Investor Perception
Antilles Gold’s gold and copper tasks in Cuba are underpinned by a robust partnership with a Cuban Authorities-owned mining firm that successfully fast-tracks and de-risks its promising tasks, providing a strategic worth proposition for buyers.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining firm centered on gold and copper tasks in Cuba via a three way partnership with the Cuban Authorities’s mining firm, GeoMinera. This partnership has resulted in fast challenge allowing and entry to a number of new growth alternatives for the Australian firm.
Antilles Gold gives sturdy development potential via two close to‐time period growth tasks, Nueva Sabana and La Demajagua, and two exploration tasks, the El Pilar porphyry system and Sierra Maestra copper concessions.
Three way partnership tasks in Cuba
Nueva Sabana is a close to‐time period, gold‐copper mine growth inside the three way partnership with GeoMinera, and is anticipated to initially produce round 70 grams per tonne (g/t) gold in a focus from a excessive‐grade gold cap adopted by ~27 p.c copper focus with gold credit. The challenge growth technique consists of the completion of a feasibility research in September 2024, and the graduation of building quickly after.
The second proposed growth is the La Demajagua open-pit mine, which is more likely to produce ~50,000 tonnes each year (tpa) of gold arsenopyrite focus (32 g/t gold, 27 p.c arsenic), and ~10,000 tpa of gold antimony focus (28.8 g/t gold, 48 p.c antimony, 1,200 g/t silver) for 9 years. In response to the plans, building will begin in late 2025, with commissioning in mid‐2027. La Demajagua can even embody the development of a focus processing facility to deal with La Demajagua’s gold arsenopyrite focus, with the capability to supply 50,000 oz gold per yr in dore, which can additional enhance JV revenue and cashflow.
The three way partnership’s two exploration tasks comprise the 720‐hectare El Pilar Concession in Central Cuba protecting a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjoining 17,000 hectare San Nicholas concession with porphyry model mineralisation, and two concessions totaling 52,600 hectares inside the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with each indicating of porphyry deposits extremely potential for copper, gold and molybdenum.
Floor mineralisation at El Pilar
Antilles Gold has accomplished a technical analysis of the El Pilar porphyry system which was suggested to ASX on 15 February 2024.
The three way partnership intends to speculate a part of the excess money circulate from the Nueva Sabana mine to fund the exploration of main copper targets, together with the El Pilar copper‐gold porphyry system, and people within the Sierra Maestra copper belt.
Firm Highlights
- Antilles Gold Restricted is an Australian mining firm listed on the ASX (AAU) and OTCQB (ANTMF).
- The corporate is concentrated on gold and copper tasks in Cuba via a 50:50 three way partnership with the Cuban Authorities’s mining firm, GeoMinera, opening new growth alternatives for Antilles and de-risking allowing processes.
- The three way partnership is engaged in 4 growth tasks: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper challenge; and 4) Exploration of two concessions inside the Sierra Maestra copper belt. Of those, Nueva Sabana and La Demajagua provide close to‐time period growth alternatives.
- Nueva Sabana is a close to‐time period gold‐copper mine growth that’s anticipated to generate sturdy money circulate from focus gross sales from finish‐2025.
- La Demajagua is an open-pit mine gold challenge commencing building in This fall 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration tasks.
- Funding in Cuba gives a number of advantages, together with richness in minerals, low working prices and royalties, secure authorities and laws, a number of funding incentives and the supply of a talented workforce.
Key Initiatives
Nueva Sabana Challenge
Prominer Mining Expertise will provide Nueva Sabana concentrator
Nueva Sabana is the corporate’s close to‐time period, gold‐copper mine growth challenge. The challenge is held within the 50:50 three way partnership with GeoMinera. It will likely be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Outcomes from 24,000 metres of historic drilling, 1,800 metres drilled in 2022, and the ten,000 metres drilled in 2023 have established a mineral useful resource estimate (MRE). Outcomes of a scoping research had been suggested to ASX on 7 Could 2024, and a feasibility research is in progress for the proposed growth which shall be adopted by a 12‐month building part.
Drilling has proven excellent grades for gold and copper, and rising lateral and vertical boundaries of the copper area.
The proposed mining charge for the challenge shall be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated preliminary manufacturing of 70 g/t gold focus shall be adopted by a ~27 p.c copper focus with gold credit.
The estimated challenge price is roughly US$33 million, of which roughly US$6 million is shareholders fairness with the steadiness of $27 million anticipated to be funded via an advance on purchases of the concentrates by a world commodities dealer.
Chinese language engineering group, Prominer Mining Expertise, which has in depth expertise in designing and establishing gold and copper concentrators, is anticipated to provide the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Challenge
La Demajagua entails the event of a gold‐antimony‐silver deposit as an open-pit mine by the three way partnership firm, Minera La Victoria.The challenge is positioned inside a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The challenge website is 35 kilometres from the port metropolis of Nueva Gerona and enjoys wonderful infrastructure when it comes to accessibility by freeway, and availability of water, electrical energy and fiber optic cable.The challenge has an MRE of 905,000 oz gold equal for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective outcomes from about 50,000 metres of historic drilling and revised after the receipt of extra antimony assays. The challenge expects mining of about 815,000 tpa of ore to supply two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for 9 years.
