Top Pick Gains & Equity Financings

*Disseminated on behalf of Zepp Health, Millennial Potash, DLP Resources, Monument Mining, Atrium Mortgage Investment Corporation, Metalquest Mining, Canadian Critical Minerals, Churchill Resources, Cupani Metals, Pulsar Helium, Trident Resources, and Denarius Metals. See the bottom of this report for other important disclosures.

This week, several companies under coverage reported major developments, including equity financings by several gold and copper juniors, an updated resource estimate by a gold junior, and promising results from a helium junior.

We also review our Top Picks, led by smartwatch maker Zepp Health Corporation (NYSE: ZEPP), which rose 21%. Over the past six months, our Top Picks have returned an average of 48%, outperforming the benchmark’s 25% 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 - DMET aims to complete construction of a 1,000 tpd processing plant at its Zancudo gold project in Colombia, and begin production by Q2-2026, targeting annual production of 50–60 koz of gold, and 0.8 Moz of silver. The company is also restarting production at its Aguablanca nickel project in Spain, with potential annual output of 70 kt of nickel-copper concentrates.

Analyst Opinion: Positive – ROCK has completed an updated resource estimate on its Contact Lake and Greywacke projects in Saskatchewan. Indicated resources increased 18% to 0.90 Moz, and inferred resources rose 190% to 1.13 Moz , bringing total resources up 70%, while average grades declined by 25%. While higher resources support a larger production profile and longer mine life, lower grades could lead to higher OPEX. In this case, we believe the benefit of increased resources outweighs the impact of lower grades. We will publish a detailed update report shortly.

Analyst Opinion: Positive – The Jetstream #4 well, located 250 m north of Jetstream #1, and 600 m south of Jetstream #3, encountered two pressurized, gas-bearing intervals, indicating a highly charged reservoir capable of strong flow rates. All four wells drilled on the project have encountered gas, confirming the continuity of the helium-rich system. The Topaz project hosts a high-grade helium resource, with an updated resource estimate and a PEA expected in the coming months.

Analyst Opinion: Positive – Proceeds will fund exploration activities at its Blue Lake polymetallic project in Quebec. Blue Lake hosts massive sulfide mineralization across multiples zones, covering over 500 sq. km. While early-stage projects are inherently speculative, Cupani’s key advantage is its multiple promising targets. Initial testing on all primary targets is expected to take at least two years, offering several opportunities for discovery.

Analyst Opinion: Positive - CRI is advancing exploration at its recently optioned Black Raven antimony-gold project in Newfoundland and Labrador. The early-stage project hosts two historic small-scale mines and multiple gold-antimony-silver-copper-zinc-lead showings. With $6.75 M raised through shares and warrants over the past three months, the company is well funded.

Analyst Opinion: Positive – Proceeds will fund the company’s permit application to restart production at the Bull River project in B.C., where it is conducting engineering studies to resume mill and underground operations. Bull River hosts a high-grade copper-gold-silver resource, and its major advantage is the ability to advance to production quickly, supported by existing infrastructure, including an underground mine, a large surface stockpile, and a 700 tpd mill.

Analyst Opinion: Positive – MQM has staked a 27,425 ha early-stage iron project in the Labrador Trough, Quebec, expanding its total land position in the region to 42,175 ha. The new project adjoins the company’s 100%-owned Lac Otelnuk project, one of North America’s largest undeveloped high-purity iron deposits. The recent inclusion of high-purity iron on Canada’s Critical Minerals list enhances the project’s eligibility for federal and provincial funding and tax incentives. Additionally, MQM has stated that it is actively evaluating several critical-metal opportunities in Ontario’s Ring of Fire region.

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. The best performer was Zepp Health Corporation (NYSE: ZEPP), which rose 21%. Last month, the company reported robust Q3 results, with revenue up 78% YoY, and management’s Q4 guidance projects revenue growth of 40% YoY. We anticipate EBITDA turning positive in Q4, a key milestone.

Top Five Weekly Performers	WoW Returns
Zepp Health Corporation (ZEPP)	20.50%
Millennial Potash Corp. (MLP.V)	8.60%
DLP Resources Inc. (DLP.V)	3.40%
Monument Mining Limited (MMY.V)	2.90%
Atrium Mortgage Investment Corporation (AI.TO)	2.00%

Source: FRC

* Past performance is not indicative of future performance (as of Nov 24, 2025)

Our top picks have outperformed the benchmark (TSXV) in five 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	-3.90%	-1.10%	24.40%	19.40%	60.10%	43.70%	40.60%
Cannabis	N/A	N/A	N/A	N/A	N/A	-6.60%	-23.60%
Tech	8.60%	-16.50%	1.10%	523.80%	608.00%	-13.00%	51.90%
Special Situations (MIC)	1.10%	-2.60%	-7.10%	9.00%	8.70%	5.90%	-5.40%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	-1.10%	-3.60%	12.90%	48.00%	75.20%	35.70%	33.20%
Benchmark (Total)	1.70%	-9.60%	8.50%	24.90%	44.50%	51.20%	-1.80%
Portfolio (Annualized)	-	-	-	-	75.20%	10.70%	2.40%
Benchmark (Annualized)	-	-	-	-	44.50%	14.80%	-0.10%

Source: FRC

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 Zepp Health, Millennial Potash, DLP Resources, Monument Mining, Atrium Mortgage Investment Corporation, Metalquest Mining, Canadian Critical Minerals, Churchill Resources, Cupani Metals, Pulsar Helium, Trident Resources, and Denarius 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.

Top Pick Gains & Equity Financings

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