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Tetragon Energy has just listed on the ASX. It holds some highly prospective acreage off the Philippines coast. It aims to bring in a big multinational partner to help fund the exploration program, in the hope of making a major oil and gas discovery.
Guest Bio
Conrad Todd is Managing Director of Tetragon Energy (ASX: TET), a newly listed Southeast Asian-focused oil and gas explorer targeting large-scale gas discoveries offshore and onshore the Philippines.
He brings more than 44 years' experience in oil and gas exploration and development, having held senior technical and management roles including Exploration and Development Manager for Cooper Energy in Australia and for Lundin in Malaysia, Chief Geophysicist and New Business Manager for LASMO in Indonesia, and Chief Geophysicist for Occidental in Oman. At Lundin, he led the subsurface team behind a complex mixed oil and gas field producing 20,000 barrels of oil per day, while at Cooper Energy he ran the geoscience department through a period in which the company's market capitalisation grew from $20 million to $200 million.
Conrad was Managing Director of Triangle Energy (ASX: TEG) from 2022 to 2026, and led the spin-out of its Philippines assets to form Tetragon Energy. He has also worked in mergers and acquisitions and reserve auditing for RISC, co-founded Vizier Energy Consulting, and served as a Non-Executive Director of Pilot Energy.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://www.tetragonenergy.com.au/
Key Insights
Tetragon's Sulu Sea permits sit inside a proven, underexplored Borneo-style petroleum province
Tetragon holds a 37.5% operated interest in SC-80 and SC-81, two deepwater blocks in the southern Sulu Sea directly adjacent to Borneo, a basin that has already yielded billions of barrels of oil and hundreds of trillions of cubic feet of gas. The blocks already contain two undeveloped discoveries totalling roughly 470 billion cubic feet of gross 2C gas resources, drilled by ExxonMobil between 2008 and 2010 before Asian gas prices collapsed in 2014-15. With regional gas prices now roughly three times higher, Todd says the economics of these existing discoveries have changed substantially.
The Halcon prospect anchors a potentially company-making exploration target
The largest prospect on the permits, a basin floor fan named Halcon, carries a conservatively estimated most-likely recoverable resource of 2.7 trillion cubic feet of gas. Around 4,000 square kilometres of existing 3D seismic data is being reprocessed using modern techniques, a process expected to take about a year and materially sharpen the company's confidence in both the discovered gas and the exploration upside. Todd expects an updated, likely larger, resource estimate for Halcon within the next few months.
A farm-out to a major, not drilling success, is the first re-rating catalyst
Because the blocks sit in 1,500-2,500 metres of water, Tetragon cannot fund a well on its own and is instead targeting a farm-out to a major or supermajor such as Petronas, Eni or Shell. Todd points to comparable ASX-listed companies with 3D-seismic-defined exploration plays that have re-rated by up to ten times their market capitalisation simply on securing a partner prepared to fund drilling, well before any well is spudded.
The onshore Cagayan Basin project offers a faster, lower-risk path to cash flow
Tetragon's 100%-owned onshore permit, SC-82 on Luzon, 250km north of Manila, hosts the Nassiping-2 gas discovery, first drilled in 1984 and later flow-tested by another operator. With Manila's power grid short of gas and a high-voltage line just 700 metres from the well site, Tetragon plans to firm up the resource with seismic or airborne gravity and magnetics work and a single follow-up well costing about $8-9 million, then generate and sell electricity on site rather than build a 250km pipeline to Manila. First-pass economics put the value of this project at $90-150 million.
A clean spin-out structure and a strong ASX debut give investors direct leverage to the Philippines story
Tetragon was spun out of Triangle Energy (ASX:TEG) via an in-specie distribution, with Triangle shareholders holding half of the new company alongside $4 million raised in an IPO priced at 20 cents a share. The stock listed this week and closed its first day at 25 cents. Todd notes the Philippines government is actively courting international explorers, offering domestic gas producers LNG-equivalent pricing, a starkly different regulatory stance to Australia's east coast gas reservation debate.
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Andean silver has three avenues to share price growth, resource increases, upgrading inferred resources to measured and indicated, and undertaking economic studies to show how profitable this project can be.
Guest Bio
Matthew Allen joins The Hole Truth fresh from his appointment as Managing Director of Andean Silver Limited (ASX: ASL, OTCQX: ADSLF), having stepped up from the role of Chief Executive Officer, which he took on in February 2026 after serving as the company's Chief Financial Officer from December 2024. Allen brings more than 20 years of multi-sector business experience as an entrepreneurial leader in financial analysis, mergers and acquisitions, forecasting and strategic planning, with prior roles at Global Lithium Resources, Hastings Technology Metals and Otto Energy. He has completed the Australian Institute of Company Directors' Company Directors Course. Allen now leads Andean Silver's push to convert and grow the resource base at its 100%-owned Cerro Bayo Silver-Gold Project in Chile's Aysen region, and to advance the studies needed to underpin a future restart of the historic operation.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://www.andeansilver.com/
Key Insights
Three Clear Avenues to Value Growth
Newly appointed Managing Director Matt Allen sets out Andean Silver's three-pronged value strategy at Cerro Bayo: continuing to grow the overall resource through drilling, converting Inferred ounces into the higher-value Measured and Indicated categories, and running economic studies to quantify the project's production and cash flow potential. Allen argues each driver reinforces the others, with the recent resource upgrade providing the scale and confidence needed to justify moving into feasibility work.
