Jim's Mining Letter - March 1, 2025

Buy gold in the ground for $14 an ounce

• 2 million ounce gold resource in Finland - Low cost open pit operation

• 80,000 ounces/year gold production resuming in June

• Public listing planned for October

• Largest gold plant in Europe fully built and ready to start

• Strategic partner announced this week investing C$15m

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Power Metallic Mines (PNPN.V PNPNF IVV1.F) announced that it has closed its previously announced best efforts private placement offering for aggregate gross proceeds of C$49,999,800: the company issued 14,135,000 flow-through shares at a price of C$2.83 and 6,895,000 non-flow-through shares at a price of C$1.45. The company paid the agents an aggregate cash commission of C$2,499,990. Per Terry Lynch, Chief Executive Officer, raising the $50 Million will enable Power Metallic to accelerate the pace of exploration dramatically. The company just added a third drill rig testing the western flank of the Lion Zone while Rig 1 focuses on the Lion Zone and the second rig continues to explore the Tiger Zone 700 metres to the east of the Lion Zone. The offered securities are subject to a statutory hold period until June 28, 2025…more

Goliath Resources (GOT.V GOTRF B4IF.F) reported final assay results for the 2024 drill season, with high-grade gold intercepts of up 9.39 grams per tonne gold equivalent (8.99 grams per tonne gold and 12.21 grams per tonne silver) over 10.17 meters within 7.33 grams per tonne gold equivalent (7.01 grams per tonne gold and 9.70 grams per tonne silver) over 13.10 meters from multiple mineralized veins that remain open at Surebet on its 100% controlled Golddigger Property, Golden Triangle, B.C. All 8 original layers identified through drilling and modelling on Surebet (Surebet Upper, Surebet Lower, Bonanza, Golden Gate, Whopper, Goldzilla, Eldorado and Big One) have been expanded and all remain wide open with additional expansion potential. 4 new zones have been confirmed and modelled in 2024 bringing the total gold-rich stacked layers to 12, all of which remain wide open for expansion. 100% of the drill holes completed to date within a 1.8 square kilometre  area and to a depth of up to 1.2 kilometres intersected mineralization with excellent gold grades, demonstrating mineable widths and grades and exceptional continuity and predictability of this large expanding gold discovery that remains wide open both laterally and to depth with untapped discovery potential remaining…more

Oracle Power (ORCP.L 9OC.F) announced that Riversgold (RGL.ASX RGV.F), the company's partner at the Northern Zone Gold Project located 25 kilometres east of Kalgoorlie in Western Australia, has confirmed further details regarding the upcoming planned drill programme. A 1,280 metres RC programme drilling to a depth of 100 metres to 120 metres is expected to commence imminently with the RC rig due to arrive on site tomorrow. The RC programme will test extensions at depth to previous holes that ended in mineralisation and high-grade shallow intercepts. Gamma logs are to be run to provide bulk density measurements for MRE work. 2,000 metres of aircore drilling to test shallower mineralisation is due to start around March 17. A mining lease application, M25/389, has been submitted to the Department of Energy, Mines, Industry Regulation and Safety to convert Northern Zone to a mining lease.

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Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) reported significant new high-grade gold results from 1,757.8 meters of near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Drilling is focused on the SKL lodes in the Zone 5 area of Tuvatu. The SKL lodes are located in close proximity to underground workings near surface in the Zone 5 area. Drilling was conducted from two surface drill pads and consisted of infill and expansion drilling with the purpose of bringing the SKL lodes into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 10 drill holes. Drill results include multiple bonanza grade gold assays such as 502.50 grams per tonne, 118.20 grams per tonne, 85.50 grams per tonne, and 76.50 grams per tonne gold over narrow widths of 0.3 metres. All high-grade drill results were intersected within 75 metres of underground developments and within 110 metres of surface. The SKL lodes were the subject of test mining in the 1990s but have undergone little modern drilling despite their proximity to underground workings. The SKL lodes represent a prime target for addition to the Tuvatu mine plan given the high-grade results and proximity to underground infrastructure. Previous drill results in the SKL area include 4.8 metres of 30.48 grams per tonne gold. The company also announced accomplished mining engineer Ian Berzins as the new CEO…more

Tudor Gold (TUD.V TDRRF H56.F) announced initial results from ongoing metallurgical test work on the high-grade gold Supercell-One Complex, located at the Treaty Creek Project situated within the Golden Triangle of British Columbia. The initial metallurgical results of the SC-1 composites follow the successful initial metallurgical results of the CS-600 Sub-Domain. The SC-1 Complex was discovered during the 2024 drill campaign and this discovery demonstrates significant additional economic potential for the Treaty Creek Project. The SC-1 Complex is peripheral to the CS-600 copper-gold domain and is described as a series of sub-parallel, intermediate- to low-sulphidation breccia structures that overprint the Goldstorm gold-copper-silver porphyry deposit. The structures are superimposed over and cut through the CS-600 copper-gold domain as a late-stage event. The SC-1 Complex is comprised of four distinct breccia structures: SC-1A, SC-1B, SC-1C and SC-1D. While SC-1B carries high-grade copper and silver mineralization, in addition to gold mineralization, it is the only structure that is considered polymetallic. The other three structures, SC-1A, SC-1C and SC-1D are all high-grade gold systems. In the two lowermost structures, SC-1C and SC-1D, flotation recoveries of up to 85.1% gold were achieved. Flotation testing confirmed that a salable concentrate from the SC-1C and SC-1D auriferous quartz-pyrite breccia structures produced a concentrate grade of 33.6 grams per tonne gold. Results from the SC-1C and SC-1D structures complement the recently reported metallurgical testing on the Lower CS-600 Sub-Domain, which returned flotaion recoveries of up to 88.1% copper, 63.8% gold, and 51.3% silver. Flotation testing confirmed that a high-grade copper concentrate with significant quantities of gold can be produced from the Lower CS-600 Sub-Domain that exceeds 29% copper with significant gold and silver grades of 33 grams per tonne and 96 grams per tonne, respectively…more

Amaroq Minerals (AMRQ.V AMRQ.L AMRQ.IC) announced an update on the 2024 exploration results at Nalunaq in Southern Greenland, aimed at expanding the Mountain Block and Target Block Extension zone. A total of 2,985 meters of surface core drilling was completed from eleven drillholes on the Target Block Extension zone, alongside 374.5 metres of underground core drilling at the Mountain Block and 203 channel samples from the western outcrops of the Main Vein and 75 Veins. Underground drilling saw intersections of up to 47.6 grams per tonne gold over 1.72 metres, reinforcing the high-grade potential of the Mountain Block where mining activities are focused this year. Surface drilling identified gold-bearing structures, including an intersection of 22.7 grams per tonne gold over 0.5 metres, supporting further evaluation of the Target Block extension. Channel samples from the Main Vein (18.85 grams per tonne gold) and 75 Vein (6.63 grams per tonne gold) suggest mineralization may extend further west. Amaroq is integrating these findings within an upcoming mineral resource estimate update to refine the deposit’s potential.

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Read the Offering information carefully before investing. It contains details of the issuer’s business, risks, charges, expenses, and other information, which should be considered before investing. Obtain a Form C and Offering Memorandum at invest.klondikeroyalties.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.