Talisker Resources (TSX: TSK, OTCQX: TSKFF) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Talisker Resources (TSX: TSK, OTCQX: TSKFF) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Talisker Resources (TSX: TSK, OTCQX: TSKFF) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Join Adelaide Capital for a webinar featuring Talisker!

Talisker is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company has a significant landholding in the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Join Adelaide Capital for a webinar featuring Journey Energy!

Journey Energy (TSX: JOY | OTCQX: JRNGF)

• Shares O/S FD – Basic 67.1 FD 69.5

• Market Cap ~113.41

• Net debt - ~$53M

• EV ~ $166.41

• AVG daily trading volume 83k/shares

• $38M of convertible debentures with a strike price of $5.00

Key Highlights:

• Journey came out of the downturn with excessive leverage, but a great low decline asset base of 13%.

• The company made a key acquisition in Medicine Hat of low decline assets with 34 undrilled locations with an active polymer flood and have recently drilled eight successful wells.

• Recently announced a JV with Spartan Delta on 128 sections in the Duvernay.  JOY 37.5% and SDE 62.5%.  These 128 sections have a pay thickness between 30-40M, the sweet spot of the Duvernay 7 wells drilled this year and the first pad is coming on better than expected, ahead of schedule.

• JOY recently secured an a RBL from a major bank of $55M (undrawn) to support their portion of Duvernay drilling which should be self funding by 2027.

• The Company had an excellent Q1 with cash flow of $19.6M which is 11% above Q1 2024. Net capital spending for Q1 2025 of $9.6M.

• The company has 1BBOIP booked only at 5% recovery factor with 254 net locations identified and a PDP NPV10 value of $350M. Most of their peers trade above PDP value. Including nothing for the Duvernay.

• Significant insider buying by the CEO and board of directors of > $1.5M. 

• Ownership is between is > than 30% by insiders, Aimco and other institutions.

• Tax pools of $675M.

Forecast for 2025:

1. Production -10,800 – 11,000 BOEPD.

2. Capex $ 55M.

3. CFPS $0.84 per share.

4. Main Catalyst will be Duvernay wells.

Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of hematology-oncology and allergy, dermatology, and rheumatology.

Maple Gold Mines is a Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay/Joutel Gold Project located in Québec's prolific Abitibi Greenstone Gold Belt. Douay/Joutel benefits from exceptional infrastructure access and boasts ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.

Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make discoveries to establish an exciting new gold district in the heart of the Abitibi.

Join Adelaide Capital for a webinar featuring iFabric! TSX: IFA // OTCQX: IFABF

TSX: IFA // OTCQX: IFABF

Headquartered in Markham, Ontario, iFabric is listed on the TSX and currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").

IFTNA is focused on developing and selling high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide “intelligent” properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user.

Such intelligent properties include antiviral and antibacterial characteristics, water repellence and UV protection. Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies’ intimate apparel products and accessories.

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Join Adelaide Capital for Microbix’s Q1 Earnings Webinar!

TSX: MBX OTCQX: MBXBF

Microbix Biosystems creates proprietary biological products for human health, with over 120 skilled employees and revenues now targeting C$ 2.0 million or more per month. It enables the worldwide commercialization of diagnostic assays by making a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products(QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Its antigens drive the antibody tests of approximately 100 diagnostics makers, while QAPs are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.

Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and reagents or media to support molecular diagnostic testing (e.g.,its DxTM™ for patient-sample collection).

The principal business of GreenLight is the exploration and development of mineral properties in Wisconsin, Nevada, and Arizona. The material properties of GreenLight are the Bend Property, the Reef Property and the Kalium Canyon Property. In addition, the Company controls two additional prospective properties in Wisconsin - Lobo and Lobo East. GreenLight has also secured rights to the Swede anomaly located on the Southern Greenstone Belt. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, located in the Walker Lane district of Nevada. The Company also holds an option on the Cerro Colorado property located 70 kilometers southwest of Tucson, Arizona, along the Laramide porphyry copper belt.

Talisker Resources (TSX: TSK, OTCQX: TSKFF) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Maple Gold Mines is a Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay/Joutel Gold Project located in Québec's prolific Abitibi Greenstone Gold Belt. Douay/Joutel benefits from exceptional infrastructure access and boasts ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.

Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make discoveries to establish an exciting new gold district in the heart of the Abitibi.

Maple Gold Mines is a Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay/Joutel Gold Project located in Québec's prolific Abitibi Greenstone Gold Belt. Douay/Joutel benefits from exceptional infrastructure access and boasts ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.

Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make discoveries to establish an exciting new gold district in the heart of the Abitibi.

Join Adelaide Capital for a webinar featuring GreenLight Metals!

