Market Intel Weekly
Bullish Sentiment Dominates Vancouver Resource Investment Conference
Author: FRC Analysts Published: January 26, 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 Enterprise Group, Lodestar Metals, Power Metallic Mines, Denarius Metals, Silver X Mining, Fortune Minerals, Trident Resources, Tartisan Nickel, Panoro Minerals, Lake Resources, and Monument Mining.
We attended the Vancouver Resource Investment Conference over the weekend and are pleased to report that it was probably one of the most well-attended events in several years, unsurprising given record metal prices. We had a booth at the event, where we shared our outlook with investors who stopped by.
While robust market sentiment is good for your holdings, it is important to remember that periods of strong enthusiasm are often followed by overexuberance, overvaluation, and sudden corrections. Follow our research regularly to obtain unbiased insights.
Several juniors under coverage released material news last week. In this week’s edition, we provide the implications of those key developments along with actionable takeaways.
Cobalt junior Fortune Minerals Limited (TSX: FT) led our top picks list, rising 18% last week, driven by material news that we discuss later in this report. Visit our website to view our full list of Top Picks by sector.
*Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
PR Title: Provides update for its Sill Lake silver project in Ontario
Qualified Person: Dean MacEachern, P.Geo., Consultant for Tartisan Nickel Corp.
Analyst Opinion: Positive
Analyst Comment: TN is up 367% over the past three months, making it one of Canada’s best-performing junior resource stocks. Rising silver prices, now at an all-time high of US$108/oz, have prompted TN to resume exploration at its Sill Lake project in Ontario. Sill Lake is a former silver-lead producer, which is an advantage since past-producing projects are generally easier to advance than greenfield sites. Prior studies suggest part of the project may contain about 0.46 Moz of silver, with additional areas potentially hosting another 0.66 Moz. Note that these estimates are historic, non-compliant, and unverified. While modest in size, at current prices, we estimate the contained silver is worth around US$125M, excluding extraction and processing costs. TN’s decision to advance Sill Lake is a smart move, adding commodity diversification, and reducing risk through exposure to multiple metals.
The company is well funded, having raised $3.5M last month. TN is also advancing a drill program at its flagship Kenbridge nickel project in Ontario to potentially increase its resources. Drill results are expected soon, providing several near-term catalysts for the company.
Trident Resources Corp. (ROCK.V)
PR Title: Final set of drill results from its Contact Lake gold project in Saskatchewan
Qualified Person: Cornell McDowell, P.Geo., VP Exploration of Trident Resources Corp.
Analyst Opinion: Positive
Analyst Comment: The company has released results from the last six holes of a 19-hole drill program. The results show high-grade gold below the areas that were previously mined, including 15 m at 5.73 g/t (with 7 m at 9.35 g/t), 37.4 m at 2.6 g/t (with 9 m at 5.7 g/t), and 2.3 m at 11.53 g/t. These grades are much higher than similar deposits, which are usually under 3 g/t. Higher grades usually mean the deposit could produce more gold at lower costs. These results also show the deposit is bigger than previously thought.
ROCK is up 403% since we initiated coverage in May 2025. A follow-up drill program is underway.
Fortune Minerals Limited (FT.TO)
PR Title: Positive results from its NICO cobalt-gold-bismuth-copper project in the NWT and Alberta
Qualified Person: Robin Goad, M.Sc., P.Geo., President and CEO of Fortune Minerals, and Alex Mezei, M.Sc., P.Eng., Chief Metallurgist of Fortune Minerals
Analyst Opinion: Positive
Analyst Comment: Recent tests confirmed that the NICO project can produce high-quality cobalt sulphate, a type of cobalt used in lithium-ion batteries for EVs and phones, with good metal recovery. Higher-quality cobalt usually sells for more, and high recovery rates mean the project could potentially produce more at lower cost. Management is focused on moving NICO toward a construction decision, securing financing, and arranging future buyers (offtake). The project hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and a significant gold resource.
