This Week’s Top Movers: AI, Lithium, and Other Critical Minerals

*Disseminated on behalf of Noram Lithium, Kidoz Inc., Enterprise Group, Giga Metals Corporation, Sonoro Gold, Skyharbour Resources, Silver X Mining, Trident Resource, Chilean Cobalt, Doubleview Gold, Millennial Potash, Builders Capital, and Rocket Doctor AI.

In this week’s edition we discuss material financings from a mortgage lender, healthcare AI technology company, and a potash junior. In addition, we cover material updates from juniors targeting rare earths, copper, silver, gold, and uranium. All of these have upcoming catalysts, making them worth monitoring or keeping on your radar.

Our Top Picks rose 0.2% on average last week, outperforming the TSXV benchmark, which dropped 1.2%. Lithium junior Noram Lithium Corp. (TSXV: NRM) led the list, up 14% last week. Lithium stocks have surged in recent weeks, with lithium prices up 109% YoY, as we anticipate the market shifting from oversupply to shortage later this year. Visit our website to view our full list of Top Picks by sector.

*Past performance is not indicative of future performance.

Analyst Comment:

COBA has signed a binding option agreement to acquire a rare earth metals project in southern Chile for 6M shares, worth about US$12M. The project has potential for key metals needed in electronics and green technology, currently supplied mostly by China. Details of the project have not been disclosed, but according to the company, it could reach production within 12–24 months, subject to technical and regulatory approvals. Before that, the company plans to carry out exploration, test metal recoveries, complete a resource estimate, and engage potential processing and offtake partners. COBA is up 558% since we initiated coverage in October 2025. While the company still focuses on developing a cobalt supply chain in the Americas through its main copper-cobalt project, this latest deal gives the company greater commodity diversification.

Analyst Comment:

MLP is up 528% since we initiated coverage in March 2023. Potash was recently added to the U.S. Critical Minerals List to reduce reliance on imports from Russia and Belarus. A 2024 independent study (PEA) on MLP’s Banio potash project in Gabon showed the project could support 25 years of production, with an after-tax NPV10% of US$1.1B, while MLP is currently trading at only 25% of this value, indicating potential upside. Funds will be primarily used for a feasibility study, the next detailed step after a PEA, which will show whether the project can be built and run profitably.

Analyst Comment:

Recent tests show that a relatively high percentage of metals can be extracted from the Hat polymetallic deposit, including 85% copper, 89% gold, 68% silver, 78% cobalt, and 75% scandium, compared with typical mining recoveries of 60–90%. The project hosts a polymetallic deposit with 5 Blbs of copper equivalent, making it a large copper-gold deposit notable for its rare scandium and cobalt. Both scandium and cobalt are considered critical minerals in the U.S., Canada, and the EU. An updated resource estimate and PEA are expected in the coming months, which could show the project’s full value and economic potential.

Analyst Comment:

The company has released results from 10 more holes drilled in 2025, bringing the total released assays to 13 out of 19 holes. The latest results show high near-surface gold, including 15 m at 7.28 g/t (with 6 m at 16.69 g/t), 39.5 m at 4.43 g/t, and 5.94 m at 5.56 g/t, well above typical comparable deposits, which are usually under 3 g/t. These results confirm that the gold extends sideways northeast of the existing mine area, showing the deposit is larger than previously thought. Management is now waiting for deeper drill results to see if the gold continues below the current workings. ROCK is up 495% since we initiated coverage in May 2025. A follow-up drill program is planned in the coming weeks. Recently, Trident increased its resource estimate for the project: indicated resources rose 17% to 0.90 Moz, and inferred resources jumped 156% to 1.13 Moz.

Analyst Comment:

Underground sampling at Red Silver, part of AGX’s Nueva Recuperada property in Peru, found high silver grades, including 65 m at 735 g/t Ag and 40 m at 649 g/t Ag, well above comparable deposits, which are usually under 500 g/t. These results show long, continuous silver streaks through the rock, not just isolated patches, suggesting a larger and more consistent deposit. The company is planning a 1,200 m drill program to explore the areas both deeper and sideways, which could potentially increase the amount of silver that can be mined. The key point is that the company has not yet officially calculated a resource for this target. These new results show strong potential to identify new resources, extending the life of the current project. In 2025, the project produced 0.8 Moz of silver equivalent.

