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- Jim's Oil & Mining Letter - July 26, 2026
Jim's Oil & Mining Letter - July 26, 2026
TSXV:SEI AIM:SEI OTC:SEUSF AIM:JSE AIM:HEX OTC:HEXFF ASX:OMA TSXV:LCX TSXV:HPL CSE:DMED OTC:DGNMF NASDAQ:CDZI TSXV:ESAF CSE:GRAY OTC:GRYCF TSXV:SCOT OTC:SCTSF TSXV:MD CSE:GRUN NYSE:OGG TSXV:OGG TSXV:KLDC OTC:KLKLF CSE:ATHA TSXV:WRLG OTC:WRLGF TSXV:ITR
This newsletter has advertised a number of pre-IPO offers and they’re starting to list, Gold Road was the latest, up 2.5x. Here’s the next one
ORBIT2ORBIT: PRE-IPO OPPORTUNITY
The world's first reusable, autonomous in-orbit logistics network, moving cargo between space stations, satellites, and orbital platforms
First-mover advantage: no existing system enables movement between orbital platforms
$51B+ total addressable market: space economy $1.8T by 2035; $16.5B+ serviceable market with ~40,000 kg/yr cargo demand
IP-protected technology stack: proprietary RTS vehicles, OSU docking, fuel generation, and autonomous routing; IP registered April 2025
$10M+ in letters of intent already: LOIs from QUT ($1.1M), MEXX ($4.1M), DENEB ($2M), SITL ($2M), HEO ($360K), all signed
60+ years combined flight heritage: Bradley Hatton-Jones (CEO), Dr. Philippe Laniakea (CTO), Amal Khatri (CSO). 12 successful missions across the team
Interesting news last week:
(TSXV:SEI AIM:SEI OTC:SEUSF) Sintana Energy announced that ANCAP, the Uruguayan state-owned energy company and regulator, has agreed to a suspension of the initial exploration subperiod of the AREA OFF-1 block, offshore Uruguay, for 1 year, extending the first exploration subperiod to expire on 23 August 2027. The suspension was requested by Chevron Mexico Finance LLC, Sucursal Uruguay, due to the time taken for environmental authorisation of the AREA OFF-1 3D seismic acquisition campaign. An initial season of seismic acquisition was completed prior to the end of April 2026, with a second season scheduled to commence in Q4 2026. On 14 February 2025, Challenger Energy Group plc, a member of the Sintana group of companies, submitted an expression of interest for an offshore hydrocarbon exploration permit in the North Argentine Basin (CAN - 200). On 15 July 2026, Decree 590/2026 was published, instructing the National Secretariat of Energy to call for an International Public Tender based on Challenger Energy's expression of interest. The company projects that Challenger will proceed to participate in this process, in compliance with Argentine law and authorities.
(AIM:JSE) Jadestone Energy announced that the second well in the 2026 Malaysia infill drilling campaign has been successfully drilled and brought online at 2,800 bopd. The first well in the programme, announced on 24 June 2026, achieved a peak production rate of ~3,200 bopd. The second well, EBA-07ST1, was drilled ~13% below budget with a 930-metre horizontal reservoir section at a total measured depth of 5,473 metres. The well set a new Malaysia record in extreme reach drilling with a 4.1 ERD ratio and exceeded the length of the first well by 600 metres. In aggregate, the first two wells have increased production from the field by over 150% (an increase of ~6,000 bopd). Drilling and completion activities on the third well have recently been concluded, with results to be reported in due course. Jadestone holds a 60% interest in the East Belumut field.
(AIM:HEX OTC:HEXFF) Helix Exploration completed its first physical helium sale, with a high-pressure jumbo tube trailer containing approximately 160 Mcf of compressed high-grade helium departing from the Rudyard facility. The company achieved this milestone just over 24 months after its IPO, marking its transition into a revenue-generating producer. Production commenced in February 2026 through an on-site PSA processing facility, and first commercial sales began in July 2026 to an industrial gases group under a spot sales arrangement ending in late August 2026. Helix has acquired the Keyes Helium Complex in Oklahoma, one of only six operational helium liquefaction facilities in the United States, enhancing its offtake options and enabling both upstream production and liquefaction. The company has leased a second tube trailer to support additional deliveries and is awaiting permit approval for more wells from the Montana Board of Oil and Gas. The company projects regular deliveries to commence from now on and intends to place the Inez-1 well on production from the Souris River interval, subject to retrieval operations.
