Jim's Oil & Mining Letter - August 31, 2025

Pre IPO Investment Opportunity in a Growth-Focused Gold Mining Business

• Equity raise for the restart of a fully equipped gold mine in Brazil with a 4 million ounce resource and full infrastructure

• Current low company valuation with near term upsides for significant re-rating: production start and public listing

• Focused on growth with multiple hub and spoke mines in vicinity including high-grade targets

• Strong management team successfully restructured balance sheet

• Offering closing date: September 19, 2025

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Interesting news last week:

Hayasa Metals (HAY.V HAYAF FR2.F) announced that it has entered into an amended and restated option and joint venture agreement which grants Teck Resources (TECK TECK-B.TSX TPT.F) the sole and exclusive option to acquire up to an 80% interest in Mendia Resources LLC, the company that owns the geological exploration license relating to the Vardenis copper-gold project located in east-central Armenia. The agreement supersedes the option agreement previously entered into by the company to acquire up to a 100% interest in Mendia and provides that Hayasa and the existing majority shareholder of Mendia will grant Teck the sole and exclusive option to acquire a 70% interest in Mendia, which may be exercised by Teck upon incurring an aggregate of $15 million in exploration expenditures on the Vardenis Project by December 31, 2029, fulfilling its firm commitment to complete 4,300 meters of diamond drilling on the Vardenis project by October 31, 2026, including 3,000 meters by December 31, 2025, and making any required payments to the existing shareholder. If Teck exercises the initial option, it will have a further sole and exclusive option to acquire an additional 10% interest in Mendia, which would bring Teck's total interest in Mendia to 80%. Teck may exercise the second option by delivering to Hayasa and the existing shareholder a National Instrument 43-101 compliant pre-feasibility study in respect of the Vardenis project within six years of exercising the initial option. Teck will receive the remaining 10% interest in Mendia held by the existing shareholder for a $3.5 million payment. Following Teck's exercise of the second option, the shareholders of Mendia are expected to be Teck with 80% and Hayasa with 20%.

Heliostar Metals (HSTR.V HSTXF RGG1.F) announced its first results from the current 15,000 metre drill program at its 100% owned Ana Paula project in Guerrero, Mexico. The program has the primary goal of converting inferred ounces to higher confidence classifications, as well as supporting the ongoing feasibility study and testing the next exploration targets around the Ana Paula deposit. Per CEO, Charles Funk, in 2025, Heliostar will drill more metres than it has in its entire company history, between 40,000-50,000 metres from the close of the mine acquisitions late last year to the end of 2025. Heliostar has two rigs turning with 18 holes completed and 5,556 metres drilled to date. Holes AP-25-323 and AP-25-325 are resource conversion holes drilled at the western end of the High Grade Panel. Hole AP-25-323 was drilled further west than the most prospective polymictic breccia host unit and still returned a number of attractive intercepts, including 12.2 metres grading 8.73 grams per tonne gold from 344.5 metres. AP-25-325 is located ~30m southeast of AP-25-323 and intercepted the favourable breccia host unit. The hole returned a wide, high-grade interval of 30.2 metres grading 6.29 grams per tonne gold from 195.8 metres and a number of deeper intercepts that have the potential to expand the resource, including 4.5 metres grading 12.6 grams per tonne gold from 277.5 metres downhole beneath the High Grade Panel. Holes AP-25-322 and AP-25-324 are geotechnical holes for mine development planning and returned assay results in line with expectations, including a hit of 14.75 metres grading 13.6 grams per tonne gold from 153.5 metres in AP-25-322. Drilling continues at the less well-defined western edge of the High Grade Panel, with results from three additional holes pending from this area. Recently, drilling has been focused in the centre of the High Grade Panel with assays from seven holes pending from the area. The next Ana Paula drill results are anticipated to be released in mid to late September.

