
October 09, 2024
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, OTCQB: ANTMF) advises that an announcement lodged with ASX at 9:18am AEDT on 8 October 2024 included statements relating to antimony production targets that are non- compliant under listing rules 5.16, 5.17, and 5.19, and included forecast financial information derived from a production target.
By this announcement the Company hereby retracts the first two pages of the earlier announcement and the included non-compliant statements and forecasts, and advises investors not to make any investment decision based on this information.
The Company is also announcing new test work results for the proposed La Demajagua gold-silver-antimony open-pit mine in Cuba.
NEW METALLURGICAL TESTWORK RESULTS FOR LA DEMAJAGUA PROJECT
- The attached Memorandum dated 2 October 2024 from Vancouver based consultants, JJ Metallurgical Services Inc, summarises past testwork results, and those recently received from Chinese engineering group, BGRIMM Technologies.
- Importantly, BGRIMM has indicated that leaching of the gold-arsenopyrite concentrate expected to be produced by the proposed La Demajagua gold-silver- antimony mine would recover 77.9% antimony from the concentrate and produce an antimony precipitate which contains 48% antimony content. Based on the test work data, it is expected that the production of 3,982tpa of a precipitate with 48% Sb (containing 1,911tpa antimony) will be realized from the 50,025 tpa gold-arsenopyrite concentrate containing 4.9% antimony.
- It is intended that the antimony precipitate will be blended with 5,558tpa of gold- silver-antimony concentrate grading 49.1g/t Au, 2,022g/t Ag, and 46.2% Sb (containing 2,568tpa antimony) that the consultant expects to be produced by reverse flotation of the La Demajagua ore at a mill throughput of 815,000 tpa containing 2.47 g/t gold, 26.2 g/t silver, 1.58% sulphur and 0.635% antimony. (Refer Scoping Study dated 30 March 2023 – all material assumptions underpinning this production target continue to apply and have not materially changed, in accordance with Listing Rule 5.19.)
- Testwork is continuing with specialists in Canada on the methodology of stabilising arsenic which would be generated if a concentrate roasting processing facility is added to the project, as is proposed, to produce a gold dore which would be much more valuable than the arsenic gold concentrate.
- When this information has been received, together with BGRIMM’s capital and operating cost estimates for the processing facility, a new Scoping Study will be undertaken for the expanded project, and is expected to demonstrate robust returns at conservative metal prices
COMMENT
Antilles Chairman, Brian Johnson said: “with improved supply-demand dynamics for antimony and a strengthening price environment, we are now rapidly advancing project development studies with the assistance of BGRIMM Technology Group and our Technical Consultants, and we look forward to delivering the Scoping Study for an expanded operation at La Demajagua. We are also engaging with a wider cohort of potential antimony buyers given the stronger demand and price environment for the strategic metal.”
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)
23 June 2024
Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
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Developing Gold and Copper Projects in mineral‐rich Cuba
17 February
Antilles Gold to Raise $1.0M for Working Capital
31 January
Quarterly Activities/Appendix 5B Cash Flow Report
12 January
Summary of Pre-Feasibility Study for Nueva Sabana Mine
11 December 2024
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
14 November 2024
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.”
Click here for the full ASX Release
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.
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8h
Executing WA Gold Strategy
Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) advises that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including MBK shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.
- Terms agreed to acquire the gold assets of Hastings Technology Metals Ltd (HAS), including the Whiteheads Project, for MBK shares, subject to binding documentation and other conditions precedent
- Livingstone Scoping Study for the Kingsley and Homestead deposits is underway
- Livingstone and HAS’ Whiteheads projects well placed for further exploration and fast-tracking to production
Expanding MBK’s WA gold portfolio – HAS to vend its WA gold assets into MBK for shares*
In accordance with the Term Sheet, MBK is to acquire:
- Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG (refer Appendix 1), covering ~380km2 located approximately 80km NE of Kalgoorlie (Whiteheads Project);
- Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploration licences located approx. 40km southeast of HAS’ Yangibana Project, 250 km northeast of Carnarvon in Western Australia (Ark Project); and
- The Darcy’s gold project comprising 3 exploration licenses covering an area of ~ 100km2 situated adjacent to HAS’ Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of Western Australia (Darcy Project).
*The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, which is currently in progress, signing of binding documentation, MBK shareholder approval under Listing Rule 7.1 and other necessary approvals, including ASX review pursuant to Listing Rule 11.1.