(ASX:OMA) Omega Oil & Gas has confirmed that contractor Helmerich & Payne is mobilising a high-performance rig to the Canyon-3 well on the eastern flank of the Taroom Trough in onshore Queensland to kick off exploration for the new field season. Two well pads have been constructed in PCA 342 (Omega 100% owner and operator), and construction of a third pad has commenced in the southern portion of ATP 2081 (Omega 45%, Tri-Star 30% and Beach Energy (ASX: BPT) 25%). The Canyon-3 campaign is Omega’s largest drilling program to date and will evaluate five stacked tight-sand reservoir intervals through four vertical wells (each taking up to 30 days to complete) and up to two horizontal wells (each to 2,000 metres depth), including fracture stimulation and flow testing. The vertical wells are designed to guide the selection of the highest-quality intervals for horizontal drilling, hydraulic stimulation, and extended production testing. Omega expects the well results to support resource growth within the Canyon PCA area and provide the foundation for a maiden contingent resource booking within ATP 2081. The company describes the campaign as representing the next phase in evaluating what could be a large-scale onshore oil and gas opportunity of international significance. Omega states that the program is fully funded and that they look forward to delivering a steady flow of results as the program progresses.
(TSXV:LCX) Lycos Energy announced it has entered into a definitive agreement to acquire high netback assets under waterflood targeting the Sparky formation in the Greater Provost area of Alberta for cash consideration of $70.0 million, prior to closing adjustments, with an effective date of June 1, 2026. The acquisition will be funded through a $30.0 million bought deal equity financing and an expanded $75.0 million credit facility, with closing expected on August 6, 2026. Lycos is increasing its previously announced exit 2026 production guidance from 2,500 – 3,000 boe/d to 3,000 – 3,500 boe/d, and its 2026 capital expenditure budget from $35 – 40 million to $50 – 55 million. The acquired assets add approximately 1,000 boe/d of base production supported by proven waterflood operations, with an operating netback of approximately $45/boe (US $70 WTI) and proved plus probable reserves of 4.1 MMboe. After giving effect to the acquisition, the company now expects exit 2026 production of 4,000 – 4,500 boe/d and forecasts Net Debt to Annualized Adjusted Funds Flow to be less than 1.0x at closing, exiting the year at approximately 0.7x. The company will have 128,892,212 Common Shares outstanding after the equity financing, excluding the exercise of the over-allotment, and 131,852,762 Common Shares outstanding assuming the exercise of the over-allotment in full.
(TSXV:HPL) Horizon Petroleum announced that its wholly owned Polish subsidiary, Energia Karpaty Zachodnie sp. z o.o., has executed a drilling and services contract with Exalo Drilling S.A. for the re-entry, recompletion, stimulation and production flow testing of the Lachowice-7 well located within the Company's 100%-owned Bielsko-Biała concession in southern Poland. Exalo has confirmed that rig mobilization is scheduled to commence on July 27, 2026, with field operations expected to begin on or about August 1, 2026. The Company has recognized, NI 51-101 compliant, 2P reserves of 34 BCF and an additional 163 BCF of Risked, 2C, Contingent Resources at Lachowice, with over 1.2 TCF of Gas in Place. Horizon closed an oversubscribed, secured, convertible debenture units offering at a price of $1,000 per unit, for aggregate gross proceeds of $681,000, issuing 681 Units. The convertible debentures bear interest at 7% per annum until 36 months following the closing date of July 23, 2026, with interest paid semi-annually in arrears in cash or in shares at the Company's option. The company intends to use the proceeds from the offering to complete the workover and production testing of the Lachowice 7 gas well, pay work program obligations in the Cieszyn concession and provide working capital for general corporate purposes in Poland and in Canada. The company projects that stimulation and production testing are expected to commence near the end of August and continue into early September 2026, targeting initial cashflow in early Q3 2027.
(CSE:DMED OTC:DGNMF) DiagnaMed Holdings announced the extension of its strategic technical advisory agreement with Quebec Innovative Materials Corp. ("QIMC") to accelerate advancement of its Canadian natural hydrogen portfolio. QIMC will continue advancing DiagnaMed's Temiskaming Natural Hydrogen Project in Ontario and initiate the first systematic soil gas exploration program on the newly acquired Colchester East Natural Hydrogen Project in eastern Nova Scotia. Previous exploration in Ontario identified hydrogen concentrations exceeding 2,000 ppm and expanded the hydrogen-bearing corridor to more than 11 kilometres within the Temiskaming Project. The Colchester East project comprises 30 exploration licences totaling 2,104 mineral claims within Nova Scotia's Cumberland Basin. QIMC's advisory services include exploration planning, field program supervision, soil gas sampling, geoscientific interpretation, and structural analysis. The company expects completion of the Ontario infill soil gas sampling program, the inaugural Colchester East soil gas survey, laboratory analysis of all soil gas samples, integrated geological, structural and geochemical interpretation, and delineation of priority drill targets over the coming months. DiagnaMed is advancing a portfolio of prospective clean natural hydrogen projects in Ontario and Nova Scotia, Canada.
