Here is a Valuable Tool for Predicting Bitcoin Prices

Summary

Factors behind the recent rally in equities, and gold/silver prices

Five reasons for the Federal Reserve to initiate rate cuts

Anglo American (LSE: AAL) makes an encouraging announcement for EV-metal juniors

High-grade nickel intercepts reported by a junior under coverage

We are introducing a new model for predicting Bitcoin prices

FRC Top Picks

The following table shows last week’s top five performers among our Top Picks, including three junior resource companies, a fertilizer producer, and an Adtech company. The top performer, Contango Ore (NYSE: CTGO), was up 18.5%. CTGO and Kinross (NYSE: KGC) are advancing their Manh Choh project in Alaska to production next year. Our prior reports can be viewed here.

Top 5 Weekly Performers	WoW Returns
Contango Ore Inc. (CTGO)	18.50%
Kidoz Inc. (KIDZ.V)	13.50%
Panoro Minerals (PML.V)	10.00%
Kootenay Silver Inc. (KTN.V)	10.00%
Verde Agritech Plc. (NPK.TO)	9.80%

Companies on our Top Picks list are up 9% on average since we initiated coverage vs -40% for the benchmark (TSXV).

FRCs Top pick chart image
*Since the earliest initiating date of companies in the list of FRC’s Top Picks (as of November 20, 2023)

*Past performance is not indicative of future performance

Total Return	1 Week	1 mo	3 mo	6 mo	1 yr	3 yr	Since launch
Mining	0.30%	-10.90%	-15.40%	-24.30%	-16.90%	-36.50%	15.70%
Cannabis	N/A	N/A	N/A	-11.30%	-1.20%	-21.20%	-23.60%
Tech	13.50%	5.00%	0.00%	-2.30%	-54.30%	15.00%	-4.20%
Special Situations (MIC)	0.40%	-0.40%	0.70%	-1.30%	-26.60%	25.40%	-20.80%
Private Companies	N/A	N/A	N/A	N/A	6.70%	20.50%	30.50%
Portfolio (Total)	0.80%	-8.50%	-12.10%	-19.60%	-16.40%	-3.00%	8.80%
Benchmark (Total)	4.30%	2.40%	-8.90%	-13.00%	-6.70%	-28.40%	-39.80%
Portfolio (Annualized)	-	-	-	-	-16.40%	-1.00%	0.90%
Benchmark (Annualized)	-	-	-	-	-6.70%	-10.50%	-5.00%

1. Since the earliest initiating date of companies in the list of Top Picks (as of November 20, 2023)

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.

Weekly Mining Commentary

Last week, global equity markets were up 1.2% on average (up 1.1% in the previous week). Equities, and gold/silver prices rallied last week, driven by a weaker US$, amid sluggish U.S. retail sales and elevated jobless claims. With inflation subsiding, financial instability on the rise, mortgage costs increasing, unemployment climbing, and consumer confidence declining, we anticipate that the Fed, and the Bank of Canada, will initiate rate cuts within the next six months. Despite our positive outlook on gold and silver, we remain cautious about equity markets, anticipating potential downward pressure due to the uncertainty surrounding geopolitical tensions in the Middle East.

	06-Nov-23		14-Nov-23		20-Nov-23
	Gold Producers	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)
1	Barrick	3.3	7.19	3.15	6.84	3.23	6.98
2	Newmont	2.98	8.11	3.72	10.17	3.96	10.8
3	Agnico Eagle	4.02	8.33	3.81	7.89	3.93	8.12
4	AngloGold	2.03	6.29	1.75	5.52	1.88	5.91
5	Kinross Gold	2.15	5.28	2.04	4.9	2.08	4.97
6	Gold Fields	2.92	5.63	2.75	5.27	2.82	5.46
7	Sibanye	0.68	3.36	0.65	3.25	0.64	3.22
8	Hecla Mining	4.26	16.65	3.92	18.26	4.63	20.68
9	B2Gold	2.12	3.92	1.96	3.68	1.97	3.7
10	Alamos	5.07	10.27	4.83	9.78	4.8	9.72
11	Harmony	1.11	3.98	1.17	4.13	1.21	4.26
12	Eldorado Gold	2.34	5.33	2.16	4.95	2.32	5.29
	Average (excl outliers)	2.66	6.23	2.6	6.12	2.62	6.22
	Min	0.68	3.36	0.65	3.25	0.64	3.22
	Max	5.07	16.65	4.83	18.26	4.8	20.68

