Havana, Cuba – November 13, 2025 – Antilles Gold (ASX:AGL) is poised to significantly advance its ambitious plans to reactivate gold exploration at the historic La Demajagua mine in Cuba, with a critical in-fill drilling program slated to commence in early 2026. This move marks a pivotal moment for the Australian junior miner and its joint venture partner, the Cuban state-owned GeoMinera SA, as they push towards assessing the full viability of the deposit and bringing a significant new source of gold-silver-antimony to market.
While the immediate impact on global gold supply in 2026 will be modest, given that mine commissioning is not anticipated until mid-2027 or Q1 2028, Antilles Gold's strategic push in Cuba signals a long-term commitment to enhancing the world's gold and critical mineral reserves. The renewed focus on La Demajagua, a project with a robust financial outlook and a projected multi-decade mine life, underscores the growing appetite for diversified resource opportunities and the increasing importance of antimony as a co-product in the global market.
A New Era for La Demajagua: Drilling, DFS, and Development on the Horizon
The reactivation of gold exploration at La Demajagua is not an isolated event but rather a carefully choreographed sequence of developments that have been building momentum. Antilles Gold, through its 49% stake in the Minera La Victoria SA (MLV) joint venture with GeoMinera SA, has laid out a clear roadmap for 2026.
The cornerstone of these plans is an intensive in-fill drilling program scheduled to begin in early 2026. This crucial initiative aims to upgrade resource classification and potentially expand the known antimony resources, which have emerged as a significant economic driver for the project. The data gleaned from this drilling will be instrumental in finalizing the Definitive Feasibility Study (DFS) for the La Demajagua gold-silver-antimony open-pit mine, which is targeted for completion in Q2 2026. Following a successful DFS, the ambitious timeline anticipates the commencement of mine construction in Q4 2026.
This renewed push follows earlier milestones, including securing the environmental license in August 2023 and updated scoping studies in late 2022 and early 2023, with further revisions in October 2024 emphasizing the project's antimony potential. The joint venture also eyes the possibility of exploring new, high-grade outcropping gold deposits held by GeoMinera SA, potentially leading to additional low-cost open-pit operations. Funding for these activities is expected to be bolstered by dividends from Antilles Gold's other Cuban project, the Nueva Sabana mine, which are projected to begin in 2026. The Cuban government's supportive stance, including waived income tax and import duties for mining projects, further de-risks the venture and creates a favorable investment climate.
Market Implications and Corporate Fortunes
The progression of the La Demajagua project is poised to significantly impact Antilles Gold (ASX:AGL) and its stakeholders. As the primary driver of this venture, Antilles Gold stands to gain substantially from successful exploration and development. The project's estimated Net Present Value (NPV) of US$196 million (at US$1,800/oz Au, with current gold prices around US$2,600/oz Au suggesting an even higher valuation) underscores its potential to generate considerable revenue and shareholder value. Successful completion of the DFS and commencement of construction would likely lead to increased investor confidence and a positive re-rating of the company's stock. GeoMinera SA, as the Cuban government's mining arm and joint venture partner, also stands to benefit from the economic stimulus, job creation, and royalty streams generated by a productive mine.
Beyond the immediate partners, the event could create opportunities for various service providers and suppliers in the mining sector, including equipment manufacturers, engineering firms, and logistics companies, particularly those with experience operating in Latin America or Cuba. Conversely, companies that might "lose" are less direct, but perhaps competitors in the junior gold mining space who are struggling to secure similar high-potential, de-risked projects. The long-term success of La Demajagua could also subtly shift the competitive landscape for antimony producers, adding a new significant source to the global market. The project's robust financial model, coupled with the Cuban government's incentives, positions Antilles Gold strongly within the emerging Cuban mining sector.
