Analysts' Ideas of the Week
Silver Miner Bought Deal & Strong PEA; Gold Miner Nears Production
ByFRC Analysts
Disclosure: Articles and research coverage are paid for and commissioned by issuers. See the bottom for other important disclosures, rating, and risk definitions, and specific information.
Highlights
*Disseminated on behalf of Giga Metals, Enterprise Group, Millennial Potash, Builders Capital, Zepp Health, Silver X Mining, Blue Lagoon Resources, Doubleview Gold, Grid Metals, and Trident Resources. See the bottom of this report for other important disclosures
We review the performance of our Top Picks, led by nickel junior Giga Metals (TSXV: GIGA), which gained 25% WoW. Over the past year, our Top Picks have delivered an average return of 94%, significantly outperforming the benchmark’s 51% gain. Visit our website to view the full list of Top Picks by sector. We also share key updates on our covered companies, including junior gold and silver miners, as well as copper, nickel, and other exploration plays. *Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
PR Title: Announces a $13M bought deal financing (QP: David Heyl, Edgard Vilela, and Donald Hickson, consultants of Silver X Mining)
Analyst Opinion: Positive – This financing follows a robust Preliminary Economic Assessment (PEA) on Silver X’s Nueva Recuperada mine in Peru, which outlined an AT-NPV10% of US$303M, and an AT-IRR of 69%, based on US$33/oz silver, cash costs of US$12/oz, and initial capex of US$82M. The project is expected to produce over 6 Moz AgEq/year, compared to the current production rate of approximately 1 Moz/year. The study confirms Silver X’s plan to operate two mines within the Nueva Recuperada Silver District: the Tangana Mining Unit, in operation since 2021, and the Plata Mining Unit, which is expected to come online next year. With silver trading near record highs, we anticipate increased M&A activity over the next 12 months as larger companies target juniors to expand their portfolios.
Blue Lagoon Resources Inc.
PR Title: Nearing commissioning of its water treatment system; Adds key team members as Dome Mountain moves toward commercial production
Analyst Opinion: Positive - BLLG announced it is just days away from commissioning its water treatment system, the final step before blasting and mining operations can begin. The company had commenced pre-production in July 2025, when we conducted a site visit (see our site visit report for details). Underground preparation work is underway. In parallel, BLLG has strengthened its team with the addition of a veteran underground mine supervisor, and an experienced environmental manager, signaling readiness for ramp-up. Management plans to process 55,000 tpy for 15,000 oz of gold in the first year, with a target of 20,000 oz in year two.
Doubleview Gold Corp.
PR Title: Drill results from the Hat project in B.C. (QP: Erik Ostensoe, P.Geo., Consulting Geologist of Doubleview Gold Corp.)
Analyst Opinion: Positive - Preliminary results from an ongoing drill program at the Lisle zone returned high-grade copper and gold intercepts over long intervals, including 1.2 m of 5.26% CuEq, 169 m of 1.00% CuEq, and 220 m of 0.87% CuEq, expanding the mineralized footprint of the Hat deposit. We expect this to positively impact an upcoming resource update and PEA. The Hat project hosts an open-pittable, polymetallic porphyry deposit with resources totaling 5 Blbs CuEq, uniquely enriched with scandium and cobalt.
Grid Metals Corp.
PR Title: Drill permit approval for its Falcon West project in Manitoba
Analyst Opinion: Positive – This permit will allow GRDM to begin drilling the Lucy South cesium zone at its 100%-owned Falcon West lithium-cesium project. Cesium, classified as a critical mineral by both the U.S. and Canada, is vital for high-temperature drilling fluids, with numerous high-tech and industrial applications.
Trident Resources Corp.
PR Title: Options the Reindeer property connecting its Knife Lake and Greywacke projects, Saskatchewan (QP: Cornell McDowell, P.Geo., VP Exploration for Trident Resources)
Analyst Opinion: Positive – Reindeer is at an early exploration stage, with several gold, copper, zinc, and silver showings already identified. Trident can earn a 100% interest by issuing 2M shares, and paying $35k in cash. This is a strategic transaction, as the property connects ROCK’s two gold projects, Contact Lake and Greywacke, in the region. The company’s portfolio hosts relatively high-grade historical resources totaling 1.6 Moz AuEq at 1.2 g/t.
