Antilles Gold's Fundraising for Cuban Mining Projects

Antilles Gold Limited (ASX:AAU) has successfully raised $1.58 million through the placement of 394,315,000 Shortfall Shares from its recent Entitlement Offer at $0.004 per share. The funds will primarily be utilized for initial development activities on the Nueva Sabana gold-copper mine and pre-development expenditure for the La Demajagua gold-silver-antimony mine in Cuba. The company aims to complete the initial development costs for the Nueva Sabana mine by the end of the year and commence construction in December 2024, with commissioning expected 12 months later.

Executive Commentary on Project Development

The funds raised will significantly contribute to advancing the development of our mining projects in Cuba. We are focused on completing the initial development costs for the Nueva Sabana mine and commencing construction by the end of this year. Additionally, we are working towards the completion of a Scoping Study for the expanded project early next year, reflecting the production of antimony as an important by-product to gold and silver production over the planned 9-year LoM. The La Demajagua project is also expected to be development-ready in Q4 2025, marking significant progress for our operations in Cuba.

Summary of Antilles Gold's Announcement

Antilles Gold Limited (ASX:AAU) has successfully raised $1.58 million to advance its mining projects in Cuba, with a focus on the Nueva Sabana and La Demajagua mines. The company aims to complete the initial development costs for the Nueva Sabana mine by the end of the year and commence construction in December 2024, with commissioning expected 12 months later. Furthermore, the completion of a Scoping Study for the expanded project early next year is anticipated, reflecting the production of antimony as an important by-product to gold and silver production over the planned 9-year LoM. The La Demajagua project is also expected to be development-ready in Q4 2025, demonstrating the company's commitment to advancing its operations in Cuba.