Gold & Bitcoin Approaching Highs / AI Stocks Dominate Headlines / Predicting Increased Risk Appetite

FRC Top Picks The following table shows last week&rsquo;s top five performers among our Top Picks, including four junior resource companies, and a biotech company. The top performer, Noram Lithium (TSX: NRM), was up 42%. NRM is advancing a large high-grade lithium project in Nevada.

5 Weekly Performers WoW Returns Noram Lithium Corp. (NRM.V) <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000 #cccccc; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #ffffff; font-family: Arial; font-size: 11pt; font-weight: normal; text-align: center;" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.419}" data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}">41.90% Southern Silver Exploration Corp. (SSV.V) <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000 #cccccc; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #efefef; font-family: Arial; font-size: 11pt; font-weight: normal; text-align: center;" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.375}" data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}">37.50% Hemostemix Inc. (HEM.V) <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000 #cccccc; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #ffffff; font-family: Arial; font-size: 11pt; font-weight: normal; text-align: center;" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.308}" data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}">30.80% Kootenay Silver Inc. (KTN.V) <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000 #cccccc; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #efefef; font-family: Arial; font-size: 11pt; font-weight: normal; text-align: center;" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.254}" data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}">25.40% World Copper Ltd. (WCU.V) <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000 #cccccc; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #ffffff; font-family: Arial; font-size: 11pt; font-weight: normal; text-align: center;" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.17}" data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}">17.00% <td style="border-width: 1px; border-style: solid; border-color: #cccccc #000000 #000000; border-image: initial; overflow: hidden; padding: 2px 3px; vertical-align: bottom; background-color: #ffffff; font-family: Arial; font-size: 11pt; font-weight: normal;" colspan="2" rowspan="1" data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;* Past performance is not indicative of future performance (as of Mar 4, 2024)&quot;}">* Past performance is not indicative of future performance (as of Mar 4, 2024) Companies on our Top Picks list are up 4% on average since we initiated coverage vs -35% for the benchmark (TSXV).

Total Return 1 Week 1 mo 3 mo 6 mo 1 yr 3 yr Since launch Mining 4.50% 1.80% -7.60% -12.30% -17.40% -48.80% 5.30% Cannabis N/A N/A N/A N/A n/a -29.90% -23.60% Tech 10.70% 40.90% -24.40% -22.50% -22.50% -39.20% -4.50% Special Situations (MIC) 6.80% 2.30% 13.70% 17.30% -13.20% -10.60% -16.00% Private Companies N/A N/A N/A N/A 6.70% 20.50% 30.50% Portfolio (Total) 4.40% 2.80% -4.60% -7.80% -13.70% -21.70% 3.80% Benchmark (Total) 3.80% 4.90% 7.90% -3.30% -9.80% -37.10% -35.10% Portfolio (Annualized) - - - - -13.70% -7.80% 0.40% Benchmark (Annualized) - - - - -9.80% -14.30% -4.10% 1. Since the earliest initiating date of companies in the list of Top Picks (as of March 04, 2024)

2. Green (blue) indicates FRC&rsquo;s picks outperformed (underperformed) the benchmark.

3. Past performance is not indicative of future performance.

Weekly Mining Commentary Last week, global equity markets were up 1.3% on average (up 1.2% in the previous week), driven by cooling inflation in Europe, and slower than expected U.S. GDP growth. Gold and BTC were up 5%, and 7%, respectively, and are currently trading near their all-time highs. AI stocks continued to tend higher, dominating headlines. We believe these developments should encourage higher investor risk tolerance, prompting increased capital allocation to small-cap stocks, which have significantly trailed the performance of large-cap stocks in the past year.

Gold & Bitcoin Approaching Highs / AI Stocks Dominate Headlines / Predicting Increased Risk Appetite

Summary

Gold & Bitcoin Approaching Highs / AI Stocks Dominate Headlines / Predicting Increased Risk Appetite

Summary