Antilles Gold : Financial Results from Revised Scoping Study

30 March 2023

ANTILLES GOLD ADVISES RESULTS FROM REVISED SCOPING STUDY

LA DEMAJAGUA OPEN PIT MINE, CUBA

Antilles Gold Limited ( "Antilles Gold" or the "Company") (ASX Code: AAU, FSE Code: PTJ, OTCQB: ANTMF) advises that the Company has completed a revised Scoping Study for the proposed development of the La Demajagua open pit mine following the updating of Mineral Resources, and receipt of a pit shell and material scheduling from mining consultants, Cube Consulting, and the results of metallurgical testwork to date.

• • The La Demajagua mine is expected to be developed in the near term in a joint venture with the Cuban Government's mining company, GeoMinera SA, with the objective of producing a gold arsenopyrite concentrate for sale to an international trading company, and a silver-antimony concentrate for sale to a Chinese antimony smelter.

• • The updated Mineral Resources included in the attached revised summary of the Scoping Study do not include a Mineral Resource Estimate for the antimony (Sb) within the pit shell, as the Company is yet to receive a substantial number of Sb assays from its recent 28,000m cored drilling program.

• • Antilles Gold's Technical Director, Dr Jinxing Ji, who has significant experience in the flotation of sulphide ores, and who has supervised the metallurgical test work for the project by SGS and Blue Coast Research in Canada, has provided the antimony content expected to be produced in the La Demajagua silver-antimony concentrate based on assays of Sb grades in the drill cores used for the test work.

• • Following receipt of the Sb assays and completion of the test work, both the Mineral Resource Estimate and the Financial Modelling for the project will be updated for inclusion in the Definitive Feasibility Study ("DFS"), which is nearing completion.

• • Based on the Study results it is probable the Definitive Feasibility Study ("DFS") will increase the mining rate and reduce the mine life from 9 years to around 7 years which should increase annual metal production, profitability, and IRR.

HIGHLIGHTS OF FINANCIAL ANALYSIS FOR THE LA DEMAJAGUA OPEN PIT MINE

Antilles Gold's Equity Contribution to Project (A$1.00 = US$0.67)	A$20.0	million
Antilles Gold's Share of LoM Cash Surplus	A$265	million
Antilles Gold's Share of LoM Average Annual Profits	A$28	million
Antilles Gold's Pay Back on Investment (from Commissioning)	12	months

Project Development Cost Life of Mine ("LoM")

US$86 9

million years

Average Annual Metal Production

Gold

• 56,136 oz Au

  Silver Antimony

• 606,898 oz Ag

• 2,758 tonnes

LoM Sales Revenue (@ US$1,800/oz Au, US$22/oz Ag, US$13,000/t Sb less discounts to buyers)

US$880

million

LoM Production Costs (including indirect costs, and Government charges) LoM Concentrate Shipping Costs

• US$347.8 million

• US$57.0 million

  LoM Operating Profit

• US$475.2 million

  LoM Net Profit

• US$342.0 million

  LoM Cash Surplus Project NPV8 Project IRR

• US$355.5 million

• US$195.6 million

27.9

%The Financial Results for the Scoping Study, and the data inputs and their source are attached. Supporting documents for the Study are in Annexures indexed on page 35.

Mr Brian Johnson, Executive Chairman of Antilles Gold, commented that the results of the Scoping Study are most encouraging despite geotechnical investigations requiring much flatter slopes to the hanging wall than were previously anticipated which has resulted in an increase in the waste to ore ratio, and operating costs. However, the results continue to demonstrate the strong return that Antilles Gold can expect to receive on its low equity contribution to the project.

The joint venture's objective is to apply part of the surplus cash expected to be generated by the La Demagaua open pit mine to fund following projects, and to explore major copper prospects to which it has access, including the large El Pilar copper-gold porphyry system in central Cuba where drilling will commence following the interpretation of recently completed ground magnetics and IP surveys.

The Company's current market capitalisation of $20 million is significantly less than its share of the La Demajagua NPV8, and does not reflect the potential of other properties that have been made available to or joint ventures with GeoMinera including El Pilar, which collectively present Antilles Gold with an excellent opportunity for future growth.

