ANTIPA MINERALS LIMITED (AZY)
Share Price Analysis and Chart

05/03/2025

1

Buy, High Risk

$0.66

23.36%

Antipa Minerals has announced Newmont Corp ((NEM)) has withdrawn from the Wilki Project farm-in agreement, resulting in Antipa retaining full ownership of the project.

The Wilki Project, located 30km from Antipa’s Minyari project, contains a 103koz Mineral Resource, with a promising undrilled Parklands target nearby, explains the broker.

Management plans to drill the Parklands target in H1 2025 and has increased its internal Mineral Resource estimate to 4.4moz gold equivalent from 2.9oz.

Shaw raises its target price to 66c from 36c due to recent increased mineral prospectivity, 100% ownership of the Wilkie project, and due to the progress of development studies at Minyari. Buy, High Risk.

Note: there has been 10:1 share consolidation, approved at the company's AGM on February 21.

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.

12/04/2025

1

Speculative Buy

$1.04

94.39%

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.