Results 🎉 CEM's TSX Venture Growth 2025

Size and Staying Power Matters Most at the Annual Kelowna Event

There’s no sugarcoating the fact that 2025 has been a market minefield. But at the TSX Venture Growth Capital Event in Kelowna this past weekend, investors were not backing down. They were doubling down, not on hype but on fundamentals that reward resilience, relevance, and risk-readiness.

That mindset shaped the tone at the CEM-hosted conference, where more than 40 ventures and over $3.19 billion in combined market cap were scrutinized against the backdrop of a capital market jittery with rising geopolitical uncertainty.

“Yes, markets are volatile. Yes, trade tensions are still in play and geopolitics are unpredictable. In Kelowna, it was clear that the companies with scalable size and staying power to ride out the turbulence came out stronger,” said Ryan Iverson, CEM partner and Portfolio Manager. “The core message coming out of the event? Risk and uncertainty are part of the landscape, but so is opportunity,” added Iverson, who hosted the Investor Breakout Exchange (IBE) that named the event’s Top Picks and Outstanding Performers.

Here’s your exclusive early insight on the Top Picks from Kelowna 2025, which were singled out for their ability to execute through volatility and deliver results.

Top Picks

These are the Top 5 picks from the Investor Breakout Exchange as selected by a network of accredited investors gathered together in a room last weekend in Kelowna:

TSXV: MMA

Midnight Sun Mining Corp.

Midnight Sun Mining continues to command investor attention as it consistently delivers in one of the world’s richest copper jurisdictions. Returning as Top Pick at the 2025 TSX Venture Capital summit, after similar honours at CEM Scottsdale, Muskoka, and last year’s Kelowna event, the company’s Solwezi Project in Zambia is proving to be one of the most compelling district-scale copper plays in the junior exploration space. It’s 506 km² land package sits adjacent to First Quantum’s Kansanshi Mine, Africa’s largest copper operation, and boasts oxide and sulphide targets with scale, access, and execution upside. With over $10 million in treasury, strategic partnerships in place, and a phased approach to near-term cash flow and long-term discovery, Midnight Sun offers rare dual exposure to early production potential and transformational upside. Recent IP results at Dumbwa, promising oxide targets at Kazhiba and Mitu, and proximity to existing hydrometallurgical process infrastructure (SX/EW plant) used to produce high-purity copper from oxide ore further sharpen the value proposition.

Why it was picked:

• Midnight Sun’s integrated strategy, anchored by near-surface oxide targets (Kazhiba‑Main, Mitu) and deep sulphide upside at Dumbwa, is now powerfully supported by early 2025 drilling and geophysics. Initial RC results at Kazhiba‑Main delivered standout grades, including 10.69 % Cu over 21 m and 5.60 % Cu over 26 m, while the Dumbwa IP survey successfully refined sulphide horizons for targeted diamond drilling. This dual exposure to early cash‑flow and long‑term discovery significantly de-risk the opportunity.
• The July IP survey at Dumbwa confirmed mineralization continuity over 11.5 km of strike, mapping sulphide structures that correlate with historic drill data and soil anomalies. With diamond drilling set to begin in the coming weeks and strong technical leadership, the company has delivered disciplined exploration sequencing. That execution, level of detail, and consistent follow-through have built investor confidence and earned repeat Top Pick status.
• Situated within a 506 km² land package in the Zambia‑Congo Copperbelt, Midnight Sun lies adjacent to First Quantum’s Kansanshi Mine — Africa’s largest copper operation — and just 6 km from its SX/EW plant. This proximity opens the possibility for fast-tracked oxide production at Kazhiba and Mitu without building costly processing infrastructure, making early monetization realistic and positioning Midnight Sun as a strategic partner in the district.

TSXV: CCDS

Carrier Connect Data Solutions Inc.

Carrier Connect is a next-generation data centre company executing a roll-up strategy targeting underutilized Tier II/III facilities globally. With its flagship Vancouver location generating C$360,000 in 2024 revenue and a 2025 target of C$500,000, the company is actively scaling through acquisitions and international expansion. Its tight capital structure — just over 13.3 million shares outstanding and 32% insider ownership — gives it strong leverage on future value creation. In July 2025, Carrier qualified for OTCQB trading and secured DTC eligibility, expanding its reach to U.S. investors and improving liquidity.

