Investors at CEM’s 14th annual Muskoka Capital Event last weekend put a premium on companies with tangible assets and a clear path to creating value, from ounces in the ground and mines under construction to businesses already generating cash for shareholders.

The result was a diverse Top 5 spanning gold, uranium, oil, critical minerals, and prediction markets, each offering a distinct investment case backed by momentum and opportunity.

The rest of the Top 10 followed the same pattern as most of them are advancing defined projects with drill results, studies, or permits due in the coming months.

“Investors were looking for a real asset and something coming up that could move the stock,” said Ryan Iverson, CEM’s Portfolio Manager. “Everyone wants upside. But they want to see how the company actually gets there.”

Rounding out the Top 5 was a prediction markets company, adding an emerging financial technology play to a group otherwise weighted toward resources, energy and strategic supply chains.

“The prediction markets pick shows people will step outside resources if the story holds up,” said Iverson, who hosted the Investor Breakout Exchange that selected the Muskoka picks.

The selections capped CEM’s final Capital Event of the 2026 season, bringing together about 150 investors and company executives. The lineup ranged from companies valued at $7.2 million to $9.2 billion, with an average market capitalization of $112 million, so the room saw everything from early-stage explorers to established operators.

“Muskoka was a strong way to close out the season,” Iverson said. “It gave us a pretty clear read on where money wants to go right now.”

The results are in. Here’s your exclusive first look at the Investor Breakout Exchange’s Top 5 Picks from Muskoka.

Scottie Resources has now emerged as a back-to-back IBE Top Pick.

The company holds about 58,500 hectares in British Columbia’s Golden Triangle, including the past-producing Scottie Gold Mine and the nearby Blueberry Contact Zone. The current inferred resource stands at 703,000 ounces of gold averaging 6.06 g/t, a relatively high-grade deposit in one of Canada’s best-known mining districts.

Scottie passed the halfway mark in its fully funded 50,000-metre drill program in August, with the work aimed at expanding the resource, upgrading ounces and feeding into an updated resource estimate and feasibility study planned for the first half of 2027. The project has also been determined to fall below both environmental assessment thresholds, allowing it to move ahead through the provincial permitting process.

The 2025 PEA also gives investors numbers to hold the company to with average production of about 65,400 ounces a year over seven years, initial capital of roughly C$128.6 million and an after-tax NPV of C$215.8 million at US$2,600 gold.

Why It Was Picked

NexGen Energy is now building its Rook I uranium mine in Saskatchewan’s Athabasca Basin. The project received final federal approval in March and major construction began in June, putting NexGen on a four-year path toward production. Rook I is permitted to produce up to 30 million pounds of uranium a year, equal to more than 20% of current global primary supply and more than half of Western supply.

Rook I is built on the Arrow deposit, which contains 239.6 million pounds of probable uranium reserves and sits within a much larger resource base. NexGen also has about C$930 million in cash and 11.7 million pounds of future uranium sales commitments tied to market-related pricing.

Construction is advancing at Rook I while drilling continues to expand the nearby Patterson Corridor East discovery, where NexGen added a fifth drill after extending the high-grade zone again in August.

Why It Was Picked

Hemisphere Energy stood out at Muskoka for a different reason than many of the resource developers. It already produces oil and pays shareholders out of the cash it generates.

The company produced 3,576 barrels of oil equivalent a day in the second quarter, almost entirely heavy oil, and generated record quarterly revenue of C$33.6 million, adjusted funds flow of C$16.7 million and free funds flow of C$14.2 million. It ended June with no bank debt and C$19.5 million in working capital.

Its core Atlee Buffalo operation, in southeastern Alberta, uses polymer flooding to push more oil from existing reservoirs while slowing production declines, which can reduce the amount of new drilling needed just to hold output steady. That leaves more of the cash for dividends and share buybacks.

A fire at the Atlee G pool facility in August temporarily shut in up to 2,650 boe/d and forced the company to suspend guidance. Repairs are underway, with partial production targeted before the end of November and normal operations expected during the first quarter of 2027.

Why It Was Picked

First Phosphate Corp is building a North American supply chain around high-purity phosphate, from a large Quebec resource through to battery materials.

Its Bégin Lamarche project contains 205 million tonnes of measured and indicated high-purity igneous phosphate, plus another 90 million tonnes inferred. The preliminary economic assessment outlines a 23-year mine life, a projected NPV of C$2.1 billion and a 37.1% IRR.

The company is also pushing beyond the mine itself, with plans to move phosphate into purified phosphoric acid and then into battery materials. That strategy has already attracted government support, offtake agreements and export credit backing, including C$21.5 million in federal contributions and a C$275 million financing guarantee letter from Denmark’s export credit agency.

Why It Was Picked

Prospect Prediction Markets operates in sports prediction markets, one of the fastest-growing areas of financial technology. Instead of placing traditional wagers, users trade regulated event contracts on game outcomes.

The company is building a sports-focused prediction platform designed around live trading before, during and after games, with coverage planned across major leagues, college sports, emerging competitions and niche sports. Its platform combines live scores, market pricing, analytics, news and trading in one second-screen experience.

The biggest catalyst is its push into the U.S. market. In August, Prospect secured registration as an introducing broker with the U.S. Commodity Futures Trading Commission and became a member of Crypto.com Derivatives North America. In September, it followed with a definitive agreement with OG Prediction Markets and Crypto.com Derivatives North America to launch event contracts in the U.S.

That comes as prediction markets are moving quickly into the mainstream. Industry volumes reached more than US$50 billion in June 2026, while Bernstein Research estimates the sector could grow to about US$1 trillion in annual trading volume by 2030.

Why It Was Picked

These five companies rounded out the Muskoka Top 10.

These companies also drew strong interest from investors in Muskoka.

With the 2026 season in the books, CEM is turning its attention to 2027, preparing a new slate of Capital Events where investors can get an early look at emerging companies and the opportunities shaping the year ahead

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

Stay informed. Stay ahead. Stay with the Investor Breakout Exchange:
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