A 230% Jump in Indicated Resources Underpins the Next Phase
Andean's latest Mineral Resource Estimate delivered a 230% increase in Indicated resources, reflecting close to 30,000 metres of infill drilling completed over the past 12 months. Allen notes the update was also the first to constrain the resource within mineable shapes rather than a simple grade cut-off, making the reported ounces more directly relevant to future mine planning. Around 4.7 million of the project's 20 million tonnes are now classified as Indicated, with the company targeting 70% Measured and Indicated at the next update.
Restart Economics Take Shape After Decades of Production History
Cerro Bayo has more than 30 years of production history and was placed into care and maintenance in 2022, when silver was trading below US$10 an ounce — a stark contrast to the roughly US$60 an ounce environment Andean is now planning a restart into. Continued drilling within 1.5 kilometres of the existing process plant, including deepening known mineralisation at the Cascada deposit by around 200 metres, has given the company confidence in a mine life beyond ten years. Feasibility work now underway will also weigh whether to expand the plant from 500,000 tonnes per annum toward 750,000–1 million tonnes, targeted for delivery in the second half of calendar 2027.
First Drilling in Over 20 Years Targets the High-Grade Cerro Bayo District
Two additional rigs are being mobilised to the Cerro Bayo district, a historic underground mining area roughly ten kilometres from the Laguna Verde process plant that once produced at close to 700 grams per tonne silver-equivalent head grade. The area has not been drilled in more than two decades, despite ongoing surface mapping by Andean's exploration team identifying extensions to known vein systems. Assay results are expected before the end of the year, with the company also planning ahead to next-generation greenfield targets along the Droughtmaster–Sinter Hill corridor.
Structural Tailwinds Support the Silver Price Outlook
Allen points to a market undergoing a genuine shift, with silver's industrial applications in solar photovoltaics, electronics and medical uses increasingly driving demand alongside its traditional precious metals role. On the supply side, silver remains relatively inelastic, with the majority of global production coming as a by-product of lead, zinc and copper mining rather than from dedicated silver projects. Allen notes the market has now recorded six consecutive years of supply deficits, underpinning a price that has moved from single digits historically to around US$60 an ounce today, comfortably above most industry all-in sustaining costs.
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Description: Strategic Energy Resources is about to embark on an extensive drilling campaign at three copper and gold projects in Queensland. Two of these will be funded by big JV partners. There's known mineralisation at each. The drill rigs will be turning almost non-stop between now and Christmas with assays to flow.
Guest Bio
Dr David DeTata is the Managing Director of Strategic Energy Resources Limited (ASX: SER), a role he has held since 2021, and has been central to forming and executing the company's strategy of Frontier Discovery. An accomplished scientist and exploration executive, he brings more than 20 years' experience leading technical programs across government, public and private organisations. He is a graduate of The University of Western Australia and serves on the Science Advisory Committee of the Mineral Exploration Cooperative Research Centre (MinEx CRC). At Strategic Energy Resources, Dr DeTata leads the company's undercover exploration push targeting the concealed extensions of the world-class Mt Isa Inlier, including the Canobie, Bulimba and Diamantina copper and gold projects in Queensland.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://strategicenergy.com.au/
Key Insights
Three Drilling Programs, One Tight Market Cap
Strategic Energy Resources is offering investors leveraged exposure to exploration through three sequential diamond drill programs across its Canobie, Diamantina and Bulimba copper and gold projects in Queensland — more than 3,000 metres of drilling across five targets, all carrying known mineralisation. With a market capitalisation of around A$9 million, a tight register following a recent consolidation and capital raise, and two major shareholders holding roughly 17–18%, even modest exploration success could move the stock materially.
Majors Are Funding the Bills — and SER Gets Paid to Operate
Two of the three programs are funded by major partners. At Canobie, Fortescue (via subsidiary FMG Resources) is in its third year of drilling and can earn up to 80% by funding $8 million of exploration. At Bulimba, Sumitomo Metal Mining Oceania can earn up to 80% through $6 million of spend and 7,500 metres of drilling over five years, and up to 90% on completing a feasibility study. SER remains the operator on both joint ventures and collects an operator fee of around 10%, spreading exploration risk while retaining discovery upside.
Canobie: Chasing the Gravity Target Next to the Mineralisation
Canobie sits on the Quamby Fault trend, the same structure that hosts the Ernest Henry mine roughly 140 kilometres to the south, but undercover to the north. Last year's drilling at the Charcoal Bore prospect intersected low-level copper-gold mineralisation in an offset magnetic and gravity target. Crucially, the mineralisation was found where the rig clipped the gravity feature rather than the magnetic one — so this program returns to drill the centre of that gravity target in search of higher grade, alongside the high-priority Alcala target.
Bulimba: A Conceptual Gold Play That Attracted a Global Major
The Bulimba Gold Project lies roughly 50 kilometres northwest of Chillagoe in northeast Queensland, on a structural trend (the Palmerville–Gamboola Fault Zone) that hosts the Mungana and Red Dome gold-copper district. SER identified the ground as a conceptual, undrilled intrusion-related gold systems (IRGS) play and quickly attracted Sumitomo. The first six months of the partnership will see more than a million dollars spent, beginning with airborne gravity and passive seismic surveys ahead of the first drill hole at the Coral Trout prospect, which also carries Queensland Government grant funding.