Led by CEO Mark Binns, known for scaling early-stage tech ventures into high-growth public companies, Carrier is supported by a seasoned team of capital markets experts and data infrastructure operators. The company’s Letter of Intent to acquire a 2MW, 220-rack facility in Perth, Australia further signals its ambition to grow a global footprint, acquiring undervalued private assets and re-rating them to public market multiples.

Why it was picked:

• Carrier’s July 2025 qualification for OTCQB trading and DTC eligibility unlocks broader U.S. investor access and improves capital flow efficiency. This listing milestone positions Carrier for increased visibility, deeper liquidity, and potential institutional traction south of the border. In an industry where global reach is critical, this cross-border expansion is a powerful growth catalyst.
• Carrier’s acquisition model targets overlooked Tier II/III data centres either from entrepreneurs seeking liquidity or as non-core corporate divestitures. The company aims to buy undervalued private assets and realize public company multiples, with sector comps trading at 10x revenue and 40%+ EBITDA margins. This positions Carrier to rapidly compound value without the need for greenfield development.
• Carrier’s 2024 revenue of $360,000 from its Vancouver facility is just the beginning. With a 2025 target of $500,000 and an LOI in place for a facility in Perth, Australia, Carrier is scaling fast in a data centre market projected to grow from US$125 billion in 2024 to US $364 billion by 2034, at a CAGR of 11.4%. That global TAM reflects surging AI workloads, digital infrastructure demands, and corporate cloud migration.

Private

Laiva Gold Inc.

Laiva Gold is reviving one of Europe’s most advanced undeveloped gold assets — a fully built, fully permitted mine anchored by a 6,000 tpd mill in Finland’s Middle Ostrobothnia Gold Belt. Once shelved due to operational missteps and contractor-grade control issues, the project is now being reactivated under a proven team with a history of turning underperforming assets into multi-million-ounce stories. With gold trading above US$3,300/oz and limited new shovel-ready production coming online globally, Laiva offers rare near-term cash flow potential paired with long-term discovery upside. The company expects first gold pours in late 2025 and is currently advancing a reverse takeover with Edgemont Gold to list publicly on the CSE. After earning Top Pick honours at the 2025 Bermuda Capital Event, Laiva was once again a standout in Kelowna.

Why it was picked:

• Laiva owns Europe’s largest gold mill — a US$400M facility — acquired for pennies on the dollar. The site is permitted, maintained, and just months from restart. Stockpiles of 3 million tonnes and prior monthly production of 4,000–6,000 oz provide immediate cash flow potential. With gold prices more than doubling since the mine last operated, Laiva is uniquely positioned to deliver near-term returns without construction or permitting delays.
• Led by the co-founders of Metals Group Inc. — John Williamson, Sean Mager, and Jeremy Yaseniuk — Laiva’s leadership team has a proven record of turning overlooked gold assets into high-grade, high-multiple wins. Their track record includes scaling deposits from 100,000 oz to over 4 million. At Laiva, the team has rebuilt operations from the ground up, taking full control of mining, applying modern grade control, and using advanced modelling to reduce restart risk. Investors have taken notice and are getting behind them once again.
• While current resources sit just under one million ounces, internal models and reinterpretation suggest Laiva may host a multi-million-ounce system. Most historic drilling ended at 200 metres, but new work shows mineralization continues at depth. The company controls over 6,000 hectares of highly prospective ground, including two open pits and a third emerging zone, all in a region with little modern exploration.

TSXV: CVV

CanAlaska Uranium Ltd.

CanAlaska Uranium is one of the most active explorers in Saskatchewan’s Athabasca Basin, using a project generator model to assemble a 500,000-hectare portfolio targeting both basement-hosted and unconformity-style uranium deposits. The company’s recent focus on expanding its high-grade West McArthur project has delivered standout results at the Pike Zone. Fully funded for the 2025 drill season, CanAlaska is advancing Tier-1 discovery potential near critical infrastructure, backed by a seasoned team with a proven discovery track record. After earning Top Pick honours at both the CEM Whistler and Scottsdale Capital Events, CanAlaska was once again recognized in Kelowna for its unmatched drilling results, proven team, and momentum.

