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- Antipa Minerals (AZY) and Newcrest Operations (NCM) proceed to the next stage of a farm-in agreement on the Wilki Project in the Paterson Province of WA
- Stage one requires Newcrest to invest a further $10 million of exploration expenditure by March 2025 to earn a 51 per cent joint venture interest in the Project
- Once paid, Antipa and Newcrest will become parties to a joint venture agreement
- Newcrest’s decision follows the completion of the initial commitment of $6 million towards exploration expenditure, with a further $44 million required if NCM wishes to hold a 75 per cent joint venture interest
- Antipa Minerals shares are down 7.46 per cent to 6.2 cents, while Newcrest is down 0.57 per cent to $24.24
Antipa Minerals (AZY) and Newcrest Operations (NCM) have decided to proceed to the next stage of the farm-in agreement on the Wilki Project in the Paterson Province of Western Australia.
The Wilki Project sits within three kilometres of Newcrest’s Telfer gold-copper-silver mine and processing facility.
Stage one requires Newcrest to invest a further $10 million of exploration expenditure by March 2025 to earn a 51 per cent joint venture interest in the Wilki Project. This can later be extended by up to two years.
Once paid, Antipa and Newcrest will become parties to a joint venture agreement.
Newcrest’s decision follows the completion of the initial commitment of $6 million towards exploration expenditure, which was required to complete within the first two years of the Wilki farm-in agreement.
The parties agreed that Antipa will remain as operator of the project until the completion of the current program of works, which has an anticipated end date in the first quarter of 2022.
Following this, Newcrest will need to splash $44 million in exploration expenditure by March 2028, if it decides to hold a 75 per cent joint venture interest in Wilki.
Antipa Minerals shares are down 7.46 per cent to 6.2 cents, while Newcrest is down 0.57 per cent to $24.24.
