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- Jim's Oil & Mining Letter - March 29, 2026
Jim's Oil & Mining Letter - March 29, 2026
88E.ASX EEENF 88E.L CHAR.L OIGLF RECO.V RECAF HYT.ASX HYTLF EOG.L EGN.F WDO.TSX WDOFF POW.L POWMF KRY.V KRYXF SML.L SMCDF MAU.TSX MAUTF 80M.L BLLYF BNL.ASX BSNLF AAG.V AAGFF BTO.TSX BTG MPK.ASX
Supermajors are all fighting over this country – one of the most watched new frontiers on the planet. But while the biggest players deploy billions, one small public company has concentrated exposure to what comes next.
Interesting news last week:
88 Energy (88E.ASX EEENF 88E.L) announced completion of an oversubscribed A$5 million placement to fund Alaska exploration activities.The capital raise was completed at A$0.029 per share, involving the issue of approximately 173.6 million new ordinary shares. Proceeds will be used to accelerate critical pre-drilling activities for the Augusta-1 well, including permitting, well planning, and securing a drilling rig and long-lead items. Funds are also allocated to cover North Slope lease bid commitments, rental payments, and the acquisition and reprocessing of 3D seismic data sets. The company is simultaneously advancing its farm-out strategy for the South Prudhoe Project, with multiple parties currently evaluating participation in the Augusta-1 well, which is scheduled to spud in Q1 2027 targeting low-risk Ivishak and Kuparuk reservoirs, which host a combined total estimated prospective resource of 64 million barrels (2U, gross unrisked). Additional Brookian upside is expected and to be considered in the final well location selection.
Chariot (CHAR.L OIGLF) announced that it has part-financed an acquisition by its 100% owned subscidiary, Etu Energias, of interests in offshore Angolan oil blocks to secure economic exposure to material production. The deal is fully funded through a combination of Chariot's deposit and a financing facility provided by Shell Western Supply and Trading Ltd. The company has provided $12 million in deposit funds and transaction costs to support Etu’s acquisition of interests (20% and 10% respectively) in Block 14 and Block 14K. The transaction is further supported by an acquisition financing package from Shell in exchange for future offtake barrels. Through this financing, Chariot secures economic exposure to production of approximately 4,000 barrels of oil per day and an indicative asset value exceeding $100 million. Completion of the acquisition is subject to regulatory approvals, with the final closing expected to occur in the second half of 2026.
Reconnaissance Energy Africa (RECO.V RECAF) announced that production testing has officially started at the Kavango West 1X discovery well in Namibia, with 345 metres of prospective interval isolated across six optimised zones. Updated petrophysical analysis has increased the estimated net hydrocarbon pay within the Huttenberg formation to 75 metres, up from the previous estimate of 64 metres. The company has secured equipment and services from Halliburton and Schlumberger, with essential production liners already delivered to the site. Meanwhile, Offshore Gabon, the company is reprocessing 3D seismic data for the Ngulu block to identify an appraisal location for the Loba discovery, with a resource report planned for late 2026. The Ngulu block, which covers 1,214 square kilometres and is equivalent to 54 Gulf of Mexico blocks, is in shallow water offshore central Gabon located on trend to several sizable producing oil fields. The key aspects of the Ngulu block include the Loba oil discovery and over 28 seismically identified prospects in the pre- and post-salt plays.
HyTerra (HYT.ASX HYTLF) announced that it has entered an 18-month exclusive partnership with ARA Natural Resources to explore geologic hydrogen opportunities in the Sultanate of Oman. The collaboration focuses on evaluating the subsurface potential of the Semail Ophiolite to establish a first-mover position in a region highly prospective for natural hydrogen generation. The collaboration aims to identify commercial development pathways by integrating technical assessments with Oman’s regulatory and permitting frameworks. The partnership is said to combine ARA’s in-country production expertise and subsurface data with HyTerra’s specialised exploration and reservoir evaluation techniques. Technical evaluations will involve reviewing geological and geophysical datasets to assess the subsurface system and define commercialisation requirements.
Europa Oil & Gas (EOG.L EGN.F) announced that it has received Irish Government approval for the FEL 4/19 licence extension. The Department of Climate, Energy and the Environment has consented to extend Phase 1 until 31 January 2028. The company says it intends to utilise the extension period to conduct further technical studies and seek a project partner to advance development. The licence contains the Inishkea West gas prospect, a strategic asset estimated to hold 1.5 trillion cubic feet of gas. Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and reduce Ireland's reliance on imported gas.
