August 10, 2026

Winner For Canada’s Sherritt International Corporation Will Need Five Golden Tickets

August 10, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

Think Willy Wonka And The Golden Tickets

Winner For Canada’s Sherritt International Corporation Will Need Five Golden Tickets

Today, the competition expanded from one suitor to two suitors seeking to control Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy operations in the Republic of Cuba.

Dallas, Texas-based Gillon Capital, LLC now has competition from a consortium consisting of London, United Kingdom-based Kyma Capital, London, United Kingdom-based Trifon Natsis, Baar, Switzerland-based Glencore International AG, and an unidentified United States-based party.

The immediate beneficiary to the competition is the government of the Republic of Cuba. The paper value of its shareholding in a mining joint venture has increased with the increase in the price in shares of Sherritt International Corporation. Simultaneously, with the value of the shareholding increasing, the debt owed by the government of the Republic of Cuba to Sherritt International Corporation has decreased as a percentage, thus the equity value in the joint venture has increased for the government of the Republic of Cuba.

Whomever prevails will require Five Golden Tickets- as the character Willy Wonka distributed in the 1971 motion picture.

1) Authorizations, certifications, licenses, and opinions from the Bureau of Industry and Security (BIS) of the United States Department of Commerce
2) Authorizations, certifications, licenses, and opinions Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury
3) Authorizations, certifications, licenses, and opinions United States Foreign Claims Settlement Commission (USFCSC) of the United States Department of Justice (DOJ)
4) Authorizations, certifications, licenses, and opinions Office of the Legal Adviser (OLA) of the United States Department of State
5) A settlement with the owner of the claim certified by the FSCS: CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. The current owner of the claim is reported as New York, New York-based Citigroup, Inc. (2025 assets approximately US$2.6 trillion). Link To Claim Filing In PDF Format

The efforts to control Sherritt International Corporation by Gillon Capital LLC, Kyma Capital, Trifon Natsis, and Glencore International AG may have been complicated or may have been enhanced by a Libertad Act Title III Lawsuit filed on 29 July 2026.

The Trump-Pence Administration (2017-2021) on 2 May 2019 made operational Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”).
Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset. Link To Libertad Act Lawsuit Filing Statistics

Greenwich, Connecticut-based Atlas Holdings (2025 assets approximately US$16 billion) which owns Boca Raton-based Office Depot, Inc. (2025 revenue approximately US$7 billion) which is the owner of the Cuban Electric Company which has the largest certified claim valued at US$267,568,413.62, filed a Libertad Act Title III lawsuit again Republic of Cuba government-operated Union Electrica and Energas S.A. (within which Sherritt International Corporation has a 33% shareholding).

CUBAN ELECTRIC COMPANY A/K/A COMPAÑIA CUBANA DE ELECTRICIDAD, Plaintiff, v. UNIÓN ELÉCTRICA AND ENERGAS S.A., Defendants. (1:26-cv-02675-JDB). NOTE: Steptoe LLP also represents the eighth-largest curtained claimant Spring, Texas-based ExxonMobil Corporation (2025 revenue approximately US$332 billion) in its Libertad Act Title III lawsuit filed in 2019 against Republic of Cuba government-operated Corporación Cimex, S.A. and Republic of Cuba government-operated Unión Cuba-Petróleo (CUPET). Link To Complaint
From the complaint: “Defendant Energas S.A. is an enterprise organized under the laws of Cuba as a joint venture with three equal owners: 1/3 owner UNE, 1/3 owner Unión Cubapetróleo (“CUPET”), Cuba’s state-owned oil company, and 1/3 owner Sherritt International Corporation (“Sherritt”), a minerals company which is a corporation organized under the laws of Canada with its principal place of business in Canada. Thus, Energas is majority-owned by Cuban state-owned entities. Energas processes raw natural gas, which is supplied to Energas free of charge by CUPET. Energas also generates electricity for sale to the national grid, providing approximately 10% of Cuba’s total electrical generating capacity. Energas’ principal place of business is in Cuba, and it has operations throughout the country.”

If both certified claims are included in a successful effort to control Sherritt International Corporation, the transaction would permit settlement of the largest certified claim and the third largest certified claim. There are 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ).

By incorporating a settlement of the third-largest certified claim with a settlement of a component of the largest certified claim, meaningful impediments would be addressed for United States-based companies as sources of Direct Foreign Investment (DFI) for the Republic of Cuba.

Link: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore Ltd.

10 August 2026

Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore confirms it has offered a funded and inclusive recapitalization proposal providing significant equity capital, shareholder participation and relevant industrial capability, with a credible path to the stakeholder consents required for implementation. The Consortium calls on the Board to engage without further delay.

TORONTO, Aug. 10, 2026 /PRNewswire/ -- The United States Consortium (the "Consortium") — now comprising a prominent United States anchor investor ("US anchor"), Kyma Capital Limited ("Kyma Capital"), veteran global financial markets investor Trifon Natsis, and Glencore Ltd. ("Glencore") (LON: GLEN) today confirms that it formally submitted a comprehensive, non-binding recapitalization proposal (the "Proposal") to the Board of Directors of Sherritt International Corporation (TSX: S) ("Sherritt" or the "Company") on June 26, 2026. The Proposal has been before the Board since that date. The Consortium is making this announcement so that Sherritt's shareholders, noteholders, employees and other stakeholders can assess the Company's alternatives for themselves.

On August 7, an Ad Hoc Group representing a majority of the outstanding principal amount of Sherritt's 9.25% 2031 Notes publicly disclosed the key terms of a recapitalization proposal submitted to the Company by a consortium of strategic and financial investors and called on the Board to engage immediately with all credible alternatives. The Consortium confirms that the proposal disclosed by the Ad Hoc Group is the Proposal described in this announcement. The Proposal provides:

• New equity at C$0.12 per share- a market-reflective price with no discount to Sherritt's unaffected share price as of May 19, 2026, in contrast to the discounted structure publicly disclosed as the basis of the Gillon Capital proposal;

• Partial participation rights for eligible existing shareholders- eligible shareholders will have the opportunity to participate pro rata in a portion of the new equity issuance at the same C$0.12 per share price as the Consortium, reducing the dilution that would otherwise result from a closed control placement;

• A fully-funded transaction with no third-party debt financing condition- equity commitments from Consortium members, supported by equity commitment letters or equivalent instruments delivered at signing of definitive documentation, and a structure designed to provide a credible path to the noteholder support required for implementation;

• While not conditional, the Proposal provides the ability to unlock additional financing from the existing noteholders, contemplated in combination with equity commitments from the Consortium;

• Clear control and ownership structure through a U.S.-domiciled acquisition vehicle which, in the aggregate, will hold at least 55% of the Company on a fully diluted basis at completion; and

• U.S. regulatory engagement already underway- the Consortium has received written confirmation from the U.S. Department of State, addressed to the Consortium and the Company, that the U.S. Department of State and Department of the Treasury do not object to the Consortium engaging in negotiations with Sherritt.

Following completion, the Consortium intends to work with the Company to stabilize its capital structure and liquidity; preserve and enhance the Fort Saskatchewan refinery and Sherritt's North American nickel and cobalt processing capability; establish a compliant pathway for the business to serve critical-minerals supply chains; and establish a dedicated sanctions, national security and compliance committee of the Board.

A consortium built for this situation

The Consortium combines three differentiated capabilities: a US anchor and Trifon Natsis, providing anchor capital and deep global financial markets experience; Kyma Capital, Sherritt's largest economic stakeholder across its capital structure, providing the stakeholder-consent bridge and implementation certainty no disclosed competing proposal can match; and Glencore, a leading global diversified natural resources company, contributing commercial expertise and technical support specific to nickel and cobalt production.

A spokesperson for the Consortium said: "This is a funded, inclusive proposal at a price with no discount, from investors who know this company, with a credible path to the noteholder consent any transaction must have and with constructive engagement already underway in Washington. We are not asking the Board to abandon its process. We are asking it to compare proposals — and to let the better transaction win on the merits."

Akshay Shah, Chief Investment Officer of Kyma Capital, said: "The majority noteholder group has now publicly disclosed the key terms of this Proposal and called for immediate engagement with all credible alternatives. Any transaction requiring noteholder consent needs to be developed through meaningful engagement with those stakeholders, not presented as a fait accompli after the key economic and governance terms have already been determined."

Engagement

The Company has publicly acknowledged constrained liquidity, a material uncertainty as to its ability to continue as a going concern, and the need for significant new capital to restart the Fort Saskatchewan refinery. On August 7, the Ad Hoc Group called for immediate engagement with all credible alternatives and stated that meaningful engagement with noteholders must occur before key economic and governance terms are finalized in any transaction requiring noteholder consent. In these circumstances, the Consortium believes that all credible alternatives must be evaluated promptly and on an informed basis, and that exclusivity arrangements do not relieve the Board of that obligation. Delay has real economic consequences: restart costs, working capital needs and the total financing requirement all grow with time.

As the Ad Hoc Group has now publicly observed, the competing alternatives should be assessed on value, financing certainty, shareholder treatment, operating capability, strategic merit, execution risk and overall stakeholder outcomes.

The Consortium and its advisers are available to meet with the Board and its advisers immediately.

Kyma Capital has separately announced governance initiatives in respect of the Company, including the special meeting of shareholders that has now been requisitioned. Those initiatives are undertaken by Kyma Capital in its own capacity as a shareholder of Sherritt, and not on behalf of the Consortium.

About US Anchor

US Anchor is a United States-based investor with deep global financial markets experience.

About Kyma Capital: Kyma Capital is a London-based investment manager specialising in event-driven and distressed credit opportunities. Kyma is authorised and regulated by the United Kingdom Financial Conduct Authority.

About Trifon Natsis: Trifon Natsis is a co-founder of Brevan Howard Asset Management and has more than three decades of experience investing across global financial markets.

