Jim's Mining Letter - November 23, 2025

Last Call: Own your share of this essential military minerals company*

• Tungsten mine and fully built mill in a proactive and stable mining jurisdiction

• Phase 1 production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years

• Publicly listed tungsten peer near this company’s mine at a C$1.9 billion valuation with a 2,300 tonnes/year target

• Company has raised C$8 million, with a post-money, pre-IPO valuation of just C$48 million and has upsized this same round by another C$2 million

• Listing in Canada or London with a target date of Q1 2026

• Offering closing date: November 28, 2025

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* Tungsten is essential war material and in short supply in the West, critical since it has exceptional density and the highest melting point of all known elements

Sranan Gold Corporation (CSE: SRAN; FSE: P84) has delivered a notable early technical milestone with the first drilling results from its Tapanahony Gold Project in Suriname. Initial assays from the ongoing 10,000-metre diamond drilling campaign at Randy’s Pit indicate the presence of a substantial, high-grade gold system within one of the most prolific mineral belts in the world, the Guiana Shield.

These initial results not only validate the exploration model but also demonstrate the potential for scale, grade continuity, and long-term development. For professional investors, Sranan represents an early-stage but technically compelling opportunity within a stable mining jurisdiction that remains underexplored relative to its geological potential.

The Tapanahony Project covers approximately 29,000 hectares within the Precambrian greenstone belt known for hosting major gold operations, including Newmont’s Merian Mine (approx. 500,000 ounces/year production) and Zijin Mining’s Rosebel Mine (over 5.6 million ounces historically produced). The Guiana Shield has yielded over 80 million ounces to date, with multiple deposits demonstrating the scale and continuity typical of orogenic, shear-hosted systems. These characteristics - deep-seated structures, persistent mineralization, and multi-kilometre strike lengths - are consistent with the signatures observed at Tapanahony.

Sranan’s first four diamond drillholes at Randy’s Pit intersected continuous gold mineralization across substantial widths. Noteworthy intervals: 64 metres at 3.0 grams per tonne gold, including 5 metres at 33.5 grams per tonne gold and 1 metre at 145.4 grams per tonne with visible gold. All four holes encountered gold mineralization, establishing a 150-metre-plus mineralized width, continuity beyond 120 metres depth, and mineralization remaining open in all directions. These results provide strong early evidence for a large, structurally controlled system with high-grade domains, an essential combination for potential economic viability.

Tapanahony is located around 200 kilometres from Suriname’s capital, Paramaribo, and is accessible via river transport and charter aircraft. The project area contains multiple active artisanal workings along a 4.5 kilometre trend, providing independent confirmation of near-surface mineralization, continuous geological exposure and opportunities for accelerated geological modeling. The presence of existing artisanal operations contributes to early metallurgical insight, specifically the ease of gold liberation from saprolite material.

The mineralization style at Randy’s Pit is consistent with orogenic gold systems exhibiting quartz-carbonate vein sets, sulfide assemblages including chalcopyrite, pyrite, bornite, and secondary copper oxides, well-developed alteration halos (carbonate, sericitic, and hematitic), and strong structural controls along multiple vein orientations. Visible gold at depth, coupled with broad mineralized envelopes, suggests the project may host multiple stacked vein systems or a continuous shear-zone-hosted structure. The geology is comparable to the early development stages of Merian and Rosebel, both of which began with discrete high-grade vein discoveries that expanded materially through systematic drilling.

Sranan’s team is a differentiating asset for an early-stage explorer. Key figures include: John Williamson, Chairman, a professional geologist with over 35 years’ experience in resource exploration and co-founder of Founders Metals; Oscar Louzada, CEO, with a strong background in global finance, prior roles at Beeson Gregory (Investec) and Canaccord Genuity; Dr. Dennis LaPoint, EVP Exploration, lead discoverer of the Merian deposit for Newmont and deeply involved in advancing Rosebel; and Rayiez Bhoelan, VP Exploration, a former Iamgold geologist credited with contributions to the Pikin Saramacca deposit. The combined track record in the Guiana Shield significantly enhances Sranan’s technical credibility.

The company is executing a comprehensive program designed to establish structural controls, model grade distribution, and prepare for resource definition. The program includes step-out drilling from high-grade intercepts, deeper drilling to evaluate vertical continuity, systematic mapping and sampling across the 4.5 kilometre trend, and integration of artisanal working data into geological models. A NI 43-101 compliant technical report has been filed, providing a formalized basis for the ongoing exploration program.

Sranan’s investment profile includes high grades with strong continuity, a prime jurisdiction in a proven belt, an experienced team with direct local discovery success, and multiple near-term catalysts. Key anticipated milestones include deeper drilling and lateral step-outs (Q4 2025 - Q1 2026), a potential maiden resource estimate at Randy’s Pit (mid 2026), expanded drilling along the broader structural corridor (late 2026) and economic studies (scoping / PEA), subject to results (2027). Each milestone represents incremental de-risking and potential valuation uplift.

Sranan Gold’s early drilling success at Tapanahony positions the company as a credible new entrant within one of the world’s most productive gold belts. The initial 10,000 metre drill program has already confirmed a substantial, high-grade mineral system with strong geological continuity and significant expansion potential. For professional investors, Sranan offers exposure to an emerging discovery backed by a leadership team with a proven track record of success in the Guiana Shield. Continued drilling, structural modeling, and resource definition work will determine the ultimate scale. Early indicators are positive and technically robust.

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. Advertisement

For non-conservative investors, here’s a venture-style exploration play. At today’s market valuation, it’s priced like a lottery ticket. But with nearly $1 million in annual marketing firepower, this company is positioning itself not just geologically, but narratively, aiming to get in front of a broader investor base ahead of the next big catalysts. If the acreage delivers even a fraction of what’s possible, the payoff could be extraordinary, a 10x to 25x re-rating on a single success, and potentially far higher. For investors willing to embrace high risk in pursuit of asymmetric reward, this company offers a front-row seat to one of the most exciting frontier energy stories of the decade.