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.

Join Adelaide Capital for a webinar featuring Talisker Resources!

Talisker (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 Surge Energy!

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 multileg leg Sparky discovery and the Frobisher in SE Saskatchewan. The company has the best leverage to oil price of any of its Canadian peers at 91% oil exposure.

Not only does Surge have an enviable asset base they have one of the top management teams 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 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 on collars on the CAD for all of 2025 @ $0.69 x $0.71 while using $0.725 in their budget.  Every penny change 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 $63.75. Which also allows for minimal impact from U.S. Tariffs.

The company has multiple drilling catalysts with their multi leg horizontals at Hope Valley and continue to deliver the top wells in SE Saskatchewan. The company currently has 900 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 ~3.0x EV/EBITDA and has one of the highest free cashflow yields in the Canadian E&P space, making it definitely due for a rerate.

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.

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.

Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, 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 development and sale of 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, among others.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies’ intimate apparel products and accessories. 

Microbix Biosystems creates proprietary biological products for human health, with over 100 skilled employees and sales now targeting C$ 2.0 million or more per month. It makes and exports 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 across the EU.

Microbix Biosystems creates proprietary biological products for human health, with over 100 skilled employees and sales now targeting C$ 2.0 million or more per month. It makes and exports 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 across the EU.

Santacruz Silver (TSXV: SCZ, OTCQB: SCZMF) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

Santacruz Silver (TSXV: SCZ, OTCQB: SCZMF) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

Santacruz Silver (TSXV: SCZ, OTCQB: SCZMF) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

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). Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.

Sierra Madre Gold and Silver is a precious metals development and exploration company, focused on the restart of the fully permitted 500 t/d La Guitarra Mine in the Temascaltepec district, and the exploration and development of its Tepic property in Nayarit, Mexico’s mining-friendly jurisdiction.

Horizon (TSXV: HPL) is a European-focused development company that boasts a management team with worldwide experience, including Poland, with a track record of reserve, production, and corporate growth. Horizon plans to acquire additional conventional natural gas and oil assets in Europe to take advantage of the high natural gas prices and large natural gas requirements for the region.

The Company recently acquired 100% interest in a conventional natural gas development asset in Poland containing 189Bcfe of 2P reserves plus 2C Risked Contingent Resources with a before-tax NPV10 of USD$460MM in the core area with significant development upside. The initial work program will provide cash flow in 2025. Acquisition costs $1.08MM, C$1MM shares in Horizon, and a profit share of 6%. The first cash flow is expected in 2025 with exponential production growth from currently zero to 30mmcf/day by 2027 and growth expected to continue until 2029.

Horizon is constantly evaluating new development assets in stable, investment-friendly jurisdictions. Europe’s energy needs are growing as Russian gas cut-offs have pushed many countries into states of emergency already this winter. Natural gas will also assist many countries that still rely on coal to transition to a cleaner form of energy for power generation

Horizon (TSXV: HPL) is a European-focused development company that boasts a management team with worldwide experience, including Poland, with a track record of reserve, production, and corporate growth. Horizon plans to acquire additional conventional natural gas and oil assets in Europe to take advantage of the high natural gas prices and large natural gas requirements for the region.

The Company recently acquired 100% interest in a conventional natural gas development asset in Poland containing 189Bcfe of 2P reserves plus 2C Risked Contingent Resources with a before-tax NPV10 of USD$460MM in the core area with significant development upside. The initial work program will provide cash flow in 2025. Acquisition costs $1.08MM, C$1MM shares in Horizon, and a profit share of 6%. The first cash flow is expected in 2025 with exponential production growth from currently zero to 30mmcf/day by 2027 and growth expected to continue until 2029.

Horizon is constantly evaluating new development assets in stable, investment-friendly jurisdictions. Europe’s energy needs are growing as Russian gas cut-offs have pushed many countries into states of emergency already this winter. Natural gas will also assist many countries that still rely on coal to transition to a cleaner form of energy for power generation

Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, 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 development and sale of 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, among others.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies’ intimate apparel products and accessories. 

Santacruz Silver (TSXV: SCZ, OTCQB: SCZMF) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

Join Adelaide Capital for a webinar featuring Horizon Petroleum!

Horizon (TSXV: HPL) is a European-focused development company that boasts a management team with worldwide experience, including Poland, with a track record of reserve, production, and corporate growth. Horizon plans to acquire additional conventional natural gas and oil assets in Europe to take advantage of the high natural gas prices and large natural gas requirements for the region.

The Company recently acquired 100% interest in a conventional natural gas development asset in Poland containing 189Bcfe of 2P reserves plus 2C Risked Contingent Resources with a before-tax NPV10 of USD$460MM in the core area with significant development upside. The initial work program will provide cash flow in 2025. Acquisition costs $1.08MM, C$1MM shares in Horizon, and a profit share of 6%. The first cash flow is expected in 2025 with exponential production growth from currently zero to 30mmcf/day by 2027 and growth expected to continue until 2029.

Horizon is constantly evaluating new development assets in stable, investment-friendly jurisdictions. Europe’s energy needs are growing as Russian gas cut-offs have pushed many countries into states of emergency already this winter. Natural gas will also assist many countries that still rely on coal to transition to a cleaner form of energy for power generation.

Santacruz Silver (TSXV: SCZ, OTCQB: SCZMF) is engaged in the operation, acquisition, exploration, and development of mineral properties in Latin America. The Bolivian operations are comprised of the Bolivar, Porco and the Caballo Blanco Group, which consists of the Tres Amigos, Reserva and Colquechaquita mines. The Soracaya exploration project and San Lucas ore sourcing and trading business are also in Bolivia. The Zimapan mine is in Mexico.

Join Adelaide Capital for Microbix’s Q4 and Year-End Earnings Webinar!

TSX: MBX OTCQX: MBXBF

Microbix Biosystems Inc. creates proprietary biological products for human health, with over 100 skilled employees and sales now targeting C$ 2.0 million monthly.

Microbix makes and exports 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 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).

Microbix is traded on the TSX and OTCQX and is headquartered in Mississauga, Ontario, Canada.

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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.

Bonterra Resources (TSXV: BTR) is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company's assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.

In November 2023, the Company entered into an earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. In August 2024, Gold Fields Ltd. announced the acquisition of Osisko Mining for C$2.16 billion. Gold Fields can earn a 70% interest in the joint venture by incurring C$30 million in work expenditures until November 2026. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.