This week on The Hole Truth, David Southam, Executive Chairman of Cygnus Metals (ASX:CY5), joins us to unpack a 78% increase in measured & indicated resources at the company’s Chibougamau Copper–Gold Project in Québec, Canada. With a new total of 2.2 million ounces gold-equivalent at 4.5 g/t, more than 3Moz of silver and nearly $20M in cash, Cygnus believes the market hasn’t yet caught up to the scale and quality of what they’ve built.

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.cygnusmetals.com

Key insights from the episode:

• From “sausage” to “sizzle”:How Cygnus deliberately focused on delivering a big, high-grade copper-gold resource before turning to promotion — and why now is the time to tell the story globally.
• Major resource growth:The updated estimate delivers 2Moz gold-equivalent at 4.5 g/t, plus silver upside and infrastructure advantages in a proven Québec mining district.
• Market disconnect & valuation gap:Despite the scale, Cygnus sits at a ~$100M market cap (with $20M cash)— well below analyst price targets, including Canaccord’s 30c call vs. an ~11c share price.
• Upcoming catalysts:Active drilling at Cedar Bay, a new economic study using current gold (US$3,700/oz), copper (US$4.50/lb) and silver prices, and potential M&A interest across the Chibougamau district.
• Smart development metrics:Low capital intensity compared to peers, strong institutional support, and a clean copper concentrate with no deleterious elements — all factors that improve project appeal.

In this special episode of The Hole Truth, mining gurus Chris Cairns, Simon Lawson and Hedley Widdup explain the technical terms we see in ASX releases every day yet so often don't understand. This informative - and fun - episode was recorded before a live studio audience on the eve of last week's Resources Rising Stars investor conference on the Gold Coast. Listen, learn and laugh with these legends.

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

PolarX (ASX: PXX) has just struck a far-out deal with Northern Star Resources that will see the gold giant spend up to 60-million Australian dollars for a stake in up to 70% in PolarX’s Alaska Range Project.

Mark Bojanjac is a Chartered Accountant with almost 30 years’ direct experience in developing resource companies. He was a founding director of a public company which discovered one of Australia’s highest grade gold mines at East-Kundana near Kalgoorlie in WA and managing director of an unlisted public company which successfully developed a 2.4Moz gold resource in Mongolia. He was previously CEO of Adamus Resources Limited, where he oversaw its advancement from an early stage exploration project through definitive feasibility studies and managed the debt and equity financing to build its successful Ghanaian gold mine. He was also formerly a Non-Executive Director of QLD silica sand developer, Metallica Minerals Limited and is currently a director of WA resources explorer, Kula Gold Limited.

Produced by Resource Media

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.polarx.com.au/

INSIGHTS FROM THE EPISODE

PolarX has secured a landmark farm-in agreement with Northern Star Resources (ASX: NST), giving Northern Star the right to earn up to 70% of the Alaska Range Project by spending $60 million. This partnership validates the project’s scale and potential.

The Caribou Dome deposit within the Alaska Range has delivered scoping study results showing an Internal Rate of Return (IRR) of ~70% (based on metals prices two years ago), underlining its strong economics and global significance as one of the highest-grade undeveloped copper projects in the USA.

PolarX controls an under-explored 35km mineralised corridor, including soil anomalies up to 11km by 8km in size. Northern Star’s backing allows for big-company exploration programs—geophysics, helicopter surveys, and systematic drilling—that were previously unaffordable for PolarX.

With copper recently added to the US Critical Minerals List, PolarX’s Alaskan copper-gold assets are strategically aligned with America’s push for secure, domestic supply. The jurisdictional advantage of being in the USA enhances the project’s attractiveness to global investors.

Outside the Alaska JV, PolarX retains full ownership of the Humboldt Range Project in Nevada, located next to major heap-leach gold and silver operations such as Florida Canyon and Rochester. Drill-ready and surrounded by multimillion-ounce deposits, Humboldt represents a second growth pillar for the company.

This week on The Hole Truth, we sit down with Sky Metals (ASX: SKY) to dig into the latest results from the Tallebung Tin Project in NSW. With standout silver and tin intercepts, breakthrough ore sorting results, and a pathway to becoming a globally significant tin producer, Sky is pushing hard to prove up scale and economics in one of Australia’s most exciting tin plays.

