Member Info for LuckyD1c3

NOT TRUE, STATEMENT IS INCORRECT!!!!

"Reports also indicate that PYX Resources (#PYX) has secured, its required 2026 permits to resume operations following suspensions in 2025."

We won't know until a RNS comes out or it gets leaked, no source to this at all. All made up unless someone can prove it!

62p

Going round in circles here.

PT Investasi Mandiri is the legal licence-holding company for the Mandiri Project in Indonesia.

Regulatory issues affecting PT Investasi Mandiri (such as corruption investigations or licence suspensions) directly impact PYX Resources’ ability to operate Mandiri.

Possible solution - A third party can obtain or buy the IUP licence for Mandiri (with MEMR approval). That third party could then grant PYX operational rights through a contractual arrangement (like an Exclusive Management Agreement), allowing PYX to manage, fund or operate the site. The new licence holder would be responsible for regulatory compliance (including RKAB submissions), and PYX would operate at the licence holder’s direction or on agreed commercial terms.

Why This Matters

This relationship explains why:

Regulatory issues affecting PT Investasi Mandiri (such as corruption investigations or licence suspensions) directly impact PYX Resources’ ability to operate Mandiri.

Despite PYX being the listed corporate entity, its ability to mine depends on permits held by its Indonesian subsidiary arrangements.

That structure — a common setup in Indonesian mining where the local entity holds the licence but an international group operates and funds the project — is why investors watch both companies’ regulatory and legal developments closely.

Bottom Line

➡ PT Investasi Mandiri is the legal licence-holding company for the Mandiri Project in Indonesia.

➡ PYX Resources Ltd operates and manages Mandiri through commercial and management agreements, and historically received most economic benefit under that arrangement.

➡ This setup means issues with PT Investasi Mandiri’s licences or legal status directly affect PYX’s operations and production outlook.

Orosur Mining* (OMI LN) 40p, Mkt Cap £151m – MRE imminent at Pepas following final infill drilling

BUY: Target price under review

• Orosur reports quarterly results and provides an update on going exploration and development activity.

• The Company reports a cash balance of $14.9m as of today, following an upsized C$20m private placement in September.

• In Colombia, Orosur expects to deliver a maiden Pepas NI-43-101 compliant MRE by the end of January.

• At El Cedro, an extensive geochemical survey has been completed over 25m intervals, outlining a potentially substantial gold-bearing system.

• In Argentina, a 3,000m drill programme is due for completion in early 2026, with assays expected soon.

• In Nigeria, the Company has impaired its lithium assets as it focuses on LATAM exploration.

Conclusion: Orosur reports a healthy cash balance of c.$15m which leaves it well-funded for a busy exploration and development programme. Management reiterates plans to deliver a maiden MRE for Pepas in the next few days. We see this as a major catalyst for Orosur, derisking the Pepas high-grade, low strip gold deposit. Pepas anchors our Orosur valuation, and we previously outlined the potential for a low-cost toll-treating operation taking advantage of the high-grade, lowstrip nature of the expected economic deposit. We see the real prize at Orosur in the wider regional exploration potential at Anza. Drilling at El Cedro is planned to target the large-scale anomalous gold zones, and we are exciting for initial assays from El Pantano in Argentina, where the company is targeting low sulphidation epithermal mineral systems.

What this update really means

Orosur has moved from “we’re finding gold” to “we’re about to measure how much gold we have.”

That is one of the most important steps a junior mining company can take.

---

## 1. Pepas (the key project)

They spent the quarter doing **infill drilling**.

That means:

They are no longer just testing for new gold — they are drilling in a tight pattern to build the data needed to publish an official **resource estimate (MRE)**.

That report is expected very soon.

Why this matters:

Companies are valued very differently once they can say:

“This deposit contains X million ounces of gold,” instead of just showing drill holes.

This is the step where many explorers get re-rated.

---

## 2. There may be a bigger system nearby

At El Cedro, soil sampling shows signs of a **large gold-bearing system**.

In simple terms:

Pepas could be the high-grade core.

El Cedro could represent a much larger, bulk-tonnage system.