(NASDAQ:CDZI) Cadiz and RIC Energy announced they have entered into a Memorandum of Understanding to develop on-site solar facilities to accelerate the transition of Cadiz's agricultural operations to clean, renewable energy. The MOU establishes a framework to evaluate the feasibility of siting, permitting and constructing dedicated hydrogen transportation infrastructure, including hydrogen pipelines and other transport solutions, utilizing Cadiz's existing 220-mile Northern Pipeline corridor. The collaboration expands a strategic partnership launched in October 2024 to develop green hydrogen production at Cadiz Ranch by adding on-site solar generation as the first phase of an integrated renewable energy platform. Cadiz owns approximately 45,000 acres of land and 220 miles of pipeline assets in California's Mojave Desert. The Mojave Groundwater Bank is described as one of the largest new water supply and groundwater storage projects in the Lower Colorado River Basin. Earlier this month, the U.S. Bureau of Land Management approved a new right-of-way grant for Cadiz's 220-mile Northern Pipeline, allowing conversion from natural gas service to water conveyance. The company projects that the infrastructure planning effort is intended to preserve practical, cost-effective pathways for future hydrogen transportation while supporting development of regional water and energy infrastructure projects throughout San Bernardino County.
(TSXV:ESAF) Syntholene Energy announced that it has upsized its previously announced non-brokered private placement offering to $2.0 million and has successfully closed the first tranche for aggregate gross proceeds of approximately $1.19 million. The Financing now consists of up to 4,444,444 units at a price of $0.45 per Unit for gross proceeds of up to $2.0 million. Each Unit consists of one common share and one-half of one Common Share purchase warrant, with each full warrant exercisable at $0.63 for two years from issuance. Under the first tranche, 2,648,888 Units were issued at $0.45 per Unit for gross proceeds of approximately $1.19 million. The company paid cash finder's fees of approximately $8,200 and issued 12,000 finder's warrants, each exercisable at $0.45 for two years. Syntholene operates a demonstration facility in Húsavík, Iceland, which is now producing 99.9%+ purity Hydrogen. The company targets manufacturing ultrapure synthetic jet fuel at 70% lower cost than the nearest competing technology today.
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(CSE:GRAY OTC:GRYCF) Graycliff Exploration announced that exploration drilling has commenced at its 100%-owned Shakespeare Gold Project, located near Sudbury, Ontario. The current drilling campaign marks the company's return to active drilling at Shakespeare for the first time since Q1 2023 and includes a large-diameter (HQ) core hole positioned behind Hole A, which previously intersected 454.34 g/t gold over 7.0 m (13.25 ounces per ton of gold). Highlighted metallurgical intercepts include 34 g/t gold over 7.0 m starting at a depth of 123 metres, with an ultra high-grade interval of 3,030 g/t gold over 1.0 m. Over four prior drilling phases, 61 holes and over 12,500 m were drilled, with 62% of holes intersecting gold mineralization and approximately 40% displaying visible gold. The company has under 19 million shares issued and outstanding, a $6M market cap, and a funded exploration program. Graycliff Exploration has drilled over 12,900 metres to date, with visible gold mineralization and significant gold assay intervals in numerous drill holes. The company projects that, once the current metallurgical hole is complete, it will immediately transition to drill-testing high-priority targets to further define and expand the main gold zone.
(TSXV:SCOT OTC:SCTSF) Scottie Resources has completed over 10,000 m of drilling in 47 holes, with 7 drill rigs now turning as part of a fully financed 50,000 m program, its largest to date. The Scottie Gold Mine Project is located 35 kilometres north of Stewart in the Golden Triangle of British Columbia, and the company is on track to complete a Feasibility Study with an updated MRE in H1 of 2027. The current resource estimate on the Scottie Gold Mine Project includes a total of 703,000 gold ounces at an average grade of 6.1 g/t (Inferred category) in 3.6 million tonnes. The recently completed PEA outlines a Direct-Ship Ore (DSO) scenario with an after-tax NPV(5%) of $215.8-$668.3 million at gold prices of US$2,600-$4,200/oz, and under a toll-milling scenario, an after-tax NPV(5%) of $380.1-$831.7 million. The PEA estimates initial capital costs of $128.6 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years for the DSO case, reduced to 0.9 years under the toll-milling opportunity at US$2,600/oz. The company projects to drive resource growth, de-risk future development, and further unlock the potential of its district-scale gold assets in British Columbia's Golden Triangle.
