ZEPP Soars; Loncor Gets Takeover Offer, Millennial Potash Lands Funding, Denarius Starts Production

Loncor Gold Inc. (LN.TO, LONCF)

PR Title: Receives an unsolicited offer

Analyst Opinion: Positive – Today, LN announced that it has formed a special committee to review an unsolicited, confidential, non-binding offer for a potential transaction. No further details were disclosed. LN is up 18% on the news. We have consistently highlighted LN as a prime acquisition target, given the strong potential of its flagship gold project in the DRC, which could support annual production of over 300 Koz. We believe that recent peace initiatives, rising foreign investment, and infrastructure improvements are strengthening the DRC’s attractiveness as a mining jurisdiction. Check out our last update for a review of our valuation and fair value estimate: https://www.researchfrc.com/content/reports/post/213/market-awakening-to-strong-fundamentals

Millennial Potash Corp. (MLP.V)

PR Title: Receives funding from the U.S International Development Finance Corporation (DFC) for advancing the Banio potash project in Gabon (QP: Peter J. MacLean, Ph.D., P.Geo, Director of MLP)

Analyst Opinion: Positive – This marks a major endorsement for the Banio project. MLP is up 720% YoY, making it one of the best-performing junior resource stocks globally, if not the top performer, over the past year. The company has secured a US$3M investment from an U.S. government agency, which will primarily fund a feasibility study on the Banio potash project. A 2024 Preliminary Economic Assessment (PEA) returned an after-tax NPV10% of US$1.07B, and an impressive after-tax IRR of 33%, based on a 25-year average Muriate of Potash (gMOP) price of US$387/t vs the current spot price of US$363/t. MLP is currently trading at just 11% of its AT-NPV. The DFC is actively exploring private-sector investment opportunities in the DRC, emphasizing food security as a strategic priority across the continent. The DFC's mandate includes supporting projects that, like Banio, contribute to stabilizing and enhancing food availability.

Denarius Metals Corp. (DMET.NE, DNRSF)

PR Title: Announces first shipment of high-grade ore from its Zancudo gold-silver project in Colombia (QP: Scott E. Wilson, CPG, President of Resource Development Associates Inc., an independent consulting geologist to DMET)

Analyst Opinion: Positive – The project completed its first shipment in late June, delivering 64 tonnes grading 9 g/t Au and 185 g/t Ag to Trafigura under an offtake agreement. A second shipment, completed this week, comprised 68 tonnes grading 11 g/t Au and 250 g/t Ag. A 1,000 tpd processing plant is scheduled to be operational by the end of 2025, at which point the company will begin producing concentrates. This project has the potential to produce approximately 50–60 Koz of gold annually for at least 10 years, at an estimated cash cost of US$1,100–1,300/oz. The company also plans to bring its second asset, the Aguablanca project in Spain, into production within the next 12 months. In addition, a Preliminary Economic Assessment (PEA) is anticipated for the Lomero project, also in Spain.

Monument Mining Limited (MMY.V, MMTMF)

PR Title: Commences expansion drilling at the Selinsing gold mine in Malaysia (QP: Mathew Ridgway, BSc (Hons), MSc, MBA, MAIG, Chief Managing Geologist of Monument Mining Limited)

Analyst Opinion: Positive – The proposed drill program (initial budget of US$2.5M), scheduled to run through March 2026, aims to potentially delineate new resources, and upgrade existing resources to reserves. With over 600 Koz of remaining sulfide resources, we believe the mine could support production for another 13 years. FY2025 results (ended June 2025) are expected in August-September 2025. We anticipate gold production of 37 Koz in FY2025, up from 31 Koz in FY2024.

Aton Resources Inc. (ANLBF, AAN.V)

PR Title: Additional results from a recently completed drill program at the Abu Marawat gold-silver-copper-zinc project in Egypt (QP: Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources Inc.)

Analyst Opinion: Positive – Last week, we discussed results from the first 25 drill holes, which returned significant high-grade intercepts, including 9 m of 14.33 g/t Au, and 6 m of 10.74 g/t Au. Aton has since released results from an additional 29 holes, several of which encountered high-grade polymetallic mineralization at shallow depths. Notable intercepts include 3 m of 33.86 g/t Au and 419 g/t Ag, and 2 m of 44.59 g/t Au and 103 g/t Ag. Aton is advancing multiple gold projects in Egypt, with NI 43-101 compliant resources totaling 0.83 Moz AuEq across two projects (Hamama and Abu Marawat). The company aims to complete a maiden resource estimate on the Semna project, and include it into an upcoming Preliminary Feasibility Study (PFS).

Canadian Critical Minerals Inc. (CCMI.V)

PR Title: Generated US$130K in revenue from the Bull River mine (B.C.) in June 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 June 2025, CCMI had shipped 10,946 tonnes, generating US$3M in revenue. We believe stockpile extraction will likely continue for another nine months, potentially yielding another US$2M in revenue.

Churchill Resources Inc. (CRI.V, CRICF)

PR Title: Additional sampling results from the Black Raven project in Newfoundland and Labrador (QP: Dr. Derek H.C Wilton, P.Geo, FGC, Independent QP to Churchill)

Analyst Opinion: Positive – Final set of sampling results at the Black Raven project returned high values of up to 12.11% zinc, and gold, lead, and silver. Black Raven hosts two small-scale past-producing gold mines, and multiple showings of gold, antimony, silver, copper, zinc, and lead.