The principal business of GreenLight is the exploration and development of mineral properties in Wisconsin, Nevada, and Arizona. The material properties of GreenLight are the Bend Property, the Reef Property and the Kalium Canyon Property. In addition, the Company controls two additional prospective properties in Wisconsin - Lobo and Lobo East. GreenLight has also secured rights to the Swede anomaly located on the Southern Greenstone Belt. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, located in the Walker Lane district of Nevada. The Company also holds an option on the Cerro Colorado property located 70 kilometers southwest of Tucson, Arizona, along the Laramide porphyry copper belt.

Join Adelaide Capital for a webinar featuring Sable Resources!

TSXV: SAE // OTCQB: SBLRF

Sable is a well-funded junior grassroots explorer focused on the discovery of Tier-One new precious metal and copper projects through systematic exploration in endowed terranes located in favorable, established mining jurisdictions. Sable’s focus is developing its large portfolio of new Greenfields projects to resource level.  Sable is actively exploring the San Juan Regional Program (163,969 ha) incorporating the Don Julio, El Fierro, and Cerro Negro projects in San Juan Province, Argentina and the Copper Queen (15,133ha), Rusty Peak (1,942 ha), Copper Prince (3,980 ha), and the Core Mountain (1,925 ha) properties in British Columbia.

📩 Have questions? Drop them in the comments or reach out directly: info@adcap.ca

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Join Adelaide Capital for a webinar featuring Xali Gold!

TSXV: XGC

Xali Gold holds several gold and silver projects in both Mexico and Peru. Xali Gold has recently acquired the right to earn a 49% interest in the Sarape silver-gold Project (“Sarape”), in Northern Mexico from Advanced Lithium Corp. The Sarape Project is located in the Rio Sonora Valley of northern Mexico, a prolific gold-silver mining district that includes First Majestic Silver’s Santa Elena/Ermitano Mine, Premier Gold Mines’ Mercedes Mine and SilverCrest Metal’s Las Chispas Mine.

El Oro is a district scale historic producer of gold and silver. While the Company’s main goal at El Oro is to make a new discovery, similar to the multi-million ounce (“oz”) gold and silver ore bodies mined historically, the Company has entered into two agreements with third parties for the rights to produce gold and silver from specific areas of the El Oro Project which are expected to bring in cash flow and open up underground access for drilling.

With renewed interest in gold and silver exploration in South America, Xali Gold has recently been reviewing high sulphidation gold targets with features similar to Yanacocha and Pierina, within proven high sulphidation epithermal belts in Peru. The Company also still maintains other properties in Peru.

📩 Have questions? Drop them in the comments or reach out directly: info@adcap.ca

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Join Adelaide Capital for a webinar featuring Maple Gold Mines!

TSXV: MGM ♦️ OTCQB: MGMLF ♦️ FSE: M3G

Maple Gold Mines is a Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay/Joutel Gold Project located in Québec's prolific Abitibi Greenstone Gold Belt. Douay/Joutel benefits from exceptional infrastructure access and boasts ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.

 Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi

📩 Have questions? Drop them in the comments or reach out directly: info@adcap.ca

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Join Adelaide Capital for a webinar featuring Borealis Mining!

TSXV: BOGO ♦️ FSE: L4B0

Borealis Mining is a gold mining and exploration company focused on the exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation.

In addition to the mine, the property, comprised of 815 unpatented mining claims (16,300 acres) and one unpatented mill site claim, is highly prospective for additional high-sulfidation gold mineralization.

Gold Bull’s core asset is the Sandman Project, located in Nevada, which has an Indicated Resource of 433k ounces at 0.73 g/t gold and an Inferred Resource of 61k ounces at 0.58 g/t gold (as per the 2021 43-101 Resource Estimate). Sandman is 23 km south of the past-producing Sleeper Mine and has excellent large-scale exploration potential. Gold Bull also owns the Big Balds exploration project in Nevada.

📩 Have questions? Drop them in the comments or reach out directly: info@adcap.ca

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Join Adelaide Capital for a webinar featuring Rok Resources!

 ROK Resources

📌 Basic shares o/s 219M

📌 Market Cap Basic ~$33.8MM  

📌 Insider ownership 17%   

📌 Average trading volume ~183k shares/day   

📌 Year End net debt $10.6M($2M lower than expected & an $8.1M decrease Y/Y)

📌 EV~$48.2M 

Management:   

ROK’s management team has organically built four previous private companies all in SE Saskatchewan with initial investments of $154 MM yielding $458 MM in proceeds. Additionally, CEO, Cam Taylor, spent eight years working deep basin gas in the Alberta foothills. 

