Antilles Gold : Quarterly Activities Report/ Appendix 5B Cash Flow Report

29 April 2022

ANTILLES GOLD QUARTERLY REPORT & APPENDIX 5B - 31 MARCH 2022

ANTILLES GOLD

DEVELOPMENT OPPORTUNITIES

Antilles Gold is uniquely positioned to access a number of gold and copper/gold development opportunities in mineral rich Cuba through its joint venture with a subsidiary of the Government's mining company, GeoMinera SA.

CUBA'S MINERAL POTENTIAL

Cuba hosts a significant number of gold, copper, and nickel deposits that have been extensively explored by Canadian, Russian and Cuban mining companies, but where development opportunities have been largely overlooked by the international mining sector for over 20 years. However, Cuba is now emerging as a new frontier for mining investment.

JOINT VENTURE

Antilles Gold's projects in Cuba will be carried out in a joint venture company, Minera La Victoria SA ("MLV"), which was registered in August 2020.

MLV's shares are held by a subsidiary of GeoMinera (51%), and Antilles Gold Limited's Cayman Islands registered subsidiary, Antilles Gold Inc ("AGI") (49%). Though a minority shareholder, AGI has the same number of directors on the Board of MLV as GeoMinera, and all decisions must be unanimous. Any disputes that arise are to be settled by arbitration at the International Court of Commercial Arbitration ("CCI") in Paris.

AGI is contributing US$13.0 million equity for its 49% shareholding in MLV, of which US$5.0 million has already been invested. A further US$3.0 million will be spent during 2022 to complete the Definitive Feasibility Study ("DFS") for MLV's first project, the development of the La Demajagua gold/silver open pit mine on the Isle of Youth in south west Cuba, and for general overheads of MLV. A further US$5.0 million will be spent on mine infrastructure in early 2023.

GeoMinera transferred the 900ha La Demajagua Mining Concession with 50,000m of historic drilling data to MLV for its 51% shareholding.

MLV has been granted an attractive fiscal regime by the Cuban Government, including a waiver for 8 years of the 15% corporate tax rate.

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Antilles Gold has nominated the Project Director, General Manager, and Construction Manager for the La Demajagua project and is entitled to appoint all senior operations management engaged by MLV.

The geology in Cuba is predominantly sulphidic and the joint venture's aim is to produce a high grade gold/silver concentrate at La Demajagua, for sale to an international trading company, or foreign smelters.

DEVELOPMENT PROJECT

LA DEMAJAGUA GOLD/SILVER OPEN PIT MINE

Antilles Gold is managing the DFS for the project which is expected to be completed in November 2022.

Drilling Program & Resources

The Maiden Mineral Resource Estimate set out below for the proposed open pit mine was released to the ASX on 28 January 2022, and was calculated by Cube Consulting from historic drilling, and assays received to date from around 50% of the cored drill holes that will ultimately be undertaken across the defined 2,000m strike length of the La Demajagua deposit.

MINERAL RESOURCE STATEMENT FOR LA DEMAJAGUA PROJECT WITHIN PRELIMINARY PIT SHELL at 0.8g/t Au cut off

Resource Category Indicated Inferred TotalTonnes (Mt)Au Grade

(g/t)Contained Au

(koz)Ag Grade

(g/t)Contained Ag (koz)

4.67

3.1 7.7

3.27 2.4 2.9

490 230 720

40.50 35.6 38.6

6,080 3,490 9,570

Note - Figures do not add up due to rounding

The Mineral Resource Estimate will be updated in June 2022 when additional assays are received from drill holes that have already been completed, and will be finalised after all results have been received following completion of the drilling program for the DFS in May 2022.

Drilling at La Demajagua Gold/Silver Deposit

Metallurgical Test Work

• • Initial test work has been conducted on an ore sample grading 3.76g/t Au, 36g/t Ag, 2.75% As, and 2.24% S.

• • Flotation of a bulk concentrate from this sample indicated grades of 37.5g/t Au, 500g/t Ag, 21.1% AS, and 23.0% S in the concentrate.

It is important to maximise the gold grade in the milled ore feed to the flotation plant to achieve the highest possible grade of gold contained in the concentrate, and minimise shipping costs to buyers. Optimisation will benefit from selective mining and blending of ore to maximize the gold to sulphur ratio of the feed, which will increase the flotation efficiency.

