Antilles Gold Limited (ASX:AAU)

Antilles Gold Raises $1.58 Million for Projects in Cuba

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) confirms that it has placed 394,315,000 Shortfall Shares from its recent Entitlement Offer at $0.004 per share and raised $1,577,260 before costs, and issued 197,157,493 free attaching AAUO options exercisable at $0.01 each on or before 31 December 2026. No additional Shortfall Shares will be issued.


The funds will be applied primarily to share capital in the Cuban joint venture mining company, Minera La Victoria SA, which will be used for initial development activities on the joint venture’s Nueva Sabana gold-copper mine, and on pre-development expenditure for the La Demajagua gold-silver-antimony mine.

Contributions to date for the US$15.0 million farm-in to 50% ownership of Minera La Victoria are ~US$14.35 million.

  • A revised MRE and mine schedule for the first stage of Nueva Sabana are expected to be completed within 3 to 4 weeks, after which the financial model will be updated, and the focus will shift to negotiating an off-take agreement for the gold, and copper-gold concentrates that will be produced, and construction funding.
  • The aim is to complete initial development costs for the Nueva Sabana mine including engineering for the long-lead concentrator, and associated mine infrastructure, and for construction of the 1.6km access road and siteworks, and connection to HT power mains by the end of the year.
  • Subject to finalising an acceptable financing Term Sheet in October/November, construction of the mine will commence in December 2024 with commissioning expected 12 months later.
  • The only near term expenditure on the La Demajagua mine will be on preliminary engineering for the proposed concentrate processing facility and antimony recovery circuit to allow an offer to be prepared by a Chinese engineering group for the turnkey design and construction of the facility.
  • This will allow a Scoping Study to be completed early next year for the expanded project which, based on recently completed metallurgical test work, is expected to reflect the production of ~4,800tpa antimony as an important by-product to gold and silver production over the planned 9 year LoM (refer ASX announcement 13 September 2024).
  • Antimony is an in-demand critical metal with a current price of ~US$26,000 per tonne, predicted by traders to increase to ~US$30,000 per tonne by the end of this year
  • The La Demajagua project is expected to be development-ready in Q4 2025.

This announcement has been authorised by the Chairman of Antilles Gold Limited.


Click here for the full ASX Release

This article includes content from Antilles Gold, 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.

AAU:AU
The Conversation (0)
Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Antilles Gold Limited (AAU:AU) has announced Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Download the PDF here.

Gold bar, stock numbers and "Weekly Editor's Picks" text overlay.

Editor's Picks: Gold Price Touches US$3,500 in Volatile Week, M&A Heats Up

It was quite a week for the gold price.

The yellow metal continued its record-breaking streak early in the period, touching the US$3,500 per ounce level for the first time, but then saw a sharp pullback, even dropping briefly below US$3,300.

What's behind gold's latest moves? Market watchers have pointed to US President Donald Trump's comments about Federal Reserve Chair Jerome Powell as the trigger for its latest spike.

Keep reading...Show less
AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS

AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS

Agnico Eagle Mines Limited logo (CNW Group/Agnico Eagle Mines Limited)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") today announced that, at the annual and special meeting of shareholders held on April 25, 2025 (the "Meeting"), the eleven candidates listed in the management information circular dated March 24, 2025 were duly elected as directors of Agnico Eagle.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS

AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS

Agnico Eagle Mines Limited logo (CNW Group/Agnico Eagle Mines Limited)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") today announced that, at the annual and special meeting of shareholders held on April 25, 2025 (the "Meeting"), the eleven candidates listed in the management information circular dated March 24, 2025 were duly elected as directors of Agnico Eagle.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Freeport First-Quarter 2025 Financial and Operating Results Release Available on Its Website

Freeport (NYSE: FCX) today announced that it has posted its first-quarter 2025 financial and operating results press release on the Investor Relations page of its website at https://investors.fcx.com/investors/news-releases .

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250423627211/en/

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×