- Newcrest Mining (NCM) agrees to operate Antipa Minerals’ (AZY) Wilki project in WA as part of the next stage of the farm-in agreement between the companies
- From July 1, a Newcrest subsidiary will assume management of Wilki as it works to spend $10 million in exploration by March 2025 for a 51 per cent interest in the project
- Newcrest can then choose to spend another $44 million in exploration by March 2028 to earn a 75 per cent interest in the project
- Wilki surrounds Newcrest’s long-running Telfer gold project in Western Australia’s Paterson Province
- Antipa last traded at 4.3 cents per share and Newcrest last traded at $25.57 per share on May 20
Newcrest Mining (NCM) has agreed to operate Antipa Minerals’ (AZY) Wilki project in WA as part of the next stage of the farm-in agreement between the companies.
Through subsidiary Newcrest Operations, the gold mining big-cap will assume management of Wilki after having spent an initial $6 million in exploration on the project in November last year. Newcrest will take on the management of the project from July 1.
Newcrest and Antipa now plan to form a joint venture for the project, with Newcrest to earn an interest of up to 75 per cent in Wilki.
Under the next stage of the agreement between the two companies, Newcrest can earn up to 51 per cent of the project by spending $10 million in exploration by March 2025.
If it decides to proceed further, Newcrest will need to spend a further $44 million in exploration by March 2028 to earn a 75 per cent interest.
The Wilki project area surrounds Newcrest’s long-running Telfer gold-copper-silver mine in Western Australia’s Paterson Province.
Antipa Managing Director Roger Mason said Newcrest’s decision to move ahead with the earn-in deal was “perfect timing” for the company.
“This allows Antipa to dedicate its focus to the rapid advancement of our 100 per cent owned Minyari Dome Project,” he said.
“The recent substantial resource upgrade at Minyari, to 1.8 million ounces of gold, readily demonstrates why we are now targeting a standalone mining and processing operation at Minyari via the usual evaluation studies.”
Antipa last traded at 4.3 cents per share and Newcrest last traded at $25.57 per share on May 20.