Results 🎉 CEM Scottsdale 2025

Desert Summit Blossoms into an Oasis of Value for Investors and Issuers

Cautious capital found new footing at last weekend’s CEM Scottsdale Capital Event as investors looked to recalibrate their strategies in a rapidly evolving global economy. From AI-powered diagnostics to energy producers, gold explorers, and copper projects in Africa, the 64 companies showcased at the desert summit offered a rare, cross-sector snapshot of where capital is moving. With over US$12.6 billion in combined market cap on display, the event captured a clear shift in investor sentiment — cautious capital isn’t sitting still; it’s being deployed.

“This year's Scottsdale event highlighted some well-known names, and it was great to see investors recognizing quality across different sectors,” said Ryan Iverson, CEM partner and Portfolio Manager.

“I found it very interesting that several issuers' cap tables now include generalist funds taking sizeable investment positions to gain exposure to precious metals and commodities. This tells me that the current capital flow momentum is being recognized by a growing investor base.”

Iverson, who hosts the Investor Breakout Exchange (IBE) forums — the capstone of every CEM event — said companies attracting the most attention all had one thing in common: strong execution and clear, consistent communications.

The IBE forum in Scottsdale, attended by seasoned capital market professionals, portfolio managers, and analysts, selected the following companies as their Top Picks and IBE Alumni stars based on their potential and performance.

Here’s your exclusive early insight from the IBE at CEM’s 2025 Scottsdale Capital Event.

Top Picks

These are the Top 5 picks from the Investor Breakout Exchange in Scottsdale:

TSXV: LUCA

Luca Mining Corp.

Luca Mining Corp. is a Canadian multi-asset producer operating two 100%-owned underground mines — Campo Morado and Tahuehueto — in Mexico’s highly mineralized Sierra Madre belt. The company produces a mix of gold, copper, zinc, silver, and lead, with both assets contributing strong cash flow and offering significant expansion potential. Luca’s growth strategy is anchored in optimization, exploration, and production scale-up, supported by well-established infrastructure. Campo Morado produces base metal concentrates with precious metals credits. Tahuehueto, is a high-grade gold-silver mine and holds district-scale potential, mirroring the geology of Mexico’s historic San Dimas camp. Both projects remain significantly underexplored, with substantial potential.

Why it was picked:

• Luca is executing a focused growth strategy underpinned by production expansion, exploration, and disciplined capital allocation. The company has already reduced its debt from US$18.2 million to US$10.5 million and is targeting full debt elimination by mid-2026, without needing to raise equity. With a clean balance sheet, strong management team, and a path to 200,000 oz gold equivalent annual production, Luca is increasingly being recognized as an emerging mid-tier producer with both organic and M&A-driven growth potential​.
• In 2025, the company anticipates generating 85,000 to 100,000 gold equivalent ounces, translating to US$30–$40 million in free cash flow before working capital adjustments​. These numbers reflect operational efficiency and scalability, particularly with Campo Morado targeting a sustainable 2,000 tpd throughput and Tahuehueto ramping toward its 1,000+ tpd capacity​.
• Both mines are actively undergoing optimization programs to enhance metal recoveries, reduce costs, and unlock new resources. Campo Morado has implemented copper-lead separation and flotation circuit upgrades, while Tahuehueto is enhancing infrastructure and availability to boost consistency. In parallel, Luca has committed $3.9 million to exploration, with 10,000 metres of drilling planned across both properties in 2025. This includes brownfield step-outs and underexplored regional targets, setting the stage for resource expansion and mine life extension.

TSXV: RGC

Relevant Gold Corp.

Relevant is a U.S.-focused gold exploration company advancing a portfolio of five district-scale projects across a 50,000-acre land package in Wyoming, one of the world’s most mining-friendly jurisdictions. Led by a veteran team with a track record of building multi-billion-dollar exits, the company is leveraging its first-mover advantage to unlock a belt-scale orogenic gold system. With high-grade gold confirmed both at surface and at depth, Relevant Gold presents a compelling pre-discovery opportunity with multiple near-term catalysts. The company’s strategy combines geological excellence, large-scale exploration upside, and a strong foothold in an under-explored yet highly prospective gold district.

