Due Diligence by Doc Jones, Resource Investor, Hunting for Exceptional returns.

-Update after the last drill results that confirmed continuity of high grade -Back of napkin resource est.  -Plans for a Resource Est this year -Solid treasury -Motaqua Norte 20-25 km of gold found in float and subgroup samples, awaiting final granting of concession -The bottom line here is the boiling zone thesis is being proved up. Recent news  "February 16, 2022 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV:VG) (OTC:VLMZF) is pleased to report another exceptional intercept at depth on the Holly Property, Guatemala.  Hole HDD-21-027 intersected 4.57 meters (or approx. 4.1m true width) returning over 54 g/t gold and over 3.9 Kg/t silver.  This hole cut the vein at the same depth in the system as hole HDD-21-23 that intercepted 4.58m of 79.84 g/t gold and 5,053 g/t silver 150m to the south (see release 19 October 2021).  Drilling is ongoing again at Holly, focused on extending this high-grade system at depth and along strike to the south with a goal of establishing a meaningful high-grade resource and improving confidence in the trend of the vein structure.  Several other veins in the area with similar orientation will be tested during this present program." Research Reports on VG:  https://ceo.ca/@Drjimjones/doc-jones-talks-with-volcanic-golds-high-grade-goldsilver-targets-ceo-simon-ridgway-drill-it-or-kill-it-with-136-million-in-working-he-has-aggressive-exploration-plans https://ceo.ca/@Drjimjones/exploring-for-high-grade-gold-silverwith-volcanic-gold-mines-by-doc-jones NOTE: I’m a PRIVATE INVESTOR, enjoying early retirement after a successful and fulfilling career managing investment portfolios with a focus on the resource sector (including oil and gas). I am completely independent. My only client is me. No one pays me, I don't sell subscriptions or offer sponsorship deals or special access to my trading info... My money where my due diligence is and I explain why. I employ common sense, Fundamental, bottom-up analysis that incorporates but not limited to: currency exchange rates, cost of labor, raw materials cost, geology, Metallurgy, cost of capital, infrastructure, macro influencing factors, capital discipline by management, etc.   If the data changes then I do, no emotion about it, let the data guide your investments. Twitter: https://twitter.com/drjimjonesceo Podcast channel: https://podcasts.apple.com/ca/podcast/due-diligence-by-doc-jones-resource-investor-hunting/id1568221675 Website: https://drjonesresourceinvestor.wordpress.com. Research, research, research. I run a highly concentrated and due diligence focused portfolio. If you want to invest along side me, it’s your money, your responsibility, buy and sell for your own reasons not mine. It’s your money. The best investment you can make is in your own education. I am driven by the hunt for value and truth. This is my passion in life. I’m a big research nerd. Always double-check and only trust the numbers that you have vetted.   Commit to memory: “all ozs in the ground are NOT created equal” understanding this basic principle will increase your wealth and your ability to sleep at night... Best, Doc Jones All information is for entertainment purposes only. Not investment advice.

