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.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 yearThe La Demajagua project is expected to be development-ready in Q4 2025.
This announcement has been authorised by the Chairman of Antilles Gold Limited.
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