Why it was picked:

• CanAlaska controls over 500,000 hectares in the eastern Athabasca Basin — one of the richest uranium belts on the planet — with multiple high-priority targets near existing mine and mill infrastructure, including Cameco’s McArthur River and Key Lake facilities. With global uranium demand set to nearly double by 2040 and current producers depleting reserves, CanAlaska is positioned to emerge as a critical supplier when the market needs it most.
• CanAlaska’s Pike Zone is producing some of the highest-grade uranium intercepts in the Athabasca Basin, including 8.6 metres at 34.59% U₃O₈ and 14.8 metres at 14.71% U₃O₈. With continuous mineralization now extending over 250 metres and remaining open in all directions, the project’s scale and grade profile put it in rare company globally. These results affirm CanAlaska’s potential to deliver a Tier-1 discovery at a time when high-grade uranium is in increasingly short supply.
• Fresh off Top Pick honours in Whistler and Scottsdale, CanAlaska returned to the Kelowna summit with renewed investor backing, a fully funded drill program, and a management team that continues to outperform expectations. Their ability to rapidly identify, test, and expand high-grade targets combined with a strong financial position and strategic partnerships, is translating technical success into real market traction.

TSXV: NURS

Hydreight Technologies Inc.

Hydreight Technologies is redefining how healthcare and wellness services are delivered through its innovative platform that fuses telemedicine, mobile health delivery, and medical-grade treatments into one seamless ecosystem. With a fully compliant, US state-by-state regulatory infrastructure, Hydreight empowers nurses and medical professionals to deliver IV therapy, aesthetics, and wellness services directly to consumers, anytime, anywhere. Now, the company is expanding even further with the launch of personalized genetic testing and wellness plans through its VSDHOne platform, enhancing its offering and recurring revenue potential.

Why it was picked:

• Hydreight delivered 34% year-over-year revenue growth in Q1 2025, coupled with a 64% improvement in gross profit and reduced operating losses. The company’s efficient cost management and platform scalability are driving stronger bottom-line performance across all major verticals. This combination in the healthtech space is catching the attention of institutional investors.
• In May 2025, Hydreight launched a breakthrough genetic testing solution integrated into its platform, offering users fully personalized wellness and nutrition plans. This move positions Hydreight at the forefront of personalized health — a market expected to exceed US$70 billion globally — and adds a defensible, recurring revenue stream to its existing on-demand services.
• With operations now available in nearly all U.S. states and a proven ability to navigate complex healthcare regulations, Hydreight’s platform gives it a significant first-mover edge in the booming mobile wellness sector. Its proprietary app has already onboarded hundreds of service providers, and management continues to scale efficiently while targeting national partnerships in medtech and employer wellness.

Honourable Mentions

Beyond the Top Picks, these high-upside ventures made their mark at the Investor Breakout Exchange during the 2025 CEM Kelowna Capital Event:

Why it Matters

The momentum out of this year’s Kelowna Event is just getting started. In the coming weeks, we’ll be rolling out in-depth Spotlights and Performance Updates on the ventures that caught capital market attention at the latest Investor Breakout Exchange.

If last year’s trajectory is any indication, Kelowna has become a strong signal of future outperformance. Here is the Performance of some of last year’s Honourees at CEM’s TSX Venture Growth Capital 2025 Event in Kelowna:

• Amarc Resources Ltd. (TSXV: AHR) +448%
• Neptune Digital Assets Corp. (TSXV: NDA) +437%
• Sitka Gold Corp. (TSXV: SIG) +193%
• Horizon Copper Corp. (TSXV: HCU) +190%
• EnWave Corporation (TSXV: ENW.V) +76%

Next Stop:

Muskoka Capital Event
September 26 – September 28, 2025
JW Marriott Rosseau Muskoka Resort
Minett, Ontario

This September, CEM returns to the iconic JW Marriott Rosseau for its 13th annual Muskoka Capital Event — a boutique summit that brings Canada’s most promising growth-stage companies face-to-face with top-tier capital market participants.

Focused on high-impact sectors including resource, technology, biotech, and special situations, the Muskoka edition delivers curated 1:1 meetings, exclusive networking opportunities, and the kind of deal-making environment only CEM can provide.

Get ready to meet the next wave of breakout performers!

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Warm Regards and Happy Investing,
Fabian Dawson