(TSXV:MD) Midland Exploration, in partnership with Barrick Gold Inc., announced the start of an exploration program on its Lewis project in the Abitibi region. The Lewis project consists of 154 exclusive exploration rights covering an area of about 86 square kilometres. The 2026 exploration program includes geological mapping, structural data measurements, and a till sampling survey with a total of 167 planned sample sites. Systematic geological mapping traverses are planned to cover about 76 linear kilometres, with emphasis on the known deformation corridor. The project is located approximately 60 kilometres northwest of the Nelligan deposit, which hosts 106.395 million tonnes of inferred resources grading 0.96 g/t Au for 5.16 million ounces of gold and 102.845 million tonnes of indicated resources grading 0.85 g/t Au for 3.12 million ounces of gold. Approximately 10 kilometres west of the Lewis project lies the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au. Midland intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up Midland’s portfolio and generate shareholder value.
(CSE:GRUN) Gold Runner Exploration announced that it has received a 5-year drilling permit from the BC Ministry of Mines and Critical Minerals for its Golden Girl Property, valid until March 31, 2031, allowing for up to 100 drilling locations. The 2026 surface exploration program began with mobilization on July 12, 2026, and field work started on July 13, 2026, with the first batch of samples sent to MSA Labs in Terrace, BC for analysis on July 20, 2026. The Golden Girl Property covers 8,471 hectares in the Iskut River region of Northwestern British Columbia, located 17 km from the Snip Mine and 14 km from the Bronson Airstrip. Discovery exploration in 2024 identified a gold-silver system measuring 12 km by 7 km, with grab samples assaying up to 11.28 g/t Au, 3,262 g/t Ag, 5.37% Cu, 20% Pb, and 14.15% Zn, and channel cuts assaying up to 3.74 g/t Au, 2,105.45 g/t Ag, 0.88% Cu, 5.48% Pb, and 7.42% Zn. The company is fully funded for this season's surface exploration and its follow-on inaugural drill program. The 2026 exploration program includes an Airborne Magnetic survey and Radiometric survey (completed July 7, 2026), mapping, sampling, and channel cutting (under way July 13, 2026), and LiDAR survey and Photogrammetry (commencing August 12, 2026). The company projects that rock, grab, and channel cut sample batches will be shipped to the Lab at regular intervals throughout the summer 2026 field campaign.
(NYSE:OGG TSXV:OGG) Osisko Gold Group announced final results and reconciliation analysis of its previously completed infill drilling program in the Lowhee Zone of the 100%-owned Cariboo Gold Project, located in central British Columbia, Canada. An aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes were completed in 2025 and 2026. Zone 1 indicated approximately 30% more tonnes and 6% more gold ounces at approximately 18% lower gold grade, while Zone 2 indicated approximately 8% fewer tonnes and 8% more gold ounces at approximately 16% higher gold grade, relative to the existing short-term model. The Cariboo Gold Project hosts probable mineral reserves of 2.071 million ounces of contained Au (17,815 kt grading 3.62 g/t Au), measured mineral resources of 8,000 ounces of contained Au (47 kt grading 5.06 g/t Au), indicated mineral resources of 1.604 million ounces of contained Au (17,332 kt grading 2.88 g/t Au), and inferred mineral resources of 1.864 million ounces of contained Au (18,774 kt grading 3.09 g/t Au). The Company anticipates satisfying the technical conditions precedent applicable to the remaining undrawn US$350 million under the senior secured project loan facility in Q3 2026, subject to completion of Appian Capital's ongoing review and sign-off. The Cariboo Gold Project spans approximately 186,740 hectares and includes 443 mineral titles. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals.
