Jim's Mining Letter - September 14, 2025

Pre IPO Investment Opportunity in a Growth-Focused Gold Mining Business

• Equity raise for the restart of a fully equipped gold mine in Brazil with a 4 million ounce resource and full infrastructure

• Current low company valuation with near term upsides for significant re-rating: production start and public listing

• Focused on growth with multiple hub and spoke mines in vicinity including high-grade targets

• Strong management team successfully restructured balance sheet

• Offering closing date September 19, 2025

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Interesting news last week:

OceanaGold (OGC.TSX OCANF) announced results from its exploration and resource conversion drilling programs at the Haile Gold Mine in the United States. A record $10 million 2025 exploration budget at Haile is delivering positive results across Ledbetter Phase 4, Horseshoe Underground, Pisces and Clydesdale. Ledbetter Phase 4 conversion drilling returned 28.9 metres at 18.33 grams per tonne gold (including 1.3 metres at 189.22 grams per tonne gold) and 8.7 metres at 22.30 grams per tonne gold (including 5.0 metres at 35.86 grams per tonne gold) supporting evaluation of a potential underground option. Horseshoe Underground conversion drilling highlights include 16.1 metres at 16.33 grams per tonne gold and 24.0 metres at 7.99 grams per tonne gold. Definition drilling continues with 2,600 metres remaining in 2025 to test step-outs. Initial drilling delivered 7.6 metres at 10.39 grams per tonne gold at Pisces and 26.2 metres at 4.11 grams per tonne gold (including 14.6 metres at 6.21 grams per tonne) at Clydesdale and follow-up drilling is underway.

Golden Deeps (GED.ASX) announced it has identified further rich copper mineralisation at the Graceland Critical Minerals Project, Namibia plus an IP survey to define drilling targets. New channels cut across Gossan 1 East and Gossan 1 West Extension at either end of the 2 kilometres mineralised corridor exposed 3–6 metre widths of strong copper mineralisation. Five channels at Grossan 1 East and four at Grossan 1 West Extension were sampled, with samples sent to Intertek for analysis. Previous rockchips returned up to 47.3% copper, 7,792 grams per tonne silver and 224 grams per tonne germanium. Assay results are pending. An IP–Resistivity survey will commence within two weeks, initially over the Gossan zones then across the full corridor, to define sulphide targets from surface to ~300 metres depth and generate drilling targets. Sampling and IP inversion modelling will be integrated to produce 3-D targets for potential high-grade copper-silver-zinc-lead-germanium sulphide mineralisation.

K92 Mining (KNT.TSX KNTNF) reported drilling that expands Arakompa’s bulk zone and a 690.4 metre porphyry‑style intersection on the southern step‑out. The company also defined a new ~3.5 kilometre by ~3.5 kilometre mineralised system at Wera, now being drilled. At Arakompa, the bulk‑tonnage zone is now outlined over ~1.1 kilometre strike and to 800 metre depth (up ~200 metres in strike and ~150 metres in depth since 20 February 2025), averaging ~39 metres true thickness and remaining open. Southern step‑out hole KARDD0065 intersected 690.4 metres at 0.30% copper equivalent (including 395.3 metres at 0.38% copper equivalent), confirming porphyry‑style mineralisation. Follow‑up drilling is underway. Notable high‑grade vein results include 7.06 metres at 27.92 grams per tonne gold equivalent within 96.10 metres at 2.64 grams per tonne gold equivalent; reinterpretation of historic holes supports bulk‑zone continuity. At Wera, fieldwork defined the new ~3.5 kilometre by ~3.5 kilometre low‑sulphidation epithermal system with rock chips up to 26.30 grams per tonne gold. Scout drilling has commenced. Additional drill capacity is planned, with new surface rigs expected around late‑Q4 2025/early‑Q1 2026 to accelerate regional exploration.

Dundee Precious Metals (DPM.TSX DPMLF) reported high‑grade copper‑gold‑silver intercepts at Dumitru Potok, Serbia. Hole DPDD032 returned 131.6 metres at 3.93% copper equivalent (1.53% copper, 2.41 grams per tonne gold and 12 grams per tonne silver from 1,126 metres) plus 76 metres at 2.47% copper equivalent from 1,277 metres, within >250 metres of continuous skarn mineralisation. Additional results include Rakita North up to 159 metres at 1.17% copper equivalent and Frasen 188 metres at 0.89 grams per tonne gold and 0.24% copper. Approximately 45,000 metres has been drilled in the year‑to‑date across the Rakita camp, with three maiden inferred mineral resource estimates (Dumitru Potok, Rakita North and Frasen) targeted by year‑end 2025. The exploration budget has been raised to ~ $28–30 million, with an extra 15,000–20,000 metres of drilling planned and 15 drill rigs active.

