Top Picks Soar, Key Resource Updates, and CEO Investment in Lender

Published: 3/10/2025

Author: FRC Analysts

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*This article and research coverage is paid for and commissioned by issuers. See the bottom of this article for other important disclosures, rating, and risk definitions.

In this edition, we analyze the performance of our top picks, including a PGM-lithium junior, whose shares rose 44% last week. We also highlight key updates from other resource companies under coverage, including an updated resource estimate from a copper-gold junior in B.C., promising near-term production potential for a gold-copper project in Mexico, and others. Plus, learn why a CEO's personal investment in an alternative real estate lender signals confidence in the company's prospects.

Highlights

Gain insights into companies under coverage that experienced significant developments last week, along with our analysts' commentary and actionable takeaways.
FRC top picks and standout performers from the past week

Canadian Critical Minerals Inc. (CCMI.V)

PR Title: Increases indicated copper resources by 11%, and gold resources by 17%, at the Bull River Mine in B.C.

Analyst Opinion: Positive – Resources increased 13% to 185 Mlbs CuEq. CCMI is in the process of applying for a tailings disposal permit, which would allow it to commence underground operations. Management plans to complete the permit application within six months, and expects approval by the end of 2025. Given the project’s low CAPEX, we believe the company will be able to advance to production quickly once the permit is granted.

Mammoth Resources Corp. (MMMRF, MTH.V)

PR Title: Exploring small-scale gold-silver production at its Tenoriba project, Mexico

Analyst Opinion: Positive – MTH is exploring production opportunities after learning that a privately owned 200 tpd flotation mill is under construction, within 16 km of its Tenoriba project. MTH is in discussions with the mill’s owner, and working with an environmental consultant to pursue extraction permits. The company is considering two options: custom milling at this facility or building a small pilot heap leach operation, with custom milling being the faster and more cost-effective route. Tenoriba is prospective for a high-sulfidation epithermal deposit (bulk tonnage, low-grade, low-cost, open-pit/heap leach amenable). The company remains focused on exploring the property, and delineating an NI 43-101 compliant resource estimate. Management has set an exploration target of 1.8 Moz AuEq across three targets.

StrategX Elements Corp. (STGX.CN)

PR Title: Nagvaak project exploration update (Nunavut)

Analyst Opinion: Positive – Historic drill core sampling revealed a wide zone of high-grade graphite, with grades up to 34.9% Cg. STGX has expanded its land position in the region. This early-stage property has potential for hosting nickel, vanadium, cobalt, silver, PGM, and graphite. Management is planning a drill program this year.

Churchill Resources Inc. (CRI.V, CRICF)

PR Title: Recent developments at the Taylor Brook project, Newfoundland & Labrador

Analyst Opinion: Positive – Sampling and drilling have returned anomalous vanadium-titanium-iron results. CRI is planning follow-up exploration/drilling this spring. Taylor Brook also shows potential for hosting nickel sulphide deposits, a key source of class 1 nickel for lithium-ion batteries

Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage

Builders Capital Mortgage Corp./ TSXV: BCF

PR Title: Closes the second tranche of a previously announced bond financing

FRC Opinion: Positive – BCF's CEO has invested $4.5M in the company's $50 bond financing, bringing the total raised to $11.75M. Bondholders will participate on a pari passu (equal) basis with shareholders. We see the CEO's investment as a strong endorsement of the company's prospects. Q4 results are expected next month. In Q3-2024, BCF recorded its highest-ever quarterly revenue (up 5% YoY), amid higher lending rates, and mortgage originations.

FRC Top Picks

The following table shows last week’s top five performers among our Top Picks. The top performer, New Age Metals (TSXV: NAM), was up 44%. NAM owns an advanced stage PGM project in Ontario, and multiple lithium projects in Manitoba.

Top Five Weekly Performers	WoW Returns
New Age Metals Inc. (NAM.V)	44%
Golden Minerals Company (AUMN.TO)	15%
Transition Metals Corp.(XTM.V)	14%
Kootenay Silver Inc. (KTN.V)	11.10%
Giga Metals Corporation (GIGA.V)	8.30%

FRC's Top Picks Portfolio vs TSXV Total Returns

* Past performance is not indicative of future performance (as of Mar 10, 2025)

Performance by Sector

Total Return	1 Week	1 mo	3 mo	6 mo	1 yr	3 yr	Since launch
Mining	3.60%	0.30%	-2.70%	5.50%	7.90%	-51.60%	-8.60%
Cannabis	N/A	N/A	N/A	N/A	N/A	-45.10%	-23.60%
Tech	7.40%	5.70%	46.60%	42.50%	47.60%	-13.60%	-7.00%
Special Situations (MIC)	-7.90%	-19.40%	7.90%	6.60%	32.30%	-44.40%	-0.40%
Private Companies	N/A	N/A	N/A	N/A	6.70%	20.50%	30.50%
Portfolio (Total)	1.70%	-2.70%	2.10%	7.30%	13.30%	-31.30%	1.20%
Benchmark (Total)	0.80%	-7.60%	-3.10%	7.40%	6.20%	-29.80%	-32.90%
Portfolio (Annualized)	-	-	-	-	13.30%	-11.80%	0.10%
Benchmark (Annualized)	-	-	-	-	6.20%	-11.10%	-3.50%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Mar 10, 2025)

2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.

3. Past performance is not indicative of future performance.