Zepp’s Surge Continues, Gold Miner Reports First Revenue, AdTech Eyes Australia Ban

Denarius Metals Corp. (DMET.NE, DNRSF)

PR Title: Reports first production and revenue from the Zancudo gold project, Colombia

Analyst Opinion: Positive – In Q2-2025, DMET reported its first revenue of US$49,000 from an initial June shipment, which included 13 oz of gold, and 138 oz of silver. The company realized an average gold price of US$3,303/oz, with cash costs of US$2,260/oz, generating a margin of US$1,043/oz. Q3 revenue and production will be significantly higher. In July, DMET shipped materials containing 74 oz of gold, and 1,913 oz of silver. Both the frequency and volume of shipments are anticipated to increase in the coming months as mining operations continue to ramp up. During the early production phase, running until Q1-2026 when a new 1,000 tpd plant is scheduled to begin operations, materials will be crushed onsite and shipped to port for sale. As production ramps up, we anticipate cash costs will decline toward the 2023 PEA estimate of ~US$1,050/oz. DMET has also begun preparations to restart operations at its Aguablanca project in Spain, the country’s only nickel mine, and an EU-recognized strategic project. Additionally, a Preliminary Economic Assessment (PEA) on its Lomero project in Spain is expected in the near-term.

East Africa Metals Inc. (EAM.V, EFRMF)

PR Title: Attracts a new partner for the development of the Magambazi/Handeni gold project in Tanzania

Analyst Opinion: Positive – EAM’s new investor, Anchises Capital Precious Metal Fund, a San Francisco–based Chinese family trust with mining investments in Africa, has agreed to advance development of the Magambazi/Handeni project. Earlier this year, Anchises invested $5.5M in EAM, acquiring a 19.9% equity stake. The project’s mining license was suspended in 2024 due to non-compliance by the operator, PMM Mining Company, which holds 100% ownership. EAM retains a 30% gold streaming interest. As noted in our June report, the Tanzanian government and EAM had been seeking a replacement partner for PMM. Anchises will pay EAM US$1M upon signing a definitive agreement and assume PMM’s interest, with the goal of bringing the project into production within four years. This is a positive development for EAM. Due to uncertainties and PMM’s performance issues, we had previously assigned no value to EAM’s interest in Magambazi/Handeni. Anchises’ involvement brings the project back on track, enhancing EAM’s potential to monetize this asset.

Pulsar Helium Inc. (PLSR.V, PSRHF)

PR Title: Debt financing and positive flow test results

Analyst Opinion: Positive – PLSR has received a non-binding offer from Michigan-based University Bank to provide debt financing of up to US$12.5M for the construction of a helium processing plant at its flagship Topaz project in Minnesota. University Bank already owns a 5% equity stake in PLSR, and previously extended a US$4M line of credit to the company. PLSR has also achieved a major milestone. The company recently deepened its first well drilled in 2024 from 671 m to 1,550 m. Tests returned triple the flow rates reported in 2024, highlighting strong reservoir performance. Importantly, the well produced clean, dry gas with no formation water, underscoring the reservoir’s quality. Additional compression-assisted testing and gas analyses are underway to determine the well’s full capacity and helium concentrations. The Topaz Project hosts a high-grade helium resource. PLSR is working toward an updated resource estimate, and a Preliminary Economic Assessment. With a significant deficit expected later this decade, we anticipate growing investor interest in the helium sector.

Trident Resources Corp. (ROCK.V)

PR Title: Expands land package in the La Ronge gold belt; commencing a 5,000 m drill program (Saskatchewan)

Analyst Opinion: Positive – ROCK has expanded its land package by 21% to 91,425 hectares through the acquisition of four blocks bordering its Contact Lake and Greywacke projects, adding new exploration targets with multiple gold showings of up to 45.5 g/t Au. The company’s portfolio includes three projects with historical resources totaling 1.6 Moz AuEq. Management is currently focused on confirming and expanding Contact Lake’s historical resource of 1.05 Moz Au, and is set to commence a 5,000-m drill program this week.

Grid Metals Corp. (GRDM.V, MSMGF)

PR Title: New nickel sulphide surface discovery at the Makwa Ni-Cu-PGE project in Manitoba (QP: Dr. Dave Peck, P.Geo., VP Exploration of Grid Metals)

Analyst Opinion: Positive – Recent exploration has identified nickel-rich mineralization along a 600 m geophysical anomaly, with initial sampling returning grades of up to 1.13% nickel. An exploration program under the joint venture agreement funded by Teck Resources (TSX: TECK), includes prospecting, follow-up geophysical surveys and drilling. GRDM’s portfolio includes a mix of lithium and nickel-copper-PGM projects, two of which have resource estimates: the advanced-stage MM project, which hosts the nickel-dominant Makwa deposit (220 Mlbs NiEq) and the copper-dominant Mayville deposit (660 Mlbs CuEq), and the Donner lithium project (234 Kt LCE).