ANTIPA MINERALS LIMITED (AZY)
Share Price Analysis and Chart

01/05/2025

1

Buy

$0.66

36.08%

Antipa Minerals announced its 3Q25 report with key changes to its joint ventures.

Shaw and Partners notes post Newmont Coporation’s ((NEM)) exit from the Paterson Province, Antipa regained 100% ownership of the Wilki Project along with a $0.6m cash payment.

IGO Ltd ((IGO)) also withdrew from the Paterson JV after investing around $15m, leaving Antipa full control of several greenfield copper and gold prospects.

Shaw highlights exploration upside across Wilki, Minyari, and GEO-01, with internal mineral resource estimates lifted by 50% to 4.4Moz AuEq. Minyari is positioned just 35km from the underutilised 22Mtpa Telfer mill, enabling a potential low-capex trucking option over standalone development.

Antipa completed a 10:1 share consolidation and ended the quarter with $40m cash and no debt.

The Buy 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

114.43%

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.