Market Intel Weekly
Our Valuation Was Right: Discover This Week’s Top Opportunities
Published: June 29, 2026
Author: FRC Analysts
Disclosure: Delivra Health Brands Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
*Disseminated on behalf of Monument Mining, Trident Resources, Graphite One, Golden Arrow Resources, Fortune Minerals, Chilean Cobalt, Trident Resources, WHY Resources, Brookside Energy, Tartisan Nickel, Sonoro Gold, Denarius Metals, Delivra Health Brands, and Kidoz Inc.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
Equity markets advanced last week as easing U.S.-Iran tensions and expectations that the Fed will keep rates unchanged in July boosted investor sentiment. Oil and metal prices, including gold, silver, and copper, declined, making basic materials the weakest-performing sector, while communication services, real estate, and technology led the market. Looking ahead, we expect macroeconomic data and monetary policy expectations to remain the primary drivers of market direction.
Last week, our Top Picks portfolio returned -2.3% vs -4.8% for the benchmark (TSXV). Our picks have outperformed the benchmark in six of seven periods tracked.
Last week, our Fair Value Model portfolio returned +0.6% vs +0.5% for the benchmark (NYSE Equal Sector Weight/EQL). Since inception on February 9, 2026, our picks have returned +5.1% on average vs +3.1% for the benchmark.
In this edition, we highlight government-backed funding for Fortune Minerals, a strategic asset sale by Golden Arrow Resources, a processing milestone at Chilean Cobalt, strong gold drill results from Trident Resources, permitting progress at WHY Resources, advancement of Tartisan Nickel’s flagship project, and Brookside Energy’s progress toward production growth. Notably, Golden Arrow’s asset sale was completed at the exact valuation we assigned to the assets in our most recent report, validating our valuation approach.
*Past performance is not indicative of future performance.
Last Week’s Five Most-Read Reports
Updates on Resource Companies Under Coverage
Fortune Minerals Limited (FT.TO)
PR Title: Secures Up to $50M in Federal Funding
Qualified Person: Robin Goad, M.Sc., P.Geo., President & CEO of Fortune Minerals
Analyst Opinion: Positive
Analyst Comment:
In a key milestone for FT’s NICO project in the Northwest Territories (NWT), FT and the Tłı̨chǫ Government (the Indigenous government whose lands host the NICO project) have received conditional approval for up to $50M in non-dilutive federal funding. The funding covers 75% of the CAPEX to build a 51 km access road. We note that the road is essential for year-round access to the mine, supporting construction, operations, and concentrate transportation.
The funding lowers FT’s capital requirements and further demonstrates strong government support for NICO.The project has already secured backing from multiple Canadian and U.S. government programs, reinforcing confidence in its long-term development.
NICO hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and 1.1 Moz of gold. Cobalt, bismuth, and copper are all designated as critical minerals in Canada, the U.S., and the EU.
Golden Arrow Resources Corporation (GRG.V)
PR Title: Monetizes Copper Assets, Focuses on Gold (All figures in US$)
Qualified Person: Brian McEwen, P.Geol., VP Exploration and Development of GRG
Analyst Opinion: Positive
Analyst Comment:
GRG has agreed to sell the copper-focused portion of its San Pietro project to Capstone Copper for $25M in Capstone shares. The divested concessions host the Rincones and Colla deposits, which hosts 4.4 Blbs CuEq in inferred resources and are strategically located between three of Capstone’s operating copper mines. Importantly, the transaction value exactly matches our valuation of these assets in our most recent report.
The transaction provides a substantial source of non-dilutive capital, allowing GRG to focus on the gold targets identified across the 9,000+ hectares it will retain at San Pietro.
PR Title: Reaches Key Processing Milestone at its NeoRe project in Chile
Analyst Opinion: Positive
Analyst Comment:
COBA has reached a technical milestone by producing its first rare earth carbonate concentrate as it commenced commissioning of a pilot modular extraction plant, validating the project’s extraction process. The plant will convert mineralized material into concentrate, the first step in the processing flow. We believe this milestone reduces technical risk and supports future project financing and strategic partnership discussions. The concentrate will serve as feed for a separate rare earth separation pilot plant, currently under development, which is expected to produce individual high-value rare earths.
