Financing Momentum: Gold, Copper, and Alternative Lending
Published: 6/16/2025
Author: FRC Analysts
*Disseminated on behalf of Panoro Minerals Ltd., Skyharbour Resources Ltd., Denarius Metals Corp., Homerun Resources Inc., DLP Resources Inc., Canadian Critical Minerals Inc., Churchill Resources Inc., Atrium Mortgage Investment Corporation, Giga Metals Corporation, Enterprise Group, Olympia Financial Group, and South Star Battery Metals. See the bottom of this report for other important disclosures.
We review the performance of our Top Picks, including a nickel-cobalt junior, whose shares rose 6% last week. We also highlight significant financings among gold and copper juniors, and a leading alternative lender.
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
Panoro Minerals Ltd. (PML.V, POROF)
PR Title: Announces a $10M private placement
Analyst Opinion: Positive – Proceeds will fund infill drilling, metallurgical testing, and studies for an updated Preliminary Economic Assessment (PEA) on the company’s flagship Cotabambas project in Peru. Cotabambas is one of the largest copper-gold deposits held by a junior company in the Americas. We are pleased to see an update from the company after a period of inactivity.
Skyharbour Resources Ltd. (SYH.V, SYHBF)
PR Title: Announces final results from the 2024 drill program at the Moore uranium project in Saskatchewan (Qualified Person: Serdar Donmez, P.Geo., VP of Exploration for Skyharbour)
Analyst Opinion: Positive – A step-out hole from the 2024 drill program intersected 6.4 m of 1.50% U₃O₈ at shallow depths (275 to 281 m), extending the high-grade Maverick East Zone. Management is planning an additional 4,500 to 5,000 m of drilling, which we believe could pave the way for a maiden resource estimate. Moore is located 15 km east of Denison’s (TSX: DML) Wheeler River project, and 39 km south of Cameco’s (TSX: CCO) McArthur River mine.
Denarius Metals Corp. (DMET.NE, DNRSF)
PR Title: Announces a $10M private placement
Analyst Opinion: Positive – Proceeds will fund the company’s projects in Spain and Colombia. The company recently commenced production at its first mine, the Zancudo gold project in Colombia, and plans to bring its second asset, the Aguablanca project in Spain, into production within the next 12 months. A PEA on its Lomero project in Spain is expected imminently.
Homerun Resources Inc. (HMR.V)
PR Title: Provides updates on its Belmonte silica project in Brazil
Analyst Opinion: Positive – HMR has been shortlisted among select companies invited to submit a detailed project plan for the Brazilian government’s US$815M strategic minerals funding initiative. This positions the company to access a wide range of potential funding, including grants, loans, and equity support, for the development of its Belmonte silica project, focused on solar glass and battery-grade silica.
DLP Resources Inc. (DLPRF, DLP)
PR Title: Announces a $10M private placement (Qualified Persons: C. Harman, MAIG, Dr M. Gregory, MAIG, B Nielsen, MAIG , and R. Chesher, FAusIMM of AMC Consultants Pty Ltd.)
Analyst Opinion: Positive – Proceeds will fund exploration activities and a PEA on the company’s flagship Aurora copper-molybdenum project in Peru. Aurora hosts a large inferred resource totaling 10.2 Blbs of CuEq at 0.44%
Canadian Critical Minerals Inc. (CCMI.V)
PR Title: Generated US$358k in revenue from the Bull River mine (B.C) in May 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 May 2025, CCMI has shipped 9,332 tonnes, generating US$2.6M in revenue. Stockpile extraction will likely continue for another 10 months, potentially yielding another US$2.0M in revenue.
Churchill Resources Inc. (CRI.V, CRICF)
PR Title: Sampling results from the Black Raven project in Newfoundland and Labrador (Qualified Person: Dr. Derek H.C Wilton, P.Geo., FGC, independent QP to Churchill)
Analyst Opinion: Positive – A recent sampling program returned high values of antimony (a critical mineral), and up to 14.4 g/t gold. Black Raven hosts two small-scale past-producing gold mines, and multiple showings of gold, antimony, silver, copper, zinc, and lead. The property is in early stages of exploration. The company is commencing a surface exploration program targeting specific areas, along with mapping and sampling of the entire property.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Atrium Mortgage Investment Corporation (TSX: AI)
PR Title: Announces a $30M convertible debenture financing
Analyst Opinion: Positive – We believe this financing is indicative of robust funding prospects for AI. Although mortgage delinquencies remain a concern for lenders, we believe the risk is easing amid falling mortgage rates. We anticipate a rebound in pre-sales, and reduced financing costs for developers, and increased transaction volumes for real estate lenders in the coming quarters.
FRC Top Picks
The following table shows last month’s top five performers among our Top Picks. The top performer, Giga Metals Corporation (TSXV: GIGA), was up 6%. GIGA (85%) and Mitsubishi Corporation (TSE: 8058/15%) are advancing a large nickel-cobalt deposit in B.C., Canada.
* Past performance is not indicative of future performance (as of June 16, 2025)
Our top picks have outperformed the benchmark (TSXV) in five out of seven time periods listed below.
Performance by Sector
1. Since the earliest initiating date of companies in the list of Top Picks (as of June 16, 2025)
2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.
3. Past performance is not indicative of future performance.
Our complete list of top picks (updated weekly) can be viewed here. https://www.researchfrc.com/top-picks
*Disclaimers - Annual fees ranging from $15,000 to $25,000 have been paid to FRC by Panoro Minerals Ltd., Skyharbour Resources Ltd., Denarius Metals Corp., Homerun Resources Inc., DLP Resources Inc., Canadian Critical Minerals Inc., Churchill Resources Inc., Atrium Mortgage Investment Corporation, Giga Metals Corporation, Enterprise Group, Olympia Financial Group, and South Star Battery Metals for research coverage, and distribution of reports. FRC or companies with related management, and Analysts, do not hold shares/securities in the companies mentioned in this report.
