Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba?
/Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba?
Bowral, Australia-based Antilles Gold Limited entered the Republic of Cuba in 2020 to develop copper, gold, and silver mining projects. The company has four locations of focus within the Republic of Cuba through an agreement with Republic of Cuba government-operated GeoMinera S.A. and a joint venture mining company, Minera La Victoria S.A., both of which are listed on the Specially Designated National (SDN) And Blocked Persons List by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. Link To Antilles Gold 2025 Annual Report
GEOMINERA, S.A., which is a state-owned enterprise under the jurisdiction of the Cuban government’s Ministry of Energy and Mines that leverages foreign investment from Australian-based Antilles Gold and other companies to manage Cuba’s non-nickel metallic mineral assets. GEOMINERA, S.A. manages Minera La Victoria S.A., which was designated pursuant to E.O. 14404 on June 4, 2026.
MINERA LA VICTORIA SA (a.k.a. "MLV"), Office 123, First Floor, Third Avenue Between 76 and 78, Beijing Building, Miramar Business Center, Playa, Havana 11300, Cuba; Organization Established Date 14 Aug 2020; Organization Type: Mining of other non-ferrous metal ores [CUBA-EO14404].
Due to the sanctions implemented by the OFAC, Antilles Gold Limited has engaged with the United States Department of State to determine if there exists restructuring of the operations in the Republic of Cuba which would permit the company to continue those operations.
24 June 2026: “Antilles Gold Limited has submitted a Proposal to U.S. Department of State offering to commit to specific operational and ownership changes to the joint venture that may encourage U.S. Department of State to lift the sanction, or the U.S. Department of Treasury's Office of Foreign Assets Control to licence Minera La Victoria S.A. to transact with U.S. entities or persons.”
7 July 2026: “Antilles Gold Limited advises that it is encouraged by the response to the Proposal submitted to the U.S. Department of State following its sanctioning of the Cuban joint venture mining company, Minera La Victoria S.A., on 4 June 2026… The Company's Chairman is in preliminary discussions on the above matters and the potential pricing of a share issue by AGI, with a U.S. investment group which has Cuban connections, and understands the potential of both Antilles Gold Limited, and the Country's mining sector.”
Market Release- 05/06/2026: ANTILLES GOLD LIMITED. Security Code: AAU. Pause in Trading. Trading in the securities of the entity will be temporarily paused pending a further announcement.
Market Announcement- 5 June 2026: Antilles Gold Limited (ASX: AAU) – Trading Halt. Trading in the securities of Antilles Gold Limited (‘AAU’) will be halted at the request of AAU, pending the release of an announcement by AAU. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of: the commencement of normal trading on Wednesday, 10 June 2026; or the release of the announcement to the market. AAU’s request for a trading halt is attached below for the information of the market. Issued by ASX Supervision.
10 June 2026: U.S. SANCTIONS ON CUBAN JOINT VENTURE COMPANYMINERA LA VICTORIA S.A. Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU) advises that Minera La Victoria S.A. (“MLV”), the Company’s 50%-owned joint venture company in Cuba, was designated by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) as a Specially Designated National (“SDN”) on 4 June 2026. The U.S. Department of State press release announcing the designation explains the rationale of Executive Order 14404 under which it is made, and that any U.S. entity or person is generally prohibited from transacting with an SDN and secondary sanctions may be imposed on parties from other jurisdictions. It is available at: https://www.state.gov/releases/office-of-the-spokesperson/2026/06/sanctions-on-cuban-actors-responsible-for-subversive-anti-american-activities-fact-sheet/ MLV’s first mining project, Nueva Sabana, is currently at an early construction stage and is not yet producing revenue. The Company is reviewing the designation and its potential implications for MLV, the Nueva Sabana project, and Antilles Gold and its shareholders. As an interim measure, Antilles Gold Limited’s subsidiary, Antilles Gold Inc (“AGI”), has advised its Cuban joint venture partner, Gold Caribbean Mining S.A. (“GCM”), that it is immediately suspending its direct participation in the administration, management and funding of MLV’s activities while the Company evaluates the implications of the OFAC designation and available options. During this period, GCM will be responsible for the administration and management of MLV’s operations. The Company intends to evaluate available administrative remedies, including whether there are grounds to seek reconsideration of the designation by OFAC. No assurance can be given as to the timing, prospects or outcome of any such process. The Company is also reviewing the broader impact of the designation on project development, financing, governance, operations and future strategy. As part of this effort, AGI has engaged a New York-based law firm with considerable experience in handling U.S. sanctions matters. Due to the uncertainty regarding the designation and its potential impact on Antilles Gold, the Company has requested that the ASX suspend trading in AAU shares and AAUO options. The Board regrets the need to take this step and will provide further updates to shareholders as material developments occur. This announcement has been authorised by the Board of Antilles Gold Limited.
