Gold Junior Financing, Bonanza Copper Intercepts, and Oilfield M&A
Published: 5/5/2025
Author: FRC Analysts
In this edition, we review the performance of our Top Picks, and highlight key updates from companies under coverage, including a $5M financing by an African gold junior, bonanza-grade copper drill results, and an M&A deal by an oilfield services company.
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
Loncor Gold Inc. (LN.TO, LONCF)
PR Title: Announces a private placement of up to $5M
Analyst Opinion: Positive – This financing follows promising drill results announced last month. Funds will be directed toward advancing exploration and development at the company’s Imbo project in the DRC. Imbo hosts three open-pittable deposits (Adumbi, Kitenge, and Manzako) and multiple targets. Its flagship Adumbi deposit, which hosts 3.7 Moz gold, is located 220 km from Barrick’s (TSX: ABX) Kibali mine, one of Africa’s largest gold mines.
Power Metallic Mines Inc. (PNPN.V)
PR Title: Additional results from an ongoing drill program at the polymetallic Lion zone (Quebec)
Analyst Opinion: Positive – All five holes at the high-grade polymetallic Lion zone returned significant values, extending the known mineralization down to 700 m from 375 m. Key intercepts include 1.95 m of 12.64% CuEq, and 1.95 m of 7.97% CuEq. Lion zone is one of three primary zones of mineralization identified on the Nisk project. The other two zones are the nickel-rich Nisk Main deposit, and the recently discovered polymetallic Tiger zone. The company is well-funded following a recent $50M equity financing.
Canadian Critical Minerals Inc. (CCMI.V)
PR Title: Generated US$79k in revenue from the Bull River Mine (B.C.) in March 2025
Analyst Opinion: Positive – Since early 2024, CCMI has been generating revenue through stockpile extraction at its Bull River copper-gold project in B.C. By March 2025, CCMI had shipped 7,466 tonnes, generating US$2.1M in revenue. Stockpile extraction will likely continue for another 12 months, potentially yielding another 8,000-9,000 tonnes, generating US$2.5M in revenue.
Enterprise Group, Inc. (E.TO, ETOLF)
PR Title: Signs agreement to acquire the Canadian operations of FlexEnergy Solutions
Analyst Opinion: Positive – FlexEnergy, based in Colorado, is a globally recognized manufacturer of turbine and microturbine power generation systems. E is acquiring FlexEnergy’s Canadian options for $20M, funded primarily through proceeds from a recent $29M bought deal financing. In Q4-2024, Enterprise became the exclusive supplier of FlexEnergy solutions for businesses in Western Canada. With this acquisition, Enterprise will expand its role to become the exclusive supplier nationwide. This agreement also broadens E's product offering. As details of FlexEnergy’s existing revenue from Canadian operations were not disclosed, we are unable to comment on the justification for the $20M acquisition price. Q1 2025 earnings are anticipated this month, with management already providing upbeat guidance for the quarter
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%. 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).
Performance by Sector
1. Since the earliest initiating date of companies in the list of Top Picks (as of May 5, 2025)
2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.
3. Past performance is not indicative of future performance.
