Ann: Results Confirm High-Grade Gold-Copper at Depth at Minyari, page-23

Hey Ned,

Great results continue, and AZY'S updated MRE is poised to sail well north of 1Moz. But I just want to point out that in terms of gold equivalence, Minyari/ WACA is currently at 1Moz Eq gold, based on the 2017 MRE

I know it's a different project, but AZY'S share of Calibre/Magnum is 1.2Moz Eq of 100% attributable gold. If both resources are combined, AZY'S current 100% attributable gold is @ 2.3Moz Eq. With the upgraded Minyari Dome resource coming up very soon, I'm very confident that we will have 3Moz Eq of 100% attributable gold

Minyari/WACA Resource: 723,000oz @ 2g/t gold or 1Moz EQ gold equivalent

Calibre/Magnum Resource: 2.4Moz @ 0.72 g/t gold, AZY'S 35% share is 840,000oz of 100% attributable gold or 1.2Moz Eq of 100% gold

So AZY'S current 100% attributable gold resource is 1.7Moz gold, which includes Chicken Ranch share

I can see AZY'S total 100% attributable resource hitting 3Moz or 3Moz Eq gold equivalent in the next 1-12 months

We are going to have to start comparing Antipa Minerals with other companies like Gold Road which is valued at $1.36 billion, and has a total resource of 7.38Moz gold, but is a 50/50 JV operation, so only half, @ around 3.7Moz @ 1.23 g/t gold

There's enormous upside exploration potential for Antipa Minerals, and I believe will continue to be successful in growing into something really big