Market Announcement- 10 June 2026: Antilles Gold Limited (ASX: AAU) – Suspension from Quotation. The securities of Antilles Gold Limited (‘AAU’) will be suspended from quotation immediately under Listing Rule 17.2 at the request of AAU, pending the release of an announcement by AAU. Unless ASX decides otherwise, the securities will remain suspended until the earlier of: the end of the period stated in AAU’s request for voluntary suspension; or the release of the announcement to the market. AAU’s request for voluntary suspension is attached below for the information of the market.
18 June 2026: ANTILLES GOLD REPORTS ON US SANCTIONS OF CUBAN JOINT VENTURE COMPANY. Antilles Gold Limited (Antilles Gold, or the Company) (ASX Code: AAU) advises the following with respect to sanctions imposed on the Cuban joint venture mining company, Minera La Victoria S.A ("MLV"), by the U.S. Department of State, which was reported to the ASX on 10 June 2026 prior to a voluntary suspension from trading of AAU shares on the same day; On 4 June, 2026, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned MLV by identifying it as a Specially Designated National (“SDN”) for operating in the metals and mining sector of the Cuban economy. Antilles Gold Limited’s subsidiary, Antilles Gold Inc (“AGI”), is a 50% shareholder in MLV with a subsidiary of the Cuban Government’s mining company, GeoMinera S.A., holding 50%. AGI has initiated discussions with the U.S. Department of State (“DoS”) and will put forward a proposal on this matter in the near future but there is no certainty as to the outcome. Antilles Gold and its subsidiaries will comply with all U.S. sanctions and associated restrictions. AGI has advised its Cuban joint venture partner, Gold Caribbean Mining S.A. (“GCM”), that it has suspended its direct participation in the administration, management, and funding of MLV until further notice, but will retain its 50% shareholding. Xinhai Mining will also suspend activity on the Engineering, Procurement, and Construction (“EPC”) contract for the Nueva Sabana mine until either the designation is removed, or OFAC licences MLV to transact with U.S. entities or persons. The Company regrets the impact of the MLV sanction on shareholders, but it is being proactive in seeking a resolution of this major problem. The market will be kept informed of any developments on this matter. END. This announcement has been authorised by the Board of Antilles Gold Limited.
Market Announcement- 18 June 2026: Antilles Gold Limited (ASX: AAU) – Reinstatement to Quotation. Description: The suspension of trading in the securities of Antilles Gold Limited (‘AAU’) will be lifted immediately following the release by AAU of an announcement regarding its Cuban Joint Venture Company.
24 June 2026- ANTILLES GOLD PROVIDES UPDATE ON U.S. SANCTION OF CUBAN JOINT VENTURE MINING COMPANY, MINERA LA VICTORIA. Antilles Gold Limited ("Antilles Gold" or "the Company") (ASX Code : AAU) advises that following the U.S. Department of State ("DoS") sanctioning Cuban joint venture mining company, Minera La Victoria S.A. ("MLV"), on 4 June 2026 for operating in the metals and mining sector of the Cuban economy, the Company's subsidiary, Antilles Gold Inc ("AGI"), which holds 50% of MLV, initiated discussions on the matter with DoS (refer ASX announcements dated 10 and 18 June 2026 for a chronology of this matter). AGI has submitted a Proposal to DoS offering to commit to specific operational and ownership changes to the joint venture that may encourage DoS to lift the sanction, or the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") to licence MLV to transact with U.S. entities or persons. In either circumstance, MLV would be able to continue with the construction and operation of the Nueva Sabana gold-copper mine, and the integrity of MLV and the value of its assets would be preserved. Due to the confidential nature of the discussions with DoS, AGI’s proposed commitments, some which would require shareholder approval, can only be advised after a response to the Proposal has been received from DoS. There is no certainty as to if or when a response will be received, or what the outcome might be. The market will be kept informed of any developments on this matter. END. This announcement has been authorised by the Board of Antilles Gold Limited.
