Jim's Mining Letter - January 12, 2025

Own a share in your own gold mine

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

• Current low seed round valuation offers significant return potential for investors

• Highly experienced corporate management team who also own two other mines

• Public listing planned for 2025

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

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Lithium Americas (LAC.TSX LAC) announced an increased mineral resource and mineral reserve estimate for the Thacker Pass lithium project in Humboldt County, Nevada. The project is indirectly owned by Lithium Nevada Ventures, a joint venture between the company, which has a 62% ownership, and General Motors (GM) which has a 38% ownership. Thacker Pass contains the largest measured lithium reserve and resource in the world, with 14.3 million tonnes LCE and the plan is to expand production to 160,000 tonnes-per-year of battery-quality lithium carbonate. The project has an 85-year life of mine with low operating costs, making it one of the lowest-cost expected producers. Final investment decision is expected for Phase 1 in early 2025, with first production anticipated in Q4 2027. Recent financial support includes a $2.3 billion loan from the U.S. Department of Energy and a $625 million investment by General Motors.

G2 Goldfields (GTWO.TSX GUYGF) announced an update on its ongoing exploration program at the company’s 58,000-acre OKO-AREMU gold project, Guyana. In April 2024, G2 announced a mineral resource estimate comprised of 922,000 ounces of gold indicated and 1,099,000 ounces of gold inferred. To date, G2 has drilled a total of 509 diamond drill holes totalling 139,180 meters at the 2.2 km long OKO-GHANIE gold system. Subsequent to the April mineral resource estimate, the company has completed an additional 200 drill holes totalling 56,887 meters which will provide additional data for the updated estimate to be announced in the first quarter of 2025. G2’s OKO gold resource lies along a prominent 2.5 kilometre long north-south structure which is defined by the high grade OMZ resource to the north with 688,000 ounces of gold at 9.03 grams per tonne indicated and 495,000 ounces of gold at 6.38 grams per tonne inferred, and the Ghanie open pit and underground resource to the south. In the latter half of 2024, the company’s exploration program focused on the southern portion of this regional trend, targeting expansion of the Ghanie open pit along strike and to depth, possible new gold zones in between the Ghanie and Oko deposits, strike extensions to the OMZ high grade deposit to the south, and depth extensions to the Ghanie central deposit. The exploration program is said to have been successful in achieving each of the four objectives…more

Collective Mining (CNL CNL.TSX GG1.F) announced final assay results from the 2024 drill program at the Trap and Plutus targets. At the Trap target, drilling has confirmed and expanded the high-grade area northwards within the Trap main zone and has discovered a new high-grade vein system in the south of the target area with intercepts including 0.8 metres at 816 grams per tonne gold. At the Plutus target, reconnaissance drilling continued to cut shallow levels of a mineralized porphyry system. Trap and Plutus are located within the company's multi-target Guayabales project in Caldas, Colombia. The company currently has five drill rigs operating as part of its fully funded 60,000-metre drill program for 2025. Two additional rigs have been contracted with drilling anticipated to ensue in late January and February, respectively…more

Mawson Gold (MAW.V MWSNF MXR.F) announced it is proceeding with the spin out of its uranium assets and a name change to Southern Cross Gold Consolidated. The company will consolidate its shares and acquire full ownership of Southern Cross Gold (SXG.ASX). Mawson Gold will spin out its uranium assets to SUA Holdings, distributing SUA shares to Mawson shareholders. The company will undergo a share consolidation, reducing its outstanding shares and changing its name to Southern Cross Gold Consolidated and Mawson will acquire the remaining shares of Southern Cross Gold, making it a wholly-owned subsidiary. The company's shares have been halted from trading and are expected to resume on January 15, 2025, under the new name and ticker symbol SXGC.V. Mawson also has received conditional approval to dual list on the ASX with the ticker symbol SX2.ASX…more

Guardian Metal Resources (GMET.L GMTLF) announced an exploration update at the company's 100% owned Garfield project located within the Walker Lane Mineral Belt in Nevada. Guardian Metal's technical team recently completed a geological site visit with a focus on assessing the high-grade gold potential of the Pamlico zone in the south of the project area. This work followed on from the late 2023 prospecting and rock sampling work over the same area, where all five samples collected returned high grade gold results ranging from 4.98 grams per tonne up to 18 grams per tonne. Sample CJ0079 has returned overlimit antimony (greater than 10,000 grams per tonne or 1%), gold (greater than 10 grams per tonne), silver (greater than 100 grams per tonne), lead (greater than 10,000 grams per tonne or 1%) as well as 3,920 parts per million copper.  

