RedChip’s Top 26 in 2026

For more than three decades, RedChip has specialized in identifying small-cap and microcap public companies that we believe are positioned to become tomorrow’s market leaders. These are often underfollowed businesses operating below institutional radar—where execution, fundamentals, and long-term growth potential can diverge meaningfully from market perception. Our focus is on companies with compelling growth narratives supported by real operations, visible progress, and management teams capable of scaling value over time.

The companies featured below reflect RedChip’s disciplined diligence process, emphasizing credible leadership, strategic clarity, and identifiable value creation pathways. We evaluate management teams based on industry expertise, consistency of execution, and the ability to navigate complex or emerging markets. We also prioritize businesses with clear, easily understood value propositions, competitive differentiation, and catalysts that can resonate with a broad investor audience.

At the core of our approach is a focus on growth and scalability. We seek companies demonstrating either accelerating revenues or a well-defined pathway to future revenue generation, supported by large and expanding addressable markets. Growth may stem from customer adoption, geographic expansion, product innovation, or participation in structurally growing industries. Across both revenue and pre-revenue stages, we prioritize business models with sound economic logic, identifiable demand drivers, and the potential to convert scale into improving margins and operating leverage over time.

The companies that follow highlight where we see compelling long-term opportunities emerging within the small-cap and microcap universe today.

Thesis: Gorilla Technology Group Inc. (NASDAQ: GRRR) represents a compelling microcap opportunity at the intersection of AI, cybersecurity, smart cities, and AI-ready data center infrastructure. With over 25 years of operating history, 29 granted patents, and a global footprint spanning APAC, EMEA, and the Americas, Gorilla has transitioned from a regional software provider into a vertically integrated AI infrastructure and security convergence platform. The company delivered $74.7 million in revenue and $20.6 million of adjusted EBITDA in 2024, reflecting both strong execution and a turnaround to sustained profitability.

Gorilla’s differentiated model enables it to win large, multi-year government and enterprise contracts by delivering end-to-end solutions across video analytics, IoT, cybersecurity, and AI-optimized data centers. Recent contract momentum includes a $1.4 billion data center and GPU-as-a-Service agreement in Southeast Asia, multiple law-enforcement wins in APAC, and a growing $85 million backlog entering FY2026. Management guides to $100–110 million of revenue in FY2025 and $137–200 million in FY2026, supported by a qualified pipeline exceeding $7 billion.

With accelerating contract wins, expanding margins, and exposure to sovereign AI and data-localization tailwinds, Gorilla Technology is positioned for outsized growth relative to its current valuation, offering investors leveraged upside to the global AI infrastructure buildout.

 

Thesis: ASP Isotopes, Inc. (NASDAQ: ASPI) offers investors rare exposure to strategically critical isotope production across semiconductors, nuclear medicine, and the nuclear fuel cycle, underpinned by proprietary enrichment technologies and significant hard-asset investment. The company’s Aerodynamic Separation Process (ASP) and Quantum Enrichment (QE) platforms enable the cost-effective production of high-value isotopes that face acute supply constraints in Western markets. During 3Q 2025, ASPI shipped commercial samples of Silicon-28, Ytterbium-176, Carbon-12, and Carbon-14, validating enrichment performance and advancing multiple products toward commercial delivery in 1H 2026.

ASPI’s Silicon-28 program is gaining traction with U.S. semiconductor and industrial gas customers, including its largest Silicon-28 contract to date scheduled for delivery in 2026. In parallel, the nuclear medicine segment continues to scale, with double-digit year-over-year revenue growth, expanded PET and SPECT capabilities, and the shipment of Lu-177 radiotherapeutics. The pending acquisition of Renergen adds a cash-flow-oriented natural gas and helium asset, while Quantum Leap Energy provides long-dated upside exposure to uranium enrichment, HALEU, lithium isotopes, and nuclear waste processing.

With over $300 million in recent capital raised, a cash balance exceeding $110 million, and multiple commercial inflection points approaching, ASP Isotopes represents a deeply strategic, multi-vertical platform positioned for outsized value creation as global isotope and nuclear supply chains are reshored and secured. 

