Newmont maintains 8.6% shareholding in Antipa

Newcrest Operations, a subsidiary of Newmont Corporation, has maintained its 8.6% shareholding in Antipa Minerals (ASX: AZY).

Newmont has exercised its right to maintain its shareholding in Antipa via a top-up placement delivering $540k in additional new equity funds, increasing the total funding to $7.25m.

This participation will see Antipa deliver an additional 54.15m fully paid shares at $0.01.

The top-up placement is subject to shareholder approval at a general meeting expected to be held on August 13.

Antipa managing director Roger Mason commented on Newmont’s participation.

“Their [Newmont’s] participation represents a strong endorsement of our Paterson portfolio ad exploration strategy, including our rapidly emerging Minyari Dome gold project,” he said.

“With continued support from the world’s largest gold mining company, we are excited for phase two drilling to begin and look forward to exploring the potential at GEO-01 and more broadly within Minyari Dome.”

Antipa will use the money from the top up placement to advance its Minyari Dome project in WA with work including resource growth and discovery focused exploration and development appraisal activities.

A phase two exploration program is planned for H2 2024 and will include reverse circulation and diamond core drilling at the GEO-01 prospect.

The overall aim is to increase the overall size of the mineral resource estimate which currently stands at 1.8moz of gold, 64,30oz of copper, 584koz silver and 11,100t of cobalt at 1.6g/t gold and 0.19% copper.

Following the increase to the mineral resource estimate, an update to the scoping study will be completed.

Subject to the outcome of the scoping study and approval from the board of directors, a pre-feasibility study for Minyari Dome may begin.