Jim's Mining Letter - February 6, 2025

Collective Mining (CNL CNL.TSX GG1.F) announced significant drill results from the Apollo system, including a 51.95 metre intercept grading 8.38 grams per tonne gold equivalent and a high-grade 18.05 metre interval at 16.32 grams per tonne gold equivalent at approximately 1,200 metre depth. The results expand the Ramp Zone vertically and along strike, with ongoing drilling aimed at further defining this deep, high-grade system. Both drill holes extended the Ramp Zone by around 150 metres vertically and 50 metres along strike in the deeper part of the Apollo system. The detailed assay results indicate a high-grade gold system with geological similarities to the nearby Marmato Deeps deposit. Collective is advancing a fully funded 60,000 metre drill program with multiple rigs actively testing the Ramp Zone…more

Founders Metals (FDR.V FDMIF 9DL0.F) announced a bought deal financing to raise approximately C$30 million by selling 5,716,000 common shares. The net proceeds will fund accelerated exploration at the Antino Gold project and support general corporate purposes. Underwriters led by BMO Capital Markets have agreed to buy 5,716,000 common shares at C$5.30 each and an option is granted to underwriters to purchase an additional 15% of shares within 48 hours before closing. The financing is expected to close on or about February 20, 2025, subject to regulatory approvals…more

Power Nickel (PNPN.V PNPNF IVV.F) announced strong results from its recent drilling campaign in the Lion Zone, indicating significant extensions and high-grade mineralization. Drilling at the Lion Zone confirmed extension of high-grade mineral zones with hole PN-24-095a delivering 10.60% copper equivalent over 5.35 metres within 3.61% copper equivalent over 19.40 metres. Borehole electromagnetic surveys identify potential off-hole conductors, suggesting more targets for mineralization. Power Nickel plans further exploration with additional drilling scheduled between the Nisk and Lion deposits, aiming to expand winter 2025 drilling targets. The company has increased drilling activities, with multiple rigs operating to accelerate the exploration and development at the site…more

Japan Gold (JG.V JGLDF) announced the sale of a 1.5% net smelter return royalty on key exploration assets in Japan to Osisko Gold Royalties for $5 million. The transaction includes an option for Osisko to acquire an additional 0.5% royalty for $3 million after one year. Transaction security is provided via a share pledge and corporate guarantee. Net proceeds will be allocated primarily for the exploration, development, and advancement of the royalty properties…more

B2Gold (BTO.TSX BTG 5BG.F) announced a positive preliminary economic assessment result for the Antelope deposit at the Otjikoto mine in Namibia, highlighting strong financial metrics and a promising underground operation. The study also outlines further exploration plans aimed at expanding the resource base. The estimate for the Antelope deposit outlines a 5 year underground mine life with an after‐tax NPV of $131 million and an IRR of 35%. Key production parameters include an average grade of 5.75 grams per tonne gold, projected annual production of around 65,000 ounces, and low all-in sustaining costs. The estimate leverages existing Otjikoto infrastructure and team experience, while a $7 million exploration program with selective infill drilling is planned for 2025…more

Calibre Mining (CXB.TSX CXBMF WCLA.F) announced additional ore control RC drilling results at the Leprechaun open pit, confirming a 30% increase in contained gold compared to the 2022 reserve model. The update also highlighted robust construction progress at the Valentine Gold Mine, suggesting extended mine life and improved production. The company completed 21,500 metres of RC drilling on a 9 x 9 metre grid at the Leprechaun open pit, with drill results showing 29% more ore tonnes at a 1% higher grade, yielding a 30% increase in contained gold over the 2022 model. Data from the updated block model signals potential for processing higher grade material with adjusted cutoff grades; construction progress at Valentine is ongoing, with key installations advancing toward first gold in Q2 2025…more

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