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2026-11-06
◂ Monitor AZY ASX

Antipa Minerals Limited

PFS Developer · Gold · Copper · AU Rating locked: sign in to view v8.1 · azy-20261030t212444-full
Last 2026-11-06
A$0.475
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$317.8M
EV
A$290M
Cash
A$28M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$28M2025-06-30: 36,482,365 A$2025-09-30: 61,431,000 A$2025-12-31: 51,174,000 A$2026-03-31: 47,675,000 A$2026-06-30: 39,145,760 A$2026-09-30: 28,013,000 A$ Finite
Debt A$0 Net cash A$28M
Basic shares 669.1MFY2025A: 579,542,891FY2026A: 662,965,219 2026-10-30
Runway 2.27 quarters September cash divided by quarterly operating plus investing burn12.336m; issuer's2.3quarter indicator excludes90kPP&E. Construction financing separate.

Liquidity

Financial position

Funding runway is finite; annual report contains material going-concern uncertainty. Existing cash cannot fund standalone construction. October cash is unreported; valuation freezes a separately labelledA$4.023m interim cash-use estimate plus35k option proceeds.

Capital structure

Ownership and dilution

Ordinary shares
669.1M
Fully diluted
703.8M

579,542,891 at30June2025 +66,458,333 July2025 placement +208,334 October2025 placement +16,755,661 FY26 option exercises =662,965,219 at30June2026. Add6,079,067 September-quarter option exercises =669,044,286; add100,000 cutoff exercise =669,144,286. Outstanding options34,662,181; maximum existing FD703,806,467. Future raises modelled separately; no approved new AGM incentive securities included.

Security classes16
ClassTypeQuantityStrikeExpiry
Issued ordinary shares after cutoff option exerciseOrdinary Share669.1M——
Unquoted option expiring2030-07-06, exercise AUD0Option3.5MA$02030-07-06
Unquoted option expiring2027-06-30, exercise AUD0.195Option1.6MA$0.1952027-06-30
Unquoted option expiring2029-06-30, exercise AUD0.86Option3.9MA$0.862029-06-30
Unquoted option expiring2029-07-31, exercise AUD0.84Option750KA$0.842029-07-31
Unquoted option expiring2028-11-25, exercise AUD0.35Option4.6MA$0.352028-11-25
Unquoted option expiring2028-09-30, exercise AUD0.51Option3.3MA$0.512028-09-30
Unquoted option expiring2029-03-31, exercise AUD0.74Option500KA$0.742029-03-31
Unquoted option expiring2029-11-24, exercise AUD0.86Option5MA$0.862029-11-24
Unquoted option expiring2027-11-16, exercise AUD0.23Option4.8MA$0.232027-11-16
Unquoted option expiring2029-08-12, exercise AUD0.83Option600KA$0.832029-08-12
Unquoted option expiring2027-09-30, exercise AUD0.19Option300KA$0.192027-09-30
Unquoted option expiring2029-10-31, exercise AUD0.86Option350KA$0.862029-10-31
Unquoted option expiring2026-11-10, exercise AUD0.36Option4.8MA$0.362026-11-10
Unquoted option expiring2027-07-31, exercise AUD0.265Option100KA$0.2652027-07-31
Unquoted option expiring2029-11-30, exercise AUD0.95Option500KA$0.952029-11-30