END

This announcement has been authorised by the Board of Antilles Gold Limited. For further information, please contact:

Brian Johnson,

Executive Chairman, Antilles Gold T: [phone]

E:[e-mail]

LA DEMAJAGUA OPEN PIT MINE, CUBA

30 March 2023

FINANCIAL RESULTS FROM REVISED SCOPING STUDY FOR LA DEMAJAGUA OPEN PIT GOLD, SILVER, ANTIMONY MINE, CUBA

Antilles Gold Inc ("AGI"), a Cayman Islands registered subsidiary of Antilles Gold Limited, formalised an Agreement in August 2020 with Gold Caribbean Mining SA ("GCM"), a subsidiary of the Cuban Government's mining company, GeoMinera SA ("GMSA"), to incorporate Minera La Victoria SA ("MLV") as a joint venture company to undertake mining projects in Cuba.

The objective of MLV is to achieve organic growth through the successive development of a series of mines based on previously explored gold and copper-gold deposits made available to MLV by GMSA, with the ultimate aim of establishing MLV as a substantial mining company in Cuba.

AGI originally held a 49% shareholding in MLV, but agreement has recently been reached at Ministerial level to increase the holding to 50% which will require formal documentation over the next two to three months.

The first project expected to be developed by MLV is the proposed La Demajagua open pit mine on the Isle of Youth in south-west Cuba.

The mine is planned to be developed in two stages with the open pit operating for nine years, and be followed by underground mining.

AGI had the benefit of accessing results from 50,000m of previous drilling of the La Demajagua deposit by Canadian exploration companies when preparing preliminary financial modelling, and assessing the potential for development of a mine.

An additional 29,000m of cored drilling of the deposit for the planned open pit operation was undertaken by MLV in 2021 and 2022 as part of the Definitive Feasibility Study ("DFS") for the project.

Assays received from this program plus selected data from the historic drilling were utilised by Western Australian mining consultants, Cube Consulting, when establishing the updated Mineral Resource Estimates for the proposed open pit mine which are reported within this document.

The ore at La Demajagua is primarily arsenopyrite, and MLV aims to produce a gold concentrate for sale to an international trading company, and a silver-antimony concentrate for sale to a Chinese antimony smelter.

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The production parameters, and data inputs to the Financial Analysis and their source, and various assumptions for the development concept, are recorded in the following:

Proposed Project Timetable

Pre-development Period

October 2020 to July 2023

Completion of DFS & Permitting

July 2023

Construction Period - Mine Buildings & Infrastructure - Mine

October 2023 to March 2026

January 2024 to March 2025

Operating Period - Life of Mine (LoM)

April 2025 to March 2034

First Shipment of Concentrate

Q1 2025

LoM Production Target

Waste

74.3 million t

Ore

7.4 million t

Mill Feed

815,000 tpa for 9 yearsOre Head Grade

- gold - silver

2.37 g/t Au

25.24 g/t AgThe Production Target has been established by the Company based on a pit shell, mining schedules, and the Mineral Resource Estimates for gold and silver recently provided by Cube Consulting.

MINERAL RESOURCE ESTIMATE FOR LA DEMAJAGUA OPEN PIT at 0.8g/t Au cut off

Resource Category	Tonnes (Mt)	Au Grade (g/t)	Contained Au (oz)	Ag Grade (g/t)	Contained Ag (oz)
Indicated	5.32	2.87	490,000	32.1	5,490,000
Inferred	2.1	2.0	130,000	17	1,132,000
Total*	7.4	2.63	620,000	27.9	6,620,000

The Production Target for ore, and waste is based on mining 100% of the Indicated Resource of 5.32 million tonnes grading 2.87 g/t Au and 32.10 g/t Ag, and 100% of the Inferred Resource of 2.1 million tonnes grading 2.01 g/t Au and 17.14 g/t Ag.

"There is a low level of geological confidence associated with Inferred mineral resources and there is no certainty that further exploration work will result in the determination of additional Indicated mineral resources or that the production target itself will be realised."

Cube Consulting have advised that approximately 660,000 tonnes of oxide/transitional ore with a grade of around 1.9 g/t Au (~40,000oz Au) and 21.3 g/t Ag (~453,000oz Ag) have been included in the LoM Production Target. Metallurgical test work has evidenced that the oxide material can be blended with the sulphide ore as feed to the flotation circuit, and this concept has been included in the financial modelling.

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