Antilles Gold Quarterly Report & Appendix 5B – 30 June 2024

DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA

Antilles Gold is participating in the development of two mines to produce gold, silver, antimony, and copper, and in the exploration of potentially large porphyry copper properties in Cuba, through a 50:50 joint venture with the Government’s mining company, GeoMinera.

The joint venture intends to 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 Cuban foreign joint venture mining company in August 2020 to develop the Country’s largest known gold deposit at La Demajagua on the Isle of Youth off the south-west coast.

MLV has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera. To date, the Nueva Sabana project and four 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, and 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 for the operations and exploration activities.
• 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.

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