Copper-gold was the old headline. Platinum just rewrote the subtext - and it came from data that's been gathering dust for decades. Here's why NovaRed's Wilmac just got a lot more interesting.

For a long time, Wilmac has been treated as a copper-gold project.

The latest update adds another term into that framing: platinum.

That detail comes from NovaRed’s MetalCore AI platform, which processed decades of exploration records, geochemical data, geophysical surveys, mineral occurrences, and historical reports across the Wilmac project. The result was an interpretation that includes a potential copper-gold-platinum target area.

What matters here is how the target was generated.

No new drilling program or large-scale field campaign drove the change. The shift came from reprocessing existing datasets and combining information that had been collected over many years but never analyzed in the same way.

That puts the announcement in a different category from a typical exploration update. It is less about new samples and more about re-reading old ones with a different toolset.

A few points stand out:

• Copper remains tied to long-term electrification demand
• Gold continues to provide a second layer of commodity exposure
• Platinum introduces a third component that was not widely discussed in earlier interpretations
• MetalCore is being used to extract new targets from historical geological data
• Future exploration work now has an additional area to test

There is no platinum discovery in this announcement. There is no resource estimate. Everything still depends on follow-up work in the field, including geophysics, sampling, and drilling.

What the update does suggest is that Wilmac may not fit as neatly into a simple copper-gold framework as previously assumed.

In early-stage exploration, that kind of shift often comes from reinterpretation rather than new ground being added. Old datasets get reorganized, patterns change, and targets get reprioritized.

If future field results align with the AI-driven interpretation, this could end up marking a turning point in how the project is described.

For now, it mainly changes the question investors are asking. Not just where copper is, but what else might be sitting in the same system.

Copper. Gold. Platinum. AI-assisted targeting.

That combination is what keeps $NREDF on the watchlist.

Most exploration updates are about what's new in the ground. This one is about what was already there - just never read this way. Platinum enters the chat.

Prospective ground is cheap. Execution is expensive. NovaRed's team is built for the expensive part - and that's exactly why I'm paying attention.

A lot of junior mining companies have prospective ground.

That gets them onto a watchlist, but it doesn't move a project forward.

Exploration is a long process. Before a single drill hole is completed, there are soil surveys, geological mapping, geophysics, target ranking, permitting, logistics, and plenty of decisions about where limited exploration dollars should be spent.

That's why I pay close attention to the people running the work.

Brian Goss stands out to me because his background goes beyond the corporate side of mining. He founded Rangefront Geological, now Rangefront Mining Services, a company that provides geological support and field services for exploration projects. That experience comes from working through the day-to-day challenges of exploration programs, where planning mistakes can waste both time and capital.

NovaRed also recently added Dr. Olamide Oladeji as an advisor.

His background is very different but fits the company's direction. He has an applied AI doctorate from Stanford, engineering degrees from MIT, recognition on the Forbes 30 Under 30 list, and experience in robotics, geospatial analytics, and machine learning.

For a company developing MetalCore, its AI-assisted mineral targeting platform, those skills seem directly connected to the work the platform is supposed to perform. Exploration generates huge amounts of geological and spatial data, and better analysis can help narrow down which targets deserve further investigation.

None of that guarantees success.

Wilmac is still an exploration-stage project in British Columbia. There is no defined resource, no production, and the project still has to be advanced through fieldwork, geophysics, drilling, and assay results.

What gives me confidence is the mix of experience behind the project.

One side of the team understands how exploration programs are planned and executed in the field. The other brings expertise in using advanced data analysis to improve exploration decisions before money is committed to drilling.

That combination is one of the reasons I'm comfortable continuing to build my position while the project is still in its early stages. As always, the geology will have the final say, but I'll be watching future exploration results closely to see how the strategy translates into progress on the ground.

Every junior has a map. Few have a team that can actually turn that map into meters drilled. NovaRed's combination of field ops and data science is rare at this stage.

