Analysts’ Ideas of the Week Big Win for Student Housing Provider, Promising Updates from Gold & Lithium Juniors

*Disseminated on behalf of Millennial Potash, Noram Lithium, Kidoz Inc., South Star Battery Metals, Lake Resources, Blue Lagoon Resources, Grid Battery Metals, Cupani Metals Corp., Global Education Communities, and Equity Metals Corporation. See the bottom of this report for other important disclosures.

We review the performance of our Top Picks, led by potash junior Millennial Potash (TSXV: PML), which gained 22% WoW. Over the past three months, our Top Picks have delivered an average return of 113%, significantly outperforming the benchmark’s 29% gain. Visit our website to view the full list of Top Picks by sector: https://www.researchfrc.com/top-picks. We also bring you key updates on our coverage universe, including a major win for a student housing provider and developments from juniors focused on gold, silver, copper, and lithium. *Past performance is not indicative of future performance. 

Updates on Resource Companies Under Coverage

Blue Lagoon Resources Inc. (BLAGF, BLLG.CN)

PR Title: Starts mining operations at its Dome Mountain gold project in B.C. (QP: Ted Vander Wart, P.Geo., for Blue Lagoon Resources Inc.)

Analyst Opinion: Positive – BLLG has completed its first underground blast, officially marking the start of active mining operations at its Dome Mountain gold project. The property hosts high-grade underground resources, and benefits from existing underground development, as well as a 10-year toll milling agreement with Nicola Mining (TSXV: NIM). Management plans to produce 15 Koz of gold in the first year. With gold at record highs, BLLG’s transition into production comes at an opportune time. We will provide our revenue and EPS forecasts once commercial production is declared, likely in the coming weeks.

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Grid Battery Metals Inc. (CELL.V)

PR Title: Completes a two-phase exploration program at its copper-gold project in B.C. (QP: Jeremy Hanson, P.Geo., Independent Consultant of Grid Battery Metals Inc.)

Analyst Opinion: Positive – This property, located between Centerra Gold Inc.’s (TSX: CG) Kemess North project, and the operating Mount Milligan mine, lies in a well-known area for porphyry copper-gold deposits. CELL recently completed prospecting, sampling, trenching, and geophysics, and is now awaiting assay results. In addition, the company owns three lithium projects in Nevada but has not announced any near-term plans for these assets. However, this is likely to change. With lithium prices rebounding, market sentiment gradually improving, and the U.S. government showing interest in taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, we believe management is likely to announce a near-term exploration plan for its lithium portfolio.

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Cupani Metals Corp. (CUPA.CN)

PR Title: Discovers two new mineralized zones along a 1.5 km x 12 km high-potential corridor at the Blue Lake project in Quebec (QP: Jacquelin Gauthier, P.Geo., VP Exploration of Cupani Metals Corp.)

Analyst Opinion: Positive – Preliminary exploration has led to the discovery of two new mineralized zones, Pogo Northwest and Retty Lake Northwest, with encouraging grades of up to 0.68% CuEq. This is in addition to the previously identified five major zones covering 500 km², which host massive sulfide mineralization, including one zone with a relatively high grade historic resource. While still in the early stages of exploration, a key advantage for Cupani lies in its multiple promising targets. Upcoming work includes an electromagnetic survey, followed by a drill program.

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Equity Metals Corporation (EQMEF, EQTY.V)

PR Title: Additional assay results from its 2025 resource expansion drilling program at the Silver Queen property, B.C. (QP: Robert MacDonald, MSc. P.Geo., VP Exploration of Equity Metals Corporation)

Analyst Opinion: Positive – Recent drilling demonstrates that the No. 3 North vein extends laterally outside the current resource envelope. Management plans to complete an updated resource estimate in Q4, incorporating results from the 2023, 2024, and 2025 drilling campaigns. The most recent resource estimate from 2022 reported 1.04 Moz AuEq (85 Moz AgEq) at 6.2 g/t AuEq (512 g/t AgEq). Earlier this year, we projected that the 2023–2024 programs added 20–30 Moz AgEq in new resources; we will provide our estimate for the 2025 campaign once all results are released.

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Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage

Global Education Communities Corp. / TSX: GEC

Positive – The Atmosphere project in Richmond, B.C., is a major real estate development for which GECC had previously provided a $60M deposit. The project stalled after the lender ceased funding, prompting GECC to write off its investment in 2022. Last week, the BC Court of Appeal overturned a lower court ruling in GECC’s favour, finding the lender in breach of contract. This is a significant development, strengthening GECC’s legal position, and raising the possibility of recovering part or all of the $60M previously written off, representing an unexpected gain.

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FRC Top Picks

The table below highlights last week’s top five performers from our Top Picks. The best performer was potash junior Millennial Potash (TSXV: MLP), which rose 22%. MLP is up 930% YoY, making it one of the best-performing junior resource stocks globally.

* Past performance is not indicative of future performance (as of Sep 29, 2025)

Our top picks have outperformed the benchmark (TSXV) in four out of seven time periods listed below.

*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Millennial Potash, Noram Lithium, Kidoz Inc., South Star Battery Metals, Lake Resources, Blue Lagoon Resources, Grid Battery Metals, Cupani Metals Corp., Global Education Communities, and Equity Metals Corporation 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.