Diamantina: An Anglo American Cast-Off With a 25%-Copper Hit
The 100%-owned Diamantina Copper-Gold Project, 280 kilometres south of Cloncurry, was acquired from Anglo American after roughly $20 million of prior spend — Anglo stepped back as part of its tie-up with Teck, retaining shares and a royalty rather than walking away entirely. SER picked it up for the price of around two drill holes (cash plus shares). Historical drilling includes 161 metres at 0.4% copper with a higher-grade 17.3 metres at 1.76% copper, plus a vein hit of 0.67 metres at 25.6% copper. A $275,000 Queensland Government CEI grant funds the first hole, sited about 400 metres from that high-grade intersection, with the program fully funded by last week's $1.5 million capital raise.
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Greenvale has just put its foot on a big lump of land. It says it's highly prospective for uranium in the Northern Territory. It already has extensive known mineralisation and resources, but it believes this is just the start of the game. The exploration program is already underway and Neil Biddle and Alex Cheeseman are wasting no time in pushing the case for their project
Guest Bio
Neil Biddle is the Executive Chairman of Greenvale Energy Limited and joins The Hole Truth as one of the most experienced figures in Australian hard-rock exploration. A geologist and Corporate Member of the Australasian Institute of Mining and Metallurgy, he has more than 35 years of professional and management experience across precious metals, base metals, iron ore and battery minerals exploration in Australia and overseas. He is best known as a founding director of Pilbara Minerals, where he oversaw the acquisition, drill-out and development of the world-class Pilgangoora lithium project, helping take the company from a small-cap shell to a multi-billion-dollar lithium producer. He was also a founder of Bardoc Gold and the founding managing director of TNG Limited, and now leads Greenvale's push to build a substantial uranium portfolio in the Northern Territory.
Alex Cheeseman is the Managing Director of Greenvale Energy Limited and joins The Hole Truth to drive the company's exploration agenda on the ground. A highly experienced Australian resources executive with more than 20 years' experience, he has worked across general management, corporate finance, strategy, commercial, operational and project development roles in the mining, energy and engineering sectors. Appointed Chief Executive Officer in May 2025 and elevated to Managing Director in March 2026, he leads Greenvale's exploration programs across its uranium projects in the Northern Territory and Queensland, as well as the advancement of the Alpha Torbanite project.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://greenvaleenergy.com.au/
Key Insights
A District-Scale Uranium Bet in a Proven Province
Greenvale has secured uranium exploration rights over roughly 2,466 square kilometres in the Pine Creek Orogen of the Northern Territory, acquired from Patronus Resources and combined with its adjoining Douglas River ground to form the new Thunderball Uranium Project. Management draws a direct geological analogy to Canada's Athabasca Basin, arguing the southwest portion of the Pine Creek region is highly prospective for unconformity-style uranium yet has been only lightly explored for the past several decades following early discoveries such as Ranger and Jabiluka.
Thunderball as the Anchor Deposit and Drilling Focus
The package includes the high-grade Thunderball deposit, which carries a historical inferred resource of around 829,000 tonnes at approximately 924 ppm uranium oxide for about 1.7 million pounds of contained uranium under the older JORC 2004 code. Greenvale plans to test extensions at depth and along strike with the aim of releasing an updated, JORC 2012-compliant resource. Cheeseman argues that a conventional hard-rock deposit in the order of 15 to 20 million pounds of high-grade uranium would represent a walk-up mine, framing the existing resource as a starting point rather than the prize.
A 20-Kilometre Trend of Repeatable Targets
Thunderball sits on the edge of the Hayes Creek fault zone, which management describes as a major mineralising plumbing system running around 20 kilometres into Greenvale's northernmost Douglas River tenement. With recent airborne radiometrics flown over the area, the company expects to define a trend hosting numerous hard-rock and paleochannel calcrete-hosted targets, including a 32-kilometre uranium-rich paleochannel that was drill-ready in 2012. The thesis rests on unconformity-style systems clustering rather than occurring in isolation, given the source granite has been shedding uranium into the system for an estimated 1.2 billion years.
A Strengthening Uranium Macro Backdrop
Biddle and Cheeseman argue the project is timed to a strengthening uranium cycle, noting that producers such as Cameco and Kazatomprom have signalled they are not incentivised to bring on new capacity until prices reach significantly higher levels than the current spot price. They point to rising long-term price forecasts from analysts, growing nuclear build-out in China, the United States and Europe, and Europe's reclassification of nuclear as green energy as evidence that capital is beginning to flow toward junior uranium explorers after years of underinvestment.
Optionality Beyond Uranium: Oasis and Alpha Torbanite
Beyond the Northern Territory, Greenvale retains its advanced, high-grade Oasis Uranium Project in Queensland — a roughly 90-square-kilometre uranium anomaly being progressed with geophysics and ground geochemistry ahead of potential drilling next year. The company is also advancing its Alpha Torbanite project, which hosts a 28-million-tonne inferred resource and is positioned to supply Australia's fully imported, roughly billion-dollar bitumen market. With test work progressing through specialist processors toward independent certification, and bitumen prices rising on Middle East supply disruption, the project adds further optionality to the investment case.
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Killi Resources (ASX: KLI) has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. Killi Resources has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. This product will be in hot demand among the new generation of low-emission steelmaking facilities around the world.
