Jim's Oil & Mining Letter - April 26, 2026

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Meteoric Resources has successfully raised $40 million through a strongly supported placement to advance its 100%-owned Caldeira Rare Earths Project in Brazil. The funding will support key development and pre-development activities as the project moves towards a Final Investment Decision scheduled for 2026. The company received firm commitments to raise $40 million through the issue of approximately 235 million new shares at $0.17 per share, representing no discount to the previous closing price. Proceeds will be utilised to finalise the Caldeira Definitive Feasibility Study, environmental impact assessments, and front-end engineering and design works. Funding is also allocated for continued pilot plant operations, land acquisition for mining areas, and infill drilling to increase Mining Reserve confidence. The placement strengthens the company's financial position, resulting in a pro-forma cash balance of approximately $58 million following settlement.

Rift Helium has commenced trading on AIM, raising capital to advance helium exploration at its Upepo Project in Tanzania, targeting a proven basin with favourable supply-demand dynamics. The company raised approximately £8.1 million through a placing and subscription at 10p per share, implying a market capitalisation of ~£13.4 million on admission. Funds will be deployed across near-term catalysts including EIA approval, 3D seismic work in 2026 and drilling planned for H1 2027. The Upepo Project covers 283 square kilometres in the Rukwa Basin, adjacent to confirmed helium discoveries, supporting a de-risked exploration strategy. An independent CPR estimates prospective resources of ~19 billion cubic feet (P50) and ~41 billion cubic feet mean, highlighting material scale potential. The company is pursuing what it describes as a “third-mover” strategy, leveraging prior basin learnings to improve targeting efficiency and capital discipline. Helium market fundamentals remain supportive, with constrained global supply and demand growth driven by semiconductors, healthcare and aerospace applications.

Fortuna Mining has signed an earn-in agreement to acquire up to a 70 per cent interest in the Quartzstone Project in the Guyana Shield. The company has allocated $5.5 million for an initial exploration programme to test historical high-grade gold mineralisation across the 29,600-hectare property. Fortuna can earn an initial 51 per cent interest by completing 60,000 metres of drilling over four years, with an option to reach 70 per cent by funding a feasibility study. The agreement involved a $5 million non-refundable cash option premium paid to Qstone Inc. for the 29,600-hectare project located in the north central greenstone belt. Historical drilling at the site has identified significant high-grade gold mineralisation, including intercepts of 27.78 grams per tonne gold over 5.6 metres and 15.93 grams per tonne gold over 13.2 metres. An initial $5.5 million exploration programme is planned, consisting of airborne magnetic surveys, geochemical sampling, and a 5,000 metre diamond drilling campaign.

Great Boulder Resources reported extensive drilling activities during the March 2026 quarter, yielding exceptional high-grade gold intersections at the Mulga Bill deposit. Exploration continued at the flagship Side Well Gold Project with over 38,000 metres of drilling completed, focusing on resource growth and deeper targets. Deep drilling at the Mulga Bill deposit returned a standout intersection of 1.93 metres at 574.39 grams per tonne gold, approximately 430 metres below the surface. The program also successfully intersected two new zones of mineralisation 90 metres west of the Mulga Bill resource. The company remains well-funded to support its ongoing operations, concluding the March quarter with a strong cash balance of $12.0 million.

This company's pre-IPO C$5 million placement at C$0.50 per share closes this Thursday, April 30, ahead of a public listing planned in Canada this quarter. Funds are for the mine restart of a world class tungsten resource, a vital element of Western defence - 85% of supply is controlled by China. Mine is on track for the first shipment of tungsten in June, with an initial production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years. A publicly listed tungsten peer nearby with a 2,300 tonnes/year target has a +C$8 billion valuation. Find out more 

Agnico Eagle Mines has entered into definitive agreements to acquire Rupert Resources, Aurion Resources and B2Gold’s interest in the Fingold joint venture to consolidate assets in Northern Finland. The transactions aim to create a multi-decade production platform and unlock significant exploration potential across the Central Lapland Greenstone Belt. Agnico Eagle will acquire all shares of Rupert Resources via a share-exchange deal valued at approximately $2.87 billion and Aurion Resources for $481 million in cash. The company will pay $325 million in cash to B2Gold for its 70% stake in the Fingold JV, resulting in Agnico Eagle holding 100% ownership of the joint venture. The consolidation integrates the Ikkari gold project with the existing Kittila mine to establish a regional production hub targeting 500,000 ounces of gold annually. Agnico Eagle expects to realise up to $500 million in operating and development synergies by consolidating the 2,492 square kilometre land position and eliminating property boundaries.

