Jim's Oil & Mining Letter - March 15, 2026

The offshore frontier supermajors are piling into

Oil & gas supermajors are all fighting over Namibia – one of the most watched new offshore frontiers on the planet. 

But while the biggest players deploy billions, one small public company has concentrated exposure to what comes next. 

Get the brief →

Interesting news last week:

Founders Metals (FDR.V FDMIF) has upgraded the Lower Antino target in Suriname to Advanced Target status following a record intercept of 65.9 metres grading 1.16 grams per tonne gold. The target now holds the same internal classification as Upper Antino and remains open for further expansion. Cumulative drilling confirmed broad, continuous intrusion-hosted gold mineralisation. The latest results include the highlight intercept of 65.9 metres at 1.16 grams per tonne gold within a broader 115 metre envelope starting from the surface. Drilling has identified multiple parallel mineralised zones over a 1.9 kilometre strike length, with the system remaining open along strike and at depth. The upgrade aligns the target with Upper Antino for potential inclusion in forthcoming district-level resource estimations.

Thor Explorations (THX.V THXPF THX.L) has filed an independent NI 43-101 technical report supporting the pre-feasibility study results for its Douta Gold Project in Senegal. The report confirms the project's robust economic potential and provides a clear pathway toward becoming a multi-asset producer by 2028. The report validates the pre-feasibility study results, including a post-tax NPV5 of $633 million and an IRR of 61% based on a gold price of $3,500 per ounce. The project anticipates a 12.6 year mine life producing 1 million ounces of gold, with an initial capital expenditure of $254 million. The updated mineral resource estimate includes a probable reserve of 1.2 million ounces of gold at an average grade of 1.03 grams per tonne gold. Next development steps include finalising the mining convention and awarding EPC contracts in H1 2026, with first production targeted for early 2028.

Americas Gold and Silver (USA.TSX USAS) announced its largest ever exploration program following high-grade vein discoveries at Galena. The company has approved a record 64,000 metre drilling campaign for 2026 across its Galena Complex and Cosalá operations following successful near-mine exploration in late 2025. Ten new high-grade veins were discovered at the Galena Complex, including seven silver-copper-antimony and three silver-lead veins with grades materially higher than current mineral resource estimates. Top drill intercepts from the recent program include 4,896 grams per tonne of silver and 3.95% copper over 1.3 metres, alongside 2,563 grams per tonne of silver and 1.35% antimony over 0.7 metres. The upcoming campaign will feature the first systematic drilling in decades at the recently acquired Crescent Mine, a high-grade past-producing site within the Silver Valley.

LaFleur Minerals (LFLR.CN LFLRF) announced a positive preliminary economic assessment for the Swanson Gold Project and has secured sufficient funding to target a return to gold production in the second quarter of 2026. The preliminary economic assessment for the project outlines an after-tax internal rate of return of 65% and a net present value of C$101 million. LaFleur also has secured C$7.8 million in funding to fully finance the restart of gold production at its Beacon Gold Mill and continue development at the Swanson deposit. Refurbishment work at the wholly owned Beacon facility is currently underway, with the company progressing towards an initial gold pour targeted for Q2 2026. Recent validation drilling at the Swanson deposit confirmed wide gold continuity, including high-grade intersections of up to 2.05 grams per tonne gold over 158.25 metres.

Turaco Gold (TCG.ASX) announced encouraging drill results from the Niamienlessa-Affienou Trend and the Adiopan prospect at its Afema Gold Project in Côte d'Ivoire. Follow-up drilling at the Niamienlessa SW prospect confirmed continuous oxide gold mineralisation with highlights including 14 metres at 3.18 grams per tonne gold and 13 metres at 2.23 grams per tonne gold. Maiden reconnaissance drilling at the previously untested Affienou West target returned 2 metres at 13.26 grams per tonne gold, confirming a widespread gold system within the Niamienlessa-Affienou Trend. Final assay results from extensional drilling at the Adiopan prospect, including 25 metres at 1.96 grams per tonne gold, will be incorporated into an updated mineral resource estimate expected later this month. The pending mineral resource estimate update for the 4.1 million ounce project will support the completion of the Afema pre-feasibility study, which remains on track for delivery in the second quarter of 2026.