As consideration for the Proposed Acquisition, MBK will issue to HAS MBK Shares (Consideration Shares) for a total value of $2,300,000, at a share price of $0.014373, being the 10 day VWAP at the date of signing the term sheet. The consideration comprises $2,000,000 for the HAS Gold Assets plus $300,000 for the cash balance to be held by GWG at Completion.
A deferred consideration of $800,000 to the vendors of Whiteheads and subject to defined resource milestones being achieved remains payable by HAS over the next five years1.
It is the intention of HAS to seek approval of its shareholders to the distribution of the Consideration Shares in-specie to its shareholders, following completion of the acquisition.
Charles Lew will join the board of MBK as a non-executive director and the Board has agreed to appoint Tim Gilbert, currently Chief Operating Officer with HAS, as MBK’s new CEO following completion. Ines Scotland will remain as MBK’s Chair in a non-executive role.
Mr Gilbert is a mining engineer with more than four decades of experience in a range of senior roles in the resources sector across multiple commodities, including battery and base metals, diamonds and gold. His expertise covers a range of strategic, operational, construction and technical roles for major contractors including Theiss, as well as global mining companies including Rio Tinto, Newmont and Gold Field Australia where he was VP Operations and previously General Manager, Agnew Gold Mine.
A summary of the agreed terms for the Proposed Acquisition is set out later in this release.
Fast-tracking Livingstone and Whiteheads to production.
MBK has commenced a scoping study for the Homestead and Kingsley deposits at Livingstone. These projects hold JORC 2012 Mineral Resource Estimates2 from surface of:
- 1.68Mt @ 1.35g/t Au for 73.0koz Au, 100% Inferred at Kingsley;
- a total of 1.00Mt @ 1.35g/t Au for 43.4koz Au at Homestead, comprising 83% Indicated – 821Kt @1.37g/t Au for 36.2koz Au and 17% Inferred – 183Kt @1.22 g/t Au for 7.2koz Au;
Mark Cossom and Peter Lester are managing the scoping study for MBK and a mine services group has been engaged to undertake the necessary pit design and technical work. Mark is a consultant geologist and was formerly managing director of Gateway Mining Ltd and prior to that General Manager – Geology and Exploration with Doray Minerals Ltd. Peter Lester is a consultant mining engineer to MBK with over 40 years’ experience in the mining industry.
In addition, MBK has engaged the services of Stuart Stephens to provide exploration management services for the Livingstone project, including progressing mining proposals and necessary approvals required to proceed to production. Stuart is a geologist and former Exploration Manager at Gateway Mining with extensive experience in the WA mining and environmental regulatory framework.
Since acquiring Whiteheads earlier this year, HAS has developed a strategy of fast-tracking the Seven Leaders and Blue Poles deposits to open pit. HAS will commence drilling at Whiteheads in the coming weeks for a maiden JORC Resource and small mining proposals and associated approvals will follow.
MBK’s Chair Ines Scotland commented: “Adding the HAS gold assets plus experienced management to MBK provides MBK with scale for future gold production. The HAS gold projects complement our strategy for the Kingsley and Homestead projects at Livingstone that we are now advancing to Scoping Study stage. The HAS acquisition furthers our strategy of building a gold portfolio in WA with assets that have the potential for near term production utilising nearby third- party processing infrastructure, as well as significant exploration upside. We are looking forward to welcoming Charles Lew to the Board and Tim Gilbert joining as CEO to assist us in implementing our strategy.”
Commenting on the Term Sheet for sale of Hastings’ gold assets, Hastings Executive Chairman, Mr Charles Lew said:
“I am pleased to see the strategic integration of our Whiteheads Project with Metal Bank’s Livingstone Project, creating a promising pathway toward early cash flow through the Seven Leaders deposit. The addition of Hastings gold assets, complemented by experienced management and a clear focus on near-term production opportunities in WA, positions the enlarged company well for future growth. Capitalising on the strong gold price and a talented management team, we aim to realize the full potential of these assets and to advancing our shared strategy for building a robust gold portfolio."
Click here for the full ASX Release
This article includes content from Metal Bank Limited, 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.
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"In a nutshell, we're going back to a return to sound money — money not backed by the word of a politician and bankers, but by something sound like gold, which (has been) money for 4,000 years," he said.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Gold and Silver Stocks Dominate TSX30 List of Top Performers
The Toronto Stock Exchange (TSX) has released its annual TSX30 list, showcasing the 30 top-performing companies that are making the most impact in driving Canada’s economy forward.
Established in 2019, the TSX30 ranks stocks by their dividend-adjusted share price performance over three years.
