Capital is lining up behind the stories with scale, catalysts, and staying power

From drill results to deal flow, investors, and growth-stage companies at CEM’s 13th Annual Muskoka Capital Event left with a clear message that the back half of 2025 is shaping up to be very active.

“Capital is lining up behind the stories with scale, catalysts, and staying power,” said Ryan Iverson, CEM Partner and Portfolio Manager, after last weekend’s gathering which brought together 48 companies, representing nearly $7B in combined market cap for a series of over 800 one-on-one meetings with leading investment groups.

While precious metals and critical minerals drew heavy interest, issuers across multiple sectors presented compelling value propositions supported by tangible catalysts, Iverson noted.

“Many mining companies have been drilling steadily over the past few months, and now we’re entering a window where assays and results will be flowing weekly into year-end,” he said.

That momentum was reflected in the Investor Breakout Forum, the event’s marquee moment where capital market professionals voted for the companies they felt offered the strongest mix of growth potential, staying power, and near-term catalysts.

Top Picks

Here is your early and exclusive look at Muskoka’s Top Five Picks:

TSXV: WGO

White Gold Corp.

White Gold Corp. is a leading exploration company driving Yukon’s modern gold rush. The company controls the largest land position in the White Gold District, with 15,364 quartz claims across 21 properties covering 305,102 hectares, which is roughly 40% of the district. Its flagship White Gold Project hosts four near-surface deposits with a combined 3.0 million ounces of gold (1.73M oz indicated and 1.27M oz inferred), making it a cornerstone asset with significant room to grow. Located in a Tier 1 mining jurisdiction surrounded by major projects such as Newmont’s Coffee and Western Copper & Gold’s Casino, White Gold benefits from a supportive setting and established infrastructure. Backed by strategic partner Agnico Eagle, the company combines defined resources with a pipeline of high-priority exploration targets, positioning it for long-term value creation.

Why It Was Picked:

• With gold prices hitting record highs, investors are drawn to companies with large, scalable resources in safe jurisdictions. White Gold’s flagship project recently expanded from 2.3 to 3.0 million ounces — a 44% increase in indicated ounces — without new drilling. This was achieved through advanced geological modelling and reinterpretation of historical core, underscoring the company’s technical expertise. Most of these ounces are near surface, suited for open-pit mining, which supports lower costs and robust project economics. The company also holds large amounts of unsampled historical drill core, offering a low-cost path to unlocking more ounces. Combined with today’s strong gold market, these factors set White Gold apart as a company with clear potential to deliver strong shareholder returns.
• White Gold’s success is tied to a team with unmatched credentials. Shawn Ryan, one of Yukon’s most respected prospectors, is credited with multiple district-scale discoveries that have brought billions of dollars of investment to the region. He is joined by Dylan Langille, who played a key role in advancing the multi-billion-dollar Great Bear Project, one of Canada’s most celebrated discoveries. Alongside them, Agnico Eagle provides both capital strength and deep technical expertise, further de-risking White Gold’s exploration and development efforts. This combination of seasoned leadership and strong partnerships gives White Gold the ability to advance its projects seamlessly toward production or potential acquisition.
• Holding 40% of the entire White Gold District is a rare advantage. The company’s land package spans more than 305,000 hectares across 21 properties, hosting numerous high-priority targets such as Ryan’s Trend and Chris Creek, both of which display the same promising geochemical signatures as its flagship deposits. Regional exploration has already produced notable new discoveries, including Betty Ford, where drilling has intersected high-grade gold mineralization, showcasing the multi-million-ounce potential of the district. Proximity to world-class neighbours like Newmont and Western Copper & Gold further enhances the value of the portfolio. Supported by a $468 million government-backed road network upgrade, White Gold is ideally positioned to anchor Yukon’s next wave of gold mines.

TSXV: SALT

Atlas Salt Inc.

Atlas Salt is advancing the Great Atlantic Salt Project on the west coast of Newfoundland and is set to become North America’s first new underground salt mine in nearly three decades. The project is a shallow, thick, high-purity deposit located just 180 metres below surface and 2 km from a deepwater port, giving it a rare combination of scale, grade, and infrastructure advantages. With 95 Mt of proven and probable reserves grading 95.9% NaCl and 868 Mt of inferred resources, Great Atlantic is positioned to supply critical North American road salt markets that currently rely heavily on imports. The company offers investors exposure to stable, long-term cashflow in a market with chronic supply deficits and is on track to become a cornerstone supplier to North America’s road salt market.