 Operational, Financial & Recent Milestones:

✅ Core areas:  SE Saskatchewan & Alberta’s Kaybob area

In SE Saskatchewan the Company has 95 booked plus 30 un-booked drilling locations in the Midale and Frobisher formations, allowing for multiple years of inventory in two of the most economic plays in Canada.

✅  1P of $56M and 2P of $1.03M

✅  Year end guidance of 4000 boepd, $20M of Capex and Funds flow of $29.8M

✅  ROK did a share and cash exchange for their 25% interest with EMP Metals; the top brine lithium play in Canada with the Viewfield area. NO VALUE BEING REFLECTED IN STOCK currently worth $0.04-.0.05 currently

✅  ROK also has 75% of their PDP volumes hedged into Q1 2025 and at average price of $74.05 for WTI and $2.15/mmbtu on their natural gas. 

✅  Continued divestitures of non-core assets and acquisitions in their core areas are being evaluated.

✅  Currently trading well below their 1PNAV of $0.56/share that number and 1.3 x c/f with protection to the downside with 9-14 years of inventory. 

Borealis Mining (TSXV: BOGO.V) is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of approximately 20 acres each totaling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.

Borealis Mining (TSXV: BOGO.V) is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of approximately 20 acres each totaling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.

Borealis Mining (TSXV: BOGO.V) is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of approximately 20 acres each totaling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.

Borealis Mining (TSXV: BOGO.V) is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of approximately 20 acres each totaling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.

Sierra Madre Gold and Silver (TSXV: SM, OTCQX: SMDRF) is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 t/d processing facility that operated until mid-2018 and restarted commercial production in January 2025.

Li-FT Power (TSXV: LIFT | OTCQX: LIFFF) is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.

Medexus (TSX: MDP OTCQX: MEDXF) is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus's current focus is on the therapeutic areas of hematology-oncology and allergy, dermatology, and rheumatology.

Surge Energy is a 22,500 boepd medium and light oil producer in two of the most economic plays in NA; their traditional Sparky play, new Hope Valley multi leg Sparky discovery and the Frobisher in SE Saskatchewan. They will have three rigs running for most of the year. The company has the best leverage to oil price of any of its Canadian peers at 91% oil exposure. The company just reported a record Q4 and Q1 is trending well above estimates, which should equate to more cashflow for buybacks. 

📌 Not only does Surge have an enviable asset base they have one of the top management teams which are extremely adept at M&A, building four of the most successful companies in Canada.  The result of a combination of building great asset packages, top technical teams and capital markets prowess.

📌 In 2025 Surge plans to maintain production at 22,500 boepd spending $170M offering at free cash flow of $85M. The company currently pays a dividend of $0.52/share or $0.0433/month offering a 9% yield, in addition to an aggressive buyback as they are trading close to their PDP NAV. The Company RECENTLY locked in 7,000 bopd in Q1/25 at US$75.65 WTI per bbl.  They also locked in 6,000 bopd at US$74.25 WTI per bbl for Q2/25 and 4,000 bopd in Q3/25 at US$72.75 WTI a bbl. They also have 60% of their diff's for the year locked in before they blew out; not only that, they have put collars on the CAD for all of 2025 @ $0.69 x $0.71 while using $0.725 in their budget.  Every $0.01change equals $6.6MM in cashflow and every $1.00 change equals $8MM in cashflow. This also allows the dividend to be safe for a year if oil goes down to $63.75. Which also allows for minimal impact from U.S. Tariffs.

📌 Recent reserve report has the Company’s PDP NAV@ 5.42/share, Total Proved NAV of $9.33/share and Total Proved Producing of $14.39/share.

📌 Hope Valley: three years ago, this was just an exploration play. The company has now drilled 8 wells in 2024 testing different multi-leg completions from 6 to 12 legs and is producing 3000boepd. They have pretty much delineated the play and currently control 32 sections. Each section contains 8-10MMBOIP. These wells continue to perform above the type curve with 100 potential locations and only 22 were booked into the 2024 reserve report. This play could add $4.00/share of upside.

📌 The company has multiple drilling catalysts with their multi leg horizontals at Hope Valley and continue to deliver the top Frobisher wells in SE Saskatchewan. The company currently has 900 internal drilling locations with 60% considered top tier (less than 1.5-year payout). They also offer a very low decline of 24% providing stability with the ability to pivot with changing oil prices.  

💡 Surge offers the best value proposition of their peers, with multiple catalysts and the biggest beneficiary of oil price increases.  The stock is trading close to PDP value at ~3.5x EV/EBITDA and has one of the highest free cashflow yields in the Canadian E&P space, offering 15% return with just the buyback and the dividend making it definitely due for a rerate.

Talisker Resources (TSX: TSK, OTCQX: TSKFF) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.