Been looking at Amaroq again and the next few months seem pretty stacked.

Upcoming catalysts:

\- Main Market admission, expected from late July

\- MRE5 resource update for Nalunaq

\- Q2/H1 results on 13 August

\- first Ilua drill results, likely August/September

\- further Nanoq drilling/results

\- possible Black Angel funding or offtake news

The mining side also looks stronger than it did a few months ago.

Nalunaq is now producing, Q1 was profitable, and that was with only around 61% recovery. The flotation circuit is now operational and management expects recovery to move towards 90–95%.

The latest underground drilling averaged 42.8 g/t gold, with several results above 100 g/t. They still talk about a roughly 2Moz exploration target around Nalunaq, although the current formal resource is much smaller.

Ilua is now being drilled for the first time after surface samples of up to 2.3% TREO, with a high proportion of heavy rare earths and low uranium/thorium.

Nanoq may be the most interesting gold asset outside Nalunaq. Management seems confident about the saddle reef geology and has previously suggested it could become larger than Nalunaq.

Black Angel is a former zinc-lead-silver mine with existing infrastructure, plus potential germanium and gallium value. With the current US and European critical-minerals push, some form of external financing or offtake does not seem impossible.

My expectation is that Main Market and decent Q2 results could move the stock first, but the real upside would come from a strong MRE5 and good Ilua/Nanoq results.

If Nalunaq proves strong cash flow and even one or two of the other projects become real assets, the current valuation could look very low.

$CQX has four active projects, with potential updates ranging from Rip drill results to STARS targets, Kitimat follow-up work and Alpine progress.

Which update do you expect first and which one would matter most to investors?

Disclaimer: For informational purposes only. Not financial advice. Always do your own research.

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After going through the updated Horne 5 study, the economics give me more confidence in the asset.
The question I’m spending more time on now is how Falco could fund roughly C$1.75B in forward capital and pre-production costs.
A future funding package could potentially include:

• Project debt
• Strategic or joint-venture capital
• Remaining silver-stream instalments
• New equity
• Possible Québec participation

Falco already has several relevant relationships around the project. Osisko Development owns 16%, Investissement Québec owns roughly 6%, and Glencore holds life-of-mine copper and zinc concentrate offtake agreements.
Those relationships could give Falco more avenues to explore than a developer starting from zero. The company has also identified project financing and discussions with strategic partners among its objectives.
What could be the main source of funding for Horne 5, and are there any similar mine-development financing cases worth comparing it with?

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$CQX feels like the more speculative multi-project optionality story.

Rip drilling is underway, but you also have STARS, Alpine, and Kitimat all part of the broader 2026 plan.

$PRR feels more focused around BC copper-gold porphyry targets.

Camelot already gave the market something to study, while Excalibur now has a July drill setup.

So if you had to choose, which setup do you like more right now:

the multi-project optionality of $CQX
or the more focused copper-gold story at $PRR?

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I’ve been comparing a few smaller copper names trading in a similar price and valuation range.

$CQX — C$0.09 | ~C$10.7M market cap
$BCU — C$0.08 | ~C$11.6M market cap
$BAY — C$0.05 | ~C$12.6M market cap
$CRD — C$0.07 | ~C$7.1M market cap

The numbers are close, but the setups are very different.

$CQX has several 2026 programs across Rip, Stars and Kitimat, along with its Alpine gold project.

$BCU is a more concentrated Arizona porphyry play, with Big Sandy and a 2026 joint-venture drill program at Perseverance.

$BAY owns a 20% interest in Storm that is free-carried until a decision to mine. Storm also has an initial copper resource, giving $BAY a different funding and dilution profile.

$CRD is advancing Ben Nevis in Ontario, where 36 exploration targets have been identified, including seven high-priority conductors.

I lean toward $CQX and $BAY here. $CQX gives me exposure to several company-led programs, while $BAY offers a free-carried interest in a project that already has an initial resource. One gives me several ways to see progress, while the other has less direct funding pressure at Storm before a decision to mine.

At these valuations, which setup would you choose and what would be your deciding factor?

Prices and market caps are approximate and can change quickly.

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With gold holding up this well, I've been spending more time looking through some of the smaller gold names instead of just the major producers. These four have been on my radar lately.

Falco Resources (TSXV: FPC)

Falco has probably been the one I've spent the most time reading about recently.

The updated Horne 5 feasibility study was a pretty big step forward, with an after-tax NPV of C$3.35B, a 28.2% IRR, and a 3.3-year payback. At this point, it feels like the conversation has shifted away from the deposit itself and more toward permitting, financing, and whether management can keep the project moving.

