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, at an 8% discount rate, as at January 1, 2026, was estimated at $137-million, with an internal rate of return of 138.3%.

Capital Expenditure
Mine construction costs, including engineering, construction with contingency, spares, first fills, commissioning and interest during construction, have been estimated at $35.9-million, with predevelopment costs estimated at $7-million.

Planned Start/End Date
Construction started in December 2025, with the engineering, procurement and construction (EPC) contractor committed to commissioning the mine before the end of 2026.

Latest Developments
Early site works are under way, including access road construction, earthworks for structures, water supply and connection to high-tension power.
A formal notice to proceed was issued to Yantai Xinhai Mining Technology & Equipment Inc under the EPC contract on December 31, 2025.

Key Contracts, Suppliers and Consultants
Minera La Victoria SA (mine development and site works); and Yantai Xinhai Mining Technology & Equipment Inc (EPC contractor – crushing, grinding and flotation circuits).

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