Antilles Gold Limited has advanced negotiations to lift United States sanctions on its Cuban joint venture by completing the first procedural milestone under a binding memorandum of understanding with major alternative investment group Global Emerging Markets.

Global Emerging Markets has formally advised the United States Department of State of its intention to subscribe for a 25% shareholding in Cayman Islands-registered subsidiary Antilles Gold Inc. The proposed share subscription forms the initial step toward majority United States ownership of the subsidiary, which satisfies a key prerequisite for the United States administration to permit joint venture company Minera La Victoria S.A. to operate within the Cuban mining sector without constraint.

The underlying memorandum of understanding, signed on 25 August 2026, establishes an US$18.0 million capital commitment from Global Emerging Markets for its 25% stake in Antilles Gold Inc. This proposed investment implies a total asset value of US$144.0 million, equivalent to approximately A$205.0 million, for Minera La Victoria S.A.

Antilles Gold Inc holds a 50% interest in Minera La Victoria S.A., which was constructing the Nueva Sabana gold-copper mine and undertaking the Definitive Feasibility Study for the La Demajagua gold-silver-antimony mine prior to the imposition of sanctions on 4 June 2026.

Global Emerging Markets has now sought regulatory approval for project stakeholders, including Minera La Victoria S.A., to negotiate commercial arrangements and commitments with the Department of State. A successful outcome could result in the lifting of the sanction and the United States Department of the Treasury's Office of Foreign Assets Control licensing Minera La Victoria S.A. to transact with United States entities and persons. Early resolution would maintain the integrity of the joint venture company and the value of its assets.

Read the full announcement: Progress on Lifting of US Sanction on Cuban JV Company