7 July 2026: UPDATE ON U.S. SANCTION OF CUBAN JOINT VENTURE MINING COMPANY. Antilles Gold Limited ("Antilles Gold", or the "Company") (ASX Code : AAU) advises that it is encouraged by the response to the Proposal submitted to the U.S. Department of State ("DoS") following its sanctioning of the Cuban joint venture mining company, Minera La Victoria S.A. ("MLV"), on 4 June 2026 (refer ASX announcements dated 10, 18, and 24 June for a chronology of this matter). The Proposal suggested changes to the operation and structure of the joint venture that could lead to the lifting of the sanction, or the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) licencing MLV to transact with U.S. entities or persons. One of the primary elements of the Proposal was for a minimum of 51% of the shares of Cayman Islands registered subsidiary, Antilles Gold Inc ("AGI"), which holds 50% of MLV, to be taken up by an acceptable U.S. investor, or investors, through subscriptions for AGI shares. The next step in the process of advancing the Proposal with DoS will require a potential cornerstone U.S. investor to approach DoS directly on the matter and gain approval for the various stakeholders to undertake negotiations on the proposed commercial arrangements and commitments to DoS. The Company's Chairman is in preliminary discussions on the above matters and the potential pricing of a share issue by AGI, with a U.S. investment group which has Cuban connections, and understands the potential of both AGI, and the Country's mining sector. The divestment concept would require approval by Antilles Gold's shareholders, and Cuban authorities would also have to approve the change of control of AGI if this could lead to MLV being able to resume operations. The market will be kept informed of any developments on this matter. END. This announcement has been authorised by the Board of Antilles Gold Limited.
Antilles Gold Limited Operations
El Pilar Copper-Gold Porphyry System: A 752ha concession in central Cuba is held by Minera La Victoria, and covers the Nueva Sabana gold-copper oxide deposit, and the El Pilar porphyry copper system. The site is flat, unoccupied, and ideally located adjacent to a major highway, high tension power, and a 60km rail link to Palo Alto port. Antilles Gold has identified surface exposure as the leached phyllic caps to underlying copper-gold porphyry intrusives in the El Pilar system. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depth greater than 1,000m. Ground magnetics and Induced Polarisation surveys in early 2023 identified a cluster of three porphyry intrusives (El Pilar, Gaspar, and Camilo) within the concession.
Sierra Maestra Copper Belt: A highly prospective area of outcropping copper-gold-molybdenum mineralization has been discovered by Antilles Gold within the Sierra Maestra copper belt in south east Cuba. As a result, the 3,600ha La Cristina concession was delineated and issued to Minera La Victoria for geological investigation. The copper belt is +200km terrain of Cretaceous arc geology intruded by Eocene stocks which are the source of widespread gold, and base-metals mineralization. The concession incorporates a series of copper-gold-molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems, and show high prospectivity for associated epithermal gold-silver base metal systems. The Sierra Maestra belt is a large (+200km long) east-west trending island arc terrain of Cretaceous age geology that is intruded by Eocene age stocks which are the source for the widespread gold and base-metal mineralization that characterizes the underexplored belt which hosts the large El Cobre copper-gold-base metals deposit which is along strike from the concession. El Cobre has been mined since 1540 and is ongoing, making it the oldest copper mine in the Americas. The La Cristina concession hosts the same geological sequence as El Cobre and is located immediately to the south and further along strike to the west of this major mineralized system.
Nueva Sabana Copper-Gold Mine (Stage One): The deposit has a small high grade gold cap (2.6g/t Au), with an underlying copper-gold zone, followed by a copper zone which is open at 150m, and could transition into the El Pilar porphyry copper deposit off-set to the south. The concession also covers the Gaspar and Camilo porphyry intrusives, and numerous shallow gold targets identified by artisinal mining. The Initial Mineral Resource Estimate (“MRE”) to a depth of ~150m from surface was established by Mining Associates Pty Ltd, and reported to ASX on 6 March 2024 based on 24,000m of historic drilling, and 12,000m by MLV. After a 2,000m in-fill drilling program in mid 2024 at locations advised by consultants, the MRE was updated and advised to ASX on 2 October 2024.
La Demajagua Open Pit Mine: The 900ha La Demajagua mining concession is located on the Isle of Youth, 60nm from the mainland, and 35km from the port of Nueva Gerona via sealed roads, and is connected to water, electricity, and fiber optic cable. Mineral Resource Estimate (“MRE”) 905,000 oz Au Eq for open pit advised to ASX on 7 July 2023. Mining is planned at the rate of ~815,000tpa ore from an open pit for 9 years. The Scoping Study for this element of the project reported to ASX on 30 March 2023 indicated Project Development Costs of US$100M, LoM Sales of US$880M (at US$1,800/oz Au, US$22/oz Ag, and US$13,000/t Sb), LoM Surplus Cash of US$356M, and an NPV8 of US$196M. Subsequent extensive metallurgical testwork by specialist Chinese engineering group, BGRIMM Technologies, has demonstrated the potential to recover antimony from the bulk gold-arsenopyrite concentrate which would result in ~3,000tpa of antimony cathodes being produced in addition to ~50,000oz Au per year in a concentrate. At current metal prices of over US$4,000/oz Au, US$80/oz Ag, and US$25,000/t Sb, LoM Sales would increase to over US$1,700M with a resultant significant increase in profitability and NPV8.
