Antipa has topped up its coffers after raising more than $2m through its share purchase plan, placing it in a very strong position to fund ongoing exploration and development work.

It follows the company raising $9m through an institutional placement and a further $1m placement to Newcrest Operations.

And there’s a little more change coming Antipa Minerals’ (ASX:AZY) way with Newcrest expressing its intention to subscribe for a further $200,000 worth of shares priced at 2.7c to maintain its 9.9% shareholding in the company.

This strong response from both shareholders, institutions, and one of Australia’s largest miners is a sign of confidence in the company’s plan to accelerate exploration and appraisal activities at its 100% owned Minyari Dome gold-copper-cobalt project.

Exploration underway

The closing of the share purchase plan comes just after the company started its pre-feasibility study and Phase 2 drill program.

Two diamond core rigs are testing multiple resource growth targets, including the Minyari Resource Plunge Extension and the Minyari North prospect, along with several greenfield gold-copper soil anomalies.

Antipa is currently waiting on assays from Phase 1 drilling completed in mid-August while the Phase 2 drilling is expected to be completed in the first half of 2023.

Meanwhile, the PFS is scheduled for completion late next year and plans to incorporate an updated resource estimate into the mine scheduling.

 

 

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This article was developed in collaboration with Antipa Minerals (ASX:AZY), a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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