The Hole Truth: Mining Investment Podcast

Firefly Soars With 10 Drill Rigs, News Flow Aplenty, and the Bellavista Transaction Completed | Steve Parsons (ASX: FFM)

Firefly Metals (ASX: FFM) owns the Green Bay Copper-Gold Project in Canada. It's been one of the great success stories in this space over the past two years. Another resource update and economic studies are pending, and the company has just completed the sale of its Pickle Crow Project to Bellavista. Firefly shareholders will get a chunk of Bella Vista shares, and Firefly will be a major shareholder in Bella Vista.   Steve Parsons is the Managing Director of Firefly Metals. He has extensive experience in the mining and resources sector, with a strong track record of advancing high-quality mineral projects through exploration, development, and production stages. Parsons is widely recognised for his operational expertise and his focus on value creation through disciplined capital allocation and aggressive exploration strategies. 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. Key Insights Aggressive Drilling Strategy Driving Resource Growth Firefly Metals has rapidly scaled its exploration efforts from a single rig to 10 active drill rigs across the Green Bay project. This includes seven underground rigs focused on infill and step-out drilling, and three surface rigs targeting regional opportunities. The intensity of drilling underpins consistent news flow and resource expansion, a key driver of market re-rating in the resources sector. High-Grade Core Enhancing Project Economics Within the broader ~80Mt resource base, Firefly has identified a high-grade core approaching 20Mt grading 3–4% copper, with zones exceeding 5–7%. This material is expected to be mined early, significantly boosting project NPV and early cash flow. The presence of such high-grade zones positions Green Bay as a potentially tier-one copper-gold asset. Clear Development Path with Scalable Production Profile An upcoming Preliminary Economic Assessment (PEA) will outline a low-capex, 1.8Mtpa startup operation leveraging existing infrastructure, including hydroelectric power and port access. Importantly, the study will also demonstrate scalability to 3–5Mtpa or beyond, highlighting long-term growth potential and multi-decade mine life. District-Scale Exploration Upside Remains Underexplored Firefly controls an entire volcanogenic massive sulphide (VMS) district, where deposits typically occur in clusters. With regional drilling set to accelerate in the second half of the year, the company is targeting repeat discoveries that could materially expand the resource base and transform the project into a globally significant mining camp. Bellavista Transaction Unlocks Hidden Value for Shareholders The divestment of the Pickle Crow gold project into Bellavista provides Firefly shareholders with direct equity exposure via an in-specie distribution. Firefly retains ~10% ownership, maintaining upside while reallocating capital to Green Bay. The involvement of proven operators and a well-funded exploration plan increases the likelihood of value creation from this secondary asset.

Tallebung Tin Project Adds Tungsten to Its Arsenal | Sky Metals | Oliver Davies (ASX: SKY)

As the Western world looks for non-Chinese supplies, Sky Metals has an abundance of both tin and tungsten at the Tallebung Project in New South Wales. Guest bio Mr 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. Key Insights Tallebung is evolving into a dual-commodity development story. What was previously framed primarily as a tin project is increasingly being positioned around both tin and tungsten, with management indicating tungsten could contribute roughly half of future project revenue. That shift matters because Tallebung already reports tungsten in its mineral resource, and Sky says the existing flowsheet can recover both products with only a final dressing stage. Tin’s supply-demand setup remains central to the investment case. Oliver Davies points to structural supply constraints and growing demand from electronics, data centres, solar technologies, and emerging battery applications as the core drivers behind stronger tin pricing. Sky’s broader corporate positioning is aligned with that thesis, describing tin as essential to semiconductors, electronics, and solar PV, which reinforces the strategic logic behind advancing Tallebung in New South Wales. Tungsten adds strategic leverage to Western critical minerals supply chains. The episode highlights tungsten’s rising importance in defence and technology markets, particularly as Western buyers seek supply chains with less reliance on China. Sky’s own published Tallebung resource includes WO3 as a likely significant by-product, which gives investors exposure to a second critical mineral without fundamentally changing the project’s development pathway. Tallebung’s open-pit, ore-sorting-led design points to a lower-cost development model. A key operational advantage discussed in the interview is the project’s shallow, open-pit geometry and the suitability of the mineralisation for XRT ore sorting followed by gravity separation. Sky states this approach can materially upgrade feed grade before concentration, supporting the company’s argument that Tallebung could become a near-term, low-cost tin development with added tungsten and silver credits. Near-term catalysts are concentrated around resource growth and study work. The interview points to an updated mineral resource estimate and pre-feasibility study work as the main near-term newsflow, alongside ongoing drilling and metallurgical optimisation. That matches Sky’s stated project pathway of advancing drilling, resource confidence, metallurgical testing, and mining studies in parallel, giving the market several potential re-rating milestones rather than a single binary catalyst.

