Company background

Antilles Gold Limited was listed on the Australian Securities Exchange (ASX) in 2006 under its previous name of PanTerra Gold Limited to raise capital for its subsidiary, EnviroGold (Las Lagunas) Limited, to developing the Las Lagunas gold tailings retreatment project in the Dominican Republic.

The Las Lagunas project involved the recovery of approximately 5.0 million tonnes of stored refractory tailings from the Pueblo Viejo mine by dredging, producing a float concentrate, ultra-fine grinding, oxidation, and production of doré through CIL and elution circuits.

Operating from July 2012 to December 2019, the installed capacity of the Las Lagunas Albion/CIL plant was 200,000 tpa.

Due to unexpected contaminants in the stored tailings and design issues with the world’s first Albion circuit for recovery of precious metals, gold recoveries from concentrate were limited to 60% rather than the +90% that would otherwise have occurred with a ‘clean’ concentrate from a mine, and an improved plant design.

The Directors of Antilles Gold, and the holder of Albion patents Glencore Technology, are confident a second-generation plant design will achieve the +90% gold recoveries from concentrates that GeoPro Mining’s Albion/CIL plant at Ararat in Armenia is producing.

In addition to its lower-than-expected gold recoveries, the Las Lagunas project had to contend with the Dominican Republic Governments’ failure to meet its contractual obligation to provide a site for EnviroGold to construct a dam to deposit the reprocessed tailings.

This resulted in EnviroGold having to redeposit tailings behind rock retaining walls constructed within the dam from which they were originally recovered.

The resultant additional operating costs are the subject of a Claim on the Government for approximately US$20 million. This is being arbitrated at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC.

EnviroGold will also submit a Claim to arbitration for approximately US$24 million loss of profits due to the Government representing the quantity of stored refractory tailings at Las Lagunas available for treatment as being 6.80 million tonnes – when only 4.87 million tonnes were actually available.

With its senior management for current prospects headquartered in the Cayman Islands, and its intention to seek additional exploration and mining opportunities for precious metals in Cuba (where the geology is predominantly refractory), the Group’s recently adopted name reflects the geographical focus of its activities in the Greater Antilles Islands of the Caribbean.

Corporate Structure

corporate structure diagram

Directors

Brian Johnson

Executive Chairman

Mr Johnson is a graduate in civil engineering from the University of Western Australia and a Member of the Institute of Engineers, Australia with extensive experience in the construction and mining industries in Australia, South East Asia and North America. Mr Johnson was instrumental in establishing successful companies, Portman Limited and Mount Gibson Iron Limited in the iron ore industry, and South Blackwater Coal Limited and Austral Coal Limited in the coal sector. He has previously been a director of two listed gold producers, and of companies with Stock Exchange listings in London, New York, Vancouver, and Australia.

Management

Megan McPherson

Company Secretary

Ms McPherson is a Chartered Accountant and Company Secretary who has over 15 years of commercial and public practice experience. She was part of the senior executive team which successfully listed Cuesta Coal Limited on the ASX in 2012 and has been a senior executive for companies with projects in Australia, Tanzania and Madagascar.