Many Peaks Minerals has delivered a maiden Mineral Resource Estimate of 1.32 million ounces of gold for its Ferké Gold Project in Côte d'Ivoire. The company is advancing an aggressive exploration programme and a Pre-Feasibility Study scheduled for completion in late 2026. The maiden Mineral Resource Estimate comprises 26.7 million tonnes at 1.54 grams per tonne gold for 1.323 million ounces. An aggressive exploration programme has seen over 50,000 metres of drilling completed, returning significant high-grade intercepts. Preliminary metallurgical test-work achieved a 94% recovery, indicating non-refractory mineralisation amenable to leach recovery. A Pre-Feasibility Study is planned for completion in the fourth quarter of 2026.

Sunstone Metals has announced positive scoping study results for its Bramaderos Project in Ecuador, outlining a 23-year mine life with significant gold and copper production. The study highlights strong economic returns and a clear path to becoming a multi-million-ounce production centre. The study outlines a 23-year mine life producing an average of 135,000 ounces of gold equivalent per annum during the first eight years of operation. The project features low-risk open pit mining with a life-of-mine strip ratio of 1.4 and an estimated All-In Sustaining Cost of $1,499 per ounce. Initial development capital is estimated at $511 million, utilising a standard processing flowsheet and benefiting from existing local infrastructure in Ecuador. The study demonstrates strong economics with a post-tax NPV of $0.9 billion and a free cash flow of $2.4 billion based on a gold price of $3,500 per ounce.

Prospex Energy has been formally awarded the Dunajec onshore licence in southern Poland, following its recent acquisition of the San licence. The project area is situated in a prolific gas region and contains an undeveloped oil discovery suitable for near-term development. Wholly owned subsidiary PXEN Tatra Sp z.o.o. has been formally granted the licence area. The licence includes the Mniszów shallow oil discovery, which contains an estimated 2 million barrels of oil initially in place with near-term commercial potential. The company plans to apply modern evaluation and imaging techniques to the acreage and intends to introduce joint venture partners to support development.

Surface grades of over 100 grams per tonne gold (1 gram per tonne is broadly considered to be commercial) and drilling now. Don’t miss this company

Pantheon Resources is progressing negotiations with several parties regarding farm-out opportunities for its Alaskan projects and has shifted its accounting year-end to December 31. The company is currently engaged in what it describes as complex farm-out discussions for the Kodiak and Ahpun projects on Alaska's North Slope, with multiple organisations active in the data room. Management expects to provide a further update regarding the progress of these negotiations to the market before the end of the summer. The accounting reference date has been changed from June 30 to December 31 to align with internal planning, budgeting, and international tax regulatory timetables. As a result of the calendar change, the company will publish audited results for the 18-month period ending December 31, 2026 by June 30, 2027.

Deltic Energy has confirmed it is in separate discussions with Capricorn Energy, Petrogas International, and Blue Concept regarding potential cash acquisition offers. An official offer period has begun, and the potential bidders must announce their firm intentions by 20 May 2026. The approaches concern the potential acquisition of the entire issued and to be issued ordinary share capital of Deltic Energy PLC. Under the Takeover Code, each potential offeror has until 20 May 2026 to announce a firm intention to make an offer or withdraw from the process. An offer period has formally commenced, and the board is evaluating the proposals in conjunction with its financial advisers.