In Search of the Next DeGrussa | Great Western Exploration | Shane Pike (ASX: GTE)

Great Western Exploration is preparing to launch a six-month drilling campaign targeting multiple copper-gold prospects near the legendary DeGrussa discovery in Western Australia. Managing Director Shane Pike joins The Hole Truth to explain why the Yerrida Basin may host more DeGrussa-style volcanic massive sulphide deposits, and how Great Western has systematically built eight high-priority drill targets across its project portfolio. With a market capitalisation of roughly $12 million and fresh capital raised, the company is highly leveraged to exploration success. Pike outlines the geological evidence supporting targets such as Oval, Diorama, Juggernaut and Baru, and explains why Great Western believes it may be closing in on the “CBD” — the core of a potentially mineralised system. If successful, the program could reshape perceptions of the Yerrida Basin and demonstrate that DeGrussa is not a geological orphan. Guest Bio Shane Pike is the Managing Director of Great Western Exploration Limited (ASX: GTE), a Western Australian mineral exploration company focused on copper, gold and base metal discoveries in the Yerrida Basin. He has extensive experience in exploration geology and project development across Western Australia. Under his leadership, Great Western has assembled a portfolio of highly prospective tenements adjacent to the DeGrussa Copper-Gold Mine and is advancing systematic exploration programs targeting volcanic massive sulphide (VMS) deposits. 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.   LinkedIn – https://www.linkedin.com/showcase/the-hole-truth-podcast/ [https://www.linkedin.com/showcase/the-hole-truth-podcast/] Instagram – https://www.youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC [https://www.youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&utm_source=chatgpt.com] Twitter (X) – https://twitter.com/theholetruth Company: https://greatwesternexploration.com.au/ Key Insights A Systematic Search for the Next DeGrussa Great Western Exploration is targeting DeGrussa-style volcanic massive sulphide (VMS) deposits in the Yerrida Basin of Western Australia. These deposits typically occur in clusters, yet the basin has seen surprisingly limited exploration specifically targeting this style of mineralisation. The company believes this represents a major geological opportunity. Eight Drill Targets Across a Highly Prospective Basin The company has identified eight drill targets including Oval, Diorama, Juggernaut and Baru. Each target has been developed through a checklist-driven exploration process incorporating geological modelling, geophysics and geochemistry to confirm the key ingredients associated with VMS mineral systems. Oval Target: Drilling the ‘CBD’ of the System Previous drilling at the Oval prospect intersected copper-gold mineralisation and pathfinder elements typical of VMS deposits. New gravity geophysics has identified a higher-density zone interpreted as the core of the system — effectively the “CBD” compared with earlier holes drilled in the “suburbs”. Multiple Untested Copper Anomalies Targets such as Diorama and Juggernaut exhibit strong surface copper anomalies and favourable volcanic host rocks. Diorama hosts gossanous outcrops that may represent weathered massive sulphides, while Juggernaut contains multiple targets with visible mineralisation and VMS-style textures. High Leverage Exploration with Tight Capital Discipline With a market capitalisation around $12 million, Great Western offers significant leverage to discovery success. More than 80% of company funds are directed into exploration, and non-executive directors receive no cash, shares or options for board roles—aligning management closely with exploration outcomes and shareholder returns.

Alicanto’s Prize in WA’s Eastern Goldfields | Jeff Sansom (ASX: AQI)

