Analysts’ Ideas of the Week
Delivra Beats, Sprott Ups Stake in New Age, and a Rare Helium 3 Discovery
Published: Oct 6, 2025
Author: FRC Analysts
*Articles and research coverage are paid for and commissioned by issuers. See the bottom and below for other important disclosures, rating, and risk definitions, and specific information.
*Disseminated on behalf of Noram Lithium, Kidoz Inc., Giga Metals, South Star Battery Metals, Millennial Potash, Delivra Health Brands, Doubleview Gold, Aton Resources, First Phosphate Corp., Pulsar Helium Inc., and New Age Metals. See the bottom of this report for other important disclosures.
We review the performance of our Top Picks, led by Noram Lithium (TSXV: NRM), which gained 26% WoW. Over the past three months, our Top Picks have delivered an average return of 81%, significantly outperforming the benchmark’s 31% gain. Visit our website to view the full list of Top Picks by sector https://www.researchfrc.com/top-picks. We also share key updates from our coverage universe, including a health and wellness company that beat our FY2025 revenue and EPS estimates, along with major developments from juniors focused on lithium, gold, helium, and phosphate. *Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
Doubleview Gold Corp. (DBLVF, DBG.V)
PR Title: Additional drill results from the Hat project in B.C. (QP: Erik Ostensoe, P.Geo., Consulting Geologist of Doubleview Gold Corp.)
Analyst Opinion: Positive – An ongoing drill program continues to return high-grade copper and gold intercepts over long intervals, including 9 m of 9.88% CuEq, 133 m of 1.03% CuEq, and 71 m of 1.01% CuEq, further expanding the mineralized footprint of the Hat project. We expect this to positively impact an upcoming resource update and PEA. The Hat project hosts an open-pittable, polymetallic porphyry deposit with resources totaling 5 Blbs CuEq, uniquely enriched with scandium and cobalt.
Aton Resources Inc. (ANLBF, AAN.V)
PR Title: Final results of a diamond drill program at the Abu Marawat project in Egypt (QP: Javier Orduña BSc, MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources)
Analyst Opinion: Positive – The final 19 holes returned several high grade polymetallic intercepts, including 3.9 m of 41.35 g/t AuEq, and 17.7 m of 10.59 g/t AuEq, continuing the trend of strong results from earlier drilling. Aton is advancing multiple gold projects in Egypt, with NI 43-101 compliant resources totaling 0.83 Moz AuEq across two projects (Hamama and Abu Marawat). Drilling continues at both Abu Marawat and Hamama West, while the company aims to complete a maiden resource estimate for the Semna project, and include it in an upcoming Preliminary Feasibility Study (PFS).
Pulsar Helium Inc. (PLSR.V, PSRHF)
PR Title: Announces significant helium-3 discovery at its Topaz helium project in Minnesota (QP: Thomas Abraham-James, CPG, President, CEO and Director of Pulsar Helium)
Analyst Opinion: Positive – Gas samples from the Topaz project returned helium 3 concentrations ranging from 1.3 to 14.5 ppb, among the highest naturally occurring levels reported globally. This is of high significance, as helium 3 is a very rare isotope of helium. All previous discoveries by PLSR involved conventional helium 4. Helium 3 is used mainly for scientific research, including cryogenics and fusion energy studies, because of its unique low temperature and nuclear properties. It is not produced commercially and exists only in small amounts as a byproduct of certain nuclear processes. Due to its scarcity, helium 3 is among the most expensive gases in the world. Further drilling and testing are needed to assess the project’s helium 3 potential. No commercial technology currently exists to separate helium 3 from helium 4 at scale, and management plans to attract collaboration partners to develop such capabilities. Overall, we believe this discovery adds a new dimension for PLSR. While preparing a Preliminary Economic Assessment/PEA for conventional helium, helium 3 is now likely to be included.