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Operations
Gold recoveredoz0.000.00
Ore processedt0.000.00
Profit and loss
Gold sales revenueAUDm0.00.0
Other income excluding interestAUDmFY2025A: 879,496 AUDFY2026A: 216,050 AUD0.90.2
Mining and processing cash costAUDm0.00.0
Gold royaltiesAUDm0.00.0
Corporate and employee cash costAUDmFY2025A: 3,305,912 AUDFY2026A: 4,550,596 AUD3.34.6
Share based compensation expenseAUDmFY2025A: 1,409,750 AUDFY2026A: 3,703,800 AUD1.43.7
JV disposal exceptional chargeAUDmFY2025A: 2,433,405 AUDFY2026A: 0.00 AUD2.40.0
Costs net of other incomeAUDmFY2025A: 6,269,571 AUDFY2026A: 8,038,346 AUD6.38.0
Normalized cash EBITDA proxyAUDmFY2025A: -6,269,571 AUDFY2026A: -8,038,346 AUD(6.3)(8.0)
D&A proxyAUDmFY2025A: 100,275 AUDFY2026A: 150,165 AUD0.10.2
Net interest incomeAUDmFY2025A: 1,026,497 AUDFY2026A: 2,243,216 AUD1.02.2
Cash income taxAUDm0.00.0
NPAT proxyAUDmFY2025A: -5,343,349 AUDFY2026A: -5,945,295 AUD(5.3)(5.9)
Cash flow
Operating cash flow before explorationAUDmFY2025A: -2,022,431 AUDFY2026A: -1,789,135 AUD(2.0)(1.8)
Exploration and study capitalAUDmFY2025A: 9,461,285 AUDFY2026A: 36,495,282 AUD9.536.5
Mine sustaining capitalAUDm0.00.0
Growth capital and equipmentAUDmFY2025A: 27,206 AUDFY2026A: 276,057 AUD0.00.3
Total capital cash outflowAUDmFY2025A: 9,488,491 AUDFY2026A: 36,771,339 AUD9.536.8
Corporate free cash flowAUDmFY2025A: -11,510,922 AUDFY2026A: -38,560,474 AUD(11.5)(38.6)
Equity cash contributionsAUDmFY2025A: 22,719,262 AUDFY2026A: 41,223,869 AUD22.741.2
Balance sheet
Projected cashAUDmFY2025A: 36,482,365 AUDFY2026A: 39,145,760 AUD36.539.1
Interest bearing debtAUDm0.00.0
Net debt / (cash)AUDmFY2025A: -36,482,365 AUDFY2026A: -39,145,760 AUD(36.5)(39.1)
Per share
Diluted pro forma sharesm sharesFY2025A: 579,542,891 sharesFY2026A: 662,965,219 shares579.5663.0
NPAT per shareAUD/shareFY2025A: -0.01 AUD/shareFY2026A: -0.01 AUD/share(0.01)(0.01)
Dividend per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A: -45.72 xFY2026A: -35.66 x(45.7)(35.7)
P / E (x, current market cap)xFY2025A: -58.86 xFY2026A: -52.90 x(58.9)(52.9)
FCF yield (current market cap)%FY2025A: -0.04 fractionFY2026A: -0.12 fraction-3.7%-12.3%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A: 5.82 xFY2026A: 4.87 x5.84.9

KPI history

Operating metrics

Comparable series use a shared scale

Book equity · Company · Point In Time

AUD

2 periods
  1. FY202598,253,211 AUD
    Reported
  2. FY2026137,243,996 AUD
    Reported

Capitalised exploration and PP&E cash payments · Company · Year

AUD

2 periods
  1. FY20259,488,491 AUD
    Reported
  2. FY202636,771,339 AUD
    Reported

Cash · Company · Point In Time

AUD

2 periods
  1. FY202536,482,365 AUD
    Reported
  2. FY202639,145,760 AUD
    Reported

Cash and cash equivalents · Company · Point In Time

AUD

3 periods
  1. 2025-09-3061,431,000 AUD
    Reported
  2. 2025-12-3151,174,000 AUD
    Reported
  3. 2026-03-3147,675,000 AUD
    Reported

Operating cash flow · Company · Year

AUD

2 periods
  1. FY2025-2,022,431 AUD
    Reported
  2. FY2026-1,789,135 AUD
    Reported

Ordinary shares · Company · Point In Time

shares

2 periods
  1. FY2025579,542,891 shares
    Reported
  2. FY2026662,965,219 shares
    Reported

Statutory NPAT · Company · Year

AUD

2 periods
  1. FY2025-5,343,349 AUD
    Reported
  2. FY2026-5,945,295 AUD
    Reported