The challenge can even embody a focus processing facility to supply gold doré from the gold-arsenopyrite focus. The power will comprise a 50,000‐tpa two‐stage fluidized‐mattress roaster, a carbon-in-leach (CIL) circuit, and an antimony restoration circuit. The general manufacturing goal is 75,000 oz gold equal per yr. Chinese language engineering agency BGRIMM Expertise Group, which has in depth expertise in designing and establishing roasters, is anticipated to provide the method plant on a turnkey foundation.
The full growth price is estimated at US$165 million, anticipated to be funded by US$75 million of fairness, which incorporates contributions by a 3rd shareholder within the challenge, and the steadiness of US$90 million in debt. The life‐of‐mine money surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based mostly on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping research together with the focus processing facility is anticipated in December 2024, and building is anticipated to begin in late 2025, with commissioning focused for mid‐2027.
El Pilar Copper‐Gold Porphyry System Challenge
El Pilar is an exploration challenge of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The challenge contains a 752 hectare exploration license and an adjoining 17,000 hectare reconnaissance allow protecting the San Nicholas copper targets.
The challenge website advantages from established infrastructure with shut entry to a serious freeway, excessive‐pressure energy, and a 60 kilometre rail hyperlink to Palo Alto port.
Earlier mapping, soil sampling, floor magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and recognized the exposures as a probably giant, leached porphyry system. The floor exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration signifies the porphyry intrusions have giant dimensions, and potential depths larger than 1,000 metres.
Floor magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three probably giant porphyry intrusives – El Pilar, Gaspar and Camilo. A ten‐gap preliminary program has demonstrated constructive outcomes with good copper intercepts in porphyry‐model veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. Specifically, drill gap PDH‐004A assayed 1.23 p.c copper over its size of 134 metres from 49 metres.
Sierra Maestra Copper Belt Challenge
The challenge is an exploration challenge protecting two extremely potential concessions for copper, gold and molybdenum within the Sierra Maestra copper belt in southeast Cuba. It features a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans greater than 200 kilometres of Cretaceous‐age geology intruded by Eocene shares, that are the supply of widespread gold and base‐metals mineralization. The challenge is close to the El Cobre mine which is the oldest working copper mine within the Americas. The concessions incorporate a sequence of copper‐gold‐molybdenum zones that show important footprints of hydrothermal alteration usually related to probably giant porphyry techniques.
An intensive, two‐yr prospecting program shall be carried out on the 2 concessions, commencing in This fall 2024, to determine drill targets.
Administration Crew
Brian Johnson – Government Chairman
Brian Johnson is a graduate of civil engineering from the College of Western Australia and a member of the Institute of Engineers, Australia. He has wealthy expertise within the building and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing profitable corporations within the iron ore and coal sectors. Beforehand, he has served as a director of two listed gold producers, and of corporations with inventory change listings in London, New York, Vancouver and Australia.
James Tyers – Chief Government Officer
James Tyers is a member of the AusIMM and has greater than 30 years of expertise within the mining trade, holding senior administration roles in gold and iron ore operations. He has been related to the Palm Springs Gold Mine within the Kimberley area of Western Australia, and the Cornishman Challenge, a JV between Troy Sources and Sons of Gwalia. He has expertise growing and working iron ore tasks within the mid‐west of Western Australia. He was answerable for growing the Las Lagunas Challenge and is the challenge director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐govt Director
Ugo Carlo has greater than 30 years of expertise within the Australian mining trade. All through his profession, he has served in a number of senior management roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He’s additionally a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐govt Director
Angela Pankhurst has greater than 20 years of expertise as an govt and non‐govt director, primarily within the mining trade. She has been a senior govt for corporations with tasks in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior management positions at Antilles Gold and Central Asia Sources. She is at the moment a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Monetary Officer
Tracey Aitkin is knowledgeable member of CPA Australia and has greater than 30 years of wealthy expertise in finance, administration and employees administration throughout a spread of industries, together with mining, manufacturing, retail, transport and agriculture. She joined the corporate in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of analysis expertise in universities and 26 years of sensible expertise within the mining trade associated to gold, silver, copper, zinc and lead. His broad expertise consists of due diligence, metallurgical take a look at work, pre‐feasibility research, feasibility research, detailed design, plant commissioning assist, and operational assist for tasks in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with greater than 20 years of trade expertise throughout a spread of commodities, together with 9 years based mostly in Latin America. He has been related to the Goro Nickel Challenge in New Caledonia and the Mina de Cobre Challenge in Panama. Previous to his present function as normal supervisor for the Minera La Victoria JV firm, he was the mining supervisor for Antilles Gold’s Las Lagunas operation within the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in financial geology from the College of Western Australia. He’s an Australian geologist with greater than 25 years of worldwide expertise with involvement in grassroots and brownfield exploration, in addition to useful resource definition and growth, with a give attention to treasured and base metals in South and Central America and the Caribbean. He has been related to Continental Gold’s Buritica gold‐silver challenge, and Cordoba Minerals’ Alacran copper‐gold challenge.