Managing Director Oliver Davies joined SKY as a geologist in 2019. He was appointed to Exploration Manager in 2021, then to CEO in early 2022 and subsequently to Managing Director in September 2024. Prior to SKY, Mr Davies was in exploration and operational roles with Evolution Mining and Alkane Resources in NSW and Qld. Mr Davies has worked closely on several successful NSW discoveries including Evolution Mining’s significant expansion of the Lake Cowal gold resource and with Alkane’s regional exploration success at Tomingley and Boda.

Produced by Resource Media

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.skymetals.com.au

INSIGHTS FROM THE EPISODE

• Expanding Resource at Tallebung Tin– Sky Metals continues to grow its Tallebung deposit, now stretching over 2km long and 300–400m wide, with drilling pointing to significant extensions beyond the current resource.
• High-Grade Intercepts Boost Potential– Recent drilling returned standout results, including 3m at over 600g/t silver and nearly 1% tin, highlighting the project’s rich mineralisation.
• Ore Sorting Breakthrough– Bulk sample results show a 13x upgrade in ore sorting, a step change from earlier 3–4x upgrades, confirming Tallebung’s strong suitability for this cost-saving technology.
• Towards Long Mine Life and Scale– With ~23,000 tonnes of tin already defined and drilling density increasing, Sky is targeting a potential 10-year mine life and production that could represent ~1% of global tin supply.
• Strong Economics Backed by Leadership– Shallow high-grade zones offer potential for rapid payback on CapEx, while an experienced board led by Chairman Norm Seckold brings a track record of building successful mining projects.

Leeuwin Metals (ASX: LM1) are out to join those who believe that one man's trash can be another man's treasure in the WA gold exploration game.

Managing Director Chris Piggot is a Geologist with extensive background in gold and nickel exploration with a track record of discovery and corporate development.

​

Recent roles included Senior Geologist at Bellevue Gold Ltd (ASX.BGL) where he was involved in the discoveries of Tribune, Viago & Deacon, that have defined +3Moz.

He was also a part of the team that defined the Nova-Bollinger high grade Nickel deposit which is now owned and operated by IGO Ltd (ASX.IGO).

Produced by Resource Media

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.leeuwinmetals.com

INSIGHTS FROM THE EPISODE

1. Leeuwin Metals accelerates Marda Gold Project exploration Since acquiring the Marda Gold Project from Ramelius Resources just four months ago, Leeuwin Metals (ASX: LM1) has completed two drilling programs totalling 5,000m, extensive mapping, and new target generation across the Southern Cross Greenstone Belt in Western Australia.
2. Strong brownfields results confirm growth potential Drilling beneath existing pits at Marda has intersected significant gold zones, including 20m+ at 1–1.5g/t Au, 8m at ~3g/t Au, and 5m at 5g/t Au, demonstrating continuity at depth and substantial scope for resource growth.
3. High-grade opportunity at Evanston Prospect Leeuwin is preparing to drill the Evanston Prospect—a shallow, high-grade gold system last drilled over 20 years ago—where rock chip samples have returned assays up to 28g/t Au in quartz veins, with visible gold observed on site.
4. Dual growth strategy across 500km² of tenure With over 500km² of granted tenure, Leeuwin is pursuing a two-pronged approach: expanding known mineralisation around historical pits and advancing underexplored greenfields targets with potential for repeat high-grade discoveries.
5. Resource estimate expected by year-end An updated Mineral Resource Estimate for Marda—incorporating historic drilling and recent Leeuwin results—is on track for release by the end of 2025, a milestone that could significantly re-rate the company’s ~$15M market capitalisation.

Arika Resource (ASX: ARI) has just put out some cracking results from its Yundamindra project in WA’s easter goldfields. The company plans to keep the drill rig turning for many months as it tests any number of compelling targets across the project.

Managing Director Justin Barton is a Chartered Accountant with over 20 years experience in accounting, international finance, M&A and the mining industry. He worked for over 13 years in the Big 4 Accounting firms in Australia and Europe and advised many of the worlds largest mining, oil & gas companies and financial institutions, including Rio Tinto, Chevron, Macquarie, Merrill Lynch, Morgan Stanley and Deutche Bank. Justin also worked for 4 years at Paladin Energy Limited as Group Tax and Finance Manager and advised on their plant construction and mining operations in Africa and their expansion into Canada. More recently, he has worked as the CFO and been a Board Member of a number of junior exploration companies. Mr Barton is currently a Board member of Eneabba Gas Limited and Interposed Holdings Limited.