 

Thesis: Avalon Advanced Materials Inc. (TSX: AVL | OTCQB: AVLNF) represents a deeply undervalued, asset-rich critical minerals platform positioned at the center of North America’s push to secure domestic supply chains for rare earth elements and lithium. The company controls a diversified portfolio of advanced-stage assets, anchored by the Nechalacho rare earth project in the Northwest Territories and the Lake Superior Lithium project in Thunder Bay, Ontario. Collectively, these two assets carry after-tax NPVs of approximately C$1.3 billion and C$4.1 billion, respectively, creating a stark disconnect versus Avalon’s current market capitalization.

Nechalacho is one of the highest-grade and most advanced rare earth projects in North America, with a completed Definitive Feasibility Study and a favorable mix of minerals critical to defense, EVs, and clean energy technologies. The Lake Superior Lithium project is a fully integrated lithium hydroxide refinery targeting 30,000 tpa of battery-grade production, supported by strong infrastructure, strategic partnerships with Metso and Qualcomm, and proximity to North American EV supply chains. A recently completed C$18.7 million financing has strengthened the balance sheet and enables Avalon to advance both projects toward feasibility and strategic funding.

With a refreshed management team, improved governance, strategic JV backing from Sibelco, and multiple non-dilutive funding pathways, Avalon offers investors asymmetric upside as execution, policy support, and asset monetization converge to close the valuation gap.

 

Thesis: TMC The Metals Company (NASDAQ: TMC) offers investors leveraged exposure to one of the world’s largest undeveloped critical minerals resources, uniquely positioned to address U.S. and allied supply chain vulnerabilities in nickel, cobalt, manganese, and copper. TMC controls a 1.6-billion-ton polymetallic deep-sea nodule resource in the Clarion-Clipperton Zone, with 51 million tonnes of probable reserves and combined post-tax NPVs of approximately $23.6 billion across its 2025 Pre-Feasibility Study and Initial Assessment. These nodules contain high grades of battery and defense-critical metals, delivered without overburden, tailings, or traditional mining waste.

TMC has spent over a decade materially de-risking execution, completing the industry’s first integrated pilot mining tests since the 1970s, establishing a near-zero-waste processing flowsheet, and generating the world’s largest deep-sea environmental dataset. Critically, regulatory momentum has accelerated following President Trump’s April 2025 Executive Order supporting offshore critical minerals, with TMC USA now advancing through an enforceable NOAA-led permitting pathway that management believes can support first production as early as Q4 2027.

With approximately $165 million of liquidity, a capital-light development strategy leveraging existing offshore assets, and growing alignment with U.S. national security and industrial policy, TMC represents a highly asymmetric opportunity to unlock multi-generational metal supply at a valuation that remains a fraction of intrinsic asset value.

 

Thesis: Helus Pharma (Nasdaq: HELP), formerly Cybin Inc. (NYSE American: CYBN), is a late-stage neuropsychiatry company advancing differentiated, next-generation

psychedelic-inspired therapeutics for large, underserved mental health indications. The company’s lead asset, CYB003 (deuterated psilocin), has received FDA Breakthrough Therapy Designation and is currently in Phase 3 development for the adjunctive treatment of Major Depressive Disorder (MDD), a market encompassing more than 21 million adults in the U.S. alone. Phase 2 data demonstrated rapid, durable antidepressant effects with a favorable safety profile, including sustained remission rates of up to 71% at 12 months following just two doses.

Helus’ second clinical program, CYB004 (deuterated DMT), is being developed for Generalized Anxiety Disorder (GAD), with Phase 2 topline data expected in Q1 2026. Together, CYB003 and CYB004 address overlapping, highly comorbid patient populations, enabling a scalable commercial strategy across interventional psychiatry clinics with reduced treatment burden relative to existing therapies. The company is supported by a deep intellectual property portfolio extending protection into the 2040s and a seasoned leadership team with extensive regulatory and CNS drug development experience.

