Jim's Oil & Mining Letter - November 9, 2025

Latest drill result: 145.4 g/t Au* with visible gold - don't miss this

• 29,000 hectares (71,000+ acres) in proven gold country

• 10,000 metre drill program ongoing - first 4 holes all intersecting gold

• 4.5-kilometre trend which keeps expanding in all directions

• Potential multi-million ounce deposit

$18 million (4,500 oz Au) market cap - very few know about this company yet

_{*1 gram per tonne gold is broadly regarded as being commercial}

Interesting news over the last few days (note: m = metres; g/t = grams per tonne):

Aurum Resources (AUE.ASX AUERF) reported high-grade results. Ongoing infill drilling at Boundiali’s BDT2 returned 18m at 3.93 g/t gold from 198m, including 5m at 11.07 g/t, and 28m at 1.54 g/t from 82m including 4m at 7.51 g/t. The intercepts sit outside the current BDT2 mineral resource and mineralisation remains open along strike and at depth. Drilling capacity has been expanded with two additional rigs (now 12) to accelerate 2025 programmes at Boundiali and Napié (over 130,000m planned). Major mineral resource estimate updates for both projects and Boundiali preliminary feasibility study results are targeted for early Q1 2026. The company reports ~$45 million cash to fund work.

Awalé Resources (ARIC.V AWLRF) announced that step‑back drilling at the Charger discovery (Odienné, Côte d’Ivoire) has extended high‑grade mineralisation to ~600 metres below surface. The system remains open at depth and along strike. Notable results include 17.9 g/t gold over 6m in OEDD‑149, 1.9 g/t gold over 14m in OEDD‑150, and 4.8 g/t gold over 4m plus 3.9 g/t gold over 9m in OEDD‑154. Wide (~200m) step‑backs confirm a steeply dipping/plunging geometry and highlight potential between holes and to the southwest. Four rigs are to mobilise in November to test new southwest strike extensions and undrilled targets as part of an expanded drilling campaign.

Montage Gold (MAU.TSX MAUTF) reported an exploration update with the Sissédougou trend flagged as highly prospective. ANV resources increased to 129,000 ounces Indicated at 1.06 g/t gold and 85,000 ounces Inferred at 1.1 g/t, with mineralisation open at depth and along strike, including parallel structures ~150 m away. High‑grade intercepts were reported at ANV and nearby targets (for example, 20.0m at 13.10 g/t gold; 16.0m at 5.78 g/t gold), plus results from Kagon Main/NE, ANIII and ANV West. The 2025 drill programme has been expanded to 120,000 metres. 87,595 metres has been drilled in the year‑to‑date with 27% on Sissédougou. Auger work has outlined an ~5 km2 gold‑in‑saprolite anomaly north of ANV. Koné satellite deposits now total 996,000 ounces Indicated at 1.29 g/t gold and 194,000 ounces Inferred at 1.09 g/t gold. Project construction is progressing on budget and on schedule.

Great Boulder Resources (GBR.ASX) announced that the Phase 1 air-core drilling programme comprising 119 holes (8,900m) across three corridors has confirmed multiple new targets at Side Well. The best intercept was 4m at 11.55 g/t gold from 40m in hole 25SWAC286, about 4 kilometres north of Ironbark. Eaglehawk extended north by ~500m to >1.5 kilometre strike, including 8m at 0.67 g/t gold (including 4m at 1.19 g/t) in 25SWAC263. A pathfinder anomalism (Bismuth, Arsenic, Antimony and Tellurium) has been identified between the Central and Eastern corridors; Phase 2 AC has completed with 124 holes, 9,611m and assays pending. Phase 3 AC is underway and EIS co-funded deep diamond drilling has commenced at Eaglehawk.

Tower Resources (TWR.V TWRFF) reported commencement of a 3,000m diamond drilling programme (c. 12 holes) at Rabbit North, focusing on the Thunder North and Blue Sky gold zones. Objectives include extending mineralisation east along strike and testing continuity to ~300m depth. Additional holes will probe the Nicola volcanics–Durand diorite contact at Blue Sky. Recent intercepts guiding targeting are 19.0m at 4.93 g/t gold (RN-25-062, Thunder North) and 6.02m at 23.63 g/t gold (RN-25-060, Blue Sky). Next steps may expand drilling to 5,000m. Sites up to 800m east are being prepared to test gold grain anomalies from the October till survey.

