FY2021
La Demajagua pre-development
Approximately US$3.1m was spent on pre-development as part of the group’s staged JV contribution. Future mine production remained a plan.
ASX: AAU · Five-year financial review
(ASX: AAU) Antilles Gold Financial Review - FY2021~25
Antilles Gold’s return to profit in FY2025 needs to be read alongside a liquidation distribution, continuing cash funding and a changed corporate perimeter. The company’s Cuban development exposure sits in a joint venture, while Las Lagunas ceased to be consolidated at the end of FY2024. This review separates those changes from recurring operating performance.
Reading the figures: US$ million unless otherwise stated. Brackets denote negative values. The FY2024 deconsolidation changes the group boundary; Australian-dollar placements are not mixed into US-dollar statement rows.
FY2025 group profit
US$1.101m
Not the result of the Cuban Projects segment alone.
FY2025 operating cash flow
(US$0.854m)
An outflow despite positive accounting profit.
Liquidation cash received
US$2.167m
Investing cash flow; non-recurring source.
Cash at December 2025
US$3.957m
Group closing cash, not JV project cash.
Five years in context
The early period was dominated by funding pre-development at La Demajagua. The project sequence then changed: Nueva Sabana became the first development priority while further processing work continued on La Demajagua. Historic plans are not treated as realised production or sales.
Two accounting boundaries matter. The Cuba interests are equity-accounted rather than consolidated line by line; EVGLL was removed from consolidation when its liquidator took control. Comparing group assets, liabilities or profit without those changes would confuse a perimeter change with operating improvement.
Events behind the numbers
FY2022
Engineering and drilling continue
Around US$3.8m supported drilling, test work, design, permitting and studies for the Cuban project.
FY2023
Nueva Sabana takes priority
The JV selected the smaller Nueva Sabana development first and delayed La Demajagua pending additional process evaluation.
FY2024
JV reset and loss of control
Partner equity contributions were revised toward a 50:50 structure; EVGLL entered voluntary liquidation on 31 December.
FY2025
Distribution and new JV lending
An interim liquidation distribution was received in December. A separate shareholder loan arrangement funded the Cuban JV.
FINANCIAL REVIEW / 01
Profit is not the same as operating cash generation
The group reported a profit in FY2025, but operating activities still consumed cash. The liquidation distribution entered investing cash flow, while fresh financing continued to support the company. The cash-flow categories below show why the profit headline alone is an incomplete account of funding.
Total-group profit and loss
US$ million
Consolidated profit / (loss) after tax - total group
AI-generated presentation · values from Five-year consolidated financial record; no missing values plotted as zero.
Operating, investing and financing cash
US$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Five-year consolidated financial record; no missing values plotted as zero.
Five-year consolidated financial record
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated profit / (loss) after tax - total group | (3.834) | (7.747) | (4.140) | (0.506) | 1.101 |
| Net operating cash flow | (2.703) | (2.200) | (2.451) | (1.134) | (0.854) |
| Net investing cash flow | (3.176) | (4.619) | (4.410) | (2.526) | 0.301 |
| Net financing cash flow | 5.340 | 6.473 | 5.351 | 2.834 | 4.103 |
| Gross proceeds from share issues | 5.755 | 6.166 | 6.121 | 2.321 | 4.448 |
| Closing cash | 3.337 | 2.757 | 1.279 | 0.410 | 3.957 |
Financial years end on 31 December, not June. All statement figures here are in US dollars, even though some equity transactions are announced in Australian dollars.
Total consolidated results are shown rather than combining total-group early years with a continuing-only later series. EVGLL was deconsolidated on 31 December 2024; this is a material scope break.
FY2025 investing cash includes a liquidation distribution. Neither the positive investing subtotal nor the reported profit should be read as recurring mine operating cash generation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A distribution lifts the group result, not the Cuban segment
The interim distribution from EVGLL was material relative to annual profit. The Cuban Projects segment still reported a loss, while the Others segment was positive. Fair-value and impairment movements further separate the accounting result from operating cash.
Pre-tax segment results
US$ million
Cuban Projects - pre-tax resultOthers - pre-tax resultDiscontinued operations - pre-tax result
AI-generated presentation · values from Recent segment results reveal the source of group profit; no missing values plotted as zero.
FY2025 earnings quality and liquidation proceeds
US$ million
| Metric | FY2025 |
|---|---|
| Other income | 2.167 |
| Impairment reversal | 0.083 |
| Fair-value adjustment on JV revaluation | (0.529) |
| Total group profit after tax | 1.101 |
| Liquidation proceeds - investing cash flow | 2.167 |
| Loans advanced to JV - investing cash flow | (1.736) |
This is a selected earnings-quality panel, not a sum of six independent profit components. Liquidation proceeds are the cash presentation of the same US$2.167m distribution discussed in other income; do not add it twice.
