Gold and Critical Metal Juniors Make Headlines

*Disseminated on behalf of DLP Resources, Lake Resources, Kidoz Inc., Monument Mining, Builders Capital Mortgage, iMetal Resources, Blue Lagoon Resources, and Fortune Minerals. See the bottom of this report for other important disclosures.

Key updates from last week include a gold junior announcing a special dividend, a cobalt junior achieving a project milestone and derisking event, and encouraging exploration news.

DLP Resources (TSXV: DLP), which rose 15% last week, topped our list of top picks. Over the past year, our Top Picks have returned an average of 89%, outperforming the benchmark’s 57% gain. Visit our website to view our full list of Top Picks by sector.

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Key updates from last week include a gold junior announcing a special dividend, a cobalt junior achieving a project milestone and derisking event, and encouraging exploration news.

*Past performance is not indicative of future performance.

Updates on Resource Companies Under Coverage

Analyst Opinion: Positive - MMY has declared a special cash dividend of $0.02/share (2% yield), supported by strong production and EPS growth over the past 12 months. For context, yields of major producers typically range between 1–2%. While this dividend is one-off, our 2026+ outlook indicates the company has the capacity to pay $0.02/share on a regular basis. With $88M in cash ($0.25/share) and zero debt as of September 2025, we believe the company is well-positioned to sustain regular dividend payments.

Analyst Opinion: Positive - FT has closed its previously announced $6M acquisition of a proposed hydrometallurgical refinery site in Alberta (50% paid earlier, balance funded by a NWT government loan), marking a major milestone that lowers project risk. Concentrates from FT’s NICO project in the NWT will be transported to the Alberta site, where a former steel fabrication plant will be converted into a hydrometallurgical refinery producing cobalt sulphates, gold doré, bismuth ingots, and copper. Management is focused on advancing NICO toward a construction decision, project financing, and offtake agreements. The project hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and a significant gold resource, highlighting its potential strategic role in the North American critical mineral supply chain.

Analyst Opinion: Positive - BLLG has delivered its first 1,000 tonnes of mineralized material from the Dome Mountain gold mine (B.C.) to its milling partner, achieving a key operational milestone. Processing is expected to commence by the end of this week. Dome Mountain hosts high-grade underground resources, benefiting from pre-existing development, and an active toll milling arrangement with Nicola Mining (TSXV: NIM). We believe BLLG can potentially process 55,000 tpy in the first year to produce 15,000 oz of gold, rising to 75,000 tpy for 20,000 oz in year two. Our forecast for first-year EBITDA is US$35–$40M, implying an EV/EBITDA of 2.0x, well below the sector average of 4.3x.

Analyst Opinion: Positive – Results from two additional holes in a recently completed drill program returned significant mineralization over wide intervals, including 260.5 m at 1.02% CuEq within a broader 867 m interval grading 0.55% CuEq. These results extend mineralization to the southeast of the current resource envelope. The Aurora project hosts a large inferred resource of 10.2 Blbs at 0.44% CuEq. DLP plans to complete a resource update, and a PEA, in Q1-2026.

Analyst Opinion: Positive – Proceeds will be used to advance exploration at the company’s Gowganda West project in the Abitibi Greenstone Belt, Ontario. The financing follows a successful 2,640 m drill program comprising six holes targeting expansion around the 2023 discovery, which returned 48.5 m grading 0.85 g/t gold. All six holes intersected the same host rocks, and mineralization as the discovery hole, supporting potential continuity. As a pre-resource–stage project, upcoming assay results could serve as catalysts, and provide further insight into the project’s potential.

FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks, led by copper junior DLP Resources (TSXV: DLP), which rose 15% following promising drill results. The company plans to complete a resource update, and a PEA, in Q1-2026.

Top Five Weekly Performers	WoW Returns
DLP Resources Inc. (DLP.V)	15.40%
Lake Resources NL (LKE.AX)	13.50%
Kidoz Inc. (KDOZ.V)	5.70%
Monument Mining Limited (MMY.V)	4.70%
Builders Capital Mortgage Corp. (BCF.V)	4.60%

* Past performance is not indicative of future performance (as of Dec 15, 2025)

Source: FRC

Our top picks have outperformed the benchmark (TSXV) in four 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	-0.60%	3.60%	28.30%	41.80%	88.40%	39.00%	46.10%
Cannabis	N/A	N/A	N/A	N/A	N/A	-7.80%	-23.60%
Tech	4.00%	14.80%	16.20%	563.50%	509.20%	18.10%	50.70%
Special Situations (MIC)	0.40%	5.40%	-2.80%	-0.90%	19.70%	18.60%	-2.20%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	0.20%	5.50%	18.40%	90.00%	89.30%	36.90%	36.50%
Benchmark (Total)	1.70%	9.70%	5.60%	30.00%	56.80%	63.70%	6.50%
Portfolio (Annualized)	-	-	-	-	89.30%	11.00%	2.60%
Benchmark (Annualized)	-	-	-	-	56.80%	17.90%	0.50%

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 DLP Resources, Lake Resources, Kidoz Inc., Monument Mining, Builders Capital Mortgage, iMetal Resources, Blue Lagoon Resources, and Fortune Minerals 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.

Gold and Critical Metal Juniors Make Headlines

Gold and Critical Metal Juniors Make Headlines

Production Started, Cash Flows Next – Initiating Coverage

Drilling Reveals Bigger, Deeper Gold Targets

Earning Strong Yields as Rates Ease

AI Power Demand Driving Uranium Prices and Strategic Partnerships Fuel Momentum