Antipa Minerals secures A$7m in funding as Newmont Operations upholds stake

Antipa Minerals Limited (ASX: AZY), a prominent player in the mining sector, has announced a significant boost in funding, with a top-up from major shareholder Newmont Operations Limited, a subsidiary of Newmont Corporation, one of the world’s leading gold mining companies. This financial endorsement is part of a broader effort to advance Antipa’s flagship project, the Minyari Dome Gold-Copper Project.

The recent financial maneuvers include a $5.75 million placement announced on 20 June 2024, and an additional top-up placement, wherein Newmont exercised its right to maintain an 8.6% shareholding in Antipa. The top-up placement alone contributed approximately $0.54 million in new equity funds, bringing the total new funding secured to A$7.25 million, inclusive of the previously announced Topdrill drill-for-equity agreement.

The arrangement stipulates that Newmont will acquire about 54.15 million fully paid ordinary shares at $0.01 per share under the top-up placement, culminating in a total of approximately $6.25 million raised between the initial and top-up placements. This funding strategy not only underscores Newmont’s commitment to maintaining its significant stake in Antipa but also boosts the financial resources available for the development of the Minyari Dome.

Antipa’s Managing Director, Roger Mason, expressed gratitude for Newmont’s ongoing support, stating, “We thank Newmont for their support in our recent Placement. Their participation represents a strong endorsement of our Paterson Province portfolio and exploration strategy, including our rapidly emerging 100%-owned Minyari Dome Gold Project. With continued support from the world’s largest gold mining company, we are excited for Phase 2 drilling to begin and look forward to exploring the potential at GEO-01 and more broadly within Minyari Dome.”

The proceeds from this placement are earmarked for the continued advancement of the Minyari Dome project, with shareholder approval for the top-up placement and associated unlisted options expected to be sought at a general meeting scheduled for 13 August 2024.

This strategic financial boost not only secures necessary funds for Antipa but also solidifies Newmont’s role as a key stakeholder in the ongoing development of critical mining projects within the region. The move is expected to enhance Antipa’s capabilities to explore and potentially expand its operations within the gold-copper sector, leveraging both the capital injection and the strategic support from Newmont.