Fair-value and impairment adjustments affect earnings differently from cash advances to the JV. The new JV loan receivable is an asset, not additional cash on hand.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent segment results reveal the source of group profit
US$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cuban Projects - pre-tax result | (1.881) | (0.614) |
| Others - pre-tax result | 1.338 | 1.715 |
| Discontinued operations - pre-tax result | 0.037 | 0.000 |
Issuer segment presentation. FY2025 group profit does not mean the Cuban Projects segment was profitable. The nil discontinued result follows loss of control, not a claim that all liquidation-related receipts were zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Read the smaller liability base in its accounting context
The fall in consolidated liabilities in FY2024 accompanied the revised JV commitments and EVGLL deconsolidation. It cannot be described as an equivalent amount of cash debt repayment. By December 2025 current assets exceeded current liabilities, but the development programme still involved funding commitments and receivables from the JV.
Assets, liabilities and equity
US$ million
Total assetsTotal liabilitiesTotal equity
AI-generated presentation · values from Liquidity and the change in consolidated scope; no missing values plotted as zero.
Liquidity and the change in consolidated scope
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current assets | 3.736 | 3.022 | 1.621 | 0.508 | 3.985 |
| Current liabilities | 10.370 | 6.825 | 5.952 | 0.855 | 0.516 |
| Total assets | 31.195 | 27.539 | 29.126 | 15.618 | 21.034 |
| Total liabilities | 18.463 | 16.341 | 15.522 | 0.856 | 1.011 |
| Total equity | 12.733 | 11.197 | 13.604 | 14.763 | 20.022 |
The large FY2024 change coincides with deconsolidation and a revised joint-venture capital structure. It is not described as cash repayment of all former liabilities.
Current liabilities included future JV capital contributions in early years. They are not all bank debt; gross cash minus total liabilities would not be a meaningful net-debt metric.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Equity ownership, loan assets and later project funding
The agreed JV split moved from 49:51 to 50:50, with required contributions reduced to US$15m each. The 1% share transfer had its own payment schedule. The report does not multiply 100%-basis JV financials into the consolidated statements or label unpaid contributions as bank borrowings.
The March 2026 royalty agreements were subsequent events intended to advance funds for Nueva Sabana EPC claims. They are not cash available at December 2025 and do not demonstrate that the planned project milestones were achieved.
FY2025 JV lending by project
US$ million
| Metric | FY2025 |
|---|---|
| Nueva Sabana loan receivable | 1.597 |
| La Demajagua loan receivable | 0.301 |
| El Pilar loan receivable | 0.020 |
| Total JV loan receivable, including unallocated Cuba cash | 1.996 |
Non-current receivables, not the equity-method investment carrying amount. The total includes unallocated Cuba cash, so the three named project rows are not an exhaustive reconciliation.
The stated shareholder loan agreement provides up to US$2m at 12% compound interest with repayment terms. The commitment limit, balance-sheet carrying amount and annual cash advanced are distinct.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Existing annual extracted data only; no new PDF, parsed-body, database or web financial retrieval. Review is by the primary author against that packet, not an independent original-document audit.
- Five December reporting years are used. File or worker names referring to the publication year do not override the explicit year ended 31 December in the extraction.
- Total-group historical results, continuing operations, discontinued operations and the equity-accounted JV are kept distinct. Reported changes are not automatically treated as like-for-like operating growth.
- US dollars are the financial-statement currency. Australian-dollar share issue prices and post-balance proceeds are not inserted into USD cash-flow rows.
- Parent-only intercompany impairment provisions are not presented as consolidated group debt or cash losses. Future mine output and projected funding are not historical revenue.
- Selected financial review; no valuation, investment recommendation or assurance that forecast developments subsequently occurred. Selected for publication.
Annual-report source registry
- Antilles Gold Limited - Annual Financial ReportYear ended 2021-12-31; report date 2022-03-31. Existing extracted data.
- Antilles Gold Limited - Annual Report and Full Year Statutory AccountsYear ended 2022-12-31; report date 2023-03-31. Existing extracted data.
- Antilles Gold Limited - Annual Report and Full Year Statutory AccountsYear ended 2023-12-31; report date 2024-03-27. Existing extracted data.
- Antilles Gold Limited - Annual Report and Full Year Statutory AccountsYear ended 2024-12-31; report date 2025-03-31. Existing extracted data.
- Antilles Gold Limited - Annual Report and Full Year Statutory AccountsYear ended 2025-12-31; report date 2026-03-31. Existing extracted data.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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