Weekly Top 5 Junior Mining Report
Best Reported Drill Results
We screened the past week’s published drill results and filtered them down to the 5 companies that reported exceptional grades, the kind of results that can move a stock.
Each company was then put through a full deep-dive using Doug Casey’s 9P framework, scored across ten dimensions on a scale of 1 to 10, and ranked from best opportunity to worst. The composite score out of 100 reflects everything from management quality and deposit grade to valuation and specific risk factors.
Covered in this Report
This report covers 5 companies: Scottie Resources Corp. (TSXV:SCOT, 78/100), Osisko Development Corp. (TSXV:ODV, 77/100), Formation Metals Inc. (CSE:FOMO, 76/100), ATEX Resources Inc. (TSXV:ATX, 76/100), and Arizona Metals Corp. (TSX:AMC, 75/100).
No. 1 - Scottie Resources Corp.
Ticker: TSXV:SCOT
Screening Price: C$2.2000 | Market Cap: C$166.0M
Drill Result Highlights
30.42 g/t Au over 5.60m
SR25-459: 30.4200 g/t Au over 5.60m - BB Vein - BONANZA
Key Data
Shares Outstanding: 75.6M
Enterprise Value: C$154.0M
Insider Ownership: 24.77%
P/NAV: 0.7700x
Financing: Dec 3, 2025 - Non-brokered PP (charity FT) C$24.2M at C$2.1400/share Press Release
9P Analysis
People (8/10): The management team is led by CEO Bradley Rourke and President Thomas Mumford, who have built the company from a grassroots explorer into a PEA-stage developer. COO Sean Masse adds operational depth. Insider ownership of 24.77% demonstrates strong alignment with shareholders. Ocean Partners, the largest shareholder at 13.51%, is a well-known mining-focused investment firm, and Franklin Resources (7.68%) adds institutional credibility.
Property (9/10): The Scottie Gold Mine is a past-producing, high-grade, vein-hosted gold deposit in the prolific Golden Triangle of British Columbia. The Blueberry Contact Zone continues to deliver bonanza-grade intercepts that expand the known mineralization. The October 2025 PEA outlined a 7-year mine life with a C$215.8M after-tax NPV. The deposit remains open along strike and at depth, suggesting significant resource growth potential.
Politics (9/10): British Columbia is a politically stable, mining-friendly jurisdiction with well-established permitting processes. The company holds an active mine permit, which is a significant de-risking factor. There are no known indigenous or environmental disputes.
Paper (7/10): The share structure is tight at 75.61M shares basic, with high insider ownership of 24.77%. The recent C$24.2M financing at C$2.14 was a flow-through placement, which is tax-advantaged and typically attracts long-term holders.
Phinancing (5/10): The company currently has no formal analyst coverage, which represents both a risk and an opportunity. As the project advances toward a pre-feasibility study, analyst initiation could serve as a significant catalyst.
Promotion (8/10): Scottie Resources Corp. demonstrates a highly effective and professional promotional strategy. The company maintains a comprehensive and up-to-date website with easy access to presentations, news releases, and videos. Management, led by CEO Bradley Rourke, is highly visible, actively participating in investor conferences and effectively communicating the company’s value proposition, which has attracted significant investments from notable figures in the mining sector. The consistent news flow of high-grade drill results and project advancements keeps the market well-informed and engaged.
Push (8/10): The ongoing drill program at the Blueberry Contact Zone continues to deliver exceptional results. Additional assays are pending, and the advancement toward a pre-feasibility study represents a near-term catalyst.
Price (8/10): At a market cap of C$166M versus a PEA NPV of C$215.8M, Scottie trades at approximately 0.77x P/NAV. This represents a meaningful discount to its assessed net asset value.
Pitfalls (8/10): Scottie Resources Corp. appears to have a strong handle on mitigating company-specific risks. The company is proactively addressing potential environmental concerns by conducting multi-year environmental baseline studies and has successfully secured a bulk sample permit, a crucial step in de-risking the project. Operating in the tier-1 mining jurisdiction of British Columbia’s Golden Triangle provides access to established infrastructure and a clear regulatory framework, reducing technical and legal risks. While the inherent risks of mineral exploration remain, the company’s systematic approach to exploration and permitting, coupled with a strong financial position, places it in a favorable position to navigate potential challenges.