Emerald Resources has reported high-grade gold intercepts from its March 2026 quarterly drilling programmes across its Australian and Cambodian assets. These results demonstrate potential for resource growth and underground extensions at the Dingo Range, Memot and Okvau projects. Drilling at the Dingo Range Gold Project in Western Australia confirmed high-grade mineralisation below the current open pit resource, including 45.0 metres at 4.10 grams per tonne gold at the Boundary deposit. The infill RC drilling programme at the Memot Gold Project in Cambodia returned significant near-surface results, such as 2 metres at 50.29 grams per tonne gold, to support an upcoming maiden mineral reserve estimate. Exploration at the Okvau Gold Mine delivered high-grade intercepts outside the existing resource area, including 3 metres at 59.04 grams per tonne gold, indicating potential for resource extensions. Regional air core drilling identified potential for a new discovery at the Stables Prospect in Western Australia, located approximately 18.5 kilometres southeast of the Boundary deposit.

ADX Energy has spudded the HOCH-1 shallow gas exploration well in the ADX-AT-I licence in Upper Austria. This well is the first of a three-well 2026 drilling programme targeting the highly productive Hall formation sandstones. The HOCH-1 exploration well commenced drilling on 16 April 2026 and is expected to take approximately 14 days to reach a target depth of 1,430 metres. ADX Energy serves as the operator with a 50% economic interest in the prospect, which targets the Miocene aged sandstones of the Hall formation. The HOCH prospect has a mean prospective resource potential of 8.0 billion cubic feet and a high case potential of 17.3 billion cubic feet. The well is the first of three permitted shallow gas targets the company plans to drill in Upper Austria during 2026.

Super majors are all fighting over this country and the micro cap company farm outs to them are exploding their share prices. This is the possible next one

Helix Exploration and HyTerra have been selected by the Chimaera Fund to participate in a demonstration programme for the US Air Force. The initiative aims to evaluate whether geologic hydrogen can support a Congressional mandate for 99.9% energy availability at critical military installations by 2030. Helix will collaborate with the Chimaera Fund to assess the potential of geologic hydrogen for energy resilience at Malmstrom Air Force Base and other installations. The company was chosen as a primary performer following a competitive selection process involving nearly 30 respondents from across the energy and research sectors. Helix will receive funding to contribute subsurface data, drilling cost data, and geological expertise from its active Rudyard Helium Project in Montana. The partnership follows the identification of hydrogen-generating geological indicators at the Rudyard project during exploration activities in October 2025. HyTerra will provide field-grounded data from its upcoming well tests, including controlled flow, pressure, and gas composition measurements, to support techno-economic assessments. The collaboration aims to establish parameters for a first-of-a-kind demonstration of extracting and delivering geologic hydrogen to support energy availability mandates.

Pulsar Helium has entered into an exclusive three-year option agreement to explore nearly 500,000 acres in Michigan's Upper Peninsula for non-hydrocarbon gases. Known as the Falcon Project, the site targets helium accumulations within ancient Precambrian basement geology. The exclusive three-year agreement with Keweenaw Land Association covers 488,090 gross acres for the exploration of helium-4, helium-3, carbon dioxide, and hydrogen. Pulsar has committed to a minimum exploration expenditure of $1 million over the option period, covering geochemical sampling, geophysical surveys, and exploratory drilling. The agreement features a staged acreage surrender schedule, allowing the company to refine its focus before selecting a final development leasehold of up to 20,000 net acres. The newly established Falcon Project consolidates the company's Michigan holdings and targets geological structures analogous to its Topaz Project in Minnesota.

Invictus Energy has successfully raised $10 million via a share placement to fund its exploration campaign at the Cabora Bassa Project in Zimbabwe. The capital will be used to drill the Musuma-1 well, a high-impact prospect targeting significant gas and condensate resources. The company secured $10 million through a placement of 166,666,667 shares at $0.060 per share to institutional and sophisticated investors. Proceeds will primarily fund the drilling of the high-impact Musuma-1 exploration well, including pre-drill site preparation and logistics. The Musuma-1 well targets an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate, with drilling expected to commence in the second half of 2026. Additional capital will be allocated towards new venture business development and general working capital requirements.

