High-Grade Gold Intercepts & Helium and Potash Financing
Published: 3/24/2025
Author: FRC Analysts
In this edition, we analyze the performance of our top picks, including a cobalt-bismuth-gold junior, whose shares rose 30% last week. We also cover important updates from other resource companies, including drill results, and notable financings.
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
Updates on Resource Companies Under Coverage
Loncor Gold Inc. (LN.TO, LONCF)
PR Title: Significant gold intersections at Adumbi in the DRC
Analyst Opinion: Positive – An ongoing resource expansion drill program at its flagship Adumbi gold deposit continues to return high-grade intercepts, including 13.9 m of 6.01 g/t, and 7.9 m of 9.54 g/t. Adumbi, which hosts 3.7 Moz of gold, is located 220 km from Barrick’s (TSX: ABX) Kibali mine, one of Africa’s largest gold mines.
Pulsar Helium Inc. (PLSR.V, PSRHF)
PR Title: Attracts a US$4M financing
Analyst Opinion: Positive - Funds will be used towards PLSR’s flagship Topaz project in Minnesota, which hosts a high-grade helium resource. The company is planning to complete a resource update, and a PEA, in the coming months. With a significant supply deficit expected later this decade, we anticipate growing investor interest in the helium sector.
Millennial Potash Corp. (MLP.V)
PR Title: Announces a $3.5M equity financing
Analyst Opinion: Positive – Proceeds will be used to fund exploration and development activities of its Banio potash project in Gabon, West Africa. A 2024 Preliminary Economic Assessment returned an AT-NPV10% of US$1.1B, and a high AT-IRR of 33%, using a 25-year average price of US$387/t of granular Muriate of Potash (gMOP) vs the current spot price of US$319/t. MLP is trading at just 3% of the AT-NPV10%.
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks. The top performer, Fortune Minerals (TSX: FT), was up 30%. FT’s NICO project in the NWT hosts the largest primary cobalt deposit in North America, the world’s largest bismuth deposit, and 1.1 Moz of gold. The U.S., EU, and Canada have identified cobalt, bismuth, and copper as critical minerals.
* Past performance is not indicative of future performance (as of Mar 24, 2025)
Performance by Sector
1. Since the earliest initiating date of companies in the list of Top Picks (as of March 24, 2025)
2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.
2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.