Major Milestones: Resource Update, JV, Offtake, and Drill Results

*Disseminated on behalf of Lake Resources, Monument Mining, Kidoz Inc., Denarius Metals, Noram Lithium, Millennial Potash, Skyharbour Resources, Trident Resources, Chilean Cobalt, Kingman Minerals, Graphite One, DLP Resources, Equity Metals, Tartisan Nickel, and Delivra Health. See the bottom of this report for other important disclosures.

This week, several companies under coverage reported major developments, with some hitting key milestones. Highlights include: Millennial Potash releasing a major resource update, Skyharbour securing a JV deal with Denison Mines, Trident Resources’ stock more than doubling in a week following promising drill results, and Chilean Cobalt’s offtake agreement with Glencore, among others.

We also review our Top Picks, led by lithium junior Lake Resources (ASX: LKE), which rose 45%. Lithium stocks rallied today after Chinese lithium major Ganfeng projected a significant increase in demand for 2026–2027. Last week, we added copper junior DLP Resources to our list, given its upcoming catalysts. Over the past six months, our Top Picks have returned an average of 43%, outperforming the benchmark’s 27% 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

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Analyst Opinion: Positive - We view the updated resource estimate as a major milestone. Measured and indicated resources have increased by 275%, and inferred resources by 210%. We believe this growth could support a higher production profile than assumed in the 2024 Preliminary Economic Assessment (PEA), significantly improving project economics. The 2024 PEA reported robust economics, with an after-tax NPV10% of US$1.1 B using a long-term granular Muriate of Potash (gMOP) price of US$387/t (spot price: US$352/t). MLP is trading at just 17% of its NPV, and we plan to publish a detailed update shortly, adjusting our fair value estimate to incorporate the latest resource.

Analyst Opinion: Positive - SYH has entered a strategic agreement with Denison under which Denison can acquire a 20–70% stake in the Russell claims for up to $61.5M, including $21.5M in cash/shares, and up to $40M in exploration expenditures over seven years. Russell Lake’s proximity to Denison’s Wheeler River project makes it a highly strategic addition for Denison. This partnership is a major positive for SYH: it brings a leading player on board, validates the project’s potential, and allows Denison to advance exploration while SYH retains significant exposure. It also strengthens SYH’s balance sheet, providing capital to advance its other projects.

Analyst Opinion: Positive – All three holes from the ongoing drill program returned significant gold mineralization over long intervals, including 43.3 m of 7.03 g/t, 29.6 m of 2.49 g/t, and 29.5 m of 0.56 g/t. The first two are particularly promising given their high grades, well above the project’s historical resource. This is the first drill program on the property in 30 years. Contact Lake, located in the La Ronge gold belt, includes the past-producing Contact Lake mine, which hosts historical resources totaling 1.05 Moz at 1.13 g/t across three targets. The region contains several high-grade deposits. ROCK is up 140% since the news. With momentum building, all eyes will be on the next assay results to see if the follow-up holes deliver similar grades.

Analyst Opinion: Positive – COBA has signed an offtake agreement with Glencore for 100% of the cobalt and copper produced by its copper-gold projects in northern Chile. In 2024, Chilean Cobalt, Glencore, and US Strategic Metals (USSM) formed a non-binding strategic partnership. Under this arrangement, cobalt and copper concentrates from COBA’s Chilean projects will be shipped to USSM’s Missouri facility for downstream processing, supporting an Americas-centric cobalt supply chain. We believe this offtake agreement will support COBA’s financing efforts. The company already has an LOI from the U.S. EXIM Bank for up to US$317M, potentially covering around 80% of the initial CAPEX for its flagship La Cobaltera project. Management plans to complete a resource estimate in 2026, followed by a PEA in 2026–2027. COBA has also signed an LOI to acquire a rare-earth project in southern Chile, with near-term production potential. Upon completion of due diligence, the parties will negotiate terms if COBA decides to proceed. While COBA’s focus remains on its flagship copper-cobalt project, we believe this potential acquisition brings a new dimension to the company.

Analyst Opinion: Positive – We are resuming coverage on KGS, and will publish a reinitiating coverage report shortly. KGS owns the Mohave gold-silver project in Arizona’s Music Mountain district, which includes the historic Rosebud gold mine, with an existing underground development (400-ft shaft and 2,300 ft of drifts, raises, and crosscuts), and historical resources of 664 Koz Au, and 2.6 Moz Ag. With a MCAP of $6M, the company’s shares trade at <$20/oz gold, well below the $80–$100/oz levels of comparable junior gold explorers. Underground sampling and drilling by KGS have returned bonanza-grade gold, and management plans to validate these historic values with a new drill program. Last month, KGS closed a $1.5M private placement, and insiders hold 60% of the equity, reflecting strong management conviction. Our upcoming report will provide detailed analysis, and an updated fair value estimate.

