Market Intel Weekly
Portfolio Wins, Market Movers & New Ideas
Author: FRC Analysts Published: March 30, 2026
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 Denarius Meals Corp, Enterprise Group, Giga Metals, Lake Resources, Panoro Minerals, Rocket Doctor AI, Olympia Financial, Energy Vault Holdings, West High Yield Resources, Silver X Mining, Blue Star Helium, Aton Resources, Denarius Metals, and Ecolomondo Corporation.
* All figures are in C$ unless otherwise noted, except for commodity prices, which are in US$.
In this edition, we review the performance of our two portfolios, both of which outperformed their benchmarks last week
- Fair Value Model Picks: Last week, companies on our list were up 1.7% on average vs a 3.0% loss for the S&P 500. View the full list by sector.
- FRC Top Picks: Last week, companies on our list were up 0.1% on average vs a 0.9% loss for the TSXV. Visit the full list by sector.
*Past performance is not indicative of future performance.
Energy continued to lead gains on rising oil prices, and supply concerns, while Basic Materials rebounded on stronger metals prices. This morning, markets reacted positively to Fed Chair Jerome Powell’s comments that there is no immediate need to raise interest rates, as inflation remains under control. However, markets ended lower as President Trump’s hawkish statements pushed oil prices higher, signaling continued volatility amid the ongoing Middle East conflict.
We also cover material developments from companies under our coverage, including financial services, energy tech, AI technology, and resource juniors targeting gold, silver, helium, and magnesium. We are also introducing a cleantech company, which we plan to initiate coverage on in the coming weeks, with our preliminary review indicating strong potential.
Last Week’s Five Most-Read Reports
Updates on Resource Companies Under Coverage
Denarius Metals Corp. (DMET.NE)
PR Title: Zancudo gold-silver project PEA highlights (All figures in US$)
Qualified Person: Scott E. Wilson, CPG, President of RDA, independent consulting geologist
Analyst Opinion: Positive
Analyst Comment: DMET has completed an independent economic assessment (PEA) on its Zancudo project in Colombia. The project is in an early production phase, including mining and crushing, but processing has not yet begun. The company has approval to build a 1,000 tpd processing plant, expected to be completed by Q3-2026, at which point the mine will reach full production. Potential annual output is 40–50 koz of gold, and approximately 0.2 Moz of silver, classifying it as a mid-sized gold producer.
The PEA is based on an 11-year mine life, with an after-tax NPV5% of $324M, assuming gold and silver prices of $4,000/oz (spot: $4,550/oz) and $50/oz (spot: $70/oz), respectively. DMET is trading at 55% of NPV, indicating the market is not fully valuing the project, and discounting the company’s other assets.
Estimated cash costs of $2,448/oz are on the high side, but the project is mostly funded, with only $11M in remaining CAPEX. We believe the study was conservative, covering just 60% of total resources. We will publish a detailed update shortly.
PR Title: High-grade results from a drill program at the Abu Marawat gold-silver-copper-zinc project in Egypt
Qualified Person: Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources
Analyst Opinion: Positive
Analyst Comment: The first 14 holes on one of the company’s properties in Egypt returned significant polymetallic mineralization, including 20 m of 23.83 g/t AuEq (21.85 g/t Au, 178 g/t Ag, 0.55% Cu, and 5.21% Zn), 9 m of 20.54 g/t AuEq, and 14 m of 6.15 g/t AuEq. These are very high grades, as typical gold-rich polymetallic mines average 2–8 g/t. These results support the potential to upgrade the property’s inferred resources (lower confidence), into the indicated category (higher confidence).
The company plans to release a resource estimate on four targets, and is focused on bringing its first target, Hamama West, into production by late 2027, via a low-CAPEX, low-OPEX open-pit and heap leach operation, expected to produce 13–15 Koz per year. Management’s long-term strategy is a hub-and-spoke model, with a central processing plant (the hub), and small nearby mines (the spokes). This approach can reduce costs, accelerate production, and improve efficiency compared with building separate plants at each site.
