* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.

Equity markets retreated last week as rising Middle East tensions reversed much of the prior week's optimism. The US$ strengthened, weighing on mainstream metals such as gold, silver, and copper, while oil prices continued to decline as markets anticipate limited disruption to global energy supplies. 

Last week, our Top Picks portfolio returned -2.3% vs -3.2% for the benchmark (TSXV). Our picks have outperformed the benchmark in four of the seven periods tracked.

Last week, our Fair Value Model portfolio returned -1.6% vs -1.3% for the benchmark (NYSE Equal Sector Weight/EQL), but remains ahead over the past three months (6.4% vs. 5.6%). We have made two portfolio changes; see our new picks later in the report.

In this edition, we highlight government-backed financing support for First Phosphate, strong copper results from White Cliff, non-dilutive funding and production growth at Denarius Metals, high-grade gold results from Trident Resources, expanding exploration potential at Nimy Resources, and encouraging drill results from Nine Mile Metals.

*Past performance is not indicative of future performance.

Last Week’s Five Most-Read Reports

Report Type	Publication Date	Report Name
Market Intel Weekly	Jun 15, 2026	Markets Advance as Risk Appetite Returns: Opportunities Emerging
Delivra Health Brands Inc.	Jun 16, 2026	Middle East Freeze Sparks Deep Value Discount
Graphite One Inc.	Jun 16, 2026	Advancing with Strong U.S. Government Support
Rocket Doctor AI	Jun 11, 2026	U.S. Expansion Accelerates Despite Earnings Headwinds
Trident Resources Corp.	Jun 10, 2026	One of the Best-Performing Gold Stocks, Yet Significant Upside Remains