Why it was picked: 

• Relevant Gold’s 50,000-acre land package encompasses five district-scale projects in Wyoming, dubbed the “American Abitibi” due to its geological similarity to Canada's prolific Abitibi greenstone belt. This includes more than 17 district-scale targets and 3 drill-proven orogenic systems, offering significant discovery upside in one of the most mining-friendly jurisdictions in the world.
• The company has demonstrated high-grade mineralization at surface and at depth, including standout results like 168 g/t Au from trenching, 83.8 g/t Au over 1 metre in drilling, and 46.8 g/t Au with 7.8% Cu and 2% Zn, at Bradley Peak. With gold intersected in 10 out of 11 holes at the Heavy Hand target and mineralized zones expanding across multiple projects, Relevant Gold is rapidly validating its exploration thesis​.
• Investors are drawn to the company’s tightly held structure (with insiders, Kinross Gold, and industry figures like Rob McEwen, and Bill Bollinger among key shareholders), as well as its growing strategic credibility. Kinross’s recent 9.9% equity investment signals institutional confidence, while the company's lean operations and aggressive exploration plans provide a strong foundation for near-term catalysts and long-term upside​.

TSXV: PNE

Pine Cliff Energy Ltd.

Pine Cliff Energy Ltd. is a Canadian natural gas and crude oil company focused on delivering long-term shareholder value through disciplined capital management, low-risk operations, and strategic acquisitions. Since 2012, Pine Cliff has grown from producing just 100 barrels of oil equivalent per day (boe/d) to approximately 22,000 boe/d today. The company has completed nine acquisitions of high-quality, low-cost gas assets, enhancing both scale and efficiency. Pine Cliff’s strategy emphasizes cash generation and sustainability, with surplus funds returned to shareholders via dividends. Its low-risk, income-generating model positions the company as a resilient energy investment with meaningful upside. 

Why it was picked:

• Pine Cliff has one of the lowest production decline rates in Canada — less than 10%, compared to the 32% average among gas-focused peers. This means the company can maintain strong output without constantly drilling new wells, reducing costs and enhancing operational stability. As a result, Pine Cliff operates with lower capital requirements, allowing it to reinvest more of its free cash flow while preserving production levels. This efficiency also gives the company greater resilience during commodity price volatility — a key advantage that appeals to investors in today’s unpredictable energy market.
• With roughly 50% of 2025 volumes priced at AECO, the benchmark price for natural gas in Alberta, Canada, Pine Cliff is well positioned to benefit from the start-up of the LNG Canada project in neighbouring British Columbia and the broader North American LNG export momentum. The company estimates that every $0.10/mcf (1,000 cubic feet of natural gas) shift in AECO gas prices can impact adjusted funds flow by approximately $3.7 million, giving it material upside exposure to strengthening natural gas markets​.
• Despite market uncertainty, Pine Cliff has continued to pay dividends, maintain a healthy balance sheet, and fund a $23.5 million capital program from cash flow​. Since 2012, it has completed nine strategic acquisitions, growing production from just 100 boe/d to over 22,000 boe/d today while returning over $100 million to shareholders since mid-2022​. This disciplined, shareholder-first model remains a key draw for income value-focused investors.

TSXV: ITR

Integra Resources Corp.

Integra Resources Corp. is a growth-focused precious metals producer operating in the Great Basin of the Western U.S. The company’s cornerstone asset is the Florida Canyon Mine in Nevada, where it is demonstrating operational excellence and profitability. Integra is also advancing its DeLamar Project in Idaho and the Nevada North Project, both low-cost, heap-leach development-stage assets. With a strong emphasis on sustainable mining, strategic M&A, and disciplined capital deployment, Integra delivers long-term value to shareholders and local communities. The company maintains a high standard of ESG practices as it transitions from developer to producer in some of the most mining-friendly jurisdictions in North America.