About Glencore: Glencore is one of the world's largest diversified natural resource companies and commodity traders, with a significant presence in mining and marketing of critical minerals, including nickel and cobalt.

Important information

The Proposal is non-binding, subject to the negotiation and execution of definitive documentation and receipt of all required approvals, and there can be no assurance that any transaction will result from it, or as to the terms or timing of any transaction. This announcement is for information only. It does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, and it is not a solicitation of proxies. Each member of the Consortium is responsible for its own disclosure and filing obligations under applicable securities laws. This announcement contains forward-looking statements that reflect current expectations and involve risks and uncertainties; actual outcomes may differ materially, and the Consortium undertakes no obligation to update such statements except as required by law.

SOURCE Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore Ltd.

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Links To Related Analyses

Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 8, 2026

President Trump’s Roundtable On American Mining A Positive Signal For Gillon Capital Acquisition Of Canada’s Sherritt International Corporation. And Possible Settlement For Largest Certified Claim? August 7, 2026

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest July 31, 2026

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify. June 29, 2026

Canada's Sherritt Questions "ability to continue" While OFAC Considers U.S. Company License Application To Save Company, Invest In Cuba, Settle A Certified Claim, Export Nickel And Cobalt To U.S. June 26, 2026

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026

U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026

Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026

Canada's Sherritt Reports That "dissolution [of GNC] is required as a result of a material adverse change that is an immediate change under the MSA and that there is inadequate time for arbitration" May 15, 2026

Trump Administration Cuba Sanctions Hits Another Canada-Connected Target: Accounting Firm Deloitte LLP Resigns From Sherritt Account May 15, 2026

Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

August 10, 2026

Two UK-Based Companies, One Switzerland-Based Company, And Unidentified U.S.-Based Party Make Offer For Canada's Sherritt International Corporation. Now Two Offers On The Table.

August 10, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

“10 August 2026: TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today confirms receipt of an unsolicited, non-binding proposal from a consortium comprised of Kyma Capital, Glencore Ltd. and a United States anchor investor (collectively, the “Consortium”). The Corporation cautions stakeholders that the Consortium’s proposal is non-binding, conditional and is not currently executable.

Sherritt will address all proposals from current or potential stakeholders and its board will consider them in accordance with its fiduciary duties. Sherritt’s stakeholders should exercise caution when evaluating information from any source, particularly information disseminated by third parties who may not have knowledge of, or may not present, the constraints to which Sherritt is subject.

Sherritt will continue to engage with its stakeholders as it navigates the significant challenges that it faces. Sherritt will provide factual updates as developments warrant, in accordance with applicable securities laws. Sherritt does not intend to make further public announcements regarding rumours or speculation unless it determines that disclosure is in the best interest of its stakeholders and in accordance with the requirements of applicable law.

About Sherritt

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.

Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

Forward-Looking Statements

Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).

All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the proposal from the Consortium (or any other proposal or potential transaction).

The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba; level of liquidity of Sherritt, including access to capital and financing; the Corporation’s ability to negotiate and finalize a definitive agreement in respect of a recapitalization transaction, including the completion and timing thereof, the terms on which it may be completed and the receipt of all required approvals; the Corporation’s ability to restart its business and restore normal operations, including the ability to obtain restart financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months ended March 31, 2026, the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, each of which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.”

London, United Kingdom-based Kyma Capital, London, United Kingdom-based Trifon Natsis, Baar, Switzerland-based Glencore International AG, and an unidentified United States-based party.

• While not conditional, the Proposal provides the ability to unlock additional financing from the existing noteholders, contemplated in combination with equity commitments from the Consortium;

• Clear control and ownership structure through a U.S.-domiciled acquisition vehicle which, in the aggregate, will hold at least 55% of the Company on a fully diluted basis at completion; and

Engagement

The Consortium and its advisers are available to meet with the Board and its advisers immediately.

About US Anchor

US Anchor is a United States-based investor with deep global financial markets experience.

About Trifon Natsis: Trifon Natsis is a co-founder of Brevan Howard Asset Management and has more than three decades of experience investing across global financial markets.

Important information

SOURCE Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore Ltd.

August 09, 2026

A Potential Carrot To Government Of Cuba? "United States Advances Trusted Digital Infrastructure at CANTO 2026"

August 09, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

United States Department of State
Washington DC
9 August 2026

The United States joined regional officials, regulators, and industry leaders from Caribbean nations this week in Punta Cana, Dominican Republic for the Caribbean Association of National Telecommunications Organizations (CANTO) Annual General Meeting, reaffirming America’s commitment to secure, trusted digital infrastructure across the Caribbean. U.S. officials engaged Caribbean governments to exclude untrusted vendors from their ICT ecosystems and adopt an upgraded and secure approach to network modernization. Ahead of the conference, the Department convened the U.S.-Caribbean Digital Transformation Accelerator August 7-8, connecting Caribbean regulators with U.S. companies and partners to advance concrete, country-specific projects on undersea cables, 5G financing, satellite connectivity, and AI readiness.

The United States announced a significant new Caribbean and Central America undersea cables initiative to strengthen secure digital infrastructure by expanding trusted, high-speed connectivity in our region and build resilient, secure networks. The Department of State is pairing this effort with legal and technical assistance, delivered through the Department of Commerce’s Commercial Law Development Program, to help governments draft trusted-vendor legislation and protect critical infrastructure. Together, these efforts will help ensure our hemisphere’s digital networks remain reliable, trusted, and positioned to support long-term economic growth and security.

The United States congratulates the Dominican Republic on its leadership to advance trusted digital infrastructure and commits to continue delivering technical assistance, financing tools, and diplomatic engagement to ensure the Caribbean’s digital transformation creates lasting opportunities for American and Caribbean businesses alike.

August 08, 2026

Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation

August 08, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

“AD HOC GROUP REPRESENTING MAJORITY OF SHERRITT NOTEHOLDERS DISCLOSES RECAPITALISATION ALTERNATIVE AND CALLS ON BOARD TO ENGAGE

Ad Hoc Group of the 9.25% 2031 Notes of Sherritt International Corporation

bold text added for emphasis

TORONTO, Aug. 7, 2026 /PRNewswire/ -- An ad hoc group of holders representing a majority of the outstanding principal amount of Sherritt International Corporation's 9.25% 2031 Notes (the "Ad Hoc Group") today disclosed key terms of a recapitalisation transaction submitted to Sherritt International Corporation ("Sherritt" or the "Company") on 26 June 2026 by a consortium of strategic and financial investors and called on the Board to engage immediately with all credible alternatives.

The Ad Hoc Group will reject any attempt to present them with a take-it-or-leave-it transaction after outcomes have effectively been predetermined. Meaningful engagement with noteholders must occur before key economic and governance terms are finalised in any transaction requiring noteholder consent.

The alternative transaction term sheet provides: immediate equity capital at C$0.12 per share, without a discount to market; the right for eligible existing shareholders to participate at the same price as the sponsoring investors; committed equity funding without a third-party debt financing condition; participation by strategic and financial investors, including a reputable global metals and mining company with substantial operating, technical, refining, marketing and critical minerals expertise directly relevant to Sherritt's business; a strategic plan to strengthen Sherritt's North American nickel and cobalt platform; and written confirmation from the U.S. Department of State that it does not object to negotiations regarding the transaction.

Stakeholders should understand the stark difference between this alternative and the transaction currently being pursued by the Company.

The alternative transaction delivers immediate, market-priced capital and brings real operating capability directly relevant to Sherritt's business. It is backed by participants with experience in mining, metals, commodity markets, critical minerals and global industrial operations — expertise that matters when the Company faces urgent liquidity constraints, restart requirements and strategic decisions regarding the future of its nickel and cobalt platform.

It also gives existing shareholders the opportunity to invest alongside the new money on the same economic terms. By contrast, the Company's publicly disclosed transaction with Gillon Capital is based on a non-binding warrant structure, not an immediate capital injection. That warrant would give Gillon Capital the right to acquire control at a later date, would be exercisable for up to nine months, and is expected to be priced at a discount to the Company's share price, resulting in substantial dilution to existing shareholders upon exercise. No comparable operating or strategic partner has been publicly identified.

Both transaction paths have received similar feedback from the U.S. Department of State. The Company has disclosed that the U.S. Department of State and Department of the Treasury do not object to Gillon Capital engaging in negotiations with the Company. The alternative transaction is likewise supported by written correspondence from the U.S. Department of State confirming that the U.S. Department of State and Department of the Treasury do not object to the sponsoring consortium engaging in negotiations with Sherritt.

Stakeholders should not be led to believe that regulatory engagement or governmental support is unique to the Gillon transaction.

Nor does such engagement justify prioritising a discounted, conditional warrant structure over an available recapitalisation alternative that provides immediate capital, shareholder participation rights and relevant operating expertise.

The Board's obligation is not to protect a preferred transaction counterparty or transaction path. It is to evaluate all credible alternatives on the basis of value, financing certainty, shareholder treatment, operating capability, strategic merit, execution risk and overall stakeholder outcomes. It must also engage meaningfully with the stakeholders whose support may ultimately be required to implement any such transaction.

Given Sherritt's disclosed liquidity challenges, going-concern uncertainty and need for new capital, stakeholders deserve a fair process, balanced disclosure and a Board prepared to evaluate credible alternatives rather than continue down a single preferred path. Consistent with that objective, the Ad Hoc Group has provided the Company with an emergency financing term sheet intended to address near-term liquidity needs and preserve operational flexibility while a broader recapitalisation is pursued.

If the Company and its advisers continue to marginalise a credible recapitalisation alternative, limit meaningful engagement with the organised noteholder constituency, or pursue a process that impairs stakeholder value, the Ad Hoc Group is prepared to exercise all rights and remedies available to protect stakeholder interests, including with respect to the Company, the Board and, where appropriate, the Company's advisers.

