Surging Juniors: Millennial Potash, Loncor Gold, and South Star Lead Key Updates

Published: 5/12/2025

Author: FRC Analysts

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We review the performance of our Top Picks, including an Adtech company, whose shares rose 29% last week. Additionally, we highlight key updates from a new graphite producer, an African potash junior whose shares are up 259% since our previous report in December 2024, and other juniors under coverage.

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

Millennial Potash Corp. (MLP.V)

PR Title: Promising drill results at its Banio potash project in Gabon

Analyst Opinion: Positive – MLP is up 259% since our previous report in December 2024. An ongoing drill program intersected 290 m of potash seams, extending mineralization at depth. We believe this will positively impact an upcoming resource update, and feasibility study. A 2024 PEA 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 granular Muriate of Potash (gMOP) vs the current spot price of US$351/t. MLP is trading at just 6% of the AT-NPV10%.

Loncor Gold Inc. (LN.TO, LONCF)

PR Title: Final drill results at the Adumbi deposit in the DRC

Analyst Opinion: Positive – A resource expansion drill program at the Adumbi gold deposit continues to return broad, high-grade intercepts, such as 22.31 m at 3.05 g/t, 14.50 m at 4.24 g/t, and 28.72 m at 2.55 g/t. 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. LN is currently pursing an $8M equity financing. We believe Loncor is an attractive M&A target.

South Star Battery Metals Corp. (STSBF, STS.V)

PR Title: Announces production and shipment of first graphite concentrates from its Santa Cruz graphite mine in Brazil

Analyst Opinion: Positive – This marks not only a major milestone for STS, but also for the graphite sector, as Santa Cruz is the first new commercial graphite mine in the Americas since 1996. The mine is permitted to produce up to 50 Kt of graphite concentrates annually. The company currently has 36 Kt of ore stockpiled, ready for processing. STS anticipates producing 3.5-4.0 Kt of concentrates in 2025, with a target of ramping up to 10 Kt in 2026. We will publish an update shortly with our revenue forecasts.

Fortune Minerals Limited (FT.TO, FTMDF)

PR Title: Announces positive bismuth test work results on its NICO cobalt-gold-bismuth-copper project in the NWT and Alberta

Analyst Opinion: Positive – Metallurgical tests suggest potential for significant improvements that could reduce CAPEX and OPEX, while enhancing metal recoveries. FT is working on an updated feasibility study. NICO hosts the world’s largest bismuth deposit, the largest primary cobalt deposit, and 1.1 Moz gold. FT has secured funding commitments totaling ~$17M from the U.S Department of Defense, and the Government of Canada.

Trident Resources Corp. (ROCK.V)

PR Title: Receives drill permits for its flagship Contact Lake gold project in Saskatchewan

Analyst Opinion: Positive – Trident is a newly formed junior explorer, created through the merger of three TSXV listed companies. Its flagship Contact Lake gold project hosts the past producing Contact Lake mine, with historical resources totaling 1.05 Moz spread across three targets, and several additional untested targets. The company is planning a drill program aimed at confirming, and potentially expanding, the historical resource.

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 29%. Kidoz recently released its 2024 financials, reporting record revenue, and a positive turnaround in EBITDA, EPS, and free cash flow.

Top Five Weekly Performers	WoW Returns
Kidoz Inc. (KIDZ.V)	28.60%
Millennial Potash Corp. (MLP.V)	17.20%
Sirios Resources Inc. (SOI.V)	12.50%
Enterprise Group, Inc. (E.TO)	9.30%
New Age Metals Inc. (NAM.V)	9.10%

* Past performance is not indicative of future performance (as of May 12, 2025)

Our top picks have outperformed the benchmark (TSXV) in four out of seven time periods listed below.

Performance by Sector

Total Return	1 Week	1 mo	3 mo	6 mo	1 yr	3 yr	Since launch
Mining	-1.10%	3.30%	12.30%	6.80%	6.60%	-27.80%	-1.70%
Cannabis	N/A	N/A	N/A	N/A	N/A	-42.60%	-23.60%
Tech	18.80%	44.30%	22.00%	126.60%	23.90%	-1.80%	-6.30%
Special Situations (MIC)	3.20%	12.70%	-15.20%	-3.20%	41.20%	-37.20%	1.20%
Private Companies	N/A	N/A	N/A	N/A	6.70%	20.50%	30.50%
Portfolio (Total)	1.00%	7.40%	8.10%	20.30%	12.60%	-15.10%	5.10%
Benchmark (Total)	2.60%	7.30%	5.10%	12.70%	12.90%	-3.30%	-23.90%
Portfolio (Annualized)	-	-	-	-	12.60%	-5.30%	0.40%
Benchmark (Annualized)	-	-	-	-	12.90%	-1.10%	-2.40%

1. Since the earliest initiating date of companies in the list of Top Picks (as of May 12, 2025)

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

3. Past performance is not indicative of future performance.