White Gold (WGO.V WHGOF 29W.F) announced the closing of the second and final tranche of a non-brokered private placement for aggregate gross proceeds of approximately C$250,000 consisting of the sale of 1,136,364 shares at a price of C$0.22. Combined with the closing of the first tranche of the offering completed on December 23, 2024, in total the company raised gross proceeds of C$5.25 million. White Gold owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 3,150 square kilometres, representing approximately 40% of the Yukon’s emerging White Gold District. The company’s flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,203,000 ounces of gold in indicated resources and 1,116,600 ounces of gold in inferred resources. Regional exploration work has also produced several other new discoveries and prospective targets on the company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont (NEM NGT.TSX NEM.ASX NMM.F) with measured and indicated resources of 2.1 million ounces at 1.28 grams per tonne gold and inferred resources of 0.2 million ounces at 1.04 grams per tonne gold; and the Western Copper and Gold (WRN WRN.TSX 31WN.F) Casino project which has measured and indicated resources of 7.6 billion pounds of copper and 14.5 million ounces of gold and inferred resources of 3.3 billion pounds of copper and 6.6 million ounces of gold…more

Thesis Gold (TAU.V THSGF 0110.F) announced that it has engaged Ausenco Engineering Canada and Mining Plus Canada Consulting to complete a pre-feasibility study prepared in accordance with NI 43-101 for its wholly owned Lawyers-Ranch project in British Columbia. This will build upon the strong project economics outlined in the preliminary economic assessment filed in September 2024, which demonstrated an after-tax NPV5 of C$1.28 billion, an IRR of 35.2%, and a payback period of just 2 years. The study is scheduled to be completed in Q4 2025 and work will progress in line with the ongoing environmental assessment process, with necessary finalized design items scheduled to be completed prior to submission of the detailed project description in the second half of 2025…more

Vizsla Silver (VZLA VZLA.TSX 0G3.F) announced the results of an updated mineral resource estimate for its 100% owned Panuco silver-gold project located in Sinaloa, Mexico. Combined measured and indicated mineral resources are estimated at 12.96 million tonnes grading 307 grams per tonne silver, 2.49 grams per tonne gold, 0.27% lead, and 0.85% zinc (222.4 million ounces silver equivalent at 534 grams per tonne silver equivalent). The updated mineral resource estimate includes measured mineral resources of 28.6 million ounces of silver, 214 thousand ounces of gold, 3.3 kilotonnes of lead, and 7.9 kilotonnes of zinc (46.1 million ounces silver equivalent) and indicated mineral resources of 99.2 million ounces of silver, 822 thousand ounces of gold, 31.6 kilotonnes of lead, and 102.3 kilotonnes of zinc (176.3 million ounces silver equivalent). Inferred Mineral Resources are estimated at 10.5 million tonnes grading 219 grams per tonne silver, 1.96 grams per tonne gold, 0.30% lead, and 1.01% zinc (412 grams per tonne silver equivalent). The updated mineral resource estimate includes inferred mineral resources of 73.6 million ounces of silver, 660 thousand ounces of gold, 31.2 kilotonnes of lead, and 106.2 kilotonnes of zinc (138.7 million ounces silver equivalent). The estimate is centred on the western portion of Panuco, encompassing ~8.6 kilometres of the known 86 kilometres of cumulative vein strike in the district. In total, the updated mineral resource estimate is based on a total drill database of 979 holes (372,685 metres) completed by Vizsla since November 2019. Per Michael Konnert, President and CEO, this update represents only a snapshot in time as every vein included in the global project resource remains open for further expansion.

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