With approximately $84 million in cash as of September 2025 and an additional $175 million raised in October 2025, Helus is well capitalized to reach multiple value-inflecting milestones, including Phase 3 readouts in 2026. As clinical risk continues to decline, HELP offers investors asymmetric upside exposure to a potentially paradigm-shifting treatment platform in mental health.

 

Thesis: Comstock Inc. (NYSE American: LODE) is a diversified, asset-backed clean materials and mining company executing a rare combination of near-term cash flow generation and long-dated optionality across urban mining, precious metals, and strategic investments. The company’s Comstock Metals division is already operating a commercial solar panel recycling facility in Nevada and is scaling toward industrial capacity, addressing a rapidly growing end-of-life solar waste market expected to expand from roughly 10 million panels today to more than 33 million by 2030. The business benefits from upfront tipping fees, high-margin metal recoveries, and a zero-landfill, R2-certified process that aligns with tightening environmental regulations and decarbonization mandates.

At scale, a single 100,000-ton recycling facility is projected to generate approximately $35 million in annual cash profit before metal recoveries, with modest capital requirements of roughly $12 million per facility. Beyond recycling, Comstock owns a 100% interest in the Dayton gold-silver project in Nevada, with 293,000 ounces of measured and indicated gold resources and meaningful leverage to rising precious metal prices. The company also holds a portfolio of strategic investments, including a controlling stake in Bioleum, providing exposure to renewable fuels and advanced materials.

With a current market capitalization well below the estimated fair value of its underlying assets and multiple operating catalysts ahead, Comstock offers investors asymmetric upside through disciplined execution, asset monetization, and scalable clean-industrial growth.

 

Thesis: SKYX Platforms Corp. (NASDAQ: SKYX) is a fast-scaling smart infrastructure and safety technology company driving the adoption of what it believes can become a new global standard for ceiling-mounted electrical, lighting, and smart home installations. Backed by a seasoned leadership team that includes former executives from Fortune 100 companies such as GE, Home Depot, Microsoft, Disney, Nielsen, and Chrysler, SKYX is pairing regulatory progress with accelerating commercial execution.

Operational momentum continues to build. In Q3 2025, SKYX delivered record quarterly revenue of $24 million, sequential gross profit growth of 8% to $8 million, and gross margin expansion to 32%, reflecting improving operating leverage and disciplined execution. Management reports that adjusted EBITDA losses are narrowing as scale, margin expansion, and e-commerce efficiencies take hold, with positive trends expected to accelerate into 2026.

The company is gaining traction across high-value commercial and international opportunities, including initiatives to supply hundreds of thousands of units in the Middle East, participation in a $3 billion smart city development in Miami’s Little River District, and a 278-unit multifamily project in Texas. These deployments complement SKYX’s growing presence with builders, large retailers, and online channels.

 mWith a patented plug-and-play platform, a razor-and-blade revenue model, expanding global distribution, and future optionality from licensing, subscriptions, and AI-driven data aggregation, SKYX offers investors leveraged exposure to a company transitioning from product adoption to scalable, margin-driven growth.

 

Thesis: Oppenheimer Holdings Inc. (NYSE: OPY) represents a compelling value-oriented opportunity among publicly traded investment banks, combining durable profitability, balance-sheet strength, and diversified revenue streams across wealth management and capital markets. In Q3 2025, Oppenheimer generated $424.4 million in revenue and $21.7 million in net income, driven by robust equity underwriting, higher transaction-based commissions, and increased advisory fees tied to rising assets under management. Client assets under administration reached a record $143.5 billion, while assets under management climbed to $55.1 billion, reflecting favorable market conditions and continued advisor productivity.

Oppenheimer’s business model benefits from a balanced mix of recurring, fee-based wealth management revenues and cyclical upside from capital markets activity. The firm’s capital markets segment delivered nearly 50% year-over-year growth in investment banking revenues during the quarter, while wealth management continues to anchor earnings through a national advisor network of over 900 financial professionals. Importantly, stockholders’ equity reached a record $920 million, with tangible book value rising to $70.48 per share—providing a substantial margin of safety relative to the current share price.

