Antilles Gold Advances Cuban Mines with Key Studies and Financing Talks

Joint Venture Framework and Strategic Advantages

Antilles Gold continues to develop its Cuban mining interests through a 50:50 joint venture with GeoMinera, the Cuban government’s mining company, under the entity Minera La Victoria SA (MLV). This partnership benefits from a low country credit risk structure, with proceeds held offshore and only local expenses remitted to Cuba. Antilles Gold retains operational control by nominating senior management, enjoys an 8-year tax holiday, and benefits from waived import duties on plant and equipment, positioning the venture for cost-effective development.

Nueva Sabana: From Resource Upgrade to Construction Readiness

The Nueva Sabana project stands as the flagship development, with a revised Mineral Resource Estimate (MRE) reported in October 2024 and a Preliminary Feasibility Study (PFS) released in January 2025. Designed for a mining rate of approximately 500,000 tonnes per annum over an initial 4.5-year life, the project will sequentially produce a gold concentrate from surface zones for 18 months, followed by a blended copper-gold concentrate for 36 months. Following pre-development expenditures, about US$30 million remains earmarked for construction, including contingencies and commissioning. MLV is actively negotiating concentrate off-take agreements and exploring diverse project financing avenues, including prepayments and deferred equipment payments.

La Demajagua: Expanding Economic Potential with Antimony

La Demajagua is progressing as a planned open pit gold-silver-antimony mine with a projected 9-year life and potential underground extensions. A recent strategic pivot involves adding a circuit to recover antimony cathodes, responding to a doubling in antimony prices over the past year and rising demand for this critical metal. This enhancement could significantly improve project economics. A revised Scoping Study incorporating these developments is underway, with test work and budgeting being conducted in partnership with BGRIMM Technology Group.

Exploration Focus: Porphyry Copper Prospects

Exploration efforts remain focused on high-potential porphyry copper concessions. The El Pilar concession, featuring three copper porphyry intrusives, has undergone extensive geophysical surveys and drilling, confirming mineralisation consistent with large porphyry systems. While no substantive exploration occurred in the March quarter, further drilling is planned for the second half of 2025. Additionally, the Sierra Maestra copper belt concessions, La Cristina and Vega Grande, hold promising copper-gold-molybdenum targets with exploration slated to commence in late 2025. The San Nicolas concession remains on hold until 2026.

Financial Position and Quarterly Activity

Antilles Gold reported US$414,000 in cash at quarter-end, with US$488,000 invested in joint venture pre-development activities. Operating cash outflows were US$107,000, reflecting ongoing project advancement costs. The company maintains a modest unsecured loan facility of US$38,000 from an entity related to the Chairman. Director fees and salaries amounted to US$70,000 during the quarter. Corporate efforts continue to finalise the revised Joint Venture Agreement and secure project financing and off-take contracts essential for advancing construction phases.

Outlook and Upcoming Milestones

Looking ahead to the April-June 2025 quarter, Antilles Gold aims to finalise approvals for the joint venture agreement, secure concentrate off-take agreements, and conclude project financing arrangements for Nueva Sabana. The La Demajagua project will see completion of its updated Scoping Study reflecting antimony production and metal price improvements. Exploration activities will remain limited this quarter, with more active drilling and sampling programs anticipated later in the year.