Market Intel Weekly
Navigating Volatility: How Our Portfolios Outperformed Last Week
Author: FRC Analysts Published: March 23, 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 Noram Lithium, Olympia Financial, Atrium Mortgage, Builders Capital, Enterprise Group, Delivra Health, Giga Metals, Southern Silver Exploration, and Churchill Resources.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
In this edition, we review the performance of our two portfolios, both of which outperformed their benchmarks last week
- Fair Value Model Picks: Last week, companies on our list were down 0.6% on average vs a 1.5% loss for the S&P 500. View the full list by sector.
- FRC Top Picks: Last week, companies on our list were down 6.6% on average vs an 8.9% loss for the TSXV. Visit the full list by sector.
*Past performance is not indicative of future performance.
Energy stocks continued to deliver relatively strong performance, while Basic Materials lagged, amid rising tensions in the Middle East. Markets rallied after President Trump described recent talks with Iran as productive, and postponed planned military strikes. While this temporarily eased investor fears, uncertainty remains regarding the duration and outcome of the ongoing Middle East conflict. We expect the next few days to be critical, with continued volatility likely. Any positive news could trigger a sharp rebound in beaten-down sectors, particularly Basic Materials.
We also cover material developments from companies under our coverage, including a health and wellness firm launching its first kid-focused product, and resource juniors targeting silver, gold, nickel, copper, and antimony.
Last Week’s Five Most-Read Reports
| Report Type | Publication Date | Report Name |
| Market Intel Weekly | Mar 16, 2026 | Defensive Wins Amid Turmoil: Market Insights & Hidden Opportunities |
| Focus Graphite Inc. – Initiating Coverage | Mar 19, 2026 | The Graphite Arbitrage: High-Grade, Low-Cost Supply for Defense & Critical Industries |
| Althea Copper Corp. – Introductory Note | Mar 18, 2026 | A High-Grade Copper Junior Nearing Listing |
| Millennial Potash Corp. – Update | Mar 20, 2026 | Big Catalysts Ahead as Middle East Tensions Tighten Potash Supply |
| Energy Vault Holdings Inc. – Update | Mar 18, 2026 | 2025 Beat, Robust Pipeline Growth & AI Energy Expansion |
Updates on Resource Companies Under Coverage
Southern Silver Exploration Corp. (SSV.V)
PR Title: Additional high-grade drill results from the Cerro Las Minitas (CLM) project in Durango, Mexico
Qualified Person: Robert MacDonald, MSc., P.Geo., VP Exploration of Southern Silver
Analyst Opinion: Positive
Analyst Comment: All six holes from a recently completed 23-hole drill program on the newly acquired Puro Corazon claims (located near the flagship CLM project) intersected significant silver-lead-zinc mineralization. Results included a bonanza-grade interval of 1.35 m grading 2,062 g/t AgEq, within a broader 6.3 m interval grading 874 g/t, well above typical grades of 100–300 g/t for comparable projects. Higher grades are particularly attractive, as they typically support higher production rates at lower costs. Once all results are received, the company plans to update its resource estimate, and a previously conducted independent economic study (PEA).
The project already hosts a large, silver-rich polymetallic resource, and current results indicate significant expansion potential. This suggests the possibility of a longer mine life, and stronger project economics, making the asset potentially more valuable than previously estimated.
Churchill Resources Inc. (CRI.V)
PR Title: Additional results from the Black Raven project in Newfoundland and Labrador
Qualified Person: Derek H.C. Wilton, P.Geo., FGC, Independent QP to Churchill Resources
Analyst Opinion: Positive
Analyst Comment:
Drilling returned very high-grade antimony intercepts of up to 7.25% over 2 m, well above the 2% threshold typically considered high grade, supporting stronger project economics. Mineralization has been traced over an 800 m strike length, to a depth of 100 m, and remains open in multiple directions. Antimony is drawing increasing interest due to its critical role in batteries, clean energy, military systems, alloys, and semiconductors, while export restrictions from China, the dominant producer, are driving demand for North American supply.
The company also identified a second, parallel vein hosting gold and silver, with results of 1 m grading 5.89 g/t AuEq, significantly above the typical global range of 0.5–2 g/t. In addition, surface sampling returned up to 10.59 g/t AuEq at another prospect.
Overall, we believe these results indicate potential for promising high-grade polymetallic targets, justifying additional exploration work.
Giga Metals Corporation (GIGA.V)
PR Title: Closed a $0.9M equity financing
Analyst Opinion: Positive
Analyst Comment:
Proceeds will fund exploration at the company’s Turnagain project in northern B.C., which hosts one of the world’s largest undeveloped nickel-cobalt deposits. Management plans a follow-up geophysical program on the Attic zone, a highly prospective, but underexplored area adjacent to the main nickel-cobalt deposits. Last year, GIGA reported encouraging geophysical results from this zone.
While Turnagain is already proven for its vast nickel and cobalt resources, the Attic zone shows potential for copper, platinum, and palladium. The prospect for copper and PGE is particularly promising, as it could add a new dimension to the project. Additional surveys are planned to refine drill targets ahead of the first drilling campaign at the Attic zone.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Delivra Health Brands Inc. (DHB.V)
PR Title: Launches Dream Water® kids sleep gummies in the U.S.
Analyst Opinion: Positive
Analyst Comment:
DHB is launching Dream Water Kids Sleep Gummies in the US, marking its first kid-focused product following earlier adult gummy offerings, signaling promising demand for chewable sleep aids. The gummies are formulated with melatonin, and are free from artificial colors, gelatin, and gluten. DHB’s products are already available in 30,000+ U.S. and Canadian outlets, including major retailers, airports, and pharmacy chains, supporting rapid distribution.
Sources indicate that 40–50% of U.S. children do not meet recommended sleep levels, with 25–50% of children and adolescents affected by sleep issues, highlighting a clear need for supportive solutions. Melatonin use in kids is already common, with many parents giving it to children to aid sleep. With strong retail presence, and real demand from families, we believe DHB’s first children’s gummy product is well-positioned to tap a sizable, growing market.
FRC Top Picks
Last week, companies on our list were down 6.6% on average vs an 8.9% loss for the benchmark (TSXV). Over the past six months, our picks are up 11.3% on average vs 1.6% for the benchmark. Visit our website to view our full list of Top Picks by sector.
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*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Noram Lithium, Olympia Financial, Atrium Mortgage, Builders Capital, Enterprise Group, Delivra Health, Giga Metals, Southern Silver Exploration, and Churchill Resources 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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