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ASX-listed Antilles Gold (ASX:AAU, OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through joint ventures with the Cuban government’s mining company GeoMinera, which opens new development opportunities for Antilles and de-risks permitting processes.
The company is focused on four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Sierra Maestra copper concessions. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development project with a 10‐month construction beginning in June 2024. The project is expected to generate strong cash flow from concentrate sales from mid‐2025.
Concentrator to be supplied for Nueva Sabana mine by Chinese Engineering Group ProMinerinvestingnews.com
- The second mine development project is La Demajagua, an open-pit mine gold project where construction will commence in late 2024 and commissioning begins mid‐2026. This project is anticipated to produce approximately 10,000 tons per annum (tpa) of antimony‐gold concentrate (30,000 oz gold equivalent per year).
AAU:AU
Results of Updated Scoping Study for Nueva Sabana Mine, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise the results of the Updated Scoping Study for the first stage of the proposed Nueva Sabana gold-copper mine in Cuba. The Study has been prepared by the 50% owned Cuban joint venture company, Minera La Victoria SA (“MLV”), which is undertaking the project.
- The Updated Scoping Study is based on a pit limited to 100m depth which, at a mining rate of 500,000tpa of ore, will result in an initial mine life of 4.8 years.
- With additional exploration, and a greater mining depth, the project life and NPV could be increased.
- Metallurgical testwork set out in ATTACHMENT C indicates the mine will initially produce a gold concentrate grading ~57.5g/t Au for around 18 months, followed by a blended copper-gold concentrate with an average grade of ~28.3% Cu, and ~29.8g/t Au.
- Payables for these concentrates have been received from a major international commodity trader that the joint venture is negotiating with to establish an offtake agreement.
- The off-take agreement is expected to include a provision for advanced payments for concentrates to assist in the funding of construction costs.
- The 752ha concession covering the Nueva Sabana oxide deposit also hosts the El Pilar, Gaspar, and Camilo porphyry copper intrusives, and numerous shallow gold targets identified by artisanal mining.
- The Nueva Sabana deposit has a small gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone with mineralisation open at depth at 150m which could potentially transition into the El Pilar porphyry copper deposit offset to the south.
HIGHLIGHTS OF FINANCIAL ANALYSIS FOR STAGE ONE OF THE NUEVA SABANA MINE: 
- Estimated Operating Profit of ~US$60M from the first 22 months of concentrate production will comfortably permit repayment of the ~US$28.5M project debt before the end of this period.
- MLV intends to drill the copper mineralisation that continues below the stage one mining depth of 100m with the aim of deepening the Nueva Sabana mine and extending its life.
- The Revised MRE for Nueva Sabana which is incorporated as ATTACHMENT A in the Study, established approximately 25M lb of 0.75% copper in Inferred Resources within the 50m below the initial mine depth, which is a positive indication of the potential to extend its life.
- MLV also intends to drill identified oxide gold-copper targets overlying the nearby Gaspar and Camilo porphyry copper deposits to potentially increase resources.
- Subject to the results of additional drilling, consideration will be given to doubling the mining rate in the copper domain to 1.0Mtpa of ore to increase annual profitability and cash flow.
- It is possible that the Nueva Sabana mine could be significantly expanded and extended in the future to mine the three porphyry copper deposits located within the mining concession.
Antilles Gold Chairman, Mr Brian Johnson, commented: “The first stage of Nueva Sabana, while relatively small, has an excellent IRR and will deliver significant free cash within a short timeframe.
MLV’s priority at this time is to finalise current negotiations on a concentrate off-take agreement for the project, and to arrange financing for the mine construction.
Antilles Gold’s share of the estimated NPV8 for the first stage of Nueva Sabana is ~A$70M at current metal prices of US$2,600 per oz Au, and US$9,300/t Cu, and an exchange rate of A$1.00 = US$0.66, which is significantly higher than the Company’s current market capitalisation of A$7.5M.
The opportunity to unlock further value for Antilles Gold will occur with the proposed development of the joint venture’s flagship project, the La Demajagua gold-silver-antimony mine, where the Company’s share of NPV8 reported to ASX on 30 March 2023 was ~A$150M, prior to the joint venture’s decision to expand the project to produce gold doré from the mine’s gold arsenopyrite concentrate, and to increase antimony production.
Before the end of 2024, Antilles Gold will contribute the final US$0.4M of the US$15.0M earn-in for its 50% shareholding in the joint venture company, Minera La Victoria (“MLV”), after which the Company’s cash burn will be substantially reduced.”
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This article includes content from Antilles Gold (ASX:AAU), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Pinnacle Silver and Gold
Investor Insight
Pinnacle Silver and Gold presents a compelling investment opportunity in the precious metals sector as it continues to advance its flagship high-grade El Potrero project in Mexico and its Red Lake, Ontario assets. The company’s proven business model focuses on rapidly reactivating past-producing mines to generate early cash flow, while simultaneously exploring for district-scale potential, offering a strong value proposition in a bullish gold-silver environment.
Overview
Pinnacle Silver and Gold (TSXV:PINN,OTC:PSGCF,Frankfurt:P9J) is a promising player positioned for growth in the precious metals exploration sector, with its strategic focus on high-potential projects, commitment to responsible mining practices, and experienced leadership team.