Total continuing income (interest and other) · Company · Year

AUD

2 periods
  1. FY20251,905,993 AUD
    Reported
  2. FY20262,459,266 AUD
    Reported
Operating metric source table19
MetricProjectPeriodPeriod typeValueStatus
Total continuing income (interest and other)CompanyFY2025Year1,905,993 AUDReported
Statutory NPATCompanyFY2025Year-5,343,349 AUDReported
Operating cash flowCompanyFY2025Year-2,022,431 AUDReported
Capitalised exploration and PP&E cash paymentsCompanyFY2025Year9,488,491 AUDReported
CashCompanyFY2025Point In Time36,482,365 AUDReported
Book equityCompanyFY2025Point In Time98,253,211 AUDReported
Ordinary sharesCompanyFY2025Point In Time579,542,891 sharesReported
Total continuing income (interest and other)CompanyFY2026Year2,459,266 AUDReported
Statutory NPATCompanyFY2026Year-5,945,295 AUDReported
Operating cash flowCompanyFY2026Year-1,789,135 AUDReported
Capitalised exploration and PP&E cash paymentsCompanyFY2026Year36,771,339 AUDReported
CashCompanyFY2026Point In Time39,145,760 AUDReported
Book equityCompanyFY2026Point In Time137,243,996 AUDReported
Ordinary sharesCompanyFY2026Point In Time662,965,219 sharesReported
Cash at September quarter endCompany30 September2026Point In Time28,013,000 AUDReported
Quarter cash used before financingCompanySeptember2026 quarterQuarter12,336,000 AUDSource Derived
Cash and cash equivalentsCompany2025-09-30Point In Time61,431,000 AUDReported
Cash and cash equivalentsCompany2025-12-31Point In Time51,174,000 AUDReported
Cash and cash equivalentsCompany2026-03-31Point In Time47,675,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Life Of Mine Gold Output (Study Target)minyari_project2024scoping11-yearcase1,321,0001,321,000 ozCurrent
Plant Throughput Capacity (Study)minyari_project2024study3,000,0003,000,000 t/yrCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-30RaisingA$35K100K—Completed—
2025-10-01Ann. 2025-07-07RaisingA$40M66.7M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Audited annual and original study provide live royalty/access terms and terminated JV/farm-ins. Latest quarterly confirms processing choice but no signed offtake, hedge, tolling or construction facility identified. Detailed private royalty and future mining access terms remain gaps.

Current October2026 JORC tenure disclosure names International Royalty Corporation as1%NSR payee on non-uranium metals of E45/3918 and3919. Same1% burden modelled within3.5% combined state/private gold rate; older study called it Sandstorm. No duplicate royalty deducted.

Royalty · Active
Counterparties
International Royalty Corporation (Sandstorm named in2024study)
Applies to
Minyari Dome development · Gold · Copper · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 1 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Access framework for exploration at North Telfer; no undisclosed cash royalty assumed. Future mine agreement and heritage costs remain approval/funding risks, not proof of a free development right.

Other · Active
Counterparties
Jamukurnu-Yapalikunu Aboriginal Corporation
Applies to
Minyari Dome development · Gold · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Exploration agreement date: 2015-07-26 date
How it affects our valuation

No valuation treatment is available for this arrangement.

IGO withdrew effective30April2025 without earning ownership; Antipa retains100%; no future partner expenditure credited.

Farm In · Terminated
Counterparties
IGO Limited
Applies to
Minyari Dome development · Regional satellite resource group · Gold · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Historical expenditure: 15,000,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Wilki farm-in withdrew effective3March2025;100% Antipa. Strategic shareholding is not ownership of project cash flows.

Farm In · Terminated
Counterparties
Newmont
Applies to
Regional satellite resource group · Gold · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Historical expenditure: 12,000,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Former32%Citadel interest disposed forA$17m cash; parties released from obligations. No surviving asset value and no second addition of historical proceeds.

Joint Venture · Terminated
Counterparties
Rio Tinto
Applies to
Company-wide · Gold · Copper · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Cash proceeds: 17,000,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Burden lies on specified regional licences outside the gold-only study schedule; no gross new discovery value credited free of royalty. Retained qualitatively in low satellite calibration, no second cash-flow charge.

Royalty · Active
Counterparties
Newcrest Operations Ltd (Greatland subsidiary)
Applies to
Company-wide · Gold · Copper · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 1.5 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Paladin subsidiary owns uranium rights on core licences; no uranium resources or uranium optionality assigned to Antipa. No fabrication of uranium economic interest.

Other · Active
Counterparties
North Gascoyne Mining Pty Ltd (Paladin Energy subsidiary)
Applies to
Company-wide · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Uranium rights: Third-party owned text
How it affects our valuation

No valuation treatment is available for this arrangement.