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’s development of 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, production of a float concentrate, ultrafine grinding, oxidation, and production of dore through CIL and elution circuits.

The installed capacity of the Las Lagunas Albion/CIL plant which operated from July 2012 to December 2019, 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.

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

Las Lagunas Albion/CIL Plant, Dominican Republic

In addition to the issue of 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 confines of 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 which is being arbitrated at the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) in Washington DC.

Las Lagunas Tailings Redeposition Behind Rock Embankments

Corporate Structure

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.

James Tyers

Chief Executive Officer

Mr Tyers has over 30 years’ experience in the mining industry with the last 20 years involving senior management roles in both gold and iron ore operations. He was the Alternate Manager for the Palm Springs Gold Mine in the Kimberley district of Western Australia, and managed the Cornishman Project, a joint venture between Troy Resources Limited and Sons of Gwalia Limited. Mr Tyers, who has a Western Australian Quarry Manager’s Certificate of Competency, also spent three years developing iron ore projects in the mid-west of Western Australia and was the Operations Manager of the Tallering Peak Hematite Project for Mount Gibson Iron Limited. Mr Tyers was responsible for the development of the Las Lagunas Project and is responsible for the evaluation and development of future projects. Mr Tyers is a Member of the AusIMM.

Ugo Cario

Non Executive Director

Mr Cario has over 30 years’ of experience in the Australian mining industry. He was a Director and Chief Executive Officer of Rocklands Richfield Limited for four years, and Managing Director of Austral Coal Limited for eight years. Prior to Austral Coal, Mr Cario held a number of senior positions with the Conzinc Rio Tinto Australia Group. He is also a former Director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and Interim Chairman of the New South Wales Minerals Council in 2004.

Angela Pankhurst

Non Executive Director

Ms Pankhurst has over 20 years’ experience as an executive and non-executive director primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia, including CFO then Finance Director for PanTerra Gold until March 2009. She was Managing Director of Central Asia Resources Limited during the development of its first gold mine and processing facility, and is currently a non-executive director of Consolidated Zinc Limited and an executive director of Imritec Limited

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.

Tracey Aitkin

Chief Financial Officer

Ms Aitkin is a CPA with more than 30 years experience in finance, administration and staff management across a broad range of private sector industries including manufacturing, retail, transport, agriculture and mining.  She was part of the senior executive team of PanTerra Gold Limited during the construction, operational and closure phases of its refractory gold and silver project in the Dominican Republic, covering a period of 10 years.

Steven Mertens

General Manager, Cuba

Mr Mertens is a mining engineer with 20 years’ industry experience across a range of commodities. He has experience developing large mining projects and worked as a Construction Manager at the Goro Nickel Project in New Caledonia and also the Mina de Cobre Project in Panama. For the last several years, Mr Mertens was the Mining Manager for PanTerra Gold’s Las Lagunas operation in the Dominican Republic.

José Sena Rodriguez

Director, Dominican Republic

Mr Sena qualified as a Mining Engineer at the University of Arizona and is a past President of the Mining and Petroleum Chamber of the Dominican Republic (CAMIPE). During the years 1984 to 1992, he held senior managerial positions at the Pueblo Viejo gold mine in the Dominican Republic, and was General Manager from 1989 to 1992. He spent a number of years with Billiton as a senior mining engineer in Cuba, Indonesia and Australia. Mr Sena is fluent in Spanish and English and is a resident of Santo Domingo.

Corporate Governance

ANTILLES GOLD LIMITED
ASX CODE AAU
55 Kirkham Road
Bowral NSW 2576
Australia
+ 61 2 4861 1740
ANTILLES GOLD LIMITED
ASX CODE AAU
55 Kirkham Road
Bowral NSW 2576
Australia
+ 61 2 4861 1740