Jim's Oil & Mining Letter - November 2, 2025

Multiplying Sintana Energy by Reconnaissance Energy Africa

Former RECO.V management has pulled off a SEI.V deal, but with 4x more super-major activity in its basin areas and 3+ years additional geological knowledge and validation

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Interesting news last week:

Amaroq Minerals (AMRQ.V AMRQF AMRQ.L AMRQ.IC) reported initial 2025 field programme results, outlining multiple new gold zones across South Greenland, particularly a new high‑grade zone at Vagar’s Q‑North Ridge with up to 28.6 grams per tonne gold over a ~2 km corridor. Reinterpretation of Vagar Ridge defines follow‑up drill targets. A gold‑copper system is confirmed at Anoritooq (Isortup Qoorua) with assays up to 38.7 grams per tonne gold and 1.98% copper, to be advanced toward drilling. Additional discoveries are Napasorsuaq (up to 3.58 grams per tonne gold, 0.54% copper) near Nalunaq, Tartoq (up to 3.1 grams per tonne gold), Ippatit (up to 0.7 grams per tonne gold) and Grænseland (up to 3.9 grams per tonne gold over ~500 metres). Over 540 samples were collected across 11 licences, confirming multiple new gold zones and validating historical showings. The update covers satellite projects and results for Nalunaq and Nanoq are to follow once assays are received before year‑end.

Blackrock Silver (BRC.V BKRRF) reported high-grade initial assays from the fully funded Eastern Expansion drill programme at Tonopah West, highlighted by hole TXC25‑166 which returned 5.03 metres at 750 grams per tonne silver equivalent, including 1.83 metres at 1,661 grams per tonne silver equivalent, at the Ohio area. Thick mineralised zones near DPB South include TXC25‑159 with 8.75 metres at 193 grams per tonne silver equivalent (incl. 0.82 metres at 1,218 grams per tonne) and TXC25‑164 with 5.67 metres at 263 grams per tonne silver equivalent (incl. 1.10 metres at 956 grams per tonne). TXC25‑160 returned a high‑grade 1.52 metres at 807 grams per tonne silver equivalent. The programme drilled 6,798 metres across 24 holes (22 of which completed), targeting prospective shallow mineralisation along a 1.2 kilometre trend east of DPB South. Assays for 13 drillholes under the Eastern Expansion programme remain pending.

Pulsar Helium (PLSR.V PSRHF PLSR.L) announced that Jetstream #3 at Topaz (Minnesota) intersected gas at ~1,717 feet and ~2,036 feet, with bottom‑hole pressure calculated at ~960 pounds per square inch at 2,167 feet. Pressure is markedly higher than Jetstream #1 (185 pounds per square inch) and Jetstream #2 (205 pounds per square inch), indicating a pressurised reservoir at this location. Gas was visible in mud returns and drilling continues towards ~3,500 feet total depth using coring, with open‑hole logs, controlled flow testing, pressure build‑up and helium (including helium‑3) assays planned. Separately, the company announced that it has signed a non-binding term sheet to acquire 100% of Hybrid Hydrogen Inc. in an all-share transaction valued at $80,000. Hybrid owns a lease over approximately 6,742 acres of mineral rights for non-hydrocarbon gases in Michigan’s Upper Peninsula, providing a new helium exploration foothold. The cash-preserving structure supports work at the Topaz project and targets a geologically analogous region to Minnesota. Completion is subject to a definitive agreement, due diligence and regulatory/shareholder approvals.

FireFly Metals (FFM.TSX FFM.ASX MNXMF) reported exceptional high‑grade drilling confirming scale and continuity at Green Bay. Step‑out drilling from Ming extended known mineralisation by ~650 metres, including 49.0 metres at 6.1% copper equivalent (including 14.3 metres at 13.7% copper equivalent). Infill holes returned up to 11.6 metres at 9.3% copper equivalent and thick footwall stringer zones. A mineral resource estimate update is scheduled for the December quarter and initial economic study results are expected in early 2026. Metallurgical testwork achieved copper recoveries over 98% and for gold over 85%. Conditional environmental approval has been received for an upscaled restart (1.8 million tonnes per annum throughput). Geophysics identified 325 conductive anomalies and defined numerous drill‑ready targets. Surface drilling is being accelerated. Equity raising is completed, with funds allocated to underground development, resource growth and conversion drilling, regional exploration, and pre‑construction/study works, with the company holding ~A$129.7 million in cash and liquid investments.

Blue Star Helium (BNL.ASX BSNLF) announced that it has broken ground on the Galactica production facility pad and gathering system. Contractors have commenced construction of the pad (120 metres × 150 metres) and upgrades to site access roads, and procurement and delivery of major components are on schedule. The gathering system construction has begun at Jackson 31, then will proceed via the main line to connect existing wells before linking to the Pinon Canyon Plant. The system is designed to support future infill and expansion wells. First helium output remains on schedule for December 2025, with progressive ramp-up as wells are tied in during H1 2026. First carbon dioxide sales are targeted for H1 2026. The project is undertaken as a joint venture with Helium One Global (HE1.L HLOGF) holding a 50% working interest.

