Top Picks & Fair Value Model Picks: Beating Benchmarks - See Who’s on Fire!

DMET has entered into a joint venture with a leading Saudi-based construction and engineering firm to establish processing, refining, and commercialization arrangements in the Kingdom of Saudi Arabia for material from its Lomero and Toral projects in Spain, while also pursuing expansion opportunities in the country’s mining and metals sector. Although details remain limited, we view this as a strategically sound move. Saudi Arabia has made clear its ambition to significantly grow its mining industry as part of its economic diversification plans, citing substantial untapped metals potential. This could position DMET as an early mover in an emerging market, supported by a credible local partner. DMET is already producing gold in Colombia, and aims to restart its nickel project in Spain.

Ganfeng Lithium (SZSE: 002460, Market Cap: US19B) completed the first shipment of lithium from the Mariana lithium project in Argentina. TNR Gold, which owns a 1.35% NSR royalty on the project, will now start receiving royalty payments, marking a key step toward becoming a revenue-generating company that should attract investor attention. The initial shipment totaled 240 tonnes of lithium chloride, and the project has the potential to produce 20,000 tonnes per year. Based on current spot prices, we estimate TNR could earn US$1.6M annually in royalties. The timing is ideal, as lithium prices have rebounded sharply, up 89% YoY to US$21,000/t, though still below the 2022 peak of US$85,000/ tonne. We expect the rebound to continue as the market shifts from oversupply to deficit this year, with demand led by EVs, energy storage, and rapidly growing sectors like AI data centers, robotics, and automation.

One of the holes from a recent drill program (7 holes / 1,654 m) at the Wedge mine showed promising results in three separate layers of rock (horizons), which is typical for large volcanogenic massive sulfide (VMS) systems. For context, these deposits are known for producing copper, silver, zinc, lead, and gold over long periods.

Highlights include 32.10 m averaging 2.78% copper-equivalent (CuEq), including 11.52 m at 4.78% and 6.02 m at 5.64%; these are at the high end of what similar VMS deposits usually produce (1.5–3.5% CuEq). Higher grades like this usually mean more metal can be produced at lower costs, which is better for mining. The high CuEq grades come not just from copper, but also from zinc, lead, silver, and gold, showing the project has the potential to produce multiple metals.

The Wedge property is one of four projects controlled by NINE in the Bathurst Mining Camp in New Brunswick, one of the world’s richest areas for VMS deposits. Despite strong drill results, shares are down 50%, indicating the market has not yet recognized the full potential of the news.

BLLG has completed its second gold and silver sale from the Dome Mountain project in B.C., receiving a $1.4M advance for 1,000 tonnes of mineralized material delivered to its milling partner, Nicola Mining (TSXV: NIM). We believe BLLG could potentially process 40,000–50,000 tpy in its first year, producing 12–15 Koz of gold. First-year EBITDA is estimated at US$24–$30M, implying an EV/EBITDA of 2.85x, below the sector average of 6.62x, suggesting the company’s shares are relatively inexpensive compared to its peers. 

The company has expanded its antimony portfolio with a second project. Antimony is increasingly strategic for clean energy, batteries, semiconductors, military systems, and high-strength alloys, with global supply dominated by China and Russia. North America remains fully import-reliant, highlighting the need to develop domestic sources.

CRI entered the space last year by optioning the Black Raven antimony-gold project in Newfoundland. The new Golden Baie project, also in Newfoundland, was previously explored for gold. While largely untested for antimony, the property shares the same geological features as the historic Beaver Brook antimony mine, 89 km away. Gold-focused drilling, trenching, and sampling have shown encouraging antimony mineralization. Permits are in place, allowing exploration to begin immediately.

CRI can acquire Golden Baie for $0.8M in cash, staged issuance of 45.9M shares (valued at $6.9M), and $5M in exploration spending over 24 months.

MMY announced results from 15 additional drill holes, including 13 with significant gold grades, highlighting potential for resource growth and extending mine life. Key intercepts include 1.6 m @ 28 g/t Au, along with several multi-meter intervals ranging from 1–9 g/t Au, well above the current average grade of 1.5–2.0 g/t, and the 0.3–1.5 g/t range typical of comparable mines, indicating potential for higher production at lower costs.

To date, 40 holes have been completed, with results pending for nine. Management plans to release an updated resource estimate by late 2026. Q2 FY2026 (ended December 2025) results are expected soon, and we anticipate robust YoY growth in production, revenue, and EPS.

Proceeds will be used to fund drilling at the company’s flagship Prospect Mountain Mine in Nevada. NPR plans to continue aggressive drilling, test all key targets, and advance toward defining a maiden resource that could attract strategic interest. Prospect Mountain is a past-producing gold-silver-lead project in the Eureka district, adjacent to projects owned by larger companies. In mining, proximity to major players is significant, as a successful discovery could make the project an attractive acquisition target.