Bullish Sentiment Dominates Vancouver Resource Investment Conference

TN is up 367% over the past three months, making it one of Canada’s best-performing junior resource stocks. Rising silver prices, now at an all-time high of US$108/oz, have prompted TN to resume exploration at its Sill Lake project in Ontario. Sill Lake is a former silver-lead producer, which is an advantage since past-producing projects are generally easier to advance than greenfield sites. Prior studies suggest part of the project may contain about 0.46 Moz of silver, with additional areas potentially hosting another 0.66 Moz. Note that these estimates are historic, non-compliant, and unverified. While modest in size, at current prices, we estimate the contained silver is worth around US$125M, excluding extraction and processing costs. TN’s decision to advance Sill Lake is a smart move, adding commodity diversification, and reducing risk through exposure to multiple metals.

The company is well funded, having raised $3.5M last month. TN is also advancing a drill program at its flagship Kenbridge nickel project in Ontario to potentially increase its resources. Drill results are expected soon, providing several near-term catalysts for the company.

The company has released results from the last six holes of a 19-hole drill program. The results show high-grade gold below the areas that were previously mined, including 15 m at 5.73 g/t (with 7 m at 9.35 g/t), 37.4 m at 2.6 g/t (with 9 m at 5.7 g/t), and 2.3 m at 11.53 g/t. These grades are much higher than similar deposits, which are usually under 3 g/t. Higher grades usually mean the deposit could produce more gold at lower costs. These results also show the deposit is bigger than previously thought.

ROCK is up 403% since we initiated coverage in May 2025. A follow-up drill program is underway.

Recent tests confirmed that the NICO project can produce high-quality cobalt sulphate, a type of cobalt used in lithium-ion batteries for EVs and phones, with good metal recovery. Higher-quality cobalt usually sells for more, and high recovery rates mean the project could potentially produce more at lower cost. Management is focused on moving NICO toward a construction decision, securing financing, and arranging future buyers (offtake). The project hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and a significant gold resource.

The company released results from the first three holes of an ongoing drill program at the past-producing Blenda Rubia mine, part of AGX’s Nueva Recuperada property in Peru. All holes intersected silver over long intervals, including some high-grade sections. The results show silver-polymetallic mineralization extends 160 m below previous mining, suggesting the deposit is larger than thought. Drilling will continue deeper and sideways, which could potentially increase the amount of silver that can be mined. Blenda Rubia is just 2 km from the Nueva Recuperada processing plant, and no official resource has been calculated yet. These results show strong potential to identify new resources, and extend the project’s life. In 2025, the project produced 0.8 Moz of silver equivalent.

Since starting small-scale production in Q2-2025 at its Zancudo project in Colombia, DMET has sold 2,093 tonnes of material containing gold and silver, generating about US$1.7M in revenue. Commercial production is expected in the second half of 2026 when construction of a 1,000 tpd processing plant is completed, marking a major milestone for the company. DMET is also preparing to restart operations at its Aguablanca nickel project in Spain, the country’s only nickel mine, and an EU-recognized strategic project.

Power Metallic released preliminary metallurgical results showing very strong recoveries of copper (98.9%), palladium (93.9%), platinum (96.8%), gold (85%), and silver (88.9%). These results beat the company’s previous expectations, and confirm that the project responds well to standard metal processing methods. The higher recoveries mean the project could generate more value than first estimated, with the potential to create value-added products.

We have commenced our due diligence on LSTR and will be initiating coverage in the coming weeks. The company owns the Gold Run project, located in Nevada’s Getchell Gold trend, an area known for Carlin-type gold deposits. These deposits are usually high-grade and large, which means they have the potential for lower-cost, long-lasting operations.

The property is situated near Nevada Gold Mines’ Turquoise Ridge deposit (a joint venture between Barrick/TSX: ABX and Newmont/NYSE: NEM), one of the world’s highest-grade gold mines. In the mining business, proximity to majors is key, as successful exploration at Gold Run could make it an attractive acquisition target. Previous exploration at Gold Run has identified shallow, high-grade drill targets, including a 2 km × 2 km area with bonanza grades of up to 12.6 g/t gold, well above typical comparable deposits, which are usually under 3 g/t. Management plans to validate these historic results with an upcoming drill program.

In November 2025, LSTR closed a $1.5M private placement, and is currently raising an additional $1.5M to fund exploration. The company recently appointed David Christie as Chairman. He has extensive experience in the sector, currently serving as President and COO of Globex Mining Enterprises Inc. (TSX: GMX, MCAP: $146M). Mr. Christie was also one of the founders, President, CEO, of Orford Mining Corp., which was sold to Alamos Gold (TSX: AGI) in April 2024.

What makes LSTR particularly interesting is that it is still in the early stages of development, offering exposure to potential upside through exploration in a highly attractive region dominated by major producers. We will be initiating coverage shortly.

Enterprise Group has secured an undisclosed client, a Canadian oil and gas producer, and will deploy its natural gas turbines to provide reliable power for the client’s operations. North American energy sector CAPEX was down 4% last year due to lower oil prices, but is projected to rise 5–7% in 2026 with an expected oil price recovery, lower interest rates, and modest GDP growth. We believe this increase in spending should benefit oilfield service providers like E.