PR Title: Initial drill results at Nueva Recuperada in Peru
Qualified Person: David Heyl, B.Sc., C.P.G., Consultant for Silver X Mining
Analyst Opinion: Positive
Analyst Comment: The company released results from the first three holes of an ongoing drill program at the past-producing Blenda Rubia mine, part of AGX’s Nueva Recuperada property in Peru. All holes intersected silver over long intervals, including some high-grade sections. The results show silver-polymetallic mineralization extends 160 m below previous mining, suggesting the deposit is larger than thought. Drilling will continue deeper and sideways, which could potentially increase the amount of silver that can be mined. Blenda Rubia is just 2 km from the Nueva Recuperada processing plant, and no official resource has been calculated yet. These results show strong potential to identify new resources, and extend the project’s life. In 2025, the project produced 0.8 Moz of silver equivalent.
Denarius Metals Corp. (DMET.NE)
PR Title: Announces production results
Analyst Opinion: Positive
Analyst Comment: Since starting small-scale production in Q2-2025 at its Zancudo project in Colombia, DMET has sold 2,093 tonnes of material containing gold and silver, generating about US$1.7M in revenue. Commercial production is expected in the second half of 2026 when construction of a 1,000 tpd processing plant is completed, marking a major milestone for the company. DMET is also preparing to restart operations at its Aguablanca nickel project in Spain, the country’s only nickel mine, and an EU-recognized strategic project.
PR Title: Higher than expected results from its Nisk copper-nickel-PGE-gold-silver project in Quebec
Qualified Person: Joseph Campbell, P.Geo, VP Exploration at Power Metallic
Analyst Opinion: Positive
Analyst Comment: Power Metallic released preliminary metallurgical results showing very strong recoveries of copper (98.9%), palladium (93.9%), platinum (96.8%), gold (85%), and silver (88.9%). These results beat the company’s previous expectations, and confirm that the project responds well to standard metal processing methods. The higher recoveries mean the project could generate more value than first estimated, with the potential to create value-added products.
Lodestar Battery Metals Corp. (LSTR.V)
PR Title: Pursuing a $1.5M equity financing
Analyst Opinion: Positive
Analyst Comment: We have commenced our due diligence on LSTR and will be initiating coverage in the coming weeks. The company owns the Gold Run project, located in Nevada’s Getchell Gold trend, an area known for Carlin-type gold deposits. These deposits are usually high-grade and large, which means they have the potential for lower-cost, long-lasting operations.
The property is situated near Nevada Gold Mines’ Turquoise Ridge deposit (a joint venture between Barrick/TSX: ABX and Newmont/NYSE: NEM), one of the world’s highest-grade gold mines. In the mining business, proximity to majors is key, as successful exploration at Gold Run could make it an attractive acquisition target. Previous exploration at Gold Run has identified shallow, high-grade drill targets, including a 2 km × 2 km area with bonanza grades of up to 12.6 g/t gold, well above typical comparable deposits, which are usually under 3 g/t. Management plans to validate these historic results with an upcoming drill program.
In November 2025, LSTR closed a $1.5M private placement, and is currently raising an additional $1.5M to fund exploration. The company recently appointed David Christie as Chairman. He has extensive experience in the sector, currently serving as President and COO of Globex Mining Enterprises Inc. (TSX: GMX, MCAP: $146M). Mr. Christie was also one of the founders, President, CEO, of Orford Mining Corp., which was sold to Alamos Gold (TSX: AGI) in April 2024.
What makes LSTR particularly interesting is that it is still in the early stages of development, offering exposure to potential upside through exploration in a highly attractive region dominated by major producers. We will be initiating coverage shortly.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
PR Title: Secures a new client
Analyst Opinion: Positive
Analyst Comment:
Enterprise Group has secured an undisclosed client, a Canadian oil and gas producer, and will deploy its natural gas turbines to provide reliable power for the client’s operations. North American energy sector CAPEX was down 4% last year due to lower oil prices, but is projected to rise 5–7% in 2026 with an expected oil price recovery, lower interest rates, and modest GDP growth. We believe this increase in spending should benefit oilfield service providers like E.
FRC Top Picks
The table below highlights last week’s top five performers, with Fortune Minerals Limited (TSX: FT) leading the way, up 18%. FT hosts North America’s largest primary cobalt deposit, the world’s largest bismuth deposit, and a significant gold resource.
*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Noram Lithium, Kidoz Inc., Enterprise Group, Giga Metals Corporation, Sonoro Gold, Skyharbour Resources, Silver X Mining, Trident Resource, Chilean Cobalt, Doubleview Gold, Millennial Potash, Builders Capital, and Rocket Doctor AI 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.
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.
