Jim's Mining Letter - December 1, 2024

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Mawson Gold (MAW.V MWSNF MXR.F) announced that Southern Cross Gold (SXG.ASX) has made another significant discovery at its 100%-owned Sunday Creek gold-antimony project, located north of Melbourne. SXG's latest drilling has revealed exceptional gold grades at depth at the historic Golden Dyke mine area. Hole SDDSC141 intercepted 5.5 metres at 25.4 grams per tonne gold, including a very high-grade zone of 1.4 metres at 101.1 grams per tonne gold, extending known mineralisation 100 metres to 200 metres deeper than previous drilling. Per the company, the breakthrough came from drill hole SDDSC0141 that extended nearly 550 metres below the surface, discovering multiple zones of high-grade gold and antimony mineralisation. This discovery is particularly significant as it extends the known mineralised area by up to 200 metres below previous drilling, demonstrating that the high-grade gold vein sets continue to depth. The critical metal component adds another compelling dimension to this story. Sunday Creek's antimony content (approximately 20% of in-situ recoverable value) positions it as one of the few high-quality antimony projects in the Western world at a time when China's recent export restrictions are pressuring Western defence supply chains. Mawson owns 96,590,910 shares of SXG, representing 48.7%.

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced it has completed the first gold pour at its Nalunaq gold mine in Greenland. On November 26, 2024, the Government of Greenland approved the Phase 1 commissioning of the Nalunaq plant, which has since been operated at its nameplate capacity. The first gold pour at Nalunaq took place on November 27, 2024, producing 1.2 kilograms (39 troy ounces) of gold after a 10-hour processing period. The company will continue to optimise the processing plant during Phase 1 commissioning and aims to conduct a gold pour on a weekly basis. Phase 2 commissioning, incorporating the flotation circuit, is due to complete in Q2 2025 and ramp-up to a steady state nameplate plant capacity of 260-300 tonnes per day of material between 12-16 grams per tonne gold is expected to take place in Q4 2025. An updated mineral resource estimate for Nalunaq is expected to be published in Q1 2025…more

GreenX Metals (GRX.ASX 5PMA.F) announced that high grade antimony mineralisation has been identified at the company’s Eleonore North project in Greenland, based on historical results recently released by the Geological Survey of Denmark and Greenland. Antimony prices have been on a rapid uptrend since China announced export controls, with antimony prices in the US reaching $37,500 per tonne, up from $18,300 per tonne the previous week. Historical results from the survey fieldwork include grab samples from outcropping mineralised veins with individual specimens grading up to 23% antimony and other samples grading up to 4 grams per tonne gold. Antimony mineralisation has been identified along an approximately 4 kilometre trend in veins and structures that broadly align with previously identified gold veining at surface within a 15 kilometre trend. Significantly, the survey’s geologist’s identified stibnite as the antimony mineral. This is the predominant ore mineral for commercial antimony production. Antimony is designated a critical raw material by both the EU and the US, with China being the world’s major antimony ore producer and major exporter of refined antimony oxides and metallic antimony. Antimony is a crucial material in the defence supply chain, used in various military applications including ammunition, flame retardants and smart weaponry, and is essential in renewable energy technologies including more-energy efficient solar panel glass and in preventing thermal runaway in batteries. The antimony market is expected to grow by 65% between 2024 and 2032.

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Foran Mining (FOM.TSX FMCXF 48M.F) announced that it has entered into an option agreement with Voyageur Mineral Explorers (VOY.CSE CPEFF) to acquire a 100% interest in Voyageur's Hanson Lake property, located in east-central Saskatchewan. The property lies approximately 3 kilometres north of Foran's McIlvenna Bay Deposit and the Tesla Zone along a prospective geological trend that has been of longstanding interest to the company. By consolidating the Hanson Lake property into its exploration portfolio, Foran has strengthened its position in the region, gaining seamless access to one of the district's most geologically prospective trends. Foran will make an initial payment of C$1 million in common shares to Voyageur and will then have five years to explore the Hanson Lake property, with no minimum spending requirement, and hold the option to acquire 100% of the Property for a one-time payment of C$10 million in cash or common shares at Foran's election during this period. If the option is exercised by Foran, Voyageur will retain a 2% net smelter return royalty in respect of the Hanson Lake property.  At any point prior to a construction decision regarding any potential development of the Hanson Lake property, Foran may buy back 50% of the net smelter return royalty for C$1 million and an additional 25% after 54 months of production for a further C$1 million, after which Voyageur will retain a 0.5% net smelter return royalty…more

Aldebaran Resources (ALDE.V ADBRF) announced the results of an updated mineral resource estimate for the Altar copper-gold project in San Juan, Argentina, which includes three main porphyry discoveries (Altar Central, Altar East, and Altar United) reported within a single conceptual open pit. Measured & indicated resources are 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of silver, and there is an inferred resource of 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of silver, all representing significant increases compared to the 2021 mineral resource estimate. Per John Black, CEO, the company has completed over 63,000 metres of drilling since 2021 and the results demonstrate that Altar is one of the largest undeveloped copper-gold deposits in the world. On the back of the resource estimate, Aldebaran has begun working towards the first PEA on the Altar project, to be completed in Q2-2025. The results position Altar as one of the few giant copper-gold projects still in the hands of a junior exploration company…more

Toubani Resources (TRE.ASX TOUBF 3V20.F) announced an update for the Kobada gold project following release of the 2024 definitive feasibility study, which outlined a low capital cost and high production development over an extended mine life. The company has appointed Endeavour Financial as its financial advisor for the project financing of the project following interest received from potential financiers post the release of the study. Updating of the previously approved environmental and social impact assessment has commenced and drilling activities are set to begin at Kobada to test for extensions at depth, as well as additional high-margin oxide ounces to bolster Kobada’s initial 9-year life-of-mine. Discussions are advancing with the State of Mali on the final investment agreements for Kobada with Toubani's business operations continuing as normal. Endeavour is highly experienced in executing a range of project finance mandates on the African continent, including Mali where members of the Endeavour team have acted as lenders or have advised on project financings for the Morila, Loulo, Syama, Tabakoto and Yanfolila developments. The appointment follows interest received by Toubani from potential financiers, including African banks and credit funds, following the release of the Kobada definitive feasibility study last month that demonstrated Kobada as one of the lowest capital cost development projects in West Africa. The company is also preparing for drilling activities to commence next month with the campaign targeting extensions to the main Kobada deposit at depth, as well as additional oxide mineralisation in and around the deposit.

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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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