Blue Star Helium Limited (BNL.AX)
PR Title: Closes a $10M financing (All figures in A$)
Analyst Opinion: Positive
Analyst Comment: BNL is up 80% since we initiated coverage last month. Proceeds from the latest financing came from institutional and sophisticated investors, which we view as a vote of confidence from smart money. The company’s processing facility is now fully operational, producing 98% helium, with plans to ramp up production, and bring its second project, Pegasus, online later this year. We estimate BNL’s projects could support 15+ years of operations, and accommodate four processing plants, serving more than 30 wells. At full build-out, we estimate $120M in revenue, and $77M in operating profit. BNL currently trades at 0.5x our operating profit estimate vs >4x for peers, suggesting the market has yet to recognize its true potential.
Helium has gained attention over the past few weeks due to the Middle East conflict, as Qatar accounts for 35% of global helium supply. This has created supply vulnerability, and with a significant supply deficit expected later this decade, we anticipate a surge in investor interest in the helium sector.
PR Title: Adds a second polymetallic project in Peru
Qualified Person: A. David Heyl, B.Sc., CPG, Consultant for Silver X
Analyst Opinion: Positive
Analyst Comment: AGX is acquiring the 7,712.5-hectare Pampas gold-silver project in Huancavelica, Peru, for $2.3M in staged payments. The project is just 40 km from its producing Nueva Recuperada mine, which is important because any gold or silver discovery could be quickly, and cheaply brought into production using existing facilities. Pampas has at least 36 identified veins, and historical samples reached up to 85.9 g/t gold and 1,065 g/t silver, which are extremely high grades compared with typical mines, averaging 0.5–1 g/t gold, and 100–200 g/t silver. The project has never been systematically drilled, so we believe testing it now is a promising opportunity. The company plans to start by validating past work, and mapping the veins, followed by a 5,000-m drill program. We anticipate record revenue and EPS when the company releases its 2025 results next month.
West High Yield (W.H.Y.) Resources Ltd. (WHY.V)
PR Title: Receives temporary injunction
Analyst Opinion: Negative
Analyst Comment: WHY received a temporary setback when a court issued an injunction, halting construction at its Record Ridge magnesium project in B.C., until a judicial review of the environmental approval can be completed. The project was originally approved in August 2025. The injunction was requested by a group of community members, and the judicial review hearing is set for May 5, 2026. WHY has filed to appeal the injunction, while continuing to defend its approvals and project plans.
Since the news, shares have remained relatively flat, suggesting the market is anticipating the issue will be resolved. This development is disappointing, especially given the project’s recent progress, including the announcement of a definitive forward sales agreement. With magnesium recognized as a critical mineral in North America and the EU, we believe the government is likely supportive of advancing production. That said, the injunction introduces uncertainty in development timelines. We are not changing our valuation, as our previous assumptions already conservatively forecasted production to begin in 2029–2030. We will continue to monitor the situation closely, and revisit our view after the May hearing.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Energy Vault Holdings, Inc. (NRGV)
PR Title: Acquires 175 MW McMurtre BESS in Texas (All figures in US$)
Analyst Opinion: Positive
Analyst Comment: NRGV has acquired the McMurtre Battery Energy Storage System (BESS), a 175 MW / 350 MWh battery storage project near Dallas, Texas, from Belltown Power, a renewable energy developer. Terms of the acquisition were not disclosed. The project is expected to begin operations in late 2027. NRGV has not yet named an offtake counterparty, though management said it is evaluating multiple investment-grade offtake structures.
The acquisition increases NRGV’s Asset Vault portfolio to 616 MW / ~3.0 GWh. In addition, the company has outlined another 100 MW tied to AI/data-center-related powered infrastructure. According to NRGV, McMurtre is expected to generate $15–$20M of annual revenue, while Asset Vault is targeting $100–$150 million of annual recurring EBITDA within four years across approximately 1.5 GW of capacity. Of the projects currently in the platform, two are already operational, while most of the remaining assets are expected to come online in 2027–2028.
