Capital Is Moving, Projects Are Advancing — What to Watch

*Disseminated on behalf of Chilean Cobalt, Rocket Doctor AI, Flagship Minerals, First Phosphate, Equity Metals, Fortune Minerals, WHY Resources, Southern Silver Exploration, Argo Gold, Builders Capital Mortgage, Olympia Financial, South Star Battery Metals, Evolution PowerX, and Trident Resources.

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

Equity markets moved higher last week, while yields declined as markets digested the Fed’s 25bps rate hike, and its relatively limited outlook for further tightening, supporting gains in gold, silver, and copper. This week, we believe investor focus will be on U.S. business activity data, jobless claims, and consumer sentiment for further signals on the Fed’s rate outlook.

Last week, our Top Picks portfolio declined 0.3%, matching the TSXV benchmark, with 13 of 22 holdings outperforming the benchmark. Our picks have outperformed the benchmark in six of the seven periods tracked, highlighting consistent performance across different time horizons.

Last week, our Fair Value Model portfolio returned -1.1% vs. +0.1% for the benchmark (NYSE Equal Sector Weight/EQL). Ten of our 20 holdings are up since being added to the list. We made a portfolio change this week after our stock screener identified a more attractive alternative. Read on to see what we changed and why.

This edition highlights major financing and permitting milestones across our mining coverage, including First Phosphate securing a $300M potential financing commitment for its phosphate project in Quebec, Fortune Minerals advancing its North American cobalt-bismuth project with renewed key permits, and WHY Resources reaching another important permitting milestone for magnesium project. We also highlight Southern Silver’s high-grade silver-polymetallic drilling, Equity Metals’ expanded silver-gold resource, and Argo Gold’s continued positive cash flow from its producing oil asset.

Read the full report to see why these developments could create new opportunities, and meaningful catalysts across our coverage.

*Past performance is not indicative of future performance.

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