Ann: Corporate Presentation - 121 APAC Conference - March 2021, page-19

Chicken Ranch - Similar high grade results to Telfer when first discovered (yes Telfer was very high grade in the early discovery and mining phases). Rock chips at surface to 22 g/t Au & 0.11% Cu at Chicken Ranch. Chicken Ranch has lots of high grade drill results in the 10-26 g/t Au range, some over considerable widths. The August 2017 ASX announcement was titled "ANTIPA SECURES HIGH-GRADE CHICKEN RANCH GOLD DEPOSIT"

The ore geology is described as, "High-grade gold with minor copper mineralisation as gossanous zones within and related to
northwest trending, steeply dipping quartz veins hosted by deeply oxidized meta-sediments, including goethite pseudomorphs after massive pyrite alteration (some cubic ex-pyrite oxide pseudomorphs up to 2cm in size, similar in size to those collected in the early 1970’s associated with
the then outcropping Telfer gold mineralisation)."

The Turkey Farm prospect is very close to Chicken Ranch and gold nuggets were found at surface - see Antipa announcement 15 November 2018 Figure 4a-b for photos of the gold nuggets. Poor quality copy of figure 4b above.

The inferred resource of 791,000t @ 1.6 g/t Au for 43,000oz Au (0.5 g/t cut-off) was released in May 2019.

I am astounded that Chicken Ranch, with consistent high grade drilling intersections in the 10-26 g/t Au range, and rock chips to 23 g/t Au at surface is calculated to have only 1.6 g/t Au. How did the "High grade Chicken Ranch Gold Deposit" and "similar to the outcropping Telfer gold mineralisation" suddenly turn into 1.6 g/t??? This makes no sense to me, I would like to see the tonnes and ounces with a 1.6 g/t cut-off or with an ore grade of 4 g/t Au. The drilling indicates multiple high grade zones with fairly clean cut-off between high grade ore and barren rock (little low grade halo, clean cut-off).

Drilling has also been very shallow. This project could be anything and I expect open pit and underground grades to be well above 1.6 g/t. Chicken Ranch and Tim's Dome are worthy of considerable expenditure to actually drill them out, including at depth, and prove substantial ore reserves.

No surprise that Newcrest has been prepared to commit big $ to the JV, they will get 75% when they meet expenditure requirements. 25% of a high grade and high margin (?) gold project/s without the Capex of building a treatment plant, presuming toll treatment at Telfer, should produce good returns for Antipa shareholders who are prepared to wait another year or three.