Jim's Mining Letter - June 7, 2024

Thesis Gold (TAU.V THSGF 0110.F) announced the successful completion of preliminary metallurgical testing at the company’s 100% owned Lawyers-Ranch project. The testing aims to assess the economics of an expanded project that integrates high-grade feed from Lawyers-Ranch and higher-grade underground material to a processing site. The project is road-accessible and forms a contiguous, 495 km2 land package in the Toodoggone Mining District in northern British Columbia. Laboratory full circuit evaluation demonstrated a recovery range of 93% to 96% for gold and 86% to 96% for silver. This included producing a primary precious metal flotation concentrate with gold grades exceeding 160 g/t, indicating a marketable precious metal concentrate with favorable payables. The metallurgical results will be used as part of an updated preliminary economic assessment of the project, scheduled for Q3 2024.

SolGold (SOLG.L SOLG.TO SLGGF S8F.F) announced the signing of the exploitation contract for the Cascabel project, its flagship copper-gold project in Ecuador. This follows successful contractual negotiations and approval of the term sheet by the Government of Ecuador in July 2023. Per Scott Caldwell, CEO and President, the signing is a landmark achievement for SolGold and its stakeholders. The company embarked on a exploration journey at Cascabel in 2012, leading to the discovery hole at Alpala in early 2014 and the subsequent discovery of the Tandayama-Ameríca deposit in later drill programs. SolGold has since drilled over 300,000 metres of cored exploration, resource definition, and geotechnical drill holes and has conducted numerous resource, mining, metallurgical, environmental and social studies, transforming the project into one of the world's largest undeveloped copper-gold porphyry deposits, with the potential to serve as a blueprint for the exploration and discovery of other resources on SolGold's extensive regional targets throughout Ecuador.

Mandalay Resources (MND.TO MNDJF R7X2.F) announced successful results from its regional target testing drill campaigns approximately 6 km to the southwest of the Björkdal Mine, Sweden. The company drilled 26 holes with 6,295 meters of diamond drilling to test high priority regional targets near the mine. High-grade gold was intercepted in multiple holes at Lapptjärn including one long interval, encouraging results and a high-grade gold assay was returned from Granholm and semi-massive sulphide was identified within Tarsnäs with elevated zinc and copper assays. The results will be followed up with targeted geophysical surveys at Lapptjärn and Tarsnäs, including induced polarization and electromagnetic surveys.

Arras Minerals (ARK.V ARRKF 9RJ.F) announced that it has closed its non-brokered private placement for an aggregate of 20,268,662 units of the company at a price per unit of C$0.26 for aggregate gross proceeds of approximately C$5.3 million. Teck Resources (TECK TECK-A.TO TECK-B.TO TPT.F) acquired 1,141,000 units and, following closing, holds approximately 9.3% of the issued and outstanding common shares of the company on a partially diluted basis. Each unit is comprised of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share at a price of C$0.40 for a period of three years from the closing of the offering. In the event the volume weighted average trading price of the common shares on the TSX Venture Exchange meets or exceeds C$0.60 for fifteen consecutive trading days at any time after four months and one day following closing of the offering, the company shall have the option at any time thereafter to accelerate the expiry date to a date that is thirty days following the date of issuance of a news release by the company announcing the acceleration. The securities issued pursuant to the offering are subject to a four-month hold period in Canada and are subject to U.S. resale restrictions under U.S. securities laws as applicable. The net proceeds of the offering will be used to advance exploration activities at the company’s projects in northeastern Kazakhstan and for general corporate purposes.

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