Jim's Oil & Mining Letter - April 6, 2025

Collective Mining (CNL CNL.TSX GG1.F) announced plans for an expanded drill program following the successful completion of its recent financing for C$63.4 million. With a robust treasury totaling more than $78 million, the company is more than fully funded for an expanded 70,000 metre drill program in 2025. The revised program will now include up to ten diamond drill rigs in operation across the Guayabales and San Antonio projects and will be the largest in the history of Collective. Additionally, the company will accelerate baseline environmental, hydrological and metallurgical studies so that permitting could begin in the future at a faster pace than originally envisioned. The Apollo System, which is the most important discovery to date within Collective's Guayabales Project, has emerged as an important large-scale, bulk tonnage, and high-grade system generated from grassroots exploration. The emergence of Apollo occurs at a time when there is a dearth of new and impactful exploration discoveries within the industry and the company continues to believe that Apollo is the tip of the iceberg within the Guayabales Project and that further discoveries will come with aggressive drilling and perseverance. Up to eight rigs will be focused on drilling the Guayabales Project for the balance of 2025 to achieve various objectives. At the Apollo System, the company's flagship discovery, up to seven rigs will be in operation…more

HyTerra (HYT.ASX HYTLF 8TP0.F) announced that gas sample analyses from the Hoarty NE3 well within the Geneva Project in Nebraska showed helium concentrations up to 12.8% and hydrogen levels reaching 44%. Samples were collected during the 2022 swabbing and 2023 ESP testing programs and analyzed by Isotech Laboratories. The data was validated through a joint review between HyTerra and Natural Hydrogen Energy; further assessment is required to better understand flow potential and economic viability. Moving forward, the company now has two firm wells in the drilling sequence expected to start in mid-April 2025 at the Nemaha Project in Kansas. This marks the first steps for HyTerra in executing a comprehensive 12-month exploration work program designed to unlock the potential of natural (white) hydrogen in Kansas. Sue Duroche 3 and Blythe 13-20 will be drilled back-to-back near wells with historical occurrences of hydrogen and helium. A geophysical program is also on track with the aerial survey recently completed and the seismic acquisition survey to commence this month. Infill leasing for contiguous acreage continues with over 72,500 acres now secured…more

Patagonia Gold (PGDC.V HGLD PL3.ASX) announced that it has entered into a binding letter agreement with Oroplata, an Argentinean subsidiary of Newmont (NEM NGT.TSX NEM.ASX, NMM.F). The agreement grants Newmont a six year option to acquire a 100% undivided interest in the company’s Tornado and Huracan gold and silver properties, including a separate exploration permit named “El Diablo” in return for making aggregate cash payments of $1,500,000, plus a net smelter royalty of up to 2%. The properties are approximately 11,900 hectares in size and are located within the prospective Deseado Massif geologic region of the Santa Cruz province in southern Argentina between the multi-million ounce producing San Jose/Huevos Verdes and Cerro Negro mines operated by Hochschild Mining/McEwen Mining and Newmont, respectively. The company completed 3,102 meters of diamond drilling in 9 core holes in Tornado and Huracán which returned anomalous mineralization with values up 0.59 grams of gold per tonne over 8.8 drill meters…more

Thor Energy (THR.ASX THR.L THORF T5M.F) announced an independent assessment of prospective resources for naturally occurring hydrogen and helium at the HY-Range project on the RSEL 802 licence in South Australia. The results vastly exceed company expectations, with 2U unrisked prospective resources at 90 billion cubic feet of helium and 842 billion cubic feet of hydrogen. With a prime position in Australia's natural hydrogen/helium hotspot, HY-Range includes a regionally scarce fully granted license within South Australia's hydrogen and helium fairway. Management plans to accelerate the exploration programme following these results to unlock the full potential of HY-Range, where Thor has an effective 80.2% net interest through the previously announced Go Exploration transaction…more

Pilot Energy (PGY.ASX) announced a material upgrade to the prospective gas resource for its offshore exploration permit WA-481-P. The company holds a 100% operated interest in the 8,605 km2 permit located in shallow waters offshore Western Australia, encompassing the Dunsborough oil field and Frankland gas field. WA-481- P is strategically positioned adjacent to the onshore Perth Basin oil and gas discoveries on the Beagle Ridge and Dandaragan Trough respectively. The offshore petroleum system within WA-481-P shares many attributes with the prolific onshore Perth Basin gas discoveries (e.g. Waitsia, Erregulla and Lockyer Deep) providing an analogue. Pilot has conducted a detailed review of offset wells including onshore exploration and appraisal wells, along with remapping of 2D seismic data resulting in a ~250% increase in the Leander Gas prospective resource to 1,116 billion cubic feet of gas and 18 million barrels of condensate (mean estimate). Separate oil prospective resources within the tenement increased to 66 million barrels (sum of mean estimates) across three targets. Pilot’s 100% owned WA-481-P is one the largest offshore exploration permits in Australia and overlaps with Pilot’s 100% owned Greenhouse Gas exploration permit G-12-AP. The Leander gas prospect has the potential to supply Pilot with sufficient gas for at least 30 years of low-carbon ammonia production at the Mid West Clean Energy Project. A formal farm-out process is to commence shortly to to secure partners to develop and fund the near-term exploration activities.

