Jim's Oil & Mining Letter - April 27, 2025

Own a share of the Gold Road Mine, Arizona

• Q3’25 gold production restart

• C$2 million seed round

• Rich gold resource of 214,000 ounces grading 6.2 g/t

• 1 million ounce exploration upside with grades > 20 g/t

• No-nonsense USA jurisdiction

Learn more

OIL, GAS, HELIUM & HYDROGEN

Sunda Energy (SNDA.L GHA.F) announced that it has entered into a series of agreements concerning the funding of the drilling campaign on the Chuditch gas field, offshore Timor-Leste. The company, through its wholly owned subsidiary, has entered into a binding farm-in agreement with its government-owned joint venture partner TIMOR GAP. In addition, Sunda has conditionally raised up to $9 million, before expenses, by way of the issue of convertible loan notes. Together, these combined funding arrangements will enable the company to shortly execute a contract for the use of a jack-up rig to drill the Chuditch-2 appraisal well. The farm-in agreement will increase TIMOR GAP's working interest share from 40% to 70%, with SundaGas’s paying share of costs reduced from 80% to 30%. Chuditch-2 drilling is currently scheduled for early Q3 2025…more 

Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced an agreement for a joint exploration project in Angola with the Agência Nacional de Petróleo, Gás e Biocombustíveis (the National Oil, Gas and Biofuels Agency). The company has entered into a Memorandum of Understanding for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. ANPG is Angola's national concessionaire and regulator. The agreement is said to be a strategic addition to the company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments, complementing ReconAfrica's activities in Namibia and highlighting the potential of the Damara Fold Belt and Rift Basin by adding 5.2 million acres in Angola to the existing 6.3 million acres in Namibia. Ownership interest in the MOU Area will be ReconAfrica with an 80% working interest and Sonangol with a 20% working interest. Under the terms of the MOU, ReconAfrica will initiate and coordinate geological studies, conduct a regional oil and gas seep study, and plan for a 2D seismic program, as well as perform detailed geochemical analysis and sampling of any oil and gas seeps identified within the area, over a 24-month period. Meanwhile, ReconAfrica is preparing to begin drilling on Prospect I onshore Namibia, which is located 29 miles from the MOU area in Angola and is the company's largest prospect to be drilled so far, targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources…more

Partner, BW Energy (BWL.OSL 6BW.F), which holds approximately 6.6% of the common shares in Reconnaissance Energy Africa and a 20% non-operating interest in the onshore Petroleum Exploration License 73 in Namibia, announced that its second sidetrack DBM-1 ST2 well has confirmed a substantial oil discovery with good reservoir and fluid quality at the Bourdon prospect in the Dussafu Licence, offshore Gabon, in which it holds a 73.5% working interest. Management estimates indicate 56 million barrels oil in place of which approximately 25 million barrels are considered recoverable. The appraisal well is said to confirm the potential for establishing a new development cluster with a production facility and the company expects at least four producing wells. The discovery will enable BW to book additional reserves not included in its 2024 statement. Panoro Energy (PEN.OSL 1PZ.F), with a 17.5% working interest in the Dussafu Licence, issued a similar announcement. Gabon Oil Company holds the remaining 9 percent working interest.…more

Grand Gulf Energy (GGE.ASX GRGUF) announced that it has entered into a binding option agreement providing the company with an exclusive option to acquire 100% of Wrangel, an applicant for a 70% working interest in a Petroleum Exploration Licence over Block 2312 in the Walvis Basin, offshore Namibia. The application is in partnership with Namibian-based oil and gas company TSE Oil and Gas (20% working interest) and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10% working interest). Under the terms of the agreement, consideration is only payable upon the successful granting of the licence, offering Grand Gulf a low-cost entry into one of the world’s most prospective frontier basins. Offshore Namibia has seen a series of recent significant oil discoveries resulting in over 11 billion barrels of oil discovered to date, with 7 wells scheduled to be drilled in calendar 2025…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced Jackson-29 flow test results and a gas analysis update. The well flowed naturally during drilling and at total depth, since when the flow rate has increased to over 320 thousand cubic feet per day. Projected stabilised flow rates are 350 thousand cubic feet per day to 450 thousand cubic feet per day, constrained to optimise production, with a maximum potential rate of 550 thousand cubic feet per day. Early samples returned helium concentration of up to 3.30% (air-corrected) and 48.66% CO2, in line with expectations. Separately, the companies announced that the Jackson-27 well has been successfully drilled to total depth of 1,183 feet measured depth with free gas confirmed by wireline logs. The well flowed naturally during drilling and at total depth, demonstrating good reservoir communication, encountering 60 feet gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16) gas-saturated sands in the Upper Lyons Sandstone Formation. Samples have been sent to laboratory for analyses of helium and CO2 concentrations and a well head is being installed ahead of surface pressure readings and flow testing…more…more