108 grams/tonne Gold Rush: Drilling NOW

A modern-day gold rush is unfolding across 29,000 hectares (71,000+ acres) in proven gold country. Local miners have already hit 108 g/t gold. Today this company is fully funded and drilling an initial 10,000 metres (over 32,000 feet) to unlock what could be a multi-million ounce deposit

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Collective Mining (CNL.TSX CNL.ASX) reported strong Apollo drill results. Assays from 13 holes filled block‑model gaps within the top 1,000 metres and the best intercept was 486.0 metres at 2.01 grams per tonne gold equivalent from 54.10 metres (hole APC‑141). Hole APC105‑D5 returned 144.3 metres at 2.08 grams per tonne gold equivalent, extending Apollo up to 50 metres west at about 1,450 metres above sea level. Drilling continues with rigs on the Ramp Zone (below Apollo) and the Pound target at San Antonio. The company is planning an 80,000–100,000 metre drilling programme in 2026 across Guayabales and San Antonio, with a maiden Apollo resource targeted for Q4 2026.

Manhattan Corporation (MHC.ASX MHTZF) reported that initial surface sampling at the undrilled Quantum and Lotus prospects (Hook Lake, Nunavut) has returned high-grade assays from surface veining over mapped strikes of 67 metres at Quantum and 66 metres at Lotus. Quantum highlights include: 16.75 grams per tonne gold and 385 grams per tonne silver, 14.05 grams per tonne gold and 1,385 grams per tonne silver with 0.32% copper, plus 11.20 grams per tonne gold and 1,485 grams per tonne silver with 0.47% copper. Lotus highlights include: 8.01 grams per tonne gold and 2,660 grams per tonne silver, 3.80 grams per tonne gold and 761 grams per tonne silver, plus 2.46 grams per tonne gold and 273 grams per tonne silver. The mineralised zones trend NE–SW, consistent with the Jaws deposit corridor. Manhattan plans further groundwork and a maiden drilling programme to test Quantum and Lotus.

Goliath Resources (GOT.V GOTRF) announced high-grade gold intercepts at the Surebet Discovery Hole GD-25-372 returned 10.72 grams per tonne gold over 7.83 metres, including 20.37 grams per tonne gold over 4.10 metre (these are gold-only assays; gold equivalent is pending from silver, copper, lead and zinc). Additional holes: GD-25-373 returned 6.30 grams per tonne gold over 7.50 metres (including 10.11 grams per tonne over 4.67 metres), GD-25-324 returned 6.11 grams per tonne gold over 7.65 metres (including 8.04 grams per tonne over 5.79 metres) and GD-25-370 returned 2.20 grams per tonne gold over 22.00 metres (including 4.63 grams per tonne over 4.99 metres) and 4.58 grams per tonne gold over 5.00 metres. The 2025 campaign totalled 64,364 metres with nine rigs and 100% of the holes intersected quartz–sulphide mineralisation. Assays are pending for 84 holes, 66 (79%) showing visible gold. 76% of the 2025 holes show visible gold in native element. The Surebet Discovery footprint is ~1.8 km2 with 600+ pierce points and remains open laterally and at depth across multiple rock packages.

Allied Gold (AAUC AAUC.TO) issued an exploration update for the Sadiola Mine in Mali, reporting significant intercepts and extensions across several zones. Drill highlights include Sekekoto West/S12 (33.0 metres at 15.23 grams per tonne gold), Tambali (12.6 metres at 18.87 grams per tonne gold), FE2 Trend (3.0 metres at 28.19 grams per tonne gold) and FE3/4 (18.0 metres at 10.68 grams per tonne gold). The five-year goal is to exceed 14 million ounces of mineral resources, targeting about 3.5 million ounces of new resources including around 1.0 million ounces of oxide. 2025 exploration spend is approximately $12 million. Since January 2025, 700 holes have been drilled for 60,496 metres with mineralisation remaining open along strike and at depth. Continued drilling, IP surveys, and resource updates are planned for Q1 2026.

New Found Gold (NFG.V NFGC.ASX) announced that Dropkick at Queensway has been extended to an 815 metre strike length and 285 metre depth through 2025 step-out drilling, with highlight intercepts of 29.2 grams per tonne gold over 9.25 metres and 20.9 grams per tonne gold over 11.10 metres (plus 8.31 grams per tonne over 18.20 metres and 4.55 grams per tonne over 28.55 metres). The zone remains open along strike and at depth, with step-outs continuing on northern and southern boundaries. A step-out east of the Appleton Fault Zone returned 7.20 grams per tonne gold over 10.15 metres and follow-up drilling is planned. Blue Jay reconnaissance delivered up to 84.4 grams per tonne gold over 2.00 metres and 2.94 grams per tonne gold over 16.00 metres, part of 9,477 metres (30 holes) drilled in Q3 2025 at AFZ Peripheral.

Last Call: Pre IPO Opportunity in a Growth-Focused Gold Mining Business

• Equity raise for the restart of a fully equipped gold mine in Brazil with a 4 million ounce resource and full infrastructure

• Current low company valuation with near term upsides for significant re-rating: production start and public listing

• Focused on growth with multiple hub and spoke mines in vicinity including high-grade targets

• Strong management team successfully restructured balance sheet

• Offering closes November 10, 2025

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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

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