Guest Bio
Hamish Halliday is a Non-Executive Director of Killi Resources Limited (ASX: KLI), a geologist with around 30 years of corporate and technical experience across the resources sector. He has been involved in the discovery and funding of multiple large-scale mineral projects across five continents. Halliday founded Adamus Resources, which he grew from a A$3 million float into a multi-million-ounce emerging gold producer, overseeing the discovery of the Southern Ashanti Gold Project in Ghana. He also co-founded a number of other successful junior mining companies, including Gryphon Minerals, Venture Minerals, Renaissance Minerals, Alicanto Minerals and Blackstone Minerals. At Killi, he is focused on advancing the Lodestone Iron Ore Project alongside the Richardson Street group and Chairman Nev Power, the former Fortescue Managing Director.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://www.killiresources.com.au/
Key Insights
A Rare, High-Grade Magnetite Body Unlike Anything Else in Australia
Killi's newly acquired Lodestone Iron Ore Project hosts a fully recrystallised, coarse-grained magnetite body that Halliday describes as a geological freak. Granites on either side have reworked the mineralisation so the silica–magnetite bonds break apart easily, with grains up to five millimetres across — roughly 100 times coarser than nearby banded iron formations such as Karara. It is more analogous to high-grade bodies seen in Canada, Sweden and South America than to typical Western Australian iron ore.
Built for the Green-Steel, Electric Arc Furnace Market
The project's key commercial point of difference is that its product can supply the new generation of low-emission steelmaking facilities, whereas most Western Australian iron ore cannot. Electric arc furnaces are where the industry's growth is concentrated, using gas as a reductant rather than coking coal and offering around 80% lower CO2 emissions. Only about 3% of seaborne iron ore is direct-reduction (DR) grade, creating a structural supply shortage that Killi aims to help fill — and Halliday points to Champion Iron spending around half a billion dollars to lift its product toward DR grade as evidence of the premiums on offer.
Simple, Low-Cost Processing and Premium Product
Because the ore is so coarse and breaks apart easily, Killi can produce a 68–69% Fe concentrate from a 250-micron grind — about ten times coarser than Karara — pointing to a simple processing circuit. The project delivers around 33–40% mass recovery, with concentrate grades targeted at 69–70% Fe at very low impurities. Halliday frames the investment case as clipping the margin at both ends: lower production costs and a higher price, which ultimately translates into stronger free cash flow.
Standout Location with Existing Infrastructure
Lodestone sits roughly 200 kilometres from the Port of Geraldton, which has spare capacity, with grid power, a sealed road and a rail line running straight to the port — Halliday notes you can stand on the discovery outcrop and see all of it. With no need to build anything beyond the mine gate, the capital required is far smaller than a typical magnetite development, opening the door to a modest, low-capital start-up to generate early cash flow.
A Substantial Resource with Major Growth Upside
Killi already has an inferred resource of 110 million tonnes, but that tests only about 20% of a magnetite system extending some 25 kilometres of strike. The company plans to start drilling within weeks and aims to quadruple the resource toward roughly half a billion tonnes over the next 12 to 18 months. Running metallurgy, engineering with Sedgman and offtake discussions in parallel, Killi is targeting a pre-feasibility study in the second half of next year and a final investment decision within two to two-and-a-half years. The acquisition is backed by an A$15 million placement, lifting cash to around A$18.5 million, and a heavyweight team including Chairman Nev Power and Steve Parsons' Richardson Street group.
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AusQuest has outlined a big copper footprint at its project in Peru. Extensive shallow mineralisation has already been defined. The question is, is there high-grade material below this? The company is just starting a deep drilling programme in the hope of finding the high-grade source, which could be a company maker.
Guest Bio
Graeme Drew is the Managing Director and Co-Founder of AusQuest Limited, with more than 40 years' experience in the mineral exploration industry in Australia and overseas. Prior to co-founding AusQuest, he held senior roles as an Exploration Manager with CRA Exploration (CRAE) and Rio Tinto Exploration in both Western and Eastern Australia. He has wide-ranging experience in the search for and evaluation of base and precious metals, including copper, gold, nickel, uranium, zinc and diamonds, and leads AusQuest's exploration strategy across its portfolio of porphyry copper, IOCG and base-metal projects in Peru and Australia.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://www.ausquest.com.au/
Key Insights
Large, Near-Surface Copper Footprint Defined AusQuest's Cangallo Project hosts a copper (+/– gold) porphyry system extending more than 1,500 metres in length, several hundred metres in width and over 400 metres in depth, sitting within roughly 50 metres of surface. The 100%-owned discovery was made through the company's own RC drilling, with no prior drilling on the project, giving AusQuest full ownership of the upside.
The Deeper Drilling Test — Smoke vs Fire With most drilling so far confined to the deeply weathered, oxidised top 300 metres, AusQuest is now starting a deeper diamond drilling program of approximately 5,000–6,000 metres (holes to 800–1,000 metres) to test whether a higher-grade hypogene source sits beneath the extensive shallow mineralisation. A meaningful intercept at depth could be a significant re-rating event for the company.
Potential Near-Surface Starter Pit The shallow, low-grade oxide material (averaging ~0.25–0.3% Cu) may carry standalone value. Because it is leachable oxide with effectively no strip ratio, and is located near the coast in a low-cost desert setting close to infrastructure, AusQuest is undertaking metallurgical test work to assess recoveries and the potential for an economic open-pit, leachable resource.
Strategic Location and Copper Tailwind Cangallo's coastal location around 8 kilometres from the Peruvian coast — close to the Pan-American Highway and power lines, away from agriculture and at low elevation — is a key value driver versus higher-altitude Andean peers. A rising copper price, with forecasts of US$15,000–16,000+ per tonne, adds further leverage to both the shallow resource and any deeper discovery.
Compelling Risk/Reward at a Modest Valuation At a market capitalisation of around A$70 million, Drew argues AusQuest is undervalued relative to peers holding comparable oxide copper resources across the Americas. Having transitioned from greenfields explorer to a brownfields evaluation story, the company offers investors leverage to exploration success as the deeper drilling program gets underway.