NOTE: This is a broad overview of the catalyst for each company, see Due Diligence Reports for detailed analysis.  -Focused Portfolio 2020-2021 total 2 yr return 5600%, no margin, no shorting, employing Thesis construction using math, earth science, financial analysis, data correlation and patience. I’m a PRIVATE INVESTOR, enjoying early retirement after a successful and fulfilling career managing investment portfolios with a focus on the resource sector (including oil and gas). I am completely independent. My only client is me. No one pays me, I don't sell subscriptions or offer sponsorship deals or special access to my trading info... My money where my due diligence is and I explain why. I employ common sense, Fundamental, bottom-up analysis that incorporates but not limited to: currency exchange rates, cost of labor, raw materials cost, geology, Metallurgy, cost of capital, infrastructure, macro influencing factors, capital discipline by management, etc.   If the data changes then I do, no emotion about it, let the data guide your investments. LARGEST POSITION: $EMO (High grade zinc, lead, copper, silver, gold) developer/explorer, see reports and podcasts for due diligence) NOTABLE POSITIONS $MPM (oxide gold) $BRAU, (gold developer/explorer, see podcasts for due diligence) $VG (gold silver) $GLDC (gold) $NBLC (copper/gold exploration, tier one discovery potential) Energy $GASX (Natural Gas pure play) $OYL (Billion barrel discovery play) Steel Industry $CAD (Met coal)  Lithium & Uranium holdings TBA  US CASH I’m a scientist, I change when the data/information changes.. no emotion about it, I retest the thesis then I buy more, scale-out, or hold for more data. I don’t work for anyone or get paid for the research I do. I give my research away for free to help educate the next generation about the wealth creation this sector can provide. I don’t proof-read enough but this isn’t a grammar/spelling contest, the prize, the gold, is in what story the numbers tell. Vet everything. Twitter: https://twitter.com/drjimjonesceo Podcast channel: https://podcasts.apple.com/ca/podcast/due-diligence-by-doc-jones-resource-investor-hunting/id1568221675 Website: https://drjonesresourceinvestor.wordpress.com. Research, research, research. I run a highly concentrated and due diligence focused portfolio. If you want to invest along side me, it’s your money, your responsibility, buy and sell for your own reasons not mine. It’s your money. The best investment you can make is in your own education. I am driven by the hunt for value and truth. This is my passion in life. I’m a big research nerd. Always double-check and only trust the numbers that you have vetted.   Commit to memory: “all ozs in the ground are NOT created equal” understanding this basic principle will increase your wealth and your ability to sleep at night... Best, Doc Jones “The stock market is a device for transferring money from the impatient to the patient.” - Warren Buffett THIS IS NOT INVESTMENT ADVICE, USE AT OWN RISK.

It's early days but so far the results strengthen my original thesis. -Simon posits adding a 2nd rig to the project -Treasury currently at $10 Million -Blind vein discovered "The Amber Vein" with strong visible gold -The push towards a resource of 1 million ozs of high grade. -Volcanic Gold recent results: 14.8m @ 3.96 g/t gold and 1,097 g/t silver, including 2.2m @ 9.79 g/t gold and 2,035 g/t silver, and 1.85m @ 5.6 g/t gold and 2,801 g/t silver at Holly Project, Guatemala -Simon Ridgway, Volcanic’s President and CEO, commented: “It is great to see La Peña vein developing as a robust gold/silver system.  We are currently drilling hole HDD-21-021, stepping out along strike of La Peña vein which does not appear to be a narrow shoot.” -La Peña vein drill hole 4 cut a zone of disseminated silver mineralization grading 378 g/t Ag over 9.15m within the footwall of the vein (not included in the reported intercepts).  This silver mineralization was finely disseminated in altered volcanic rocks without significant veining.  The overall silver interval with La Peña vein and footwall disseminated silver mineralization returned 34.6m at 574 g/t Ag.  The hole stopped a few meters after the disseminated silver interval, with the final meters not assayed.