Why It Was Picked:

• Atlas Salt was chosen as a Top Pick at Muskoka 2025 because it offers investors a rare combination of scale, timing, and robust economics in a market that urgently needs new supply. The Updated Feasibility Study released in September 2025 confirmed post-tax NPV₈ of $920 million, IRR of 21.3%, and a rapid 4.2-year payback, underlining the project’s ability to generate strong returns. With average annual post-tax cashflow of $188 million over a 24-year mine life and operating costs of just $28.17/t, Great Atlantic ranks among the lowest-cost salt producers in North America, capable of delivering consistent and resilient cashflows.
• Strategically, the project’s planned 4 Mtpa production directly matches North America’s 8–10 Mtpa import deficit, offering municipalities and infrastructure operators a reliable, domestic alternative to overseas supply. Its proximity to market — just three days shipping to Boston compared to more than two weeks from Chile or Egypt — provides both cost advantages and greater supply security. This alignment with Buy North American priorities and regional infrastructure needs positions Atlas to secure long-term contracts and establish itself as a cornerstone of the road salt market.
• The project is also de-risked and designed with sustainability at its core. Great Atlantic benefits from a shallow, high-purity deposit, existing road and power infrastructure, and a room-and-pillar mine design that supports efficiency and safety. Powered by clean hydroelectricity, with no tailings and minimal surface impact, it is projected to have among the lowest Scope 1 GHG emissions in global mining. With environmental approvals and an Early Works Development Plan already secured, Atlas is positioned to advance quickly toward financing and construction, offering investors a near-term development story backed by strong fundamentals.

TSXV: NURS

Hydreight Technologies Inc.

Hydreight Technologies Inc., crowned a Top Pick by investors at the CEM TSX Venture Growth Capital 2025 Event in Kelowna and returning to Top Pick status in Muskoka, is reshaping the U.S. healthcare landscape with a mobile clinical network powered by its proprietary VSDHOne platform, nationwide pharmacy partnerships, and a growing network of licensed medical professionals. Operating across all 50 states, the company has built an end-to-end solution that allows patients to access care from nurses, physicians, and pharmacies on demand from home, office, or clinic.

Hydreight’s business spans several of the fastest-growing areas of U.S. healthcare, including weight management (GLP-1 therapies), IV infusion, hormone optimization, and preventive testing. With over 44.8 million shares outstanding, the company has established itself as a profitable growth story in a fragmented market that is rapidly consolidating.

Why It Was Picked:

• Hydreight continues to outperform internal projections, most recently processing over 80,000 product orders in August 2025, well above its ~55,000 forecast. Pharmacy orders have grown ~86% year-over-year, supported by a nurse network that expanded 72% in the same period. Revenue for the first half of 2025 grew 33% year-over-year, marking the third straight quarter of profitability. This combination of accelerating order flow, recurring demand across multiple verticals, and disciplined cost control demonstrates a business model that is not only scaling quickly but doing so profitably.
• The VSDHOne platform is being made fully modular, allowing clinics and providers to adopt digital tools step by step, dramatically expanding Hydreight’s total addressable market. The company also closed an oversubscribed $11.5 million financing, giving it growth capital for acquisitions and technology investment. Recent moves include acquiring a stake in Perfect Scripts, a licensed 503A pharmacy, to improve margin control, and advancing the acquisition of an AI-driven IV therapy support tool. These steps highlight Hydreight’s ability to strategically broaden its ecosystem while embedding more value into its platform.
• Hydreight operates at the intersection of telehealth, pharmacy, and wellness — three of the most disruptive healthcare verticals in the U.S. today. Its nationwide network of doctors, nurses, and labs provides an unmatched footprint, enabling providers to operate compliantly across all 50 states. By focusing on lifetime patient value rather than one-time services, Hydreight is positioned to expand patient journeys from weight management into broader wellness treatments like TRT, peptide therapies, and genetic testing. This breadth of services, combined with scalable technology and pharmacy ownership, positions Hydreight as a unique consolidator in a fragmented $100-billion-plus market opportunity.

Private

Laiva Gold Inc.

Laiva Gold Inc. was selected as a Top Pick by investors at the CEM 2025 Bermuda Capital Event and has once again earned Top Pick status at Muskoka. The company is advancing the restart of the Laiva Mine in Finland, one of Europe’s largest open-pit gold operations. The fully built mine includes a 6,000 tpd processing facility, with more than US$400 million of historical investment already sunk into infrastructure. With an oversubscribed $8.0 million financing closed in August 2025 and a reverse takeover with Edgemont Gold underway, Laiva is positioned to re-emerge as a publicly listed growth vehicle at a time when gold prices keep soaring to new highs. In a gold market defined by scarcity, where few shovel-ready assets remain and large producers are struggling to replace reserves, Laiva stands out as a rare near-term producer with long-term upside.

