Summary

Antilles Gold Limited advises that an Award has been issued by the Tribunal of the International Centre for Settlement of Investment Disputes ("ICSID") which conducted Arbitration proceedings to determine several Claims by wholly owned subsidiary, EnviroGold (Las Lagunas) Limited ("EVGLL"), against the Government of the Dominican Republic (`the Government", or "the State").

The Claims relate to the Las Lagunas Gold Tailings Project which involved EVGLL recovering approximately 5.0 million tonnes of 3.5g/t gold tailings stored in a dam at Las Lagunas in the Dominican Republic, which originated from the adjacent Pueblo Viejo mine, and then oxidising the toxic sulphide tailings before producing a gold dore for refining overseas, and the sale of bullion.

The Project operated from July 2012 to December 2019, and was carried out under the terms of a Contract between EVGLL and the State dated 28 April 2004.

ICSID, which is based in Washington DC, and is a Unit of the World Bank, has been conducting the Arbitration through a three-member Tribunal established on 5 August 2020. The Award was issued on 24 April 2024, and received by EVGLL on 25 April 2024 following a final hearing in early June 2023.

EVGLL has been awarded US$4,070,283.85 including interest to 24 April 2024.

Attached to this press release is a "Review Of Arbitration Award" detailing the Claims made, and the reasons for certain adverse decisions by the Tribunal.