Market Intel Weekly
Top Picks and Fair Value Model Picks Gain as Geopolitical Tensions Boost Energy and Materials
Author: FRC Analysts Published: March 2, 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 Denarius Metals, Trident Resources, Kidoz Inc., Panoro Minerals, DLP Resources, Rocket Doctor AI, Olympia Financial Group, Churchill Resources, Cupani Metals, iMetal Resources, Noram Lithium, Millennial Potash, Sonoro Gold, Monument Mining, and Doubleview Gold.
In this edition, we review the performance of our two portfolios – FRC Top Picks and Fair Value Model Picks.
- Fair Value Model Picks: Last week, our picks gained 2.1% on average, outperforming the S&P 500, which rose 0.6%. Since the portfolio’s launch on February 9, 2026, our picks are up 1.3%, compared with a 1.2% decline for the benchmark. View the full list by sector.
- Top Picks: Last week, our picks gained 3.8% vs 5.5% for the TSXV, and over the past month, they rose 8.3% vs 7.6%, beating the benchmark in four of seven tracked periods. Visit our website to view our full list of Top Picks by sector.
Energy and Basic Materials outperformed most sectors, reflecting rising geopolitical tensions in the Middle East. Higher oil prices, safe-haven demand for gold and other commodities, and persistent inflation fears have supported these sectors. We expect them to continue outperforming as tensions in the region are likely to persist for several weeks.
We also cover Q4-2025 results from a gold miner, an adtech company, and a financial services firm, all beating our estimates. Other key developments include significant resource growth, robust economic studies, and promising exploration results across gold, silver, copper, potash, and critical minerals.
*Past performance is not indicative of future performance.
Updates on Resource Companies Under Coverage
PR Title: Hat project in B.C. posts significant resource growth, and compelling economics
Qualified Person: Tomasz Wawruch, FAusIMM and several other independent consultants of Doubleview Gold
Analyst Opinion: Positive
Analyst Comment: Measured and Indicated (higher-confidence) resources rose 330% to 5.82 Blbs CuEq (copper equivalent), while inferred (lower-confidence) resources increased 26% to 4.57 Blbs CuEq, with average grades rising 17%. We view this as a major upgrade, delivering not only higher metal content, but also higher grades, which implies longer potential mine life, and higher production potential at lower costs.
The updated resource also includes a maiden scandium resource, representing a major breakthrough. Scandium, a critical mineral, is a rare-earth element primarily used in super-alloys and ceramic fuel cells. Overall, the Hat project is a large copper-gold deposit distinguished by the rare presence of scandium and cobalt.
Shortly after the resource update, the company announced results of an independent economic study (PEA), which returned an after-tax NPV5% of $7B, and an IRR of 19%. By comparison, the company’s MCAP of $601M suggests the stock is trading at just 9% of the project’s NPV at consensus price forecasts, which is approximately 30% below spot prices. We view an IRR above 15% as indicative of a robust mining project.
At spot metal prices, the economics are even more compelling, with an after-tax NPV5% of $15B, and an IRR of 32%. The project is capital intensive, with an estimated initial CAPEX of $4B, but we view these results as likely to attract project financiers and/or major miners to partner with the company to advance the project.
Monument Mining Limited (MMY.V)
PR Title: Reports record quarterly revenue and EPS
Analyst Opinion: Positive
Analyst Comment: MMY reported record revenue and EPS in the quarter ended December 2025, driven by higher gold sales (up 53% YoY to 14 koz), and rising gold prices (up 57% YoY). Revenue jumped 149% YoY to US$49M, exceeding our estimate by 12%, while EPS rose 128% YoY to US$0.06, beating our estimate by 10%. We will publish a detailed earnings report shortly. MMY is up 264% YoY, outperforming gold (+89%), and the VanEck Junior Gold Miners ETF (+218%).
Millennial Potash Corp. (MLP.V)
PR Title: Strategically expands land package of Banio potash project (Gabon)
Qualified Person: Peter J. MacLean, Ph.D., P.Geo., Director of MLP
Analyst Opinion: Positive
Analyst Comment: MLP has secured a new exploration permit covering 261 km², adjacent to the company’s main exploration permit, bringing the total area of the project to 1,500 km². The new permit is strategically important, as it covers a coastal road and provides access to the ocean, offering potential infrastructure routes that could support project development.
