Adtech Stock Surge, Mining Updates, and Promising Results from a Biotech
Published: 4/28/2025
Author: FRC Analysts

We review the performance of our Top Picks, including an Adtech company, whose shares rose 55% last week. We also highlight key updates from gold, potash, and nickel juniors, and promising preclinical results from a biotech company.
- 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 we
Loncor Gold Inc. (LN.TO, LONCF)
PR Title: Multiple gold intersections from its deepest drill hole at the Adumbi deposit in the DRC
Analyst Opinion: Positive – An ongoing resource expansion drill program at its flagship Adumbi gold deposit continues to return thick, high-grade intercepts, including 22.3 m of 3.05 g/t, 14.5 m of 4.24 g/t, and 15.6 m of 3.35 g/t. These results have extended gold mineralization at depth, indicating resource expansion potential. Adumbi, which hosts 3.7 Moz gold, is located 220 km from Barrick’s (TSX: ABX) Kibali mine, one of Africa’s largest gold mines.
Cupani Metals Corp. (CUPA.CN)
PR Title: Receives drill permit for its Blue Lake copper-nickel-platinum-palladium project in Quebec
Analyst Opinion: Positive – This permit will allow Cupani to test multiple priority targets. The property hosts massive sulfide mineralization across five major zones, spanning over 500 km2. Although the project is in its early stages, we see significant discovery potential. Based on our review of available data, and speculative assumptions, we estimate the project could host over 3 Blbs of CuEq. Check out a recent webinar with Cupani's management, featuring a Q&A session moderated by our Head of Research.
Millennial Potash Corp. (MLP.V)
PR Title: Infrastructure updates related to its Banio potash project in Gabon
Analyst Opinion: Positive – The Gabonese government, in partnership with private investors, has completed phase one construction of the Mengali port in Mayumba. This allows the port to start receiving equipment needed for the ongoing Mayumba power station construction, slated for completion in July 2025. We believe both the port and power plant will greatly mitigate operational and transportation risks related to the Banio potash project. This project can be advanced to production within three to four years.
Tartisan Nickel Corp. (TN.CN, TTSRF)
PR Title: Completes construction of an all-season road to its Kenbridge nickel project (Ontario)
Analyst Opinion: Positive – The all-season road offers direct access to the Kenbridge project, helping lower exploration costs. Kenbridge hosts high-grade, open-pittable/underground class 1 nickel resources, essential for lithium-ion batteries in electric vehicles (EVs). Environmental baseline studies are ongoing, with plans to commence a pre-feasibility study by 2026.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
NurExone Biologic Inc./TSXV: NRX
PR Title: Expands pipeline with promising preclinical results for facial nerve regeneration
FRC Opinion - Positive - NurExone’s lead candidate, ExoPTEN, has demonstrated significant functional recovery and nerve regeneration in a preclinical model of facial nerve injury. These findings introduce a new potential therapeutic avenue for conditions such as Bell's palsy, Ramsay Hunt Syndrome, and other facial nerve disorders. This development marks NurExone’s third therapeutic focus, complementing its existing programs in spinal cord injury, and optic nerve regeneration. We believe NRX remains on track to initiate phase one clinical trials within the next 12 months.
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks. The top performer, Kidoz Inc. (TSXV: KIDZ), was up 55%. Last week, Kidoz released its 2024 financials, reporting record revenue, and a positive turnaround in EBITDA, EPS, and free cash flow.
* Past performance is not indicative of future performance (as of Apr 28, 2025)
Last week, companies on our Top Picks list were up 3.5% on average vs 2.1% for the benchmark (TSXV).
FRC's Top Picks Portfolio vs TSXV Total Returns
Performance by Sector
1. Since the earliest initiating date of companies in the list of Top Picks (as of Apr 28, 2025)
2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.
3. Past performance is not indicative of future performance.