Antipa Minerals Limited advised of a decision by Antipa and Rio Tinto Exploration Pty Ltd. (Rio Tinto) to reduce the 2022 budgeted exploration spend at the Citadel Gold-Copper-Silver Project Joint Venture (35% Antipa, 65% Rio Tinto) in the Paterson Province of Western Australia (Citadel Project JV). The previously approved Citadel Project JV budget for 2022 was AUD 10 million, inclusive of JV management fees. This has been funded to date this year via partner co-contributions, in-line with proportional JV ownership interests.

As a result of broader industry timing pressures impacting targeted activity levels, the Citadel Project JV 2022 budget has been reduced in line with the lower than expected spend rate achieved to date. The revised Citadel Project JV programme and budget for 2022 is AUD 8 million, inclusive of JV management fees, noting this includes AUD 1.5 - AUD 2 million that relates to a second (contingent) drilling programme. In recognition of this adjustment, Antipa has elected to utilise the dilute-down provision in the Citadel Project JV agreement for the 2022 exploration programme.

This will see a cash refund of approximately AUD 0.5 million being paid to Antipa by Rio Tinto in the next 10 business days (representing Antipa's Citadel Project JV contribution for 2022 to date) and, in addition, Antipa will not be required to make any further JV cash contributions for the revised 2022 Citadel Project JV budget. As a result of this election, Antipa's interest in the Citadel Project JV is expected to reduce to between approximately 31.1 - 32.0% at the conclusion of the 2022 exploration programme spend (subject to final 2022 spend levels and whether the second drilling programme is completed this year). Revised Citadel CY 2022 Exploration Programme: The revised Citadel 2022 Exploration Programme, to be operated by Rio Tinto, is now planned to comprise the following activities: An initial 3,500 to 4,000 metre reverse circulation (RC) drill programme focused on the Rimfire area, together with select regional targets including the Transfer and Northern Lights targets, with expected commencement in August; A second contingent 3,500 to 4,500 metre RC drill programme in the Rimfire area, commencing in late October or November; Geophysical programme comprising Induced Polarisation (IP), possible Rimfire ground electromagnetic (EM) and downhole geophysical surveys, which commenced in second quarter calendar year 2022; Ongoing processing and interpretation of IP and drilling data (including final 2021 exploration programme data), together with Calibre deposit, Magnum Dome and preliminary Rimfire modelling, to identify further priority target areas; Possible update to the existing 2021 Calibre deposit mineralisation model ± Mineral Resource; Conclusion of the Calibre metallurgical test-work; Ongoing preliminary assessment of a potential Calibre deposit development opportunity; and Rimfire water bore, which was completed in second quarter calendar year 2022.