Jim's Mining Letter - February 23, 2025

Last call to invest in your own gold mine

• One of the largest gold plants in South America with a resource of 1.8 million ounces of gold

• Low seed round valuation offers significant return potential for investors

• Public listing planned for 2025

• Full infrastructure in place which would cost over C$400 million to build today

• Equity investment secured last week fully funds the restart of gold production

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Rupert Resources (RUP.TSX RUPRF RO5.F) announced that it has completed a pre-feasibility study for its 100% owned Ikkari Project, located 40 kilometres from the town of Sodankylä in Northern Finland. A maiden mineral reserve has been declared for the project with a probable mineral reserve of 52 million tonnes at 2.1 grams per tonne gold for 3.5 million ounces Au. After-tax net present value at a 5% discount is $1.7 billion with an unlevered internal rate of return of 38% and payback after 2.2 years, assuming a long term market consensus gold price of $2,150 per troy ounce. Net present value is $2.5 billion with an internal rate of return of 49% and a 1.7 year payback at $2,650 per ounce. Expected lowest quartile all-in sustaining cost is $918 per ounce over life of mine and $717 per ounce during years 1 to 10 due to a high open pit grade and low strip ratio. Life of mine is 20 years, comprising an open-pit operation for the first 10 years with average annual production of 227 thousand ounces per annum, transitioning to an underground operation in years 10 - 20. The initial capital requirement is $575 million. First gold pour is targeted in 2030 based on environmental impact assessment submission and definitive feasibility study initiation in H2 2025, a 24-month permitting timeline and a 2½ year construction period.

Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) announced new high-grade gold results from 3,312.5 meters of near mine exploration and infill drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the West Zone target west of the Tuvatu Gold Mine. The West Zone is located approximately 300 metres to the west of the main Tuvatu deposit, in close proximity to existing mine infrastructure. Drilling was conducted from two surface drill pads and consisted of resource infill and expansion drilling with the purpose of bringing the West Zone into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 14 drill holes, including multiple bonanza grade gold assays such as 896.00 grams per tonne, 306.78 grams per tonne, 264.55 grams per tonne, and 178.55 grams per tonne gold over narrow widths of 0.3 metres. All high-grade gold results were intersected between 30 metres and 150 metres depth from surface. The West Zone is hypothesized to have a separate feeder system from Tuvatu and represents a prime target for near-mine resource expansion…more

Goliath Resources (GOT.V GOTRF B4I.F) announced high-grade gold intercepts of up to 10.91 grams per tonne gold equivalent (10.53 grams per tonne gold and 22.83 grams per tonne silver) over 10.00 meters, including 15.51 grams per tonne gold equivalent (14.99 grams per tonne gold and 31.10 grams per tonne silver) over 7.00 meters from multiple mineralized veins that remain open at Surebet on its 100% controlled Golddigger Property, Golden Triangle, B.C. Assays compiled and modelled for 6 new drill holes from the successful 2024 drill program intersected excellent gold grades, demonstrating minable widths and grades. This large expanding gold discovery remains wide open both laterally and to depth with untapped discovery potential remaining. Assays compilation, interpretation and modeling are underway for an additional 77 holes that will be announced shortly. Per Roger Rosmus, Founder and CEO, it is clear that Surebet is a world-class discovery, in one of the world’s premier jurisdictions…more

Power Nickel (PNPN.V PNPNF IVV.F) announced that due to significant demand, it has decided to upsize its previously announced private placement offering by up to C$10 million, bringing the aggregate total proceeds up to C$50 million. The offering consists of the previously announced C$40 million of Quebec flow-through shares at C$2.83 each and up to C$10 million of non-flow through shares at C$1.45 each. Existing shareholders including Robert Friedland are participating in the upsize. The company is focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into potentially Canada's next poly metallic mine. Separately, the company announced that it has received approval from the TSX Venture Exchange to change its name to Power Metallic Mines. To quote the company, nickel isn't a four-letter word in North America but it also does not reflect the high grade polymetallic discovery made at Nisk and a more compelling name was needed. It also possibly adds to the problems of the alleged short sellers of the stock…more

Thesis Gold (TAU.V THSGF 0110.F) announced the remaining drill results from its 2024 program at the Ranch area, part of its 100%-owned, road-accessible Lawyers-Ranch Project in British Columbia's Toodoggone mining district. The 2024 drill program was designed to advance engineering and environmental baseline studies essential to the prefeasibility study, which remains on track for Q4 2025 completion, supporting the environmental assessment process set to commence later this year. The study will build on the positive results of the 2024 preliminary economic assessment, which outlined robust project economics, including an after-tax net present value (5%) of C$1.28 billion, a 35.2% internal rate of return and a 2 year payback period. The assessment also highlighted a strong production profile, projecting over 215,000 gold equivalent ounces per year for 14 years at an all in sustaining cost of $1,013. In parallel, exploration and near-resource drilling continue to highlight the potential for further resource growth at Ranch through new discoveries, and the expansion and upgrading of ounces outlined in the preliminary economic assessment. Next steps are the 2025 drilling program focused on expanding near-resource mineralization and testing high-priority regional epithermal and porphyry targets, commencement of the environmental assessment in H2 2025 with Q4 2025 completion of the prefeasibility study…more

Power Metal Resources (POW.L POWMF 2M50.F) announced the acquisition by mineral claim staking of the Fortin River Uranium Project and preliminary results from a recent geophysical survey flown over the project. Fortin River is located in northern Saskatchewan, Canada. Preliminary geophysical data indicates the potential presence of a 1.7 kilometres wide meteor impact crater; such impact craters are targets for unconformity-related uranium mineralisation elsewhere in Northern Saskatchewan, with over 62 million pounds of uranium mined from a major uranium deposit located within the nearby Carswell Crater. The inferred impact crater was previously unidentified, with no modern and very limited historical exploration carried out in the area. Upon receipt of the finalised data and report, geophysical inversions and further analysis will be carried out to determine the location of fault structures, which may be amicable for uranium mineralisation.

This tech company grew 32,481%..

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

They’ve just been granted their Nasdaq stock ticker, and you can still invest at just $0.26/share.

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*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.

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.