Sprott Invests in Silver Junior; Positive Updates from Potash and Helium Plays

*Disseminated on behalf of Panoro Minerals, Millennial Potash, Monument Mining, Zepp Health, Lake Resources, Silver Dollar Resources, Pulsar Helium, and Trident Resources. See the bottom of this report for other important disclosures

We review the performance of our Top Picks, led by copper junior Panoro Minerals (TSXV: PML), which gained 17% 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 juniors targeting gold, silver, helium, and potash. *Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Analyst Opinion: Positive – This financing represents a major vote of confidence in SLV’s portfolio. Proceeds will be directed toward exploration at the Ranger-Page silver-lead-zinc project in Idaho’s Silver Valley, and the La Joya silver project in Mexico. Ranger-Page includes six historic mines that collectively produced over 1.1 Blbs of zinc and lead, along with 14.6 Moz of silver. La Joya hosts a large, shallow, historical inferred resource of 160 Moz AgEq. In addition, SLV holds the early-stage Nora project in Mexico, which has potential for a high-grade gold-silver mineralized system.

Analyst Opinion: Positive – Laboratory analysis confirmed helium concentrations of up to 8% by volume in both Jetstream #1 and #2 appraisal wells, well above the typical threshold of ~0.3%, demonstrating a robust helium-rich reservoir. In addition, the produced gas contained favorable CO2 levels of 75–80%, suggesting potential for commercial CO2 recovery as a by-product, further enhancing project economics. The Topaz project hosts a high-grade helium resource. We expect an updated resource estimate, and a Preliminary Economic Assessment (PEA), later this year.

Analyst Opinion: Positive – The latest hole intersected over 220 m of potash mineralization, including 112.5 m grading 15.9% KCl, indicating significant resource expansion potential. We believe this will positively impact an upcoming resource update, and feasibility study, as mineralization has been extended both along strike and depth. The program will also likely upgrade parts of the resource from inferred to indicated, and from indicated to measured, thereby increasing overall confidence in the resource estimate. The current resource estimate covers just 1.5% of the total project area. A 2024 PEA returned an AT-NPV10% of US$1.1B, and a high AT-IRR of 33%, using a 25-year average Muriate of Potash (gMOP) price of US$387/t vs the current spot price of US$312/t.

Analyst Opinion: Positive – Preliminary results from an ongoing drill program at Contact Lake reported visual indications of mineralization in multiple holes, prompting ROCK to expand the program from 5,000 m to 6,500 m. The company’s portfolio includes three projects with a historical resource totaling 1.6 Moz AuEq. Management is currently focused on confirming and expanding Contact Lake’s historical resource of 1.05 Moz Au.

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. The best performer was copper junior Panoro Minerals (TSXV: PML), which rose 17%. PML is advancing multiple copper projects in Peru.

Top Five Weekly Performers	WoW Returns
Panoro Minerals (PML.V)	17.10%
Millennial Potash Corp. (MLP.V)	9.10%
Monument Mining Limited (MMY.V)	9.00%
Lake Resources NL (LKE.AX)	7.10%
Zepp Health Corporation (ZEPP)	5.80%

* Past performance is not indicative of future performance (as of Sep 22, 2025)

Our top picks have outperformed the benchmark (TSXV) in four 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	-1.50%	5.20%	9.30%	23.00%	77.70%	40.40%	26.10%
Cannabis	N/A	N/A	N/A	N/A	N/A	-37.10%	-23.60%
Tech	-0.60%	18.20%	1035.50%	635.60%	737.60%	-10.30%	100.20%
Special Situations (MIC)	3.30%	2.60%	3.30%	10.00%	14.90%	15.70%	1.50%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	-0.10%	6.20%	144.50%	55.70%	94.30%	34.40%	32.80%
Benchmark (Total)	1.90%	12.80%	22.10%	41.60%	51.10%	39.70%	-0.70%
Portfolio (Annualized)	-	-	-	-	94.30%	10.40%	2.40%
Benchmark (Annualized)	-	-	-	-	51.10%	11.80%	-0.10%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Sep 15, 2025)

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

3. Past performance is not indicative of future performance.

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 Panoro Minerals, Millennial Potash, Monument Mining, Zepp Health, Lake Resources, Silver Dollar Resources, Pulsar Helium, and Trident 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.

Sprott Invests in Silver Junior; Positive Updates from Potash and Helium Plays

Sprott Invests in Silver Junior; Positive Updates from Potash and Helium Plays

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