A 2024 independent study (PEA) indicated the project could support 25 years of production, with an after-tax NPV10% of US$1.1B. MLP’s MCAP of US$222M suggests the shares are trading at only about 20% of the project’s NPV, highlighting significant potential upside. We believe an updated resource estimate in 2025 has improved the project economics presented in the 2024 study. MLP plans additional drilling this year, followed by a resource update ahead of an advanced economic study (feasibility study).
PR Title: Zeus lithium project in Nevada shows potential for critical minerals
Qualified Person: Brad Peek, MSc., CPG., VP Exploration, Noram Lithium
Analyst Opinion: Positive
Analyst Comment: Preliminary modeling indicates the project could potentially host recoverable critical minerals, including molybdenum, cesium, rubidium, and potash. This represents a major milestone, as the project has previously been evaluated only for its lithium potential. These additional by-products could significantly improve project economics, and make the project a stronger candidate for federal grants, project financing, and permitting priority. Management plans to incorporate these by-products into an updated independent economic study (PEA).
A 2021 PEA estimated the project’s after-tax NPV8% at US$1.3B, assuming highly conservative lithium prices of US$9,500/tonne (current spot: US$25,060/tonne). However, NRM is currently trading at only 0.8% of this estimated project value, a substantial gap.
PR Title: Cerro Caliche gold project in Mexico delivers strong resource growth, and attractive economics
Qualified Person: Eugene Puritch, P.Eng., FEC, CET, and Stephen Kenwood, P.Geo., of Sonoro Gold
Analyst Opinion: Positive
Analyst Comment: Measured and Indicated (higher-confidence) resources increased 122% to 644 Koz AuEq, despite a 15% decline in grades. We view this as a substantial improvement, as the larger resource base suggests a longer mine life, more than offsetting the impact of lower grades.
The company also released results from an independent economic study (PEA), showing an after-tax NPV8% of US$224M, and a very high IRR of 50%. We consider an IRR above 15% indicative of a robust mining project. With a MCAP of US$66M, we estimate the stock is trading at just 29% of the project’s NPV at US$3,500/oz gold, roughly 34% below spot prices. At current spot metal prices, the economics are even more compelling, with an after-tax NPV8% of US$525M, and an IRR of 91%.
The project is relatively cheap to develop, with an estimated initial CAPEX of US$83M, and could reach production within 13 months of receiving approval for its Environmental Impact Statement (MIA), which management expects in the coming months.
PR Title: Drilling confirms expanding gold system at Gowganda West gold project, Ontario
Qualified Person: R.Tim Henneberry, P.Geo., Director of iMetal Resources
Analyst Opinion: Positive
Analyst Comment: Four out of six drill holes in the area around the hole that first found gold (48.5 m at 0.85 g/t) showed significant values, suggesting the gold system may be larger and extend beyond what was previously identified. Key results include 62.25 m averaging 0.61 g/t gold, with a higher-grade section of 16.65 m at 1.24 g/t gold. For context, gold mines around the world usually have grades between 0.5 and 1.5 g/t, so these early results are promising. Gowganda West is an early-stage project with potential for vein-style deposits, which can be high-grade and lower-cost to operate. It is located next to McFarlane Lake Mining Limited’s (CSE: MLM) Juby project, which hosts 4 Moz of gold. Having a major gold resource nearby is a positive sign, as it increases the likelihood of finding similar gold systems in the area.
PR Title: Identifies two new high-potential targets at Blue Lake property in Quebec
Qualified Person: Jacquelin Gauthier, P.Geo., VP Exploration of Cupani Metals Corp.
Analyst Opinion: Positive
Analyst Comment: Recent exploration found two new areas, North Retty and Retty Lake Northwest, with promising copper and other metals grading between 0.40% and 0.83% CuEq. For context, copper mines around the world usually operate at grades between 0.2% and 1% Cu, so these results are encouraging. These new zones add to other known targets like Pogo Northwest and Blue Lake North, as well as older areas that were never fully drilled, including one with a historic unverified high-grade resource. The project is still in the early stages, but having many potential targets is a big advantage, giving the company multiple opportunities for discovery. Cupani is starting a 3,000–4,000 m drill program to test several high-potential targets.