Analyst Opinion: Positive – This is a highly promising development, given the Western push to build rare earth supply sources outside China. That said, it is too early to comment on the prevalence and recoverability of REEs or their potential impact on the economics of the Graphite Creek project. Graphite Creek is the largest known graphite deposit in the Americas. A recent bankable feasibility study returned an AT-NPV8% of US$5B, and an AT-IRR of 27%. GPH is trading at just 3% of its NPV. GPH aims to build a fully integrated mine-to-battery anode material supply chain in the U.S. for lithium-ion batteries in EVs and energy storage systems.

Analyst Opinion: Positive – Additional results from an ongoing drill program at the Aurora copper-molybdenum project returned significant mineralization over wide intervals, including 810 m at 0.47% CuEq, extending mineralization to the southeast of the current resource envelope. Aurora hosts a large inferred resource of 10.2 B lbs CuEq at 0.44%. DLP plans to complete a resource update and a PEA in Q1-2026.

Analyst Opinion: Positive - The company’s summer drill program has extended mineralization in the No. 3 vein beyond the 2022 resource limits, with highlights including high-grade values up to 37 g/t AuEq. Drilling confirms continuity along strike and down to 450 m depth, intersecting multiple veins. An updated resource statement is expected in Q1 2026. Based on 2023–2025 drill results, we believe resources could increase by at least 30 Moz AgEq from the current 85 Moz AgEq.

Analyst Opinion: Positive - Tartisan is preparing a 3,600 m drill program to potentially upgrade and expand resources at Kenbridge, which hosts high-grade open-pit and underground nickel-copper-cobalt deposits. A 2022 PEA returned an after-tax NPV5% of $109 M using US$10/lb nickel (current spot: US$7/lb) vs a break-even price of US$8/lb.

Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage

Delivra Health Brands Inc./ TSXV: DHB

PR Title: Announces Q1 results (quarter ended September 2025)

FRC Opinion: Neutral - DHB’s revenue rose slightly by 1% to $3.21M, while EPS improved from $(0.02) to $(0.003), nearly reaching breakeven. Revenue came in below our expectations, reflecting typical quarterly fluctuations due to timing of large customer orders, while EPS was in line. DHB distributes sleep aid and pain relief products across 30,000+ points, including retail and pharmacy chains, convenience stores, and airports. We will publish an update shortly.

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. The best performer was Lake Resources (ASX: LKE), which rose 45%. Lake is advancing a lithium project in Argentina, located near Ganfeng Lithium’s (SZSE: 002460) recently commissioned Mariana project. Lithium prices have risen 21% in the past month, and lithium stocks rallied today after Ganfeng projected a significant increase in lithium demand in 2026–2027. As mentioned previously, we anticipate supply shortages in 2026–2027.

Last week, we added copper junior DLP Resources (TSXV: DLP) to our list. With several promising catalysts on the horizon, we anticipate a positive trajectory for the stock. Read our latest report here.

Top Five Weekly Performers	WoW Returns
Lake Resources NL (LKE.AX)	44.70%
Monument Mining Limited (MMY.V)	16.70%
Kidoz Inc. (KDOZ.V)	6.50%
Denarius Metals Corp. (DMET.NE)	4.00%
Noram Lithium Corp. (NRM.V)	3.80%

Source: FRC

* Past performance is not indicative of future performance (as of Nov 17, 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	3.80%	-5.70%	29.60%	26.50%	60.40%	44.40%	38.50%
Cannabis	N/A	N/A	N/A	N/A	N/A	-10.00%	-23.60%
Tech	-2.80%	-17.80%	-0.70%	396.80%	453.20%	-6.90%	41.00%
Special Situations (MIC)	-2.10%	-0.70%	-6.70%	-0.50%	8.90%	6.20%	-5.10%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	1.30%	-6.00%	15.90%	42.90%	66.60%	36.30%	30.80%
Benchmark (Total)	-3.20%	-8.90%	11.00%	27.00%	48.10%	52.80%	-0.70%
Portfolio (Annualized)	-	-	-	-	66.60%	10.90%	2.30%
Benchmark (Annualized)	-	-	-	-	48.10%	15.20%	-0.10%

Source: FRC

Our complete list of top picks (updated weekly) can be viewed here.

1. Since the earliest initiating date of companies in the list of Top Picks (as of Nov 17, 2025)

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

3. Past performance is not indicative of future performance.

*Disclaimers - Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Lake Resources, Monument Mining, Kidoz Inc., Denarius Metals, Noram Lithium, Millennial Potash, Skyharbour Resources, Trident Resources, Chilean Cobalt, Kingman Minerals, Graphite One, DLP Resources, Equity Metals, Tartisan Nickel, and Delivra Health 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.

Major Milestones: Resource Update, JV, Offtake, and Drill Results

Major Milestones: Resource Update, JV, Offtake, and Drill Results

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