Market Intel Weekly
Actionable Ideas for the Week Ahead
Published: July 13, 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 Monument Mining Limited, Olympia Financial Group, Silver X Mining, Delivra Health Brands, Noram Lithium, South Star Battery Metals, Enterprise Group, Builders Capital Mortgage, Zepp Health Corporation, and Klondike Gold.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
Equity markets were mixed last week as higher oil prices boosted energy stocks, while weaker precious metals weighed on the basic materials sector. This week, we believe markets will be driven by U.S. CPI and PPI data, the start of Q2 earnings, and Fed commentary.
Last week, our Top Picks portfolio returned -2.6% vs -3.9% for the benchmark (TSXV). Our picks have outperformed the benchmark across all seven tracked periods.
Last week, our Fair Value Model portfolio returned 0.4% vs 0.2% for the benchmark (NYSE Equal Sector Weight/EQL). Since inception on February 9, 2026, our picks have returned 2.6% on average vs 4.1% for the benchmark.
This edition features a positive regional catalyst for Klondike Gold, strong quarterly production growth at Silver X Mining, and Delivra Health’s expansion into the large dermatology market. 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: Talamore Financing Positive for Klondike Gold
Analyst Opinion: Positive
Analyst Comment:
Talamore Mining has secured up to $620M to fund construction, permitting, engineering, and other development activities at its Coffee gold project in the Yukon, significantly de risking the project.
We view this as a positive development for Klondike Gold, a company we initiated coverage on in June 2026. Coffee is located ~130 km from Klondike’s project. Talamore’s premium valuation, trading at ~$330/oz of gold resources vs the sector average of ~$98/oz, reflects strong market confidence in both the Coffee project, and the broader region. By comparison, Klondike trades at just $28/oz based on our resource estimate. We believe Coffee’s continued advancement, along with regional infrastructure investments, should enhance the region’s profile, attracting greater investor and strategic interest in nearby assets such as Klondike Gold.
PR Title: Q2 Production Surges at the Nueva Recuperada Mine in Peru
Qualified Person: A. David Heyl, B.Sc., CPG, Consultant for Silver X Mining
Analyst Opinion: Positive
Analyst Comment:Q2 production rose 57% QoQ to 283 Koz silver equivalent (AgEq), driven by higher plant throughput (processing rate) and improved grades. We had expected production to remain relatively flat QoQ, with stronger growth in H2 as part of the company’s rapid production expansion plan. Throughput increased from 500 tpd in Q1, to 684 tpd in Q2, and is expected to reach 1,000 tpd later this year.
Despite strong production growth, AGX remains significantly undervalued relative to junior silver producers, trading at a 61% discount on EV/Revenue (1.45x vs. 3.72x), and a 48% discount on EV/EBITDA (3.13x vs. 6.00x).
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Delivra Health Brands Inc. (DHB.V)
PR Title: Expands into Dermatology
Analyst Opinion: Positive
Analyst Comment:
DHB has launched its new LivRelief™ itch relief cream in Canada, marking the brand’s expansion beyond chronic pain into the large dermatology market. While the itch relief market is highly competitive, we believe LivRelief’s customer base should support adoption of this new product line through its existing retail and e-commerce distribution channels.
We recently added DHB to our Top Picks, viewing the recent share price weakness, driven by temporary supply chain disruptions, as an attractive opportunity. Shares trade near the value of the company’s liquid assets, highlighting a significant valuation disconnect.
Performance Methodology: In the following sections, all performance figures 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.
FRC Top Picks
Last week, our portfolio returned -2.6% vs -3.9% 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.
Performance by Sector
Source: FRC
The table below highlights last week’s top five performers, led by Noram Lithium Corp. (+11%). Noram is advancing a large lithium project in Nevada, adjacent to Albemarle Corporation’s (NYSE: ALB) Silver Peak mine, the only operating lithium mine in the U.S.
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