This Lithium Stock Is on a Tear: Is an M&A Brewing?

ByFRC AnalystsDecember 29, 2025

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 Lake Resources, Panoro Minerals, Giga Metals, Noram Lithium, Kidoz Inc., and Aton Resources. See the bottom of this report for other important disclosures.

Last week was mostly inactive amid the holiday season, with just one gold explorer in our coverage universe reporting material news. Lithium junior Lake Resources (ASX: LKE), which rose 44% last week, topped our list of top picks. LKE is up 575% over six months vs. 71% for the Global X Lithium & Battery Tech ETF (LIT). We wouldn’t be surprised if some M&A activity is unfolding in the background. Over the past year, our Top Picks have returned an average of 109%, outperforming the benchmark’s 67% gain. Visit our website to view our full list of Top Picks by sector.

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Aton Resources Inc.

ANLBF NASDAQ AAN.V TSXV

PR Title: Final results of a drill program at the Semna gold project in Egypt (QP: Javier Orduña BSc, MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources)

Analyst Opinion: Positive – The final 29 holes of a 5,257 m / 44-hole drill program returned several high-grade gold intercepts, extending the known mineralization along strike and at depth. We believe the results confirm the Semna project’s potential to host a gold resource. Aton aims to complete a maiden resource estimate next year. Semna is one of several projects in Aton’s portfolio of gold projects in Egypt. In addition to the maiden resource on Semna, the company is advancing a Preliminary Feasibility Study (PFS) on another target, while aiming to bring the Hamama West mine into production in 2027. We believe these catalysts will help Aton gain greater recognition from capital markets next year.

This Lithium Stock Is on a Tear: Is an M&A Brewing?

ByFRC AnalystsDecember 29, 2025

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 Lake Resources, Panoro Minerals, Giga Metals, Noram Lithium, Kidoz Inc., and Aton Resources. See the bottom of this report for other important disclosures.

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Aton Resources Inc.

ANLBF NASDAQ AAN.V TSXV

PR Title: Final results of a drill program at the Semna gold project in Egypt (QP: Javier Orduña BSc, MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources)

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. The best performer was Lake Resources (ASX: LKE), which rose 44%. LKE has appeared on this list six times in the past eight weeks, and is up 575% over six months vs. 71% for the Global X Lithium & Battery Tech ETF (LIT). Lake is advancing a lithium project in Argentina, located near Ganfeng Lithium’s (SZSE:002460) recently commissioned Mariana project. Lithium prices are up 93% over the past six months. We anticipate the lithium market tightening in 2026, moving from a surplus in 2025, toward a deficit by 2027.

Top Five Weekly Performers	WoW Returns
Lake Resources NL (LKE.AX)	43.60%
Panoro Minerals (PML.V)	18.80%
Giga Metals Corporation (GIGA.V)	11.10%
Noram Lithium Corp. (NRM.V)	9.50%
Kidoz Inc. (KDOZ.V)	5.00%

* Past performance is not indicative of future performance (as of Dec 29, 2025)

Source: FRC

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	6.70%	12.80%	57.00%	93.90%	114.10%	55.00%	54.30%
Cannabis	N/A	N/A	N/A	N/A	N/A	-11.20%	-23.60%
Tech	1.40%	20.40%	22.30%	507.60%	586.50%	16.40%	51.50%
Special Situations (MIC)	-0.20%	2.40%	-0.40%	-1.80%	17.40%	19.90%	-1.10%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	4.50%	11.10%	37.10%	113.80%	109.40%	46.50%	41.20%
Benchmark (Total)	4.40%	5.30%	5.00%	35.00%	66.80%	73.60%	11.70%
Portfolio (Annualized)	-	-	-	-	109.40%	13.60%	2.90%
Benchmark (Annualized)	-	-	-	-	66.80%	20.20%	0.90%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Dec 29, 2025)

2. Green (blue) indicates FRC's picks outperformed (underperformed) the benchmark.

3. Past performance is not indicative of future performance.

Source: FRC

Our complete list of top picks (updated weekly) can be viewed here.

*Disclaimers - Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Lake Resources, Panoro Minerals, Giga Metals, Noram Lithium, Kidoz Inc., and Aton Resources 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.

This Lithium Stock Is on a Tear: Is an M&A Brewing?

Highlights

This Lithium Stock Is on a Tear: Is an M&A Brewing?

Highlights

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