Analysts’ Ideas Of The Week


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    1. The US$ and equities tumbled last week amid increased financial instability.
    2. Gold/silver/crypto prices continued to rally.
    3. Our prediction for the Fed’s next move.
    4. A gold company under coverage has obtained financing from ING (NYSE: ING) and Macquarie (ASX: MQG).
    5. An oilfield services company under coverage beat our 2022 EPS estimate by 67%.

FRC Top Picks

The following table shows last week’s top five performers among our Top Picks, including four junior resource companies, and one oilfield services company. The top performer Golden Minerals (TSX: AUMN), was up 22%. AUMN announced a maiden resource estimate for one of its projects last week. Our prior reports can be viewed here.

Top 5   Weekly PerformersWoW Returns
Golden Minerals Company (AUMN.TO)22.2%
Sirios Resources Inc. (SOI.V)16.7%
Enterprise Group, Inc. (E.TO)7.9%
Hot Chili Limited (HHLKF)6.3%
World Copper Ltd. (WCU.V)6.1%
* Past performance is not indicative of future performance (as of March 20, 2023)

Companies on our Top Picks list are up 12% on average since we initiated coverage vs -32% for the benchmark (TSXV).

AIW Top Picks
Total   Return1 Week1 mo3 mo6 mo1 yr3 yrSince launch
Special Situations (MIC)-15.8%-21.4%-11.6%-21.4%-41.4%74.6%-21.3%
Private CompaniesN/AN/AN/AN/A4.7%25.3%16.4%
Portfolio (Total)-5.0%-9.4%-5.7%-13.2%-37.4%72.1%12.4%
Benchmark (Total)-0.1%-2.9%8.0%-1.0%-29.7%63.0%-31.5%
Portfolio (Annualized)-----37.4%19.8%1.3%
Benchmark (Annualized) -----29.7%17.7%-4.0%

1. Since the earliest initiating date of companies in the list of Top Picks (as of March 20, 2023)
2. Green (blue) indicates FRC’s picks outperformed (underperformed) the benchmark.
3. Past performance is not indicative of future performance.

Our complete list of top picks (updated weekly) can be viewed here.

Weekly Mining Commentary

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Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst(s) about any companies and industries mentioned. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. Certain companies mentioned are covered by FRC under an issuer paid model. FRC or companies with related management, and Analysts, may hold shares/securities in some companies mentioned in this report. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. To subscribe for real-time access to research, visit for subscription options. This report contains “forward looking” statements. Forward-looking statements regarding the Company, industry, and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products/services in the marketplace; acceptance in the marketplace of the Company’s new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company’s periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

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Companies Mentioned:

Golden Minerals Company (AUMN.TO), Sirios Resources Inc. (SOI.V), Enterprise Group, Inc. (E.TO), Hot Chili Limited (HHLKF), World Copper Ltd. (WCU.V), Contango Ore Inc.NYSEAM: CTGO, Tudor Gold Corp./ TSXV: TUD, Azure Minerals Limited / ASX: AZS, Starcore International Mines Ltd. / TSX: SAM, Zimtu Capital Corp. / TSXV: ZC, Golden Minerals Company/ NYSE / TSX, Panoro Minerals Ltd./ TSXV: PML , Enterprise Group Inc./ TSX: E, Siyata Mobile Inc./NASDAQ: SYTA, AppTech Payments Corp./ NASDAQ: APCX.