Heliostar Metals has reported high-grade gold results from its Ana Paula project in Mexico, highlighted by a 69.15 metre intercept grading 10.09 grams per tonne gold. The ongoing infill drilling is designed to upgrade mineral resources for an upcoming Feasibility Study intended to expand the project's production profile. Significant drill intercepts from the High Grade Panel include 43.8 metres at 13.9 grams per tonne gold and 28.95 metres at 11.2 grams per tonne gold. The infill drilling programme aims to convert inferred mineralisation into higher confidence categories for inclusion in the 2027 Feasibility Study. Heliostar has completed 88 holes totalling 31,184 metres as part of the ongoing 2025-26 programme, with fourteen holes from the High Grade Panel awaiting assay results. Technical data regarding rock strength and metallurgy are being collected to support the development of a high-margin production profile for the project

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Ora Banda Mining has announced high-grade drilling results from the Golden Pole lode, confirming its underground mining potential within the broader Waihi Project. These findings will support updated Mineral Resource and Ore Reserve Estimates planned for release in the June 2026 quarter. Targeted infill and extensional drilling at the Golden Pole lode yielded significant high-grade results, including intercepts of 3.0 metres at 44.0 grams per tonne gold and 11.3 metres at 10.5 grams per tonne gold. A 22-hole drill programme successfully defined a new parallel high-grade shoot and identified NW-striking lodes with strong structural and grade continuity. The results will be incorporated into an updated Mineral Resource Estimate and a maiden underground Ore Reserve Estimate for the Waihi Project, scheduled for the June 2026 quarter. The Waihi deposit, located three kilometres from the Davyhurst processing plant, is being developed as a potential third underground mine for the company.

Rox Resources has reported high-grade gold intercepts from infill drilling at its Youanmi Gold Project that sit outside the project's current mine plan. The company is simultaneously advancing underground development and dewatering activities as it moves toward production. Infill drilling at the United North deposit has intersected significant high-grade gold mineralisation, including 5 metres at 14.15 grams per tonne gold from 120 metres and 15 metres at 3.63 grams per tonne gold from 173 metres. The new drilling results identify gold ounces outside of the current Definitive Feasibility Study mine plan, indicating potential to increase production with additional levels and stopes. Underground mining development is progressing to schedule with over 1,200 metres completed and clear visual control established at the first planned level access. Main Pit dewatering is over 90% complete and has exposed the historic mining portal, while site infrastructure and camp expansions remain on track for completion in 2026.

Golden Horse Minerals has reported exceptional diamond drilling results at Hopes Hill, confirming high-grade gold mineralisation and visible gold extensions both north and south of the historic pit. The results validate the scale of the gold system over a 2.5 kilometre strike length and highlight the potential of previously untested areas. Diamond drill hole 26HHDD010 returned 16.0 metres at 6.8 grams per tonne gold from 115.0 metres, including a high-grade interval of 1.0 metre at 98.4 grams per tonne gold with visible gold observed in the footwall lode. Further significant results include hole 26HHDD009, which intersected 13.6 metres at 3.0 grams per tonne gold from 308.4 metres, demonstrating mineralisation extensions beneath the historic pit. The findings support a mineralised strike extent exceeding 2.5 kilometres, with drilling now testing zones previously inaccessible due to historical tenement constraints. Follow-up drilling is currently underway as part of an aggressive 125 kilometre exploration programme scheduled for 2026 across the Southern Cross Gold Project.

Awalé Resources reported final drill results from the Empire target at its Odienné Project in Côte d'Ivoire, confirming high-grade gold mineralisation at depth. These results will support the company's first Mineral Resource Estimate, which is scheduled for completion in the second quarter of 2026. Drill hole EMDD-11 returned 5.1 grams per tonne gold over 10 metres from 224 metres depth, including a high-grade intercept of 24.9 grams per tonne gold over 2 metres. The step-down drilling programme has confirmed that gold mineralisation at Empire extends to a vertical depth of 280 metres and remains open along strike and at depth. All resource drilling results for the Empire target have now been reported and will be incorporated into an initial Mineral Resource Estimate targeted for release in Q2 2026. Exploration remains active across the Odienné Project, with pending results from the Charger 2 and Fremen targets and ongoing diamond drilling at BBM.

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity. Advertisement