Joining us now is Roger Mason, the Managing Director of Antipa Minerals. Roger is a geologist with 38 years' resources industry experience involving exploration, project mining, and business development roles, covering a range of commodities across Australia and overseas. Roger's career highlights include the discovery of a number of gold, nickel, and copper deposits. Roger is the Managing Director of Antipa Minerals, which is focused on the development and discovery opportunities in WA' s Paterson Province. Thank you, Roger.
Yeah, thanks, Cameron, for the introduction, and thanks, everyone, for your time. I know it's very close to 12 o'clock , it's our standard disclaimer. Antipa's market cap is around $350 million, and we have $71 million in cash. Our register includes a key collection of shareholders, which add up to 50% of the register. 40% of that is from institutional investors, and 6.3% of that is our largest shareholder, Greatland Resources, who also own the nearby Telfer Gold Plant, which is just down the road. Our EV per resource ounce is $110 per ounce, and we have actually increased in value sixfold since Diggers and Dealers last year. We're covered by five groups shown here, and they have price targets which range from around $1 - $1.50. OK, our land package here shown in the yellow covers over 4,100 sq km of Western Australia. It extends from Telfer all the way north through past Winu. It hosts our substantial mineral resource of 3 million gold equivalent ounces and a proven standalone development opportunity, which I'll talk to in a moment. The province itself, the Paterson Province, in the last six or seven years has seen discoveries of over 20 million oz of gold and 3.4 million tons of copper from greenfield discoveries, and it currently boasts three large-scale gold-copper development opportunities, one of which is Antipa's Minyari Dome. Other projects in the area are Telfer to the south, which is owned by Greatland Resources, Rio Tinto owned Winu, along with Sumitomo in the north there. The province itself has been going through an M&A consolidation phase, Newmont selling the Telfer project and their ownership of Havieron on to Greatland Resources, and Rio Tinto sold 30% of Winu to Sumitomo. There's a lot of speculation in the market as to how Greatland will fill their very substantial gold processing facility, which is surrounded by Antipa. Just taking you to our Minyari Dome October 2024 scoping study, it demonstrated the potential for a very significant standalone opportunity, mining 1.5 million oz of gold at 1.5 g/ton and producing 130,000 oz per annum for the first 10 years via a 3 million ton per annum CIL plant. The economics of that study were very strong. The NPV at 7% pre-tax at a base case of AUD 3,000/oz was $834 million at an internal rate of return of 52%. Post-tax, the NPV was $600 million and the IRR was 46%. If you use AUD 4,000 an ounce, the NPV post-tax was $1.2 billion and the IRR was 79%. Capital a bit over $300 million was paid back in a bit over two years on the base case at AUD 3,000 an ounce. This slide summarizes the project's leverage to the gold price. The black bars there are the base case, AUD 3,000 an ounce, which generated annual free cash flow post-tax, averaging $126 million per annum for the first 10 years. Using AUD 4,000 an ounce, the annual free cash flow post-tax was $214 million per annum for those first 10 years. That's a 70% increase in that free cash flow. The current run in the Australian gold price has made the development of this opportunity even more compelling. This slide just summarizes where the Minyari project sits within the Australian landscape of undeveloped gold projects. These deposits are owned by producers and non-producers, with Minyari sitting fifth in the queue for Australian contained ounces at 2.5 million oz of gold. Interestingly, all four projects above Minyari on this graph have been the subject of recent corporate activity. Within Australia, there's only three gold projects that have a resource grade of greater than 1 g/ ton. A study associated with them that have demonstrated more than 100,000 ounce per annum production capability that are owned by non-producers. Only two of those are viable at AUD 3,000 an ounce. That's Minyari and Catani. OK, we've kicked off a PFS. We're fully funded, as mentioned, $71 million in the bank. That provides us a funding pathway through to final investment decision. At the moment, we've got four drill rigs on site completing a range of pre-feasibility-related drilling activities. In terms of that overall schedule, pre-feasibility on track, as I mentioned, to be completed June next year. We aim to move very promptly into a definitive feasibility study and aiming for a FID in the second quarter of calendar year 2027. We've then allowed 20 months post the DFS for conclusion of funding, detailed engineering design, and construction, targeting first gold production in December of 2028. The funding that I mentioned gives us a significant amount of latitude to complete a three-pronged strategy. The technical studies that I've mentioned are fully funded out to past final investment decision, but also significant resource growth drilling programs, and I'll come to some discovery-focused programs as well. We recently completed a 13,000 m growth-focused program. There's been several releases speaking to that, and we've