ORELENS

See dilution before it hits. Cash runways, warrant overhangs, unlock dates & disclosed stock promotions on 1200+ mining stocks - from the filings. Not advice.

[ORELENS @ORELENS]

https://t.co/qgMAP4Ih7D Will Change the Mining Industry FOREVER.

[ORELENS @ORELENS]

Gold tape, two holes worth putting in the notebook.

$KLDC.V Kirkland Lake Discoveries — Mirado (Ontario)
• 2.13 g/t Au over 29.0 m from 173 m (incl. 3.37 g/t over 17.5 m)
• 2.11 g/t Au over 14.1 m from 157 m
• plus 4.76 g/t over 6.65 m from 8 m

Near-surface / shallow-to-mid depth, South Zone pushed west. 19 holes still pending. This is a continuity story, not a one-assay wonder. Question: does the west extension stay thick enough to matter in an updated model?

$TECT.V Tectonic Metals — Black Creek / Flat (Alaska)
• 5.09 g/t Au over 21.34 m (incl. 17.34 g/t over 6.10 m)
• 1.89 g/t Au over 57.91 m
• two RC holes ended in mineralization

Second season of high-grade at a target ~6 km from Chicken Mountain. Ending in mineralization is a real follow-up flag. Six more holes pending. Question: is Black Creek a second intrusive centre, or a high-grade satellite?

$LVG.V Lake Victoria Gold — Imwelo (Tanzania)
• 28.71 g/t Au over 2.75 m from 21 m
• 12.20 g/t Au over 4.50 m from 32 m
Shallow, weathered, planned starter pit area. Vein samples up to 142.9 g/t. This is grade-control / mine-plan data more than a new discovery. Useful if they are actually building a starter pit. Less useful if it is just another shiny interval.

Same rule on all three: one press release is a data point. The drill program is the thesis.

[ORELENS @ORELENS]

$PGE.V Stillwater Critical Minerals updated the Stillwater West MRE (Montana).

Base case (0.20% NiTEq cutoff):
• 805.1 Mt Inferred @ 0.34% NiTEq
• plus 29.4 Mt maiden Indicated @ 0.38% NiTEq

Contained (Indicated + Inferred, base case):
• 3.01 Blbs Ni, 1.52 Blbs Cu, 283 Mlbs Co
• 2.28 Moz Pt, 3.97 Moz Pd, 864 koz Au, 310 koz Rh
• plus a large Cr inventory that is reported separately and not in NiTEq

DD framework, not a victory lap:

1. Most of this is still Inferred. Maiden Indicated is only 29 Mt. Classification matters more than headline tonnes.

2. Polymetallic Ni-Cu-Co-PGE systems live or die on recoveries and payable metal, not metal-in-ground press releases. Ask for a PEA / metallurgy path before you treat this like a mine.

3. Location is the bull case: U.S. critical minerals, next to Sibanye-Stillwater infrastructure. That does not remove the need for a mine plan.

4. What to watch next: higher-cutoff tables (0.35% / 0.50% NiTEq), 2026 drill results into the higher-grade sulphide zones, and whether they can convert Inferred to Indicated at a grade that works.

Big resources are common. Payable, classifiable, financeable resources are not.

[ORELENS @ORELENS]

Due diligence note... three stock-specific releases that actually change the model.

This is not a metals tape recap. These are company events. Read them that way.

1) $VCU.V Vizsla Copper — Woodjam / Deerhorn (BC)
Hole DH26-136:

• 266.0 m @ 0.97% Cu from 306 m
• including 107.7 m @ 2.01% Cu
• including 48.5 m @ 3.32% Cu (plus 0.23 g/t Au, 16.59 g/t Ag)

Company calls it the longest high-grade copper interval in the Woodjam drilling record. There is also a near-surface 129.9 m @ 0.30% Cu and 0.21 g/t Au from 70 m.

What matters:

• Grade x width at 3%+ copper is rare in junior porphyry/alkalic systems. That is not a “nice hit.” That is a zone that can move resource quality if it has continuity.

• It is one hole on the eastern side of Deerhorn. Do not extrapolate a deposit from a single fence.