Why it was picked:

• Integra’s 2024 acquisition of Florida Canyon Gold marked a major milestone, shifting the company from developer to producer. In just the final two months of 2024, Florida Canyon delivered nearly 11,000 ounces of gold, contributing to a record annual production of 72,229 ounces. The mine generated $9.5 million in Q4 net income, confirming its role as a reliable cash-flow engine.
• Integra owns two development-stage heap leach projects — DeLamar in Idaho and Nevada North — offering a combined resource of over 10 million gold equivalent ounces. With feasibility studies and permitting advancements expected in 2025, these assets provide a clear path to multi-asset production and a 20+ year mining runway.
• With US$52.2 million in cash and US$64.4 million in working capital, Integra is well-positioned to fund growth. Institutional backers like Alamos Gold, Wheaton Precious Metals, and Beedie underscore investor confidence, while a supportive shareholder base reinforces long-term value.

TSX: NDM

Northern Dynasty Minerals Ltd.

Northern Dynasty is a Vancouver-based mineral focused on advancing the world-class Pebble Project in Southwest Alaska. Through its wholly owned U.S. subsidiary, Pebble Limited Partnership, the company holds a 100% interest in 1,840 mineral claims surrounding the Pebble deposit — one of the largest undeveloped resources of copper, gold, molybdenum, silver, and rhenium globally. Located 200 miles from Anchorage, the project is currently in the federal permitting stage. Northern Dynasty is committed to developing a modern, long-life mine that supports the economic and social well-being of Alaskans, underpinned by decades of scientific, environmental, and engineering research.

Why it was picked:

• Northern Dynasty owns 100% of the Pebble Project, the largest undeveloped copper-gold-molybdenum resource in the world, containing 53 billion lbs of copper and 54 million oz of gold (M&I), with significant inferred resources as well​. The 2023 Preliminary Economic Assessment (PEA) outlines a 20-year mine plan with strong economics and an NPV of $2.2 billion at a 7% discount rate​. Multiple expansion scenarios could push copper production from 6.4 billion lbs to 60.4 billion lbs, making it one of the most scalable projects in North America​.
• With copper demand expected to soar due to electrification, AI data centres, and infrastructure growth, global supply is falling short. The Pebble Project could help meet U.S. critical mineral needs at a time when 60% of top copper projects are outside the U.S. and many domestic projects are stalled in permitting​. Pebble stands out as a U.S.-based solution to supply-chain vulnerability.
• A pro-mining stance from the new U.S. administration — including the Critical Mineral Consistency Act and an executive order to “Unleash Alaska’s Resource Potential” — is reversing prior restrictions. EPA leadership changes and legal momentum also position Northern Dynasty for potential permitting breakthroughs​.

The Alumni Class

These two companies, previously recognized as Top Picks in earlier IBE forums, returned to the spotlight in Scottsdale, continuing to impress with their momentum and execution:

CBOE: ALGO

Light AI Inc.

Light AI returned as an IBE Top Pick after also earning the honour at CEM’s Florida Capital Event last November. The company is developing AI-powered diagnostic tools that deliver rapid, lab-free results from smartphone images — starting with Strep A. With a consumer Wellness App and a Practitioner App for professionals, Light AI is targeting both ends of the healthcare spectrum. Its patented, hardware-free platform runs on the world’s 4.5 billion smartphones, enabling fast, low-cost deployment at scale. Positioned at the crossroads of AI and global diagnostics, Light AI offers a compelling solution to one of healthcare’s most urgent needs. 

Why it was picked:

• Light AI is simultaneously pursuing two well-defined go-to-market strategies: The Practitioner App, aimed at healthcare professionals, is being prepared for FDA submission and global distribution deals upon approval. The Wellness App, targeting the direct-to-consumer (DTC) market, requires no FDA approval and is already in pilot development​. This dual-path commercialization approach opens the door to both regulated clinical adoption and mass consumer use, drastically increasing its addressable market and speed to revenue.
• The company’s diagnostic algorithm for Strep A achieved 96.57% accuracy and an impressive 100% Negative Predictive Value (NPV) in pre-FDA validation studies, metrics that not only rival traditional lab-based throat cultures but exceed many rapid antigen tests currently in use. This means Light AI’s platform is not only highly accurate in detecting infections but is also extremely reliable in ruling them out. These clinical results reinforce Light AI’s offering of a faster, more accessible, and cost-effective alternative to conventional testing models.
• Light AI is gaining global visibility and credibility through partnerships like its initiative with MrBeast Philanthropy, which brings AI-powered Strep A testing to underserved regions in Africa​. This initiative addresses a $1 trillion global health burden tied to Rheumatic Heart Disease, reinforcing the company’s social impact credentials. It also benefits from a strategic LMIC (Lower-Middle Income Countries) rollout via a partnership with Tech Care for All (TC4A), providing access to over 120,000 healthcare practitioners in more than 20 countries​. 

