Analysts' Ideas of the Week
Top Pick Gains & Equity Financings
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 Zepp Health, Millennial Potash, DLP Resources, Monument Mining, Atrium Mortgage Investment Corporation, Metalquest Mining, Canadian Critical Minerals, Churchill Resources, Cupani Metals, Pulsar Helium, Trident Resources, and Denarius Metals. See the bottom of this report for other important disclosures.
This week, several companies under coverage reported major developments, including equity financings by several gold and copper juniors, an updated resource estimate by a gold junior, and promising results from a helium junior.
We also review our Top Picks, led by smartwatch maker Zepp Health Corporation (NYSE: ZEPP), which rose 21%. Over the past six months, our Top Picks have returned an average of 48%, outperforming the benchmark’s 25% gain. Visit our website to view the full list of Top Picks by sector.
*Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
Denarius Metals Corp.
PR Title: Closes two equity financings totaling $12.63 M (QP: Dr. Stewart D. Redwood, PhD, FIMMM, QMR, FGS, Consulting Geologist to DMET)
Analyst Opinion: Positive - DMET aims to complete construction of a 1,000 tpd processing plant at its Zancudo gold project in Colombia, and begin production by Q2-2026, targeting annual production of 50–60 koz of gold, and 0.8 Moz of silver. The company is also restarting production at its Aguablanca nickel project in Spain, with potential annual output of 70 kt of nickel-copper concentrates.
Trident Resources Corp.
PR Title: Announces an updated resource estimate (QP: Cornell McDowell, P.Geo., VP Exploration for Trident Resources)
Analyst Opinion: Positive – ROCK has completed an updated resource estimate on its Contact Lake and Greywacke projects in Saskatchewan. Indicated resources increased 18% to 0.90 Moz, and inferred resources rose 190% to 1.13 Moz , bringing total resources up 70%, while average grades declined by 25%. While higher resources support a larger production profile and longer mine life, lower grades could lead to higher OPEX. In this case, we believe the benefit of increased resources outweighs the impact of lower grades. We will publish a detailed update report shortly.
Pulsar Helium Inc.
PR Title: Additional gas analysis results from the Topaz helium project in Minnesota (QP: Brad Cage, VP Engineering of Pulsar Helium Inc.)
Analyst Opinion: Positive – The Jetstream #4 well, located 250 m north of Jetstream #1, and 600 m south of Jetstream #3, encountered two pressurized, gas-bearing intervals, indicating a highly charged reservoir capable of strong flow rates. All four wells drilled on the project have encountered gas, confirming the continuity of the helium-rich system. The Topaz project hosts a high-grade helium resource, with an updated resource estimate and a PEA expected in the coming months.
Cupani Metals Corp.
PR Title: Announces a $5M private placement
Analyst Opinion: Positive – Proceeds will fund exploration activities at its Blue Lake polymetallic project in Quebec. Blue Lake hosts massive sulfide mineralization across multiples zones, covering over 500 sq. km. While early-stage projects are inherently speculative, Cupani’s key advantage is its multiple promising targets. Initial testing on all primary targets is expected to take at least two years, offering several opportunities for discovery.
Churchill Resources Inc.
PR Title: Announces exercise of warrants for proceeds of $3.75M
Analyst Opinion: Positive - CRI is advancing exploration at its recently optioned Black Raven antimony-gold project in Newfoundland and Labrador. The early-stage project hosts two historic small-scale mines and multiple gold-antimony-silver-copper-zinc-lead showings. With $6.75 M raised through shares and warrants over the past three months, the company is well funded.
Canadian Critical Minerals Inc.
PR Title: Announces a $1M private placement
Analyst Opinion: Positive – Proceeds will fund the company’s permit application to restart production at the Bull River project in B.C., where it is conducting engineering studies to resume mill and underground operations. Bull River hosts a high-grade copper-gold-silver resource, and its major advantage is the ability to advance to production quickly, supported by existing infrastructure, including an underground mine, a large surface stockpile, and a 700 tpd mill.
PR Title: Expands iron exploration portfolio in Quebec
Analyst Opinion: Positive – MQM has staked a 27,425 ha early-stage iron project in the Labrador Trough, Quebec, expanding its total land position in the region to 42,175 ha. The new project adjoins the company’s 100%-owned Lac Otelnuk project, one of North America’s largest undeveloped high-purity iron deposits. The recent inclusion of high-purity iron on Canada’s Critical Minerals list enhances the project’s eligibility for federal and provincial funding and tax incentives. Additionally, MQM has stated that it is actively evaluating several critical-metal opportunities in Ontario’s Ring of Fire region.