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Mayfair Gold (MFG.V MFGCF 9M5.F) announced an update on the 2025 outlook for the company and its 100%-owned Fenn-Gib Gold Project advancement program in the Timmins area of Northern Ontario. The 2025 advancement program is focused on preparations for the start of the Ontario provincial environmental approvals process and permitting activities and the completion of a pre-feasibility study for a 4,800 tonne per day open pit development scenario for Fenn-Gib. The program includes the metallurgical program currently being conducted at SGS Lakefield labs which is designed to understand the metallurgical response and inform the process flow sheet designs for the project. Additionally, the results of this program will help determine optimal grind size, cyanidation levels and retention time for higher grade (greater than 1 gram per tonne gold) and lower grade (less than 1 gram per tonne gold) material. The metallurgical performance will inform the site geological-metallurgical model. The program additionally includes an environmental baseline data review, community engagement, selection of pre-feasibility consultants, site investigation works and a confidence drilling program…more

Metals One (MET1.L HT70.F) announced it has executed a Share Purchase Agreement in respect of the acquisition of the entire issued share capital of FinnAust Mining Finland from 80 Mile (80M.L BLLYF S5WA.F). Completion remains subject to various conditions. The subject SPV holds certain licences comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, which are both associated with former operating copper mines. Upon completion, Metals One will obtain 100% ownership of both projects, increasing its exposure to copper in a tier-1 jurisdiction. Accordingly, the company is preparing to drill test Hammaslahti later this year, following the identification of significant sulphide mineralisation, and to advance geophysical surveys of targets at Outokumpu in preparation to drill…more

1911 Gold (AUMB.V AUMBF 2KY.F) announced the assay results from 8 drill holes for 1,672.0 metres from the ongoing surface drill program at the recently discovered San Antonio Southeast target at the True North Project. The project, including a permitted mill, camp, and tailings facility, is centrally located on the company’s 100%-owned Rice Lake Gold property in southeast Manitoba, Canada. Drilling has continued to expand the near-surface quartz vein hosted gold mineralization on the recently discovered San Antonio Southeast target. Drilling is continuing on the targets as well as new, near-surface gold targets identified by the company’s geology team within the True North mine footprint. Drill results confirm the southeastern extension of gold mineralization within the prolific San Antonio mafic unit to depths of over 400 metres and along strike for over 500 metres, including intersects of up to 14.97 grams per tonne gold over 2.70 metres including 71.60 grams per tonne over 0.50 metres. 1911 Gold has now completed 31 surface drill holes, for a total of 7,216.4 metres. The current drill program commenced in October 2024 and remains ongoing with new targets being generated and drill tested within prospective host rock, and structural settings, which include significant historical results. The program is ongoing and planned to include up to 30,000 metres of drilling by the end of 2025.

Africa Energy (AFE.V AEC.ST HPMCF) announced the successful closing of its non-brokered private placement of common shares. The transaction consisted of a shares for debt transaction whereby the company settled $5,425,607 (C$7,796,940) of existing indebtedness through the issuance of 389,847,000 shares to existing debtholders, and a non-brokered private placement of 598,153,000 shares for aggregate gross proceeds of $8,369,203 (C$11,963,060). Both the private placement and shares for debt transaction resulted in the issuance of shares at a deemed issue price of C$0.02 (C$0.10 on a post-consolidation basis) per share. Shares issued pursuant to the private placement and shares for debt transaction will be subject to resale restrictions under Canadian securities laws expiring August 1, 2025. Proceeds from the private placement will be used to repay existing debt held by Africa Oil (approximately $4,500,000), repay the remaining debt held by the Lorito Group, Lorito Floreal, Lorito Arole and Lorito Orizons following the shares for debt transaction (approximately $817,000), for general working capital purposes and to advance the development of the company's interest in Block 11B/12B offshore South Africa.

Radisson Mining Resources (RDS.V RMRDF) announced drill assay results from three new drill holes at its 100% owned O'Brien Gold Project located in the Abitibi region of Québec. The three holes reported are all wedges completed from the previously reported pilot hole OB-24-337, which was the deepest hole ever drilled at the project and the first hole drilled directly below the historic O'Brien Mine workings. It intersected 242.0 grams per tonne gold over 1.0 metre within a mineralized interval that averaged 31.24 grams per tonne gold over 8.0 metres at approximately 1,500 metres vertical depth. Now, three new wedges have all returned additional high-grade gold intercepts, delineating a large zone of multiple veins with good continuity. Highlights include: OB-24-337W3, which intersected 29.93 grams per tonne gold over 2.2 metres, including 53.50 grams per tonne gold over 1.2 metres and 4.54 grams per tonne gold over 3.0 metres; OB-24-337W1, which intersected 4.44 grams per tonne gold over 6.4 metres, including 18.65 grams per tonne gold over 1.2 metres; and OB-24-337W2, which intersected 9.62 grams per tonne gold over 1.4 metres.

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