The Ad Hoc Group remains prepared to engage immediately and constructively regarding financing and recapitalisation alternatives and reserves all rights with respect to the Company, its notes, the Board, the Company's advisers and any transaction requiring noteholder consent.

SOURCE Ad Hoc Group of the 9.25% 2031 Notes of Sherritt International Corporation”

Links To Related Analyses

Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest July 31, 2026

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify. June 29, 2026

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026

U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026

Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026

Trump Administration Cuba Sanctions Hits Another Canada-Connected Target: Accounting Firm Deloitte LLP Resigns From Sherritt Account May 15, 2026

Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

August 07, 2026

President Trump’s Roundtable On American Mining A Positive Signal For Gillon Capital Acquisition Of Canada’s Sherritt International Corporation. And Possible Settlement For Largest Certified Claim?

August 07, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

President Trump’s Roundtable On American Mining A Positive Signal For Gillon Capital Acquisition Of Canada’s Sherritt International Corporation

New Potential For Largest And Third Largest Certified Claimants To Merge Interests For Re-Entry To Cuba

7 August 2026: “3:00 p.m. [United States] Secretary [Marco] Rubio [2025- ] attends President Trump’s Roundtable on American Mining at the Department of State.”

“I wanted to briefly – very briefly – touch on what the State Department’s done. Earlier this year we had a Critical Minerals Ministerial. We brought in countries from all over the world to – and announced the creation of something called FORGE [Forum on Resource Geostrategic Engagement], which is an international partnership chaired by us in the United States to leverage public finance and coordinate diplomatic support to secure these supply chains around the world. At that meeting, we signed eleven new critical minerals agreements with countries, adding to the ones that already existed. Today, under your administration, we’ve already signed twenty-seven critical mineral agreements with other countries.”

The White House
Washington DC
7 August 2026

“PRIORITIZING DOMESTIC CRITICAL MATERIALS AND THEIR SUPPLY CHAINS: President Trump is ensuring America’s critical materials and critical supply chains are robust and secure to reduce reliance on hostile foreign countries, protect our national security, and strengthen the economic resilience of vital industries.”
“RESTORING AMERICAN INDUSTRY: President Trump’s leadership is restoring America’s mining industry and national and economic security, ensuring reliable supplies of critical materials and supply chains.”
“In July 2026, President Trump signed an Executive Order to secure America’s defense supply chains for the cutting-edge equipment that allows the U.S. to dominate the modern battlefield, particularly, ensuring domestic supplies of the critical materials and components necessary to manufacture that equipment.”

Dallas, Texas-based Gillon Capital, LLC is seeking to control 55% of Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy operations in the Republic of Cuba.

The transaction would permit settlement of the third largest of the 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ) along with make available for import to the United States additional supplies of cobalt and nickel. CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. Link To Claim Filing In PDF Format

The proposed transaction may have been complicated or may have been enhanced by a Libertad Act Title III Lawsuit filed on 29 July 2026.

From the company: “Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 27 companies, which employ more than 57,000 associates across more than 350 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $18 billion in revenues annually.”

CUBAN ELECTRIC COMPANY A/K/A COMPAÑIA CUBANA DE ELECTRICIDAD, Plaintiff, v. UNIÓN ELÉCTRICA AND ENERGAS S.A., Defendants. (1:26-cv-02675-JDB). NOTE: Steptoe LLP also represents the eighth-largest curtained claimant Spring, Texas-based ExxonMobil Corporation (2025 revenue approximately US$332 billion) in its Libertad Act Title III lawsuit filed in 2019 against Republic of Cuba government-operated Corporación Cimex, S.A. and Republic of Cuba government-operated Unión Cuba-Petróleo (CUPET). Link To Complaint

From the complaint: “Defendant Energas S.A. is an enterprise organized under the laws of Cuba as a joint venture with three equal owners: 1/3 owner UNE, 1/3 owner Unión Cubapetróleo (“CUPET”), Cuba’s state-owned oil company, and 1/3 owner Sherritt International Corporation (“Sherritt”), a minerals company which is a corporation organized under the laws of Canada with its principal place of business in Canada. Thus, Energas is majority-owned by Cuban state-owned entities. Energas processes raw natural gas, which is supplied to Energas free of charge by CUPET. Energas also generates electricity for sale to the national grid, providing approximately 10% of Cuba’s total electrical generating capacity. Energas’ principal place of business is in Cuba, and it has operations throughout the country.”

The Trump-Pence Administration (2017-2021) on 2 May 2019 made operational Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”).

Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset. Link To Libertad Act Lawsuit Filing Statistics

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Links To Related Analyses

Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest July 31, 2026

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify. June 29, 2026

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026

U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026

Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026

Trump Administration Cuba Sanctions Hits Another Canada-Connected Target: Accounting Firm Deloitte LLP Resigns From Sherritt Account May 15, 2026

Cuba Has Nickel And Cobalt. Vehicle Electric Batteries Use Nickel And Cobalt. Cuba Should Benefit. September 25, 2021

Related Article

6 August 2026: Reuters- The Democratic Republic of Congo has banned exports ‌of copper concentrate and cobalt concentrate as it escalates efforts to force domestic processing and retain more value from its mineral resources, a government order reviewed by Reuters on Thursday shows. After Reuters reported the ban, benchmark three-month copper on the London Metal Exchange rose by as much as 1.8% to $14,369.50 a metric ton, the highest since January 29 when the metal hit an all-time peak of $14,527.50.

Congo is seeking to leverage its position as the world's largest cobalt supplier and a major source of other energy-transition minerals, including copper, to build domestic processing capacity and retain a greater share ⁠of the wealth flowing from its mines. The June 29 order, signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba, says "the export of copper and cobalt concentrates is prohibited".

The ban takes effect immediately, although one-year export waivers may be granted under strategic circumstances, the order said, without explaining further. It also introduced a tax regime with a three-month transition period for economically significant mining by-products.

In a statement posted on the LSEG platform on Thursday, Ivanhoe Mines (IVN.TO), opens new tab said its Kamoa-Kakula copper complex - a joint venture with China's Zijin Mining (601899.SS), opens new tab and the Congolese government - had received multiple exemptions allowing it to export copper concentrate since production began in 2021.

"Currently, copper concentrate produced by Kamoa-Kakula is smelted at the on-site smelter or at the Lualaba copper smelter, in Kolwezi. In addition, the Kipushi Mine has a derogation in place allowing the export of the operation's zinc concentrates," the company said.

The ban was motivated by "the need to encourage mining operators to market or export commercial mineral products with high added value," the order said. Congo has imposed bans on copper and cobalt concentrate exports in 2013, 2019 and 2023, while granting waivers where domestic smelting capacity was insufficient. The latest order repeals the 2023 order and its exemptions, and replaces it with a broader framework governing mineral exports and the taxation of economically significant mining by-products.

Congo mostly exports copper in the form of refined metal. It exported 696,725 ⁠tons of copper cathodes in the first quarter of 2026, compared with 53,926 tons of copper concentrates containing 18,863 tons of copper metal, according to official data. It also shipped 51,940 tons of cobalt hydroxides containing 17,054 tons of cobalt metal over the same period.

Christian-Geraud Neema, a mining analyst at non-profit organisation the China-Global South Project, said the latest ⁠ban was unlikely to have a severe impact on most operators as the bulk of Congo's copper and cobalt is already refined domestically. He said the most affected could be Kamoa-Kakula as it still exports some concentrate under exemptions. Zijin did not immediately respond to a request for comment and neither did the ⁠Congolese chamber of mines. The new tax regime covers a wide range of minerals and says the tax on mining by-products applies to trace and ultra-trace minerals recovered during refining using a 55% valuation coefficient, with royalties charged alongside those on the main mineral.

August 07, 2026

Using X, United States Department Of State Warns About Engaging With Cuba's GAESA

August 07, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

United States Department of State
Washington DC
7 August 2026

Bureau of Western Hemisphere Affairs
@WHAAsstSecty

Translated from Spanish

GAESA is not just a company. It is a vast corrupt network that controls hotels, stores, the real estate sector, transportation, finance, and other areas of the regime. Foreign companies that wish to invest in Cuba must partner with a Cuban state-owned company, which makes them accomplices in the dictatorship's corruption scheme. For this reason, the Trump Administration has imposed secondary sanctions on all companies that maintain commercial relations with GAESA.

Bureau of Western Hemisphere Affairs
@WHAAsstSecty

GAESA no es solo una empresa. Se trata de una amplia red corrupta que controla hoteles, tiendas, sector inmobiliario, transporte, finanzas y otros ámbitos del régimen. Las empresas extranjeras que deseen invertir en Cuba deben contar con una empresa estatal cubana como socio, lo que las convierte en cómplices del esquema de corrupción de la dictadura. Por este motivo, la Administración Trump ha impuesto sanciones secundarias a todas las empresas que mantengan relaciones comerciales con GAESA.

August 06, 2026

Thirteen New Sanctions Targets In Cuba. "New Targeting Enablers of the Cuban Regime’s Arms Imports and Foreign Military Cooperation Fact Sheet"

August 06, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

United States Department of State
Washington DC
6 August 2026

Marco Rubio, Secretary of State
Targeting Enablers of the Cuban Regime’s Arms Imports and Foreign Military Cooperation
Press Statement

The Cuban Communist regime is a state sponsor of terrorism that uses its military and intelligence apparatus to spy on the United States, provide material support to violent radicals and terrorist groups, and spread poisonous Marxist ideology within our borders and polity, all while serving as a staging ground for other U.S. adversaries such as Russia, China and Iran to conduct operations against the United States. Cuba’s military and intelligence institutions are also the key enforcers of domestic repression and nodes of kleptocracy, notably through the military-run conglomerate Grupo de Administración Empresarial S.A. (GAESA). Today, the Trump Administration is taking further action to protect our national security by sanctioning entities and individuals who facilitate Havana’s military relationships and the shipments of arms to the Cuban regime.

