ANTIPA MINERALS LIMITED (AZY)
Share Price Analysis and Chart

22/05/2025

1

Buy

$0.66

9.09%

Antipa Minerals has announced an updated Mineral Resource Estimate for the Minyari project, Shaw and Partners notes, with a rise in total gold to 2.5moz or 3moz AuEq, representing an increase of 100koz.

The company had a cash balance of $40m at the end of March with no debt.

The Buy, High Risk rating and $0.66 price target are maintained.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

13/04/2025

1

Speculative Buy

$1.04

71.90%

Antipa Minerals will now retain full ownership of the Paterson Project following IGO Ltd's ((IGO)) decision to withdraw from the farm-in agreement. Canaccord Genuity reckons the company now has the full opportunity to develop the project.

Concurrently, the broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Antipa Minerals. Target rises to $1.04 from $0.95.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -3.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.00 cents.