GOLD, SILVER, NICKEL & COPPER ETC

Rupert Resources (RUP.TSX RUPRF RO5.F) announced an exploration update from its properties in Central Lapland, Northern Finland, including new drilling results and interpretations from Heinä South (1 kilometre from the 4 million ounce Ikkari Project) and from other targets along the 12 kilometres regional structure east-northeast from Ikkari (known as the Rajala line). High-grade mineralisation continues to be intersected at Heinä South including 45.7 grams per tonne gold over 8 metres including 362 grams per tonne gold over 1 metre intersected in hole #125001. Additionally, to the north of the main trend, further single metre high grade intercepts of 83 grams per tonne gold, 66 grams per tonne gold and 31 grams per tonne gold were intersected in three separate drill holes. Multiple incidences of broader lower grade mineralisation are also evident. Induced Polarisation surveys alongside wide-spaced drillholes confirm the continuity of the structural and lithological setting that hosts the Ikkari Orebody for more than 7 kilometres along the ‘”Rajala Line” structure to the EastNorthEast. Per Graham Crew, Chief Executive Officer, the company is encouraged by the results and the potential to add to the 4 million ounce resource inventory at Ikkari through continued drilling success at satellite discoveries…more

Maritime Resources (MAE.V MRTMF) announced additional drill results from a grade control drill program at the Hammerdown Gold Project. Hammerdown is located in the Baie Verte mining district of Newfoundland and Labrador, near the towns of King's Point and Springdale. Highlights include 5.5 grams per tonne gold over 29.8 metres, including 73.0 grams per tonne gold over 1.5 metres in drill hole HDGC-25-177, 16.9 grams per tonne gold over 2.5 metres in drill hole HDGC-25-181, 7.7 grams per tonne gold over 5.6 metres in drill hole HDGC-25-160, 67.1 grams per tonne gold over 0.9 metres in drill hole HDGC-25-188, 14.8 grams per tonne gold over 5.9 metres and 17.0 grams per tonne gold over 4.4 metres in historical underground mining backfill in drill holes HDGC-25-189 and HDGC-25-175, respectively. 151 historical underground mining backfill samples collected during the grade control program representing 274 linear meters of drilling returned an average grade of 3.3 grams per tonne gold. The grade control drill program completed 8,460 metres of diamond drilling in 273 drill holes. The program was designed to intersect the sub vertical mineralization on a 10 metres x 10 metres staggered pattern to maximize future ore extraction while minimizing ore losses and dilution. Assay results will be released as they become available…more

GoldMining (GOLD.TSX GLDG BSR.F) announced that after reviewing historic drill results it has identified antimony mineralization occurring with gold mineralization on the company's 100% owned Crucero Project in the Carabaya Province, Peru. Due to shortages of this strategic metal, the antimony spot price has increased substantially in recent periods to approximately $55,250 per tonne. Gold mineralization at Crucero occurs with disseminated pyrite, pyrrhotite, arsenopyrite and stibnite (the latter is an antimony-bearing mineral). The indicated resource for Crucero is estimated to total 30.65 million tonnes at an average grade of 1.0 gram per tonne gold containing approximately 993,000 ounces of gold with an additional inferred resource of 35.78 million tonnes at 1.0 gram per tonne gold containing approximately 1,147,000 ounces of gold. Preliminary analysis of the drill hole sample assay data base indicates numerous occurrences of antimony, with individual assays as high as 39.6% Sb. The Crucero database contains assay data for 72 drill holes as well as 657 trench assays including over 15,000 gold assays and over 10,000 antimony assays. The company is currently compiling and validating a comprehensive database to undertake further analysis of the distribution and grade of antimony throughout the project…more

