Market Intel Weekly
Big Financing, High Grades & a Q4 Beat — Top Picks Shine
Author: FRC Analysts Published: February 17, 2026
Disclosure: Articles and research coverage are paid for and commissioned by issuers. See the bottom for other important disclosures, rating, and risk definitions, and specific information.
*Disseminated on behalf of Panoro Minerals, Olympia Financial, South Star Battery, Trident Resources, Denarius Metals, Energy Vault Holdings, Kingman Minerals, Tartisan Nickel, Graphite One, and Chilean Cobalt.
In this edition, we cover strong preliminary Q4 results from an energy storage company, along with financing and operational updates from junior resource companies targeting rare earths, graphite, nickel, copper, and gold.
Last week, companies on our Top Picks were down 1.5% on average vs a 7.2% decline for the benchmark (TSXV). Visit our website to view our full list of Top Picks by sector.
Since launching the FRC Model Picks portfolio on February 9, 2026, our picks have fallen 2.7% on average vs a 2.0% decline for the S&P 500, with defensive sectors like Utilities and Healthcare cushioning losses, from Communication Services, Industrials, and Consumer Cyclicals. Visit our website to view our full list of Model Picks by sector.
*Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
PR Title: Encouraging results from the NeoRe rare earth project in Chile
Analyst Opinion: Positive
Analyst Comment: The NeoRe project could host an ionic adsorption clay (IAC) deposit. IAC deposits are important because they are the main source of heavy rare earths like Terbium and Dysprosium, and they are relatively cheap to mine. These deposits are common in China, the world’s main producer of rare earths, but rare elsewhere. The Western world is looking for domestic sources of rare earths to reduce reliance on China. Early drilling at NeoRe showed promising rare earth values in the first 60 m, and surface samples from new areas had over 500 ppm, typical for this type of deposit. Management is waiting for full results, which will give more insight into the potential of this early-stage project.
PR Title: Announces $30M financing
Analyst Opinion: Positive
Analyst Comment: This financing follows a promising development in December 2025, when the company received non-binding letters of interest from the U.S. Export-Import Bank (EXIM), raising potential debt financing to US$2.07 B (up from US$0.90 B). Funds will be used to build GPH’s proposed Alaska graphite mine, and an Ohio treatment plant, to produce battery anode materials and other refined graphite products. GPH’s Graphite Creek project in Alaska is the largest known graphite deposit in the Americas, supporting the company’s goal of building a U.S.-based graphite supply chain. The U.S. currently imports 100% of its graphite and considers it a critical mineral, creating strong domestic demand.
PR Title: Additional drill results from the Kenbridge project in Ontario; expands land package
Qualified Person: Dean MacEachern, P.Geo., Advisor to Tartisan Nickel
Analyst Opinion: Positive
Analyst Comment: After strong results from the first hole earlier this month, a second hole also returned promising values: 11 m averaging 1.05% nickel and 0.33% copper, with some zones up to 4.79% nickel and 1.25% copper. Typical nickel grades are 0.2–1.0%, so these results are high-grade. Higher grades usually mean more metal can be produced at lower cost. The results also suggest the mineralization is continuous, which could allow TN to upgrade its resources from low-confidence to higher-confidence categories. Drilling will continue deeper, potentially increasing the mineable resource.
TN also added 11 more claims, bringing its Turtle Pond polymetallic project to 3,375 hectares. Turtle Pond, 70 km east of Kenbridge, is prospective for nickel, copper, and cobalt. So far, 12 trenches show mineralization along a 700 m trend, and past drilling hit high-grade nickel up to 4.53%. TN plans more sampling and drilling this year to see how much metal is really there.
PR Title: 3D survey identifies drill targets at the Mohave project in Arizona
Qualified Person: Brad Peek, MSc., CPG, Director of Kingman Minerals Ltd.
Analyst Opinion: Positive
Analyst Comment: The Mohave gold-silver project includes the past-producing Rosebud mine, giving it an advantage since previously mined sites are usually easier to develop. KGS now has a permit to explore beyond the old mine, and a recent 3D survey highlighted several promising drilling targets. The company plans a drilling program, followed by an independently verified resource estimate (NI 43-101) to confirm the project’s gold and silver potential.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Energy Vault Holdings, Inc. (NRGV)
PR Title: Announces preliminary Q4 results (Unaudited)
Analyst Opinion: Positive
Analyst Comment: Q4 guidance beat our revenue and EBITDA estimates, while EPS came in close to our estimate. Revenue is expected at US$150–155M, up ~355% YoY, above our US$140M estimate. Adjusted EBITDA is projected at US$5–10 M, compared with a loss of (US$13M) in Q4-2024, well above our (US$8M) estimate. It is encouraging to see the company expect to report positive EBITDA.
EPS is expected between (US$0.06) and (US$0.14), roughly in line with our (US$0.09) estimate. Overall, we believe the results point to strong momentum heading into 2026. Full Q4 and 2025 results will be released on March 17, 2026.
As detailed in a note last week, the company signed an exclusive option to acquire and develop a 100 MW / 870 MWh energy storage project in New South Wales, Australia. This will be the fifth project in NRGV’s Asset Vault portfolio, bringing total capacity to 441 MW / 2.6 GWh.
FRC Top Picks
Last week, companies on our Top Picks list were down 1.5% on average vs a 7.2% decline for the benchmark (TSXV). Our top picks have outperformed the benchmark in four out of six time periods listed below. Visit our website to view our full list of Top Picks by sector.
*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Panoro Minerals, Olympia Financial, South Star Battery, Trident Resources, Denarius Metals, Energy Vault Holdings, Kingman Minerals, Tartisan Nickel, Graphite One, and Chilean Cobalt. 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.
**We have selected these companies based SOLELY on our screening tool and fair value feature. We have not looked into company or industry specific factors that could affect the stocks. This portfolio and updates are for information, educational, and entertainment purposes only. We want to see how a hypothetical portfolio picked largely using our fair value algorithm would fair against a passive index. Before investing in anything, you should do your own due diligence and speak to a professional advisor. FRC and/or its analysts may hold positions in one or more of the holdings.
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