This company holds 4 carried interests (5% - 20%) offshore Namibia and operations on PEL 106 commence next month. A 32.9% Orange Basin working interest awaits farmout. $11 million market cap., yet Namibian blocks are historically valued at $5-10 million each regardless of ownership percentage and this company owns 5. There is a significant news flow upcoming here so find out more now

Corcel (CRCL.L) announced that it has received final EIA approval, granting an Environmental Licence covering both seismic and exploration drilling at KON-16, onshore Angola. The company has signed a contract with BGP to acquire 326 line‑kilometres of 2D seismic data, with mobilisation and acquisition to commence shortly. The seismic processing contract is expected by end‑2025, with processing scheduled for Q1 2026 and initial results targeted for Q2/Q3 2026. Licence coverage for both seismic and drilling removes the need for additional environmental permits, enabling progress towards a planned high‑impact well.

Aya Gold & Silver (AYA.TSX AYASF) released the preliminary economic assessment for Boumadine indicating strong economics with high returns and quick payback. The assessment for the project in Morocco outlines an 11‑year mine life with a post‑tax NPV5 of $1.5 billion, a 47% IRR and 2.1‑year payback at base case prices. Initial capex is $446 million and all in sustaining cost is $1,021 per ounce of gold equivalent. Average production is 401,000 ounces of gold equivalent in years 1–5 (328,000 ounces of gold equivalent life of mine) from an 8,000 tonnes per day conventional flotation plant producing zinc, lead and pyrite concentrates; cash costs are $928 per ounce of gold equivalent. At spot prices, post‑tax NPV5 rises to $3.0 billion with a 77% IRR and a 1.2‑year payback. The project has an existing mining licence and a feasibility study is targeted for completion by late 2027. The preliminary economic assessment excludes the ongoing 2025 140,000m drilling programme.

Amaroq (AMRQ.V AMRQ.L AMRQF) announced the discovery of rare earth elements in South Greenland. High‑grade rare earth element mineralisation was confirmed at the Ilua Pegmatite Zone, Nunarsuit, from surface grab samples, with assays up to 2.31% TREO. Average composition is 27% heavy and 73% light REE, with 21% magnet metals. Mineralisation appears monazite‑hosted and below the government uranium threshold. The outcrop is several metres wide with ~5 kilometre strike and potential parallel structures are to be assessed. Next steps include systematic sampling, mineralogical studies, geophysics and planning for scout drilling in 2026 within the Gardaq ApS JV.

Alba Mineral Resources (ALBA.L ALBAF) reported that drilling has begun at Finnsbo in southern Sweden to test continuity of high-grade gold, copper and rare earths mineralisation at the POP 2 contact zone. The maiden programme comprises three short core holes totalling around 300m, expected to run for about two weeks. Previous sampling returned up to 3.5% TREO, 27 g/t gold and 2.9% copper; Alba’s own samples included 9.72 g/t gold and 2.36% TREO. Alba is earning into the project by spending £100,000 within 12 months to secure a 25% interest, with rights to increase up to 100%.

Petro Matad (MATD.L PRTDF) announced that Gazelle-1 has started production at an initial 200 barrels of oil per day, with first shipments delivered to Block XIX TA-1 under the existing PetroChina Oil Sales Agreement. Rates will be monitored and, per the company, adjusted prudently. The Heron-2 re-test resumed after pump realignment. An unexpected flow drop suggests a possible mechanical or perforation issue. If recovery remains low, the well may be shut in over winter pending remediation options. Heron-1 reached its first production anniversary with 59,920 barrels delivered (c.164 barrels of oil per day with an average c.3% water cut). Grid connection infrastructure is ready but awaits provincial governor sign-off, with MRPAM support sought. PetroChina oil sales agreement payments have now been made up to August, the September invoice is being processed and the October invoice has been submitted. Petro Matad says it is progressing rewording to ensure 100% payment and release of withheld amounts.

Last Call - 1 Day Left: 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

The offering closes tomorrow, so learn more today

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