If You Invested in Antioqua Gold (AGDXF)

Antioquia Gold Inc. (AGDXF) is a gold ore mining company in the mining, quarrying, and oil and gas extraction sector. The company is focused on the exploration, development, and operation of gold assets and trades in the United States over-the-counter market under the symbol AGDXF. According to company disclosures, Antioquia Gold owns and operates the Cisneros Project in Colombia and has undergone significant capital structure and ownership changes in recent years.

Core operations and Cisneros Project

Antioquia Gold states that it owns and operates the Cisneros Project, located in the Municipality of Santo Domingo in the Antioquia department of Colombia, approximately 70 km from the city of Medellin. The Cisneros Project consists of two operating underground mines, Guaico and Guayabito, and a processing plant with a stated expanded capacity of 1,200 tonnes per day, along with a tailings deposit and a 10 km pipeline. The company indicates that flotation and gravity concentrates from this operation are produced and sold through internationally recognized trading houses.

The company also reports that it controls the mineral rights to a large, consolidated land package of approximately 17,000 hectares around the Cisneros Project and maintains an active exploration program. This exploration is described as focused on identifying and confirming resources around the current mines.

Mineral resources and technical reports

Antioquia Gold has disclosed that Mine Technical Services (MTS) audited the Cisneros mineral resource estimate and completed an independent mineral resource estimate for validation purposes. The company reports that differences between internal and independent estimates were generally less than 10% in tonnes, grade, and contained metal. Mineral resources for Cisneros were classified under the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves, using cut-off grades that incorporate mining costs, process operating costs, metallurgical recovery parameters, and commodity prices.

The company states that mineral resources are reported using a long-term metal price of US$1,800 per troy ounce of gold, with variable marginal cut-off grades applied depending on the anticipated mining method. These resources are described as having an effective date of October 1, 2022 and are supported by a NI 43-101 independent report filed on the company’s website and on its SEDAR or SEDAR+ profile.

Antioquia Gold identifies qualified persons for its technical disclosures, including a consultant who has reviewed and approved the technical information in multiple news releases, and a qualified person from MTS responsible for the mineral resource estimate.

Production profile and processing

In multiple quarterly updates, Antioquia Gold has reported gold production from the Cisneros Project and provided detail on plant throughput, metallurgical recovery, and the contribution from third-party mineralized material. The company has disclosed that the Cisneros processing plant operates using flotation and gravity methods to produce gold concentrates.

In certain periods, the company has indicated that a portion of gold production came from mineralized material acquired from third parties, with the remainder from its Guaico and Guayabito mine production. It has also reported high metallurgical recoveries at the Cisneros plant over specific months and described ongoing underground development at both Guaico and Guayabito.

Regulatory and operational considerations

Antioquia Gold has reported interactions with regional environmental authorities in Colombia. In one disclosure, the company announced that the Guayabito Mine was ordered to close by the regional environmental agency CORNARE until the water treatment facility treating mine discharge water had sufficient capacity to handle Guayabito mine effluent. The company stated that it was working with contractors to expand the treatment capacity of the plant and had submitted a detailed work plan and schedule to CORNARE. During this period, Antioquia Gold indicated that it continued to produce from the Guaico Mine and that the process plant operated at a normal throughput level.

The company has also cautioned readers that its decision to proceed with the construction and production of the Cisneros Mine was not based on a pre-feasibility or feasibility study of mineral resources demonstrating economic or technical viability. Antioquia Gold notes that, since 2013, it has undertaken exploration and development activities and, after considering factors such as exploration results, internal technical information, funding availability, and estimated starting costs, determined that proceeding with mine development and construction was the most responsible use of resources. The company warns that, due to the absence of a pre-feasibility or feasibility study, there is increased uncertainty and higher risk of economic and technical failure, including the risk of lower-than-expected grades, more difficult or expensive construction or mining operations, and material impacts on profitability and going-concern status if the project fails.

