Jim's Mining Letter - April 6, 2025

Alamos Gold (AGI AGI.TSX 0UGS.L 1AL.F) announced that it has entered into a binding agreement to sell its non-core Quartz Mountain Gold Project located in Lake County, Oregon to Q-Gold Resources (QGR.V QGLDF) for a total consideration of up to $21 million and a 9.9% equity interest in Q-Gold. Per John A. McCluskey, President and Chief Executive Officer, the sale of Quartz Mountain is consistent with the company’s strategy of monetizing non-core assets as Alamos develops its portfolio of high-return growth projects including the Phase 3+ Expansion at Island Gold, Lynn Lake, and PDA. As a Forbes & Manhattan backed company, Q-Gold is said to be well positioned to advance Quartz Mountain and Alamos looks forward to participating in the future success of the project as a significant shareholder. Separately, GFG Resources (GFG.V GFGSF) announced a private placement of premium flow-through units to raise gross proceeds of up to C$2.5 million. As part of the offering, GFG announced that its largest shareholder, Alamos Gold, has committed to purchase securities in the offering to maintain its position at a 10.8% interest in the company upon completion of the offering…more

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

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

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.

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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

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

Robex Resources (RBX.V RSRBF RB4A.F) announced a March 2025 project construction update for its Kiniero Gold Project in Guinea, West Africa. Robex is on track to deliver first gold at Kiniero in Q4 2025 and expects to produce 155,000 ounces of gold in 2026. Construction remains on schedule and budget, LTI free. The grade control drilling phase 1 contract has been awarded and drilling has commenced. The structural, mechanical and piping contract for process plant construction also has been awarded and the contractor will mobilise in May 2025. Process plant engineering and detailed design are complete, the first four power station engines and generators are nearing completion, with testing scheduled for mid-April at Hyundai’s factory and purchase orders have been raised for key mechanical and electrical equipment including Train B CIL agitators, pebble crusher and conveyor drives. The primary crusher ROM wall is completed, and ROM pad backfilling has commenced; SAG and ball mill concrete foundations are 100% complete. Structural steel and platework fabrication is 55% complete, with four shipments of structural steel collected and in transit to Kiniero. Platework deliveries will commence next month. Concrete work for the process plant is progressing on schedule, with 85% (7,065 m3) of concrete poured to date. Concrete work for the power station and fuel storage has commenced. Tank structures are 42% complete, with all six tanks for the CIL Train A circuit at full height. Clearing for the tailings storage facility is complete and the TSF base is being progressively prepared. Lining commenced with more than 90,000 m2 laid in March…more

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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