 2023 ANNUAL REPORT
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.). From October 2014 to November 2022,
Peter served as a Non-Executive director of ASX listed, IGO Limited.
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
Chair of the Audit and Risk
Member of the ESG Committee
Member of the Nomination and Remuneration Committee
Other Current Directorships of listed public companies
Former Directorships of listed public companies in the last three years
IGO Limited
Mr Gary Johnson – Non-Executive Director
Qualifications – MAusIMM, MTMS, MAICD
Gary Johnson has over 42 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.
4
Directors’ Report
30 June 2023 ANNUAL REPORT
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
Chair of the Nomination and Remuneration Committee
Member of Audit and Risk Committee
Member of ESG Committee
Other Current Directorships of listed public companies
Lepidico Limited (appointed 9 June 2016) – Non-Executive Chairman
Former Directorships of listed public companies in the last three years
None
OTHER KEY MANAGEMENT PERSONNEL
Mr Luke Watson – Chief Financial Officer (CFO) and Company Secretary
Qualifications – B.Bus, CA, CS, 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 Watson has been the CFO and Company Secretary of Antipa since July 2020.
PRINCIPAL ACTIVITIES
Antipa is a mineral exploration company focussed on the Paterson Province in north-west Western
Australia, home to Newcrest Mining’s world-class Telfer gold-copper-silver mine, Rio Tinto’s 1 Winu
copper-gold-silver development project, Newcrest 2-Greatland Gold’s 3 recent Havieron gold-
copper development project and other significant mineral deposits

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