Below are the competitors all performed poorly in the last 2 years. They are all in a negative %

Canadian Licensed Producers

OGI 33%
TLRY 73%
CGC 85%
ACB 39%
HITI 6%

US MOS

GTBIF 31%
CURLD 5%
CRLBF 48%

TRLV is up only 5% due to Anthony Varrell’s efforts a co host of TDR podcast and also major shareholder of TRLV everyday try to pump up TRLV stock value. On the other hand in the last two years Auxly name only mentioned 2 times during his podcast.

ADTX PUSH AND HOLD TILL A DOLLER AND ABOVE PEOPLE, we can do this. We can go from small street to Wall street bets by next week. All the big share holders 25k-100000k Keep doubling down and buy more and hold are blimp just gained rocked and damit looks like we’re past the clouds and on the way to the moon!!!!!!

Hi to all!
Three copper-gold companies. Three very different stages. One way to think about the exploration cycle without lumping them all together.

I've found it makes more sense to organize junior miners by where they are in the exploration cycle instead of grouping them by commodity alone. A company with a multi-billion-tonne resource has a very different path ahead than an explorer preparing for its first drill program. The catalysts, risks, and timelines aren't the same.

Right now I'm following three copper-gold companies that each fit into a different stage.

The first is ATEX Resources ($ATX / $ATXRF). Its Valeriano project in Chile has already reached the large-resource stage. The updated 2025 resource outlines 475 million tonnes in the indicated category grading 0.88% copper equivalent, plus another 1.5 billion tonnes in the inferred category at 0.75% copper equivalent. With a resource of that size already defined, the next questions are whether the deposit continues to grow and how the project advances toward future economic studies. I'll also be watching upcoming drill results to see if they continue extending the system.

NovaRed Mining ($NRED / $NREDF) sits at the opposite end of the spectrum. Its Wilmac project covers roughly 39,000 acres in British Columbia's Quesnel porphyry belt, about six miles west of Hudbay's Copper Mountain Mine. The nearby operation shows the district has produced significant copper deposits, but Wilmac still has to prove its own potential through exploration.

The 2026 field season is what makes NovaRed interesting to me. The company plans to expand soil sampling, complete four IP and AMT geophysical surveys, refine drill targets, and begin its first drill campaign in the fall, assuming permits are received. The MetalCore AI platform helps organize and analyze exploration data, but the field program and drilling will provide the results that matter most.

The third company is Amarc Resources ($AHR / $AXREF). It also operates in British Columbia, but what stands out is the level of support from major mining companies. Amarc is advancing the JOY, DUKE, and IKE copper-gold districts. Freeport is funding work at JOY with a preliminary 2026 budget of around $15 million, while Boliden invested $30 million to earn a 60% interest in the DUKE joint venture. Those partnerships bring funding, technical expertise, and another layer of confidence in the exploration programs.

Each company fills a different role on my watchlist. ATEX offers exposure to a large established resource with room for expansion. NovaRed gives me an earlier-stage exploration story where upcoming surveys and initial drilling could reshape the project. Amarc combines district-scale exploration with financial backing from established mining companies.

I like having exposure to different parts of the exploration cycle instead of relying on one type of junior miner. Large resources can continue growing, early exploration can uncover new discoveries, and partner-funded projects can move forward without relying entirely on repeated financings. For anyone following copper and gold, I think all three are worth keeping an eye on over the next couple of years.

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SUMMARY :

Despite the seasonally weaker quarter, it was the company's best quarter, which speaks volumes about HITI's increased operating efficiency.

Gms on medical cannabis 27%

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Key Strengths of High Tide's Q2 FY2026

1. Strong Revenue Growth

• Record revenue of CAD $179.3 million.
• Approximately 30% year-over-year growth, representing one of the strongest growth rates in recent quarters.

2. Accelerating EBITDA Growth

• Record Adjusted EBITDA of CAD $13.9 million.
• EBITDA increased by approximately 73% year over year, significantly outpacing revenue growth, which indicates improving operating leverage and efficiency.

