The Hole Truth: Mining Investment Podcast

PolarX (ASX: PXX) has just struck a far-out deal with Northern Star Resources that will see the gold giant spend up to 60-million Australian dollars for a stake in up to 70% in PolarX’s Alaska Range Project. Mark Bojanjac is a Chartered Accountant with almost 30 years’ direct experience in developing resource companies. He was a founding director of a public company which discovered one of Australia’s highest grade gold mines at East-Kundana near Kalgoorlie in WA and managing director of an unlisted public company which successfully developed a 2.4Moz gold resource in Mongolia. He was previously CEO of Adamus Resources Limited, where he oversaw its advancement from an early stage exploration project through definitive feasibility studies and managed the debt and equity financing to build its successful Ghanaian gold mine. He was also formerly a Non-Executive Director of QLD silica sand developer, Metallica Minerals Limited and is currently a director of WA resources explorer, Kula Gold Limited.     Produced by Resource Media [https://resourcemedia.com.au/]     The Hole Truth: Mining Investment Podcast is a product of Read Corporate [https://readcorporate.com.au/]. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.    RESOURCES LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast [https://www.linkedin.com/showcase/the-hole-truth-podcast] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/]  Company Website: https://www.polarx.com.au/   INSIGHTS FROM THE EPISODE 1. Northern Star to Invest up to $60M for 70% of Alaska Range PolarX has secured a landmark farm-in agreement with Northern Star Resources (ASX: NST), giving Northern Star the right to earn up to 70% of the Alaska Range Project by spending $60 million. This partnership validates the project’s scale and potential.  2. High-Grade Copper and Gold Resource with 70% IRR The Caribou Dome deposit within the Alaska Range has delivered scoping study results showing an Internal Rate of Return (IRR) of ~70% (based on metals prices two years ago), underlining its strong economics and global significance as one of the highest-grade undeveloped copper projects in the USA.  3. Exploration Upside Along 35km Strike Length PolarX controls an under-explored 35km mineralised corridor, including soil anomalies up to 11km by 8km in size. Northern Star’s backing allows for big-company exploration programs—geophysics, helicopter surveys, and systematic drilling—that were previously unaffordable for PolarX.  4. Strategic Positioning in Critical Minerals With copper recently added to the US Critical Minerals List, PolarX’s Alaskan copper-gold assets are strategically aligned with America’s push for secure, domestic supply. The jurisdictional advantage of being in the USA enhances the project’s attractiveness to global investors.  5. 100% Ownership of Humboldt Range in Nevada Outside the Alaska JV, PolarX retains full ownership of the Humboldt Range Project in Nevada, located next to major heap-leach gold and silver operations such as Florida Canyon and Rochester. Drill-ready and surrounded by multimillion-ounce deposits, Humboldt represents a second growth pillar for the company.

This week on The Hole Truth, we sit down with Sky Metals (ASX: SKY) to dig into the latest results from the Tallebung Tin Project in NSW. With standout silver and tin intercepts, breakthrough ore sorting results, and a pathway to becoming a globally significant tin producer, Sky is pushing hard to prove up scale and economics in one of Australia’s most exciting tin plays.   Managing Director Oliver Davies joined SKY as a geologist in 2019. He was appointed to Exploration Manager in 2021, then to CEO in early 2022 and subsequently to Managing Director in September 2024. Prior to SKY, Mr Davies was in exploration and operational roles with Evolution Mining and Alkane Resources in NSW and Qld. Mr Davies has worked closely on several successful NSW discoveries including Evolution Mining’s significant expansion of the Lake Cowal gold resource and with Alkane’s regional exploration success at Tomingley and Boda.       Produced by Resource Media [https://resourcemedia.com.au/]     The Hole Truth: Mining Investment Podcast is a product of Read Corporate [https://readcorporate.com.au/]. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.  RESOURCES LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast [https://www.linkedin.com/showcase/the-hole-truth-podcast] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/]  Company Website: https://www.skymetals.com.au   INSIGHTS FROM THE EPISODE * Expanding Resource at Tallebung Tin– Sky Metals continues to grow its Tallebung deposit, now stretching over 2km long and 300–400m wide, with drilling pointing to significant extensions beyond the current resource. * High-Grade Intercepts Boost Potential– Recent drilling returned standout results, including 3m at over 600g/t silver and nearly 1% tin, highlighting the project’s rich mineralisation. * Ore Sorting Breakthrough– Bulk sample results show a 13x upgrade in ore sorting, a step change from earlier 3–4x upgrades, confirming Tallebung’s strong suitability for this cost-saving technology. * Towards Long Mine Life and Scale– With ~23,000 tonnes of tin already defined and drilling density increasing, Sky is targeting a potential 10-year mine life and production that could represent ~1% of global tin supply. * Strong Economics Backed by Leadership– Shallow high-grade zones offer potential for rapid payback on CapEx, while an experienced board led by Chairman Norm Seckold brings a track record of building successful mining projects.