Pursuant to President Trump’s Executive Order (E.O.) 14404 of May 1, 2026, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy,” I am designating five Cuban entities and eight individuals involved in the procurement of military equipment from abroad for the Cuban regime’s Ministry of the Revolutionary Armed Forces (MINFAR) and security forces.

The Trump Administration will continue to use every tool at our disposal to address the national security threats posed by the Cuban Communist regime, and to drive economic and political reforms to give the Cuban people a better future. As President Trump has said, his resolve is ironclad: the United States will not tolerate a rogue state harboring hostile foreign military, intelligence, and terror operations just ninety miles from the American homeland.

The Department’s actions are being taken pursuant to E.O. 14404, which authorizes sweeping sanctions on Cuba, including against persons who support the Cuban regime’s security apparatus and those responsible for repression in Cuba and other threats to U.S. national security. These actions also further both E.O. 14380, “Addressing Threats to the United States by the Government of Cuba” and National Security Presidential Memorandum 5 , which directs the Executive Branch to improve human rights, encourage the rule of law, foster free markets and free enterprise, and promote democracy in Cuba. For more information on today’s action, see the Department of State’s Fact Sheet.

United States Department of State
Washington DC
6 August 2026

Office of the Spokesperson
Targeting Enablers of the Cuban Regime’s Arms Imports and Foreign Military Cooperation Fact Sheet

Fact Sheet

Today, the Department of State is designating five entities and eight individuals to further the Trump Administration’s comprehensive push to end the Cuban regime’s malign activities, both in Cuba and across our hemisphere. These actions target state-owned entities, military enterprises, and Ministry of the Revolutionary Armed Forces (MINFAR) officials involved in foreign military cooperation and the procurement of military equipment intended for the Cuban regime.

These designations follow the Department’s July 20 report Cuba: The Capital of 21st Century Communism, which chronicles the Cuban regime’s continuing partnerships with Russia and China, both of which have supplied Cuba with military hardware, surveillance technologies, and other security capabilities. The report further discusses how the Cuban regime has positioned the island as a staging ground for a wide range of foreign adversaries to conduct operations against the United States.

All Department of State targets sanctioned today have been designated pursuant to Executive Order (E.O.) 14404, which authorizes sanctions on foreign persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.

Cuban Regime’s Arms Imports and Military Industry

The following entities and individuals are designated for their direct roles in the procurement and sustainment of weapons and military equipment from abroad intended for the Cuban regime’s military and security forces.

Pursuant to Section 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the defense and related materiel sector of the Cuban economy, the Department designated:

EMPRESA CUBANA IMPORTADORA Y EXPORTADORA DE PRODUCTOS TECNICOS (TECNOIMPORT) is a Cuba-based subsidiary entity of Grupo de Administración Empresarial S.A. (GAESA) involved in the import of technical products to Cuba, including military equipment on behalf of the Cuban Ministry of Revolutionary Armed Forces (MINFAR). MINFAR and GAESA were designated by the Department of State on June 4, 2026 and on May 7, 2026, respectively. Additionally, TECNOIMPORT has been involved in the procurement of military-related equipment from China and Russia for Cuba.

SOCIEDAD MERCANTIL DUNA SA (DUNA SA) is a Cuba-based company involved in the import of products to Cuba. Additionally, DUNA SA has been involved in the import of military-related equipment from China and Russia to Cuba.

UNION DE INDUSTRIA MILITAR (UIM) is a Cuba-based military holding company responsible for the production and repair of weapons and military equipment for the Revolutionary Armed Forces (FAR). Additionally, UIM has been involved in efforts to modernize Russian-origin weapons systems in cooperation with Russian defense entities.

EMPRESA MILITAR INDUSTRIAL YURI GAGARIN (EMI YURI GAGARIN) is a Cuba-based military enterprise that repairs military helicopters and fixed-wing aircraft. Additionally, EMI YURI GAGARIN is involved in the maintenance and repair of Cuba’s fleet of Russia-origin military aircraft.

Pursuant to Section 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba, the Department designated:

EMPRESA CUBANA EXPORTADORA E IMPORTADORA DE SERVICIOS, ARTICULOS Y PRODUCTOS TECNICOS ESPECIALIZADOS SA (TECNOTEX) is a Cuba-based subsidiary entity of GAESA involved in the import and export of equipment, technology, construction materials and other goods to Cuba and is an entity directly serving the Cuban defense and security sectors. Additionally, TECNOTEX has been involved in efforts to refurbish Cuba’s Russian-origin helicopter fleet and has previously been involved in cooperation with the Democratic People’s Republic of Korea.

Pursuant to Section 2(a)(i)(E) of E.O. 14404 for being or having been a leader, official, senior executive officer, or member of the board of directors of UIM, an entity whose property or interests in property are blocked pursuant to this order, the Department designated:

ROBERTO JESUS VICIANA MOUSSET (VICIANA MOUSSET) is the Director General of UIM and a Brigadier General in the FAR.

Pursuant to Section 2(a)(i)(E) of E.O. 14404 for being or having been a leader, official, senior executive officer, or member of the board of directors of TECNOIMPORT, an entity whose property or interests in property are blocked pursuant to this order, the Department designated:

HERIBERTO SANCHEZ ALLEYNE (SANCHEZ) is the Director General of TECNOIMPORT. Additionally, SANCHEZ has been involved in the procurement of military-related equipment and services for Cuba from China and Russia.

Cuban Military Cooperation with U.S. Adversaries

The following individuals are designated for their direct roles in facilitating the Cuban MINFAR’s cooperation with U.S. adversaries and imports of foreign arms and military equipment to Cuba.

Pursuant to Section 2(a)(i)(E) of E.O. 14404 for being or having been a leader, official, senior executive officer, or member of the board of directors of the Government of Cuba, the Department designated:

ALVARO VICTORIANO LOPEZ MIERA (LOPEZ MIERA) is the Minister of the Cuban MINFAR. LOPEZ MIERA was previously designated by the Department of the Treasury on July 22, 2021 pursuant to E.O. 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act. Additionally, LOPEZ MIERA has worked to advance the Cuban regime’s foreign military cooperation.

ROBERTO LEGRA SOTOLONGO (LEGRA) is the Chief of the General Staff of the Revolutionary Armed Forces and First Deputy Minister of the Cuban MINFAR. LEGRA was previously designated by the Department of the Treasury on August 19, 2021 pursuant to E.O. 13818. Additionally, LEGRA has been involved in efforts to procure weapons systems from Russia.

JOSE ANTONIO REMON RODRIGUEZ (REMON) is the head of the Foreign Relations Directorate of the Cuban MINFAR and is responsible for foreign military cooperation. Additionally, REMON has been involved in the transfer of military-related equipment from China and Russia to Cuba.

OSCAR ENRIQUE BIOSCA GALLEGO (BIOSCA) is the head of the Economic Directorate of the Cuban MINFAR and is responsible for financial issues. Additionally, BIOSCA has been involved in efforts to procure military-related equipment from Russia and China.

MONICA MILIAN GOMEZ (MILIAN) is a Cuban MINFAR official and the Cuban military attaché to Russia. Additionally, MILIAN has been involved in the transfer of military-related equipment from Russia to Cuba.

WALDO PEREZ CORTES (PEREZ) is a Cuban MINFAR official and the Cuban military attaché to China. Additionally, PEREZ has been involved in the procurement of military-related equipment from China to Cuba.

Sanctions Implications

As a result of today’s sanctions actions, and in accordance with E.O. 14404 of May 1, 2026, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to U.S. National Security and Foreign Policy,” all property and interests in property of the designated persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of the Treasury’s Office of Foreign Assets Control (OFAC). Additionally, all entities that are owned individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.

All transactions and dealings by U.S. persons or persons within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person. Foreign persons that engage in transactions with persons designated pursuant to E.O. 14404—or that operate or have operated in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy, as identified in E.O. 14404— are themselves at risk of sanctions. Non-U.S. persons, including foreign financial institutions, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to a sanctioned party or transfer them to another jurisdiction for potential use by the target expose non-U.S. persons to significant sanctions risk. All property and interests in property of persons that are blocked pursuant to the Cuban Assets Control Regulations (CACR) continue to be blocked. The CACR prohibits persons subject to U.S. jurisdiction from dealing in property in which Cuba or a Cuban national has an interest, unless authorized or exempt.

The power and integrity of U.S. government sanctions derive not only from the U.S. government’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.

Petitions for removal from the SDN List may be routed through OFAC’s Reconsiderations Portal. Petitioners may also refer to the Department of State’s Delisting Guidance page.

August 06, 2026

Will This Moment Force Havana To Change And Force Washington To Intervene?

August 06, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

Will This Moment Force Havana To Change And Force Washington To Intervene?

564 days since 20 January 2025 when Donald Trump, President of the United States (2017-2021 and 2025-2029) returned to his chair behind the Resolute Desk in the Oval Office at The White House.

216 days since 3 January 2026 when the armed forces of the United States abducted and then extracted Nicolas Maduro, President of Bolivarian Republic of Venezuela (2013-2026), from the city of Caracas.

The resulting suspension of oil exports from Venezuela to the Republic of Cuba along with related and unrelated financial assistance and benefits created a recurring tsunami of challenges for the Diaz-Canel-Valdes Mesa Administration (2019- ).

If the impact and speed from the commercial, economic, financial, military, political, and societal Domino Effect is measured in pain, then the impact upon the approximately 9.5 million residents of the 800-mile-long archipelago located ninety-three miles south of Key West, Florida, is profound and forever transformative.

The Special Period (1991-1995) for the Republic of Cuba coinciding with the end of the U.S.S.R. in 1991 is remembered today in the Republic of Cuba as was the 20th Century’s Roaring Twenties for the United States. As awful as 1991-1995 were in the Republic of Cuba, those five years are preferred to the first eight months of 2026. For citizens of the Republic of Cuba, even the Great Depression (1929 to 1939) in the United States looks good compared to 2026. In 1929, there were soup kitchens. The difference is that soup kitchens had soup (and bread).