Thor Explorations (THX.V THX.L THXPF T2X.F) announced further positive results from its maiden drilling at the 100%‑owned Guitry Gold project in Côte d’Ivoire, including intercepts up to 8 metres at 14.54 grams per tonne gold from 114 metres and 4 metres at 10.68 grams per tonne gold from 81 metres, with a further 7 metres at 5.31 grams per tonne gold. The company plans to resume drilling after the rainy season, with assays pending and a goal of defining a maiden resource this year. Drilling confirms primary mineralisation at depth in the Central and Southern zones, while near-surface lateritic mineralisation includes 17 metres at 2.16 grams per tonne gold; mineralisation remains open at depth and along strike. Assays for additional holes in the Central Zone are pending and drilling is expected to resume after the rainy season, with infill and step-out programmes. Planned work also includes testing geochemical anomalies at Krakouadiokro and Gbaloukro, plus generative surveys along strike.

Goliath Resources (GOT.V GOTRF B41F.F) announced a top intercept of 10.62 grams per tonne gold over 22.82 metres, including high-grade intervals up to 37.28 grams per tonne over 3.36 metres, at the Surebet discovery on the Golddigger property, British Columbia. The 2025 drill campaign shows a 100% hit rate, with the system remaining open. 65 holes totalling 45,000 metres have been completed with 9 rigs and ~50 holes totalling 5,000 metres remain. Assays are pending for 55 holes. All holes to date intersected substantial quartz–sulphide mineralisation and 95% show visible gold; additional intercepts include 12.16 grams per tonne over 6 metres and 11.03 grams per tonne over 5.7 metres. Mineralisation occurs across three rock packages. The Surebet system spans roughly 1.8 square kilometres and remains open laterally and at depth.

ADX Energy (ADX.ASX ADXRF GHU.F) provided an update on its Upper Austria exploration prospect inventory, which includes 24 drillable prospects across the ADX-AT-I and ADX-AT-II permits in Upper Austria grouped under five different play types, all of which have been successful in the basin. The total aggregated mean prospective resource estimate is 374 billion cubic feet (pmean net) of gas and 31 million barrels (pmean net) of oil. The main changes to the prospect inventory since the last update in June 2023 are the addition of eight prospects and the removal of four prospects, two of which have been drilled by ADX since June 2023. The most impactful addition to the inventory for ADX in the near term is the three shallow gas play prospects in the newly varied ADX-AT-II licence. The drilling of the first of the three shallow gas prospects will be the GOLD-1 well in Q1 2026. Ongoing mapping work is expected to yield further shallow gas play prospects in the recently varied ADX-AT-I licence areas. The near field oil play (Anshof) prospects contribute a total aggregated mean prospective resource of 15 million barrels of oil equivalent (pmean gross) to the prospect inventory. These oil prospects provide the opportunity to accelerate ADX Austrian oil production utilising the nearby Anshof field’s 3,000 barrels per day processing facility. Meanwhile, the classification and quantification of drilling and testing results at Welchau-1 remain unclear (well testing is suspended due to an environmental objection which is yet to be determined by the State Administrative Court of Upper Austria), however, ongoing technical study work regarding Welchau-1, as well as the potential of the Welchau Carbonate play incorporating the results of Welchau-1, has resulted in the maturation of the Welchau Deep gas prospect and the Rossberg oil prospect. Welchau Deep is considered a gas prospect due to its expected hydrocarbon charge from the same proven migration pathways as the nearby Molln-1 gas condensate discovery. Welchau Deep can be drilled by deepening the Welchau-1 well making it a very attractive prospect from a risk reward perspective. The Rossberg oil prospect is on the same structural trend located to the north of Welchau-1. The mean prospective resource estimates for Welchau Deep and Rossberg are 125.4 billion cubic feet (pmean gross) and 19.6 million barrels of liquids (pmean gross) respectively. Further resource updates in relation to the extensive and high impact Welchau Carbonate Play are ongoing; the Sub-Flysch Play located in the Southern part of the ADX-AT-I permit is a highly prospective, yet an under explored area below an over thrust belt which affects seismic imaging. Four deeper, high impact gas prospects in the play contribute a mean prospective resource of 252 billion cubic feet (pmean gross) to the portfolio. The play is expected to be enhanced and derisked by an ongoing program of 3D seismic reprocessing.

