Market Intel Weekly
Five Opportunities Five Sectors: Oil, Uranium, Silver, Graphite & Energy Storage
Published: May 19, 2026
Author: FRC Analysts
Disclosure: Articles and research coverage are paid for and commissioned by issuers, except for those listed under the “FRC Fair Value Model Picks” section. See the bottom for other important disclosures, and issuer-specific information.
*Disseminated on behalf of Fortune Minerals Limited, Zepp Health Corporation, Noram Lithium, Atrium Mortgage Investment Corporation, Builders Capital Mortgage, Energy Vault Holdings, Brookside Energy Limited, Graphite One Inc., Skyharbour Resources, and Southern Silver Exploration
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
Last week, companies on our list of FRC Top Picks were down 5.1% on average vs a 6.0% loss for the benchmark (TSXV).
Last week, companies on our list of FRC Model Picks down 2.0% on average vs a 0.6% loss for the benchmark (S&P 500).
After a strong rally in recent weeks, equity markets pulled back last week as rising U.S. treasury yields, inflation concerns, and geopolitical tensions weighed on sentiment. Energy outperformed on higher crude prices, and Basic Materials weakened on lower metal prices, and a stronger US$. Looking ahead, inflation data and central bank commentary are expected to return to the forefront, with markets closely watching for signals on the direction of interest rates.
In this edition, we highlight key developments across five companies under our coverage spanning oil & gas, energy storage, silver, uranium, and graphite. All five stocks trade well below our fair value estimates; see below for more information on each company.
*Past performance is not indicative of future performance.
Last Week’s Five Most-Read Reports
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Southern Silver Exploration Corp. (SSV.V)
PR Title: Announces a $4M private placement
Qualified Person: Robert Macdonald, MSc., P.Geo., VP Exploration of Southern Silver
Analyst Opinion: Positive
Analyst Comment: Proceeds will fund advancement of SSV’s flagship Cerro Las Minitas (CLM) project in Durango, Mexico. The financing follows a successful drill program at the nearby Puro Corazon target, as SSV advances toward an updated resource estimate, and an updated independent economic study (PEA). With a large silver-rich resource already defined at CLM, we believe recent results highlight strong expansion potential that could extend mine life and improve project economics.
A 2024 PEA estimated an after-tax NPV5% of $1.3B using a conservative silver price of $32/oz, (spot: $74/oz). SSV trades at just ~15% of its NPV using conservative silver prices, a significant valuation disconnect.
Skyharbour Resources Ltd. (SYH.V)
PR Title: Closes a $5.25M private placement
Analyst Opinion: Positive
Analyst Comment: SYH is advancing its largest-ever drill campaign, with ~25,000m planned at its wholly owned Moore project, and the Russell Lake JV with Denison Mines Corp. Option partners are advancing SYH’s other projects, and if fully exercised, related option agreements could provide the company with up to $42M in cash and shares. We believe this leaves the company well funded, and positioned for multiple potential catalysts over the next 12 months.
Uranium prices are up 20% YoY to $85/lb, a level reached only twice before, in 2007 and 2023. The Sprott Physical Uranium Trust (TSX: U-UN), the world’s largest physical uranium fund, has increased holdings by ~10% this year to 81M lbs, signaling strong demand. With U.S. nuclear approvals accelerating, tech firms securing nuclear power for AI and data centers, and supply-chain risks persisting, we believe the uranium sector remains well supported.
PR Title: Secures Ohio Site for Battery Materials Facility
Qualified Person: Robert M. Retherford, P.Geo., an Independent Consultant of Graphite One Inc.
Analyst Comment: GPH is developing a fully integrated U.S. mine-to-battery anode material supply chain for EVs and energy storage systems. The company’s Graphite Creek project in Alaska is the largest known graphite deposit in the Americas. GPH plans to mine and process graphite concentrate from the project before shipping it to a proposed treatment facility in Ohio to produce battery-grade anode materials.
In its latest press release, GPH announced it has secured a site in Ohio for its planned facility, with construction targeted for Q4-2027. The U.S. has a pressing need for domestic graphite production, as it currently imports 100% of its consumption, and has designated graphite as a critical mineral.
A recent independent study (bankable feasibility study) estimated an after-tax NPV8% of $7B, while GPH currently trades at just 3% of that value, highlighting a significant valuation disconnect.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
PR Title: Expands Oklahoma Footprint
Analyst Opinion: Positive
Analyst Comment: BRK has leased 40% of its target land package for its new Riverbend project in Oklahoma. The project area is positioned on trend with prolific wells that have produced more than 7 MMboe of oil. Early technical work by BRK indicates significant oil-in-place potential. We believe management will share development plans for this new acreage shortly.
The company is currently pursuing a two-well program on its flagship land package, also in Oklahoma, which, if successful, could result in a significant step-up in production later this year.
BRK continues to trade at a significant discount to peers across key valuation metrics, including EV/Forward Revenue (0.60x vs. 2.30x), EV/Forward EBITDA (1.45x vs. 4.05x), EV/daily production ($22k vs. $39k), and EV/2P reserves ($2.55x vs. $7.12x).
Energy Vault Holdings, Inc. (NRGV)
PR Title: Expands Into Africa
Analyst Opinion: Positive
Analyst Comment: NRGV and Eskom Holdings, South Africa’s state-owned electricity utility, signed a deal to build large-scale energy storage systems in South Africa, starting with a 100 MWh project, and potentially expanding to 4 GWh. We view this as a major milestone, as it is NRGV’s first direct utility-scale deployment partnership in Africa, giving the company significant credibility in emerging-market energy infrastructure.
While advancing third-party deployments like this, the company is also progressing development of 1.1 GW of infrastructure assets within its proprietary “Asset Vault” portfolio. Geopolitical tensions are reinforcing demand for diversified energy systems, boosting energy storage adoption.
FRC Top Picks
Last week, companies on our list were down 5.1% on average vs a 6.0% loss for the benchmark (TSXV). Our picks have outperformed the benchmark across all six listed time periods. Visit our website to view our full list of Top Picks by sector.
Source: FRC
The table below highlights last week’s top five performers, led by Fortune Minerals, which gained 12%. It was one of only four of the 18 stocks on our list to post gains last week. FT’s project in the NWT hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and 1.1 Moz of gold. Cobalt, bismuth, and copper are designated critical minerals in the U.S., EU, and Canada.
* Past performance is not indicative of future performance (as of May 19, 2026)
FRC Fair Value Model Picks
Last week, companies on our list were down 2.0% on average vs a 0.6% loss for the benchmark (S&P 500). Visit our website to view our full list of Model Picks by sector.
To view the complete report, click on the button above.
*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Fortune Minerals Limited, Zepp Health Corporation, Noram Lithium, Atrium Mortgage Investment Corporation, Builders Capital Mortgage, Energy Vault Holdings, Brookside Energy Limited, Graphite One Inc., Skyharbour Resources, and Southern Silver Exploration. 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.
**We have selected these companies based SOLELY on our screening tool and fair value feature. We have not looked into company or industry specific factors that could affect the stocks. This portfolio and updates are for information, educational, and entertainment purposes only. We want to see how a hypothetical portfolio picked largely using our fair value algorithm would fair against a passive index. Before investing in anything, you should do your own due diligence and speak to a professional advisor. FRC and/or its analysts may hold positions in one or more of the holdings.
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