Market Intel Weekly
New Addition to Our Top Picks & Graphite Junior Riding the Critical Minerals Wave
Author: FRC Analysts Published: December 22, 2025
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.
Highlights
*Disseminated on behalf of Denarius Metals, Millennial Potash, South Star Battery, Lake Resources, Noram Lithium, Graphite One, Sonoro Gold, Doubleview Gold, and North Peak Resources. See the bottom of this report for other important disclosures.
Graphite One (TSXV: GPH) grabbed headlines last week as EXIM Bank increased its potential debt financing from US$0.90B to US$2.07B, underscoring the strategic push for a U.S.-based graphite supply chain. This report also highlights strong drill results from Doubleview Gold (TSXV: DBG), and North Peak Resources (TSXV: NPR), while Denarius Metals (CBOE: DMET), which rose 17% last week, topped our Top Picks for the second time in three weeks.
Last week, we added gold junior Sonoro Gold (TSXV: SGO) to our Top Picks, highlighting its near-term catalysts. Over the past year, our Top Picks have returned an average of 102%, outperforming the benchmark’s 68% gain. 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
Graphite One Inc.
PR Title: EXIM Bank boosts financing support for GPH to US$2.07B
Analyst Opinion: Positive – GPH has received amended non-binding Letters of Interest from the U.S. Export-Import Bank (EXIM), increasing potential debt financing to US$2.07B (previously US$0.90B). Funds will be used to build GPH’s proposed Alaska graphite mine, and Ohio treatment plant, producing battery anode materials and other refined graphite products. We view this as a major vote of confidence in GPH’s portfolio and management. GPH’s Graphite Creek project in Alaska is the largest known graphite deposit in the Americas. The company aims to build a U.S.-based graphite supply chain. EXIM would cover 70% of capital costs. GPH is in discussions with leading investment banks to finance the remaining 30%. We believe the U.S. has a pressing need for domestic graphite production, as it currently imports 100% of its graphite consumption, and has designated graphite as a critical mineral. While the global graphite market is currently in surplus, it is expected to shift to a supply deficit by the end of the decade, suggesting a robust long-term price outlook.
Doubleview Gold Corp.
PR Title: Announces $2M private placement (QP: Erik Ostensoe, P. Geo., Consulting Geologist of DBG)
Analyst Opinion: Positive – This financing follows a successful drill program totaling 13,290 m across 19 holes, the largest in the company’s history. The program confirmed that the Hat copper-gold-cobalt-scandium project in B.C. hosts a large, vertically extensive system, with every hole intersecting mineralization. Drilling also extended mineralization beyond the 2024 open-pit design, indicating potential for resource expansion. We anticipate an updated resource estimate and PEA in the coming months.
North Peak Resources Ltd.
PR Title: Confirms historic waste rock pile mineralization at Prospect Mountain, Nevada (QP: David Pym, CGeol., Consulting Geologist of NPR)
Analyst Opinion: Positive – All 11 holes on a historic waste rock pile intersected mineralization, with grades up to 2.34 g/t Au and 68 g/t Ag (in our view, grades >0.5 g/t Au and >50 g/t Ag are attractive), suggesting the pile could potentially be economic. NPR is awaiting results from an additional 14-hole program. Management plans follow-up drilling and metallurgical tests next year. Prospect Mountain is a past-producing gold-silver-lead project in Nevada’s Eureka district, adjacent to i-80 Gold’s Ruby Hill project (TSX: IAU), and McEwen Inc.’s (NYSE: MUX) Eureka property.
The table below highlights last week’s top five performers from our Top Picks. For the second time in three weeks, Denarius Metals (CBOE: DMET) led the list, rising 17%. The company is advancing two mines toward production in 2026 – a gold mine in Colombia, and a nickel-copper mine in Spain.
Last week, we also added gold junior Sonoro Gold Corp. (TSXV: SGO) to our list. The company could reach production within 13 months of receiving approval of its Environmental Impact Statement (MIA), which management expects in Q1-2026. Read our latest report here.
| Top Five Weekly Performers | WoW Returns |
| Denarius Metals Corp. (DMET.NE) | 16.70% |
| Millennial Potash Corp. (MLP.V) | 14.60% |
| South Star Battery Metals Corp. (STS.V) | 11.50% |
| Lake Resources NL (LKE.AX) | 11.10% |
| Noram Lithium Corp. (NRM.V) | 10.50% |
* Past performance is not indicative of future performance (as of Dec 22, 2025)
Source: FRC
Our top picks have outperformed the benchmark (TSXV) in four out of seven time periods listed below.
*Disclaimers – Annual fees ranging from $15,000 to $35,000 have been paid to FRC by Denarius Metals, Millennial Potash, South Star Battery, Sonoro Gold, Lake Resources, Noram Lithium, Graphite One, Doubleview Gold, and North Peak 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.
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