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) reported that the Jetstream #1 flow‑tested at a peak ~1.3 million cubic feet per day under wellhead compression, producing dry gas with no formation water. 14 samples were collected over nine days for laboratory analysis. Additionally, Pulsar signed a master services agreement with Timberline Drilling to core‑drill up to 10 wells at Topaz (to ~1,200 metres), with 24/7 operations starting in late September 2025. Initial permits are in place. Jetstream #1 data will be provided to Chart Industries to model production scenarios for helium and co‑produced CO2. Jetstream #2 showed an initial 40–50 thousand cubic feet per day with high shut‑in pressure of ~151 pounds per square inch, but restricted sustained flow due to blockages. Further testing has been paused pending assessment.

Oriole Resources (ORR.L S1Y.F) reported high-grade intersections from its maiden drilling at MB01-S. Phase 1 drilling (holes MBDD018–MBDD020) included 6.15 metres at 19.67 grams per tonne gold (1.00 metre at 119.10 grams per tonne gold) and 3.00 metres at 17.66 grams per tonne gold, taking total intersections to 285. Results extend mineralisation beyond the current exploration target. The system now confirms ~450 metres width, ≥290 metres depth and ~400 metres strike, remaining open in all directions. Five new rock-chip samples at the northwest periphery returned up to 13.10 grams per tonne gold, ~150m outside the exploration target, highlighting further extension potential. Phase 1 drilling is >90% complete (6,465.90 metres in 23 holes), Forge International has completed the site visit, and a maiden, pit-constrained mineral resource estimate for MB01-S is expected in Q4 2025.

Antipa Minerals (AZY.ASX ATPMF) reported bonanza Fiama assays at its Minyari Project, highlighted by thick, near-surface high-grade gold intercepts with mineralisation open. Phase 1 is complete, PFS drilling is advanced, and Phase 2 has commenced. Fiama drilling returned high-grade results, including 33 metres at 15.8 grams per tonne gold and 0.28% copper from 96 metres (with 1 metre at 395 grams per tonne gold) and 23 metres at 7.1 grams per tonne gold from 125 metres (with 1 metre at 97.5 grams per tonne gold). Mineralisation remains open in multiple directions. Step-out holes extended Fiama beyond current limits, with intercepts such as 22 metres at 1.0 gram per tonne gold and 0.13% copper from 140 metres and 51 metres at 0.5 grams per tonne gold and 0.10% Cu from 51 metres. Rizzo follow-up confirmed a large, shallow system with 16 metres at 0.6 grams per tonne gold from 52 metres (including 4 metres at 1.5 grams per tonne), supporting potential along the Fiama–Rizzo corridor. Phase 1 of the programme is complete (308 holes and 36,059 metres) with remaining assays due Q3 2025. PFS resource definition drilling is ~92% complete and Phase 2 (25,000–35,000 metres) is underway.

Orosur Mining (OMI.V OROXF UR2.F) reported strong Pepas infill drilling results. Assays from four Pepas MRE infill holes returned 34 metres at 2.33 grams per tonne gold from surface, 61.3 metres at 3.36 grams per tonne gold, 71.85 metres at 6.13 grams per tonne gold and 10.1 metres at 0.9 grams per tonne gold. The infill programme is designed to support a NI 43‑101 compliant mineral resource estimate and to define metallurgical domains for upcoming studies. Additionally, El Cedro soil sampling is ~45% complete, with the first batch of samples submitted for assay and the El Pantano drill contracts are being finalised with the first programme planned mid‑October for 10–14 diamond holes and ~3,000 metres.

Don't miss out on this modern-day gold rush - a 108 grams per tonne gold assay* has just been recorded

This company holds 29,000 hectares (over 71,000 acres) in the heart of a modern-day gold rush. Exploration targets have already been identified as a result of locals' artisanal mining (a recent 108 grams per tonne gold* assay has been recorded) and funds have just been raised for an initial 10,000 metre (over 32,000 feet) drill program seeking to unlock the potential for a multi-million ounce gold deposit.

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* 1 gram per tonne is broadly regarded as being commercial

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.

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