Market Intel Weekly
FRC Model Picks Outperform as Industrials and Materials Rally
Published: June 1, 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 Nimy Resources, Focus Graphite, Fortune Minerals, Trident Resources, First Phosphate, Monument Mining, White Cliff Minerals, Kingman Minerals, Olympia Financial, Noram Lithium Corp., Denarius Metals Corp., and Millennial Potash.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
Last week, companies on our list of FRC Model Picks returned +0.7% on average vs -0.5% for the benchmark (NYSE Equal Sector Weight/EQL). Since inception on February 9, 2026, our picks have returned +5.0% on average vs +2.7% for the benchmark.
Last week, companies on our list of FRC Top Picks returned -2.3% on average vs +3.7% for the benchmark (TSXV). Our picks have outperformed the benchmark in four of the seven time periods reviewed.
Equity markets advanced last week, led by industrials, basic materials, and consumer cyclical sectors. Healthcare and consumer defensive lagged as investors rotated out of defensive sectors, and into growth-oriented areas. While developments in the Middle East remain a key focus, we note that investor attention is increasingly shifting toward inflation data, central bank commentary, and economic indicators.
In this edition, we highlight recent developments from companies under coverage, including a financial services company, and junior resource companies focused on copper, gold, and phosphate.
*Past performance is not indicative of future performance.
Last Week’s Five Most-Read Reports
Updates on Resource Companies Under Coverage
Trident Resources Corp. (ROCK.V)
PR Title: Contact Lake Delivers More High-Grade Gold (Saskatchewan)
Qualified Person: Cornell McDowell, P.Geo., VP Exploration of Trident Resources
Analyst Opinion: Positive
Analyst Comment: All eight holes drilled at the Contact Lake target intersected gold mineralization, including 17.88 g/t gold over 11.25 m, with a bonanza-grade interval of 350 g/t over 0.5 m. Another hole returned 93.44 g/t over 1 m. These grades are well above the 0.5–2 g/t typical of similar gold projects, and Contact Lake’s current average resource of 1 g/t.
The results confirm high-grade gold mineralization across multiple areas of the Contact Lake target, which currently has no resource estimate. The target is part of a project that includes a past-producing mine, three resource-stage deposits, and several underexplored targets. The company is awaiting results from seven additional holes, with a maiden resource estimate at Contact Lake representing a potential catalyst.
ROCK is up 595% since we initiated coverage in May 2025. We will be publishing a detailed update shortly on what these results mean for the project’s overall potential.
First Phosphate Corp (PHOS.CN)
PR Title: Announces $5M Equity Financing
Analyst Opinion: Positive
Analyst Comment: Funds will be used for exploration, and further strengthen an already solid balance sheet, with ~$20M in cash, and no debt. See our latest report published last week on the recently updated resource estimate, which materially improved the scale and confidence of the Bégin-Lamarche phosphate project in Quebec. PHOS is progressing toward an advanced economic study (feasibility), while advancing permitting, strategic partnerships, and project financing, with production targeted for 2029.
PR Title: High-Grade Drilling Supports Resource Growth (Malaysia)
Qualified Person: Jamie Brown, BSc., MAIG, Chief Managing Geologist of Monument Mining
Analyst Opinion: Positive
Analyst Comment: MMY reported results from 23 additional drill holes, extending gold mineralization both laterally and at depth. Highlights included 1.1 m at 13.9 g/t gold, and several multi-metre intervals grading 1.0–7.5 g/t, well above the current resource grade of 1.5–2.0 g/t. The results support further resource growth, and a longer mine life.
The company has completed 123 holes to date, with results pending from 19 holes. An updated resource estimate is expected by late 2026.
Q3 results (ended March 2026) are due this week, and we expect record production and revenue.
White Cliff Minerals Limited (WCN.AX)
PR Title: Copper Mineralization Confirmed Over 1.5 km
Qualified Person: Eric Sondergaard, Director of White Cliff Minerals
Analyst Opinion: Positive
Analyst Comment: Results from the first five holes of an ongoing drill program confirmed copper mineralization over 1.5 km at the recently discovered Danvers 2 prospect. Located about 4 km from Danvers 1, the project’s most advanced target, with a strike length of ~950 m, the discovery significantly expands the known scale of the Rae copper project in Nunavut.
Highlights included 15.24 m at 1.51% copper, including 1.52 m at 5.18% copper, along with several other intervals grading 0.42–1.91% copper. For context, copper mines globally typically operate at grades of 0.3–1.0% copper.
Approximately 2,600 m has been drilled this year, with another ~6,000 m planned. Importantly, about 10 km of the prospective corridor remains largely untested, leaving substantial room for additional discoveries.
PR Title: Disappointing Drill Results, But Exploration Potential Remains
Analyst Opinion: Negative
Analyst Comment: Results from a recently completed eight-hole drill program at the Mohave gold project, Arizona, were disappointing, as economic-grade gold mineralization was not encountered. However, the program confirmed the mineralized system extends beyond the historic mine on the property, and identified new drill targets. The company has permits in place for 16 additional drill holes to test deeper targets. Despite the setback, KGS remains highly undervalued, trading at just $8/oz gold equivalent resources vs the sector average of $83/oz, a 90% discount.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Olympia Financial Group Inc. (OLY.TO)
PR Title: Cuts Dividend Despite Strong Core Business
Analyst Opinion: Negative
Analyst Comment: Olympia reduced its monthly dividend by 17% to $0.50/share ($6.00 annualized). We did not anticipate the cut, as our models suggested the company could have maintained its previous dividend.
We believe management has adopted a more conservative stance following mixed Q1 results. Client assets increased 4% QoQ to $13.7B, and core services revenue rose 8% YoY, indicating the company’s core business remains strong. However, total revenue declined 8% YoY, and adjusted EPS fell 43% YoY, largely due to lower interest income on unallocated client capital, a cyclical factor that is mostly outside management’s control.
OLY is down 10% since the announcement, leaving the yield largely unchanged at ~6%.
FRC Top Picks
Last week, companies on our list returned -2.3% on average vs +3.7% for the benchmark (TSXV). Our picks have outperformed the benchmark in four of the seven listed 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 Panoro Minerals (+3%), which is advancing a large copper-gold project in Peru, and recently announced a $21M equity financing.
To view the complete report, click on the button above.
*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Nimy Resources, Focus Graphite, Fortune Minerals, Trident Resources, First Phosphate, Monument Mining, White Cliff Minerals, Kingman Minerals, Olympia Financial, Noram Lithium Corp., Denarius Metals Corp., and Millennial Potash 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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