-------

Produced by Resource Media

-------

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.

-------

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.arika.com.au

-------

INSIGHTS FROM THE EPISODE

Cracking Early Results at F1 Prospect in Yundamindra

• Arika Resources has reported 4m @ 40g/t Au from the first holes drilled at the F1 Prospect, part of the company’s 10,000m campaign at the Yundamindra Gold Project near Laverton, WA.

'Yellow Brick Road' Corridor Hosts Multiple High-Grade Targets

• The F1 Prospect sits within the‘Yellow Brick Road’, a 16km structural corridor with more than 10km of historical gold workings on multiple parallel structures—indicating scale and prospectivity across the project.

Follow-Up at Landed at Last and Pennyweight Point

• Prior intercepts include 14m @ 3g/t Au at Landed at Last and 35m @ 2.5g/t Au at Pennyweight Point, with current drilling expanding on these zones to locate the project’s centre of gravity.

Over 50 High-Priority Targets Identified

• Arika has mapped 50+ high-priority targets across Yundamindra using drone magnetics, soil sampling, and fieldwork—many of which remain completely untested by modern exploration.

Bonaparte and Syncline Prospects Next in Line

• After F1, drilling moved to Bonaparte, followed by the nose of the Yundamindra Syncline, where historical dryblowing and anomalous rock chips hint at further gold-bearing structures beneath shallow cover.

Thunderbird Resources (ASX: THB) offers huge leverage to gold and antimony in Australia, with a market cap of just $4 million and drilling programmes being planned.

Executive Chairman George Ventouras, has over 15 years’ experience in the resources sector and over 30 years’ experience in business development, corporate restructuring and marketing. He has managed multiple businesses in various industries and has served as a Non-Executive and Executive Director on various ASX listed Companies and has led IPO teams.

Previously, he was joint-founder, non-executive director and General Manager of Apollo Consolidated Ltd, an ASX listed exploration company which was the subject of a successful $180 million takeover.

-----

Produced by Resource Media

-----

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.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Sipa Resources (ASX: SRI) has started drilling at its new South Australian gold projects. The projects already host known mineralisation and are located close to other well established big deposits. The company is poised for strong news flow as it moves the rigs from one area to the next.

Managing Director Andrew Muir, is a highly regarded mining executive with approximately 30 years’ experience in the mining and finance industries, originally graduating as a geologist in 1993. Andrew has a strong background in gold exploration and geology, coupled with deep project evaluation and corporate experience. Previously, he held the role of Managing Director at NTM Gold Ltd (ASX: NTM) where he was responsible for significant exploration success prior to the takeover of NTM by Dacian Gold Limited, and most recently at Caprice Resources Limited.

Mr Muir is an experienced geologist with time spent across both exploration and mining operations. He was instrumental in the discovery of the multi-million-ounce Wallaby deposit while at the Granny Smith operations, and has previously worked with Great Central Gold Mines, Placer Dome and Goldfields Limited.

Along with his successful career in mining and exploration, Mr Muir also has extensive experience in equity capital markets including at Argonaut, where he was an Associate Director with Argonaut’s Corporate team. He was also a resource analyst for JP Morgan, Hartleys and PCF Capital. As an analyst at Hartleys, Mr Muir won the 2009 Starmine/AFR Stockpicker of the year award.

----

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.

----

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

INSIGHTS FROM THE EPISODE

1. Drilling Begins at Sipa’s High-Potential South Australian Gold Projects

Sipa Resources has kicked off drilling at Nuckulla Hill, targeting historic gold prospects with significant past intercepts and no exploration in nearly 30 years.

1. Strategic Location Near Tunkillia and Challenger Gold Deposits

The projects sit on the same shear zone as Barton Gold’s 1.5Moz Tunkillia deposit, offering strong geological continuity and exploration upside.

1. Crown Project Near Kalgoorlie Offers Quick Path to Monetisation

Located just 40km from the Lakewood Mill, the Crown Project in WA allows for potential toll treatment or gold sales without needing a major standalone discovery.

1. Experienced Leadership Team Aligned with Shareholders

With a board including Stephen Biggins (Core Lithium founder) and MD Andrew Muir, Sipa blends geology, corporate finance, and commercial strategy.

1. Low-Cap Gold Explorer with High Leverage to Discovery

With a sub-$10 million market cap and active drilling underway, Sipa offers significant leverage to exploration success in Tier-1 jurisdictions.