This Lithium Stock Is on a Tear: Is an M&A Brewing?

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 44%. LKE has appeared on this list six times in the past eight weeks, and is up 575% over six months vs. 71% for the Global X Lithium & Battery Tech ETF (LIT). Lake is advancing a lithium project in Argentina, located near Ganfeng Lithium’s (SZSE:002460) recently commissioned Mariana project. Lithium prices are up 93% over the past six months. We anticipate the lithium market will move from a supply surplus in 2025 to a deficit by 2027.

Top Five Weekly Performers	WoW Returns
Lake Resources NL (LKE.AX)	43.60%
Panoro Minerals (PML.V)	18.80%
Giga Metals Corporation (GIGA.V)	11.10%
Noram Lithium Corp. (NRM.V)	9.50%
Kidoz Inc. (KDOZ.V)	5.00%

* Past performance is not indicative of future performance (as of Dec 29, 2025)

Source: FRC

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	6.70%	12.80%	57.00%	93.90%	114.10%	55.00%	54.30%
Cannabis	N/A	N/A	N/A	N/A	N/A	-11.20%	-23.60%
Tech	1.40%	20.40%	22.30%	507.60%	586.50%	16.40%	51.50%
Special Situations (MIC)	-0.20%	2.40%	-0.40%	-1.80%	17.40%	19.90%	-1.10%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	4.50%	11.10%	37.10%	113.80%	109.40%	46.50%	41.20%
Benchmark (Total)	4.40%	5.30%	5.00%	35.00%	66.80%	73.60%	11.70%
Portfolio (Annualized)	-	-	-	-	109.40%	13.60%	2.90%
Benchmark (Annualized)	-	-	-	-	66.80%	20.20%	0.90%

1. Since the earliest initiating date of companies in the list of Top Picks  (as of Dec 29, 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 Lake Resources, Panoro Minerals, Giga Metals, Noram Lithium, Kidoz Inc., and Aton Resources 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.