P/NAV (8/10): Trading at 0.77x P/NAV for a high-grade gold project with a PEA in a tier-one jurisdiction appears attractive. Peer gold developers in the Golden Triangle typically trade at 0.6x-1.2x NAV.
Composite Score: 78/100
People: 8 | Property: 9 | Politics: 9 | Paper: 7 | Phinancing: 5
Promotion: 8 | Push: 8 | Price: 8 | Pitfalls: 8 | P/NAV: 8
No. 2 - Osisko Development Corp.
Ticker: TSXV:ODV
Screening Price: C$3.7600 | Market Cap: C$1.12B
Drill Result Highlights
596.40 g/t Au over 2.0m
Key Data
Shares Outstanding: 298.5M basic / 298.8M FD
Enterprise Value: C$930.0M
Insider Ownership: 32.56%
P/NAV: 0.4000x
Financing: - Private Placement Press Release - US$143.8M Bought Deal at US$3.54 on Feb 3, 2026 - https://osiskodev.com/news/news-releases/osisko-development-completes-us1438-million-bought-deal-public-offering-of-common-shares-including-full-exercise-of-over-allotment-option
9P Analysis
People (9/10): Osisko Development is led by a world-class team with a proven track record of success. CEO Sean Roosen was the founder of Osisko Mining, which developed the Canadian Malartic mine. The company has very high insider ownership at over 32%, which aligns management with shareholders.
Property (8/10): The Cariboo Gold Project is a large, high-grade, and long-life asset in a tier-one jurisdiction. The recent bonanza-grade drill intercept highlights the project’s potential for further high-grade discoveries. The project is fully permitted and at the feasibility stage, which de-risks the asset significantly.
Politics (8/10): The Cariboo Gold Project is located in British Columbia, Canada, which is a stable and mining-friendly jurisdiction. The project has already received its Environmental Assessment Certificate, which is a major de-risking milestone. The political risk is considered low.
Paper (6/10): The company’s share structure is a point of weakness, with a relatively high number of shares outstanding. This could lead to further dilution for existing shareholders as the company continues to finance its projects. However, the high insider ownership helps to mitigate this risk.
Phinancing (9/10): The company is very well-financed with a cash position of over C$400M. The recent US$143.8M financing ensures the company is fully funded to advance the Cariboo Gold Project towards production. This strong financial position is a key advantage in the current market environment.
Promotion (7/10): Osisko Development has a professional investor relations team and is well-covered by analysts. The company is active in presenting at industry conferences and is well-known in the mining investment community. The recent high-grade drill results are likely to attract further market attention.
Push (8/10): The company has several near-term catalysts, including ongoing exploration drilling at Cariboo, the release of an updated feasibility study, and a construction decision. These catalysts have the potential to create significant value for shareholders in the coming months. The recent high-grade drill results will also provide a significant ‘push’ for the stock.
Price (7/10): Osisko Development is currently trading at a discount to its peers, with a P/NAV ratio of 0.4x. This suggests that the company is undervalued relative to its asset base and growth potential. The recent high-grade drill results could act as a catalyst to close this valuation gap.
Pitfalls (7/10): The main pitfall for Osisko Development is the execution risk associated with building a large-scale gold mine. The company will need to carefully manage costs and timelines to ensure the project is delivered on budget and on schedule. The high number of shares outstanding is also a potential risk.
P/NAV (8/10): The company’s P/NAV ratio of 0.4x is very attractive, especially for a developer with a permitted, high-quality asset in a top jurisdiction. This low valuation provides a significant margin of safety for investors and suggests that there is significant upside potential as the company de-risks its project and moves towards production.
Composite Score: 77/100
People: 9 | Property: 8 | Politics: 8 | Paper: 6 | Phinancing: 9
Promotion: 7 | Push: 8 | Price: 7 | Pitfalls: 7 | P/NAV: 8
No. 3 - Formation Metals Inc.
