Ann: Significant Gold-Copper Discovery at 100% Minyari Project, page-30

Antipa has just tripled or quadrupled the resource potential within only a few kms of Minyari WACA. I am now seeing 3 million ounces equivalent as being a reasonable prospect once drilling out of the various targets is completed. The depth potential below 500m could add a lot more, say 2 million ounces of underground ore. So global potential has in my humble view been lifted to around 5 million ounces but is not closed off at that. Yes we will need to keep the rigs working for some time to get these figures.

Make no mistake about the significance of these results. Proof of concept in the very first hole! Lots of great targets with supporting geophysics and geochemistry, in some cases outcropping pyrite and alteration (Fozzie and GP13). Fozzie and GP13 could be a major new system parallel to and west of WACA. Is GP15 part of this trend? GP01 and WACA East are new parallel mineralised systems east of WACA. With other parallel anomalies further zones could be revealed by the drilling.

Minyari North and GP19 bridge the gap between Minyari and Judes and could be large. Not much drilling to limit the potential scale of these.

Judes and the area northwest of this also have scale potential.

In terms of the stand alone project development potential these results are very significant indeed. More resources without significant haulage to a mill is good news. Don't forget we 7.7 million tonnes @ 2.2g/t Au and 0.3% Cu plus Ag and Co credits at Minyari (550,000oz gold plus over 22,000t Cu). Also a significant resource at WACA. So the grade of all deposits so far is over 2g/t plus Cu, Ag and Co. Why get worried about 1.3 g/t in the discovery hole? We have no idea if this GP01 system will be 1.3g/t, 2.2g/t or some other number entirely. We know this opens up the potential for vastly increased resources that can be added into a mining plan and will make the IRR and NPV look even more attractive.

This is an important announcement. Proof of concept in the first hole. This makes the other targets considerably more interesting and the overall potential just increased substantially. When you already have the high grade open pit resources that AZY do then any major addition just tips the project into stand alone territory.