Why it was picked:

• Unlike early-stage explorers, Laiva controls a $400 million asset in a world-class jurisdiction that requires only modest capital to restart. The plant and infrastructure remain in excellent condition, and the company has identified improvements in grade control, mine planning, and milling efficiency to optimize operations. This allows investors to leverage the upside of a near-term gold producer without the long lead times and risks of new construction.
• The project is supported by a 2025 updated resource estimate of 523,400 oz gold (M&I) and 396,200 oz inferred at a $2,300/oz gold assumption. In addition, a 3 Mt low-grade stockpile, extensive historical drilling (163 km), and multiple untested exploration targets provide a clear pathway to expanding resources. High-grade zones have also been identified with underground potential, adding longer-term growth optionality.
• Laiva’s August 2025 $8.0 million oversubscribed financing provides the balance sheet strength needed to advance toward restart. The pending RTO with Edgemont Gold offers a pathway to a public listing, opening access to broader institutional capital. With gold trading at record levels, Laiva is highly leveraged to the current price environment and well-positioned to deliver outsized returns as production restarts in 2025.

TSXV: OTC

Ocumetics Technology Corp.

Ocumetics Technology Corp. is a Canadian medical device company developing a breakthrough intraocular lens designed to restore seamless vision at all distances. Its flagship innovation, the Ocumetics  Accommodating Lens, mimics the natural focusing ability of the human eye, with the goal of eliminating the need for glasses or contacts after lens replacement surgery. The company has advanced to its first-in-human clinical trial stage, marking a significant milestone after more than 15 years of development. In August 2025, the first implantation surgeries were successfully completed in Mexico City, with all procedures performed safely and without complications. One-month post-operative follow-ups have been conducted, and results to date confirm positive patient recovery and safety, with additional visual acuity data expected later this year.

Ocumetics’ proprietary lens technology is supported by a robust portfolio of international patents, securing its first-mover advantage in the market for “accommodating” intraocular lenses. Unlike current monofocal or multifocal lenses, which offer limited focusing ranges, the Ocumetics Lens is designed to provide an “always in focus” solution across near, intermediate, and distant vision. This innovation directly targets the global cataract surgery market of 24 million procedures annually, while also addressing presbyopia and broader vision correction needs. Longer term, the company envisions opportunities in augmented and digital vision integration, further expanding its relevance.

Why it was picked:

• The company is in the middle of its first-in-human trial, with surgeries completed safely and patients showing encouraging recovery. With additional procedures scheduled and data pending, Ocumetics is moving closer to validating its lens technology in a real-world setting, a critical step toward regulatory approvals and commercialization.
• To date, no true accommodating intraocular lens exists on the global market. Ocumetics’ proprietary design is engineered to work with the eye’s natural muscle activity, enabling dynamic focus at all distances. This differentiates it from conventional intraocular lenses and positions it as a potential category-defining product in the $4B intraocular lens market.
• Vision correction is a massive and growing space. The eyewear market is valued at US $158B, and nearly one-third of the global population relies on corrective lenses. By offering the possibility of eliminating glasses or contacts altogether, Ocumetics could unlock a powerful commercial pathway while tapping into the rapidly growing cataract and presbyopia segments.

Honourable Mentions

Outside of the Top Picks, these high-potential stories made their presence felt at the Investor Breakout Exchange in Muskoka 2025.

Why it Matters

The Investor Breakout Forum has a reputation for spotting winners early. Last year’s Muskoka Top Picks returned a combined 102.48%. Here is how they performed:

• Midnight Sun Mining Corp (TSXV: MMA)
  +363%
• Northstar Clean Technologies Inc (TSXV: ROOF)
  +67%
• Relevant Gold Corp (TSXV:RGC)
  +54%
• Borealis Mining Company Ltd (TSXV:BOGO)
  +33%

Other top performers include:

• Onyx Gold Corp (TSXV: ONYX)
  +736%
• Amarc Resources Ltd (TSXV: AHR)
  +650%

And the momentum continues

Looking ahead to 2026, these exclusive events will continue to fuel the IBE Newsletter with fresh insights and market-tested foresight:

• AlphaNorth Capital Event
  Jan 16–18, 2026
• Whistler Capital Event
  Feb 6–8, 2026
• Scottsdale Capital Event
  Apr 10–12, 2026
• Bermuda Capital Event
  Jun 12–14, 2026
• TSX Venture Growth Capital Event
  Jul 17–19, 2026
• Muskoka Capital Event:
  Sept 25–27, 2026

Stay informed. Stay ahead. Stay with the Investor Breakout Exchange:
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Warm Regards and Happy Investing!

Editor, Investor Breakout Newsletter
Fabian Dawson