Leeuwin Metals (ASX: LM1) are out to join those who believe that one man's trash can be another man's treasure in the WA gold exploration game. Managing Director Chris Piggot is a Geologist with extensive background in gold and nickel exploration with a track record of discovery and corporate development. Recent roles included Senior Geologist at Bellevue Gold Ltd (ASX.BGL) where he was involved in the discoveries of Tribune, Viago & Deacon, that have defined +3Moz. He was also a part of the team that defined the Nova-Bollinger high grade Nickel deposit which is now owned and operated by IGO Ltd (ASX.IGO).       Produced by Resource Media [https://resourcemedia.com.au/]     The Hole Truth: Mining Investment Podcast is a product of Read Corporate [https://readcorporate.com.au/]. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.  RESOURCES LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast [https://www.linkedin.com/showcase/the-hole-truth-podcast] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/]  Company Website: https://www.leeuwinmetals.com [https://www.leeuwinmetals.com/]   INSIGHTS FROM THE EPISODE 1. Leeuwin Metals accelerates Marda Gold Project exploration Since acquiring the Marda Gold Project from Ramelius Resources just four months ago, Leeuwin Metals (ASX: LM1) has completed two drilling programs totalling 5,000m, extensive mapping, and new target generation across the Southern Cross Greenstone Belt in Western Australia. 2. Strong brownfields results confirm growth potential Drilling beneath existing pits at Marda has intersected significant gold zones, including 20m+ at 1–1.5g/t Au, 8m at ~3g/t Au, and 5m at 5g/t Au, demonstrating continuity at depth and substantial scope for resource growth. 3. High-grade opportunity at Evanston Prospect Leeuwin is preparing to drill the Evanston Prospect—a shallow, high-grade gold system last drilled over 20 years ago—where rock chip samples have returned assays up to 28g/t Au in quartz veins, with visible gold observed on site. 4. Dual growth strategy across 500km² of tenure With over 500km² of granted tenure, Leeuwin is pursuing a two-pronged approach: expanding known mineralisation around historical pits and advancing underexplored greenfields targets with potential for repeat high-grade discoveries. 5. Resource estimate expected by year-end An updated Mineral Resource Estimate for Marda—incorporating historic drilling and recent Leeuwin results—is on track for release by the end of 2025, a milestone that could significantly re-rate the company’s ~$15M market capitalisation.

Arika Resource (ASX: ARI) [https://www.arika.com.au/] has just put out some cracking results from its Yundamindra project in WA’s easter goldfields. The company plans to keep the drill rig turning for many months as it tests any number of compelling targets across the project. Managing Director Justin Barton is a Chartered Accountant with over 20 years experience in accounting, international finance, M&A and the mining industry. He worked for over 13 years in the Big 4 Accounting firms in Australia and Europe and advised many of the worlds largest mining, oil & gas companies and financial institutions, including Rio Tinto, Chevron, Macquarie, Merrill Lynch, Morgan Stanley and Deutche Bank. Justin also worked for 4 years at Paladin Energy Limited as Group Tax and Finance Manager and advised on their plant construction and mining operations in Africa and their expansion into Canada. More recently, he has worked as the CFO and been a Board Member of a number of junior exploration companies. Mr Barton is currently a Board member of Eneabba Gas Limited and Interposed Holdings Limited.   -------   Produced by Resource Media [https://resourcemedia.com.au/]   -------   The Hole Truth: Mining Investment Podcast is a product of Read Corporate [https://readcorporate.com.au/]. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.  ------- RESOURCES LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast [https://www.linkedin.com/showcase/the-hole-truth-podcast] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/]  Company Website: https://www.arika.com.au ------- INSIGHTS FROM THE EPISODE Cracking Early Results at F1 Prospect in Yundamindra * Arika Resources has reported 4m @ 40g/t Au from the first holes drilled at the F1 Prospect, part of the company’s 10,000m campaign at the Yundamindra Gold Project near Laverton, WA. 'Yellow Brick Road' Corridor Hosts Multiple High-Grade Targets * The F1 Prospect sits within the‘Yellow Brick Road’, a 16km structural corridor with more than 10km of historical gold workings on multiple parallel structures—indicating scale and prospectivity across the project. Follow-Up at Landed at Last and Pennyweight Point * Prior intercepts include 14m @ 3g/t Au at Landed at Last and 35m @ 2.5g/t Au at Pennyweight Point, with current drilling expanding on these zones to locate the project’s centre of gravity. Over 50 High-Priority Targets Identified * Arika has mapped 50+ high-priority targets across Yundamindra using drone magnetics, soil sampling, and fieldwork—many of which remain completely untested by modern exploration. Bonaparte and Syncline Prospects Next in Line * After F1, drilling moved to Bonaparte, followed by the nose of the Yundamindra Syncline, where historical dryblowing and anomalous rock chips hint at further gold-bearing structures beneath shallow cover.

Thunderbird Resources (ASX: THB) offers huge leverage to gold and antimony in Australia, with a market cap of just $4 million and drilling programmes being planned. Executive Chairman George Ventouras, has over 15 years’ experience in the resources sector and over 30 years’ experience in business development, corporate restructuring and marketing. He has managed multiple businesses in various industries and has served as a Non-Executive and Executive Director on various ASX listed Companies and has led IPO teams. Previously, he was joint-founder, non-executive director and General Manager of Apollo Consolidated Ltd, an ASX listed exploration company which was the subject of a successful $180 million takeover.   -----   Produced by Resource Media [https://resourcemedia.com.au/]   -----   The Hole Truth: Mining Investment Podcast is a product of Read Corporate [https://readcorporate.com.au/]. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.  RESOURCES LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast [https://www.linkedin.com/showcase/the-hole-truth-podcast] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/]