The Trump-Vance Administration (2025-2019) has capitalized upon the cascade of pain by instructing the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, Bureau of Industry and Security (BIS) of the United States Department of Commerce, United States Department of Justice, and Office of the Legal Adviser (OLA) of the United States Department of State to develop and implement measures and sanctions.

The result is the most cost-effectively implemented series of coercive sanctions imposed on any country which have quickly resulted in changes by the target government that the target government does not want to implement.

Approximately ten thousand words uploaded to three United States government Internet sites. No court appearances. No lawsuits. No legislation. For the OFAC, just sit back and enjoy the show.

The measures and sanctions planted in Washington DC have flourished far beyond the internationally-recognized borders of the United States. A textbook example of extraterritoriality where thus far neither the targets nor their respective governments do anything but comply.

Non-United States-based companies with connectivity to the Republic of Cuba have abandoned, ceased, redesigned, and suspended exporting, financial services, importing, joint ventures, travel services, and transportation services.

An Australia-based company and a Canada-based company are engaging with the OFAC, BIS, and United States Department of State to determine how they might restructure the operations in the Republic of Cuba to maintain their presence- and value to their respective shareholders. Both companies may end up with United States-based owners or shareholders.

From January 2026, the perplexing question for some and the vexing question for others is what will trigger the moment requiring the government of the Republic of Cuba to materially change and what is the moment requiring the government of the United States to intervene?

Political decisions are increasingly implemented in response to optics- a photograph, video transmitted informally, officially, or in error. Becoming “viral” online.

For the Republic of Cuba, the moment will arrive in the form of a photograph published (uploaded) by an individual or by Agencia EFE, Agence France-Presse, Associated Press, or Reuters.

It will be of an old woman lying dead on a pile of garbage on a street in the city of Havana, Republic of Cuba.

This will be the trigger.

Unknown is how the response will unfold from the Palacio de la Revolución from The White House. Known is there will be a response.

These images were created using an Artificial Intelligence (AI) program.

Hopefully, this is the way it will remain- a possibility rather than a reality.

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

August 05, 2026

The List: For June 2026 And The First Six Months Of U.S. Exports To Cuba, A Decrease. Not What Might Have Been Anticipated.

August 05, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

ECONOMIC EYE ON CUBA©
August 2026

June 2026 Ag/Food Exports To Cuba Decrease 22.5%- 1
Year-To-Year Decrease 10.0%- 2
54th Of 220 June 2026 U.S. Food/Ag Export Markets- 2
Year-To-Year Ranking 52nd Of 220 U.S. Ag/Export Markets- 2
Re-Emerging Private Sector Exports Continue To Increase - 3
Trump-Vance Administration Fuels Authorization- US$47,842,674.00- 3
June 2026 CDA Healthcare Product Exports US$309,492.00- 6
June 2026 Humanitarian Donations US$23,175,679.00- 7
U.S. Port Export Data- 20

JUNE 2026 AG/FOOD EXPORTS TO CUBA INCREASE %- Exports of food products and agricultural commodities from the United States to the Republic of Cuba were US$ in June 2026 compared to US$38,427,114.00 in June 2025 and US$34,916,865.00 in June 2024.

US$218,780,452.00 thus far in 2026 compared with US$243,356,096.00 during the same period in 2025 representing a decrease of 10.0% year-to-year.

Highlights: Electrocardiograph (US$309.492.00), Microwave Oven (US$11,250.00), Potatoes (US$416,400.00), Wheat (US$1,169,301.00), Aviation Engine Lubricating Oils (US$308,597.00), Lubricating Greases (US$347,619.00), Propane (US$209,160.00).

Since 2022, when the first BIS license was issued for the export of vehicles to Republic of Cuba nationals and to private companies in the Republic of Cuba, the cumulative export value of the initiatives in place during the Obama-Biden Administration, Trump-Pence Administration, Biden-Harris Administration, and Trump-Vance Administration exceeds US$679 million of which electric and gasoline-powered new and used vehicles, bicycles, trucks, motorcycles and mopeds, and parts, exceeds US$299 million (Year 2026: US$72,210,947.00.00; Year 2025: US$149,413,031.00; Year 2024: US$67,241,234.00; Year 2023: US$10,546,419.00; Year 2022: US$89,848.00), and purchases (equipment and products) for use by the re-emerging private sector in the Republic of Cuba driving the growth.

Fuels/Oils exports: 2024 (US$938,894.00- including US$4,485.00 in gasoline), 2025 (US$311,558.00), 2026 (US$95,744,767.00 for period January through June)

The data contains information on exports from the United States to the Republic of Cuba- products within the Trade Sanctions Reform and Export Enhancement Act (TSREEA) of 2000, Cuban Democracy Act (CDA) of 1992, and regulations implemented (1992 to present) for other products by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, Bureau of Industry and Security (BIS) of the United States Department of Commerce, and United States Department of State.

The TSREEA re-authorized the direct commercial (on a cash basis) export of food products (including branded food products) and agricultural commodities from the United States to the Republic of Cuba, irrespective of purpose. The TSREEA does not include healthcare products, which remain authorized and regulated by the CDA.

The data represents the U.S. Dollar value of product exported from the United States to the Republic of Cuba under the TSREEA, CDA, and other regulations, specifically including products exported from the United States to the re-emerging private sector in the Republic of Cuba.

The data does not include transportation charges, bank charges, or other costs associated with exports; the government of the Republic of Cuba reports unverifiable data that includes transportation charges, bank charges, and other costs.

LINK TO COMPLETE REPORT IN PDF FORMAT

LINK TO COMPLETE LIST OF PRODUCTS IN 2026 EXPORTED FROM THE UNITED STATES TO CUBA

LINK TO COMPLETE LIST OF PRODUCTS IN 2025 EXPORTED FROM THE UNITED STATES TO CUBA

LINK TO COMPLETE LIST OF PRODUCTS IN 2024 EXPORTED FROM THE UNITED STATES TO CUBA

LINK TO 2026 U.S. PORT EXPORT DATA

August 05, 2026

US$95,744,767.00: Fuels/Oils Exports From The U.S. To Cuba For January 2026 Through June 2026

August 05, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

US$47,842,674.00 in June 2026

US$95,744,767.00 for January 2026 through June 2026

On 10 August 2026, Reuters reported “While only enough to fulfill the country’s energy needs for about nine days, the 900,000 barrels of U.S. fuel imported from February to May”

Link To Complete Report In PDF Format

August 05, 2026

Federal Register Publishes Cuba Nationals Added To SDN And Blocked Persons List

August 05, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

UNITED STATES DEPARTMENT OF STATE
Washington DC
5 August 2026

[Public Notice: 13079]
Notice of Department of State
Sanctions Actions
ACTION: Notice.
SUMMARY: The U.S. Department of State is publishing the names of persons who have been added to the Department of the Treasury’s List of Specially Designated Nationals and Blocked Persons (SDN List), administered by the Office of Foreign Assets Control (OFAC) based on the Secretary of State’s determination pursuant to and in accordance with the referenced authority that one or more applicable criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of the designated persons are blocked.

DATES: This action was issued on June 4, 2026.
See SUPPLEMENTARY INFORMATION section for applicable dates.

LINK TO FR NOTICE IN PDF FORMAT

August 02, 2026

Recent Cuba Sanctions Published In United States Federal Register

August 02, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

Notices

Sanctions Action

FR Document: 2026-15522
Citation: 91 FR 48481

PDF Page 48481 (1 page)
Permalink

Abstract: The U.S. Department of State is publishing the names of persons who have been added to the Department of the Treasury's List of Specially Designated Nationals and Blocked Persons (SDN List), administered by the Office of Foreign Assets Control (OFAC) based on the Secretary of State's determination pursuant to and in accordance with the referenced authority that one or more applicable criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of the designated...

FR Document: 2026-15491
Citation: 91 FR 48481

PDF Pages 48481-48482 (2 pages)
Permalink

FR Document: 2026-15492
Citation: 91 FR 48482

PDF Pages 48482-48483 (2 pages)
Permalink

Abstract: The U.S. Department of State (State) is publishing the names of persons who have been added to the Department of the Treasury's List of Specially Designated Nationals and Blocked Persons (SDN List), administered by the Office of Foreign Assets Control (OFAC). State is also publishing updates to the identifying information of one or more persons currently included in OFAC's SDN List.

FR Document: 2026-15490
Citation: 91 FR 48483

PDF Pages 48483-48484 (2 pages)
Permalink

The Department of State advises the President in the formulation and execution of foreign policy and promotes the long-range security and well-being of the United States. The Department determines and analyzes the facts relating to American overseas interests, makes recommendations on policy and future action, and takes the necessary steps to carry out established policy. In so doing, the Department engages in continuous consultations with the American public, the Congress, other U.S. departments and agencies, and foreign governments; negotiates treaties and agreements with foreign nations; speaks for the United States in the United Nations and other international organizations in which the United States participates; and represents the United States at international conferences. The Department of State was established by act of July 27, 1789, as the Department of Foreign Affairs and was renamed Department of State by Act of September 15, 1789 (22 U.S.C. 2651 note).

