Analysts’ Ideas of the Week
ZEPP Soars; Loncor Gets Takeover Offer, Millennial Potash Lands Funding, Denarius Starts Production
Published: Jul 14, 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 Zepp Health Corporation, Kidoz Inc., Millennial Potash Corp., Noram Lithium Corp., Denarius Metals Corp., Loncor Gold Inc., Monument Mining Limited, Aton Resources Inc., Canadian Critical Minerals Inc., and Churchill Resources Inc. See the bottom of this report for other important disclosures.
Highlights:
We review the performance of our Top Picks, including a leading smartwatch maker whose shares rose 182% last week, following a 30% gain the week prior. We also provide material updates on other companies under coverage, including an unsolicited bid for an African gold junior, a financing deal secured by an African potash junior from a U.S. government agency, the official commencement of gold-silver production by a junior in Colombia, and promising product launches from an Adtech company.
Updates on Resource Companies Under Coverage
Loncor Gold Inc. (LN.TO, LONCF)
PR Title: Receives an unsolicited offer
Analyst Opinion: Positive – Today, LN announced that it has formed a special committee to review an unsolicited, confidential, non-binding offer for a potential transaction. No further details were disclosed. LN is up 18% on the news. We have consistently highlighted LN as a prime acquisition target, given the strong potential of its flagship gold project in the DRC, which could support annual production of over 300 Koz. We believe that recent peace initiatives, rising foreign investment, and infrastructure improvements are strengthening the DRC’s attractiveness as a mining jurisdiction. Check out our last update for a review of our valuation and fair value estimate: https://www.researchfrc.com/content/reports/post/213/market-awakening-to-strong-fundamentals
Millennial Potash Corp. (MLP.V)
PR Title: Receives funding from the U.S International Development Finance Corporation (DFC) for advancing the Banio potash project in Gabon (QP: Peter J. MacLean, Ph.D., P.Geo, Director of MLP)
Analyst Opinion: Positive – This marks a major endorsement for the Banio project. MLP is up 720% YoY, making it one of the best-performing junior resource stocks globally, if not the top performer, over the past year. The company has secured a US$3M investment from an U.S. government agency, which will primarily fund a feasibility study on the Banio potash project. A 2024 Preliminary Economic Assessment (PEA) returned an after-tax NPV10% of US$1.07B, and an impressive after-tax IRR of 33%, based on a 25-year average Muriate of Potash (gMOP) price of US$387/t vs the current spot price of US$363/t. MLP is currently trading at just 11% of its AT-NPV. The DFC is actively exploring private-sector investment opportunities in the DRC, emphasizing food security as a strategic priority across the continent. The DFC’s mandate includes supporting projects that, like Banio, contribute to stabilizing and enhancing food availability.
Denarius Metals Corp. (DMET.NE, DNRSF)
PR Title: Announces first shipment of high-grade ore from its Zancudo gold-silver project in Colombia (QP: Scott E. Wilson, CPG, President of Resource Development Associates Inc., an independent consulting geologist to DMET)
Analyst Opinion: Positive – The project completed its first shipment in late June, delivering 64 tonnes grading 9 g/t Au and 185 g/t Ag to Trafigura under an offtake agreement. A second shipment, completed this week, comprised 68 tonnes grading 11 g/t Au and 250 g/t Ag. A 1,000 tpd processing plant is scheduled to be operational by the end of 2025, at which point the company will begin producing concentrates. This project has the potential to produce approximately 50–60 Koz of gold annually for at least 10 years, at an estimated cash cost of US$1,100–1,300/oz. The company also plans to bring its second asset, the Aguablanca project in Spain, into production within the next 12 months. In addition, a Preliminary Economic Assessment (PEA) is anticipated for the Lomero project, also in Spain.
Monument Mining Limited (MMY.V, MMTMF)
PR Title: Commences expansion drilling at the Selinsing gold mine in Malaysia (QP: Mathew Ridgway, BSc (Hons), MSc, MBA, MAIG, Chief Managing Geologist of Monument Mining Limited)
Analyst Opinion: Positive – The proposed drill program (initial budget of US$2.5M), scheduled to run through March 2026, aims to potentially delineate new resources, and upgrade existing resources to reserves. With over 600 Koz of remaining sulfide resources, we believe the mine could support production for another 13 years. FY2025 results (ended June 2025) are expected in August-September 2025. We anticipate gold production of 37 Koz in FY2025, up from 31 Koz in FY2024.