Analyst Comment:

The drill program discovered high-grade uranium, including 4.4 m at 4.84% U₃O₈, well above typical deposits, which are usually <1%. The program expanded the known Main Maverick zone, and uncovered a new target, the Nomad zone, 1.7 km southwest, suggesting more uranium could be nearby. The company plans to do an additional 8,000–10,000 m of drilling to follow up on the 2025 results, and explore these new areas further. The project is 15 km east of Denison’s (TSX: DML) Wheeler River and 39 km south of Cameco’s (TSX: CCO) McArthur River, placing it in a uranium-rich region with successful mines nearby.

Analyst Comment:

BCF has raised an additional $2.75M, bringing the total raised to approximately $15M of a $50M unsecured bond financing. We anticipate record revenue and EPS in 2025, with results expected in March 2026. In Q3 2025, revenue grew 47% YoY, and EPS rose 12% YoY. BCF pays a dividend of $0.80/share, yielding 8.42%, well above the 2.5-4.5% yield offered by Canadian banks. The company operates in the high-yield Mortgage Investment Corporation (MIC) segment.

Analyst Comment:

AIDR is up 10% since we initiated coverage earlier this month. The company operates an AI-powered digital health platform and marketplace, connecting physicians and patients virtually. AIDR has been active in Canada since 2020, and recently expanded into the U.S. The stock trades at 8x forward EBITDA, compared with a sector average of 22x, a 64% discount. We believe the company’s U.S. marketing campaigns over the next year will be critical in determining its success in the U.S. virtual care market, offering investors early exposure to its growth potential.

FRC Top Picks

Our Top Picks rose 0.2% on average last week, outperforming the TSXV benchmark, which dropped 1.2%. The table below highlights last week’s top five performers, with Noram Lithium Corp. (TSXV: NRM) leading the way, up 14%.

Lithium stocks have surged in recent weeks, with prices up 109% YoY, as we anticipate the market shifting from oversupply to shortage later this year. Noram’s project, with enough lithium to support over 40 years of production, is situated next to Albemarle’s (NYSE: ALB) Silver Peak mine, the U.S.’s only operating lithium mine. Being close to an established operation can make the project attractive to larger companies seeking expansion opportunities or operational efficiencies.

We believe NRM is significantly undervalued for the following reasons:

a) NRM is trading at $3/tonne of lithium contained in its project, while similar companies trade at around $20/tonne

b) A 2021 independent study (PEA) estimated the project’s after-tax NPV at US$1.3B, assuming highly conservative lithium prices of US$9,500/tonne (current spot: US$23,000/tonne). However, NRM is currently trading at only about 0.6% of that estimated project value, highlighting a substantial gap between its market price and potential value.

c) We believe NRM remains relatively under the radar for investors. Comparable lithium stocks have risen 112% on average over the past year, while Noram has only gained 20%, suggesting it has room to catch up as awareness grows.

Top Five Weekly Performers	WoW Returns
Noram Lithium Corp. (NRM.V)	13.60%
Kidoz Inc. (KDOZ.V)	8.60%
Enterprise Group, Inc. (E.TO)	5.40%
Giga Metals Corporation (GIGA.V)	3.80%
Sonoro Gold Corp. (SGO.V)	3.50%

* Past performance is not indicative of future performance (as of Jan 19, 2026

Performance by Sector

Total Return	1 Week	1 mo	3 mo	6 mo	1 yr	3 yr	Since launch
Mining	0.10%	18.10%	30.50%	46.40%	84.90%	29.60%	53.70%
Cannabis	N/A	N/A	N/A	N/A	N/A	-23.30%	-23.60%
Tech	-2.90%	-12.20%	-9.00%	60.80%	373.30%	19.70%	39.20%
Special Situations (MIC)	2.00%	-0.60%	5.50%	-3.60%	-6.10%	13.60%	-2.30%
Private Companies	N/A	N/A	N/A	N/A	9.30%	24.20%	64.10%
Portfolio (Total)	0.20%	10.10%	18.60%	32.90%	74.90%	29.50%	39.10%
Benchmark (Total)	-1.20%	11.20%	10.70%	35.50%	75.80%	74.30%	22.60%
Portfolio (Annualized)	-	-	-	-	74.90%	9.00%	2.80%
Benchmark (Annualized)	-	-	-	-	75.80%	20.30%	1.70%

Source: FRC

Disclaimers - Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Noram Lithium, Kidoz Inc., Enterprise Group, Giga Metals Corporation, Sonoro Gold, Skyharbour Resources, Silver X Mining, Trident Resource, Chilean Cobalt, Doubleview Gold, Millennial Potash, Builders Capital, and Rocket Doctor AI 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.