Analysts’ Ideas of the Week: Spotlight on Two Juniors Focused on U.S. Critical Minerals

*Disseminated on behalf of Millennial Potash Corp., Silver X Mining Corp., Pulsar Helium Inc., Noram Lithium Corp, Golden Arrow Resources Corporation, Churchill Resources Inc., Fortune Minerals Limited, Zepp Health Corporation, Graphite One Inc., American Rare Earths Limited, and Kidoz Inc. See the bottom of this report for other important disclosures.

Highlights

We review the performance of our Top Picks, including lithium junior, whose shares rose 29% last week. We also provide material updates on potash, helium, silver, and gold juniors under coverage. Additionally, we present a brief overview of two companies on which we have recently commenced due diligence. Both focus on critical minerals in the U.S., have advanced-stage, large-scale projects, and receive government support and grants.

Updates on Resource Companies Under Coverage

Millennial Potash Corp. (MLP.V)

PR Title: Intersects additional robust potash mineralization at its Banio potash project in Gabon (QP: Peter J. MacLean, Ph.D., P. Geo, Director of MLP)

Analyst Opinion: FRC Opinion Positive – MLP is up 605% YoY, making it one of the best-performing junior resource stocks, if not the top performer, over the past year. Potash prices are up 17% YoY, primarily driven by tariff-related trade tensions, regional instability in Russia and Belarus, and hurricane disruptions in the U.S. A recently completed drill program intersected over 100 m of potash seams, indicating significant resource expansion potential. We believe this will positively impact the upcoming resource update and feasibility study, as mineralization has been extended both along strike and at depth. The program will also likely upgrade parts of the resource from inferred to indicated, and from indicated to measured, thereby increasing overall confidence in the resource estimate. The current resource estimate covers just 1.5% of the total project area. A 2024 PEA returned an AT-NPV10% of US$1.1B, and a high AT-IRR of 33%, using a 25-year average Muriate of Potash (gMOP) price of US$387/t vs the current spot price of US$363/t. MLP is trading at just 9% of its AT-NPV.

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Silver X Mining Corp. (AGX.V, AGXPF)

PR Title: Secures a US$2M loan facility, and a copper offtake agreement with Trafigura for its Nueva Recuperada project in Peru

Analyst Opinion: Positive – Global commodities trading firm Trafigura has extended a US$2M loan facility to AGX, and has also committed to purchase concentrates once copper production begins at the Nueva Recuperada silver-polymetallic mine, expected by 2029. We are pleased to see continued confidence from Trafigura, which has previously provided financing to AGX. The proceeds from this facility will be used to fund the installation of a third flotation circuit to enable copper concentrate production. In Q1-2025, AGX reported QoQ improvements in both EBITDA and EPS. Additionally, production at the Plata Mining Unit (PMU) is expected to commence in 2026, with management aiming to ramp up to 6 Moz of silver equivalent annually by 2028, up from the current run rate of approximately 1 Moz.

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Pulsar Helium Inc. (PLSR.V, PSRHF)

PR Title: Retains Sproule-ERCE to complete a resource estimate and a pre-feasibility study on the Tunu helium-geothermal project in Greenland

Analyst Opinion: Positive – PLSR is the first company to receive a license for helium exploration in Greenland. In addition to its work there, the company is advancing its flagship Topaz helium project in Minnesota, which hosts a high-grade helium resource. We expect an updated resource estimate, and a Preliminary Economic Assessment (PEA) on this project later this year. With a significant supply deficit expected later this decade, we anticipate growing investor interest in the helium sector.

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Golden Arrow Resources Corporation (GARWF, GRG.V)

PR Title: Options its Huachi property in Argentina (QP: Mr. Brian McEwen, P.Geol., VP Exploration and Development of GRG)

Analyst Opinion: Positive – GRG has optioned its early-stage Huachi copper-gold project in Argentina, to Latin Metals (TSXV: LMS). The optioner can acquire a 100% interest for $4M in cash payments, and exploration expenditures spread over four years. GRG’s portfolio is comprised of the advanced-stage San Pietro copper-gold-iron-cobalt project in Chile, and several early-stage exploration projects in Argentina. The company recently completed a maiden resource estimate on San Pietro, delineating a substantial inferred resource totaling 4.4 Blbs at 0.41% CuEq.

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Churchill Resources Inc. (CRI.V, CRICF)

PR Title: Provides updates on its Black Raven property in Newfoundland and Labrador, and announces a $0.7M financing (QP Dr. Derek H.C Wilton, P.Geo, FGC, Independent QP to Churchill)

Analyst Opinion: Positive – Sampling at the Black Raven project returned high values of up to 395 g/t silver, and high-grade gold, lead, and zinc. Black Raven hosts two small-scale past-producing gold mines, and multiple showings of gold, antimony, silver, copper, zinc, and lead. CRI is also pursuing a small financing to fund minor exploration work at its flagship projects: Taylor Brook, Florence Lake, and Black Raven.

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Below is a brief summary of two junior resource companies, one focused on graphite, and the other on rare earths, on which we recently initiated due diligence. We plan to launch coverage on both in the coming weeks.

Graphite One Inc. (TSXV: GPH / OTCQX: GPHOF / MCAP: $103M): 

Advancing America’s Largest Graphite Deposit, Gaining Support from the U.S. Government and Industry Players

Graphite One Inc. is developing the largest known graphite deposit in the U.S. at its Graphite Creek property near Nome, Alaska, a large-scale/open-pit project. The company aims to build a fully integrated supply chain from mine to battery-ready anode material for lithium-ion batteries in electric vehicles (EVs), and energy storage systems.