Trading at roughly 9x trailing earnings and below tangible book value, OPY offers investors an attractive combination of earnings power, capital discipline, and dividend income. As capital markets activity normalizes and asset values continue to grow, Oppenheimer is well positioned to compound book value and deliver long-term shareholder returns.

 

Thesis: LexinFintech Holdings Ltd. (NASDAQ: LX) is a profitable, scaled consumer finance and fintech platform in China that is demonstrating disciplined execution, improving profitability, and resilient risk management amid a complex macro and regulatory environment. The company operates a differentiated 2C2B2F model that connects over 240 million registered users with more than 180 funding partners, enabling Lexin to balance growth, asset quality, and capital efficiency across credit facilitation, tech-empowerment, and installment e-commerce services.

In Q3 2025, Lexin generated RMB 521 million in net income, up 68% year-over-year, while net margin expanded to 15.3%, reflecting tighter cost controls, improving take rates, and a continued shift toward higher-quality, premium customers. Loan origination totaled RMB 50.9 billion during the quarter, and risk metrics remained stable, with delinquency ratios and first-payment default trends well-contained. Importantly, Lexin has been actively optimizing its capital-light model and leveraging its proprietary Smart Business Engine to enhance underwriting, customer segmentation, and operational efficiency.

With a strong balance sheet, growing retained earnings, and consistent profitability, Lexin trades at a discounted valuation relative to its earnings power and cash generation. As management continues to prioritize compliance, premium customer growth, and technology-driven risk controls, LX offers investors an attractive combination of earnings durability, operating leverage, and upside optionality tied to normalization in China’s consumer credit cycle.

 

Thesis: Okeanis Eco Tankers Corp. (NYSE: ECO) is a high-quality, income-generating pure-play crude tanker company positioned to outperform through the current and potentially extended upcycle in tanker markets. The company operates a young, modern fleet of 14 scrubber-fitted, eco-design vessels—eight VLCCs and six Suezmaxes—with an average age of approximately 5.9 years, making it one of the youngest and most efficient publicly listed crude tanker platforms globally. This superior fleet profile has translated into consistent commercial outperformance, with spot market TCEs exceeding listed peers by roughly 30% since 2019.

Industry fundamentals remain highly constructive. A constrained orderbook, an aging global fleet, shrinking shipyard capacity, and sanctions-related dislocations are tightening effective supply, while longer-haul trade flows and OPEC+ export normalization are supporting demand and utilization. Against this backdrop, Okeanis offers strong operating leverage, with earnings and free cash flow highly sensitive to rising spot rates. The company maintains a prudent balance sheet, with net loan-to-value around 40%, no near-term maturities, and ongoing refinancing expected to further reduce its cost of debt.

Okeanis is also distinguished by its shareholder-friendly capital allocation. The company has distributed approximately 90% of adjusted earnings each quarter and delivered an average annualized dividend yield of roughly 13% over the past thirteen quarters. With a proven track record of governance, disciplined growth, and capital returns, ECO offers investors compelling exposure to a tight tanker market with both income and upside potential.

 

Thesis: Ampco-Pittsburgh Corporation (NYSE: AP) is a legacy industrial manufacturer executing a disciplined turnaround that is repositioning the company for sustained profitability and balance-sheet improvement. With nearly a century of operating history, Ampco-Pittsburgh holds leading market positions in niche, high-barrier segments, including the #1 market share in forged and cast rolls in North America and Europe, the #1 North American producer of heat exchangers for nuclear power generation, and a leading supplier of pumps for U.S. Navy combat ships. These positions anchor a diversified revenue base across steel, infrastructure, defense, nuclear energy, and industrial markets.

Management has taken decisive action to eliminate structural drags, including exiting the loss-making U.K. cast roll facility and a non-core steel distribution business, actions expected to drive $7–8 million of annualized EBITDA improvement beginning in Q4 2025. Concurrently, Ampco has invested approximately $30 million to modernize its U.S. forged assets, improving reliability, capacity utilization, and margins. The Air and Liquid Processing segment continues to deliver strong growth, with 55% revenue expansion over the past three years and long-term tailwinds from U.S. Navy shipbuilding and a nuclear energy renaissance.

