Top Picks, Key Financing, Promising Exploration Results

*Disseminated on behalf of Kidoz Inc., Noram Lithium Corp., Fortune Minerals Limited, Lake Resources, Denarius Metals Corp., Doubleview Gold Corp., North Peak Resources, and Pulsar Helium Inc. See the bottom of this report for other important disclosures.

We highlight key updates from our coverage universe, including a significant financing by a polymetallic junior in B.C., and promising results from gold and helium juniors. We also review the performance of our Top Picks, led by Noram Lithium (TSXV: NRM), up 17% WoW. Interestingly, while no resource names made the list last week, they now dominate with four of the top five positions. Over the past six months, our Top Picks have delivered an average return of 68%, significantly outperforming the benchmark’s 43% gain. Visit our website to view the full list of Top Picks by sector. *Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Analyst Opinion: Positive – Proceeds will fund exploration across its B.C. projects, particularly the polymetallic Hat project. This project hosts a large, open-pittable polymetallic porphyry deposit, uniquely enriched with scandium and cobalt. An updated resource estimate and Preliminary Economic Assessment (PEA) are expected in the coming months.

Analyst Opinion: Positive – Additional channel sampling in the Dean Cave complex at its Prospect Mountain property (Nevada) continues to return unusually high gold grades, including 0.6 m of 90.4 g/t Au, 660 g/t Ag, 4.69% Pb, and 1.00% Zn, and 0.3 m of 17.3 g/t Au, 178 g/t Ag, 1.99% Pb, and 3.93% Zn. NPR is aggressively testing targets, with drilling ongoing at the Industry target, which previously returned 22.8 g/t Au and 87 g/t Ag from grab samples. Prospect Mountain is a past-producing gold-silver-lead project in Nevada’s Eureka district, adjacent to i-80 Gold’s (TSX: IAU) Ruby Hill project, and just north of McEwen Inc’s (NYSE: MUX) Eureka property.

Analyst Opinion: Positive – The Jetstream #3 well, located 950 m northeast of Jetstream #1, encountered two gas-bearing intervals with pressurized gas, indicating a highly charged reservoir. We believe this high pressure suggests the reservoir is capable of strong flow rates. These results also confirm the continuity of the helium-rich system on the property. The Topaz project hosts a high-grade helium resource, with an updated resource estimate and a PEA expected in the coming months.

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 17%. NRM owns an advanced stage lithium project in Nevada. After a two-year downturn, lithium prices are rebounding, rising 28% over the past four months to US$11,050/t, though still 87% below their late-2022 peak. We believe current prices are still below the break-even point for most new large-scale lithium projects, and a sustained price of at least US$15,000/t is needed to incentivize development.

Top Five Weekly Performers	WoW Returns
Noram Lithium Corp. (NRM.V)	16.70%
Fortune Minerals Limited (FT.TO)	11.10%
Lake Resources NL (LKE.AX)	9.10%
Denarius Metals Corp. (DMET.NE)	6.00%
Kidoz Inc. (KDOZ.V)	3.20%

* Past performance is not indicative of future performance (as of Nov 3, 2025)

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	3.60%	8.60%	34.50%	34.30%	53.40%	76.80%	38.60%
Cannabis	N/A	N/A	N/A	N/A	N/A	-31.80%	-23.60%
Tech	-6.90%	0.00%	46.10%	700.90%	560.00%	-10.30%	78.00%
Special Situations (MIC)	-0.30%	-4.10%	-5.70%	9.10%	7.00%	13.30%	-3.40%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	1.20%	4.00%	25.30%	67.70%	67.60%	56.40%	35.70%
Benchmark (Total)	-1.20%	-3.00%	19.30%	42.60%	55.10%	57.50%	5.50%
Portfolio (Annualized)	-	-	-	-	67.60%	16.10%	2.60%
Benchmark (Annualized)	-	-	-	-	55.10%	16.30%	0.50%

1. Since the earliest initiating date of companies in the list of Top Picks (as of Nov 3, 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.

*Disclaimers - Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Kidoz Inc., Noram Lithium Corp., Fortune Minerals Limited, Lake Resources, Denarius Metals Corp., Doubleview Gold Corp., North Peak Resources, and Pulsar Helium Inc 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.

Top Picks, Key Financing, Promising Exploration Results

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