Olympia Financial Group Inc. (OLY.TO)
PR Title: Divests non-core FOREX business
Analyst Opinion: Positive
Analyst Comment: OLY is selling its Olympia Currency and Global Payments division (OCGPI). While the sale price has not been disclosed, the company expects the deal to close this week. OCGPI primarily facilitates currency exchange, and cross-border payments, for corporations and individuals. The division generated $5M in revenue in 2025, representing 5% of total company revenue. We view this as a pragmatic divestiture: OCGPI was small, non-core, and outside Olympia’s primary area of expertise, with revenues declining over the past two years. The sale should allow the company to simplify operations, and focus capital and execution on its higher-priority trust, and administration businesses.
Rocket Doctor AI Inc. (AIDR.CN)
PR Title: Expands California coverage
Analyst Opinion: Positive
Analyst Comment: RD has signed an agreement, enabling over 2M individuals in California to access its services through their health plans. RD operates an AI-powered digital health platform that connects physicians and patients virtually. Active in Canada since 2020, the company recently expanded into the U.S., generating revenue primarily from doctor subscriptions and per-appointment fees.
With this addition, RD’s total network reach surpasses 17M members across major U.S. markets, primarily California and New York. The move reflects RD’s strategy of growing its patient base through partnerships with insurers.
Ecolomondo Corporation (ECM.V)
PR Title: Transforming tire waste into high-value commodities
Analyst Comment: We have commenced our due diligence on ECM, and will be initiating coverage shortly. Here is a quick overview of the company.
ECM is a Canadian cleantech company that has commercialized a proprietary Thermal Decomposition Process (TDP) to transform hydrocarbon waste, particularly end-of-life tires, into high-value reusable commodities such as carbon black, oil, gas, steel, and fiber. Carbon black is a key ingredient used to strengthen tires, rubber goods, plastics, coatings, and inks. Recycling is increasingly important as it conserves natural resources, reduces landfill waste, lowers environmental impact, and creates economic opportunities by turning waste into valuable products. It is estimated that approximately 1 billion tires reach end-of-life globally each year, creating a significant environmental management challenge, due to their slow decomposition.
ECM’s TDP applies controlled heat in the absence of oxygen to break down complex waste into marketable outputs, with lower environmental impact than conventional disposal methods. The company already has offtake agreements in place, where customers have tested and approved the quality of the recovered materials, a strong validation of the technology’s commercial viability.
ECM’s Process
The company’s business model is multi-revenue and scalable, generating income by selling recovered materials to industrial buyers, and charging processing (tipping) fees for waste handling. Its first operational facility in Hawkesbury, Ontario, is expected to process over 1 million scrap tires annually, while the planned Shamrock, Texas facility will be roughly three times larger. ECM also plans multiple facilities in Europe through partnerships, reflecting a strategy to build and operate modular, turnkey plants globally.
Chairman & CEO Elio Sorella has personally invested approximately $35-$40M into the company, and currently owns 74% of the equity, aligning management incentives with shareholders. We believe continued expansion of facilities, and international market entry, position ECM for broader market penetration, and long-term growth. Our upcoming report will include a detailed analysis of the company, sector overview, financial projections, and a fair value estimate on the stock.
FRC Top Picks
Last week, companies on our list were up 0.1% on average vs a 0.9% loss for the benchmark (TSXV). Over the past six months, our picks are up 12.7% on average vs a 2.6% loss 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 Denarius Meals Corp, Enterprise Group, Giga Metals, Lake Resources, Panoro Minerals, Rocket Doctor AI, Olympia Financial, Energy Vault Holdings, West High Yield Resources, Silver X Mining, Blue Star Helium, Aton Resources, Denarius Metals, and Ecolomondo Corporation 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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