The list was released on Tuesday (September 9), a day after the S&P/TSX Composite Index (INDEXTSI:OSPTX) reached an all-time high of 29,027. It's up 17.18 percent since the start of the year and nearly 30 percent since September 2024.
Mining stocks have helped drive these gains, and companies in the sector claimed 17 spots on this year's TSX30 list. Gold and silver miners dominated, accounting for 15 of the 17 resource sector stocks on the list.
The top-ranked precious metals producer was Lundin Gold (TSX:LUG,OTCQX:LUGDF), which took second place overall on the list, recording a 775 percent share price gain over the past three years.
Its surge has largely been driven by increasing output at its Fruta del Norte operation in Ecuador. According to Mining Data Online (MDO), its gold output came in at 502,000 ounces in 2024 and is projected at 475,000 to 525,000 ounces in 2025.
At number five was Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM), which has gained 610 percent over the past three years. Silver production at its namesake mine in Durango, Mexico, reached a record 1.11 million ounces in 2024. In December 2024, the firm started development work at its La Preciosa project, also in Durango.
Since the start of the year, Avino’s share price has increased by more than 350 percent.
At number 11 is New Gold (TSX:NGD,NYSEAMERICAN:NGD), a mid-tier producer with two gold mines located in BC and Ontario. According to MDO, its Rainy River mine in Southwest Ontario recorded gold output of 226,000 ounces in 2024, while new Ashton increased its production to 72,000 ounces, up from 63,000 ounces in 2023 and 38,000 ounces in 2022.
The company beat its low-end guidance for all-in sustaining costs in 2024 at US$1,239.
The remaining precious metals-focused companies on the TSX30 list are: Kinross Gold (TSX:K,NYSE:KGC) (12), IAMGOLD (TSX:IMG,NYSE:IAG) (13), Torex Gold Resources (TSX:TXG,OTCQX:TORXF) (14), Alamos Gold (TSX:AGI,NYSE:AGI) (19), Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) (21), Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) (22), China Gold International Resources (TSX:CGG) (25), Dundee Precious Metals (TSX:DPM) (26), Eldorado Gold (TSX:ELD,NYSE:EGO) (27), Galiano Gold (TSX:GAU,NYSEAMERICAN:GAU) (28), Skeena Resources (TSX:SKE,NYSE:SKE) (29) and Taseko Mines (TSX:TKO,NYSEAMERICAN:TGB) (30).
The non-gold resource companies listed are Almonty Industries (TSX:AII,NASDAQ:ALM) (10) and Cameco (TSX:CCO,NYSE:CCJ) (23). In the top spot overall was Celestica (TSX:CLS,NYSE:CLS), which provides artificial intelligence-powered supply chain optimization solutions. Over the past three years, its share price has gained 1,599 percent.
Gold and silver producers have fared well in 2025 as uncertainty bleeds into the global economy on the back of shifting US trade policies. This has prompted many investors to turn to the safety and stability of precious metals.
Gold has risen to record highs above US$3,600 per ounce in recent days, while silver is trading above US$40 per ounce.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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09 September
North American Mining Conferences Presentation
08 September
Fortune Bay: Maximizing Shareholder Value in Gold and Uranium
Fortune Bay (TSV:FOR) is a gold developer-explorer focused on unlocking value at the steepest part of the Lassonde Curve. The company combines a de-risked Canadian gold project with transformational discovery potential in Mexico, while also exploring partner-funded uranium assets.
Backed by strong community partnerships and a disciplined approach, Fortune Bay’s share structure positions it for multiple near-term catalysts as capital returns to quality juniors.
The Goldfields project in Saskatchewan, Canada, is situated in a top-tier mining jurisdiction with road access, proximity to hydropower, historical infrastructure, and advanced permitting groundwork. The 2022 PEA outlined average production of 101 koz/yr over 8.3 years, with C$234 million initial capex and life-of-mine AISC of US$889/oz (base case US$1,650/oz), showing strong sensitivity to higher gold prices. In 2025, the company engaged Ausenco for an updated PEA and commenced permitting to support future production — both initiatives are now underway.
Company Highlights
- Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
- Flagship development-ready gold asset in Saskatchewan, Canada: Goldfields project with open-pit 0.98 million ounce (Moz) indicated @ 1.31 grams per ton (g/t) gold and 0.21 Moz inferred @ 0.92 g/t gold; 2022 PEA shows robust economics; a 2025 PEA update is underway alongside permitting and existing infrastructure reducing risk and timelines.
- Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
- Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
- Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
This Fortune Bay profile is part of a paid investor education campaign.*
Click here to connect with Fortune Bay (TSXV:FOR) to receive an Investor Presentation
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