FRC Top Picks Deliver 95% YoY Return vs. 50% for Benchmark
Published: 9/2/2025
Author: FRC Analysts
*Disseminated on behalf of Pulsar Helium, Millennial Potash, South Star Battery Metals, Zepp Health Corporation, Monument Mining, Builders Capital Mortgage, and Denarius Metals. See the bottom of this report for other important disclosures.
We review the performance of our Top Picks, with Zepp Health Corporation (NYSE: ZEPP) once again standing out, up 18% WoW, and an exceptional 1,443% YoY. Overall, our Top Picks have returned an average of 95% over the past year, nearly doubling the benchmark’s 50% gain. Visit our website to view the full list of Top Picks by sector. We also share key updates on covered companies, including juniors in gold, helium, graphite, and potash. *Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
Pulsar Helium Inc. (PLSR.V, PSRHF)
PR Title: Additional flow test results from the Topaz helium project in Minnesota
Analyst Opinion: Positive – Flow and pressure testing returned dry gas with no water, confirming a clean helium-bearing gas stream. Last week, we had mentioned that the company was working on a $7M equity financing in the U.K.; this has since been completed. Proceeds will be directed toward a 10-well drill program at the company’s flagship Topaz helium project in Minnesota. The Topaz project hosts a high-grade helium resource. We expect an updated resource estimate, and a Preliminary Economic Assessment (PEA), later this year.
Millennial Potash Corp. (MLP.V)
PR Title: Proposal to add potash to U.S Critical Minerals List
Analyst Opinion: Positive – The U.S. Department of the Interior has proposed classifying potash as a critical mineral, highlighting its importance to national security. This development coincides with MLP securing a US$3M funding commitment from the U.S. International Development Finance Corporation (DFC) for its Banio project. We believe these actions reinforce the Banio project's alignment with U.S. priorities, and bolsters its prospects for financing and rapid development A 2024 PEA reported robust economics, with an AT-NPV10% of US$1.1B, and a high AT-IRR of 33%, using a long-term average price of US$387/t granular Muriate of Potash (gMOP) vs the current spot price of US$363/t.
South Star Battery Metals Corp. (STSBF, STS.V)
PR Title: Secures US$4M debt financing from Sprott to advance its Santa Cruz graphite mine in Brazil
Analyst Opinion: Positive – Sprott has extended a US$4M loan facility with a three-year term. Proceeds will support the development of the Santa Cruz graphite mine, the first new graphite project in the Americas since 1996. Phase one is in the ramp-up stage, with an initial shipment completed in May 2025. STS aims to build a vertically integrated battery-graphite plant in the U.S., targeting feedstock of 100,000 tpy of flake graphite from its projects in Brazil and Alabama.
FRC Top Picks
The table below showcases last week’s top five performers from our Top Picks, with Zepp Health once again taking the spotlight. The stock gained 18% WoW, and an extraordinary 1,443% YoY. We initiated coverage in November 2023 at US$4.64; the stock now trades at US$48.44. Zepp is the world’s seventh-largest smartwatch maker by unit sales. Read our latest update report for a deep dive into the drivers of this rally, our take on the recent Q2 results, and our outlook on the stock.
* Past performance is not indicative of future performance (as of Sep 1, 2025)
Our top picks have outperformed the benchmark (TSXV) in six 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 |
1.1% |
5.3% |
7.7% |
49.2% |
77.2% |
48.5% |
25.3% |
|
Cannabis |
N/A |
N/A |
N/A |
N/A |
N/A |
-38.2% |
-23.6% |
|
Tech |
1.1% |
119.9% |
892.7% |
751.6% |
731.5% |
-2.1% |
87.7% |
|
Special Situations (MIC) |
0.6% |
-0.4% |
5.1% |
5.4% |
21.2% |
13.6% |
0.3% |
|
Private Companies |
N/A |
N/A |
N/A |
N/A |
9.3% |
24.2% |
64.1% |
|
Portfolio (Total) |
1.0% |
19.1% |
62.5% |
81.0% |
94.7% |
39.3% |
30.6% |
|
Benchmark (Total) |
2.9% |
7.6% |
17.3% |
35.0% |
49.5% |
31.2% |
-6.4% |
|
Portfolio (Annualized) |
- |
- |
- |
- |
94.7% |
11.7% |
2.3% |
|
Benchmark (Annualized) |
- |
- |
- |
- |
49.5% |
9.5% |
-0.6% |
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 $35,000 have been paid to FRC by Pulsar Helium, Millennial Potash, South Star Battery Metals, Zepp Health Corporation, Monument Mining, Builders Capital Mortgage, and Denarius 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.
