Market Intel Weekly
Nickel on the Rise: Market Highlights and Top Picks
Author: FRC Analysts Published: January 5, 2026
Disclosure: Articles and research coverage are paid for and commissioned by issuers. See the bottom for other important disclosures, rating, and risk definitions, and specific information.
*Disseminated on behalf of Lake Resources, Giga Metals, Sonoro Gold, Panoro Minerals, Denarius Metals, Tartisan Nickel, Blue Lagoon Resources, Blue Star Helium, Zepp Health, and Energy Vault Holdings. See the bottom of this report for other important disclosures.
Stock markets performed well across the board last week, with nickel stocks standing out. Nickel prices have surged 23% over the past three weeks after Indonesia, the world’s top producer, proposed a 34% output cut to address oversupply.
Other notable news from companies under coverage includes a new gold producer completing its first sale, a global smartwatch company launching a new product, and advances by an energy storage company. We are also introducing a brand-new helium producer; due diligence has just begun, and we will initiate coverage shortly.
Nickel junior Giga Metals Corporation (TSXV: GIGA) rose 40% last week, topping our list of Top Picks. Over the past year, our Top Picks have returned an average of 92%, outperforming the benchmark’s 65% gain. Visit our website to view our full list of Top Picks by sector.
*Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
PR Title: Raised $3.5M via private placements in December 2025 (QP: Dean MacEachern, P.Geo. Advisor to Tartisan Nickel)
Analyst Comment: Positive – These financings represent a strong vote of confidence in the company’s flagship Kenbridge nickel project in Ontario. Proceeds will fund exploration aimed at potentially upgrading and expanding resources at Kenbridge, which hosts high-grade open-pit and underground nickel-copper-cobalt deposits. The company is pursuing a drill program, with results expected to start coming in over the coming weeks. A 2022 Preliminary Economic Assessment (PEA) returned an after-tax NPV5% of $109M using US$10/lb nickel (current spot: US$8/lb, near the project’s break-even price). Given the recent spike in nickel prices, we believe the upcoming results are likely to draw heightened attention from capital markets, and positive outcomes could create meaningful upside for the stock.
Blue Lagoon Resources Inc. (BLLG.CN)
PR Title: Sells ~$1M of gold and silver
Analyst Comment: Positive – BLLG has completed its first gold and silver sale from the Dome Mountain project in B.C., receiving a $1M advance for 1,000 tonnes of mineralized material delivered to its milling partner, Nicola Mining (TSXV: NIM). Final settlement is expected following processing, with grades and metal recoveries to be confirmed. Becoming a revenue-generating company is an important step, as the market generally assigns higher value to producers. We believe BLLG could potentially process 40,000–50,000 tpy in its first year, producing 11–14 Koz of gold. First-year EBITDA is estimated at US$23–29M, implying an EV/EBITDA of 3.1x, below the sector average of 4.6x, suggesting the company’s shares are relatively inexpensive compared to its peers. Read our full site visit report here.
Blue Star Helium Limited (BNL.AX)
PR Title: America’s newest helium producer
Analyst Comment:
Positive – We have commenced our due diligence on BNL, and will be initiating coverage in the coming weeks. The company, based in Australia, owns three helium projects in Colorado: Galactica, Voyager, and Pegasus. Helium is an industrial gas with diverse applications across industries, including electronics, energy, aerospace, and medical technology. It plays a vital role in critical technologies such as MRI machines, and semiconductor manufacturing. The U.S. is the world’s leading helium producer, with the second largest-resource base globally. Compared to traditional commodity markets, the helium market is relatively small and niche, leading to limited investor awareness, and understanding. With a significant supply deficit expected later this decade, we anticipate a surge in investor interest in the helium sector. BNL achieved a major milestone last month by commencing helium production at its Galactica project, a 50:50 joint venture with Helium One Global (LSE: HE1/MCAP: US$55M), transitioning from an explorer/developer to producer. A 2025 drill program confirmed the potential for high helium concentrations and attractive flow rates, supporting strong future production. We estimate that the company’s first processing facility could produce 26,400 mcf/year of helium, generating over US$10M in revenue, and US$5M in EBITDA (reflecting its 50% share). With a MCAP of US$14M, BNL’s EV/EBITDA sits at 3.3x, well under the sector average of 8x, highlighting potential undervaluation. BNL’s near-term plans are to increase production at Galactica, and advance Pegasus into production. We will be initiating coverage shortly, including a fair value estimate and rating.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Zepp Health Corporation (ZEPP)
PR Title: Introduces Active Max: bigger, brighter, and built for maximum performance
Analyst Comment: Positive – On Dec 30, 2025, Zepp launched the Amazfit Active Max, a mid-tier fitness-focused smartwatch priced at US$169, aimed at athletes and wellness users. It directly competes with budget-to-midrange smartwatches from Fitbit (NASDAQ: GOOGL), Garmin (NYSE: GRMN), and Samsung (KOSE: 005930). Initial reviews praise its battery life, display brightness, and overall value, though GPS and sensor accuracy lag behind premium rivals.
New product launches are key to Zepp’s growth. In 2025 (9M), Zepp’s revenue rose 41% YoY, driven mainly by new products.
While Apple (NASDAQ: AAPL), Garmin, and Fitbit saw modest sales declines in the first nine months of 2025 due to longer replacement cycles and market saturation, Samsung, Xiaomi (SEHK: 1810), Huawei, and Zepp reported strong growth from affordable models, emerging market expansion, and robust feature adoption.
Energy Vault Holdings, Inc. (NRGV)
PR Title: Begins construction of 150 MW SOSA Energy Center in Texas
Analyst Comment:
FRC Opinion: Positive – As expected, the company has begun construction on its recently acquired development project, with commercial operations expected to start in Q2-2027. The project is projected to generate US$10M in annual EBITDA.
NRGV develops grid-scale energy storage solutions for utilities, independent power producers (IPPs), and large industrial customers. Market outlook remains robust given rising power demand, renewable adoption, and grid reliability needs. Key drivers include AI data centers, and renewable integration. We anticipate revenue of US$190M in 2025, up from US$46M in 2024. Shares are up 49% since we initiated coverage in November 2025.
FRC Top Picks
The table below highlights last week’s top five performers from our Top Picks. The best performer was Giga Metals Corporation (TSXV: GIGA), which rose 40%. GIGA owns a large undeveloped nickel-cobalt project in B.C. Nickel prices have jumped 23% in the past three weeks to a one-year high after Indonesia, the world’s top producer, proposed a 34% output cut to address oversupply. We believe this could renew attention on nickel juniors, which have been largely overlooked after nearly three years of depressed prices from prolonged surpluses.
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