With adjusted EBITDA margins improving to 8%, leverage trending below 4.0x with a clear path toward <3.0x, and multiple macro tailwinds supporting a 2026 demand rebound, Ampco-Pittsburgh offers investors asymmetric upside as operational execution translates into earnings recovery and equity value creation from a deeply discounted base.

 

Thesis: Personalis, Inc. (NASDAQ: PSNL) is a differentiated genomics company positioned to become a leader in ultra-sensitive molecular residual disease (MRD) testing, a rapidly expanding segment of precision oncology. Leveraging its proprietary high-accuracy sequencing platform and deep tumor-informed approach, Personalis enables detection of cancer recurrence months—often more than a year—earlier than standard imaging across multiple solid tumor types. Its flagship NeXT Personal Dx test can identify as few as one tumor DNA fragment in a million normal cells, providing clinicians with actionable insight at a stage when intervention is most effective.

Commercial momentum is building. In Q3 2025, Personalis delivered 4,388 molecular tests, representing 26% sequential growth, and has surpassed 13,000 cumulative tests since launch in late 2023. The company generated approximately $85 million in revenue in 2024 and ended Q3 2025 with a strong balance sheet, including roughly $151 million in cash and no meaningful debt. Importantly, NeXT Dx received Medicare reimbursement approval in 2024, and additional Medicare coverage submissions for lung cancer and other indications represent meaningful upcoming catalysts that could drive revenue acceleration and margin expansion.

Supported by a robust IP portfolio, exclusive access to Myriad’s MRD IP, and strategic investments from leaders such as Tempus and Merck, Personalis offers investors asymmetric upside as MRD adoption scales and early cancer detection becomes a new standard of care.

 

Thesis: Lifeway Foods, Inc. (NASDAQ: LWAY) is a category-defining functional foods company delivering consistent, profitable growth as consumer demand accelerates for gut health, protein-forward, and wellness-oriented products. As the leading U.S. supplier of kefir and fermented probiotic foods, Lifeway has built a powerful brand moat around its flagship Lifeway Kefir, which continues to drive both volume-led growth and expanding margins. In Q3 2025, the company reported record net sales of $57.1 million, representing a 24% year-over-year increase and approximately 29% growth on a comparable basis, marking its sixth consecutive year of uninterrupted quarterly sales growth.

Importantly, Lifeway’s top-line momentum is translating into improving profitability. Gross margin expanded by 300 basis points year-over-year to 28.7%, while net income increased 19% to $3.5 million, reflecting disciplined cost control, favorable mix, and early benefits from capacity investments. The first phase of the Waukesha plant expansion was completed in September, increasing production capacity and operational efficiency to support continued growth. Management reiterated its long-term target of $45–$50 million in adjusted EBITDA by FY 2027.

Beyond core kefir, Lifeway is successfully extending its brand into adjacent categories, including high-protein Farmer Cheese, collagen-enhanced smoothies, and the newly launched Muscle Mates™ functional beverage. With strong balance sheet liquidity, accelerating velocities, and multiple secular tailwinds—from GLP-1 adoption to heightened gut health awareness—Lifeway offers investors a rare combination of brand leadership, margin expansion, and durable, profitable growth in the better-for-you food space.

 

Thesis: Connect Biopharma Holdings Limited (NASDAQ: CNTB) is a late-stage clinical biotechnology company developing rademikibart, a next-generation anti–IL-4Rα monoclonal antibody with the potential to redefine treatment for both acute and chronic respiratory and inflammatory diseases. Following a transformative 2025, the company has reoriented into a U.S.-centric clinical organization, streamlined operations, and concentrated development resources on the highest-value opportunities in acute asthma and COPD—large, underserved markets with no biologics currently approved for acute exacerbations.

Rademikibart has demonstrated a highly differentiated clinical profile. In completed Phase 2b asthma studies, the drug produced rapid and sustained improvements in lung function (FEV1) as early as 24 hours after dosing, exceeding placebo-adjusted improvements reported for approved biologics. Importantly, rademikibart reduced eosinophil levels rather than increasing them, potentially lowering the risk of serious eosinophil-related adverse events observed with competing IL-4Rα therapies. The FDA has acknowledged the unmet need in acute exacerbations and cleared parallel Phase 2 studies in acute asthma and COPD, with topline data expected in 1H 2026—representing a major value inflection point.