identified significant scope for extension of resources, which I'll talk to in a minute. This long section summarizes the southern part of the Minyari Dome, and it just highlights the potential to grow these resources further, with all deposits open from depths as shallow as 50 m down to 600 m below surface. The phase one drilling program for growth focused on deposits, extending those down dip, several of which were able to be extended along strike as well. There's another 12 km of highly prospective Minyari Dome strike that's received very limited drilling. This is just a cross-section through the Minyari deposit. It just shows you how stunning this ore body is. It's up to 400 m thick, starts at surface, extends down to 600 m below surface, and is delivered into sections such as 154 m at 2.1 g/ton , 142 at 1.9, and 35 at 3.5. It's capable of delivering up to 3,000 oz per vertical meter. This slide just indicates the potential for repeat targets of the Minyari style, both at depth and also to the east, which we will drill in during the next phase II drilling program. Our GEO-01 discovery, it's only 1.3 km south of Minyari. At this stage, it hosts around about 200,000 oz of gold, and we are aiming to substantially increase that during the course of this year. The phase I program had significant success at Fiama, GEO-01 main zone, and Maneli. Phase I also discovered a new position south of those deposits, which I'll talk to in a minute. GEO-01 discovery, the main zone deposit there, we had a phase I growth hole that tested beneath GEO-01. It hit 15 m at 15 g/ton , about 290 vertical meters down. We extended that hole and hit 10 g/ton only a few meters prior to the end of the hole. We'll likely deepen that with the potential to identify further high-grade gold mineralization at GEO-01. This is the deepest hole at this prospect area, which covers about 800 m by 500 m. There's substantial potential to materially increase the mineral resource in this area. Minyari South is another deposit where we are aiming to increase the mineral resource. It's only several hundred meters from Minyari. We've had hits which include 4 m at 12 g/ton , from a 17 at 7 g hit, 11 meters at 9 g/ton , and recently 41 m at 1.8 g/ton . Phase II will include further drilling to extend this potential resource to grow the development opportunity further as well. In terms of the phase one discovery-focused drill program, we've recently completed 22,000 m of drilling. We've had assays for about 60% of that, so there's a lot more to come. We've had several discoveries proximal to Minyari in particular, and all 11 targets we've been testing are within trucking distance to that potential Minyari development opportunity. Phase I made a discovery south of that GEO-01 area. This was a region that we previously were unable to access due to a former farming project boundary, which sort of runs through the middle of that slide. We've recently had hits from phase I that includes 21 m at 1.8 g/ton from a shallow position. Just last week, we were getting grades up to 9% copper in a handful of our sea holes that we've drilled in this area, which covers potentially between 700 m by 800 m footprint. This really does point to the potential for a material increase in the mining resource and also the development opportunity, keeping in mind that every year that we can add to the project life at AUD 3,000/oz, we're adding over $200 million of post-tax free cash flow. The size of the prize is extremely substantial. Also, on that particular slide, towards the bottom there, you see some colored areas. These are magnetic anomalies which remain untested. There's also a downhole, sorry, a surface EM conductor that hasn't been tested other than one recent hole, which is where the 9% copper came from. There's potential for both significant gold and copper growth in this area. In wrapping up, Antipa is an extremely well-funded explorer. As I mentioned, $71 million in cash. We have three components to our strategy. The technical studies aimed at de-risking the project development, targeting first production December 2028. The mineral resource growth activity, this year's program in total, was about 35,000 m of growth and exploration drilling. We aim to complete a similar program in phase II, which commences next week. Next calendar year, we're aiming to drill somewhere between 50,000 m- 70,000 m on a success basis as well. We're really looking to substantially increase the project development life and materially increase the economics from what I described earlier. There's been a lot going on in the province in terms of recent attention, and we're pleased that's happening. A lot of it's a result of several Tier 1 discoveries, gold-copper discoveries in the province, and also a significant amount of M&A activity, including Greatland 's acquisition of Newmont's assets in the province. Antipa is very much focused on what we can control and pushing forward with the programs described. We're fully cashed up. We'll have spare cash of a substantial amount post the final investment decision that we're aiming to deliver around the middle of 2027. At this stage, investors who would like the backdrop of a potential gold-copper development project, further resource growth, and discovery potential from over 4,000 sq km of prime real estate, Antipa is a pretty good place to look. Thanks, everyone, for your time.