August 02, 2026

UK Court Awards US$24.4 Million To CRF I Limited In Lawsuit Against Banco Nacional de Cuba

August 02, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

ORDER UPON the Order of Mr Justice Andrew Baker dated 10 July 2026 (“the Order”) made following the Claimant’s application for default judgment dated 4 June 2026 (the “Default Judgment Application”) ordering judgment in default against the Defendant and granting liberty to the Claimant to apply for the assessment of damages to be conducted on paper and for costs to be assessed summarily in conjunction with the assessment of damages

AND UPON the Claimant having, by letter from its solicitors Stephenson Harwood LLP dated15 July 2026 (“the Letter Application”), applied pursuant to paragraphs 2 and 3 of the Order for the assessment of damages to be conducted on paper by Mr Justice Andrew Baker and for the Claimant’s costs to be assessed summarily in conjunction with the assessment of damages

AND UPON the Judge having considered the Letter Application and the evidence referred to therein, including the First Witness Statement of Benjamin James Sigler dated 4 June 2026 and the Claimant’s Statements of Costs dated 2 July 2026 and 15 July 2026, and having been satisfied that recoverable damages are proved thereby in the sum of £18,034,078.32 and that the Claimant’s incurred costs as set out in the Statements of Costs were reasonable and proportionate

AND UPON a copy of the Letter Application having been provided in draft to the Defendant on 15 July 2026 and the Defendant not having made any submissions in response

IT IS ORDERED THAT:

1. The Claimant’s damages are assessed in the sum of £18,034,078.32.
2. The Claimant’s costs of these proceedings are assessed as follows:(a) the costs of the Default Judgment Application are summarily assessed in the sum of £49,932.73; and(b) the Claimant’s remaining costs of the proceedings are summarily assessed in the sum of £39,872.23.
3. The Defendant shall pay the Claimant the aggregate sum of £18,123,883.28(comprising the damages referred to in paragraph 1 and the costs referred to in paragraph 2) within 14 days of service of this Order.
4. The Defendant shall have liberty to apply within 7 days of the date of this Order for this Order to be set aside, varied or discharged.
5. This Order shall be served by the Claimant on the Defendant.

Service of the Order The Court has provided a sealed copy of this Order to the serving party: Stephenson Harwood LLP at 1 Finsbury Circus, London EC2M 7SH.

LINK TO COMPLETE TEXT OF COURT ORDER

FOR IMMEDIATE RELEASE
London, United Kingdom
31 July 2026

Statement from David Charters
Chairman
CRF I Limited

Registered Office:
Maples Fund Services (Cayman) Limited
P.O. Box 1093
Boundary Hall, Grand Cayman
KY1-1102, Cayman Islands

Since 2013, CRF I Limited has repeatedly sought to engage constructively with the Republic of Cuba and Banco Nacional de Cuba to resolve Cuba’s long-outstanding commercial debt on terms that are fair to creditors, commercially realistic for Cuba and capable of supporting the country’s eventual return to international financial markets.

CRF has made numerous approaches over that period, including formal restructuring proposals and, most recently, a direct written approach to President Miguel Díaz-Canel on 22 June 2026. In that letter, sent before the latest judgment was obtained, CRF proposed confidential discussions and outlined possible solutions including growth-linked instruments, debt-for-equity arrangements and other structures designed to preserve Cuba’s near-term liquidity. Cuba and BNC did not respond.

CRF was therefore left with no realistic alternative but to continue protecting its rights through the English courts.

The latest judgment represents a significant development. The English Commercial Court has entered judgment against BNC and assessed damages and costs totalling £18,123,883.28. Unlike the earlier decisions, which conclusively established CRF’s standing as BNC’s lawful creditor and its right to pursue the debt, this is a quantified monetary judgment against BNC.

It follows a consistent series of decisions in CRF’s favour, including the Commercial Court judgment, the unanimous decision of the Court of Appeal and the refusal of permission to appeal to the UK Supreme Court. CRF has acted patiently, responsibly and consistently throughout this process.

CRF expects to continue pursuing its remaining claims and to seek further judgments where necessary. However, litigation has never been CRF’s preferred outcome. A negotiated resolution remains possible, but it now requires serious and constructive engagement from Cuba and BNC.

We have noted the more progressive and pragmatic tone of Cuba’s recent proposals concerning economic reform, foreign investment, private capital and modernisation of the financial system. Those developments are potentially important. Credible engagement with recognised commercial creditors would be a practical demonstration that Cuba intends to translate reform announcements into a durable change of economic approach. CRF I Limited

A fair restructuring could resolve CRF’s claims while preserving Cuba’s immediate liquidity, improving confidence among international creditors and investors, and supporting the investment and growth that Cuba urgently needs.

CRF remains ready to meet representatives of the Cuban government and BNC at short notice, at a mutually acceptable neutral location, and to discuss commercially realistic terms. That opportunity remains open. At the same time, CRF’s legal proceedings will continue unless and until a credible negotiated resolution is agreed.

David Charters
Chairman
CRF I Limited

LINK TO COMPLETE MEDIA RELEASE IN PDF FORMAT

Links To Related Analyses

UK Supreme Court Rules In Favor Of CRF I Limited Lawsuit Against Banco Nacional de Cuba April 08, 2025

"CRF I Limited Welcomes Decisive English Court of Appeal Ruling" Against Banco Nacional de Cuba. The US$100 Million Lawsuit Continues. November 20, 2024

In London, China Bank Proceeds With Lawsuit Against Cuba For Potential US$1.3 Billion. Another Plaintiff In London Received Legal Fees From Cuba- That Lawsuit Continues In Litigation.. June 28, 2023

Verdict By London Court In Cuba Debt Lawsuit: From Court- Money Remains Owed By Cuba, Cuba Lawfully Changed Assignment Process, Plaintiff Will Seek New Assignment. Another Year In Court? April 04, 2023

Judge In London Lawsuit Against National Bank Of Cuba And Cuba Government: Why? "defendants’ sudden and late abandonment, without explanation, of their case that bribery in fact occurred." January 18, 2023

36 Months Of Litigation; US$5.8 Million On Attorneys By Cayman Islands-Based Plaintiff And Havana-Based Defendants, Now London Trial. KCs Lead Sides. Issues: Interpol Red Notice, Jurisdiction, Bribery January 13, 2023

China-Owned Bank In London Sues Cuba Central Bank And Government Of Cuba. Either Sue For Custodian Account Holders Or Be Sued By Them? Embarrassing For Cuba To Be Sued By "Good Friend." December 21, 2021

UK Lawsuit Seeks US$100+ Million From Central Bank Of Cuba & Government Of Cuba. Four Countries. Three Banks. Questions- Defining A "Loan" And Capacity To Contract. Read The 14 Court Filings. December 06, 2021

July 31, 2026

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba?

July 31, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

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.

30 July 2026: “ANTILLES GOLD QUARTERLY REPORT & APPENDIX 5B – 30 JUNE 2026 U.S. SANCTION OF CUBAN JOINT VENTURE MINING COMPANY. On 4 June 2026, the Cuban joint venture mining company, Minera La Victoria SA (“MLV”), was designated by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) as a Specially Designated National (“SDN”). The U.S. Department of State (“DoS”) 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. The press release 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/ As a consequence, Antilles Gold Limited’s subsidiary, Antilles Gold Inc (“AGI”), which is a 50% shareholder in MLV, advised its Cuban joint venture partner, Gold Caribbean Mining S.A. (“GCM”), that it was suspending its direct participation in the administration and management of MLV’s activities while it evaluates the implications of the OFAC designation, and available options. Following discussions with DoS, 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.”

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.”

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.

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

July 31, 2026

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest

July 31, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

U.S. District Court
District of Columbia (Washington, DC)
CIVIL DOCKET FOR CASE #: 1:26-cv-02675-JDB

Link To Complaint In PDF Format

Link To Libertad Act Title III Lawsuit Filing Statistics

CUBAN ELECTRIC COMPANY A/K/A COMPAÑIA CUBANA DE ELECTRICIDAD
P.O. Box 5023
Boca Raton, FL 33431
Plaintiff,
v.
UNIÓN ELÉCTRICA
Edificio del Ministerio de Energía y Minas
Avenida Salvador Allende No 666 e/ Oquendo y Soledad
Municipio Centro Habana, La Habana, Cuba
AND
ENERGAS S.A.
Edificio del Ministerio de Energía y Minas
Avenida Salvador Allende No 666 e/ Oquendo y Soledad
Municipio Centro Habana, La Habana, Cuba
Defendants.

NOTE: Greenwich, Connecticut-based Atlas Holdings owns Boca Raton-based Office Depot (2025 revenue approximately US$7 billion) which is the owner of the certified claim. Steptoe LLP also represents Spring, Texas-based ExxonMobil Corporation (2025 revenue approximately US$332 billion) in its Libertad Act Title III lawsuit filed in 2019 against Republic of Cuba government-operated Corporación Cimex, S.A. and Republic of Cuba government-operated Unión Cuba-Petróleo (CUPET).

Complaint (excerpts):

Before 1960, Plaintiff owned and operated a substantial portion of Cuba’s electric power generation and transmission infrastructure, supplying more than 90% of Cuba’s electricity. In 1960, Fidel Castro’s revolutionary regime unlawfully confiscated that property and numerous other assets—collectively valued in excess of $300 million—from Plaintiff without just cause or compensation. As a direct result of these confiscations, Plaintiff was stripped of its investments, deprived of the use and value of its property, and forced to cease its operations in Cuba.

Defendant Energas S.A. is an enterprise organized under the laws of Cuba as a joint venture with three equal owners: 1/3 owner UNE, 1/3 owner Unión Cubapetróleo (“CUPET”), Cuba’s state-owned oil company, and 1/3 owner Sherritt International Corporation (“Sherritt”), a minerals company which is a corporation organized under the laws of Canada with its principal place of business in Canada. Thus, Energas is majority-owned by Cuban state-owned entities. Energas processes raw natural gas, which is supplied to Energas free of charge by CUPET. Energas also generates electricity for sale to the national grid, providing approximately 10% of Cuba’s total electrical generating capacity. Energas’ principal place of business is in Cuba, and it has operations throughout the country.