	Base Metal Producers	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)
1	BHP Group	3.06	5.79	3.08	5.82	3.15	5.95
2	Rio Tinto	2.24	5.08	2.28	5.15	2.33	5.25
3	South32	1.25	4.93	1.21	4.79	1.24	4.95
4	Glencore	0.41	4.88	0.42	5	0.43	5.15
5	Anglo American	1.5	4.55	1.44	4.39	1.53	4.68
6	Teck Resources	2.48	5.74	2.44	5.63	2.41	5.57
7	First Quantum	2.31	5.87	2.18	5.53	2.15	5.46
	Average (excl outliers)	1.89	5.26	1.86	5.19	1.89	5.29
	Min	0.41	4.55	0.42	4.39	0.43	4.68
	Max	3.06	5.87	3.08	5.82	3.15	5.95

Weekly Crypto Commentary

Prices of mainstream/popular cryptos were up 2% on average last week (up 5% in the previous week).

November 20, 2023
Cryptocurrencies	YTD	1-Week	1-Year
Bitcoin	126%	3%	130%
Binance Coin	6%	7%	-2%
Cardano	57%	8%	24%
Ethereum	70%	-1%	79%
Polkadot	24%	0%	1%
XRP	82%	-8%	71%
Polygon	8%	-7%	2%
Solana	478%	11%	371%
AVERAGE	107%	2%	84.50%
MIN	6%	-8%	-2%
MAX	478%	11%	371%
Indices
Canadian	YTD	1-Week	1-Year
BTCC	124%	2%	134%
BTCX	131%	2%	144%
EBIT	127%	2%	140%
FBTC	127%	2%	136%
U.S.	YTD	1-Week	1-Year
BITO	82%	2%	98%
BTF	111%	-1%	131%
IBLC	85%	11%	60%

		21-Feb-23		27-Feb-23
	Gold Producers	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)
1	Barrick	3.30	6.97	3.20	6.78
2	Newmont	3.25	8.55	3.09	7.47
3	Polyus	3.02	n/a	3.02	n/a
4	Agnico Eagle	3.50	7.14	3.44	7.42
5	AngloGold	1.87	5.12	1.67	4.18
6	Kinross Gold	1.92	4.91	1.79	4.72
7	Gold Fields	2.45	4.60	2.07	4.33
8	Sibanye	0.74	2.33	0.72	2.27
9	Yamana	3.70	6.60	3.58	6.37
10	B2Gold	1.82	3.52	1.70	3.30
11	Alamos	4.78	11.73	4.22	8.99
12	Harmony	0.82	3.60	0.78	3.42
13	Eldorado Gold	2.05	5.42	1.79	4.31
	Average (excl outliers)	2.56	5.87	2.39	5.30
	Min	0.74	2.33	0.72	2.27
	Max	4.78	11.73	4.22	8.99
	Industry (three year average)	110.70	116.70	110.70	116.70

	Base Metal Producers	EV / R (forward)	EV / EBITDA (forward)	EV / R (forward)	EV / EBITDA (forward)
1	BHP Group	3.19	5.83	2.95	5.40
2	Rio Tinto	2.41	4.87	2.35	5.05
3	South32	1.63	4.81	1.51	4.51
4	Glencore	0.41	4.14	0.41	4.10
5	Anglo American	1.59	3.94	1.48	3.99
6	Teck Resources	1.94	5.12	2.22	4.75
7	First Quantum	2.87	7.04	2.85	7.00
	Average (excl outliers)	2.01	5.11	1.97	4.97
	Min	0.41	3.94	0.41	3.99
	Max	3.19	7.04	2.95	7.00