Silver Junior Reports Bonanza Values & Lithium Top Pick Surges Again

*Disseminated on behalf of Tartisan Nickel, Southern Silver Exploration, Giga Metals, iMetal Resources, Lake Resources, Denarius Metals, Millennial Potash, Panoro Minerals, and South Star Battery Metals. See the bottom of this report for other important disclosures.

This week, several companies under coverage reported major developments, including bonanza grades from a silver junior in Mexico, increasing its attractiveness as an acquisition target, as well as promising news from gold, copper, and nickel juniors.

For the second time in three weeks, Lake Resources (ASX: LKE) topped our list of Top Picks, rising 42%. Lithium prices have climbed 56% over the past six months, and major producer Ganfeng (SZSE: 002460) recently projected a significant increase in lithium demand in 2026–2027. Over the past year, our Top Picks have returned an average of 81%, outperforming the benchmark’s 52% 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 – SSV is up 55% since we resumed coverage on November 12, 2025. The company has reported near-surface, bonanza-grade silver-lead-zinc mineralization from initial drilling on the recently acquired Puro Corazon claim at the Cerro Las Minitas (CLM) project, including 10.5 m of 1,115 g/t AgEq, and 3.4 m of 1,982 g/t AgEq. Step-out holes and underground sampling show multiple high-grade zones, with results to be incorporated into an updated resource estimate, and a Preliminary Economic Assessment (PEA). CLM hosts a large silver-rich polymetallic resource totaling 303 Moz AgEq, with relatively high-grade silver. A 2024 PEA reported an after-tax NPV5% of US$931M at US$32/oz silver (current spot: US$58/oz). SSV is currently trading at just 13% of its NPV, highlighting significant upside potential. We believe SSV is a compelling acquisition target, driven by its large resource, robust economics, strong cash position, and a favorable silver market.

Analyst Opinion: Positive – IMR completed 2,640 m of drilling across six holes targeting expansion around the 2023 discovery hole that returned 48.5 m of 0.85 g/t gold. All six holes intersected the same host rocks and mineralization as the 2023 discovery hole; an encouraging indication of potential continuity. As a pre-resource–stage project, upcoming assays could act as catalysts, and offer insight into the project’s potential.

Analyst Opinion: Positive – Giga reported encouraging geophysical results from the underexplored Attic zone at its Turnagain nickel project in B.C., highlighting multiple areas with potential for nickel, as well as copper and PGE mineralization. The potential for copper and PGE is particularly promising, as it could add a new dimension to a project that currently hosts only a nickel-cobalt resource. The company plans additional surveys to refine drill targets ahead of the first drill program at the Attic zone.

Analyst Opinion: Positive - TN has acquired a 420 ha land package next to its Kenbridge project, increasing the total land position to 4,724 ha. While this new area does not have a resource estimate, historical exploration, including 13 drill holes, shows potential for nickel, copper, and cobalt mineralization. TN plans to review past data, conduct surface sampling, and generate targets for drilling, aiming to expand Kenbridge’s current high-grade open-pit and underground resources of 146 Mlbs Ni, and 78 Mlbs Cu.

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. For the second time in three weeks, the best performer was Lake Resources (ASX: LKE), which rose 42%. Lake is advancing a lithium project in Argentina, located near Ganfeng Lithium’s recently commissioned Mariana project. Lithium prices have increased 56% over the past six months, and last month Ganfeng announced a projected significant rise in lithium demand in 2026–2027. As mentioned previously, we anticipate supply shortages in 2026–2027.

Top Five Weekly Performers	WoW Returns
Lake Resources NL (LKE.AX)	41.80%
Denarius Metals Corp. (DMET.NE)	19.10%
Millennial Potash Corp. (MLP.V)	16.40%
Panoro Minerals (PML.V)	9.70%
South Star Battery Metals Corp. (STS.V)	7.40%

Source: FRC

* Past performance is not indicative of future performance (as of Dec 1, 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	9.00%	5.00%	33.70%	21.30%	83.50%	35.50%	47.30%
Cannabis	N/A	N/A	N/A	N/A	N/A	0.00%	-23.60%
Tech	-1.10%	-21.20%	1.50%	510.10%	438.20%	-10.60%	47.40%
Special Situations (MIC)	2.80%	0.70%	-4.60%	1.50%	11.90%	9.90%	-3.70%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	6.20%	0.40%	19.20%	46.30%	80.80%	32.00%	36.40%
Benchmark (Total)	5.30%	0.00%	10.40%	31.90%	52.20%	55.80%	5.50%
Portfolio (Annualized)	-	-	-	-	80.80%	9.70%	2.60%
Benchmark (Annualized)	-	-	-	-	52.20%	15.90%	0.40%

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

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

3. Past performance is not indicative of future performance.

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 Tartisan Nickel, Southern Silver Exploration, Giga Metals, iMetal Resources, Lake Resources, Denarius Metals, Millennial Potash, Panoro Minerals, and South Star Battery 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.

Silver Junior Reports Bonanza Values & Lithium Top Pick Surges Again

Silver Junior Reports Bonanza Values & Lithium Top Pick Surges Again

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