Jim's Mining Letter - January 5, 2025

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Greenridge Exploration (GXP.CSE GXPLF HW3.F) and ALX Resources (AL.V ALXEF 6LLN.F) announced the completion of the previously announced arrangement whereby Greenridge has acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement. The transaction establishes Greenridge as a leading Canadian uranium exploration company with interests in 15 uranium exploration projects that total approximately 212,845 hectares across known uranium districts including the Athabasca Basin, Thelon Basin and Elliot Lake. The combined entity also has interests in an additional thirteen 13 lithium, nickel, gold and copper properties across Canada. With the recently closed C$4.9 million financing the company now can advance the projects in a meaningful way.

Sanu Gold (SANU.CSE SNGCF) announced that the company has completed a strategic investment by Montage Gold (MAU.V MAUTF) and associates into Sanu Gold for a total value of C$10,055,412. The company has completed a share exchange transaction with Montage for an investment in Sanu consisting of the issuance of common shares of Montage having a market value of C$5,494,115 in exchange for the issuance of an equivalent value of common shares of Sanu at a deemed price of C$0.072. Montage now is approximately a 19.9% shareholder in Sanu. The company also announced the closing of a non-brokered private placement of 4,945,304 Sanu shares at C$0.072, for an aggregate total of C$4,561,297, led by members of the Lundin Family and associates. The Sanu shares issued under the exchange transaction and the offering are subject to a four-month and one-day hold period. The Lundin family obtained a 10% stake in Sanu, joining AngloGold Ashanti (AU ANG.JSE) who maintained a 10% stake also. Montage's CEO, Martino De Ciccio, has been appointed as Chair of Sanu's board with Silvia Bottero joining as a technical advisor. Proceeds from these investments will fund exploration activities in Guinea, West Africa, targeting the highly prospective Daina, Diguifara, and Bantabaye permits…more…more

Cygnus Metals (CY5.ASX) and Doré Copper Mining (DCMC.V DRCMF DCM.F) announced the successful completion of their merger, resulting in the creation of a critical minerals exploration and development company to be dual listed on the Australian Securities Exchange and the TSX Venture Exchange, and expected to be quoted on the OTCQB. The merger establishes Cygnus as a leading player in the critical minerals sector, with a strategic focus on high-grade copper and lithium assets in Quebec. The two core assets are the Chibougamau copper and gold project, and the James Bay lithium projects. The merged entity has more than A$14m in cash, underpinning the upcoming copper exploration and resource extension program. During the period leading up to the closing of the merger, Doré and Cygnus implemented a targeted exploration program with results expected early this quarter.

Manganese X Energy (MN.V 9SC.F) announced that it intends to complete a non-brokered private placement offering of up to 60,000,000 subscription receipts at a price of C$0.035 to raise gross proceeds of up to C$2.1 million. Eric Sprott has agreed to subscribe for 57,142,857 of the subscription receipts for an investment of $2 million. Proceeds will be used primarily to fund Manganese X's continuing programs to advance its Battery Hill project in New Brunswick towards development, including the upcoming pre-feasibility study. As the company is relying on the minimum price exception permitted by the TSXV, which allows for the issuance of subscription receipts at less than C$0.05, none of the proceeds will be used for payments to non-arm's length parties nor to persons conducting investor relations activities. Subject to and upon receipt of all necessary approvals, each subscription receipt will automatically convert into a unit of the company for no additional consideration. Each unit consists of 1 common share and ½ share purchase warrant entitling the holder to acquire an additional share at an exercise price of C$0.06 for a period of 36 months from the date of closing of the offering.

Showcase Minerals (SHOW.CSE ZJ0.F) announced the results of its Phase I exploration program on the Pontiac project, located in Quebec. The program successfully confirmed historical uranium mineralization while also identifying anomalous values of rare earth elements, uranium, and other strategic minerals. Phase I was designed to verify historical mineralization, assess exploration targets, and uncover new potential areas of interest on the property. Exploration work included ground prospecting, geological mapping, sampling activities, and scintillometer radiometric surveys. Rare earth elements and uranium exploration targets are now seen to have been identified at the project.

Apex Resources (APX.V SLMLF) announced that geologist, William Feyerabend, has joined the company. He has extensive experience in generating, exploring and developing lithium brine projects in Nevada, California, Utah, and Argentina. Additionally, Apex plans to complete a non-brokered private placement financing of up to 15,000,000 units at a price of C$0.05 for gross proceeds of up to $750,000. Each unit is comprised of one Apex common share and one share purchase warrant exercisable at C$0.10. The warrants will have an expiry date of two years from the date of issue and if at any time prior to the expiry date, the shares trade at or above C$0.20 for a period of 10 consecutive trading days commencing four months plus one day after the issue date, the company may accelerate the expiry date. Proceeds from the financing will be used to fund the company's projects and for general working capital. Apex has an option to acquire the Lithium Creek project, 70 kilometres east of Reno, Nevada. The project is a new, district scale exploration project that has never been systemically explored or drill tested for lithium brines.

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