Alicanto Minerals (ASX: AQI) has put its foot on the Mount Henry Gold Project in WA. It has nearly a million ounces in resources already. They only completed the acquisition a month ago, and drilling is already underway. The mineralisation sits within a 16-kilometre corridor, but it's only been drilled to about 150 metres, so it's wide open. Guest bio Jeff Sansom is Chief Executive Officer of Alicanto Minerals. He is a mining executive with more than 15 years’ experience across the resources sector, spanning project development, capital allocation, strategy, ESG, and capital markets. Prior to joining Alicanto, he was Head of Investor Relations and External Affairs at Regis Resources, and has also held senior roles with Perenti Group, BHP, OceanaGold, and MOD Resources. 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?utm_source=chatgpt.com] YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC [https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC] Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ [https://resourcesrisingstars.com.au/the-hole-truth-podcast/?utm_source=chatgpt.com] Instagram: https://www.instagram.com/theholetruthpodcast/ [https://www.instagram.com/theholetruthpodcast/] Company website: https://alicantominerals.com.au/ [https://alicantominerals.com.au/]   Key Insights 1. Mt Henry gives Alicanto an immediate gold growth platform. The Mount Henry Gold Project already hosts a 915,000-ounce Mineral Resource at 1.2g/t gold across Mt Henry, Selene and North Scotia, giving Alicanto a substantial resource base from day one. In the interview, Jeff Sansom positions the acquisition as a rare chance to secure a near-million-ounce gold project in Western Australia’s Eastern Goldfields with existing permits and infrastructure access. 2. The core investment thesis is brownfields resource expansion. Alicanto’s strategy is not built around a greenfields discovery, but around expanding a known mineralised system that has seen relatively shallow drilling. The 16km mineralised corridor remains open along strike and down dip, with historical drilling generally limited to shallow depths, creating a clear pathway for additional ounces through targeted follow-up drilling. 3. Selene and Mt Henry stand out as scalable open-pit style targets. Sansom highlights the thickness and continuity of mineralisation, particularly at Selene, where broad zones support the case for larger-scale open-pit growth. Alicanto’s ASX materials also show both Mt Henry and Selene remain open at depth, with multiple strong historical intercepts suggesting the current resource may understate the broader system potential. 4. Fast mobilisation reduces execution lag and boosts news flow potential. Alicanto Minerals (ASX: AQI) moved quickly after the acquisition, with drilling commencing within weeks and a 50,000m multi-rig program designed to test extensions and new targets. In the transcript, Sansom notes the company plans to batch results into regular updates, which should help investors assess scale and continuity rather than isolated drill hits. 5. The valuation upside hinges on proving a multi-million-ounce outcome. One of the most important signals discussed is the contingent deal structure tied to future resource growth, including a milestone linked to defining a 2Moz resource. That frames the market opportunity clearly: Alicanto is seeking to convert a 915koz starting point into a materially larger Eastern Goldfields gold story, similar in shape to other recent brownfields re-rating successes in WA.

Great Boulder’s Highly Mineralised Boulders | Andrew Paterson (ASX: GBR)

Great Boulder Resources has just unveiled a whopping 4,434g/t gold assay at its Side Well Gold Project in Western Australia. The company already has a 1 million ounce resource and has outlined a plan to increase this to 1.5 million ounces, located right on the edge of three processing plants. Guest Bio Andrew Paterson is the Managing Director of Great Boulder Resources. He is a geologist with more than 25 years of experience in the mining industry, spanning exploration, resource development and project generation across Australia and internationally. Prior to joining Great Boulder, he held senior roles with several exploration and mining companies where he was responsible for discovery and advancement of gold projects in Western Australia. At Great Boulder, he is leading the company’s exploration and development strategy at the Side Well Gold Project near Meekatharra. 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. Key Insights 1. Exceptional High-Grade Assay Highlights Depth Potential Great Boulder recently reported an extraordinary 4,434g/t gold intercept at the Side Well Gold Project, one of the highest-grade hits recorded in the industry this year. While extremely high-grade zones are typically small, they demonstrate the presence of rich gold-bearing structures at depth and reinforce the potential for continued discovery beneath the existing resource. These “bonanza” zones occur in structural dilation points where coarse gold accumulates. 2. A 2.5km Resource Corridor With Potential to Become a Regional Super Pit The current resource extends across approximately 2.5 kilometres of strike between the Mulga Bill and Eaglehawk deposits. With only a narrow gap of limited drilling between the two areas, upcoming drilling programs aim to confirm continuity that could effectively link the deposits into a single large open pit system. At current gold prices, conceptual pit optimisations already suggest a large combined mining footprint. 3. Targeting Growth From 1Moz to 1.5Moz Resource Great Boulder currently hosts a 1 million ounce resource at Side Well, with roughly 62% in the indicated category. The company’s next strategic objective is to increase the total resource to around 1.5 million ounces, which could translate to roughly 1 million ounces of mineable inventory after studies and conversions. Achieving that scale would significantly enhance development and partnership options. 4. Strategic Location Near Multiple Processing Mills A major advantage for the project is its proximity to several operating or proposed processing facilities in the Meekatharra region. Within trucking distance are three potential mills, including Westgold’s Bluebird facility only about 25km away. This infrastructure access creates multiple potential development pathways, including toll treatment or acquisition interest from nearby operators seeking additional feedstock. 5. Accelerated Drilling and Development Pathway Underway Great Boulder is ramping up exploration with multiple drilling rigs targeting both resource expansion and new discoveries around the existing corridor. The company is simultaneously advancing mining leases, approvals and development studies to shorten the timeline from exploration success to production readiness. As resource growth and permitting progress in parallel, the project could become increasingly attractive to strategic partners or regional consolidators.