3. Positive Net Income

• The company reported positive net income and positive earnings per share (EPS).
• In the cannabis industry, profitability remains a major challenge for many companies, making High Tide's continued profitability particularly noteworthy.
• Management expects sustainable NET INCOME

4. Positive Free Cash Flow

• High Tide generated positive free cash flow and strong operating cash flow.
• This reduces the need to raise capital through equity issuances, helping to limit shareholder dilution.

5. Germany Continues to Exceed Expectations

• German subsidiary Remexian Pharma GmbH generated a record CAD $31.6 million in revenue.
• Gross margin improved to 27%.
• Management stated that several internal targets were achieved roughly 90 days ahead of schedule.

6. Rapid Expansion of the Customer Base

• The Cabana Club loyalty program surpassed 2.65 million members, up 39% year over year.
• ELITE memberships exceeded 178,000, up 84% year over year.
• This growing membership ecosystem strengthens customer loyalty, improves data analytics capabilities, and enhances High Tide's competitive advantage in retail.
• The stated goal is to exceed 1 million elite members in the long term.

7. Significant Banking Support

• The company secured a new credit facility of up to CAD $40 million from Bank of Montreal.
• Access to financing from a major Canadian bank is an important signal of financial credibility and stability in the cannabis sector.
• This has led to an increase in institutional interest in the stock which will be reflected as the company's fundamentals continue to improve.

8. Market Leadership

• High Tide continues to hold approximately 12% of the Canadian cannabis retail market in the provinces where it operates.
• The company is also steadily gaining market share in the German medical cannabis market.
• Raj is targeting 20% ​​market share in Germany and I personally believe 30% is achievable in the long term for several reasons.

Most Bullish Takeaways

If I had to identify nine most bullish developments from the quarter, they would be:

1. 73% growth in Adjusted EBITDA, demonstrating strong operational execution.
2. Remexian's 27% gross margin, showing that the German business is scaling successfully and profitably.
3. The new CAD $40 million credit facility, which provides growth capital without diluting shareholders.
4. SNDL will have to sell some of its assets because it has violated regulations for years, and I wouldn't be surprised if it had to pay a hefty fine for breaking the law for so long. These assets will be carefully evaluated by Hiti for purchase.
5. Possible increase in the cap in Ontario from 150->300 which Raj calls "a dream come true" bringing the number of canna cabana shops +500, but we'll have to see how things evolve
6. The medical branch is growing throughout Europe, a constantly growing market, where Raj intends to be the leader in every country in which it operates (Germany, UK to follow).
7. GMS have reached an all-time high. Raj states that due to competition, they will shrink slightly in the medium term in order to gain market share, but thanks to initiatives such as increasing ELITE/WHITE LABEL inventory from the current 2% to 25%, GMS will exceed 30% in the long term, also driven by Remexian's improved efficiency.
8. Raj has stated his intention to enter the US, but for now he's focused on the European medical market and I support that.
9. He says there's no rush to pursue multiple objectives at once, but rather to focus on one market at a time, strengthen its position by positioning itself as a leader, and move on to the next.

Together, these results suggest that High Tide is evolving from a pure growth story into a profitable growth company, a transition that investors often reward with higher valuation multiples over time.

HITI is becoming the definition of non-stop execution and deserves more credit for this. Remexian's goal is clear: gain more market share to satisfy this insatiable and ever-growing demand, in order to reach 20-30% market share in the long term and then achieve pricing determination with a consequent increase in GMS and profitability.

Still think HITI is vastly undiscovered.

Despite an increase in CAPEX linked to the expansion, the company continues to generate FCF+ and expects to increase net income thanks to ongoing synergies.

Raj is carefully evaluating expansion into another jurisdiction (UK), choosing the right partner for the long term.

This looks more like short-term noise than a deterioration in fundamentals. Remexian’s expansion in Germany and the economies of scale enjoyed by Canna Cabana represent genuine, differentiating competitive advantages. As long as management continues to pursue its market share targets and secure future pricing power, the valuation gap should gradually narrow. Investing in HITI will certainly be volatile, but the current fundamentals are much healthier than the stock price suggests. What's needed is patience and faith in the story.