PR Title: Additional results from a recently completed drill program at the Abu Marawat gold-silver-copper-zinc project in Egypt (QP: Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources Inc.)
Analyst Opinion: Positive – Last week, we discussed results from the first 25 drill holes, which returned significant high-grade intercepts, including 9 m of 14.33 g/t Au, and 6 m of 10.74 g/t Au. Aton has since released results from an additional 29 holes, several of which encountered high-grade polymetallic mineralization at shallow depths. Notable intercepts include 3 m of 33.86 g/t Au and 419 g/t Ag, and 2 m of 44.59 g/t Au and 103 g/t Ag. 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). The company aims to complete a maiden resource estimate on the Semna project, and include it into an upcoming Preliminary Feasibility Study (PFS).
Canadian Critical Minerals Inc. (CCMI.V)
PR Title: Generated US$130K in revenue from the Bull River mine (B.C.) in June 2025
Analyst Opinion: Positive – Since early 2024, CCMI has been generating revenue through stockpile extraction at its Bull River copper-gold project in B.C. By June 2025, CCMI had shipped 10,946 tonnes, generating US$3M in revenue. We believe stockpile extraction will likely continue for another nine months, potentially yielding another US$2M in revenue.
Churchill Resources Inc. (CRI.V, CRICF)
PR Title: Additional sampling results from the Black Raven project in Newfoundland and Labrador (QP: Dr. Derek H.C Wilton, P.Geo, FGC, Independent QP to Churchill)
Analyst Opinion: Positive – Final set of sampling results at the Black Raven project returned high values of up to 12.11% zinc, and gold, lead, and silver. Black Raven hosts two small-scale past-producing gold mines, and multiple showings of gold, antimony, silver, copper, zinc, and lead.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
PR Title: Announces official launch of Prado SDK and proprietary AI platform Kite IQ
FRC Opinion: Positive – Earlier this month, the company officially launched its Prado platform, an adtech solution designed to reach audiences of all ages. This marks a natural expansion of its offering, following its initial focus on the kids’ adtech segment. Prado had been operating under a pilot program since 2023.
The company also introduced its proprietary AI platform, Kite IQ, which enables brands to effectively match their messages with the right audiences, boosting engagement, while ensuring compliance with privacy regulations.
Q2 results are expected in August. Q1 revenue was up 53% YoY to $2.7M, marking the highest Q1 revenue in the company’s history. In contrast, YouTube (NASDAQ: GOOGL) and Meta (NASDAQ: META) saw more modest YoY ad revenue growth of 10% and 14%, respectively, in Q1. We anticipate record revenue and EPS for Kidoz in 2025.
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks. Leading the pack for the second consecutive week was Zepp Health Corporation (NYSE: ZEPP), which surged 182%. Zepp is the seventh-largest smartwatch maker globally by unit sales. Despite no recent press releases, ZEPP’s surge was not unexpected given its MCAP was well below liquid asset value. Although global smartwatch shipments remained relatively flat YoY in Q1-2025, Zepp reported 25% growth in its self-branded products. We anticipate 16% YoY revenue growth for the company in 2025.
A broader positive backdrop for Chinese tech stocks may also be contributing to ZEPP’s rally. The S&P China Select ADR Index is up 16% YTD, significantly outperforming the S&P 500’s 7% gain over the same period. Another potential catalyst was the strong move in Viomi Technology (NASDAQ: VIOT), which announced a special dividend. Viomi’s shares are up 134% in the past month. While Viomi operates in the smart home appliance space and Zepp focuses on wearables, both companies are categorized as Chinese tech stocks, and have strategic partnerships with Xiaomi (SEHK: 1810), one of China’s leading technology conglomerates. We believe Viomi’s surge may have prompted renewed investor attention toward other overlooked Xiaomi-affiliated tech stocks, including Zepp.
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/