Ticker: CSE:FOMO
Screening Price: C$0.3500 | Market Cap: C$33.6M
Drill Result Highlights
1.75 g/t Au over 30.4m including 3.51 g/t Au over 10.5m
Key Data
Shares Outstanding: 96.2M basic / 148.9M FD
Enterprise Value: C$21.5M
Insider Ownership: 60.00%
P/NAV: N/A
Financing: - Private Placement Press Release - C$8.46M private placement in October 2025 - https://formationmetalsinc.com/newsletter/formation-metals-closes-second-tranche-of-its-private-placement-for-aggregate-proceeds-of-8-46m-increases-drill-program-to-30000-metres-at-the-advanced-n2-gold-project/
9P Analysis
People (8/10): The management team is led by CEO Deepak Varshney, a geologist with over a decade of experience in mineral exploration and capital markets. The team has a strong track record of raising capital, with over $40 million raised in the last three years. Insider ownership is high at approximately 60%, which aligns management’s interests with shareholders.
Property (7/10): The N2 Gold Project has a historical resource of 877,000 ounces of gold and is located in the prolific Abitibi Greenstone Belt in Quebec. The recent drill results, including 1.75 g/t Au over 30.4m, are encouraging and demonstrate the potential for resource expansion. The project is located near established million-ounce deposits and has access to excellent infrastructure.
Politics (9/10): The N2 Gold Project is located in Quebec, Canada, which is a top-tier mining jurisdiction with a long history of mining and a clear permitting process. The province is known for its political stability and support for the mining industry. This low political risk is a significant advantage for the company.
Paper (6/10): The company has a relatively tight share structure with 96.18 million shares outstanding. However, the fully diluted share count is significantly higher at 148.95 million, which could lead to future dilution. The recent financing was done at a premium to the market price, which is a positive sign.
Phinancing (8/10): Formation Metals is well-financed with a working capital of approximately C$12.1M and no debt. The company recently closed an C$8.46M financing, which is sufficient to fund its expanded 30,000-meter drill program. This strong financial position provides the company with a runway of over 12 months.
Promotion (7/10): Formation Metals has a professional investor relations program and is covered by several analysts. The company is active in communicating its progress to the market through press releases and presentations. This active promotion helps to maintain market awareness and attract new investors.
Push (8/10): The company has several near-term catalysts, including the ongoing 30,000-meter drill program at the N2 Gold Project. The results of this drill program could significantly expand the resource and de-risk the project. The company is also planning to release a maiden NI 43-101 resource estimate in Q3 2026.
Price (8/10): Formation Metals is trading at a significant discount to its peers, with an EV/oz of approximately C$24.6/oz. This valuation gap could close as the company continues to de-risk the N2 Gold Project and expand the resource. The recent financing at a premium to the market price suggests that investors see significant upside potential.
Pitfalls (7/10): The main risk for Formation Metals is the inherent uncertainty of mineral exploration. While the recent drill results are encouraging, there is no guarantee that the company will be able to define an economic deposit. Other risks include potential for cost overruns and delays in the permitting process.
P/NAV (8/10): As an exploration company, a P/NAV analysis is not directly applicable. However, based on the EV/oz metric, the company is trading at a significant discount to its peers. This suggests that the market is not fully valuing the potential of the N2 Gold Project.
Composite Score: 76/100
People: 8 | Property: 7 | Politics: 9 | Paper: 6 | Phinancing: 8
Promotion: 7 | Push: 8 | Price: 8 | Pitfalls: 7 | P/NAV: 8
No. 4 - ATEX Resources Inc.
Ticker: TSXV:ATX
Screening Price: C$4.1100 | Market Cap: C$1.42B
Drill Result Highlights
56m of 2.36% CuEq including 56m of 2.36% CuEq
Key Data
Shares Outstanding: 345.2M basic / 421.0M FD
Enterprise Value: C$1.40B
Insider Ownership: 21.53%
P/NAV: 0.0300x
Financing: - Private Placement - C$110M Bought Deal Financing in Nov 2025
9P Analysis
People (8/10): ATEX is led by a management team and board with a proven track record of discovery and value creation in the mining industry. Insider ownership is a healthy 21.53%, aligning management with shareholders. The company is backed by prominent investors, including Agnico Eagle and Pierre Lassonde, which provides strong validation of the project and team.