• Next question is geometry: true width, plunge, how far the 3% core continues east/west, and whether it is a discrete high-grade pipe or a one-off shoot.

• Watch: remaining summer assays, relog/3D model of historic eastern Deerhorn core, and the follow-up holes designed off that model.

2) $ROX.V Canstar Resources — Mary March (Buchans, NL)
Hole MM-26-42:
• 15.6 m massive sulphide @ 2.3% CuEq from 467.4 m
• including 9.75 m @ 3.3% CuEq
• including 5.0 m @ 3.9% CuEq

Widest massive sulphide intercept in the project’s drill record. All four Phase 1 holes hit VMS-style mineralization near the depths the geological model predicted.

What matters:

• Buchans is a real VMS camp. Discovery-style massive sulphide is the right rock type. That is the first filter.

• Depth is ~467 m. That is underground, not a starter pit. Economics will be grade, continuity, and whether they can string together lenses.

• “All four holes hit mineralization” is useful — it supports the model — but visual mineralization ≠ economic thickness. Assays on the other holes still matter.

• Next question: strike continuity from the 1999 discovery hole (~100 m away) and whether Phase 2 can define a mineable lens, not just a hit.

3) $CGNT.V Copper Giant — Mocoa (Colombia)
Infill hole MD-070:

• 771 m @ 0.54% CuEq (0.33% Cu, 0.039% Mo)
• including 102 m @ 0.87% CuEq from 396 m

This is infill, not a wildcat discovery hole. That is the point. The company is trying to show the resource model is reproducible at closer spacing ahead of a PEA. They also just closed a C$31M financing with Denarius and a Trafigura offtake.

What matters:

• 771 m of continuous mineralization is scale. Scale is already the Mocoa story. The DD question is whether infill grade holds and whether the PEA uses honest recoveries, strip, and jurisdiction risk.
• Colombia / Putumayo is not a free option. Permitting, community, and political risk belong in the model, not the footnote.
• Next question: PEA assumptions, remaining infill, and how much of the system sits inside a realistic starter pit vs “the system is huge.”

How to use this tape:

Do not ask “which one rips tomorrow.”

Ask:
1. Is this a new zone, or confirmation of a known one?
2. One hole or a pattern?
3. Does it change ounces/grade/mine plan, or just the press-release headline?
4. What is the next assay/model/financing event that can kill or confirm it?

Not advice. Read the releases. Check true widths, CuEq formulas, and the cash on the balance sheet before you size anything.

[ORELENS @ORELENS]

First Majestic $AG is the cheapest big silver miner on earnings. It's also the most expensive to run.

Those aren't two facts. They're one fact.

Cost per ounce: $26 (Pan American: $18)
EV/EBITDA: 10.5x (Hecla: 13.8x)

The market prices the risk. That's the discount.

The bull case is simple: costs fall after this quarter's expansions, the discount closes, and if silver runs, $AG's margin nearly doubles while low-cost names grow 40%.

The bear case is the same sentence in reverse.

$1.25B in the bank either way. Full breakdown on the channel 🧵👇

[ORELENS @ORELENS]

Copper Giant $CGNT is up 6x in a year. Here's what most people miss:

The stock is C$1.26. The company has issued ~113M warrants at $0.20–$0.60 since 2024.

Every single one is in the money.

So the real share count isn't 260M. It's closer to 350M — and that's before the Q4 PEA, which is the only thing that actually decides this stock.

Full breakdown on the channel. No debt, ~C$43M cash, 12.7 Blb CuEq inferred, and 15 Indigenous groups on record against it. Both sides. 🧵👇

@cu_giant TSXV: $CGNT.V)

[ORELENS @ORELENS]

Strong junior newsflow this morning:

$QTWO.V – 403.7 m @ 1.57% Li₂O (best hole ever at Cisco)
$RDS.V – C$57 M strategic investment from Agnico Eagle
$AUMB.V – more high-grade gold at True North’s SAM W target

Stock-specific catalysts to dig into.

[ORELENS @ORELENS]

Q2 Metals $QTWO.V reported its best hole to date at the Cisco Lithium Project (James Bay, Quebec):

Hole 93:
• 403.7 m at 1.57% Li₂O
• 213.8 m at 1.93% Li₂O
• Plus a near-surface 60.8 m at 1.24% Li₂O

Nearly 680 m of mineralized pegmatite in one hole. Scale and continuity continue to stand out.