(TSXV:KLDC OTC:KLKLF) Kirkland Lake Discoveries reported assay results from eight additional drill holes at the Mirado Gold Project, including KLM26-019 which returned 0.50 g/t Au over 91.0 m, expanding the South Zone mineralization approximately 130 m northwest. KLM26-017 returned 18.99 g/t Au over 6.7 m, including 125.91 g/t Au over 1.0 m, confirming high-grade structures below the historical resource. KLM26-013 returned 0.98 g/t Au over 35.0 m, including 12.20 g/t Au over 1.0 m, and extended the North Zone mineralized trend by approximately 85 m. The company completed its first regional test at the MZ Zone, approximately 500 m west of Mirado, where drilling intersected intense hydrothermal alteration and sulphide mineralization; assays from the MZ Zone are pending. KLDC has received a regional drilling permit covering all of the KL South Project, with 16 additional holes pending assays and drilling continuing. The company has assembled a 420-km² exploration portfolio in the Kirkland Lake region of Ontario's Abitibi Greenstone Belt. Gold analyses were completed at Paragon Geochemical using Chrysos PhotonAssay™ technology, with samples above the 350 g/t upper detection limit reanalyzed using a 1 kg screen fire assay.
(CSE:ATHA) Athena Gold has acquired, through map staking, an additional 3,939 hectares contiguous to its 100%-owned Forester project in Ontario's Musselwhite Gold Camp. The new claims expand the Forester project by more than 80% to a total of 8,843 hectares. At the Laird Lake project in Red Lake, Ontario, all core from the recently completed maiden drill program has been cut and submitted for laboratory analysis, with full assay results anticipated as early as next month. At the Excelsior Springs project in Nevada, Athena's option partner Mammoth Minerals Limited (ASX: M79) is conducting a maiden drill program at the Blue Dick target, testing extensions of high-grade mineralization previously reported at surface, including channel samples up to 17,582 g/t Ag and rock chips up to 15,336 g/t Ag, 7.46 g/t Au, 2.53% Cu, and 0.31% Sb. Mineralization has been mapped across a cumulative strike of more than 6.5 km at Blue Dick, and this is the first modern drilling of the silver-rich prospect. The Excelsior Springs project spans more than 2,500 hectares and includes at least three historic mines. The company projects that the maiden JORC Mineral Resource for the Buster Mine zone will be released later this quarter.
(TSXV:WRLG OTC:WRLGF) West Red Lake Gold Mines: announced the MRE and the technical report for the Rowan Deposit. Indicated Mineral Resources are 798,989 tonnes at 13.04 g/t gold for 335,058 ounces, and Inferred Mineral Resources are 363,602 tonnes at 15.31 g/t gold for 179,029 ounces. For the Mount Jamie Deposit, Indicated Mineral Resources are 110,385 tonnes at 14.02 g/t gold for 49,740 ounces, and Inferred Mineral Resources are 94,394 tonnes at 12.10 g/t gold for 36,727 ounces. Mineral Resources for Rowan were estimated at a cutoff grade of 2.00 g/t Au and for Mt. Jamie at 3.80 g/t Au, both using a gold price of USD $3,200 per ounce. The company’s flagship Madsen Mine has recently achieved commercial production and West Red Lake Gold controls a 47 km2 land package in the Red Lake district, which has historically produced over 20 million ounces of gold. The company projects potential resource growth and subsequent production at the Rowan Project and Mt. Jamie deposit, as well as anticipated drilling for the remainder of 2026.
(TSXV:ITR) Integra Resource provided an interim operational update for the second quarter ended June 30, 2026, reporting that Florida Canyon produced 16,379 ounces of gold during the quarter, a 30% increase from the first quarter of 2026. The company mined 4.4 million tonnes of ore and 3.6 million tonnes of waste at a strip ratio of 0.81, with mining rates averaging 87,867 total tonnes per day, representing a record rate of total material movement at the Mine. Approximately 4.2 million tonnes of ore were placed on the heap leach pads during the quarter, a 45% increase over the first quarter. The company sold 15,794 ounces of gold and 12,581 ounces of silver in Q2 2026, with a processed grade of 0.23 g/t Au and a gold recovery rate of 57.8%. As of June 30, 2026, cash and cash equivalents totaled $111,132,000. The company maintains full-year gold production guidance of 70,000 to 75,000 ounces for 2026 and expects gold production to increase in the third and fourth quarters. An updated Feasibility Study and Life of Mine Plan highlighted an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserve, a 17% increase in annual gold production, and $0.8 billion in after-tax free cash flow.
LAST CALL: Equity raise for the restart of a fully equipped gold mine in Brazil
4 million ounce gold resource and full infrastructure
Near-term upside for a significant value re-rating from the production start and public listing
Significant growth opportunities with multiple hub & spoke mines in the vicinity including high grade targets
C$5M private placement at C$0.30 per share closing July 31, 2026