First Phosphate Corp. (PHOS.CN, PHOS)
PR Title: Announces a $15M private placement (QP: Gilles Laverdière, P.Geo. VP Exploration for PHOS)
Analyst Opinion: Positive – This financing follows an $11.5M equity raise completed last month. Proceeds from these financings will be used primarily for the feasibility study and permitting of the Bégin Lamarche phosphate project in Quebec, as well as downstream infrastructure development. PHOS is developing a vertically integrated supply chain for Lithium Iron Phosphate (LFP) batteries, covering the entire process from extracting high purity igneous phosphate to producing LFP cathode active material (CAM). A 2024 PEA reported an after tax NPV8% of $1.60B, and a robust after tax IRR of 33%, based on US$350/t igneous phosphate concentrate vs the current spot price of US$315/t. PHOS is trading at just 4% of its NPV.
New Age Metals Inc. / TSXV: NAM
PR Title: Sprott invests $2M, boosting ownership in NAM from 23% to 33%
FRC Opinion
Positive – After an 18 month break, we are resuming coverage on NAM, and will publish a reinitiating coverage report shortly, including an updated fair value estimate and rating.
NAM has assembled a diversified portfolio targeting platinum group metals (PGM), lithium, gold, and antimony — all of which are currently high interest commodities gaining significant attention from resource companies, the U.S. government, and capital markets. Sprott’s recent investment is a strong endorsement of NAM’s portfolio and management.
Portfolio Overview:
PGM (Platinum Group Metals) – River Valley Project, Ontario: NAM’s flagship asset is a large tonnage, low grade PGM deposit with a completed PEA. Gold is trading at record highs, up 47% YoY, but platinum has outperformed with a 68% gain, while palladium is up 32% YoY.
Lithium – Manitoba: NAM holds 14 early stage lithium projects through a JV with Mineral Resources Limited (ASX: MIN, MCP: $7 B). With lithium prices up 20% in the past three months, and the U.S. government taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, market sentiment toward lithium juniors, especially with North American projects, is on a strong rebound.
Gold Antimony – Newfoundland: NAM’s early stage claims are strategically located near New Found Gold Corp.’s (TSXV: NFG) past-producing Beaver Brook antimony mine, Canada’s only primary antimony producer. Antimony is increasingly strategic for energy storage, clean energy, and high tech applications. Supply constraints from China and Russia have pushed prices up 33% YTD, while North America remains 100% import dependent.
Gold – Ontario: Last week, NAM optioned an early stage gold project in Ontario that is drill ready, with permits in place.
As NAM advances these projects, we anticipate multiple near term catalysts for the stock. Our reinitiating coverage report will include detailed analysis, and an updated fair value estimate.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Delivra Health Brands Inc./ TSXV: DHB
PR Title: Reports FY2025 (ended June 30, 2025) results
FRC Opinion
Positive – Revenue rose 8% YoY to $13.37 M, beating our forecast by 3%, driven by Dream Water product sales in the U.S., and the Middle East. Gross profit increased 15% YoY, exceeding our estimate by 1%. EBITDA declined 26% YoY to $0.64 M, but the decline was expected as the company ramped up its marketing expenses in prior quarters to drive near term revenue growth. EBITDA still exceeded our forecast of $0.26M. Overall, we are very pleased with the results, and will publish a detailed update shortly.
We’re excited to launch our new video series — Where Stocks Meet Real Life — connecting the world of capital markets to relatable, real-world stories and concepts. Check out our first episode, featuring Delivra: https://youtube.com/shorts/_yxQOhv_C50
FRC Top Picks
The table below highlights last week’s top five performers from our Top Picks. The best performer was Noram Lithium Corp. (TSXV: NRM), which rose 26%. With lithium prices up 20% in the past three months, and the U.S. government taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, market sentiment toward lithium juniors is on a strong rebound.
* Past performance is not indicative of future performance (as of Oct 6, 2025)
Our top picks have outperformed the benchmark (TSXV) in five 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.
The opinions expressed in this report are the true opinions of the analyst(s) about any companies and industries mentioned. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The companies listed above are covered by FRC under an issuer-paid model, where fees have been paid to FRC to commission this report and research coverage. This creates a potential conflict of interest which readers should consider. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. To subscribe for real-time access to research, visit https://www.researchfrc.com/