I catch-up with Simon Ridgway after the successful drill program on the Holly target Recent news release "Volcanic Gold drills 4.58m at 79.84 g/t Au and 5,053 g/t Ag, in the Southern Extension of the High Grade La Pena Vein (TheNewswire) 2021-10-19 -VG - News Release Shares issued 44,600,000 VG close - C$0.35c, W/C +$9 Million Vancouver, British Columbia - TheNewswire – Volcanic Gold Mines Inc. (TSXV:VG) is pleased to report that results from drilling in the south extension of the La Peña vein at the Holly property have returned bonanza high grades including 4.58 @ 79.84 g/t Au and 5,053 g/t Ag. Volcanic has received results from Holly drill holes HDD-21-021 and HDD-21-023 which targeted the La Peña vein along strike to the south and HDD-21-022, which targeted the vein to the north.  The drill has moved over to Volcanic’s Banderas Property after the termination of hole HDD-21-029 to allow the results of the Holly drilling to be received and the next program of holes to be planned with full results in hand. Holly Highlights: HDD-21-022 from 21.35m to 22.87m returns 1.52m @ 7.00 g/t Au and 48 g/t Ag And 27.45m to 32.02m returns 4.57m @ 1.05 g/t Au and 14 g/t Ag And 50.32m to 51.85m returns 1.53m @ 5.34 g/t Au HDD-21-023 from 196.72m to 198.25m returns 1.53m @ 1.93 g/t Au and 171 g/t Ag And 202.82m to 207.40m returns 4.58m @ 79.84 g/t Au and 5,053 g/t Ag Including 204.45m to 205.70m returns 1.25m @ 289.50 g/t Au and 18,329 g/t Ag The initial focus at the Peña vein system was to define the vein within the broad zone of the Jocotan fault breccia, extending the mineralization down dip to the zone with consistent high grades that were intersected in holes HDD-21-017 and 019. HDD-21-021 and HDD-21-023 were drilled to cut the Peña vein to the south of the Jocotan fault zone. HDD-21-021 cut minor upper-level veining with weaker mineralization including 1.18m of 0.19 g/t Au and 40 g/t Ag from 53.37 to 54.55m within felsic tuffs. Roughly 80m down dip, HDD-21-023 cut the structure hosted in laminated mudstones where the vein returned 4.58m @ 79.84 g/t Au and 5,053 g/t Ag.  This hole confirms the strike extent of the Peña vein to the south and demonstrates that the inter-bedded volcanics and sediments are potentially good hosts for high grade gold and silver mineralization at Holly. HDD-21-022 was drilled within the footwall of Peña and did not intersect the main structure.  The significant results from 022 are footwall splay veins off Peña. It appears some fault offsets made it more challenging to extend mineralization to the north in the Paleozoic Phyllites, although results on holes HDD-21-026 and 027 to the north are still pending. The drill rig will be moving over to the nearby Banderas Property in the next few days and drilling will commence promptly.  Volcanic will be targeting the deeper extensions of the major gold-silver rich veins where the source and potential convergence zones have never been tested."

I have a detailed talk with Serafino Iacono, one the worlds most successful resource investors about GASX.V (a core portfolio holding) upcoming drilling of Sinu-9 and first production at Maria Conchita. The Sinu-9 Block covers an area of 311,353 acres and is located in the north part of Colombia sharing area in Lower Magdalena and San Jacinto basins, two of the basins with the largest gas and light oil potential in the country. The region has excellent infrastructure with open access to national oil and gas pipelines, 50km port access, and coverage of a reliable electricity grid. NG Energy has secured financing and identified four drilling locations for a 2021 Summer/Fall exploration program. Flagship Highlights Excellent exploration potential for natural gas with Best Estimate ContingentResources of 37.0 Bcf and Best Estimate  Prospective Resources (Prospects) Unrisked of 602.2 Bcf (Risked 182.4 Bcf)  and Prospective Resources (Leads) of459.0 Bcf gross(1) Canacol’s block to the west has booked natural gas 2P reserves of 637 Bcf and production of 172 MMcf/d 2020(2) Canacol recently drilled Aguas Vivas 1 to the east of Sinu-9 and hit 402 ft of pay zone and tested 35.5 MMcf/d(3) Area has excellent infrastructure with open access to national oil and gaspipelines, and coverage of a reliable  electricity grid Binding offer for $27.7 million financing package with CPVEN to construct andcomplete 4 wells NG has identified four near-term drilling locations SINU-9 Best Estimate Contingent Resources of 37.0 Bcf1 Best Estimate Prospective Resources (Prospects) Unrisked of 602.2 Bcf (Risked 182.4 Bcf) and Prospective Resources (Leads) of 459.0 Bcf1 Binding offer for US$27.7 million financing to construct & complete initial four-well drilling program:  Q4-21: Drilling of Magico-1X and Mago  Q4-21: Production tests through temporary facilities beginning at Magico and Mago and design of permanent production facilities Maria Conchita 2P Reserves of 27.7 Bcf1 Best Estimate Gross Prospective Resources (prospects) Unrisked 155.9 Bcf (Risked 31.4 Bcf)1 Tested 7-11 MMcf/d through separate DST tests in 3 different zones with 48/64” choke on Aruchara-12 ⚫ Q4-21: Complete pipeline and production facilities connecting field to national infrastructure https://drjonesresourceinvestor.wordpress.com/ https://ngenergyintl.com/wp-content/uploads/2021/09/NGE-September-2021.pdf.