Top Picks and Fair Value Model Picks Gain as Geopolitical Tensions Boost Energy and Materials

Measured and Indicated (higher-confidence) resources rose 330% to 5.82 Blbs CuEq (copper equivalent), while inferred (lower-confidence) resources increased 26% to 4.57 Blbs CuEq, with average grades rising 17%. We view this as a major upgrade, delivering not only higher metal content, but also higher grades, which implies longer potential mine life, and higher production potential at lower costs.

The updated resource also includes a maiden scandium resource, representing a major breakthrough. Scandium, a critical mineral, is a rare-earth element primarily used in super-alloys and ceramic fuel cells. Overall, the Hat project is a large copper-gold deposit distinguished by the rare presence of scandium and cobalt.

 
Shortly after the resource update, the company announced results of an independent economic study (PEA), which returned an after-tax NPV5% of $7B, and an IRR of 19%. By comparison, the company’s MCAP of $601M suggests the stock is trading at just 9% of the project’s NPV at consensus price forecasts, which is approximately 30% below spot prices. We view an IRR above 15% as indicative of a robust mining project.

At spot metal prices, the economics are even more compelling, with an after-tax NPV5% of $15B, and an IRR of 32%. The project is capital intensive, with an estimated initial CAPEX of $4B, but we view these results as likely to attract project financiers and/or major miners to partner with the company to advance the project.

MMY reported record revenue and EPS in the quarter ended December 2025, driven by higher gold sales (up 53% YoY to 14 koz), and rising gold prices (up 57% YoY). Revenue jumped 149% YoY to US$49M, exceeding our estimate by 12%, while EPS rose 128% YoY to US$0.06, beating our estimate by 10%. We will publish a detailed earnings report shortly. MMY is up 264% YoY, outperforming gold (+89%), and the VanEck Junior Gold Miners ETF (+218%).

Recent exploration found two new areas, North Retty and Retty Lake Northwest, with promising copper and other metals grading between 0.40% and 0.83% CuEq. For context, copper mines around the world usually operate at grades between 0.2% and 1% Cu, so these results are encouraging. These new zones add to other known targets like Pogo Northwest and Blue Lake North, as well as older areas that were never fully drilled, including one with a historic unverified high-grade resource. The project is still in the early stages, but having many potential targets is a big advantage, giving the company multiple opportunities for discovery. Cupani is starting a 3,000–4,000 m drill program to test several high-potential targets.

Two early exploratory drill holes at the Pomley Cove Pond target, part of CRI’s Black Raven project, delivered encouraging results. They intersected parts of at least 20 veins containing gold, silver, lead, zinc, and molybdenum within a 120 m-wide zone, indicating a potentially broad mineralized system. Key intercepts include 1.37 m at 2.93 g/t AuEq, 0.20 m at 9.17 g/t AuEq, and 0.43 m at 2.34 g/t AuEq. For context, gold mines around the world typically have grades between 0.5 and 1.5 g/t, so these early results are promising.

Pomley Cove Pond is one of five promising areas at Black Raven, where management plans 10 trenches, and 15–20 more drill holes. The project also hosts two small past-producing gold mines, and multiple showings of antimony, silver, copper, zinc, and lead. 

Revenue declined 3.94% YoY to $99M, but exceeded our estimate by 0.59%. EPS fell 17% YoY to $8.25, beating our estimate by 1.60%. The decline in revenue and EPS was primarily due to lower interest earned on unallocated client capital. However, we were pleased to see services revenue from core divisions increase 4.63% YoY, driven by higher transaction volumes. Dividends were maintained at $1.80/quarter, in line with our estimate, representing a 5.91% yield. We will publish a detailed earnings report shortly.

RD has entered into a partnership with Lethbridge county (a municipal government) to provide rural residents with virtual access to Alberta-licensed physicians. The company operates an AI-powered digital health platform that connects doctors and patients online, making it particularly well suited for people in remote and underserved communities. Given the highly competitive digital healthcare space, we believe securing a municipal partnership represents a strong vote of confidence in the company’s platform and model.

2025 audited results are expected in the coming weeks, and we anticipate record revenue and EPS. AIDR is currently trading at 6x forward EBITDA, compared to the sector average of 22x, a 73% discount.