Property (9/10): The Valeriano project is a world-class copper-gold porphyry deposit with a large and growing resource. The recent high-grade drill results from the B2B zone are particularly impressive, demonstrating the potential for a high-grade starter mine. The project is located in a prime mining jurisdiction in Chile, with excellent infrastructure and a supportive government.
Politics (8/10): Chile is a top-tier mining jurisdiction with a long history of supporting the mining industry. The government is pro-mining and is actively looking to increase copper production. The project is located in a region with a skilled workforce and good infrastructure.
Paper (6/10): The company has a relatively high number of shares outstanding at over 346M, and there is a significant warrant overhang from the recent financing. This could lead to future dilution for shareholders. However, the recent warrant acceleration has helped to clean up the share structure.
Phinancing (8/10): ATEX is well-funded with over C$100M in cash following a recent C$110M financing. This provides a strong financial position to aggressively advance the Valeriano project through the next phase of exploration and development. The company has a strong institutional and retail shareholder base.
Promotion (8/10): ATEX has a professional and effective investor relations program, with a strong presence at industry conferences and in the media. The company has excellent analyst coverage, with 8 analysts providing research and price targets. This ensures the story is well-understood by the market.
Push (8/10): The ongoing Phase VI drill program at Valeriano is a major near-term catalyst for the company. Results from this program are expected to continue to expand the high-grade B2B zone and de-risk the project. Further resource updates and a potential PEA are also on the horizon.
Price (7/10): ATEX’s stock has performed very well, but it still appears to be trading at a discount to its peers on a per-pound of copper equivalent basis. This suggests there is still significant upside potential as the company continues to de-risk and advance the Valeriano project. The current valuation does not fully reflect the world-class nature of the deposit.
Pitfalls (7/10): The primary risk for ATEX is the inherent uncertainty of mineral exploration and development. While the project has shown great promise, it is not yet a mine and there are still hurdles to overcome. However, the project benefits from simple metallurgy and a clean concentrate.
P/NAV (7/10): Based on a peer comparison of enterprise value per pound of copper equivalent, ATEX is trading at a significant discount to its peers. This suggests that the market has not yet fully priced in the value of the Valeriano project. As the company continues to de-risk the project and move it towards production, this discount should narrow.
Composite Score: 76/100
People: 8 | Property: 9 | Politics: 8 | Paper: 6 | Phinancing: 8
Promotion: 8 | Push: 8 | Price: 7 | Pitfalls: 7 | P/NAV: 7
No. 5 - Arizona Metals Corp.
Ticker: TSX:AMC
Screening Price: C$0.5800 | Market Cap: C$79.3M
Drill Result Highlights
22.4m of 1.1% CuEq at Kay Deposit
Key Data
Shares Outstanding: 136.7M basic / 141.9M FD
Enterprise Value: C$57.8M
Insider Ownership: 0.66%
P/NAV: 0.0900x
Financing: - Private Placement Press Release - C$25M Bought Deal at C$1.70 on December 2, 2024 - https://www.arizonametalscorp.com/arizona-metals-corp-announces-closing-of-bought-deal-public-offering
9P Analysis
People (8/10): The management team is highly experienced, with a track record of success at major mining companies like Wesdome Gold Mines and St. Andrew Goldfields. The addition of Jacques Perron (ex-Pretium, Centerra, Franco-Nevada) as Chairman significantly strengthens the board. While direct insider ownership is low, the company is backed by reputable institutional investors such as Franklin Resources and Mackenzie Financial.
Property (8/10): The Kay Mine is a high-grade VMS deposit with a substantial indicated resource of 9.28 million tonnes at a strong 3.18% CuEq. The project has significant expansion potential both at depth and along strike, located in a prolific mining district in Arizona. The presence of a second large-scale gold project, Sugarloaf Peak, adds long-term optionality.
Politics (9/10): Arizona is a top-tier, mining-friendly jurisdiction with a long history of resource extraction and a clear regulatory framework. The Kay Mine project is located on private land, which significantly de-risks and simplifies the permitting process by avoiding complex federal environmental reviews. This provides a major advantage for the project’s timeline to production.
