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

DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA

Antilles Gold is participating in the development of two mines in Cuba to produce copper, gold, silver, and antimony, and in the exploration of potentially large porphyry copper properties, 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 copper-gold 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.

GeoMinera transferred a 900ha mining concession for the La Demajagua gold-antimony-silver open pit mine with 50,000m of historic drilling to the joint venture for US$13.5 million of MLV shares, and a 752ha concession covering the Nueva Sabana gold-copper oxide deposit, and the underlying El Pilar porphyry copper system for US$1.5 million of MLV shares.

A subsidiary of Antilles Gold is “earning-in” to a 50% holding in MLV by contributing US$15.0 million equity, of which approximately US$14.6 million had been invested to 30 September 2024, with the balance to be contributed in November 2024.

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