Boss Energy (BOE.ASX BQSSF B8Y.F) announced that enCore Energy (EU EU.V 6TU.F) has published an update on the operation of the Alta Mesa Uranium Project in Texas. enCore is the operator and 70 per cent-owner of the project, in which Boss acquired a 30 per cent stake in return for 30% of the mines’ produced uranium. Alta Mesa is ramping up to an annualised production rate of 1.5 million pounds U3O8 and wellfield development continues to show positive results with a total of 32 wells, 15 extractors and 17 injectors installed and operational with uranium-bearing solution scheduled to be piped to the Alta Mesa processing plant later in April. The current rate of under two days per installed well is the best in enCore’s history at Alta Mesa. Wellfield optimization training and updated procedures are on-going; the enhanced procedures are positively impacting the productive life of existing wellfields and is expected to enhance future wellfield operations and total uranium capture…more…more

Guardian Metal Resources (GMET.L GMTLF) announced an exploration update from its 100%-owned Garfield Project, located in the Walker Lane Mineral Belt. The company’s main objective is to lead the re-establishment of domestic tungsten production in the United States and Guardian’s projects demonstrate Nevada's exceptional mineral potential in the national race to secure a stable, affordable supply of this critical resource. Recent surface sampling at Garfield has revealed high-grade gold, silver, base-metals as well as strong antimony values in addition to strong visual results across the newly staked areas. Reanalysis of Pamlico Zone rock sample CJO079, collected during the 2024 prospecting work, has returned 9.9 grams per tonne gold, 1,105 grams per tonne silver, 1.84% antinomy and 2.45% lead as well as 3,920 parts per million copper and 890 parts per million zinc. Follow up geological investigation has determined that the previously reported high-grade samples from historical mines across the Freeze Zone appear to be from related low-sulphidation epithermal vein structures. As a result of the above findings, field investigations were extended further east onto open ground where a zone of massive silicification / chalcedonic blanket, as well as numerous outcropping low-sulphidation colloform quartz veins, were identified, which extend well east of the previously defined Freeze Zone. The company has now staked an additional 11 mining claims to cover the Freeze East Zone. A strike distance of over 4 kilometres is now covered by the Pamlico Zone, Freeze Zone, and Freeze East Zones highlighting the potential scale of epithermal mineralisation that exists at Garfield. The company continues discussions in regard to potential joint-venture or option agreement arrangements covering the project…more

Closing with some commentary from last week, “if you thought that gold prices setting new records was enough to keep the bulls happy, think again: a gold analyst backed by an endorsement from Canadian billionaire mining investor Eric Sprott is now predicting a once-in-a-generation bull run for mining stocks. Gold stock analyst Don Durrett believes gold equities are unbelievably mispriced in current markets, and is citing his valuation model that projects gold could surge to $4,000 per ounce. Major banks including UBS and Deutsche Bank have already revised their gold price projections to $3,500 and $3,700 respectively. Even Goldman Sachs sees a $3,700 gold price this year, as some gold mining stocks have doubled in the last year. On the ground, miners are making gains in the current market, with important developments coming from Lake Victoria Gold (LVG.V LVGLF), TRX Gold (TRX TRX.TSX), Orezone Gold (ORE.TSX ORZCF)…more, Torex Gold Resources (TXG.TSX TORXF), and i-80 Gold (IAUX IAU.TSX)…more”

This tech company grew 32,481%..

No, it's not Nvidia. It's Mode Mobile, 2023’s fastest-growing software company according to Deloitte.

Nasdaq ticker $MODE secured—invest at $0.26/share before their share price changes on 5/1.

Invest Now.

_{*An intent to IPO is no guarantee that an actual IPO will occur. Please read the offering circular and related risks at invest.modemobile.com.
*The Deloitte rankings are based on submitted applications and public company database research.}

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.