The UK is the European market that excites him the most.

The UK medical market appears more interesting than the German one because High Tide could own the entire chain (from production directly to the patient). This is the medical system in which it is structured, which makes it exciting and unique in some respects.

I might be biased because HITI is my largest position by a wide margin, but that’s not why I’m saying this. Execution here has simply been exceptional. The numbers speak for themselves, the customer wins speak for themselves, and the pace of announcements speaks for itself.

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Every analyst covering the company has a Buy rating

Canaccord Genuity → Buy, Target $US 5.50

Haywood → Buy, Target $US 5.90

Roth → Buy, target $US 5.00

TD Cowen → Buy, target $6.5 CAD

ATB CAPITAL Target 7$CAD

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company presentation

https://hightideinc.com/presentation/

Long term

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+216% Revenue Growth
91% Profit Margins
Operating Loss Collapses 96%
Gross profit up 275% YoY

AI Platform Inflection Point Is Here

Nextech3D today reported blowout Q4 and full-year audited results, confirming the Company has officially entered a powerful new AI-driven growth cycle.

 

THE INFLECTION POINT

• Revenue exploded +216% YoY — strongest quarter in Company history
• Gross margins surged to 91%+ — clear proof of software transition
• Operating loss collapsed 96% — massive operating leverage kicking in
• Gross profit up 275% YoY — scaling profitability now underway

This is not incremental progress — this is a fundamental business transformation.

 

Q4 2026: BREAKOUT PERFORMANCE

Nextech3D.ai delivered a true breakout quarter, signaling the start of a high-margin, scalable growth engine powered by AI.

• Revenue: $966K (+216% YoY)
• Gross Profit: $885K (+275% YoY)
• Gross Margin: 91.6% (vs. 77.2%)
• Operating Loss: $(263K) — down from $(7.21M)
• Net Loss: $(992K) vs. $(7.25M)

Translation: explosive growth + dramatically reduced burn = operating leverage inflection

 

FULL-YEAR FY2026: TOTAL TRANSFORMATION

• Revenue: $2.13M
• Gross Profit: $1.94M
• Gross Margin: 91.2% (vs. 63.6%)
• Cost of Sales: ↓ 85% YoY
• Operating Loss: ↓ 80% to $(2. 78M)
• Net Loss: ↓ 77% to $(3.23M)

The Company has completely reset its cost structure and is now operating as a high-margin AI software platform—not a services business.

 

CEO COMMENTARY – MOMENTUM IS ACCELERATING

“We delivered a breakout quarter, with revenue up 216% and margins exceeding 91%, proving our transition to a software-led, AI-driven business is working,” said CEO Evan Gappelberg.

“Our cost structure has been radically transformed, with cost of sales down 85% and operating loss reduced by 80%. This is a scalable, capital-efficient platform.”

“Q4 marks a clear inflection point as we enter fiscal 2027 with expanding margins, accelerating growth, and increasing adoption of our AI platform.”

 

WHY THIS MATTERS - THE BIG PICTURE

Nextech3D.ai is now positioned as a pure-play AI platform with:

✅ 90%+ recurring-style margins
✅ Massive operating leverage potential
✅ Lower fixed cost base
✅ Scalable SaaS economics kicking in

This is exactly the profile the market re-rates.

 

WHAT’S NEXT: FY2027 GROWTH DRIVERS

• Expansion of AI-powered product suite
• Increasing enterprise adoption
• Continued margin expansion
• Scaling revenue on a now-efficient cost base

Management believes the Company is entering a sustained growth phase with expanding margins and improving profitability.

 

BOTTOM LINE

The turnaround is complete.
The AI model is validated.
The operating leverage is here.

Nextech3D.ai is now positioned for accelerating revenue growth, expanding margins, and a potential market re-rating as a high-margin AI platform.

 

Evan Gappelberg
Chief Executive Officer
Nextech3D.ai
(CSE: NTAR | OTCQB: NEXCF | FSE: 1SS)