WHEREFORE, Plaintiff respectfully requests that judgment be entered in its favor and against Defendants:

a. Awarding Plaintiff actual damages in the amount of $267,568,413.62; b. Awarding Plaintiff pre-judgment interest at the rate of 6% per annum from August 6, 1960, as set forth in the FCSC’s award; c. Awarding Plaintiff treble damages pursuant to 22 U.S.C. § 6082(a)(3); d. Ordering Defendants to pay Plaintiff’s reasonable attorney’s fees and costs incurred in this action pursuant to 22 U.S.C. § 6082(a); e. Awarding Plaintiff statutory interest pursuant to 22 U.S.C. § 6082(a)(1)(B) and post-judgment interest; and f. Granting all other relief at law or in equity that the Court deems just and proper.

CUBAN ELECTRIC COMPANY v. UNION ELECTRICA et al
Assigned to: Judge John D. Bates
Cause: 28:1331 Fed. Question
Date Filed: 07/29/2026
Jury Demand: None
Nature of Suit: 890 Other Statutory Actions
Jurisdiction: Federal Question
Plaintiff

Plaintiff

CUBAN ELECTRIC COMPANY also known as COMPAIA CUBANA DE ELECTRICIDAD

Emma S. Marshak
STEPTOE LLP
1330 Connecticut Ave NW
Washington, DC 20036
202-429-8067
Email: emarshak@steptoe.com

Michael Jeremy Baratz
STEPTOE LLP
1330 Connecticut Avenue, NW
Washington, DC 20036
202-429-3000
Fax: 202-429-3902
Email: mbaratz@steptoe.com

Steven K. Davidson
STEPTOE LLP
1330 Connecticut Avenue, NW
Washington, DC 20036
202-429-8077
Fax: 202-429-3902
Email: sdavidson@steptoe.com

07/31/2026- ORDER granting 5 Motion for Leave to Appear Pro Hac Vice. Counsel should register for e-filing via PACER and file a notice of appearance pursuant to LCvR 83.6(a). Click for instructions. Signed by Judge John D. Bates on 7/31/2026. (lcjdb1)
07/30/2026- SUMMONS (2) Issued Electronically as to ENERGAS S.A., UNION ELECTRICA. (Attachments: # 1 Notice and Consent)(zmtm)
07/30/2026- Case Assigned to Judge John D. Bates. (zmtm)
07/29/2026- MOTION for Leave to Appear Pro Hac Vice :Attorney Name- Michael G. Scavelli, Filing fee $ 100, receipt number ADCDC-12577252. Fee Status: Fee Paid. by CUBAN ELECTRIC COMPANY. (Attachments: # 1 Declaration of Michael G. Scavelli, # 2 Exhibit 1, # 3 Text of Proposed Order)(Davidson, Steven)
07/29/2026- NOTICE of Appearance by Emma S. Marshak on behalf of CUBAN ELECTRIC COMPANY (Marshak, Emma)
07/29/2026- NOTICE of Appearance by Michael Jeremy Baratz on behalf of CUBAN ELECTRIC COMPANY (Baratz, Michael)
07/29/2026- LCvR 26.1 CERTIFICATE OF DISCLOSURE of Corporate Affiliations and Financial Interests by CUBAN ELECTRIC COMPANY (Davidson, Steven)
07/29/2026- Payment for 1 Complaint,. ($7202; Receipt number ADCDC-12577176). (Davidson, Steven)
07/29/2026- COMPLAINT against ENERGAS S.A., UNION ELECTRICA ( Filing fee $ 405 receipt number ADCDC-12577139) filed by CUBAN ELECTRIC COMPANY. (Attachments: # 1 Exhibit 1, # 2 Civil Cover Sheet, # 3 Summons of Union Electrica, # 4 Summons of Energas S.A.)(Davidson, Steven)

July 30, 2026

May 2026 U.S. Agricultural Commodity/Food Product Exports To Cuba Increase 13.2%. Fresh Eggs, Eggs For Incubation, Sugar, Motor Home, Solar Cells, US$15.7 Million Vehicles & Parts.

July 30, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

ECONOMIC EYE ON CUBA©
July 2026

May 2026 Ag/Food Exports To Cuba Increase 13.2%- 1
Year-To-Year Decrease 7.7%- 2
51st Of 219 May 2026 U.S. Food/Ag Export Markets- 2
Year-To-Year Ranking 52nd Of 219 U.S. Ag/Export Markets- 2
Re-Emerging Private Sector Exports Continue To Increase - 3
Trump-Vance Administration Fuels Authorization- US$23,890,779.00- 3
May 2026 CDA Healthcare Product Exports US$9,240.00- 6
May 2026 Humanitarian Donations US$26,091,252.00 – 7
U.S. Port Export Data- 20

MAY 2026 AG/FOOD EXPORTS TO CUBA INCREASE 13.2%- Exports of food products and agricultural commodities from the United States to the Republic of Cuba were US$42,191,741.00 in May 2026 compared to U$37,243,858.00 in May 2025 and US$34,611,474.00 in May 2024.

US$189,034,771.00 thus far in 2026 compared with US$204,928,982.00 during the same period in 2025 representing a decrease of 7.7% year-to-year.

Highlights: Motor Home (US$14,360.00), US$15,744,277.00 (Vehicles, Parts, Motorcycles, Bicycles), Solar Cells (US$285,656.00), US$315,579.00 (Cane/Beet Sugar), US$1.47 Million (Eggs For Incubation), US$3.6 Million (Fresh Eggs).

Since 2022, when the first BIS license was issued for the export of vehicles to Republic of Cuba nationals and to private companies in the Republic of Cuba, the cumulative export value of the initiatives in place during the Obama-Biden Administration, Trump-Pence Administration, Biden-Harris Administration, and Trump-Vance Administration exceeds US$485 million of which electric and gasoline-powered new and used vehicles, bicycles, trucks, motorcycles and mopeds, and parts, exceeds US$285 million (Year 2026: US$58,364,928.00; Year 2025: US$149,413,031.00; Year 2024: US$67,241,234.00; Year 2023: US$10,546,419.00; Year 2022: US$89,848.00), and purchases (equipment and products) for use by the re-emerging private sector in the Republic of Cuba driving the growth.

LINK TO COMPLETE REPORT IN PDF FORMAT

LINK TO 2026 U.S. PORT EXPORT DATA

LINK TO COMPLETE LIST OF PRODUCTS IN 2025 EXPORTED FROM THE UNITED STATES TO CUBA

LINK TO COMPLETE LIST OF PRODUCTS IN 2024 EXPORTED FROM THE UNITED STATES TO CUBA

July 30, 2026

US$23,890,779.00 In Fuels Exports From United States To Cuba In May 2026

July 30, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

In May 2026, United States-based companies exported fuels valued at US$23,890,779.00 to the Republic of Cuba.

LINK TO COMPLETE REPORT IN PDF FORMAT

July 28, 2026

Readying An Off-The-Shelf Solution? US$500 Million U.S.-Cuba Strategic Investment Program? The White House As Champion Spark Plug.

July 28, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

Get Ready For US$500 Million U.S.-Cuba Strategic Investment Program?

The White House Wants To Be Spark Plug For Cuba

Expect Trump-Vance Administration Formula For Cuba Will Be Revisions Of Elements In Existing Commercially-Focused Programs

Consequently, And Controversially, The White House Will Direct United States Taxpayer Funds To Guarantee Investments, Serve As Investment Capital, Serve As Collateral, And Be Available To Purchase Shares

United States, Inc. Meet Cuba, Inc.

The Trump-Vance Administration (2025-2029) continues to commingle and intertwine the private sector with the public sector.

No longer politically taboo is the United States government having a shareholding (sometimes with preferential management and voting authority) in a company- whether that company is privately-held or publicly-held.

Within The White House, United States Department of State, United States Department of Commerce, and United States Department of the Treasury, an increasing number of mid-level and senior-level officials, career and political appointees, are concluding the Republic of Cuba will require capital and guarantees, particularly for infrastructure, which the United States private sector will be unable and unwilling to provide.

The template for an off-the-shelf structure is the newly-announced US$500 million United States-Africa Strategic Investment Program which could be copied and then rebranded as the United States-Cuba Strategic Investment Program.

The goal for the United States taxpayer financial commitment would be to leverage at least US$1 billion. One vehicle toward that goal would be the Washington DC-based U.S. International Development Finance Corporation (https://www.dfc.gov/).

“The U.S. International Development Finance Corporation (DFC) is the international investment arm of the United States Government and central to U.S. economic statecraft. DFC mobilizes private capital to advance U.S. foreign policy and economic development. Our investments deliver strong returns for American taxpayers, drive meaningful economic development for our allies and partners, and secure supply chains to counter and outcompete our adversaries.”

A challenge for the Trump-Vance Administration will be to determine which application(s) to approve first, second, third and so forth. The most difficult political decision is conveying to an applicant that their proposal, while important, while useful, is not urgent and, thus, can wait.

Each application will have advocates (and lobbyists and members of the United States Congress) who believe their application is the most important for the Republic of Cuba.

The epicenter of the advocacy will be South Florida. There will be an extraordinary amount of private sector money and public sector money spent seeking public sector money.

Semafor: “The Trump administration’s new United States-Africa Strategic Investment Program reflects Washington’s shift in prioritizing “trade over aid” in its diplomatic engagement with the continent. The US$500 million initiative, overseen by an office comprising remnants of the United States Agency for International Development (USAID) former Africa portfolio- awards grants to businesses, nonprofits, and international organizations, aiming to use development dollars to boost private sector investment, particularly in critical minerals.”

United States Department of State
Washington DC
24 July 2026

The Bureau of African Affairs of the U.S. Department of State is pleased to announce a public grants opportunity for its U.S.-Africa Strategic Investment Program through an Annual Program Statement (APS).

“The U.S.-Africa Strategic Investment Program advances America’s national interests by harnessing market-based, private sector-led growth across two strategic focus areas: Critical Minerals Investment and Commercial Diplomacy Acceleration. This program seeks market-based solutions that strengthen the environment for foreign investment in sub-Saharan Africa through transparent and competitive processes, creating sustainable economic growth in two strategic focus areas. Projects must demonstrate clear, measurable benefits to one or more sub-Saharan countries, such as increased investment from high-quality U.S. and U.S.-aligned companies. Applicants are also encouraged to identify how their projects create conditions that enable U.S. commercial participation.”

