Significant Copper Drill Results and Multi-Billion Pound Potential

Published: 3/31/2025

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 13% last week. We also cover key updates from two polymetallic exploration plays, one of which has seen its shares rise by over 550% in the past year. With gold and copper trading near record highs, we anticipate an increase in M&A activity over the next 12 months, as larger companies target juniors to expand their portfolios.

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

Power Metallic Mines Inc. (PNPN.V)

PR Title: Additional results from an ongoing drill program from its Nisk project in Quebec

Analyst Opinion: Positive – All four holes drilled in the polymetallic Lion zone intersected significant mineralization, including high-grade intervals such as 1.55 m of 23.76% CuEq, and 9.55 m of 4.60%. Additionally, two holes drilled at the newly discovered Tiger zone, located 700 m northeast of the Lion zone, intersected multiple zones of Cu-PGE-Au-Ag-Ni mineralization, including 9.90 m of 1.77%. PNPN is up 557% YoY. The company is well-funded following a recent $50M equity financing, and plans to continue drilling at the Lion and Tiger zones ahead of a maiden resource estimate.

Cupani Metals Corp. (CUPA.CN)

PR Title: Identifies multiple anomalies at its Blue Lake polymetallic project in Quebec

Analyst Opinion: Positive – A geophysical survey has identified multiple gravity anomalies across several locations at the Blue Lake copper-nickel-platinum-palladium project. The company has identified five major zones, spanning over 500 km². Cupani is planning geological, geochemical, and geophysical surveys, followed by trenching and drilling, and is currently awaiting permits for these programs. Although the project is in its early stages, we believe it has significant discovery potential. Based on our review of available data, and speculative assumptions, we estimate the project could host over 3 Blbs of CuEq.

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 13%. NAM owns an advanced-stage PGM project in Ontario, and is advancing multiple lithium projects in Manitoba through a joint venture with Mineral Resources Ltd. (ASX: MIN / MCAP: $4.4B).

Top Five Weekly Performers	WoW Returns
New Age Metals Inc. (NAM.V)	13.00%
Starcore International Mines Ltd. (SAM.TO)	11.00%
Noram Lithium Corp. (NRM.V)	11.00%
World Copper Ltd. (WCU.V)	9.10%
Millennial Potash Corp. (MLP.V)	4.80%

* Past performance is not indicative of future performance (as of Mar 31, 2025)

Our complete list of top picks (updated weekly) can be viewed Top Pick List

FRC's Top Picks Portfolio vs TSXV Total Returns

Performance by Sector

Total Return	1 Week	1 mo	3 mo	6 mo	3 yr	Since launch
Mining	-2.20%	15.80%	16.80%	-4.50%	-47.10%	-6.50%
Cannabis	N/A	N/A	N/A	N/A	-43.60%	-23.60%
Tech	-14.20%	-2.40%	37.00%	30.20%	-19.60%	-6.90%
Special Situations (MIC)	-6.20%	-18.40%	-12.80%	-12.30%	-45.50%	-7.10%
Private Companies	N/A	N/A	N/A	N/A	20.50%	30.50%
Portfolio (Total)	-3.70%	8.40%	12.70%	-3.50%	-28.50%	1.30%
Benchmark (Total)	-3.30%	1.50%	4.30%	7.30%	-30.50%	-29.50%
Portfolio (Annualized)	-	-	-	-	-10.60%	0.10%
Benchmark (Annualized)	-	-	-	-	-11.40%	-3.10%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Mar 31, 2025)

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

3. Past performance is not indicative of future performance.