Under-the-Radar Stocks & the Launch of Our Curated Algo-Based Valuation Portfolio

Zepp has partnered with Scottish middle-distance runner Josh Kerr, a gold medalist at the 2023 World Championships, silver medalist at the 2024 Olympics, and bronze medalist at the 2020 Olympics. Kerr joins an extensive roster of athletes promoting Zepp’s products, providing a strong testimonial and real-world validation of its wearables. Q3-2025 revenue was up 78% YoY, and management expects Q4 revenue to grow 40% YoY, with results due in the coming weeks. Notably, we anticipate EBITDA turning positive, representing a key milestone for the company.

NRGV has announced an exclusive option to acquire and construct a 100 MW / 870 MWh energy storage project in New South Wales, Australia. The project has already secured a long-term energy sales agreement with a government-backed counterparty, indicating the potential for stable, recurring revenue. This will be the fifth project in NRGV’s Asset Vault portfolio, bringing the total portfolio to 441 MW / 2.6 GWh. The company aims to build a portfolio generating US$100–$150M in recurring EBITDA over four years across 1.5 GW of projects. We note that construction costs for the new project are estimated at A$310 M (≈US$0.25/Wh), broadly in line with other projects in the portfolio.

In addition, NRGV announced a partnership with a manufacturer of sodium-ion energy storage systems to co-develop a platform targeting AI data centers. Sodium-ion technology offers potential advantages over conventional energy storage for high-intensity, fast-cycling applications typical in AI infrastructure. We believe this partnership underscores NRGV’s expansion into AI-focused infrastructure and strengthens its technology differentiation versus competitors.

We anticipate revenue of US$190 M in 2025, up from US$46 M in 2024, with results expected in the coming weeks.

Proceeds will fund exploration and development activities at its flagship Zeus lithium project in Clayton Valley, Nevada. 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. A 2021 independent study (PEA) estimated the project’s after-tax NPV8% at US$1.3B, assuming highly conservative lithium prices of US$9,500/tonne (current spot: US$19,600/tonne). However, NRM is currently trading at only 0.8% of this estimated project value, a substantial gap.

WHY is testing a new process of making very pure magnesium (>99%) from its Record Ridge project. Record Ridge hosts a large, high-quality magnesium deposit. Magnesium is designated by the U.S., EU, and Canada as a critical mineral, with North America relying heavily on imports. A 2022 independent study (pre-feasibility) showed an after-tax NPV5% of over US$872M at current prices, while WHY’s MCAP is only US$36M.

The company also received a five-year permit to explore outside the currently proposed mining area. Management aims to commence a feasibility study by Q2-2026. If the results confirm the pre-feasibility study, we expect the stock to respond positively.

After a five-year break, we will soon resume coverage on BHS. The company owns two assets: the Bayhorse silver mine in Oregon, and the Pegasus copper-silver project in Idaho. The Bayhorse mine is a historic silver producer, which is an advantage because past-producing mines are generally easier to develop than completely new sites.

One of the biggest advantages is that BHS owns a nearby mill that can be used for processing, meaning there is no need for the high upfront cost of building one; a challenge most miners face. The mine has an independently verified inferred resource of 6.3 Moz of silver at an average grade of 673 g/t, which is considered ultra-high grade (most silver mines are under 200 g/t). Higher grades usually mean the potential for higher production at lower cost. While the resource is modest, at today’s silver prices, the contained silver is worth around US$522M before extraction or processing costs. BHS’s market cap is just US$28M, meaning its shares trade at US$4/oz of silver, well below the US$7–$10/oz typical for comparable companies. The company is also exploring untested targets on its property, which could expand the mineable silver on the site. Our upcoming report will provide a detailed analysis, and a fair value estimate.

We have commenced due diligence on OBY, and plan to initiate coverage in the coming weeks. The company, a rare earths developer, was spun off from Verde AgriTech (TSX: NPK/MCAP: $70M) in late 2024, and aims to list on the TSXV next month. As the company is not yet public, it remains largely under the radar, and we are pleased to be the first analysts to bring this opportunity to your attention.

CEO Michael Robart brings extensive experience in rare earth and critical metals development. He was most recently Tesla’s (NASDAQ: TSLA) Lithium & Recycling Technical Program Manager, and previously a Business Director at Neo Performance Materials (TSX: NEO/MCAP: $820M), a rare earth and critical metals company.

OBY’s Man of War (MoW) project in Brazil hosts a rare earth element (REE) deposit rich in Neodymium (Nd) and Praseodymium (Pr), key metals for high-tech permanent magnets used in EVs, AI data centers, wind turbines, and electronics. These metals are currently supplied primarily by China, and there is a major push in the West to reduce reliance on Chinese production, and increase domestic supply.

Man of War hosts a very large and high-grade REE deposit, with an inferred resource of 1.35 Bt averaging 3,437 ppm TREO (total rare earth oxides). By comparison, typical deposits host 0.4–1 Bt ,with grades of 600–1,500 ppm. Typically, higher grades allow more production at lower cost, and with reduced environmental impact. Preliminary testing indicates that high-value metals can be extracted and separated relatively easily, a key advantage over comparable projects where extraction can be costly and complex. Several catalysts are expected in the near term, including the listing, follow-up drilling, recovery tests, a resource update, and an independent economic study (PEA). Our upcoming report will provide a detailed analysis and a fair value estimate.

We have begun due diligence on WCN, and plan to initiate coverage in the coming weeks. The company provides exposure to copper, silver, gold, and uranium, all of which are currently in focus. Despite a recent pullback, prices for all four metals remain at historically high levels. 

WCN is advancing two projects: Rae, a copper-silver project in Nunavut, and Great Bear Lake, a uranium-copper-gold-silver project in the Northwest Territories. Rae is just 75 km from a deep-water port, and has its own all-weather airstrip, which is rare for Arctic exploration, and reduces both exploration and development risks. The project is also close to mines operated by majors, which is important because a successful discovery could make Rae an attractive acquisition target. Prior studies suggest a key target at Rae could host around 270 Mlbs of copper at an average grade of 2.96% (not yet independently verified). For context, at today’s copper prices, the value of the contained metals is roughly US$1.60B before extraction and processing costs. Most copper mines globally operate at 0.5–1% grades, making Rae’s grades exceptionally high, and potentially allowing relatively high production at low costs. Management aims to complete a maiden independently verified resource later this year while also evaluating the option to process materials in a third-party mill rather than building their own, offering a faster and cheaper route to production. Our upcoming report will provide a detailed analysis and a fair value estimate.