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PMET is closing in on a key economic assessment of a huge lithium project in Canada. The project is set to be the fifth biggest budget main producer in the world. Meaning it is ideally placed to be a key supplier to North American and European markets looking to diversify from China.
Guest Bio
Ken Brinsden is CEO, President and Director of PMET Resources (ASX: PMT / TSX: PMET). He is a Mining Engineer with nearly 30 years of experience across surface and underground mining operations, spanning mine management, production, brownfield and greenfield development, and executive and board leadership across multiple commodities. Ken graduated from the Western Australian School of Mines in 1993 and has held roles at WMC Resources, Normandy, Central Norseman Gold Corporation, GoldFields, Iluka Resources and Atlas Iron. He joined Pilbara Minerals as Chief Executive Officer in January 2016 and was appointed Managing Director and CEO in May of that year, leading the company's transformation from a junior explorer into one of the world's leading lithium raw materials producers and achieving entry to the ASX 100. Ken is a member of the London Metal Exchange's Lithium Committee and is now based in Québec, where he is leading the development of the Shaakichiuwaanaan Project — the largest lithium pegmatite resource in the Americas.
Produced by Resource Media
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Key Insights
PMET's Shaakichiuwaanaan Project Is Positioned to Become One of the World's Largest Lithium ProducersLocated in the Eeyou Istchee James Bay region of northern Québec, the Shaakichiuwaanaan Project holds the largest lithium pegmatite resource in the Americas. PMET's completed CV5 Feasibility Study targets production of up to 800,000 tonnes per year of spodumene concentrate at full capacity, which would place it in the top five hard rock lithium operations globally — a scale Ken Brinsden compares directly to the industry benchmark, Greenbushes.
Stationary Energy Storage and EV Trucking Are the Demand Forces the Market Is Underestimating Brinsden reveals that stationary battery energy storage now accounts for 40% of global lithium-ion battery demand — a figure unthinkable just 18 months ago. He argues the next wave is diesel replacement in commercial trucking, enabled by megawatt-scale charging and larger battery packs, and that the compounding effect of cheaper cells across new applications means the market will continue to be surprised by the pace of demand growth.
Shaakichiuwaanaan Is a Rare Triple-Commodity Critical Minerals Asset Beyond its world-class lithium endowment, the Shaakichiuwaanaan property hosts the world's largest known pollucite-hosted caesium deposit — located in the CV13 pegmatite — as well as one of the largest tantalum resources globally. Caesium is used in oil and gas drilling fluids, industrial catalysts and pharmaceuticals; tantalum is in strong demand for electronics, defence and aerospace. Brinsden explains how both co-products will contribute meaningful cost credits when the expanded feasibility study is released.
Volkswagen's PowerCo and Koch Technology Solutions Provide Strategic Validation at Scale In a first for the Volkswagen Group, the automaker has taken a direct equity stake in PMET and signed a 10-year lithium spodumene offtake agreement through its battery subsidiary PowerCo. PMET has also launched a relationship with Koch Technology Solutions — a major US industrial conglomerate — focused on advancing value-added caesium chemicals production from Shaakichiuwaanaan, deepening the project's integration into North American critical minerals supply chains.
Government Backing From Canada and Germany Underpins the Path to Mine Authorisation PMET has received letters of support from Export Development Canada and Germany's KfW IPEX-Bank as it advances through the Environmental and Social Impact Assessment process. Brinsden sees Canada's drive to diversify its supply chains — particularly in the context of shifting geopolitical dynamics and its deepening ties with Europe — as a powerful structural tailwind for Shaakichiuwaanaan as it targets a final investment decision in the second half of 2027.
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Australian Vanadium has put its hands up to build a big battery storage system in Kalgoorlie. The company plans to produce the key ingredient — vanadium electrolyte — using its own technology and plant for that battery. It believes that the Kalgoorlie battery will provide a role model for how vanadium batteries can be used elsewhere around Australia.
Guest BioGraham Arvidson is Chief Executive Officer of Australian Vanadium Limited. He is a highly respected executive with more than two decades of experience across the Australian and international resource and energy sectors, spanning project studies, design, construction, commissioning and operations management.
Before joining Australian Vanadium in 2022, Graham held senior leadership roles with IGO, Primero Group and Pilbara Minerals, building a track record in successful project development, operational optimisation and mineral processing operations. His background includes direct experience in vanadium, lithium and broader energy markets, positioning him to lead Australian Vanadium’s vertically integrated “pit-to-battery” strategy.
Graham holds a Bachelor of Science in Mechanical Engineering from the University of Alberta, an MBA and MSc in Mineral Economics from Curtin University, and is a Chartered Professional Metallurgist and Chartered Professional Engineer.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Key InsightsKalgoorlie Could Become Australia’s First Bankable Vanadium Flow Battery HubAustralian Vanadium is competing to deliver a proposed 500MWh vanadium flow battery in Kalgoorlie, supported by a WA Government initiative designed to strengthen regional energy security. If successful, the project would become one of the largest vanadium flow batteries outside China and could establish the first commercially bankable Western model for utility-scale vanadium energy storage.
Vertical Integration Is Central to AVL’s StrategyThe company’s integrated structure — spanning vanadium mining, electrolyte production and battery deployment — is designed to create supply chain advantages and cost efficiencies. AVL already operates a commercial vanadium electrolyte plant in Perth, giving it a significant first-mover advantage in Australia’s emerging flow battery market.
