Denarius Receives Permit; Gold, Potash, Uranium, and Copper Updates

*Disseminated on behalf of Noram Lithium Corp., South Star Battery Metals, Fortune Minerals Limited, Monument Mining Limited, Giga Metals Corporation, Sonoro Gold Corp., Denarius Metals Corp., Power Metallic Mines, Millennial Potash Corp., and Skyharbour Resources Ltd. See the bottom of this report for other important disclosures.

We share key updates from our coverage universe, including the resumption of coverage on a low-CAPEX gold junior with significant insider holdings, a Colombian gold junior receiving its final permit, and promising results from juniors targeting potash, copper, uranium, and nickel.

Over the past six months, our Top Picks have delivered an average return of 85%, significantly outperforming the benchmark’s 56% gain. Visit our website to view the full list of Top Picks by sector https://www.researchfrc.com/top-picks

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Analyst Opinion: Positive – After a 30-month break, we are resuming coverage on SGO, and will publish a reinitiating coverage report shortly, including an updated fair value estimate and rating. SGO owns two gold projects, Cerro Caliche and San Marcial, both in Sonora, Mexico. The flagship Cerro Caliche project, located near several well-known operating and historic mines held by Agnico Eagle (TSX: AEM), Bear Creek Mining (TSXV: BCM), Alamos Gold Inc. (TSX: AGI), and First Majestic (TSX: FR), hosts an oxide (near-surface) gold-silver resource totaling 440 Koz AuEq at 0.45 g/t. A 2023 PEA suggested the project could be advanced to production at a very low CAPEX of US$16M, with cash costs of US$1,295/oz. The study returned an after-tax NPV5% of US$77M, and a high after-tax IRR of 63%, based on US$2,000/oz gold vs the current spot price of US$4,350/oz. SGO’s current MCAP is only US$36M. Management intends to complete an updated resource estimate and PEA in the coming weeks. Given the higher current gold prices, the resource cut-off grade will fall, and we expect a 50–100% increase in resource along with significantly improved project economics. The company recently secured a surface rights lease for the Cerro Caliche project, giving it 100% control of the surface and mineral rights, with exclusive access for exploration, development, and mining infrastructure. SGO is also planning to spin out its San Marcial gold-silver project. In September, the company closed a $2M private placement, and is currently pursuing a $4M financing. Management and insiders hold 28% of SGO’s equity, reflecting their conviction in the project. Our reinitiating coverage report will include detailed analysis and an updated fair value estimate.

Analyst Opinion: Positive - DMET has received final approval to begin construction of a 1,000 tpd processing plant at its Zancudo project in Colombia. The plant is expected to start producing concentrates by Q2-2026 under an existing offtake agreement with Trafigura (a global commodities trading company). The project is currently in its early production phase, with initial sales starting in Q2-2025. So far, combined Q2 and Q3 shipments contained approximately 207 oz of gold, and 5 Koz of silver. With the upcoming processing plant, production is expected to ramp up significantly in 2026. DMET is also preparing to restart operations at its Aguablanca project in Spain, the country’s only nickel mine, and an EU-recognized strategic project.

Analyst Opinion: Positive – PNPN has initiated metallurgical testing on samples from two mineralized zones at its Lion target. The company discovered two high-grade polymetallic zones: the Lion zone in early 2024, and the Tiger zone in early 2025, at its Nisk nickel-copper-PGM-gold-silver project in Quebec. Key investors include Robert Friedland, Rob McEwen, and Gina Rinehart. Following a $50M equity raise, PNPN is well-capitalized, and plans to continue drilling at the Lion and Tiger zones ahead of a potential maiden resource estimate in 2026.

Analyst Opinion: Positive – MLP’s latest step-out drill hole intersected over 164.5 m of potash mineralization, including 101.5 m grading 16.8% KCl, slightly higher than the current resource average of 15.9% KCl, indicating strong potential for resource expansion. We expect this to positively impact the upcoming resource update, and feasibility study, as mineralization has been extended both along strike and at depth. The current resource estimate covers only 1.5% of the project area. A 2024 PEA outlined an after-tax NPV10% of US$1.1B, and a robust IRR of 33%, based on a 25-year average muriate of potash (gMOP) price of US$387/t vs the current spot price of US$353/t. MLP is currently trading at just 21% of its NPV.

Analyst Opinion: Positive – Proceeds will fund exploration at the company’s Turnagain project in northern B.C., which hosts one of the largest undeveloped nickel-cobalt deposits in the world. The company is undertaking a geophysical program to evaluate the project’s potential for copper, platinum, and palladium mineralization. Successful exploration in this space can lead to large gains in stock price. A notable success story in recent times is Power Metallic Mines (TSXV: PNPN), mentioned above, which made a significant polymetallic discovery at its nickel project in Quebec. PNPN’s MCAP has risen from $30M in early 2024, to $341M currently.

Analyst Opinion: Positive – Four of the 18 targets from the company’s prospecting program returned significant radioactivity, suggesting the presence of potential uranium mineralization. Management is awaiting assay results, which will be used to identify drill targets. To date, NSU has identified 36 uranium targets at the Falcon project.

FRC Top Picks

The table below highlights last month’s top five performers from our Top Picks. The best performer was Noram Lithium Corp. (TSXV: NRM), which rose 59%. NRM owns an advanced stage lithium project in Nevada. With lithium prices up 21% in the past four 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.

Top Five Monthly Performers	MoM Returns
Noram Lithium Corp. (NRM.V)	58.80%
Monument Mining Limited (MMY.V)	58.20%
South Star Battery Metals Corp. (STS.V)	48.10%
Fortune Minerals Limited (FT.TO)	42.90%
Giga Metals Corporation (GIGA.V)	40.00%

* Past performance is not indicative of future performance (as of Oct 20, 2025)

Our top picks have outperformed the benchmark (TSXV) in five out of six time periods listed below.

Performance by Sector

Total Return	1 mo	3 mo	6 mo	1 yr	3 yr	Since launch
Mining	28.90%	30.90%	40.60%	56.90%	78.80%	43.90%
Cannabis	N/A	N/A	N/A	N/A	-37.90%	-23.60%
Tech	19.90%	168.70%	911.00%	716.80%	7.30%	100.20%
Special Situations (MIC)	-7.60%	-8.80%	11.40%	3.90%	8.40%	-3.80%
Private Companies	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	18.00%	38.70%	85.10%	78.00%	57.20%	41.00%
Benchmark (Total)	6.80%	22.70%	56.20%	58.10%	66.10%	11.10%
Portfolio (Annualized)	-	-	-	78.00%	16.30%	2.90%
Benchmark (Annualized)	-	-	-	58.10%	18.40%	0.90%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Oct 20, 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 Corp., South Star Battery Metals, Fortune Minerals Limited, Monument Mining Limited, Giga Metals Corporation, Sonoro Gold Corp., Denarius Metals Corp., Power Metallic Mines, Millennial Potash Corp., and Skyharbour Resources Ltd. 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.

Denarius Receives Permit; Gold, Potash, Uranium, and Copper Updates

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