Estimated Total Program Funding: US$500 million
Award Ceiling: US$50 million
Award Floor: US$5 million

Statement of Interest (SOI) will be accepted throughout the year according to the following schedule: Window 1: 23 July 2026 to 21 August 2026; Applications due by 11:59 pm ET 21 August 2026; Deadline for Questions and Notice of Intent to Apply: 2 August 2026 by 11:59 pm ET; Anticipated Response to Questions: 10 August 2026; Notifications of Results: 29 November 2026. All submissions must be made by email to AF-A-Proposals@state.gov, not through grants.gov or the MyGrants system.

View Grant Opportunity

DFOP0019410
U.S.-Africa Strategic Investment Program
Department of State- Bureau of African Affairs

General Information

Document Type: Grants Notice
Funding Opportunity Number: DFOP0019410
Funding Opportunity Title: U.S.-Africa Strategic Investment Program
Opportunity Category: Discretionary
Opportunity Category Explanation:
Funding Instrument Type: Cooperative Agreement Grant
Category of Funding Activity: Business and Commerce
Category Explanation:
Expected Number of Awards: 10
Assistance Listings: 19.989- State/African Regional- Other Economic Support Funds (ESF) Projects/Programs
Cost Sharing or Matching Requirement: No
Version: Synopsis 2
Posted Date: Jul 23, 2026
Last Updated Date: Jul 23, 2026
Original Closing Date for Applications: May 27, 2027
Current Closing Date for Applications: May 27, 2027 See deadlines for each application window within the Annual Program Statement.
Estimated Total Program Funding: US$500,000,000
Award Ceiling: US$50,000,000
Award Floor: US$5,000,000

Eligibility

Eligible Applicants: Others (see text field entitled "Additional Information on Eligibility" for clarification).  Nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education.  Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education. For profit organizations other than small businesses. Small businesses.

Additional Information on Eligibility: Public International Organizations are also eligible. Recipients must demonstrate alignment with or a commitment to advancing U.S. supply chain goals.

Additional Information

Agency Name: Bureau of African Affairs

Description: The U.S.-Africa Strategic Investment Program advances America's national interests by harnessing market-based, private sector-led growth across two strategic focus areas: Critical Minerals Investment and Commercial Diplomacy Acceleration. This program seeks market-based solutions that strengthen the environment for foreign investment in sub-Saharan Africa through transparent and competitive processes, creating sustainable economic growth in two strategic focus areas. Projects must demonstrate clear, measurable benefits to one or more sub-Saharan countries, such as increased investment from high-quality U.S. and U.S.-aligned companies. Applicants are also encouraged to identify how their projects create conditions that enable U.S. commercial participation.

Link to Additional Information: Link to Opportunity in MyGrants

Grantor Contact Information: If you have difficulty accessing the full announcement electronically, please contact: DFOP0019410. AF-A-Proposals@state.gov

Links

https://mw.usembassy.gov/funding-opportunity-u-s-africa-strategic-investment-program/?utm_source=semafor

https://www.grants.gov/search-results-detail/363298

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

July 27, 2026

UK-Based CEIBA Investments Sanctioned By The OFAC For Presence In Cuba. Did CEIBA Have An Opportunity To Resolve Issue Prior To The OFAC Designation?

July 27, 2026/ U.S.-Cuba Trade and Economic Council, Inc.

Suspension - Ceiba Investments Limited
Released 11:10:01 24 July 2026
RNS Number: 8011N
London Stock Exchange Notice
24 July 2026

NOTICE
24/07/2026 11:10am
TEMPORARY SUSPENSION OF TRADING ON SPECIALIST FUND SEGMENT
CEIBA INVESTMENTS LIMITED

At the request of the company, trading on SFS for the under-mentioned securities have been temporarily suspended from 24/07/2026 11:10am, pending an announcement.

ORDINARY SHARES OF NO PAR VALUE; FULLY PAID
(BFMDJH1) (GG00BFMDJH11)

If you have any queries relating to the above, please contact the company's corporate finance adviser on +44 (0)20 7496 3000.

Further re U.S. Sanctions Designation
CEIBA INVESTMENTS LIMITED
Released 18:04:55 24 July 2026

RNS Number : 8614N
Ceiba Investments Limited
24 July 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR"). ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

CEIBA INVESTMENTS LIMITED
("CEIBA" or the "Company")
(TICKER CBA, ISIN: GG00BFMDJH11)
Legal Entity Identifier: 213800XGY151JV5B1E88

U.S. SANCTIONS DESIGNATION

SUSPENSION OF TRADING

The U.S. Department of State has designated CEIBA as a blocked person and a Specially Designated National under Executive Order 14404

On 23 July 2026, the Department of State designated CEIBA pursuant to Executive Order (E.O.) 14404, which authorizes sanctions on persons determined to meet specified criteria related to Cuba.

The apparent justification for making this designation is the assumption on the part of the Department of State that CEIBA has attempted (or is complicit in attempting) to shield assets and revenue streams of Grupo de Administración Empresarial S.A. ("GAESA") from U.S. sanctions.

In this respect, explicit reference is made by the Department of State to a transaction carried out by CEIBA's wholly-owned subsidiary CEIBA MTC Properties Inc. to acquire 51% of the shares in Inmobiliaria Monte Barreto S.A. ("Monte Barreto") from Inmobiliaria Lares S.A., an indirect subsidiary of GAESA.

As announced by the Company on 5 June 2026, the Monte Barreto transaction was the result of a lengthy process of negotiations that began in March 2017 and was finalized and set out in a binding agreement on 22 April 2026, before the date that GAESA was designated by the U.S. State Department as a blocked person and SDN under E.O. 14404.

The transaction was carried out on arm's-length terms and was completed within the stated timeframe granted under E.O. 14404 to wind down dealings with GAESA, and was fully funded using monies of Monte Barreto, including reserves, unpaid dividends and other Cuban onshore funds attributable to Monte Barreto and its shareholders and did not include any hard currency payment. The transaction resulted in Monte Barreto becoming a full foreign capital company falling under the supervision of the Cuban Ministry of Foreign Trade and Investment, with total autonomy of operations, benefitting from the new rules approved by the Cuban government in late 2025, including the direct hiring and remuneration of its personnel. As of 4 June 2026, the board of directors of Monte Barreto is made up only of CEIBA representatives. All Cuban directors resigned on completion of the transaction.

On 4 June 2026, CEIBA voluntarily disclosed the Monte Barreto transaction to the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") and informed OFAC that by doing so it had fully wound down its only business relationship with GAESA within the period specified to do so.

To date, the Company has always been extremely careful with its investments in Cuba and has taken numerous steps to mitigate the risks of exposure to U.S. sanctions, including but not limited to: (i) not holding bank accounts, nor at any time transacting, in U.S. Dollars; (ii) not retaining U.S. entities (or non-U.S. entities that fall under the Cuban Assets Control Regulations (CACR) definition of "U.S. Person"); prohibiting U.S. investors from becoming shareholders of the Company; (iii) not using or benefitting from properties to which a claim is held by a U.S. Person; and (iv) excluding U.S. Persons from being a board member.

Request to be Removed from the E.O. 14404 SDN List and Immediate Implications

The Company believes that its designation by the Department of State as a blocked person and SDN under E.O. 14404 is an error and that the Company is able to prove that the transaction to acquire shares in Monte Barreto had a valid and real purpose, with many positive aspects, and it was not carried out to shield assets and revenue streams belonging to GAESA from U.S. sanctions.

CEIBA will therefore immediately approach OFAC and the Department of State to request cancellation of the designation and removal of the Company from the SDN list.

However, the Company is conscious of the fact that there are no set time limits in relation to the designation delisting process and that, in the meantime, the designation will have severe immediate implications for the Company and its subsidiaries, who under E.O. 14404 are now all considered blocked persons.

On the basis of General License number 2, issued by OFAC on 23 July 2026, third parties are also authorized to wind down transactions involving CEIBA and its subsidiaries through 22 August 2026.

Board Resignations

As a result of the SDN designation the following members of the Board of Directors have tendered their immediate resignation: Simeon Goddard, Robin Smith, Enrique Martinon Garcia

Suspension of Trading

Following the announcement issued by CEIBA earlier today, at the request of the Company trading of the Company's shares on the Specialist Funds Segment of the London Stock Exchange was temporarily suspended while the Board considers the impact on CEIBA of the E.O. 14404 Designation.

Given the complexity and unexpected nature of this designation, the Board and Management of CEIBA continue to consult with advisors to assess and understand the impact of this designation on the Company and its financial position.

As such, the Company has requested that the temporary suspension to trading in its shares remains in place and an update will be made in due course.

www.ceibainvest.com

Link To London Stock Exchange Filings

Links To Related Analyses

OFAC Adds To Cuba SDN List And Issues Three General Licenses, Including One To Assist With "Wind Down" Foreign Company Connectivity July 24, 2026

Trump-Vance Administration Adds Nine Entities And Two Individuals To SDN List, Including Port Of Mariel Where U.S. Exports Are Delivered July 24, 2026

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May 2026 U.S. Agricultural Commodity/Food Product Exports To Cuba Increase 13.2%. Fresh Eggs, Eggs For Incubation, Sugar, Motor Home, Solar Cells, US$15.7 Million Vehicles & Parts.

US$23,890,779.00 In Fuels Exports From United States To Cuba In May 2026

Readying An Off-The-Shelf Solution? US$500 Million U.S.-Cuba Strategic Investment Program? The White House As Champion Spark Plug.

UK-Based CEIBA Investments Sanctioned By The OFAC For Presence In Cuba. Did CEIBA Have An Opportunity To Resolve Issue Prior To The OFAC Designation?

U.S. - Cuba Trade and Economic Council, Inc.