The final phase of test work is expected to be completed in September 2022.

Financial Model

The Mineral Resource Statement and metallurgical test work results support a Financial Model for the La Demajagua open pit mine prepared by Antilles Gold which assumed a mining rate of 140,000 tpa of oxide ore and 815,000 tpa of sulphide ore, a stripping ratio of 7:1, and the production of 70,000 tpa gold and silver concentrate, containing approximately 100,000 oz Au equivalent, for six years.

Project development costs in addition to Antilles Gold's US$13 million equity contribution are expected to be in the order of US$62 million including financing costs during construction, and be funded by a combination of supplier credit for plant and equipment, and project loans.

The robust results from the earlier financial modelling were confirmed by a recent Scoping Study, the results of which were advised to the ASX on 24 February 2022, and are expected to be replicated by the DFS which will be carried out by a Canadian consulting group, in association with specialist sub-consultants.

An underground operation is planned to follow the open pit mining for a minimum period of 10 years and will benefit from utilising the existing infrastructure, concentrator, and power station. The relatively low investment in underground development, and the resultant cash flow should significantly increase returns from the La Demajagua project.

Proposed Development Timetable - Open Pit Mine

• • Completion of 27,000m drilling program - May 2022

• • Completion of metallurgical test work - September 2022

• • Completion of DFS - November 2022.

• • Commencement of construction of mine infrastructure - Q1 2023.

• • Commencement of pre-stripping - Q2 2023.

• • Commissioning of mine - Q1 2024.

• • Commencement of Concentrate Shipping - Q2 2024.

EXPLORATION PROJECTS

LOS LLANOS PROJECT

As part of its strategy to develop successive mid-sized mines in Cuba, Antilles Gold has agreed with GeoMinera to conduct at the Company's cost, preliminary exploration on three advanced exploration targets with potential for major open pit mine development.

An International Economic Assessment ("IEA") (equivalent to a 'global' Exploration Agreement), for these properties which are known collectively as the Los Llanos Project, was signed in February 2022 and will allow exploration to commence in June or July 2022.

CIEGO DE AVILA COPPER-GOLD PORPYRY SYSTEM

The 17,800ha Ciego de Avila Concession in central Cuba hosts three previously explored substantial copper-gold porphyry deposits (El Pilar, Gaspar, and San Nicholas).

Copper grades are widespread with the gold mineralisation, with surface exposures of leached phyllic caps overlying the cluster of porphyry deposits.

The property has been assessed as having the potential for a major open pit mine development.

NEW HORIZONS EXTENSIVE POLYMETALLIC MINERAL BELT

The 31,700ha New Horizons Concession in central Cuba encompasses an entire +40km long VMS style polymetallic mineral belt which hosts four small mines (Antonio, San Fernando, Santa Rosa, and Los Cerros) with previous production of Cu and Zn concentrates with Au and Ag credits.

Geological data made available to Antilles Gold includes maps, soil and stream samples (27,000), rock samples, ground and airborne geophysical surveys, 766 cored holes (68,400m), 5,392 core assays, and historic mine plans.

A Canadian N1 43-101 Technical Report published by Toronto based consultants, Roscoe, Postle Associates ("RPA") on 15 June 2018 reported a small but encouraging Mineral Resource Estimate of Inferred Resources for the Antonio deposit as follows:

MINERAL RESOURCE ESTIMATE - JUNE 15, 2018

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

The ASX's requirement to provide information related to the Foreign Mineral Estimate and the Competent Person was advised to ASX on 29 April 2022.

GOLDEN HILLS

The Golden Hills sulphide deposit was explored by MacDonald Mines between 1994 and 1998 when they conducted ground and airborne geophysical surveys, mapping, geochemical surveys, trenching, and 199 cored drill holes to an average depth of 80m. The database generated by this work was well archived and available for Antilles Gold.

A cluster of three oxide deposits at Golden Hills that have already been mined are underlaid by a potentially large, interconnected volcanogenic massive sulphide ("VMS") deposit. The mineralisation discovered to date lies in a 1.5km long by 1.0km wide west-northwest oriented zone, and within a lens shaped body 7.0km long and 2.0km in true thickness that has been interpreted to be a section through a volcanic edifice, with the property having the potential to produce large volumes of copper concentrate with gold credits.