Analysts’ Ideas of the Week
Lithium Prices on a Rebound & Antimony Gaining Spotlight
Published: Jul 28, 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 Lake Resources, Millennial Potash, Fortune Minerals, Denarius Metals, Builders Capital Mortgage, iMetal Resources, and Power Metallic Mines. See the bottom of this report for other important disclosures.
We review the performance of our Top Picks, including a lithium junior whose shares rose 8% last week. We also provide material updates on juniors targeting gold, antimony, cobalt, and copper
Updates on Resource Companies Under Coverage
Lake Resources NL (LKE)
PR Title: Completed a A$2.1M equity financing
Analyst Opinion: Positive – LKE is advancing a large lithium project near Ganfeng Lithium’s (SZSE: 002460) recently commissioned Mariana lithium project in Argentina. After a two-year downturn, lithium prices are turning around, a rebound we forecasted earlier this year. Prices have jumped 17% in the past month to US$9,800/t, though they remain down 18% YoY, and 88% from their late-2022 peak. Current levels are below the break-even point for most new large-scale projects, and we believe a sustained price of at least US$15,000/t is necessary to incentivize development. We expect this rebound to continue as the market moves toward a projected 2026 supply deficit. This deficit will be driven by battery demand from core EV and energy storage markets, as well as from rapidly growing sectors like AI data centers, robotics, and automation.
iMetal Resources Inc. (IMRFF, IMR.V)
PR Title: Announces LOI to acquire an antimony-silver-zinc mining concession in Bosnia and Herzegovina
Analyst Opinion: Positive – This mining concession hosts a historic resource estimate. Management is currently conducting due diligence. Antimony is attracting growing interest among junior resource companies and capital markets due to its vital role in batteries, clean energy, military radar systems, alloys, and semiconductors. On the supply side, China, the dominant producer, has restricted antimony exports, driving prices higher, and sparking a rush to develop antimony projects in North America. IMR’s current portfolio includes two gold projects in Ontario (Gowganda West and Ghost Mountain), and a flake graphite project (Carheil) in Quebec. We will publish a detailed update report shortly.
Fortune Minerals Limited (FT.TO, FTMDF)
PR Title: Reports additional cobalt, gold, and copper results on its NICO cobalt-gold-bismuth-copper project in the NWT and Alberta (QP: Robin Goad, M.Sc., P.Geo., CEO of FT, and Alex Mezei, M.Sc., P.Eng., Chief Metallurgist of FT)
Analyst Opinion: Positive – FT has announced promising process optimization results at its planned Alberta hydrometallurgical facility. The tests indicated potential for higher cobalt, gold, and copper recoveries, as well as streamlined processing, which could reduce OPEX/CAPEX compared to previous estimates. These results will be incorporated into an ongoing updated feasibility study. NICO hosts the world’s largest bismuth deposit, the largest primary cobalt deposit, and 1.1 Moz gold.
Power Metallic Mines Inc. (PNPN.V)
PR Title: Announces preliminary mineralogy results
Analyst Opinion: Positive – Preliminary mineralogical scans from the Lion zone at PNPN’s Nisk project (Quebec) reveal that copper and PGEs are hosted in coarse sulphides such as chalcopyrite and cubanite. This is encouraging as it indicates potential for efficient metal recovery using established processing techniques.
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks. The top performer, Lake Resources (ASX: LKE), rose 8%, driven by the recent turnaround in lithium prices.
Disclaimer
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/plans for subscription options. This report contains “forward looking” statements. Forward-looking statements regarding the Company, industry, and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products/services in the marketplace; acceptance in the marketplace of the Company’s new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company’s periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.
