- Antipa Minerals (AZY) and Rio Tinto Exploration reduce the 2022 budgeted exploration spend for the Citadel gold-copper-silver joint venture project in Western Australia
- The changes come amid timing pressures, which have impacted targeted activity levels at the project
- As a result, the budget will be reduced from $10 million to $8 million, falling in line with the lower-than-expected spending rate achieved to date
- In addition, Antipa elects to use its dilute-down joint venture provision, which will see a cash refund of $500,000 from Rio Tinto
- Shares are trading 2.94 per cent lower at 3.3 cents each at 11:52 am AEST
Antipa Minerals (AZY) and Rio Tinto Exploration have reduced the 2022 budgeted exploration spend for the Citadel gold-copper-silver joint venture project in Western Australia.
The changes came amid timing pressures, which have impacted targeted activity levels at the project.
As a result, the budget will be reduced from $10 million to $8 million, falling in line with the lower-than-expected spending rate achieved to date.
In addition, Antipa has elected to use its dilute-down joint venture provision, which will see a cash refund of $500,000 from Rio Tinto.
This will reduce its interest in the project to about 32 per cent, upon the completion of the 2022 exploration program spend.
Managing Director and CEO Roger Mason said the move will allow for better capital allocation.
“With the huge progress made at our flagship Minyari Dome Project over the first half of this year, we see our priority being to allocate more funds towards its rapid advancement,” he said.
Shares were trading 2.94 per cent lower at 3.3 cents each at 11:52 am AEST.