Cuba: And Now There Are Two… Antilles Gold Has Until 25 January 2027 And Sherritt International Has Until 12 October 2026
/And Now There Are Two…
Antilles Gold Limited Has Until 25 January 2027
Sherritt International Corporation Has Until 12 October 2026
Bowral, Australia-based Antilles Gold Limited (AGL) is the second company to announce agreement with United States-based investors towards seeking authorization from The White House to continue operations in the Republic of Cuba.
Will Donald Trump, President of the United States (2017-2021 and 2025-2029), “do a favor” for Anthony Albanese, Prime Minister of the Commonwealth of Australia (2022- )? What will President Trump want in return?
From 3 January 2026, the Trump-Vance Administration (2025-2029) has crafted and implemented strategies designed to alter the status quo in the Republic of Cuba for non-Republic of Cuba-based companies.
Two companies are the commercial and political posters for the strategies. Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba. AGL entered the Republic of Cuba in 2020 to develop copper, gold, and silver mining projects.
The Trump-Vance Administration strategies are designed to coerce management to abandon, exit, or restructure operations. A primary goal is to require management to include a United States-based entity as a shareholder- preferably controlling and majority.
Where a non-Republic of Cuba-based company has an operation subject to a claim certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice, the Trump-Vance Administration is requiring a settlement. Requiring a settlement with a non-certified claimant is not a priority.
There are 8,821 claims of which 5,913 awards valued at US$1,902,202,284.95 were certified by the USFCSC and have not been resolved for nearly sixty years (some assets were officially confiscated in the 1960’s, some in the 1970’s and some in the 1990’s). The USFCSC permitted simple interest (not compound interest) of 6% per annum (approximately US$114,132,137.10); with the approximate current value of the 5,913 certified claims is approximately US$9.4 billion.
The futures of Toronto, Sherritt International Corporation and AGL are simultaneously in doubt and in play.
AGL 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.
Due to the sanctions implemented by the OFAC, AGL 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 Antilles Gold Limited, with a United States investment group which has Cuban connections, and understands the potential of both Antilles Gold Limited, and the Country's mining sector.”
30 July 2026: “… Following discussions with DoS [United States Department of State], AGI submitted a Proposal to DoS suggesting changes to the operation and structure of the joint venture that could lead to the lifting of the sanction, or OFAC licencing MLV to transact with U.S. entities or persons. To advance the Proposal, a potential cornerstone U.S. investor in AGI is required 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. AGI is in preliminary discussions on this matter with potential U.S. investors.”
AGL has announced an agreement with Luxembourg City-based Global Emerging Markets Global Yield, a subsidiary of New York, New York-based GEM (https://www.gemny.com), which is reportedly 100% controlled by individuals subject to United States jurisdiction. GEM has offices in New York City, New York; Paris, France; and Lyford Cay, Bahamas. A GEM subsidiary, Ascent Resources PLC, “invests in mineral, oil, and natural gas exploration companies.”
GEM will acquire 25% stake in AGL Cayman Islands unit, which owns 50% interest in the joint venture mining company Minera La Victoria S.A.
From GEM: “GEM is a US$3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world. GEM’s investment vehicles provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum. Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. Our vehicles and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments.”
Mining.com.au
“Antilles Gold (ASX:AAU) has signed a binding memorandum of understanding (MoU) with GEM Global Yield to help lift US sanctions on its Cuban joint venture (JV). The agreement, signed on 25 August, sees Luxembourg‑registered GEM become a 25% shareholder in Antilles Gold’s Cayman Islands subsidiary, Antilles Gold Inc (AGI), which holds 50% of Cuban JV mining company Minera La Victoria (MLV). GEM will assist in making representations and commitments to the US Department of State (DoS) to lift the sanction recently imposed on MLV, allowing construction of its Nueva Sabana gold‑copper mine to resume. GEM is 100% owned by US citizens, including New York‑based directors. Under the MoU, GEM will approach the DoS to seek permission to negotiate commercial arrangements that could result in the sanction being lifted.
The company will also commit to incorporating a new US subsidiary to subscribe for the 25% shareholding in AGI as the first step towards a minimum of 51% of AGI’s shares being held by US entities by 30 June 2028. GEM has 60 days to complete due diligence. Meanwhile, AGI will reconstitute its board if the sanction is lifted. AGI will appoint a US citizen as independent chairperson, two US citizens nominated by GEM as non‑executive directors, and one non‑executive and one executive director nominated by Antilles Gold.
The surplus cash generated from the first two years of Nueva Sabana operations will be retained as equity for the La Demajagua mine rather than being distributed as dividends. The parties will negotiate a shareholders agreement within 90 days. AGI intends to apply US$18 million ($25 million) of capital received from GEM’s subsidiary to a short‑term loan to MLV for financing Nueva Sabana construction (US$12.0 million), the La Demajagua DFS (US$4.0 million), and the balance for working capital.
Chairman Brian Johnson says shareholders will appreciate that the proposed transaction would reduce the company’s shareholding in AGI but will not reduce the value of its shares because of the 33% increase in capital expected to be subscribed by GEM’s subsidiary. The MoU has a six‑month term from 25 August unless extended by mutual agreement. GEM is a US$3.4 billion alternative investment group with offices in Paris, New York, and Nassau. Antilles Gold is an Australian mining company focused on developing previously explored mineral deposits in Cuba through a 50:50 joint venture with state-owned GeoMinera SA.”
The Trump-Vance Administration prefers that Sherritt International Corporation and AGL be controlled by a United States-based entity and minerals sourced in the Republic of Cuba by the company be destined for United States markets, particularly the cobalt for markets with military connectivity. Assisting United States-based companies to control supply-chains for critical minerals is foundational for the Trump-Vance Administration.
For Sherritt International Corporation, the key date is 12 October 2026 when the exclusivity expires for one suitor. By that date, or before, Sherritt International Corporation may need to seek protections afforded by the Companies’ Creditors Arrangement Act (CCAA), which is the government of Canada equivalent to the reorganization provisions in Chapter Eleven of the United States Bankruptcy Code.
Two suitors are circling the company. The approach by each is dramatically different.
The first is Dallas, Texas-based Gillon Capital, LLC which has exclusivity until 12 October 2026. The company identified itself and its principal engages publicly in the acquisition process.
The second is a consortium of London, United Kingdom-based Kyma Capital Ltd. (reportedly approximately US$440 million assets under management), London, United Kingdom-based Trifon Natsis (a partner in Jersey (Channel Islands), Crown Dependency-based Brevan Howard Asset Management LLP (2026 assets under management approximately US$31 billion)), Baar, Switzerland-based Glencore International AG (2025 revenue approximately US$247.5 billion), and an unidentified United States-based party. Kyma Capital Ltd. owns approximately 13.43% of common shares of Sherritt International Corporation.
NOTE: Bloomberg has identified the United States-based party as Dallas, Texas-based Albert Huddleston, although Mr. Huddleston has not publicly confirmed his connectivity with the consortium prior to or subsequent to the information published by Bloomberg. There is speculation that neither Glencore International AG nor Mr. Huddleston are no longer members of the consortium.
Absent United States-based connectivity, the Trump-Vance Administration is unlikely to approve an acquisition of AGL or Sherritt International Corporation and remove sanctions impacting the companies implemented by the OFAC, Bureau of Industry and Security (BIS) of the United States Department of Commerce, and United States Department of State.