Churchill Resources Inc. (CRI.V)
PR Title: Early drilling reveals broad, multi-metal system at Black Raven, Newfoundland and Labrador
Qualified Person: Dr. Derek H.C. Wilton, P.Geo., FGC, Independent QP to Churchill
Analyst Opinion: Positive
Analyst Comment:
Two early exploratory drill holes at the Pomley Cove Pond target, part of CRI’s Black Raven project, delivered encouraging results. They intersected parts of at least 20 veins containing gold, silver, lead, zinc, and molybdenum within a 120 m-wide zone, indicating a potentially broad mineralized system. Key intercepts include 1.37 m at 2.93 g/t AuEq, 0.20 m at 9.17 g/t AuEq, and 0.43 m at 2.34 g/t AuEq. For context, gold mines around the world typically have grades between 0.5 and 1.5 g/t, so these early results are promising.Pomley Cove Pond is one of five promising areas at Black Raven, where management plans 10 trenches, and 15–20 more drill holes. The project also hosts two small past-producing gold mines, and multiple showings of antimony, silver, copper, zinc, and lead.
Updates on Financials, Technology, Energy, and Special Situations Companies Under Coverage
Olympia Financial Group Inc. (OLY.TO)
PR Title: 2025 Results: Modest revenue and EPS decline, ahead of our estimates
Analyst Opinion: Positive
Analyst Comment: Revenue declined 3.94% YoY to $99M, but exceeded our estimate by 0.59%. EPS fell 17% YoY to $8.25, beating our estimate by 1.60%. The decline in revenue and EPS was primarily due to lower interest earned on unallocated client capital. However, we were pleased to see services revenue from core divisions increase 4.63% YoY, driven by higher transaction volumes. Dividends were maintained at $1.80/quarter, in line with our estimate, representing a 5.91% yield. We will publish a detailed earnings report shortly.
PR Title: Record Q4 revenue as ad growth accelerates, outpacing major platforms
Analyst Opinion: Positive
Analyst Comment: Q4 revenue rose 29% YoY to US$10M, the highest quarterly revenue in the company’s history, exceeding our estimate by 4%, driven primarily by strong growth in ad spending. By comparison, major platforms YouTube (NASDAQ: GOOGL)and Meta (NASDAQ: META) reported ad revenue growth of 9% and 24%, respectively. Looking ahead to 2026, we expect demand for KDOZ solutions to remain strong as regulators increase scrutiny around the misuse of children’s data and targeted advertising, supporting the need for safe, age-verified digital advertising solutions.
The company will report its 2025 audited financial statements in the coming weeks, at which time we will publish a detailed earnings report.
Rocket Doctor AI Inc. (AIDR.CN)
PR Title: Secures municipal partnership to expand rural virtual care
Analyst Opinion: Positive
Analyst Comment: RD has entered into a partnership with Lethbridge county (a municipal government) to provide rural residents with virtual access to Alberta-licensed physicians. The company operates an AI-powered digital health platform that connects doctors and patients online, making it particularly well suited for people in remote and underserved communities. Given the highly competitive digital healthcare space, we believe securing a municipal partnership represents a strong vote of confidence in the company’s platform and model.
2025 audited results are expected in the coming weeks, and we anticipate record revenue and EPS. AIDR is currently trading at 6x forward EBITDA, compared to the sector average of 22x, a 73% discount.
FRC Top Picks
Last month, companies on our Top Picks list were up 8.30% on average vs 7.60% for the benchmark (TSXV). Our top picks have outperformed the benchmark in four out of seven time periods listed below. 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 Metals, Trident Resources, Kidoz Inc., Panoro Minerals, DLP Resources, Rocket Doctor AI, Olympia Financial Group, Churchill Resources, Cupani Metals, iMetal Resources, Noram Lithium, Millennial Potash, Monument Mining, Sonoro Gold, and Doubleview Gold 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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