Jim's Oil & Mining Letter - June 15, 2025

This Company with a pre-money valuation of only C$3million is completing a C$2 million seed equity raise for the restart of the fully permitted Gold Road mine in Arizona, USA. The current low company valuation offers near-term potential for a significant re-rating from the production start, a public quotation, and an additional one million ounces of gold exploration upside. 

The cost to build Gold Road from scratch today would be close to US$100 million and management plans to grow production to 20,000 ounces of gold per year in 2025/26. In a strong gold price environment this could lead to a US$40+ million EBITDA in 2026 and potential for a very healthy dividend yield paid in physical gold and silver. Management has a proven track record and plans to go public in Q1 2026. 

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HyTerra (HYT.ASX HYTLF) announced it has increased the firm wells in the drilling sequence to a total of three wells to be drilled between April and July 2025 at the Nemaha Project in Kansas. These wells are the first steps for the company in executing a comprehensive 12-month exploration work program designed to unlock the potential of natural (white) hydrogen in Kansas, funded from an investment in HYT by Fortescue Future Industries Technologies. Meanwhile, the company announced that the Blythe 13-20 well was drilled to a total depth of 5,300 feet on time, on budget, with no HSE incidents. The well drilled through approximately 3,028 feet of sedimentary rocks and 2,272 feet of Pre-Cambrian basement into a new geological play in HyTerra’s acreage. Blythe is located less than a mile east of the historic Scott-1 well drilled in 1982, which reported hydrogen concentrations of up to 56% in the sedimentary section. The company has 6,860 net acres in close vicinity to the well site…more

80 Mile (80M.L BLLYF S5WA.F) announced it has entered into a definitive agreement to divest its 100% interest in the Kangerluarsuk zinc-lead-silver project in Greenland to Amaroq Minerals (AMRQ.V AMRQ.L AMRQ.IC) and will receive $500,000 in Amaroq Minerals shares upon completion, plus $1,500,000 in cash or shares upon the discovery of an economic deposit. Kangerluarsuk is a high-grade carbonate-hosted zinc-lead-silver project located on Greenland's west coast, within the historic Black Angel mining district. 80 Mile identified multiple untested geophysical anomalies on the property that are consistent with the style of mineralisation that supported historical production in the district. Amaroq is a technically proficient Greenland-focused explorer and developer and has announced a proposed fundraising of £30 million. 80M's recent acquisition of White Flame Energy expands its portfolio into the energy and gas sector, adding large-scale licenses for industrial gas, natural gas, and liquids in East Greenland…more…more

Tower Resources (TRP.L TWRFF ULF1.F) announced it has issued a letter of award to Advanced Energy Systems for the provision of a jack-up rig, proposed to be the Admarine 510, to drill the NJOM-3 well on Tower's Thali license in Cameroon in Q4 2025. The Admarine 510, a GustoMSC CJ-46-X100-D triangular design three-legged jackup unit, capable of operating in water depth up to 375 feet, is just completing its five-yearly recertification project and has also recently been awarded a contract with Addax Petroleum for operations in Cameroon to commence in late 2025. It is intended that the rig will drill the NJOM-3 well for Tower before beginning operations with Addax. Receipt of Government approvals in Cameroon and completion of Tower's farm-out to Prime Global Energies are awaited…more

G2 Goldfields (GTWO.TSX GUYGF) announced multiple near-surface intercepts and significant sulphide mineralisation in its New Oko discovery area, extending the deposit’s strike to 630 metres while remaining open in all directions. Deeper holes have also encountered substantial sulphide mineralisation. New assay results from the New Oko discovery area include multiple near-surface intercepts, notably 65 metres at 1.5 grams per tonne gold and 9.7 metres at 3.1 grams per tonne gold in AMD18, 52 metres at 0.9 grams per tonne gold in AMD23 and 70.5 metres at 1.8 grams per tonne gold in AMD25. Drilling has extended the total strike length to 630 metres, confirming down-dip continuity of the host structure and coherent higher-grade shoots that remain open in all directions. Deeper drill holes in the central area have encountered significant sulphide mineralisation of up to 7%, with assays pending. G2 has mobilised for a maiden drilling programme of the RE Zone soil anomaly 4 kilometres north of the current campaign, with results expected by mid-July…more

Pharos Energy (PHAR.L SOCLF) announced that it has received approval from the Vietnamese Government for a two-year extension of the exploration period (from 9 November 2025 to 8 November 2027) of the Blocks 125 & 126 Production Sharing Contract in Vietnam. Per Katherine Roe, CEO, this approval reflects the Government's continued support as PHAR progress its active discussions with potential farm-in partners and rig contractors to complete all necessary preparations ahead of drilling the commitment well on Block 125…more

Meridian Mining UK Societas (MNO.TSX MRRDF 2MM.F) announced multiple shallow, high-grade gold-copper-silver-zinc intersections from its infill drilling at the Santa Helena project, including its highest-grade bedrock gold sample to date. The company is also expanding its exploration programme at Santa Fé with additional geophysical and geochemical surveys and shallow reconnaissance drilling. Multiple shallow, high-grade intersections at Santa Helena from infill drilling, including highlights such as 11.6 metres at 5.9 grams per tonne gold equivalent from 42.0 metres in CD-660, 17.6 metres at 3.6 grams per tonne gold equivalent from 4.6 metres in CD-700, 8.3 metres at 3.8 grams per tonne gold equivalent from 39.5 metres in CD-691 and 7.0 metres at 5.2 grams per tonne gold equivalent from 42.0 metres in CD-701. A record bedrock gold sample of 25.4 grams per tonne gold equivalent and 449 grams per tonne gold equivalent was returned in hole CD-701 (48.1–48.45 metres), marking the highest-grade intercept at Santa Helena to date. Infill drilling is ongoing to refine mineralisation geometry and grade continuity ahead of a resource estimate planned later this year…more

Challenger Energy (CEG.L BSHPF) announced its audited annual results for the year ended 31 December 2024. CEG holds two offshore exploration licences in Uruguay totalling 19,000 km2 gross and is partnered with Chevron on the AREA-OFF 1 block. The technical work on AREA OFF-3 is said to continue to progress as planned and Challenger anticipates results of that work in Q3 2025, enabling the company to commence a farmout process on that block. It is the only smaller cap company present in that region, holding substantial acreage positions…more

Ora Banda Mining (OBM.ASX ESGFF) announced significant high-grade drill results from its Riverina Deeps, Waihi and Little Gem prospects, confirming continuity of mineralisation to depths exceeding 1,000 metres and extending the strike at Little Gem beyond five kilometres. The Waihi programme identified a new 8.7 metre zone at 330 metres depth, including intervals up to 90.6 grams per tonne gold, with the zone remaining open in all directions. Infill drilling at Riverina Deeps returned numerous high-grade intersections (over 20 gram-metres) between 500–1,000 metres downhole, confirming a continuous mineralised system and supporting an updated resource estimate. Broad-spaced exploration at Little Gem extended the carbonate-hosted system over a strike of more than 5 kilometres, with early assays such as 7 metres at 3.7 grams per tonne gold, with the zone remaining open in all directions, and 10 metres at 1.3 grams per tonne gold confirming the prospect’s potential…more

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.

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