Jim's Oil & Mining Letter - July 13, 2025

LAST CALL This company with a pre-money valuation of only C$3 million is completing a C$2 million seed equity raise for the restart of the fully permitted Gold Road mine in Arizona, USA. The current low company valuation offers near-term potential for a significant re-rating from the production start, a public quotation, and an additional one million ounces of gold exploration upside. 

The cost to build Gold Road from scratch today would be close to US$100 million and management plans to grow production to 20,000 ounces of gold per year in 2025/26. In a strong gold price environment this could lead to a US$40+ million EBITDA in 2026 and potential for a very healthy dividend yield paid in physical gold and silver.

Gold Road is highly leveraged to a rising silver price with initial production estimates of 2 ounces of silver for every 1 ounce of gold. The company will be announcing its “go public” listing vehicle next week and aims to have Gold Road trading on the TSXV by October, with the only permitted gold mill in the State of Arizona.

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Pantheon Resources (PANR.L PTHRF P3K.F) announced that it has raised $16.25 million by way of a conditional placing and subscriptions of new shares at a price of 21.15 pence. The proceeds will increase the company's liquidity in support of drilling and operational activities at the Dubhe-1 appraisal well, development planning activities for Ahpun, commercial activities related to gas monetisation and support the preparation of a US stock exchange listing targeting either the end of 2025 or during the first quarter of 2026, subject to market conditions. In the immediate future, the company intends to drill the Dubhe-1 appraisal well. On the basis of a successful well, Pantheon would then intend to conduct a lateral completion and long term flow test subject to available capital. Further news confirmed that the Nabors 105AC rig is contracted and is currently mobilising to the Dubhe-1 pad…more

Robex Resources (RBX.V RSRBF RB4.F) announced that it continues to return high-grade gold results from Kiniero grade control drilling. Initial assay results from Mansounia confirm strong continuity and multiple high-grade intercepts. The company has also secured $25 million from a Sprott facility amendment to support Kiniero construction ahead of first gold production in Q4 2025. Initial results from the 61,700 metre grade control RC drilling confirm strong mineral continuity, largely matching the resource model. Notable intercepts include 14 metres at 11.40 grams per tonne gold from 9 metres, 8 metres at 11.03 grams per tonne gold from 25 metres and 7 metres at 9.24 grams per tonne gold from 4 metres. The pre-production program infills resource estimation within the proposed open pit ahead of a first gold pour in Q4 2025…more

Union Jack Oil (UJO.L UJOGF 1UJO.F) announced that the company has signed a farm-in agreement with Reach Oil and Gas Inc to acquire a 60% working interest (paying 80%) in the Sark well, planned to be drilled early Q3 2025, located in Central Oklahoma, USA. The 3D supported Sark well will drill a dip and fault closed large structure of 156 acres area and 40 feet relief. Estimated recoverable resources are 1.44 million barrels of oil gross. The cost to drill, complete and develop is $1.1 million net, including back costs of $236,800 and an estimated success case NPV is approximately $10.9 million net, based on a $65/barrel oil price. The Hunton and 2nd Wilcox formations are the objective targets with total depth estimated at 5,500 feet. Secondary targets productive in the immediate area include the Prue Sands, Red Fork and Base Pennsylvanian Sands. Chance of success of finding movable hydrocarbons in this multiple target structure is estimated at 65%…more

NexGold Mining (NEXG.V NXGCF TRC.F) reported high-grade infill drilling results at Goldboro with 77.30 grams per tonne over 1.25 metres and 19.32 grams per tonne over 3.50 metres. The company released assays from 36 infill drill holes at its Goldboro Gold Project, highlighting significant gold intercepts and has engaged Micon International for a mineral resource update and secured a federal effluent regulation amendment to advance project permitting. Results from the infill diamond drill holes totalling 5,874.2 metres confirm continuity of mineralisation and intersect additional gold in previously under-drilled areas, supporting refinement of the geological and grade continuity model…more

Touchstone Exploration (TXP.TSX PBEGF TXP.L PNW1.F) announced an operational update on the Cascadura-5 development well located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Touchstone has an 80 percent operating working interest in the well, with Heritage Petroleum Company holding the remaining 20 percent. The well was spud on June 4, 2025, using Star Valley Drilling Rig #205 and was drilled to a total depth of 7,020 feet over 22 days. Following open-hole logging operations, the well was cased for future production. The original planned total depth of the well was 6,654 feet. Based on encouraging drill cuttings and mud logging data indicating continued hydrocarbon presence, drilling was extended to 7,020 feet. Wireline logging, mud logging, and drill cuttings data collectively suggest that hydrocarbon-bearing sands are present throughout the primary interval. When funding is available, the drilling rig is expected to be mobilized to complete operations at the nearby Cascadura-4 well, which is currently cased to a depth of 3,200 feet. This well is also targeting the Herrera sands, with a planned total depth of approximately 6,500 feet…more

Turaco Gold (TCG.ASX TCGDF) reported exceptional high-grade gold intercepts from scout diamond drilling adjacent to the Woulo Woulo deposit, including 4 metres at 82.01 grams per tonne from 64 metres and 1 metre at 324.58 grams per tonne from 66 metres. Additional results along eastern structures and at the Baffia prospect, coupled with an extended strike at the Herman Trend, have prompted an accelerated drilling programme with four rigs on double shifts, supported by over A$85 million in cash. Auger drilling at the Herman Trend has extended the mineralised strike to 1.2 km; diamond drilling is now underway. Follow-up drilling at the Baffia prospect returned 14 metres at 1.19 grams per tonne from 197 metres, while auger sampling defined new in-situ gold trends over 1 km. The four drill rigs operating on double shifts are advancing resource extensions, infill and pre-feasibility work across the Afema Project. The A$85 million cash balance follows an oversubscribed equity placement, share purchase plan and asset sale to fund accelerated exploration…more

Pancontinental Energy (PCL.ASX PCOGF PUB.F) announced a technical update in relation to its PEL 87 project, Orange Basin, offshore Namibia. The company’s specialist has analysed PEL 87 3D seismic data, incorporating rock physics trends from regional well data and the quantitative interpretation study is said to provide support for a high net to gross reservoir system, with hydrocarbon fluid effects in evidence coincident with identified Class II AVO anomalies. Basin modelling confirms that the Kudu source rock is ubiquitous across the PEL 87 permit area, with a mature kitchen generating low GOR oil directly beneath and to the northeast of the Saturn Complex. The modelling indicates generative capacity exceeding 20 billion barrels feeding directly into the Saturn Complex. Petroleum Exploration Licence 87 covers an area of 10,970 km2 and is situated on-trend with a number of very significant hydrocarbon discoveries that have been made in recent times by Galp Energia, TotalEnergies, and Shell. PEL 87 was awarded to a joint venture led by Pancontinental in early 2018 for up to 3 terms over 8 years (plus subsequent extensions) and may be converted to a Production Licence under pre-agreed terms. The participants in the joint venture are Pancontinental 75%, Custos 15%, and National Petroleum Corporation of Namibia 10%…more

This company holds 29,000 hectares in the heart of Suriname's modern-day gold rush. Exploration targets have already been identified as a result of locals' artisanal mining and funds have just been raised for an initial drill program seeking to unlock the potential (starting this week) for a multi-million ounce gold deposit.

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