Vanadium Flow Batteries Target Long-Duration Energy StorageUnlike lithium-ion batteries, vanadium flow batteries experience virtually no degradation over time, allowing them to maintain capacity across decades of operation. Graham Arvidson explains that this makes the technology particularly suited to infrastructure-grade storage applications requiring long-duration performance, high cycling capability and asset lives extending beyond 20 years.
Hot Climate Applications Could Drive Australian DemandAustralian Vanadium believes vanadium flow batteries are particularly well suited to remote and high-temperature environments such as the Pilbara and northern Australia, where lithium technologies can face operational limitations. The company sees significant long-term opportunities in mining regions, regional grids and industrial energy systems that require reliable long-duration storage.
AI Data Centres and Grid Reliability Are Emerging Growth DriversThe conversation highlights growing global demand for large-scale energy storage driven by AI data centres and grid stability requirements. Vanadium flow batteries are attracting attention because of their non-flammable chemistry, scalability and ability to sustain frequent charge-discharge cycles without capacity fade — characteristics increasingly valued in critical infrastructure applications.
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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
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Key InsightsAggressive Drilling Strategy Driving Resource GrowthFirefly 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 EconomicsWithin 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 ProfileAn 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 UnderexploredFirefly 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 ShareholdersThe 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.
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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 bioMr 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.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
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.
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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 BioShane 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.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
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Key InsightsA Systematic Search for the Next DeGrussaGreat 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 BasinThe 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 SystemPrevious 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 AnomaliesTargets 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 DisciplineWith 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.
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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.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
ResourcesLinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC
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Company website: 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.
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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 BioAndrew 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.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Key Insights1. Exceptional High-Grade Assay Highlights Depth PotentialGreat 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 PitThe 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 ResourceGreat 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 MillsA 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 UnderwayGreat 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.
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Minerals 260 (ASX: MI6) has had a stunning ten months since acquiring the Bullabulling Gold Project in Western Australia. The stock has soared on the back of its exploration success and its recent funding deal.
Guest BioLuke McFadyen is Managing Director of Minerals 260. He is a mining industry executive with more than 15 years’ experience across several commodities including copper, nickel, gold, graphite, aluminium and iron ore, and has worked in multiple jurisdictions including Australia, Singapore, Brazil and Mozambique. He is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and holds a Master of Science (Mineral and Energy Economics) and MBA from Curtin University, as well as a Bachelor of Commerce (Economics) and Bachelor of Science from the University of Notre Dame Australia. Mr McFadyen has previously worked at OZ Minerals, Syrah Resources, South32, BHP, KPMG and Deloitte.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Key InsightsRapid Resource Growth at BullabullingMinerals 260 has rapidly expanded the Bullabulling Gold Project to a resource of approximately 4.5 million ounces, including around 3 million ounces in the indicated category. Located just 45 minutes from Kalgoorlie in Western Australia, the project has quickly emerged as one of the more significant undeveloped gold assets on the ASX.
A Transformational AcquisitionThe company acquired Bullabulling for around $166 million, and in less than a year the market has re-rated the company dramatically as exploration success and development progress have strengthened the investment case. This rapid value creation reflects both the scale of the asset and strong investor demand for large gold development projects.
Franco-Nevada Deal Provides Validation and FundingMinerals 260 secured a $120 million royalty funding package with Franco-Nevada, one of the world’s largest precious metals royalty companies. The deal followed extensive technical due diligence and provides development capital while reducing near-term dilution, representing a major validation event for the project.
Large-Scale Open Pit Development PotentialCurrent planning outlines a potential 4–5km long open pit, approximately 600 metres wide and 300 metres deep, positioning Bullabulling as one of Australia’s largest future gold pits. Ongoing drilling is focused on improving project economics by targeting shallower and higher-grade mineralisation.
Fast-Tracked Path to DevelopmentMinerals 260 is progressing rapidly toward development, with reserve work, resource updates and feasibility studies advancing through 2026. Early site infrastructure work — including accommodation and water infrastructure — is already underway ahead of a final investment decision, reflecting strong confidence in the project’s economics and the supportive gold macro environment.
ResourcesLinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastYouTube: https://resourcesrisingstars.com.au/the-hole-truth-podcast/Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://minerals260.com.au/
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PolarX has unveiled a gold discovery at its Humboldt Range project in Nevada. The question is how big it is defined. The company is now planning more drilling to see how far it extends, raising the possibility that the company could sell the project entirely to one of its big neighbours nearby.
Guest: Mark BojanjacCompany: PolarX
Guest BioMark Bojanjac is Managing Director of PolarX Limited. He is a geologist with more than 30 years’ experience in the exploration and mining industry. Mr Bojanjac has held senior executive and board positions with several ASX-listed resource companies and has been directly involved in exploration, project acquisition, development strategy and capital markets transactions across multiple jurisdictions. His experience spans gold, copper and base metals projects, with a focus on advancing assets from discovery through to development and potential monetisation.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
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The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://polarx.com.au/
Key InsightsLarge-Scale Gold Anomaly Emerging at Humboldt RangePolarX’s Humboldt Range project in Nevada has delivered gold in every hole drilled across an initial 800-metre section of a 3.8-kilometre-long IP and soil anomaly. Importantly, the area drilled was not selectively targeted but accessed via existing tracks, suggesting significant blue-sky potential across the broader 4km strike extent. The scale of the anomaly positions the project as a potentially material new gold system in a proven mining district.