The company is also advancing drilling, engineering, permitting, and discussions with potential strategic partners and offtake customers to establish an integrated rare earth supply chain. The Western world is looking for domestic sources of rare earths to reduce reliance on China.
While these developments are encouraging, we note that the project remains at an early stage, with no mineral resource estimate or economic study.
Trident Resources Corp. (ROCK.V)
PR Title: Reports Strong Gold Intercepts at Preview SW (Saskatchewan)
Qualified Person: Cornell McDowell, P.Geo., VP Exploration of Trident Resources
Analyst Opinion: Positive
Analyst Comment:
ROCK’s latest drill program intersected gold mineralization in 10 of 11 holes at the Preview SW target. Preview SW is a key target within the broader Contact Lake project, which includes the past-producing CL mine, three targets with independent NI 43-101 compliant resources (including Preview SW), and several underexplored targets.
The latest results include 1.32 g/t gold over 132 m, including a bonanza-grade interval of 101 g/t over 1.0 m, and 2.75 g/t over 24.7 m. These grades compare favorably with the 0.5–2.0 g/t range typical of comparable projects, and exceed the project’s average grade of 1.0 g/t. The results also confirm that gold mineralization extends below the current resource footprint at Preview SW, highlighting potential for resource expansion.
West High Yield (W.H.Y.) Resources Ltd. (WHY.V)
PR Title: Secures Another Key Permit for its Record Ridge Critical Mineral Project (Magnesium) in B.C.
Analyst Opinion: Positive
Analyst Comment:
WHY has received a permit authorizing construction and use of an access road connecting the provincial highway to its Record Ridge project, marking another key regulatory milestone. The company has already secured approval to construct and operate a mine. We believe each permitting milestone further de-risks the project and strengthens its appeal to potential financing and strategic partners.
Record Ridge hosts one of North America’s largest high-grade magnesium deposits. Magnesium is designated as a critical mineral by Canada, the U.S., and the EU, with North America remaining heavily reliant on imports.
PR Title: Advances Kenbridge toward PFS; expands land package
Qualified Person: Dean MacEachern, P.Geo., Consultant for Tartisan Nickel
Analyst Opinion: Positive
Analyst Comment:
TN is advancing multiple initiatives to unlock value across its portfolio of critical minerals projects targeting nickel, copper, cobalt, and silver in Ontario.
The company has engaged an independent engineering consultant to review the 2022 Preliminary Economic Assessment (PEA) on its flagship Kenbridge nickel-copper-cobalt project, and prepare a roadmap to advance the project to the Pre-Feasibility Study (PFS) stage, a more detailed engineering and economic study.
TN has also launched a drill program to test the extension of mineralization beyond the current resource and upgrade lower-confidence inferred resources to higher-confidence categories, which, if successful, could improve the project’s economics.
Kenbridge is located in an emerging nickel district alongside several advanced-stage deposits. Nearby, Talon Metals(MCAP: $905M) is developing processing infrastructure that could provide future processing synergies for Kenbridge and create strategic partnership or M&A opportunities.
Beyond Kenbridge, TN continues to expand its regional exploration portfolio. Most recently, it expanded its Turtle Pond project through additional claim acquisitions, and outlined an exploration program, including mapping, surface sampling, and potential drilling to evaluate historical nickel-copper targets.
Overall, we believe these initiatives strengthen TN’s long-term potential by advancing its flagship project while expanding its regional critical minerals portfolio.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Brookside Energy Limited (BRK.AX)
PR Title: Moves Closer to Production Growth
Analyst Opinion: Positive
Analyst Comment:
BRK has substantially completed construction of the production facilities for its upcoming two-well program, enabling a smooth transition from drilling to production and sales once the wells are completed.
In Q1-2026, BRK’s nine producing wells averaged 1,495 boepd. All wells were completed on the first attempt, highlighting the company’s strong operational execution.
We see meaningful production upside from the two new wells, with first production expected in H2-2026. Based on the performance of prior wells, initial production could reach 1,000–2,000 boepd per well.
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