New Age Metals Inc. / TSXV: NAM
PR Title: Sprott invests $2M, boosting ownership in NAM from 23% to 33%
FRC Opinion
Positive – After an 18 month break, we are resuming coverage on NAM, and will publish a reinitiating coverage report shortly, including an updated fair value estimate and rating.
NAM has assembled a diversified portfolio targeting platinum group metals (PGM), lithium, gold, and antimony — all of which are currently high interest commodities gaining significant attention from resource companies, the U.S. government, and capital markets. Sprott’s recent investment is a strong endorsement of NAM’s portfolio and management.
Portfolio Overview:
PGM (Platinum Group Metals) – River Valley Project, Ontario: NAM’s flagship asset is a large tonnage, low grade PGM deposit with a completed PEA. Gold is trading at record highs, up 47% YoY, but platinum has outperformed with a 68% gain, while palladium is up 32% YoY.
Lithium – Manitoba: NAM holds 14 early stage lithium projects through a JV with Mineral Resources Limited (ASX: MIN, MCP: $7 B). With lithium prices up 20% in the past three months, and the U.S. government taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, market sentiment toward lithium juniors, especially with North American projects, is on a strong rebound.
Gold Antimony – Newfoundland: NAM’s early stage claims are strategically located near New Found Gold Corp.’s (TSXV: NFG) past-producing Beaver Brook antimony mine, Canada’s only primary antimony producer. Antimony is increasingly strategic for energy storage, clean energy, and high tech applications. Supply constraints from China and Russia have pushed prices up 33% YTD, while North America remains 100% import dependent.
Gold – Ontario: Last week, NAM optioned an early stage gold project in Ontario that is drill ready, with permits in place.
As NAM advances these projects, we anticipate multiple near term catalysts for the stock. Our reinitiating coverage report will include detailed analysis, and an updated fair value estimate.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Delivra Health Brands Inc./ TSXV: DHB
PR Title: Reports FY2025 (ended June 30, 2025) results
FRC Opinion
Positive – Revenue rose 8% YoY to $13.37 M, beating our forecast by 3%, driven by Dream Water product sales in the U.S., and the Middle East. Gross profit increased 15% YoY, exceeding our estimate by 1%. EBITDA declined 26% YoY to $0.64 M, but the decline was expected as the company ramped up its marketing expenses in prior quarters to drive near term revenue growth. EBITDA still exceeded our forecast of $0.26M. Overall, we are very pleased with the results, and will publish a detailed update shortly.
We’re excited to launch our new video series — Where Stocks Meet Real Life — connecting the world of capital markets to relatable, real-world stories and concepts. Check out our first episode, featuring Delivra: https://youtube.com/shorts/_yxQOhv_C50
FRC Top Picks
The table below highlights last week’s top five performers from our Top Picks. The best performer was Noram Lithium Corp. (TSXV: NRM), which rose 26%. With lithium prices up 20% in the past three months, and the U.S. government taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, market sentiment toward lithium juniors is on a strong rebound.
* Past performance is not indicative of future performance (as of Oct 6, 2025)
Our top picks have outperformed the benchmark (TSXV) in five out of seven time periods listed below.
| Total Return |
1 Week |
1 mo |
3 mo |
6 mo |
1 yr |
3 yr |
Since launch |
| Mining |
9.50% |
16.10% |
27.20% |
49.80% |
67.40% |
63.70% |
36.70% |
| Cannabis |
N/A |
N/A |
N/A |
N/A |
N/A |
-36.70% |
-23.60% |
| Tech |
15.80% |
23.60% |
486.40% |
1027.60% |
694.70% |
7.30% |
105.70% |
| Special Situations (MIC) |
0.30% |
-0.50% |
-2.20% |
17.00% |
16.20% |
16.10% |
-1.00% |
| Private Companies |
N/A |
N/A |
N/A |
N/A |
9.30% |
24.20% |
64.10% |
| Portfolio (Total) |
7.90% |
12.60% |
80.60% |
99.70% |
85.50% |
49.60% |
38.50% |
| Benchmark (Total) |
5.30% |
15.00% |
31.00% |
75.00% |
67.70% |
63.30% |
11.80% |
| Portfolio (Annualized) |
- |
- |
- |
- |
85.50% |
14.40% |
2.80% |
| Benchmark (Annualized) |
- |
- |
- |
- |
67.70% |
17.80% |
1.00% |
1. Since the earliest initiating date of companies in the list of Top Picks (as of Oct 6, 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 Noram Lithium, Kidoz Inc., Giga Metals, South Star Battery Metals, Millennial Potash, Delivra Health Brands, Doubleview Gold, Aton Resources, First Phosphate Corp., Pulsar Helium Inc., and New Age Metals 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.
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