Pacgold (PGO.ASX) reported high-grade gold intersects at the Posie Prospect supporting potential for an increased mineral resource estimate. Final assays from a 20-hole RC and DD program at the Posie Prospect have confirmed high-grade gold mineralisation outside the current May 2025 mineral resource estimate, including visible gold in a parallel structure. Drilling has defined mineralisation over 1.5 kilometres of strike, which remains open along strike and at depth. Follow-up drilling is planned to target the high-grade shoot. Regional RC and aircore drilling is also progressing at the Victoria, Jerry Dodds, and White Lion prospects. Hole PODH016 returned 1.46 metres at 25.2 grams per tonne gold from 70.54 metres, including 0.86 metres at 42.3 grams per tonne gold from 70.54 metres and 1.4 metres at 3.0 grams per tonne gold from 97.6 metres. Drilling at Posie tested extensions of the May 2025 mineral resource estimate with 1,620 metres of RC and 200.6 metres of DD across 20 holes. Mineralisation is associated with the NNW-trending Posie Fault, hosted dominantly in the Imooya Granite. Assay results are pending for RC programmes completed on the Victoria and Jerry Dodds prospects. 11,452 metres of RC drilling has been completed of the planned 13,000 metres programme, including the White Lion Prospect. First-pass drilling at White Lion began last week targeting high-priority IP and magnetic anomalies.

Benz Mining (BZ.V BNZ.ASX) reported thick, high-grade gold intercepts from step-out drilling at the newly discovered Third Lens along the Zone 126 trend at Glenburgh. Hole 25GLR070 returned 44 metres at 4.6 grams per tonne gold from 475 metres, including 103 metres at 2.3 grams per tonne gold, one of the thickest bulk-style underground intercepts to date at the project. Hole 25GLR057 intersected 47 metres at 1.9 grams per tonne gold from 451 metres, supporting lateral continuity of the Third Lens discovery. Structural modelling has successfully identified all three known lenses and outlined two new potential lenses under strong surface geochemical anomalies, currently untested at depth. Less than one-third of the Glenburgh mineralised corridor has been tested and multiple parallel targets suggest system-scale discovery potential. Drilling is fully funded, with three rigs on site and a fourth mobilising while Benz continues aggressive step-out and infill programs along Zone 126.

i-80 Gold (IAUX IAU.TSX) announced high-grade initial assays from Granite Creek’s South Pacific Zone and delivered an infill drilling update at Cove. At Granite Creek Underground, 20 of 40 planned holes are completed and the first six assays from the South Pacific Zone returned high grades, including 33.6 grams per tonne gold over 2.9 metres and 29.7 grams per tonne gold over 3.6 metres (Hole iGS25-02A), plus 20.8 grams per tonne gold over 5.7 metres (Hole iGU25-01), suggesting potential extension north and at depth. The Granite Creek programme targets conversion of inferred to indicated resources and will support a feasibility study planned for Q1 2026 with an updated mineral resource estimate. At Cove, ~45,000 metres of infill drilling over two years across the Gap and Helen zones (≈30 metre spacing) strengthened the geological model and will feed a new resource estimate in the feasibility study led by SRK. Regarding processing at Cove, ~15% of known mineralisation (upper Helen) is oxidised and expected to be treated at the Lone Tree facility bypassing the autoclave. The remaining sulphide material is planned for autoclaving or third‑party roasting.

Golden Horse Minerals (GHM.ASX) announced further high-grade intercepts at Hopes Hill, confirming mineralisation at depth. Drilling is set to ramp up to four rigs, with diamond drilling assays expected in the coming weeks. RC drilling returned strong intercepts at depth, including 3 metres at 23.8 grams per tonne gold from 193 metres (within 8 metres at 9.1 grams per tonne gold) in GHHHRC0088, 7 metres at 3.1 grams per tonne gold from 120 metres and 6 metres at 5.3 grams per tonne gold from 212 metres in GHHHRC0070, and 5 metres at 3.5 grams per tonne gold from 265 metres in GHHHRC0102. A second diamond rig will be mobilised later this month, taking the on-site fleet to four, to accelerate diamond tails and enable RC testing of regional targets. Twenty-six RC pre-collars have been completed along a 1.3 kilometre strike and several DD holes are queued for core cutting and assays, supported by a new core logging facility in Southern Cross and planned on‑site core cutting. A recent geophysical review across more than 130 kilometres of tenure identified multiple drill targets, including Hopes Hill North and South, Aries and Golden Pig North, with DHEM recommended on future holes.

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.

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