Focused on silver and gold projects in the Americas, Pinnacle is strategically placed to capitalize on the growing demand for these valuable resources. Its core projects include the high-grade El Potrero gold-silver project in Mexico, and the Argosy gold mine and North Birch gold project in Ontario’s Red Lake District – each offering near-term development potential and strong exploration upside.
Pinnacle’s current flagship project, El Potrero, is located within the Sierra Madre Gold Silver Trend.
The company's investment appeal stems from several key factors:
- A robust pipeline of projects at various stages of exploration and development
- Strategic focus on high-potential areas in North and South America
- Effective capital management practices
- Aggressive expansion strategy through strategic acquisitions
The company’s business strategy involves the acquisition of past-producing mines that can be put back into production quickly to generate cash flow. By focusing on high-grade, underground mines, Pinnacle can leverage low capex, a smaller operational footprint, easier and faster permitting process and protection against metal price volatility. At the same time, the company conducts brownfield exploration for resource expansion, increasing its potential for district-scale discovery.
Pinnacle's emphasis on creating shareholder value is evident in its approach to project selection and development. The company's portfolio is carefully curated to balance near-term production potential with long-term growth prospects, offering investors exposure to both immediate returns and future upside.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company’s flagship El Potrero gold-silver project, located in Mexico’s Sierra Madre Belt, has returned exceptional underground sample grades up to 85.1 grams per ton (g/t) gold and 520 g/t silver, with exploration potential across a 1.6 km strike length.
- The 100-percent-owned Argosy gold mine and North Birch project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production and high-grade underground mines.
- The company’s strategy is to generate near-term production from past-producing assets while growing its resource base through modern, brownfields exploration.
- Pinnacle is led by a highly experienced management team with a successful track record in advancing exploration-stage assets through to production.
Key Projects
El Potrero Gold-Silver Project
El Potrero is a high-grade, past-producing gold-silver project located in the prolific Sierra Madre Belt in Mexico, within 35 km of four operating mines, including Fresnillo’s 4,000 tpd Ciénega Mine. The project comprises two concession blocks totaling 1,074 hectares, which include the historic mines and a 100 tpd on-site processing plant.
Recent Developments (as of July 2025):
- Over 600 rock samples have been collected from underground and surface sources for geochemical analysis.
- Channel sampling at the Pinos Cuates mine returned assays of up to 85.1 g/t gold and 520 g/t silver over 0.5 m, and composite intervals of 50.3 g/t gold and 269 g/t silver over 1.7 m.
- Geological interpretation highlights a significant quartz-feldspar porphyry dyke as a structural control on gold-silver mineralization.
- The Dos de Mayo vein system has been mapped over 1.6 km with trench and underground samples showing high-grade mineralization, including 13.2 g/t gold and 2,280 g/t silver from surface grab samples.
- Work is underway to design an underground and surface drill program to define continuity and guide future mine development.
- A site inspection of the 100 tpd plant confirmed that the base infrastructure is sound. Refurbishment of key equipment (crusher, mill, Merrill Crowe circuit) is being planned.
- Permitting efforts are progressing efficiently, aided by the site's historical disturbance. Baseline studies and formal permitting proposals are underway.
Pinnacle can earn an initial 50 percent interest upon production and increase its ownership of El Potrero to 100 percent subject to a 2 percent NSR, primarily through cash flow-funded payments, offering a low-dilution path to full ownership.
Argosy Gold Mine
Located within the Birch-Uchi Greenstone Belt in Ontario’s Red Lake District, and approximately 10 km from First Mining’s Springpole deposit, the Argosy gold mine produced 101,875 ounces at 12.7 g/t gold from 1931 to 1952. Pinnacle owns 100 percent of the project, subject to a 2.5 percent NSR.
Exploration Highlights:
- Past drilling intersected high-grade mineralization, including:
- 14.67 g/t gold over 1.7 m (No. 3 Vein)
- 12.02 g/t gold over 1.29 m (No. 8 Vein)
- 11.75 g/t gold over 1.55 m (No. 2 Vein)
- The project offers strong depth potential, with 2002–2004 drilling intersecting multiple new veins and gold mineralization extending to 400 m vertical depth.
North Birch Gold Project
Located 4 km from the Argosy Mine, North Birch is a 3,850-hectare grassroots project with major upside. The property lies in an underexplored section of the Birch-Uchi Belt and covers a folded and sheared iron formation, interpreted as analogous to Newmont’s Musselwhite Mine.
Exploration Work:
- LiDAR surveys and IP geophysics have revealed 8+ km of structural breaks with multiple drill targets.
- 2022 drilling intersected anomalous gold and copper mineralization within structurally deformed and altered iron formations, confirming the favorable structural setting
Management Team
Robert Archer - President, CEO and Director
Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, Archer held several senior management positions in the junior mining sector and co-founded Great Panther Mining, a mid-tier precious metals producer, where he served as president and CEO from 2004 to 2017 and director until 2020. He joined Pinnacle as a director in March 2018 followed by his appointment as CEO in January 2019 and president in October 2021. Archer is a professional geologist and holds an Honours BSc from Laurentian University in Sudbury, Ontario.
David Cross - CFO
David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures.
Colin Jones - Independent Director
Colin Jones is principal consultant for Orimco Resource Investment Advisors in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.
David Salari - Independent Director
David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field. He is currently the president and CEO of DENM Engineering.
Ron Schmitz - Independent Director
Ron Schmitz is the principal and president of ASI Accounting Services, providing administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a director and/or chief financial officer of various public companies since 1997, and currently holds these positions with various public and private companies.