Financial reporting and performance context

Antioquia Gold regularly publishes summaries of financial results for its quarters and years, including revenue, gold production, cash costs, all-in sustaining costs (AISC), and EBITDA and adjusted EBITDA as non-IFRS measures. These results are presented in Canadian dollars, with certain operating metrics in U.S. dollars. The company directs readers to its financial statements and management’s discussion and analysis (MD&A) filed on SEDAR or SEDAR+ for detailed information and definitions of non-IFRS measures.

The company has reported periods of decreased financial performance compared to prior periods, citing changes in gold production, revenues, costs, and profitability. It has also described efforts to improve mine planning, mining operations, process plant optimization, and the processing of third-party mineralized material.

Capital structure, ownership, and listing status

Antioquia Gold has disclosed significant changes in its capital structure and shareholder base. In 2023, the company announced a debt restructuring with Infinita Prosperidad Minera S.A.C. (Infinita), its largest shareholder, under an existing loan agreement. Pursuant to this restructuring, Antioquia issued common shares at a deemed price per share in exchange for the settlement of debt, resulting in Infinita owning and controlling a large majority of the issued and outstanding common shares.

In a subsequent early warning news release issued under Canadian securities regulations, Consorcio Minero Horizonte S.R.L. (CMH), an investment company incorporated under the laws of Peru, announced that it had acquired common shares of Antioquia Gold. CMH reported that, on December 30, 2025, it acquired 989,281,437 common shares of Antioquia, representing approximately 91.15% of the issued and outstanding common shares, in connection with the completion of a merger between CMH and Infinita Prosperidad Minera S.A.C. CMH stated that it absorbed Infinita and its assets, including these shares, and that the acquisition was for investment purposes, with CMH reserving the right to increase, decrease, or dispose of its holdings.

Antioquia Gold has also announced that it applied for and received approval for a voluntary delisting of its common shares from the TSX Venture Exchange. The company stated that, effective at the close of trading on a specified date, its common shares would no longer be listed and posted for trading on the TSX Venture Exchange. The voluntary delisting was attributed to the company no longer meeting the public distribution requirements of TSXV Policy 2.5, and the company noted that a majority of shareholders approved the delisting at a shareholder meeting. Antioquia Gold indicated that it would continue as an unlisted reporting issuer under Canadian securities laws. The company’s shares continue to be referenced in news releases as trading over-the-counter under the symbol AGDXF.

Corporate governance and management changes

Antioquia Gold has reported changes in its board of directors and management. The company announced additions and departures from the board, including the appointment of a new director with experience as a director and executive in various companies. It has also disclosed changes in the role of Chief Financial Officer, including the appointment of a new CFO with extensive experience in finance, supply chain, and information technology across several Latin American and multinational companies, and the resignation of a prior director and CFO.

These governance updates are presented in company news releases and reflect ongoing adjustments to the leadership structure as Antioquia Gold advances its mining operations and corporate strategy.

Head office and jurisdiction

According to an early warning report-related news release, Antioquia Gold’s head office is located in Toronto, Ontario, Canada. The company is subject to Canadian securities laws as a reporting issuer and files its continuous disclosure documents on SEDAR or SEDAR+.

Risk considerations

Antioquia Gold’s disclosures emphasize several risk factors related to its operations. These include the absence of a pre-feasibility or feasibility study supporting the economic and technical viability of the Cisneros Mine, potential variability in mineral grades, operational and construction challenges, environmental regulatory requirements such as those imposed by CORNARE, and financial risks associated with project performance and debt obligations. The company highlights that these factors can materially affect profitability, the ability to service debt, and its capacity to continue as a going concern.

How Antioquia Gold fits within the gold mining sector

Within the gold ore mining industry, Antioquia Gold represents a company focused on a specific underground mining and processing operation in Colombia, supported by a consolidated land package and an active exploration program. Its public disclosures provide detailed operational metrics, resource classifications under CIM standards, and ongoing interactions with regulators and stakeholders, offering investors and analysts insight into the technical and regulatory context of its gold production activities.