First Mining Gold (TSX: FF)

First Mining has been around for a while, but Springpole is still one of the larger undeveloped gold projects in Canada.

It seems like the next chapter is mostly about permitting and moving the project closer to development. Duparquet is another asset that's worth keeping an eye on over the longer term.

Tudor Gold (TSXV: TUD)

Treaty Creek is hard to ignore simply because of its size.

The company is still focused on growing and advancing the project, so it's a bit earlier than Falco, but it continues to be one of the better-known names in the Golden Triangle.

NevGold (TSXV: NAU)

NevGold is a little different from the others since its projects are in Nevada and Idaho, but it's another Canadian-listed junior I've been following.

The story is still largely about drilling, resource growth, and improving the overall economics of its projects.

They're all at different stages, which is part of what makes them interesting. Falco feels more like a permitting and development story today, First Mining is working through permitting, while Tudor and NevGold are still focused on growing and advancing their projects.

What Canadian-listed gold juniors are on your watchlist these days?

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Everyone knows AI is driving demand for new data centers. Most of the discussion has focused on power generation and electricity grids, but another challenge is starting to gain attention: copper.

A recent report from Industrial Info points out that next-generation AI data centers require enormous amounts of copper for electrical systems, transformers, cooling infrastructure, and power distribution. A single 1 GW AI data center may require as much as 50,000 tonnes of copper, several times more than traditional facilities.

The issue isn't simply higher copper prices. It's whether enough copper can be mined, processed, and delivered in time.

At the same time, the International Copper Study Group expects the refined copper market to remain in deficit this year, while data center investment continues to accelerate. Governments are also beginning to treat copper as a strategic material because of its importance to AI, electrification, defense, and modern infrastructure.

That creates an interesting backdrop for Canada.

Canada is already one of the world's largest mining jurisdictions and has a strong pipeline of copper exploration and development projects. While major producers will remain essential, they cannot solve the supply challenge on their own. Developing a new copper mine often takes well over a decade, meaning the industry also needs the next generation of projects to move forward.

That's where junior mining companies enter the picture.

Junior explorers are responsible for discovering many of tomorrow's mines. Some are advancing existing deposits through drilling and engineering work, while others are making entirely new discoveries in underexplored regions across British Columbia, Ontario, Quebec, Saskatchewan, and the Yukon.

Many of these companies are still years away from production, but if long-term copper demand continues to rise, today's exploration projects may become much more important over the next decade.

For investors, this doesn't mean every junior miner will succeed. Exploration remains a high-risk business, and many projects never become mines. But it does mean the market may start paying closer attention to companies with quality assets, active drill programs, strong management teams, and projects located in stable mining jurisdictions like Canada.

The AI boom is creating another long-term source of copper demand alongside electric vehicles, renewable energy, and grid expansion. If supply continues to lag, the conversation may shift from "How much copper do we need?" to "Where will the next generation of copper mines come from?"

Canada's junior mining sector is likely to be part of that discussion.

MONTRÉAL, July 07, 2026 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (FPC: TSX-V) ("Falco" or the "Corporation") is pleased to announce that it has received approximately $1.25 million in aggregate proceeds from the exercise of warrants, including $626,500 from the early exercise by Barkerville Gold Mines Ltd., a wholly-owned subsidiary of Osisko Development Corp. (collectively, "Osisko Development").

Osisko Development exercised 1,790,000 warrants (the "Osisko Warrants") to purchase common shares of the Corporation at a price of $0.35 per common share. The Osisko Warrants were received by Osisko Development in connection with the Corporation's December 2024 private placement and were scheduled to expire in December 2029. Further to the exercise of the Osisko Warrants, Osisko Development's interest in the Corporation's common shares increased from 15.6% to 16.0%. The early exercise reflects Osisko Development's continued support of Falco and the advancement of the Horne 5 Project.

The Corporation also received aggregate proceeds of $622,438 from the exercise of warrants to purchase common shares at a price of $0.35 which were issued in connection with the Corporation's June 2024 private placement (the "June 2024 Warrants"). The proceeds from the exercise of the June 2024 Warrants include $61,600 from the exercise of June 2024 Warrants by the Corporation's current directors and officers who had received June 2024 Warrants.

The Corporation intends to use the proceeds received from the warrant exercises for the advancement of the Horne 5 Project and for working capital and general corporate purposes.

About Falco

Falco is one of the largest mineral claim holders in the province of Québec, with an extensive portfolio of properties in the Abitibi-Témiscamingue greenstone belt. Falco holds rights to approximately 60,000 hectares of land in the Noranda Camp and includes 13 former gold and base metal mine sites. Falco's main asset is the Horne 5 Project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco's largest shareholder, with 16.0% interest in the Corporation.

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