That suggests this might grow into a **gold district**, not just a single deposit.

---

## 3. Argentina project adds a second opportunity

They now control 51% of the El Pantano project and can go to 100%.

Early drilling confirms the right type of gold system is there. Assays are still pending, but geologically it looks valid.

This reduces risk — the company is not relying on only one project.

---

## 4. They exited Nigeria

They dropped a lithium project that wasn’t central to their strategy.

That is positive:

They are focusing money and attention on the gold projects that are working.

---

## 5. Financial position improved a lot

Cash increased from about $4.9m to over $16m.

They raised this money without attaching warrants, which is better for shareholders.

This means they can:

* Finish the resource work

* Continue drilling

* Advance studies

without needing immediate fundraising. That reduces a major risk for small mining companies.

---

## 6. Losses are normal for this stage

They reported a loss, but that is typical. They are not producing gold yet.

Much of the loss is accounting-related rather than heavy operational cash burn. The important point is they are funded.

---

## The key takeaway

The company is now in the stage just before a major value milestone.

Everything now comes down to one thing:

How large and how good the Pepas resource estimate turns out to be.

If the resource is strong, the company is usually valued based on ounces in the ground rather than just exploration potential. That’s when share price re-ratings often happen.

Pretty risky at the moment with all the uncertainty around licence renewals in Indonesia. Lots of unknowns, so it’s not for the faint-hearted. Big risk, but potentially big reward if things get sorted, really comes down to how much risk you’re comfortable taking.

With the granting of two large applications just before the end of the year, we now have one of the largest, contiguous land holdings in the Mid Cauca. We will update pics and plans in future presentations, but here is an old one that essentially shows the whole package.

The new leases include La Virgencita porphyry system, previously referred to as La Cejita, before Agnico decided to change all the place names a few years back.

Lots of lovely anomalous geochemistry to be followed up. We, and previous JV partners were able to do mapping and sampling on the applications, but nothing ground disturbing. We can now crack on and see what is there.

https://x.com/i/status/2011027839529762838

Zurich done. Lots of meetings, bullish as one might expect in this environment.

Pierre Lassonde defending his US$17,250/oz gold price prediction was perhaps a bit of a concern for those not in the gold sector or who don't live in Zug. But we will just focus on finding low cost ounces and what will happen will happen.

https://x.com/OrosurM/status/1988289741993775612?t=84kQ47j0QR2KaQidNDa7Kg&s=19

Sp Angels

We are hosting our first-ever Wine and Mine event on Wednesday 12th November in the City at 4:45pm

The evening will feature a curated wine tasting alongside 5-minute presentations from each attending company, followed by a short Q&A session.

Companies presenting:

Cornish Metals (CUSN, £100m)

Orosur Mining (OMI, £92m)

Power Metal Corp (CVE: PWM, CAD$161m)

Mkango Resources (MKA, £218m)

Serval Resources (Oscillate plc) (SRVL, £1.5m)

RSVP — spaces are limited.

https://www.share-talk.com/sp-angel-morning-view-todays-market-view-friday-7th-november-2025/

Day 1 of the Precious Metals Conference in Zurich. By end of week will have given our little presentation about 100 times, which does get a bit jaded, but least 100 people wanted to hear it.

https://x.com/OrosurM/status/1987776182356439364?t=ko6vEgReO3TSYO3CPINBYw&s=19

Perhaps worth noting some short-term events:

· Tech consultant Warwick Crowe on site today in Colombia. Assess everything, look at drill programs at APTA and El Cedro. We have the funds, we will drill these.

· Met hole finished at Pepas. Trying to sort out which lab to use - they are all busy - but will send off asap

· Resource consultants lob into Colombia in a week or so to tell us what we are doing wrong. MRE visits are always a bit tense, but healthy. Testing hypothesis is necessary.

· Camp at El Pantano in Argentina now largely finished. Rig should arrive start of next week unless they get lost, and start to drill within a few days.

· Colombia Gold Symposium in Medellin start of Nov - lots of people want a chat. Seems the prospect of high grade ore looking for a home is attracting attention.