Broader Significance: Cuba's Mining Renaissance and Diversified Futures
Antilles Gold's aggressive pursuit of the La Demajagua project is more than just a company-specific endeavor; it represents a significant chapter in Cuba's burgeoning mining renaissance. The island nation, rich in untapped mineral resources, has historically been a challenging environment for foreign investment. However, the Cuban government's proactive and supportive policies, including tax waivers and import duty exemptions for mining projects, signal a strategic pivot towards attracting international capital and expertise to develop its natural wealth. This supportive regulatory environment is a critical factor de-risking projects like La Demajagua and could serve as a blueprint for future foreign direct investment across other sectors in Cuba.
Furthermore, the La Demajagua project highlights a broader industry trend towards diversification beyond traditional precious metals. While gold remains the primary draw, the increasing economic importance of antimony as a co-product (with potential annual sales exceeding US$40 million) reflects a strategic response to global demand for critical minerals. Antimony is vital in various high-tech applications, including flame retardants, batteries, and semiconductors, making its reliable supply increasingly crucial. This dual-commodity focus hedges against price volatility in either metal and enhances the project's overall resilience and profitability. The success of Antilles Gold in Cuba could create a ripple effect, encouraging other international mining companies to explore opportunities in the country, potentially unlocking further deposits of gold, silver, copper, and zinc. Historically, nations with significant untapped mineral resources that implement investor-friendly policies have seen substantial inflows of capital and expertise, leading to the rapid development of their mining sectors. Cuba appears to be at the precipice of such a transformation.
The Road Ahead: From Exploration to Production and Beyond
The coming months and years will be critical for Antilles Gold and the La Demajagua project. In the short term, the successful execution of the in-fill drilling program in early 2026 and the subsequent completion of the Definitive Feasibility Study in Q2 2026 are paramount. These milestones will solidify the project's technical and economic foundations, paving the way for the projected commencement of construction in Q4 2026. The market will be closely watching for updates on these key development phases, as they directly influence the project's timeline and ultimate profitability.
Looking further ahead, the commissioning of the La Demajagua mine, anticipated in mid-2027 or Q1 2028, will usher in a new era of gold-silver-antimony production. The open-pit operation is planned for a nine-year life, with significant potential for an additional ten years of underground mining, ensuring a multi-decade production horizon. This sustained output will provide a steady, albeit moderate, contribution to global gold and antimony supplies. Strategic pivots for Antilles Gold may include leveraging dividends from Nueva Sabana to fund further Cuban exploration, potentially developing other high-grade deposits across the island. Market opportunities will arise from the consistent supply of gold and antimony, while challenges could stem from fluctuations in commodity prices, operational complexities, and global economic shifts. The success of La Demajagua could serve as a template for Antilles Gold's broader strategy of developing multiple deposits across Cuba, positioning the company as a major player in the region's emerging mining sector.
A Golden Future in Cuba: Key Takeaways and Investor Outlook
Antilles Gold's planned reactivation of gold exploration at the La Demajagua mine in Cuba for 2026 represents a significant and forward-looking development in the global mining landscape. The project, a joint venture with Cuba's GeoMinera SA, is poised to move from advanced exploration to construction, underpinned by a comprehensive in-fill drilling program and the completion of a Definitive Feasibility Study. While not an immediate game-changer for global gold supply, La Demajagua promises a sustained, multi-decade contribution of gold, silver, and critically, antimony, once operational in 2027-2028.
Moving forward, the market will assess Antilles Gold's execution of its ambitious 2026 timeline, particularly the drilling results, DFS outcomes, and the commencement of construction. The project's robust financial model, coupled with the Cuban government's supportive investment policies, positions it as a compelling opportunity. Investors should closely monitor commodity price trends for both gold and antimony, as well as any geopolitical or regulatory developments in Cuba. The success of La Demajagua could well be a harbinger of a broader mining renaissance in Cuba, establishing the island as an increasingly important source of critical minerals and offering a unique growth story for astute investors.
This content is intended for informational purposes only and is not financial advice