TSXV: MMA

Midnight Sun Mining Corp.

Midnight Sun’s consistent inclusion as a Top Pick at major capital events — most recently at the CEM Scottsdale Summit, and previously at the TSX Venture Growth Conference in Kelowna and Muskoka Capital Event — underscores strong market confidence in its technical leadership and project quality. The exploration-stage company is advancing a high-potential asset in one of the world’s most prolific copper belts. The company’s 506 km² Solwezi Project, located in the heart of the Zambia-Congo Copperbelt, is surrounded by globally significant producers such as First Quantum, Barrick, Rio Tinto, Ivanhoe, and Anglo American. Adjacent to First Quantum’s Kansanshi Mine — Africa’s largest copper operation — Midnight Sun’s land package hosts multiple oxide and sulphide copper targets with district-scale discovery potential. 

Why it was picked:

• With over $10 million in treasury, a sixfold market cap-increase in 12 months, and a diversified portfolio of both oxide and sulphide targets, Midnight Sun is executing a cost-effective, high-impact strategy across three fronts — Dumbwa, Kazhiba, and Mitu​. The phased exploration plan leverages near-term oxide cash flow to fund longer-term sulphide development, reducing dilution risk while pursuing multiple potential discoveries. This combination of funding strength, institutional support, and strategic sequencing appeals strongly to long-term resource investors.
• Midnight Sun’s flagship Dumbwa Target stands out as a large-scale, near-surface sulphide copper opportunity with geological similarities to Barrick’s Lumwana mine. Dumbwa features a 20 km-long copper-in-soil anomaly with peak values up to 0.73% Cu, supported by a current IP survey and a systematic drilling program designed to define structure, scale, and mineralization continuity​. The involvement of exploration veteran Dr. Kevin Bonel, who led Lumwana’s transformation, adds significant technical credibility to this effort​.
• Through a Cooperative Exploration Plan with First Quantum Minerals, which operates of the adjacent Kansanshi Mine, Midnight Sun is advancing near-surface oxide copper targets at Kazhiba and Mitu. The proximity to First Quantum’s SX/EW oxide circuit (just 6 km away via haul road) positions these discoveries for potential fast-tracked monetization. Early drill results validate both grade and near-term production potential, offering a rare blend of exploration upside and short-term cash flow​.

Honourable Mentions:

Beyond the Top Picks and Alumni Stars, these high-potential companies also stood out at the Investor Breakout Exchange during the CEM Scottsdale Summit.

In the weeks ahead, we’ll pull back the curtain with exclusive Spotlight Features on the Top Picks and Performance Alerts on the Alumni Stars/Standout Performers giving you an inside look at what set these companies apart at CEM 2025 in Scottsdale.

Why stay tuned? Because investors who tracked our 2024 Top Picks across all CEM events saw average portfolio gains of over 40%.

Next Stop:

Bermuda Capital Event
June 6-8, 2025

CEM is proud to return to Bermuda for the 2nd Annual Capital Event, at the iconic Fairmont Hamilton Princess & Beach Club. Set against the backdrop of island luxury, this exclusive event connects high-growth companies across diverse sectors including resource, technology, biotech, and special situations with leading capital markets professionals through curated one-on-one meetings. From boardroom breakthroughs to beachfront deal-making, Bermuda 2025 promises a sun-soaked summit that’s a premier platform for discovery, dialogue, and new opportunities.

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Warm Regards and Happy Investing,
Fabian Dawson