Jim's Mining Letter - February 9, 2025

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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

Ariana Resources (AAU.L 4A6.F) released new assay results from five geotechnical holes drilled for the purposes of the pre-feasibility study at the Dokwe gold project in Zimbabwe. DPD126 intercepted 2 metres at 17.11 grams per tonne gold in the Eastern Zone, bridging a gap between previous intercepts and providing a strike length of ~270 metres. DPD127 was drilled down-dip within a dacitic unit, confirming the continuity of mineralisation, with intercepts including 8 metres at 4.32 grams per tonne gold from 116 metres, 5 metres at 5.14 grams per tonne gold from 142 metres, 10 metres at 1.64 grams per tonne gold from 160 metres, 10 metres at 1.73 grams per tonne gold from 176 metres, 5 metres at 4.30 grams per tonne gold from 213 metres, and 36 metres at 2.38 grams per tonne gold from 261 metres. DPD128 confirms grade continuity on the northeastern limits of the mineralisation, which remains open at depth and northwards along strike. Per Dr. Kerim Sener, Managing Director, results confirms the presence of significant gold mineralisation occurring within an area now referred to as the Eastern Zone, demonstrating considerable strike continuity of over 270 metres for this zone alone, in addition to pointing towards the further depth extent of the deposit…more

Founders Metals (FDR.V FDMIF 9DL0.F) announced a bought deal financing to raise approximately C$30 million. 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

i-80 Gold (IAUX IAU.TSX 8JI.F) announced that it has closed its prospectus offering of 28,212,593 common shares at a price of C$0.80 per share for aggregate gross proceeds of approximately C$22,570,074. The previously announced concurrent private placement offering to certain directors and officers of the company is expected to close in the first week of February 2025, subject to the receipt of all required regulatory approvals. i-80 has the third largest gold mineral resources in the state of Nevada. The recapitalization plan underway is designed to unlock the value of the company's high-grade gold deposits to create a Nevada mid-tier gold producer.

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

Marula Mining (MARU.AQSE 48U0.F) announced additional assay results of copper concentrate samples from the Kinusi copper mine in the Mpwapwa District of Tanzania's Dodoma Region. The assays were completed by SGS Tanzania on mined and processed copper taken from the Kinusi No. 4 Open Pit in January 2025 and reported an average grade of 19.72% copper. Individual assay results of the seven samples were 22.56%, 20.87%, 22.10%, 18.60% 14.78%, 21.46% and 19.64% copper. The samples were taken from the mined, processed and already bagged saleable copper concentrates at Kinusi and were selected by representatives of one of the Swiss-based global commodity trading groups during their site visit. Per Jason Brewer, CEO, these assay results are further confirmation of the high-grade copper concentrates that the company has ready for sale at Kinusi and with these additional results now received it allows Marula to finalise its initial sales.

Panthera Resources (PAT.L) announced a maiden mineral resource estimate for the K1A deposit at the Kalaka project in Mali, highlighting substantial gold potential. The estimate reports 49.9 million tonnes at 0.50 grams per tonne for a total of 803,000 ounces of gold; assays confirm high-grade copper with samples showing an average of 19.72% copper. The resource includes 6.8 million tonnes of oxide and transitional material and 43.1 million tonnes of sulphide. The project is positioned strategically near major gold mines, enhancing its development potential. Further exploration and drilling are planned to expand the resource base and test additional targets within the project area.

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

Japan Gold (JG.V JGLDF)Corp. announced initial drill results at the Barrick Alliance Togi project, confirming a concealed gold-bearing system with significant strike potential. High-grade drill intercepts along the Mori fault are said to support further exploration efforts. Initial drill holes at the Akasaka target confirmed a concealed low-sulfidation gold system with potential strike extensions up to 2 kilometres and drill intercepts returned high-grade values, with some samples reaching up to 79.7 grams per tonne, supporting the advanced exploration model along the Mori fault. The Togi drill program was fully funded by Barrick Gold (GOLD ABX.TSX ABR.DE); a joint Japan Gold/Barrick technical committee oversees the work programs. Advancement of the Togi project will be prioritized based on results of drill programs scheduled to commence at the Hakuryu and Ebino projects in April this year. The Togi project comprises an area of 3,990 hectares and covers the historic Togi goldfield. Additionally, Japan Gold 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

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

Rua Gold (RUA.V NZAUF) announced an update from the exploration campaign underway at the Reefton project on the South Island of New Zealand with significant added potential of antimony within the project. The company is sitting on the vast majority of New Zealand’s antimony, whose spot price increased 250% in 2024 and has held at all time high levels of over $40,000 per tonne. Rock chips have been found in several areas across the Reefton District with grades of up to 40.3% antimony and gold grades up to 74.3 grams per tonne. It is common for high grade gold and stibnite (antinomy ore mineral) to be co-located and stibnite is often used as a pathfinder for gold. Both gold and antimony are on New Zealand's critical minerals list.

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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.