Tier-One Mining Neighbourhood Strengthens Strategic ValueThe project is surrounded by long-life, multi-million-ounce gold operations, including Florida Canyon and the Rochester expansion. With comparable host geology and open-pit cut-off grades around 0.13 g/t Au in the district, even moderate grades at Humboldt could be economically meaningful. Proximity to infrastructure and processing capacity enhances optionality, including potential corporate interest.
Mineralogical Similarities to Producing OperationsManagement notes geological similarities to nearby operations in the Rochester-style host rocks, with head grades in the district averaging approximately 0.45 g/t Au. PolarX believes its discovery could deliver higher grades, though drilling remains at an early stage. The geological setting supports the thesis that Humboldt Range may represent a scalable, heap-leach style gold system.
Northern Star Strategic Backing and Alaska Range UpsideNorthern Star Resources holds approximately 14% of PolarX and is earning into the Alaska Range Project under a five-year farm-in agreement. Year one drilling has been completed, with US$2 million remaining in the joint venture budget and US$6 million scheduled to be contributed at the end of March. Technical collaboration, including comprehensive historical core logging, reflects a systematic approach to unlocking value at Caribou Dome and across the broader Alaska Range tenure.
Aggressive 20,000-Metre Drilling Campaign PlannedPolarX is planning at least 10,000 metres of drilling in Nevada and a further 10,000 metres in Alaska during the upcoming field season. With approximately US$8 million (~A$12 million) available across programmes, the company is well-funded to accelerate discovery definition and resource potential. The scale of planned activity signals a transformational period over the next 12 months
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Venari Minerals is advancing what could become the third highest-grade lithium resource in the United States — and the company is focused on building 20 high-margin years, not a century-scale operation.
Managing Director Matt Healy joins The Hole Truth to unpack the scale and grade of the resource, including a 47.9Mt high-grade zone grading just under 2,200ppm lithium. He explains why beneficiation and 98% leach recoveries could materially reduce acid consumption — the key operating cost lever in sedimentary lithium — and how upcoming infill drilling aims to convert the current Inferred resource to higher-confidence categories.
The discussion also explores the accelerating U.S. critical minerals policy backdrop, shortened permitting timeframes, and growing strategic interest from Japan and South Korea as global lithium supply chains realign.
For investors, the pathway is clear: resource upgrade, metallurgy, scoping study financials — and potential re-rating catalysts along the way.
Guest: Matt Healy
Company: Venari Minerals
Matt Healy is Managing Director of Venari Minerals, a U.S.-focused lithium exploration and development company advancing a high-grade sedimentary lithium project. Healy has extensive experience in resource project development, capital markets, and corporate strategy, with a focus on identifying and advancing critical minerals assets with strong geological fundamentals and strategic positioning.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
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Company Website: https://venariminerals.com
Key InsightsHigh-Grade Lithium Resource Positioned Among the Top in the U.S.
Venari Minerals’ project ranks as the sixth highest-grade lithium resource in the United States on a headline basis. More notably, its northern high-grade zone—at 47.9Mt grading just under 2,200ppm lithium at a higher cut-off—would rank as the third highest-grade lithium resource in the country if standalone. Grade concentration at scale is a critical differentiator in sedimentary lithium economics.
Targeting 20 High-Margin Years Rather Than Maximum Scale
While mega-projects such as Thacker Pass host more than 60Mt of contained lithium carbonate equivalent (LCE), Venari’s strategy is capital discipline over size. The company is targeting approximately 20 high-grade, high-margin production years rather than pursuing century-scale mine life. This approach aligns capital intensity with realistic financing pathways and return optimisation.
Metallurgical Results De-Risk Operating Cost Profile
Scoping-level leachability testwork has achieved up to 98% lithium recovery, an exceptional outcome for sedimentary-hosted lithium. Beneficiation testwork upgraded material from ~1,000ppm to ~2,400ppm lithium while retaining 85% of contained lithium and rejecting 65% of waste. Critically, this has the potential to halve acid consumption—typically the largest operating cost line item—materially improving project economics.
Clear Pathway to Resource Upgrade and Re-Rating Catalysts
The current resource is entirely Inferred, presenting a clear pathway for value creation through infill drilling and conversion to Indicated and Measured categories. Resource confidence upgrades historically support market re-ratings, particularly when coupled with additional metallurgical validation. A scoping study targeted by year-end is expected to deliver the project’s first financial framework.
Strategic Tailwinds from U.S. Critical Minerals Policy
Recent U.S. executive actions focused on energy security and critical minerals are accelerating permitting and unlocking government-backed financing channels. Institutions such as the Development Finance Corporation and the Export-Import Bank are increasingly active in critical minerals funding, while strategic stakes in domestic producers signal policy support. Growing investment interest from Japan and South Korea—particularly amid tariff-driven supply chain realignment—further enhances the strategic optionality of high-grade U.S. lithium assets like Venari’s.
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In this episode of The Hole Truth, Bellavista Resources Managing Director Glenn Jardine outlines the investment case for the Pickle Crow Gold Project in Ontario, Canada.
With 2.8 million ounces in current resources and 1.5 million ounces historically produced, Pickle Crow is already a large-scale gold system. Glenn discusses why the next phase of value creation lies in near-mine resource extensions, underexplored regional targets, and the application of modern exploration techniques across a historically rich gold belt.
The conversation also covers Bellavista’s A$35 million funding position, strong institutional backing, and how the company is positioning itself for resource growth and value accretion in one of Canada’s most prolific gold districts.
