Antipa Minerals Ltd (ASX:AZY) has added a further $540,000 to the war chest on top of a recent $5.75 million placement, following Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) exercising its top-up right to maintain an 8.6% shareholding in AZY.
The mining giant secured its new shares on the same terms as Antipa’s recent placement, bringing the total proceeds secured to $7.25 million including the previously announced Topdrill drill-for-equity agreement.
Read: Antipa Minerals secures $6.75 million for Minyari Dome exploration
The top-up placement and attached unlisted options for all placement participants are subject to shareholder approval at the next general meeting, expected to be held on August 13, 2024.
Proceeds to fund gold exploration at Minyari
“We thank Newmont for their support in our recent placement,” Antipa Minerals managing director Roger Mason said.
“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.”
Antipa intends to use both reverse circulation (RC) and diamond drilling to test the GEO-01 prospect in a Phase 2 exploration program scheduled for the second half of this calendar year at the Minyari Dome Gold Project in Western Australia.
The core objective will be to increase the mineral resource estimate at the wider Minyari project, which currently sits at 1.8 million ounces of gold at 1.6 g/t gold, 64,300 tonnes of copper at 0.19% copper, 584,000 ounces of silver and 11,100 tonnes of cobalt.