Antilles Gold raises $1.6M to advance Cuban JV mining projects

Antilles Gold (ASX:AAU) has raised $1.6 million in a recent entitlement offer.

The funds will be directed towards the company's joint venture mining projects in Cuba.

The placement included 394,315,000 shortfall shares at $0.004 each and 197,157,493 free attaching AAUO options, exercisable at 1 cents on or before Dec. 31, 2026.

The capital will fund initial development activities for the Nueva Sabana gold-copper mine and pre-development expenses for the La Demajagua gold-silver-antimony mine, both managed by the joint venture mining company Minera La Victoria.

Contributions to the US$15 million ($22.2 million) farm-in for 50% ownership of Minera La Victoria now stand at approximately US$14.4 million ($21.2 million).

"We are pleased to have secured the necessary funds to advance our projects in Cuba. Our immediate focus will be on completing the revised MRE and mine schedule for Nueva Sabana and shifting to negotiating an off-take agreement for gold and copper-gold concentrates," said James Tyers, Director/CEO of Antilles Gold.

Subject to finalising acceptable financing terms, construction of the Nueva Sabana mine is set to commence in December, with an anticipated commissioning 12 months later.

Development costs will cover engineering for the concentrator, mine infrastructure, and site work.

For the La Demajagua mine, only preliminary engineering for the concentrate processing facility and antimony recovery circuit will be conducted in the near term.

A scoping study is expected early next year, projecting the production of approximately 4,800 tonnes per annum of antimony as a by-product to gold and silver.

At the time of reporting, Antilles Gold’s share price was $0.0030.