Guest BioGlenn Jardine is a mining executive with experience across gold exploration, project acquisition, and capital markets. He is the Managing Director of Bellavista Resources, where he is leading the acquisition and advancement of the Pickle Crow Gold Project in Ontario, Canada, with a focus on resource growth, near-mine extensions, and regional exploration upside.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
LinksThe Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
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Company Website: https://bellavistaresources.com.au/
Key InsightsEstablished Gold Asset with Significant Scale
The Pickle Crow Gold Project already hosts a 2.8Moz gold resource, with a further 1.5Moz historically produced between 1935 and 1966 at grades of approximately 0.5oz/t. This places the project’s combined gold endowment above 4Moz, providing a strong platform for future resource growth.
Near-Mine Extensions Offer Immediate Upside
Initial drilling is expected to focus on areas close to existing workings, targeting resource extensions and potential new discoveries. This strategy allows Bellavista to pursue relatively low-risk growth while building momentum early in the exploration program.
Underexplored Regional Potential
Large portions of the broader landholding remain lightly drilled, despite sitting within a highly mineralised gold belt. Modern aeromagnetic and LIDAR surveys completed in 2023 represent the first systematic application of contemporary exploration tools, highlighting early-stage but material discovery potential.
Well-Capitalised Exploration Strategy
Bellavista completed a two-stage capital raise totalling approximately A$35 million as part of the acquisition, exceeding its original funding target. Strong institutional support provides the balance sheet capacity to fund both near-mine drilling and later-stage regional exploration.
Strategic Positioning in a Prolific Gold Belt
The project is located within a gold belt that has produced or hosts more than 40Moz of gold, reinforcing its geological credentials. Relative to peers, the company offers leverage to exploration success and potential valuation uplift as drilling results and resource growth are delivered.
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Trek Metals could be on the cusp of a world-class manganese discovery in WA's
Kimberley region. Extremely high-grade manganese has already been outlined
over 750 metres, and geophysics suggests it could be much, much bigger than
that.
The company is working through an exploration program that will culminate in
a drilling program in the next three months.
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The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
LinksThe Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://trekmetals.com.au
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Peninsula Energy has overcome its challenges at the Lance Uranium Project in the US and is now generating solid results, as shown by the share price. MD George Bauk has been in the job for a year and has delivered some excellent results, with more to come.
Guest BioGeorge Bauk is the Managing Director and Chief Executive Officer of Peninsula Energy. He is an experienced resources executive with a background in mine development, operations, and corporate leadership across the energy and mining sectors. Since taking the helm at Peninsula Energy, George has overseen a strategic and operational turnaround at the Lance Uranium Project, focusing on execution discipline, cost control, and alignment with improving uranium market fundamentals.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
LinksThe Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://www.pel.net.au/
Key InsightsOperational Reset at Lance Delivers ResultsPeninsula Energy has worked through technical and operational challenges at the Lance Uranium Project, enabling more consistent performance. The reset has restored confidence in the asset’s ability to contribute meaningfully as market conditions improve.
Leadership Stability Driving ExecutionGeorge Bauk’s first year as Managing Director has focused on execution discipline and accountability. This leadership stability has been critical in rebuilding market confidence and delivering measurable progress.
Uranium Market Tailwinds Strengthen the Investment CaseRising uranium prices and renewed long-term contracting activity are improving project economics across the sector. Peninsula Energy is leveraged to these tailwinds as utilities seek secure supply from established jurisdictions.
US-Based Production Offers Strategic AdvantageThe Lance project’s location in the United States provides geopolitical and supply-chain advantages. This positioning is increasingly relevant as Western utilities prioritise domestic and allied sources of uranium.
Share Price Reflects Improving FundamentalsRecent share price performance signals growing investor recognition of Peninsula Energy’s turnaround. As operational delivery continues and uranium demand strengthens, further re-rating potential remains.
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Chalice's fortunes are strongly linked to the palladium price, and the palladium price is running as the world realises that hybrids and petrol engines are a big part of the future of the car industry.Guest BioAlex Dorsch is the Managing Director and Chief Executive Officer of Chalice Mining. He is a geologist with more than 15 years’ experience across exploration, project development and capital markets, having worked in senior technical and corporate roles within the Australian resources sector. Since joining Chalice, Alex has led the discovery, advancement and strategic repositioning of the Julimar–Gonneville PGM–Nickel–Copper project in Western Australia.Produced by Resource MediaThe Hole Truth: Mining Investment Podcast is a product of Read Corporate.Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.LinksThe Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://chalice.com.au/Key InsightsHybrid Vehicles Are Reshaping Palladium DemandThe global pivot away from an all-EV future has re-established hybrids as a long-term transition technology. Hybrids require higher palladium loadings in catalytic converters, keeping demand resilient despite slower EV uptake.Supply Constraints Create Strong Price LeveragePalladium supply remains highly constrained, with minimal new investment in Russia and South Africa. In a relatively small market, even modest demand shifts can drive sharp price increases.Gonneville Is Highly Leveraged to Palladium UpsideChalice’s Gonneville project offers rare scale exposure to palladium in a Tier-1 jurisdiction. Each US$100/oz increase in the palladium price adds substantial value to project NPV, highlighting strong upside leverage.Simplified Processing Has Transformed Project EconomicsA major metallurgical breakthrough allowed Chalice to remove a capital-intensive downstream processing stage. This materially reduced capex, simplified the flowsheet and improved robustness across commodity cycles.Conservative Assumptions De-Risk the Investment CaseThe project’s pre-feasibility study uses palladium price assumptions well below spot levels. This conservative approach demonstrates economic viability at the bottom of the cycle, while preserving significant upside in a rising price environment
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