FINAL CALL - Pure Tungsten (War Metal)

• Pre-IPO C$5 million private placement at C$0.50 per share

• World class Tungsten resource - mine restart

• Vital element for Western defence - 85% of supply is controlled by China - price hit a record $220,000/tonne (up 5 times in the last 12 months)

• Company valued at just C$125 million pre-money

• Initial production target of 1,000 tonnes/year, ramping to 4,000 tonnes within 2-3 years - mine on track for first shipment of Tungsten in June 2026

• Almonty, just 23 kilometres away and only due to start shipment later, already has a C$7 billion valuation

• Public listing planned in Canada H1 2026

• Offer closes March 18, 2026

Don’t miss this →

Galilee Energy (GLL.ASX) confirmed that the Zydeco-1 well in Louisiana is drill-ready. A comprehensive technical review of 3D seismic data has confirmed the optimal well positioning to target up to 8 billion cubic feet of gas and 0.5 million barrels of condensate in the Upper and Lower Tweedel formations. The Zydeco-1 dual-objective appraisal and production well is scheduled to spud in Q2 2026, with a preferred rig already shortlisted. The project utilizes a simple development concept targeting first production within approximately six months of a successful flow via a nearby one-mile gas spur line and the upcoming drilling campaign is supported by a recent A$6.5 million capital raise, ensuring the company is well-funded for operational activities.

Pulsar Helium (PLSR.V PSRHF PLSR.L) announced that it has secured an 80% stake in Quantum Hydrogen Inc after completing the final share tranche issuance to Oscillate PLC. Pulsar issued an additional 66,022 consideration shares to satisfy the fifth and final tranche of the agreement to acquire an initial 80% of Quantum Hydrogen and holds a further option to acquire the remaining 20% of Quantum for $400,000 in shares, exercisable until May 2027. An exercise of 500,000 share purchase warrants at £0.25 per share additionally has provided the company with £125,000 in cash proceeds.

ADX Energy (ADX.ASX GHU.F ADXRF) announced that it has received firm commitments for a A$4.4 million placement to advance its production and exploration portfolio in Austria and Italy. Proceeds will fund the drilling of the HOCH-1 shallow gas exploration well in April 2026 and preparatory work for two further permitted gas wells in Austria. Capital is also allocated for the evaluation of the Welchau-1 discovery, data purchases for the Sicily Channel permit, and a dual listing on the Oslo Børs' Euronext Growth market.

Upland Resources (UPL.L) announced that it has entered into a bilateral options agreement with Lost Soldier Oil & Gas and Marc A. Bruner involving mutual investment rights worth up to $19 million. This strategic partnership is said to align long-term capital interests. Upland has secured a discretionary option to invest up to $9.5 million in the Lost Soldier Oil and Gas II Master Series until 31 December 2030; Lost Soldier and its CEO have been granted reciprocal options to subscribe for up to $9.5 million of new Upland ordinary shares at a price of 5 pence per share. The agreement provides Upland with exposure to the Wild Mustang gas field in Wyoming, which is estimated to contain 6 trillion cubic feet of gas resources. Additionally, Upland has applied for a quotation on the US OTCQB Venture Market, with the listing expected to become effective within approximately six weeks.

Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L) announced the acquisition of JHI Associates in an all-share transaction valued at approximately $52.3 million, significantly expanding its Atlantic Margin portfolio into the North Falkland Basin. The transaction establishes a strategic partnership with Navitas Petroleum (NVPT.TA) and includes interests in high-impact exploration and development acreage. Eco will issue up to 96,307,811 new common shares to acquire the remaining interest in JHI, representing approximately 21.8% of the company's enlarged share capital. The acquisition provides a 35% working interest in the PL001 licence in the Falkland Islands, alongside a 17.5% participating interest in the Canje Block offshore Guyana. Completion is contingent upon the Falkland Island Government granting a five-year licence extension for the PL001 area, where first oil from the adjacent Sea Lion Field is targeted for 2028. Eco will benefit from a fully funded carry loan for an exploration well and potential appraisal well up to $14 million net to JHI, provided through a partnership with operator Navitas Petroleum. The transaction is expected to close in Q3 2026.

The Private Letter has had a great 2025/6 and there’s much further to look forward to this year. The letter covers energy companies with potentially transformational upcoming events.

Recent winners include Sintana Energy C$0.225 - C$1.54 (+584%), Reconnaissance Energy Africa C$0.42 - C$1.35 (+221%), Eco (Atlantic) Oil & Gas C$0.125 - C$1.04 (+732%), Borders & Southern Petroleum 2.14p - 13p (+507%), 80 Mile 0.215p - 1.5p (+598%), GEO Exploration 0.1p - 0.52p (+420%), Seascape Energy Asia 27p - 90p (+233%), Aminex 0.82p - 2.5p (+205%), Europa Oil & Gas 0.45p - 2.4p (+433%), Corcel 0.14p - 0.47p (+236%) and more.

Try it out, there’s 75% off the first year’s membership cost.

 Subscribe here →

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