Paper (7/10): The share structure is reasonable for an advanced explorer, with 136.7M shares outstanding and no warrant overhang. The fully diluted share count of ~142M is manageable, though further raises for development will lead to more dilution. The tight structure without warrants is a positive for existing shareholders.
Phinancing (7/10): With $21.5M in cash as of September 2025, the company is well-funded for its ongoing exploration programs with an estimated runway of over 12 months based on its historical burn rate. The last financing was a significant C$25M bought deal, demonstrating strong institutional support, although it was completed at a much higher share price.
Promotion (8/10): Arizona Metals has strong market awareness with coverage from five reputable analyst firms, including BMO Capital Markets and Scotiabank. The company maintains a professional and informative website and corporate presentation, and consistently communicates its progress through regular news releases.
Push (7/10): The company has several near-term catalysts, including ongoing results from its Phase 3 drill program at the Kay Mine, which is focused on expanding the current resource. Further exploration work at the Sugarloaf Peak project also provides upside potential. The market will be anticipating a Preliminary Economic Assessment (PEA) for the Kay project in the next 12-18 months.
Price (7/10): The company’s stock has experienced a significant pullback from its 52-week high, offering a more attractive entry point for new investors. The current valuation appears reasonable given the quality and size of the Kay deposit. The market seems to be undervaluing the asset, likely due to the broader market sentiment for junior explorers.
Pitfalls (7/10): As an exploration company, Arizona Metals faces inherent risks related to resource definition and project development. While initial metallurgy at Kay appears positive, more detailed work is required to fully de-risk the project. The resource at the Sugarloaf Peak project is historic and not NI 43-101 compliant, requiring significant work to be verified.
P/NAV (7/10): Using an Enterprise Value to Resource (EV/lb CuEq) metric as a proxy for P/NAV, Arizona Metals is trading at approximately $0.09/lb CuEq. This valuation is competitive and appears to be at a slight discount compared to the peer average for advanced VMS developers in North America, which typically trade in the $0.10-$0.15/lb range. This suggests potential for a re-rating as the company continues to de-risk the Kay project.
Composite Score: 75/100
People: 8 | Property: 8 | Politics: 9 | Paper: 7 | Phinancing: 7
Promotion: 8 | Push: 7 | Price: 7 | Pitfalls: 7 | P/NAV: 7
Screening Methodology
Each press release was evaluated against the following exceptional-grade thresholds:
Gold (bulk tonnage, open pit): >2 g/t over 100m
Gold (underground, high-grade): >5 g/t over 2m
Gold (bonanza): >30 g/t over any width
Silver: >300 g/t AgEq over significant width
Copper (porphyry): >1% CuEq over 100m
Copper (high-grade): >5% CuEq over 2m
Tungsten / Critical Minerals: Evaluated on a case-by-case basis
Companies that did not meet these thresholds were excluded.
Ranking Methodology
Each qualifying company was scored on Doug Casey’s 9P framework plus a P/NAV valuation discount, with each dimension rated on a scale of 1 to 10. The ten scoring dimensions are:
People - Management quality, track record, and prominent backers
Property - Deposit quality, grade, size, and geological potential
Politics - Jurisdiction, permitting, and regulatory environment
Paper - Share structure, insider ownership, dilution risk
Phinancing - Recent financing terms, treasury adequacy, warrant overhang
Promotion - Analyst coverage, IR quality, market awareness
Push - Near-term catalysts and news flow
Price - Current valuation relative to intrinsic value
Pitfalls - Environmental, technical, legal, and competitive risks
P/NAV Discount - Valuation discount relative to net asset value and peers
Disclaimer
This report is generated by an automated screening system and is intended for informational purposes only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. All data is sourced from publicly available press releases, financial databases, and company filings. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Mining exploration is inherently risky, and past drill results do not guarantee future performance or economic viability.
Matt, I watched an ai video tonight that maybe of interest to the silver community. Sounds like things are heating up in the silver market, at least according to Jon ag.
https://youtu.be/LtrlpSVbDCo?si=SCbt1Gd8lbjAOYcV
I wondered if any of these stocks would potentially be added to the Crisis investing portfolio ?