Market Intel Weekly
Our Picks Beat the Market Again — Discover Our Best Ideas
Published: July 27, 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 Millennial Potash Corp., DLP Resources Inc., Delivra Health Brands, Fortune Minerals Limited, Builders Capital Mortgage, Enterprise Group Inc., Aton Resources Inc., Klondike Gold Corp., Star Copper Corp., Gensource Potash Corporation, BluSky AI Inc., Monument Mining Limited, and TNR Gold Corp.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
Equity markets moved lower last week as higher U.S. treasury yields, and a stronger US$, weighed on investor sentiment. Basic materials was among the best-performing sectors, supported by higher precious and base metal prices. Next week, we expect investor focus to remain on Q2 earnings, the Fed’s interest rate decision (we expect no change), and developments in the Middle East.
Last week, our Top Picks portfolio returned 2.3% vs 0.9% for the benchmark (TSXV). Our picks have outperformed the benchmark across all seven tracked periods.
Last week, our Fair Value Model portfolio returned 0.7% vs 0.3% for the benchmark (NYSE Equal Sector Weight/EQL). Our picks have outperformed the benchmark in three of the four tracked time periods.
This edition features Altius Minerals increasing its strategic stake in TNR Gold, encouraging drilling updates from Star Copper and Klondike Gold, Aton Resources advancing its low-CAPEX gold project towards production in Egypt, and Enterprise Group expanding its power generation business into larger industrial and AI data center applications. Read on for our take on why these developments matter.
*Past performance is not indicative of future performance.
Last Week’s Five Most-Read Reports
Updates on Resource Companies Under Coverage
PR Title: Altius Increases Stake in TNR
Analyst Opinion: Positive
Analyst Comment:
Altius Minerals (TSX: ALS; MCAP: $3.4B), a leading mining royalty company, acquired an additional 7.44M shares, increasing its ownership from 10% to 13% in TNR. We view this as a significant endorsement of TNR’s royalty portfolio, and believe it increases the potential for strategic consolidation or M&A. Although TNR shares are up 200% YoY, and 350% since we initiated coverage in September 2023, the stock still trades 23% below our fair value estimate, offering meaningful upside with potential M&A serving as a key catalyst.
PR Title: Early Drilling Supports District-Scale Potential
Analyst Opinion: Positive
Analyst Comment:
The first four holes (1,054 m) of a fully funded 15,000 m drill program at its flagship Star project in B.C.’s Golden Triangle intersected visible copper mineralization across three satellite targets. While assays are pending, we believe the program is off to a strong start. The initial results provide early support for the company’s district-scale exploration model, and highlight the potential for multiple mineralized targets beyond the main discovery.
PR Title: Royalty Income and Drilling Update
Qualified Person: Peter Tallman, P.Geo., President & CEO of Klondike Gold
Analyst Opinion: Positive
Analyst Comment:
KG has received approximately 141 oz of gold in royalty payments, worth ~$0.81M at the spot gold price. These payments are generated from the company’s 10% production royalty on the producing Montana Creek placer mine. Management forecasts royalty income of $1.5M in 2026, and $2.5M in 2027, providing a source of non-dilutive funding for exploration.
The company also completed phase one of its 2026 drill program, totaling 7,697 m across 34 holes at the Klondike District project, with assays pending. A second phase of up to 8,000 m is planned for September, while an updated resource estimate is targeted for H1-2027.
The current independent resource estimate (2022) outlines 469 Koz of indicated, and 112 Koz of inferred gold resources across two targets. We estimate these targets could host 1.5–1.8 Moz of gold, representing 150%–215% upside to the current resource estimate.
PR Title: Announces a $4M equity financing
Qualified Person: Javier Orduña BSc, MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources
Analyst Opinion: Positive
Analyst Comment:
Proceeds will fund exploration and development at the Hamama polymetallic project, part of the company’s 100%-owned Abu Marawat concession in Egypt. Management plans to release a resource estimate covering four targets, and remains focused on bringing the first target, Hamama West, into production by late 2027. The planned low-CAPEX, low-OPEX open-pit heap leach operation is expected to produce 13–15 Koz of gold annually.
Longer term, the company intends to develop the project using a hub-and-spoke model, with a centralized processing plant serving multiple nearby deposits, an approach that could lower CAPEX, while accelerating future production growth.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
PR Title: Power Fleet Expansion Opens New Revenue Opportunities
Analyst Opinion: Positive
Analyst Comment:
Enterprise added a new 3.2 MW natural gas turbine generator to its fleet. The unit converts natural gas into electricity to provide power at remote sites. The addition expands the company’s power generation portfolio beyond its existing microturbine systems, designed for smaller power requirements, allowing it to serve larger applications such as drilling operations, industrial facilities, and AI data centers. We view this as a positive development, as it expands the company’s addressable market, and creates new revenue opportunities.
Performance Methodology: The performance figures presented below are intended to measure our stock-picking effectiveness and do not represent the NAV or returns of a continuously managed investment portfolio. Results are based on equal notional investments in each pick and reflect the average performance of both current and exited positions over each time period shown. Performance is not time-weighted and excludes dividends. The selected benchmarks also exclude dividends, making the comparison consistent.
FRC Top Picks
Last week, our portfolio returned 2.3% vs 0.9% for the benchmark (TSXV). Our picks have outperformed the benchmark across all seven tracked 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 Millennial Potash Corp. (+18%). MLP is advancing a large potash project in Gabon toward production.
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