Jim's Mining Letter - March 9, 2025

i-80 Gold (IAUX IAU.TSX 8JI.F) announced the results of a preliminary economic assessment for the Granite Greek Underground Project (the first property within the company's pipeline of assets to be redeveloped) which is currently ramping up to full production. The project is situated at the intersection of the highly prolific Battle Mountain-Eureka and Getchell gold trends in northern Nevada. Highlights of the assessment include a life of mine of approximately 8 years, average annual gold production of approximately 60,000 ounces following production ramp up, estimated life of mine cash costs of $1,366 per ounce and all-in-sustaining costs of $1,597 per ounce. An updated mineral resource estimate results in a measured and indicated gold mineral resource of 261,000 ounces at 10.5 grams per tonne and an inferred gold mineral resource of 326,000 ounces at 13.0 grams per tonne, not including infill drilling conducted within the Granite Creek Underground in 2023 and 2024. Further infill and step out drilling on the South Pacific zone in 2025 is expected to be completed for inclusion in a feasibility study planned for Q4 2025. Based on exploration work conducted to-date, Granite Creek Underground has significant potential for resource expansion; it is located only 10 kilometres from the Turquoise Ridge Complex within Nevada Gold Mines' joint venture which currently hosts approximately 20 million ounces of gold. An extensive drill program is planned for the coming years to test this system at depth and to the north. Currently, based on a $2,175/ounce gold price, the project's undiscounted after-tax cash flows total $197 million with an after-tax net present value of $155 million assuming a 5% discount rate. Based on a spot gold price of $2,900/ounce, the project's undiscounted after-tax cash flows total $420 million with an after-tax NPV of $344 million assuming a 5% discount rate. Mine construction is complete. Life of mine development and sustaining capital is estimated at $105 million…more

OceanaGold (OGC.TSX OCANF RQQ.F) announced results from five drillholes in the ongoing exploration and resource conversion program at Wharekirauponga, New Zealand. Highlighted drill intercepts include 6.3 metres at 8.7 grams per tonne gold from 450.0 metres, 1.7 metres at 24.6 grams per tonne gold from 373.3 metres, 3.5 metres at 14.0 grams per tonne gold from 457.0 metres, 5.7 metres at 5.3 grams per tonne gold from 516.6 metres and 3.8 metres at 4.0 grams per tonne gold from 567.8 metres. Per the company, the results continue to demonstrate the continuity and upside potential at Wharekirauponga beyond the 1.2 million ounces of reserves declared with the preliminary feasibility study in December 2024. Additionally, OceanaGold announced that on March 4, 2025 , it lodged its application for the grant of fast-track approvals for the Waihi North Project, which includes Wharekirauponga Underground, under New Zealand's Fast-track Approvals Act 2024. The company expects the Waihi North Project to be fully permitted, subject to any appeals, by the end of 2025.

Nativo Resources (NTVO.L A3Z1.SG) announced the signing of an option agreement via the company's 50%-owned Peruvian joint venture Boku Resources pursuant to which Boku will evaluate the opportunity to recover and sell gold and silver from the Toma La Mano tailings dump and redeposit the tailings in line with legislation. The deposit is the accumulation of tailings from a former polymetallic mine operated by the owners and the output from their tolling plant. The re-mining of old tailings enables remediation of the sites, decreasing long-term environmental and social impacts. Based on historical records, the deposit contains approximately 1.8 million tonnes of polymetallic material and from processing records, the grades of the material have been reported at between 0.1 and 1.7 grams per tonne gold and between 10 and 37 grams per tonne silver. The agreement allows Boku, for a period of up to three years, to analyse the deposit and undertake a resource estimate and feasibility study, which will include detailed metallurgical analysis to report on recovery rates and process optimisation. During the three-year period, Boku will have the option to make a final investment decision and establish a processing plant to clean the tailings and recover and sell the precious metals in return for a rental fee of $3 per tonne of tailings processed and an initial royalty fee of 6.5% on revenues, which will increase to 7% once Boku recovers 30% of its expenditure. This agreement is for the first of a series of 7 similar tailings cleaning projects identified by Boku and Nativo in the region. Tailings dumps like Toma La Mano present an environmental liability for their owners; Boku's strategy is to process the dumps with modern technology, extract the gold and silver for a royalty fee, remediate the land, and redeposit the tailings in line with modern legislation. The company views this as a low-cost, low-risk strategy, with quick and cheap resource definition and limited capex and opex. If perfected, the model is highly scalable with deposits known throughout Peru requiring a cleaning solution. With highly favourable gold prices, these projects represent a win-win for all stakeholders. Nativo is targeting first investment decision for Toma La Mano by Q1 2026.