Chancery Royalty - Final Call
Series A Strategic Expansion; $10 Million Pre-IPO Equity Raise
Focused on gold & silver; 3 producing gold & silver royalties in USA, Brazil and Finland + 1 in development stage
Royalty pipeline forecast to deliver 4,000 gold-equivalent ounces this year, growing to over 28,000 ounces within four years
$10 million raise at $3 per share, following successful oversubscribed previous round; funds will be put towards growing the company's royalty pipeline.
Most royalty companies today trade at more than 30 times earnings; this pre-IPO valuation is only a fraction of peers
Major opportunity ahead of planned public listing in the first half of this year
Pre-raise market cap - $116 million; IPO (listing) target valuation - $400 million
Team with a proven track record of mining acquisitions and financings
Offer closes April 8, 2026
Wesdome Gold Mines (WDO.TSX WDOFF) announced that it has discovered six new high-grade lenses at its Kiena mine in Québec, including three within the B Zone and others in the Kiena Deep and Footwall areas. These findings, supported by exceptional drill results, demonstrate significant potential to expand resources and extend the project's mine life. Drill intercepts included 161.3 grams per tonne gold over 5.2 metres in the Kiena Deep A Zone and 17.6 grams per tonne gold over 18.6 metres in the Footwall Zone. The Footwall Zone now contains nine mineralised lenses, several of which remain open laterally and at depth, indicating further resource expansion potential. The company completed nearly 72,000 metres of drilling in 2025 and plans to follow up on these discoveries throughout 2026 to further extend the mine life.
Power Metal Resources (POW.L POWMF) announced the start of a 2,500 metre diamond core drilling programme at its East Hawkrock Uranium Property in the Athabasca Basin. The campaign is targeting high-grade uranium mineralisation along a complex 6 kilometre conductive corridor identified through multiple geophysical surveys. The programme at East Hawkrock is designed to test high-priority geophysical anomalies and structural targets for unconformity-related uranium mineralisation. Exploration focuses on the 6 kilometre long conductive corridor that exhibits significant structural complexity, including offsets and intersections often associated with high-grade deposits. The drilling campaign incorporates findings from four geophysical surveys and a radon-in-water survey which identified anomalies significantly higher than those seen at other major regional discoveries This maiden programme is being conducted concurrently with a separate 2,100 metre drilling campaign at the company's Badger Lake Uranium Property.
Koryx Copper (KRY.V KRYXF) announced an updated mineral resource estimate for the Haib Copper Project in Namibia.The company also is advancing a large-scale drilling campaign to support the delivery of a preliminary feasibility study targeted for late 2026. The updated indicated resource has increased to 2.09 million tonnes of contained copper and 2.34 million tonnes of copper equivalent. Inclusion of molybdenum and gold by-products, combined with refined geological modelling, has led to an 18-23% increase in copper equivalent grades for high-grade categories. The project's expected stripping ratio has been significantly reduced from 1.74x to 0.92x, potentially improving future operational economics. The preliminary feasibility study is now scheduled for publication in the fourth quarter of 2026, following the completion of an ongoing 55,000-metre drilling programme.
Strategic Minerals (SML.L SMCDF) announced standout economics in an updated economic sensitivity analysis for the Redmoor Project with significantly improved project economics for its tungsten-tin-copper-silver project in southeast Cornwall. The base case scenario indicates a potential after-tax NPV8 of $1.54 billion and a 40% IRR, based on a tungsten price of $1,200. Estimated pre-production capital costs stand at $109.7 million with the potential for a 29-year mine life based on the 2026 mineral resource estimate. The updated analysis reflects a significant improvement over the 2020 scoping study, driven by increased tonnage and revised metal price assumptions. A fully funded infill drilling campaign is commencing to transition inferred resources to the indicated category in preparation for a prefeasibility study.
Montage Gold (MAU.TSX MAUTF) announced significant construction and exploration progress at its Koné project, which remains on track for an initial gold pour in late 2026. Construction at the flagship project in Côte d'Ivoire is ahead of schedule and on budget, with first gold pour through the oxide circuit targeted for late Q4. The company has committed approximately $572.8 million in capital to date, representing 65% of the total upfront expenditure, with $559.4 million in total liquidity available to meet remaining requirements. Exploration activities in 2025 included 114,699 metres of drilling focused on higher-grade satellite resources, with a further 90,000 metre programme now underway for 2026. The proposed acquisition of African Gold and its Didievi project is on track to close in Q2 2026, while drilling has already commenced at the recently awarded Wendé property.