· Red Cloud Fall (Autumn for non-North Americans) mining event in Toronto in 10 days. Lots of meetings

· Precious Metals Conference in Zurich the week after - lots of meetings.

Gold price seems to be having a healthy correction, so its receptive environment.

https://x.com/OrosurM/status/1981673319754866895

Quarterly just out. Rather dry, however we do note we have decided to withdraw from the Nigerian lithium exploration JV. Much as we withdrew from our Brazilian tin JV a few years ago, this is largely about bandwidth. We like the project, it has geological potential, but we want to direct all of our time, effort and funds to South America. Nigeria is not only a distraction, but is unlikely to give us the same level of shareholder returns for our exploration dollar in the medium term.

This is the business of exploration - focus is essential, especially when things get interesting.

https://x.com/OrosurM/status/1981604550332326097

Soil sampling program at our El Cedro prospect completed yesterday. Will announce final results in a bit, but looks very interesting. As we mentioned in the webinar the other evening, we need more than just a porphyry. The porphyry is the source of heat, fluids and gold, but by themselves tend to be a bit on the low grade side. We need some later complexity that lifts the grade - we seem to be seeing that, but clearly as its undrilled, that remains to be seen. Six months ago we may have looked for a friend, but we now have the cash to have a go ourselves. Just a question of sequencing given we are still a tiny company with everyone working from their mother's basements. Will try to resolve all in coming weeks. El Pantano first.

https://x.com/OrosurM/status/1979094541782389156?t=QpxD5tJxC1iBLiIK1sqcow&s=19

Sadly, but necessarily, marketing is now taking up a large chunk of our time. Would rather be doing the fun stuff, but needs must.

We have a Red Cloud event in Toronto at the start of November. Thence the Precious metals Conference in Zurich mid November. Then VRIC in Vancouver late January, then PDAC and then we go around again. And then also try and fit in the fun stuff.

Carbon footprint aside, it is nice change that people actually do want to speak to us and hear the story, when a year ago, no one would pick up the phone.

https://x.com/OrosurM/status/1979062841161433494?t=b3aTagPVEVi8FBOnjZPa7Q&s=19

Via X (Twitter)

https://x.com/OrosurM/status/1976133597821337943?t=sqzu5_pRgChD3_yg70SByg&s=19

Someone please write down the share price of each stock, and let’s track their performance. All of these stocks should be 10-baggers within 3 to 5 years. Best guess! (from Don Durrett via X (Twitter))

My Comment (from Don Durrett via X (Twitter)): This one sounds a bit too good to be true, but I liked the CEO. Plus, the drill results at Pepas have been excellent. I do think they probably have 3M oz. We will find out in Q4, when they release their maiden resource. The production path is very fast. Straight to a DFS only 6 months after the maiden resource. I like their exploration potential. I don’t think this maiden resource is the end of their resource expansion.

Mentioned in dispatches in a few different spots here - under our name and others. Paul is based in Medellin and keeps both ears to the ground. A good source of local intel.

https://x.com/OrosurM/status/1957712790178918590

Newmont (NYSE:NEM)

Sold its 9.4% position in Orosur Mining (TSXV:OMI). It sold 29.2M shares @ 19c for C$5.6M for investment purposes. Paradigm Capital is understood to have bought the block for resale. Eric Sprott is believed to have taken some of the stock.

Orosur Mining (TSXV/AIM:OMI)

Reported results from three infill drill holes at its Anzá Au project in Antioquia. Highlights included 104m @ 6.61g/t Au from surface in hole 46. Drilling aims to move the Pepas target to a resource estimate by year end. “The latest results at Pepas continue to impress. While size remains to be defined, the picture of Pepas as a highly lucrative mining proposition is rapidly solidifying. We are increasingly confident that there is a commercially viable opportunity at Pepas,” said CEO Brad George.

Another step back toward being a normal economy as currency controls are removed and the peso in effect becomes free floating (within limits).

Reforms not without pain, but each step increases the confidence that Argentina is investible.

https://x.com/OrosurM/status/1911787279837733372?t=E2ZPUyVNQkvJ9-GlutvmJA&s=19