
Disclosure: Articles and research coverage are paid for and commissioned by issuers. See the bottom for other important disclosures, rating, and risk definitions, and specific information.
*Disseminated on behalf of Denarius Metals, TNR Gold, Nine Mile Metals, Blue Lagoon Resources, Churchill Resources, Monument Mining, North Peak Resources, Panoro Minerals, Kidoz Inc., and Sonoro Gold.
In this edition, we review the performance of our two portfolios – FRC Top Picks and Model Picks – both of which have significantly outperformed their benchmarks.
We also cover key developments from companies under coverage, including strategic moves, financing updates, milestones, and promising drill results across gold, silver, copper, and critical minerals.
*Past performance is not indicative of future performance.
PR Title: Targets Saudi Arabia with new joint venture
Analyst Opinion: Positive
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.
PR Title: Set to start earning royalty revenue with first lithium shipment from Ganfeng
Analyst Opinion: Positive
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.
PR Title: Results show high-grade copper and multi-metal potential
Qualified Person: Gary Lohman, B.Sc. P.Geo., VP Exploration at Nine Mile Metals
Analyst Opinion: Positive
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.
PR Title: Completes second gold & silver sale
Analyst Opinion: Positive
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.
PR Title: Adds second antimony project in Newfoundland
Qualified Person: Paul Sobie, P.Geo., President of Churchill Resources
Analyst Opinion: Positive
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 is 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.
PR Title: Reports strong results from 15 additional drill holes
Qualified Person: Mark Shelverton BSc (Hons), Chief Managing Geologist of Monument Mining
Analyst Opinion: Positive
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.
PR Title: Announces $5.75M equity financing
Analyst Opinion: Positive
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.
Last week, companies on our Top Picks list were up 6.1% on average vs 5.8% for the benchmark (TSXV). Our top picks have outperformed the benchmark in six out of seven time periods listed below. Visit our website to view our full list of Top Picks by sector.

Performance by Sector

|
Top Five Weekly Performers |
WoW Returns |
|
38.6% |
|
|
37.8% |
|
|
28.0% |
|
|
10.3% |
|
|
9.6% |
* Past performance is not indicative of future performance (as of Feb 23, 2026)
Strategy: We have designed this portfolio to deliver industry diversification, while targeting individual stocks within each sector that have the potential to outperform. We believe this strategy can outperform the benchmark.
Last week, our Model Picks rose 1.1% on average, outperforming the benchmark (S&P 500), which was down 0.1%. Since the portfolio launch on February 9, 2026, our picks have declined 0.5% on average, compared with a 1.9% decline for the benchmark. Visit our website to view our full list of Model Picks by sector.
Performance by Sector**

|
Top Five Weekly Performers |
WoW Returns |
|
20.6% |
|
|
7.7% |
|
|
6.1% |
|
|
5.5% |
|
|
5.3% |
* Past performance is not indicative of future performance (as of Feb 23, 2026)
Winners and Losers
Top Three Winning Sectors:
Following President Trump’s 15% global trade tariff announcement last Friday, investors have moved into Basic Materials, particularly gold and silver, as a hedge against a weaker dollar. Healthcare has benefited from a defensive “risk-off” shift amid market uncertainty.
Top Three Losing Sectors:
After years of rapid growth, Technology and Communication Services are facing challenges from AI-driven disruptions, while Industrials are under pressure from rising raw material costs fueled by the commodities rally.
Portfolio Changes This Week: None
*Disclaimers - Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Denarius Metals, TNR Gold, Nine Mile Metals, Blue Lagoon Resources, Churchill Resources, Monument Mining, North Peak Resources, Panoro Minerals, Kidoz Inc., and Sonoro Gold 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.
**We have selected these companies based SOLELY on our screening tool and fair value feature. We have not looked into company or industry specific factors that could affect the stocks. This portfolio and updates are for information, educational, and entertainment purposes only. We want to see how a hypothetical portfolio picked largely using our fair value algorithm would fair against a passive index. Before investing in anything, you should do your own due diligence and speak to a professional advisor. FRC and/or its analysts may hold positions in one or more of the holdings.