Mithril Silver and Gold (MTH.ASX MSG.V) announced drill results for the Target 1 resource expansion programme at its Copalquin silver and gold district property in Durango State, Mexico. Drilling at La Soledad has intercepted multiple high-grade veins as the Target 1 resource update drilling progresses. Highlights include 4.95 metres at 20.5 grams per tonne gold, 1,833 grams per tonne silver from 107 metres, including  0.55 metres at 110 grams per tonne gold, 7,530 grams per tonne silver, from 110 metres. Per John Skeet, Managing Director and CEO, the La Soledad structure is open at depth and to the north-west with the opportunity to locate additional ore shoots along strike. The drill program is being expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area. Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling. A second drill is scheduled to be on site and commence drilling early April at the Target 2 area.  Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 kilometre wide, extensive epithermal silver-gold system in the company’s 70 square kilometre district…more

GoGold Resources (GGD.TSX GLGDF GGD.F) announced the filing of a National Instrument 43-101 Feasibility Study Technical Report at its Los Ricos South Project located in Jalisco State, Mexico. With a silver price of $26.80/ounce, a gold price of $2,330/ounce and a copper price of $4.00/pound, after-tax net present value using a discount rate of 5% is $355 million with an after-tax internal rate of return of 28%. At an approximate spot metal silver price of $30/ounce and a gold price of $2,608/ounce, net present value using a discount rate of 5% is $469 million with an after-tax internal rate of return of 34%. This is with a 15-year mine life, producing a total of 80 million payable silver equivalent ounces, consisting of 41 million silver ounces, 424,000 gold ounces, and 11 million pounds of copper. Initial capital costs are $227 million, including $21 million in contingency costs, over an expected two year build, and sustaining capital costs of $100 million over the life of mine. Average operating cash costs are $9.94/ounce silver equivalent with all in sustaining costs of $11.19/ounce silver equivalent over first the 5 years of production, with an average all in sustaining cost of $12.32/ounce silver equivalent over the underground mine life. Average annual production of 7.3 million silver equivalent ounces is estimated over the first 5 years.

Omai Gold Mines (OMG.V OMGGF ON2.F) announced assay results from the balance of drilling completed as part of the 2024 program. A total of 26 diamond drill holes totalling 13,716 metres were completed in 2024, mostly focused on expanding the large Wenot deposit at the company's 100%-owned Omai Gold Project in Guyana. Assays were reported for 3 holes drilled in 2024 with results pending for an additional 8 holes drilled to date in 2025. Highlights include: 5.21 grams per tonne gold over 19.3 metres, including 11.44 grams per tonne gold over 4.6 metres and 11.75 grams per tonne gold over 3.6 metres; 0.98 grams per tonne gold over 26.2 metres, including 1.71 grams per tonne gold over 12.7 metres and 1.31 grams per tonne gold over 22.0 metres; plus 1.89 grams per tonne gold over 6.7 metres and 2.51 grams per tonne gold over 4.9 metres. Results from the 2024 drill program at Wenot achieved the objectives to identify further mineralization in some of the wide undrilled areas within the 2.5 kilometre long strike of the Wenot deposit, particularly within the under-explored southern sedimentary rock sequence, to extend the known mineralization in the multiple subparallel gold zones down to the 400 metre to 450 metre level, which management believes is a reasonable depth for a potential large-scale open pit operation, and to increase the shallow drilling at West Wenot, an area with known broad mineralized zones within the southern sedimentary rocks which has potential as a starter pit.

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