Jim's Oil & Mining Letter - May 24, 2026

PILAR GOLD - PRE-IPO INVESTMENT OPPORTUNITY

•  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 May 29, 2026

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Interesting news last week:

Helix Exploration (HEX.L HEXFF) announced its first revenue-generating helium sales arrangement with an industrial gases group for helium produced at its Rudyard Helium Project in northern Montana. The arrangement marks the company's commercial debut in the helium market following the commencement of production at Rudyard on February 23, 2026. The counterparty has committed to take 100% of helium volumes available for delivery from Rudyard for an initial period of approximately three months, with both parties anticipating an extension. Initial expected delivered volumes are approximately 30 to 40 thousand cubic feet per day, with production currently from three wells and further wells available for acceleration. Pricing reflects current prevailing spot market rates and significantly exceeds the company's pre-IPO model assumptions. Helix says it continues to advance discussions for longer-term and larger-volume arrangements as part of its strategy to build a diversified route-to-market portfolio. The company now is focused on scaling production and delivering near-term cash flow, with the Rudyard field having the potential to generate net revenue of $115 - $220 million over a 12.5 year life of field.

Georgina Energy (GEX.L) has executed a drilling contract with Ensign Australia for the supply of the Ensign 970 drill rig for its 100% owned Hussar prospect in EP513, Western Australia. Drilling is scheduled for Q3 2026, with a planned well depth of 3,200 metres targeting subsalt reservoir formations for helium, hydrogen, and natural gas. Independent consultants have confirmed net attributable 2U prospective resources of 155 billion cubic feet of gas equivalent helium, 173 billion cubic feet of gas equivalent hydrogen, and 1.73 trillion cubic feet of gas equivalent of natural gas, with a combined in-situ value of $55 billion for helium and hydrogen and $5.24 billion for natural gas. The drill program is planned for 50 days from spud to completion and the rig is capable of drilling to 5,000 metres depth. Preparatory site inspections and civil engineering works are set for June 2026 and the drilling program will be funded solely by Harlequin and their partners. The company says it is focused on establishing itself among the top producers of helium and hydrogen worldwide and aims to capitalize on the growing gap between supply and demand for these gases.

Québec Innovative Materials (QIMC.CSE QIMCF) announced mud-gas results from drill hole DDH-26-03 at its West-Advocate natural hydrogen exploration project. The company reported the highest H₂ mud-gas readings to date on the property, with a peak of 10.77% H₂ at 848 metres, five readings ≥5% H₂ in a 69 metre interval, and three readings ≥7% in a 33 metre sub-interval. Methane and CO2 were at or below detection limits across the anomaly interval. The hole was drilled approximately 2.5 kilometres from previous holes, supporting the interpretation of lateral continuity of the hydrogen system. A total of 102 IsoJar mud samples were collected over the 473-932 metre interval, with 26 readings exceeding 1% H₂. The company has remobilized the drill rig to deepen DDH-26-02 to approximately 900 metres and plans to drill two new holes at Bennett Hill in the East Advocate area. Results from the deepened section of Hole 2 will be reported in a subsequent news release.

Condor Energy (CND.ASX BAKPF) has applied to Perupetro to convert the TEA 86 block in Peru into an exploration and exploitation licence contract after securing 100% interest in the block. The TEA 86 block covers 4,858 square kilometres and hosts over 20 identified leads and prospects, with best estimate unrisked (2U) prospective oil resources of 3.374 billion barrels. The Piedra Redonda gas discovery within the block has best estimate (2C) contingent resources of 1.003 trillion cubic feet. The company recently secured commitments for a A$2.25 million share placement to fund the licence conversion and related activities.

Caspian Sunrise (CASP.L ROXIF) provided an operational and corporate update, including regulatory approval for four new wells on the BNG Contract Area and progress at the Yelemes Deep structure. The company highlighted the sale of the shallow MJF and South Yelemes structures for a headline cash consideration of $88 million after producing more than 4.5 million barrels between 2019 and 2025. Caspian Sunrise also announced the conditional acquisition of Tau Cen for $0.7 million and Kazikhan for an initial consideration of $25 million and a maximum consideration of $45 million, with principal regulatory consent for Kazikhan received. The update details drilling plans, well depths, and targeted intervals across multiple structures.

Mendell Helium (MDH.AQ) announced the results of its general meeting, confirming that all resolutions were passed and the acquisition of M3 Helium was completed. Paul Mendell was appointed as Chief Technical Director following the acquisition and a related party transaction was disclosed involving the issue of 21,683,219 new ordinary shares to him in exchange for his M3 Helium shares. The company issued a total of 102,428,874 new ordinary shares and 10,881,861 warrants to advisers. After admission to Aquis, the company's enlarged share capital comprises 338,186,938 ordinary shares and Paul Mendell will hold 31,684,954 shares, representing 9.37% of the issued share capital. Mendell Helium operates helium production in Kansas, through its subsidiary M3 Helium, and is also developing a Bitcoin mining operation in Nebraska. The company intends in the future to invest surplus cash and hold treasury reserves in Bitcoin.

