Jim's Oil & Mining Letter - July 30, 2025

First, check out this company:

• Exploration targets already identified as a result of locals' artisanal mining

• 108 grams per tonne gold assay recorded in May 2025

• Locals extracting gold from saprolite along a 4.5-kilometer trend

• Funds raised for a 10,000 metre drill program seeking to unlock the potential for a multi-million ounce gold deposit

• Positioned in the heart of the Guiana Shield, home to +80 million ounces of gold resources

• Drill program starting now with resource calculation before year end

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Goliath Resources (GOT.V GOTRF B4IF.F) announced positive assay results from drill hole GD-25-317 which assayed 3.17 grams per tonne gold over 18.73 meters, including 5.10 grams per tonne gold over 11 meters, including 11 grams per tonne gold over 4.85 meters within the Bonanza Zone that remains wide open at Surebet on the 100 % controlled Golddigger Property, Golden Triangle, British Columbia. An additional gold-rich interval in the same hole consists of 3.64 grams per tonne gold over 9.40 meters, including 6.02 grams per tonne gold over 5.50 meters. Two intervals of high-grade gold mineralization were also intersected in drill hole GD-25-302 that assayed 2.26 grams per tonne gold over 19.00 meters, including 6.28 grams per tonne gold over 6.00 meters, including 8.88 grams per tonne gold over 4.00 meters, and 1.59 grams per tonne gold over 16.00 meters, including 3.44 grams per tonne gold over 6.00 meters. These new intervals extend the footprint of high-grade gold mineralization of the Bonanza Zone to the south by 150 meters increasing the resource potential of this zone that remains wide open, confirming the additional discovery potential for high-grade gold mineralization. The company has completed 25,000 meters of drilling (out of 60,000 meters planned and fully funded for 2025), with 100% of the drill holes intersecting substantial quartz-sulphide mineralization as well as 94 % of the holes containing gold visible to the naked eye. The reported assays reflect gold only (gold equivalent value in interval will be adjusted accordingly once silver, copper, lead and zinc are received)…more

Valeura Energy (VLE.TSX VLERF 83PN.F) announced that it has entered into a farm-in agreement with PTT Exploration and Production (the largest oil and gas explorer, producer, and operator in Thailand) to earn a 40% interest in Blocks G1/65 and G3/65 in the offshore Gulf of Thailand. The agreement increases Valeura's gross acreage position in Thailand from 2,623 km2 to 22,757 km2 and the blocks are strategically positioned next to some of Thailand's largest producing gas fields and Valeura's existing oil fields There are 15 oil and gas discoveries on the blocks, supported by 27 wells which encountered oil and gas pay. The company believes that the existing discoveries and exploration prospects can be tied back quickly to existing oil and gas infrastructure. Exploration and appraisal work is already underway with 3D seismic acquisition planned to commence in the coming months…more

SolGold (SOLG.L SLGGF S8F.F) reported multiple high-grade intervals at Tandayama-América as part of the Cascabel execution plan. Assay results from the first three drill holes (TAD-25-052, 053 and 054) confirmed near-surface copper-gold mineralisation, including 58 metres at 0.94 % copper equivalent and 28 metres at 1.19 % copper equivalent. A fourth drill rig will mobilise to expedite the 18-hole, 5,000-metre programme aimed at upgrading resources to measured and indicated status within the open-pit shell. Drill cores are being sampled for grade, metallurgical assessment, geotechnical testing and waste-rock characterisation to support engineering and mine planning. Early open-pit development at Tandayama is targeted for integration with underground access at Alpala, under SolGold’s staged Cascabel plan…more

Noble Helium (NHE.ASX NBHEF GN1.F) announced that it has secured an NSAI-upgraded assessment raising North Rukwa’s mean prospective helium resource by 28.5% to 225.5 billion cubic feet. The enhanced charge model and recent data are guiding the finalisation of the next drilling campaign plan. The upgrade incorporates 2024 drilling and geophysical data; crucially, the low estimate rises 17.2% to 21.1 billion cubic feet. The revised helium charge model confirms multiple gas-forming mechanisms and refines optimal drill locations. Finalisation of the drilling campaign plan for the Mbelele and Kinambo targets is now underway following a six-month strategic governance review…more

