2025 Annual Report September 26, 2025

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# 2025 Annual Report September 26, 2025

Source: https://antipaminerals.com.au/upload/documents/investors/asx-announcements/250926015052_25-09-25-Antipa_2025AnnualReport_FINAL.pdf
Published: 2025-09-26T00:00:00+00:00
Fetched: 2026-05-12T14:08:30.724+00:00
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## Content

# 2025 Annual Report September 26, 2025
Contents
Page
Corporate Directory 1
Acknowledgement of Country 2
Chairperson’s Letter to Shareholders 3
Directors’ Report 4
Social and Environmental Responsibility 33
Remuneration Report 37
Auditor’s Independence Declaration 52
Independent Audit Report to Members 53
Financial Statements
Consolidated Statement of Profit or Loss and Other Comprehensive Income 57
Consolidated Statement of Financial Position 58
Consolidated Statement of Cash Flows 59
Consolidated Statement of Changes in Equity 60
Notes to the Consolidated Financial Statements 61
Consolidated Entity Disclosure Statement 83
Directors’ Declaration 84
Corporate Governance Statement 85
Additional ASX Information 107
Corporate Directory
Directors Share Register
Mr Roger Mason Computershare Investor Services Pty Ltd
Managing Director and CEO Level 17
221 St Georges Terrace
Mr Mark Rodda Perth WA 6000
Executive Chair Telephone: +61 1300 787 272
Facsimile: +61 8 9323 2033
Mr Peter Buck
Non-Executive Director
Mr Gary Johnson Auditor
Non-Executive Director BDO Audit Pty Ltd
Level 9
Mr Stephen Power Mia Yellagonga Tower 2
Non-Executive Director 5 Spring Street
Perth WA 6000
Mr Neil Warburton
Non-Executive Director
Chief Financial Officer and Company
Secretary Securities Exchange Listing
Mr Luke Watson Antipa Minerals Limited shares are listed
on the Australian Securities Exchange
Registered and Principal Office Shares: AZY
Level 2
16 Ord Street
West Perth WA 6005
Tel: +61 8 9481 1103 Website
Email: admin@antipaminerals.com.au www.antipaminerals.com.au
ANNUAL REPORT | 1
ACKNOWLEDGEMENT
OF COUNTRY
Antipa Minerals acknowledges the Traditional Custodians
of country throughout Australia and their connections to
land, sea and community. We pay our respect to their
Elders past and present, extending that respect to all
Aboriginal and Torres Strait Islander peoples today.
ANNUAL REPORT | 2
Chairperson’s Letter to Shareholders
Dear Fellow Shareholder,
It is with great pleasure that I provide an update on Antipa Minerals’ progress during the 2025
financial year. This was a year in which we delivered strong drilling results, took material strides in
advancing our Minyari Dome Gold-Copper Development Project towards feasibility, and realised
significant value through corporate activity in the Paterson Province.
During the year, the gold price continued to strengthen, averaging well above historical levels.
Ongoing global uncertainty, particularly around tariffs and trade, coupled with a softer US dollar
created a highly favourable environment for gold producers and explorers alike. For Antipa, this
served to further highlight our investment appeal. In addition, effective 22 September 2025, Antipa
has been added to the S&P Dow Jones ASX All Ordinaries Index.
Our wholly owned flagship Minyari Dome Gold-Copper Development Project is undisputedly
located in one of Australia’s most underexplored yet highly prospective gold and copper regions.
During the period we delivered two Mineral Resource Estimate updates, with the project now
boasting 2.5 million ounces of gold, 84,000 tonnes of copper, 666,000 ounces of silver and 13,000
tonnes of cobalt, with more to come. In October 2024, the release of our updated Scoping Study
reaffirmed to the market the technical and financial viability of a potential stand-alone gold mining
and processing operation at Minyari.
There is no question that interest in the Paterson Province has been reignited. With established
infrastructure at Telfer and the immense prospectivity of the surrounding district, it is one of the
most attractive gold and copper belts in Australia, if not the world.
Early in the financial year, we announced the sale of our 32% non-controlling interest in the Citadel
Joint Venture to Rio Tinto for cash consideration of A$17 million. In March 2025, following the
completion of the Newmont–Newcrest transaction, Antipa returned to full ownership of Wilki at
no cost. Most recently, the Company completed its reconsolidation of key Paterson Province
tenure with IGO electing to withdraw from the region, bringing our wholly owned tenement
holding to 4,100km². Between the former Wilki and the Paterson Projects, a total of A$37 million
in exploration investment was soley funded by Antipa’s partners, expenditure that we will now
benefit from.
These corporate initiatives, combined with strong institutional fund-raising, position Antipa with
an enviable balance sheet. This firmly sets the Company to expand and accelerate resource-
growth and discovery-drilling programmes while progressing advanced technical studies that will
take Minyari towards a Final Investment Decision. Our exploration and development activities
continue to add resource ounces, building additional long-term value.
Looking ahead, our focus is on advancing Minyari in parallel with delivering exploration success.
The Paterson Province is undergoing a period of rapid and significant change, and Antipa Minerals
is exceptionally well placed to take full advantage.
Thank you for your ongoing support, and please rest assured that while exploration and project
development can sometimes feel slow, our team is working harder — and faster — than a drill rig
on double shift to unlock Antipa's full potential.
Yours sincerely,
Mark Rodda
Executive Chairperson
25 September 2025
ANNUAL REPORT | 3
Directors’ Report
30 June 2025
The Directors of Antipa Minerals Limited (Directors) present their report on the Consolidated
Entity consisting of Antipa Minerals Limited (Antipa, or the Company) and the entities it controlled
at the end of, or during, the year ended 30 June 2025 (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 Roger Mason Managing Director and Chief Executive Officer
Mr Mark Rodda Executive Chairperson
Mr Peter Buck Non-Executive Director
Mr Gary Johnson Non-Executive Director
Mr Stephen Power Non-Executive Director
Mr Neil Warburton Non-Executive Director (appointed 13 August 2025)
CURRENT DIRECTORS
Mr Roger Mason – Managing Director and Chief Executive Officer
Qualifications – BSc (Hons), MAusIMM
Roger Mason is a geologist with over 38 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.
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
2.5 million ounce Calibre gold-copper-silver deposit, and defining total combined resources of
approximately 5.4 million ounces of gold, 250,000 tonnes of copper and 2.6 million ounces of
silver, including the 2.4 million ounce Minyari Dome gold-copper-silver-cobalt deposits.
Other Current Directorships of listed public companies
Caprice Resources Ltd – Non-Executive Director (appointed 2 September 2024)
Former Directorships of listed public companies in the last three years
None
ANNUAL REPORT | 4
Directors’ Report
30 June 2025
Mr Mark Rodda – Executive Chairperson
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. 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 1 (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 48 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
1 Mr Rodda was a non-executive director of Lepidico Limited when it was placed into voluntary administration on 3 December 2024 following unsuccessful attempts
to secure financing for the Karibib Lithium Project and mineral concentrator. On 15 May 2025, the creditors of Lepidico Limited resolved that the company should
be wound up.
ANNUAL REPORT | 5
Directors’ Report
30 June 2025
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

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