Name of the Project
Nueva Sabana gold/copper openpit mine – Stage 1.

Location
Cuba.

Project Owner/s
Australia-based mining company Antilles Gold.

Project Description
The project is based on a pit limited to 100 m depth that, at a mining rate of 500 000 t/y of ore, will result in an initial mine life of about four years and a project life of about 4.6 years.

Mining will be by conventional openpit mining using excavators and trucks, which will feed a 500 000 t/y flotation concentrator plant to produce gold and copper/gold concentrates.

Antilles Gold Inc (AGI), a subsidiary of Antilles Gold, will buy the gold, and copper/gold concentrates from the mine and on-sell them to an international commodities trader.

AGI is negotiating with several traders, which offer prepayment arrangements, to secure a minimum prepayment of $10-million under a four-year offtake agreement.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The net present value as at January 1, 2025, was estimated at $69-million at an 8% discount rate and an internal rate of return of 57.92%.

Capital Expenditure
Mine development costs, including engineering, construction with a 10% contingency, spares, first fills and commissioning, were estimated at $30.9-million in the January 2025 PFS.

Planned Start/End Date
Subject to finalising project funding in the near term, the first shipment of concentrate could occur in the first quarter of 2026.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Minera La Victoria SA (mine development); and Yantai Jinpeng (crushing, grinding and flotation circuits).

Contact Details for Project Information
Antilles Gold, tel +61 2 4861 1740 or email admin@antillesgold.net.