Aurum Resources (AUE.ASX AUERF) reported further high-grade gold intercepts from diamond drilling at its BD and BST deposits within the Boundiali Gold Project in Côte d'Ivoire. Drilling continues with eight rigs targeting 100,000 metres by year end, supported by planned resource updates, a pre-feasibility study and a parallel 30,000 metres drill programme at the Napié Gold Project, backed by $46.9 million in cash and shares. 57 holes (13,836.8 metres) at BD and 14 holes (2,499.7 metres) at BST returned significant intercepts, including 6 metres at 30.68 grams per tonne gold from 410 metres at BDT1 (including 4 metres at 45.91 grams per tonne gold and 1 metre at 181.20 grams per tonne gold), 2.34 metres at 67.21 grams per tonne gold at BDT1, and 11 metres at 3.31 grams per tonne gold at BST1 (including 3 metres at 8.66 grams per tonne gold and 8 metres at 2.81 grams per tonne gold). The eight self-owned diamond rigs are advancing towards the 100,000 metre drilling target, with two Boundiali mineral resource estimate updates and a pre-feasibility study due by year-end. A 30,000 metre diamond drilling programme is underway at the Napié Gold Project to expand its 0.87 million ounce resource…more

Invictus Energy (IVZ.ASX IVCTF) confirmed Musuma-1 as its first high-impact exploration well outside the Mukuyu discovery and advanced preparations for a second-half 2025 spud while progressing petroleum agreements and National Project Status. The well is targeting 1.2 trillion cubic feet of gas and 73 million barrels of condensate. The company has received updated draft PPSA and PEDPA for the Cabora Bassa Project, with stakeholder discussions to finalise terms imminently. Further, the project is earmarked for National Project Status, unlocking fiscal and non-fiscal incentives such as duty exemptions and expedited permitting. Farm-in and strategic partner discussions to support future development and commercialisation of Mukuyu and new resource prospects are ongoing. The company closed the quarter with cash and equivalents of A$8.68 million…more

Equinox Gold (EQX.TSX EQX 1LRC.F) reported new high-grade drill results from its 100,000 metre resource expansion programme at the El Limon Mine complex, including intercepts up to 36.77 grams per tonne gold over 6.9 metres and 8.55 grams per tonne gold over 14.6 metres. These results highlight the potential extension of gold mineralisation beyond existing deposits and support ongoing drilling and future resource growth. High-grade mineralisation has been extended adjacent to the Panteon underground mine, along the VTEM Gold Corridor and towards the past-producing Talavera mine, indicating potential to grow resources north and west of existing deposits. An active multi-rig drill programme is ongoing, with further assays expected to delineate and expand the mineralised corridor. Surplus processing capacity of over one million tonnes per annum at the Nicaraguan hub-and-spoke mills provides flexibility to develop new satellite deposits discovered through this campaign…more

Pancontinental Energy (PCL.ASX PCOGF PUB.F) has upgraded its prospective resource estimates for the PEL 87 licence in Namibia (in which Sintana Energy (SEI.V SEUSF) holds an effective 7.5% carried interest..more) following a seismic quantitative interpretation study. The Oryx prospect now has net best-case recoverable resources of 815 million barrels with a geological chance of success of 26.2%, and additional prospectivity has been mapped at Phoebe West. Seismic quantitative interpretation results increased net best-case PEL 87 recoverable volumes to 1,703 million barrels and net high-case to 4,012 million barrels. Oryx prospect net resources upgraded to best-case 815 million barrels and high-case 1,879 million barrels, with geological chance of success raised to 26.2%. Best-case estimates for other prospects, such as Hyrax and Xerux, improved, while Addax Fan and Addax South remained unchanged. Ongoing quantitative interpretation screening identified a Phoebe West lead interpreted as a basinal turbidite fan, with further evaluation under way…more

LAST CALL This pre-IPO company with a pre-money valuation of only C$14 million is completing a C$2 million seed equity raise for the restart of the fully permitted Gold Road mine in Arizona, USA. The company has recently announced signing of a letter of intent for a public listing on the TSX.V via a reverse takeover. The current low valuation offers near-term potential for significant investment upside from production start, public listing, 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 also highly leveraged to a rising silver price with initial production estimates of 2 ounces of silver for every 1 ounce of gold. The company aims to have Gold Road trading on the TSXV by October, leveraging the only permitted gold mill in the State of Arizona.

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