Antilles Gold Limited (“Antilles Gold” or the “Company”) is participating in the development of two mines to produce gold, silver, antimony, and copper, and in the exploration of substantial porphyry copper prospects in Cuba, through a 50:50 joint venture with the Government’s mining company, GeoMinera.

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The joint venture could potentially fund the copper exploration from surplus cash flow expected to be generated by the near term development of the proposed Nueva Sabana gold-copper mine.

JOINT VENTURE

Minera La Victoria SA (“MLV”) was registered as a foreign joint venture company in August 2020 to develop the largest known gold deposit in Cuba at La Demajagua on the Isle of Youth off the south west coast.

The joint venture has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera, and to date the Nueva Sabana project, and three exploration concessions hosting porphyry copper prospects have been added to its portfolio.

Features of the Joint Venture include:

• A foreign Bank account will hold all proceeds from loans, or product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
• Antilles Gold nominates all senior management.
• Income tax rate of 15% waived for 8 years.
• No import duties on plant & equipment.
• Low entry cost for near term development of previously explored properties.
• Low operating costs.
• Association with GeoMinera ensures rapid permitting.

ACTIVITIES DURING MARCH QUARTER 2024

MINERA LA VICTORIA SA

Corporate

• Negotiation of revisions to Joint Venture Agreement.

PROPOSED NUEVA SABANA GOLD-COPPER MINE

Pre-development Activities

• Initial MRE established.
• Pit optimisation and mining schedule completed from initial MRE
• Metallurgical test work for gold and copper gold concentrates and process design criteriacompleted for Scoping Study. Additional optimisation metallurgical testwork commenced.
• Scoping Study progressed.
• Environmental Permitting progressed.

PROPOSED LA DEMAJAGUA GOLD-ANTIMONY-SILVER MINE

Pre-development Activities

• Metallurgical test work for design of roaster and CIL circuit by BGRIMM Technology Groupprogressed.
• Metallurgical testwork for neutralisation of arsenic at Kemetco Research in British Columbia commenced and progressed.
• Revised Scoping Study progressed.

EL PILAR COPPER PORPHYRY SYSTEM

Exploration

• Summary of Exploration results to date completed and advised to ASX on 14th February 2024
• Summary of Prospecting results to date completed and advised to ASX on 3rd March 2024

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