Nasdaq ADR Uplisting Without Capital Raise; Expands U.S. Access. We view the ADR uplist as a high-quality, non-dilutive catalyst that materially widens First Phosphate's investor base while rewarding existing holders. Executing a self-sponsored uplist to Nasdaq without a capital raise reflects a strong balance sheet, with over C$30 million of cash and access to C$21.5 million of non-repayable federal contributions, and a runway of approximately 24 to 36 months that fully funds the Company through FID. 

Power-Secured Micro-Cap Positioned to Re-Rate as Energized Capacity Converts to Contracted Leases. AIB Data Centers Inc. (NYSE: AIB) is a pure-play developer of AI and high-performance computing (HPC) data centers that convert existing powered-land infrastructure and brownfield sites into AI/HPC-grade colocation facilities. The Company follows a "power-first" model, securing executed utility agreements before committing capital, and pairs that discipline with modular, AI-optimized design intended to deliver compute capacity in roughly 9-12 months versus industry norms of 18-plus months. Tenants bring their own GPUs while AIB owns and operates the underlying electrical and facility platform under triple-net leases. This owner-agnostic structure enables AIB to generate durable, recurring cash flows without hardware or technology obsolescence risk. 

Adjusting Price Target for Reverse Split. Faraday Future Intelligent Electric, Inc recently announced a 1-for-150 share reverse stock split to maintain NASDAQ listing requirements. We have updated our model to reflect the new projected shares outstanding and are adjusting our price target to align with the new share count as well. 

First Phosphate's Fundamentals Intact and Fully Funded. First Phosphate shares have declined approximately 24% over the past month. In our view, the weakness is entirely macro-driven and disconnected from Company fundamentals, which have strengthened, not deteriorated, over the same period. With approximately C$35 million in treasury following the recently closed C$17.7 million placement at C$2.00 per share, plus access to a C$16.7 million non-repayable contribution from the Government of Canada, the Company has over C$50 million of capital access and a runway exceeding 24 months, through Feasibility Study completion, permitting, and a Final Investment Decision, without any need to return to market.

Near-Term Silver Production to Unlock District-Scale Value Rating. Nord Precious Metals Mining Inc. (TSX-V: NTH) is a silver exploration and development company, focused on moving the Gowganda Silver Tailings Project, located in Ontario, into near-term production. The Company expects to complete a Ni 43-101 Compliant Mineral Resource Estimate over the Project in the next six months, which will be followed by a technical report on the reprocessing economics. Nord then plans to finance the development of the tailings project on the back of the economic study.