Pure Tungsten - Last Call
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 April 3, 2026
80 Mile (80M.L BLLYF) announced that its joint venture partner, Greenland Energy Company, has begun trading on NASDAQ under the ticker GLND. This listing provides a dedicated funding vehicle for the upcoming maiden drilling campaign at the Jameson hydrocarbon project in East Greenland and implies a $148 million valuation for 80 Mile's 30% project interest. GLND is set to earn a 70% interest in the Jameson liquid hydrocarbon project by funding 100% of the costs for two exploration wells, leaving 80 Mile with a free-carried interest. The Jameson Land Basin is estimated to hold 13.03 billion barrels of gross un-risked recoverable prospective oil resources, with 3.9 billion barrels net to 80 Mile. Drilling operations are scheduled to begin in H2 2026, with heavy equipment already mobilised to East Greenland and service agreements in place with Halliburton and IPT Well Solutions.
Blue Star Helium (BNL.ASX BSNLF) announced completion of Stage 1 of the Galactica development and the transition to continuous operations. The company has successfully integrated six wells into its Pinon Canyon facility gathering system and is now moving to 24/7 operations after the completion of safety, automation and remote monitoring upgrades. Initial helium sales will be executed at spot pricing while the company continues to advance negotiations for long-term supply contracts. Meanwhile, CO₂ liquefaction remains on track for the first half of 2026, coinciding with ongoing commercial offtake negotiations.
Aftermath Silver (AAG.V AAGFF) reported high-grade drill results from the Phase 3 programme at Berenguela and has expanded its campaign to 6,000 metres of diamond drilling. First assay results from the silver-copper-manganese project in Peru highlight multiple shallow, high-grade silver and copper intercepts that support delineation of a potential starter pit area, prompting an expansion of the programme. Hole AFD152 returned 48.5 metres at 438 grams per tonne silver and 2.22% copper from 26.5 metres downhole, including broad high-grade mineralisation near surface. Hole AFD155 returned 70.0 metres at 230 grams per tonne silver and 1.81% copper from surface, including 29.5 metres at 737 grams per tonne silver and 1.71% copper. Hole AFD160 intersected 45.8 metres at 528 grams per tonne silver and 1.48% copper from surface, while AFD162 returned 11.4 metres at 1,042 grams per tonne silver and 2.05% copper. The reported holes are largely infill drilling within the existing resource area, focused on delineating near-surface, higher-grade mineralisation suitable for a starter pit in future mining operations. The original 45-hole, 3,000 metre diamond drilling programme has been expanded to 90 holes and 6,000 metres due to positive geological results, rig availability and improved geological and geotechnical data from drilling. The wider Phase 3 programme will also test Domain 2, the SW Intrusive and Copper East targets, and include geotechnical drilling to support future mining studies.
B2Gold (BTO.TSX BTG) announced positive exploration results from the 2025 drilling program at the Back River Gold District and confirmed significant resource potential. The results from the Llama and Nuvuyak deposits support potential resource reclassification and a possible extension of the Goose Mine life. Infill drilling at the Llama deposit confirmed high-grade continuity, including a notable intercept of 41.95 grams per tonne gold over 13.70 metres. Exploration at the Nuvuyak deposit intersected high-grade mineralization, demonstrating potential to extend the current life of mine. The 2025 program involved over 28,500 metres of diamond drilling across 140 holes, focusing on both near-mine and regional district targets. B2Gold has allocated an increased budget of $46 million for the 2026 exploration program to further define resources and test regional targets.
Many Peaks Minerals (MPK.ASX) announced it has verified historical exploration data confirming that the mineralised Leraba Gold corridor extends for 37 kilometres at the Ferké South project in Côte d'Ivoire. The data provides several drill-ready targets following significant historical intercepts and high-grade surface geochemistry results. Compilation of historical datasets from 2009-2010 has more than doubled the known extent of the Leraba Gold corridor within the Ferké South permit area. Historical shallow reverse circulation drilling returned significant intercepts including 6 metres at 2.21 grams per tonne gold and 12 metres at 1.13 grams per tonne gold, with mineralisation remaining open in all directions. Surface geochemistry highlights multiple high-grade targets, featuring peak rock chip values of up to 118 grams per tonne gold and soil results exceeding 1 gram per tonne gold gold. The company plans to commence follow-up exploration and drilling at Ferké South immediately after the final grant of the exploration permit, anticipated next quarter.
The Private Letter had a good 2025/6 and there’s much further to look forward to this year. The letter covers energy companies with potentially transformational upcoming events - they don’t even have to happen to make money, read why →
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$1.20 (+860%), Borders & Southern Petroleum 2.14p - 13p (+507%), 80 Mile 0.215p - 1.6p (+644%), 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%), 3D Energi A$0.082 - A$0.21 (+156%), Thor Energy A$0.008 - A$0.027 (+237%) and more.
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