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First Mining Gold (FF.TSX FFMGF) announced the commencement of project activities and the signing of a new drilling partnership at its Duparquet Gold Project in Quebec, with Forage Anicinape, an Indigenous-led drilling company. The initial 2026 drill campaign at Duparquet is expected to total approximately 12,000 metres, focusing on increasing resource confidence, advancing exploration and supporting technical studies. Highlights from the 2025 drilling program at the Miroir target include significant gold intercepts, such as 3.74 grams per tonne gold over 15.5 metres and 7.18 grams per tonne gold over 8.0 metres. The Duparquet Project currently hosts an NI 43-101 compliant gold resource of 3.44 million ounces in the Measured & Indicated category and 2.64 million ounces in the Inferred category. The project covers approximately 5,800 hectares and includes several past-producing mines and deposits. First Mining is also advancing the Springpole Gold Project in Ontario and holds interests in other gold projects.

Blue Star Gold (BAU.V BAUFF) announced an updated Mineral Resource Estimate for its Ulu Gold Project in Nunavut, Canada. The updated estimate reports a Measured and Indicated Mineral Resource of 2.204 million tonnes at an average grade of 7.87 grams per tonne gold for 558,000 ounces, and an Inferred Mineral Resource of 3.263 million tonnes at 4.54 grams per tonne gold for 476,000 ounces. The mineral resource estimate is based on 574 diamond drill holes totalling 123,004 metres, with 125 holes (23,185 metres) completed by Blue Star since 2019. Metallurgical studies suggest gold recoveries exceeding 90%, and the resource remains open for further expansion. The company's projects, including Ulu, Roma, and Auma, cover approximately 42,342 hectares in the High Lake Greenstone Belt. A Technical Report on the Ulu Gold Project will be filed on SEDAR within 45 days of the news release.

Galleon Gold (GGO.V GGOXF) announced the first set of drill results from the 2026 drill program at its 100% owned West Cache Gold Project in Timmins, Ontario. The initial holes of the planned 18,000 meter drilling program targeted the down-dip extension of Zone #9 mineralization and the geological controls within the South Zone. Five holes with complete assay reporting and partial results from two holes are included in this release, with notable gold intercepts such as 5.16 grams per tonne gold over 3.00 metres and 5.13 grams per tonne gold over 9.97 metres. The company is also advancing an 86,500 tonne bulk sample program and continues to drill on the down-plunge projection of Zone #9 approximately 450 vertical meters below surface, with assays pending.

FIN Resources (FIN.ASX) has achieved its highest-grade gold result to date at the Cabin Lake gold project in Canada’s Northwest Territories, with a record intersection of 0.5 metres at 50.8 grams per tonne gold in the latest drilling. Drill hole CL-26-002 returned 7.84 metres at 18.2 grams per tonne gold from 12.66 metres, including 5.50 metres at 21.6 grams per tonne gold from 15 metres and multiple assays above 10 grams per tonne gold. Other notable results included 30.6 grams per tonne gold over 0.5 metres from 18 metres and 25 grams per tonne gold over 0.5 metres from 17.5 metres. The company has completed the drilling and geophysical programs during the winter campaign, improving understanding of geological and structural controls. The company is now compiling and interpreting datasets to refine targets for higher-grade zones and extensions. Assays from Arrow, Beaver, and Andrew South prospects are pending, which will inform future drilling targets.

DPM Metals (DPM.TSX DPM.ASX) announced results from delineation drilling at the Wedge Zone Deep prospect within the Chelopech mine concession, located 250 metres below existing mine infrastructure. Significant new intercepts include 58 metres grading 15.28 grams per tonne gold equivalent, 47.3 metres grading 5.45 grams per tonne gold equivalent and 81 metres grading 8.05 grams per tonne gold equivalent. The mineralized zone is now defined over approximately 170 metres along strike, 130 metres in width, and 300 metres in vertical extent, with gold grades well above the existing Chelopech mine gold reserve grade of 2.18 grams per tonne. Approximately 11,800 metres have been drilled in 17 holes, with two more underway. Initial metallurgical testwork indicates the mineralization is amenable to flotation processing using the existing Chelopech plant flowsheet. DPM plans further drilling through 2026, targeting an initial mineral resource estimate by year-end as part of the annual Mineral Resource and Mineral Reserve update. Technical studies and exploration programs are ongoing to support potential future engineering and investment decisions.

Founders Metals (FDR.V FDMIF) announced results from its 37-hole deep auger drilling program at the Maria Geralda target within the Antino Gold Project in southeastern Suriname. The program identified a coherent, high-grade gold shoot within a 600 metre drill defined, gold bearing structure, coinciding with a previously reported diamond drill intercept of 22.5 metres of 11.88 grams per tonne gold in hole MG003. Significant deep auger intercepts include 30.0 metres of 4.64 grams per tonne gold (MGAD041), 12.0 metres of 10.57 grams per tonne gold (MGAD059) and 14.0 metres of 7.52 grams per tonne gold (MGAD056). The target remains open at depth, with 20 deep auger holes ending in mineralization at the 30 metre auger limit. The new auger data provides a precise targeting framework for follow-up diamond drilling, which is planned for early Q4 2026. The company is also expanding the auger grid to test a potential second shoot.

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