[ORELENS @ORELENS]

1911 Gold $AUMB.V released additional high-grade intercepts from the SAM W target at True North:

• 11.31 g/t Au over 1.70 m
• 6.79 g/t Au over 2.40 m

Geological modelling is underway ahead of an updated global resource estimate expected in Q4 2026.

[ORELENS @ORELENS]

Q2 Metals $QTWO.V reported its best hole to date at the Cisco Lithium Project (James Bay, Quebec):

Hole 93:
• 403.7 m at 1.57% Li₂O
• 213.8 m at 1.93% Li₂O
• Plus a near-surface 60.8 m at 1.24% Li₂O

Nearly 680 m of mineralized pegmatite in one hole. Scale and continuity continue to stand out.

[ORELENS @ORELENS]

Key junior updates from the past few days:

$GOT.V – 7.38 g/t AuEq over 35.7 m (incl. 19.51 g/t) at Surebet
$WHN.V – high-grade extension below PEA stopes at Shovelnose
$ARTG.V – 85 m @ 2.29 g/t Au outside current Blackwater reserve

Solid stock-specific news to review heading into next week.

[ORELENS @ORELENS]

Artemis Gold $ARTG.V delivered the first results from its Blackwater resource expansion program:

85 metres at 2.29 g/t Au below the current reserve
(within broader 259 m at 1.22 g/t Au)

The deposit remains open to the north, northwest and at depth. More metres planned.

[ORELENS @ORELENS]

Goliath Resources $GOT.V reported more strong results from the Surebet discovery (Golden Triangle):

Up to 7.38 g/t AuEq over 35.7 metres
including 19.51 g/t AuEq over 8.32 metres

Near-surface, remains open for expansion. Consistent high-grade intervals continue to support the scale of this system.

[ORELENS @ORELENS]

Westhaven Gold $WHN.V extended high-grade mineralization below the South Zone at Shovelnose:

10.04 m grading 12.18 g/t Au and 103 g/t Ag
37.34 m grading 6.24 g/t Au and 55 g/t Ag

These hits sit below the deepest stopes in the 2025 PEA and at the southeastern margin. Resource growth potential remains open.

[ORELENS @ORELENS]

Sirios Resources $SOI.V intersected 2.4 g/t Au over 48.5 metres at Cheechoo.

This confirms the deposit extends beyond the 2025 resource estimate. More than 13,000 m drilled so far this summer — results continue to expand the known footprint.

[ORELENS @ORELENS]

Artemis Gold $ARTG.V reported the first holes from its Blackwater resource expansion program:

85 metres at 2.29 g/t Au below the current reserve

Significant mineralization in the initial diamond drill holes. Follow-up will show how much additional material can be added outside the existing pit.

[ORELENS @ORELENS]

Strong results continue at the Shovelnose South Zone (highlighted via Dundee):

• 10.04 m grading 12.18 g/t Au and 103 g/t Ag
• 37.34 m grading 6.24 g/t Au and 55 g/t Ag

These intercepts extend high-grade mineralization below the known deposit and support further growth potential. Ongoing 35,000 m program with multiple rigs.

[ORELENS @ORELENS]

Junior updates this morning:

$AUMB.V – strong metallurgical recoveries (93.7% and 96.3%)
$SCMI.V – more high-grade hits at Minto North & Area 118
$IGO.V – 9.07 g/t Au + 70.56 g/t Ag over 31 m at Tommy Vein

Stock-specific news worth reviewing before the open.

[ORELENS @ORELENS]

Independence Gold $IGO.V intersected strong results at the Tommy Vein (3Ts Project, BC):

9.07 g/t Au and 70.56 g/t Ag over 31.04 metres

A solid high-grade hit in an epithermal system. Follow-up drilling will show if this zone has room to grow.

[ORELENS @ORELENS]

Selkirk Copper $SCMI.V released additional Phase 2 drill results, including high-grade mineralization at Minto North and Area 118.

Continued success in these zones helps expand the known mineralized footprint. More results from the program should provide further clarity on scale and continuity.