Connect retains global rights to rademikibart outside greater China and ended Q3 2025 with approximately $55 million in cash, sufficient to fund operations into 2027. With multiple near-term clinical catalysts, a large commercial opportunity spanning acute and chronic indications, and a differentiated mechanism with best-in-class potential, CNTB offers investors asymmetric upside tied to successful execution in a high-impact therapeutic category.

 

Thesis: Nova Minerals Limited (NASDAQ: NVA | ASX: NVA) offers investors rare dual exposure to a tier-one scale gold development asset and a strategically critical U.S. antimony supply chain at a time of heightened geopolitical and national security focus. The company’s flagship Estelle Project in Alaska hosts one of the world’s largest undeveloped gold resources, with a 9.9Moz JORC-compliant gold resource and 5.2Moz S-K 1300 pit-constrained resource, located entirely on mining-friendly State of Alaska lands with streamlined permitting and advanced infrastructure planning.

In parallel, Nova is emerging as a first mover in re-establishing a fully integrated domestic U.S. antimony supply chain—an essential critical mineral with no current U.S. production and heavy reliance on China-dominated supply. Estelle’s high-grade antimony prospects, combined with secured refinery land at the deep-water Port MacKenzie industrial zone, position Nova to deliver military-spec antimony by late 2026/2027. Importantly, the project is one of only two in the U.S. to receive Department of War funding, totaling US$43.4 million, significantly de-risking development and underscoring strategic importance.

With feasibility studies underway for gold, near-term antimony production potential, strong government alignment, and exposure to two commodities benefiting from macro tailwinds, Nova Minerals represents a differentiated development-stage opportunity with asymmetric upside as Estelle advances toward production and valuation re-rating.

 

Thesis: Contango Ore, Inc. (NYSE American: CTGO) is a rapidly scaling U.S.-focused gold producer executing one of the fastest and lowest-risk growth profiles in the sector through its differentiated Direct Shipping Ore (DSO) model. The company’s flagship Manh Choh mine in Alaska entered commercial production in July 2024, delivering approximately 60,000 gold-equivalent ounces in 2025 on a 30% ownership basis, with life-of-mine AISC of roughly $1,400/oz and projected cumulative free cash flow of ~$450 million at $3,200 gold. Critically, Manh Choh was permitted, built, and brought into production in under three years—validating Contango’s disciplined execution and DSO strategy.

Beyond Manh Choh, Contango has a clearly defined path to more than triple production to ~200,000 GEO annually within five years. The fully permitted Lucky Shot mine targets 30,000–40,000 GEO per year following near-term resource expansion, while the Johnson Tract project offers longer-dated upside with an established 1.1Moz high-grade resource, a post-tax NPV5 of $224.5 million, a 30.2% IRR, and a rapid 1.3-year payback period. Johnson Tract’s coastal location, private land tenure, and underground-friendly geometry further reduce execution risk.

With over $100 million in cash, strong institutional ownership, inclusion in the Russell 2000 and GDXJ, and a proven management team with deep Alaska experience, Contango represents a compelling hybrid growth and cash-flow story offering leveraged exposure to rising gold prices with materially lower development and permitting risk than traditional miners.

 

Thesis: NioCorp Developments Ltd. (NASDAQ: NB) is a strategically important U.S.-based critical minerals developer advancing the Elk Creek Project in Nebraska, one of the most advanced and diversified critical minerals assets in North America. The project is designed to produce niobium, scandium, and titanium, with potential upside from magnetic rare earth oxides—materials that are essential to defense systems, aerospace, EVs, and advanced manufacturing, yet remain heavily dependent on foreign supply chains.

Elk Creek is meaningfully de-risked relative to typical development-stage projects. A completed NI 43-101 and S-K 1300 feasibility study outlines a 38-year mine life, after-tax NPV of approximately $2.35 billion, and a 27.6% IRR, excluding any contribution from rare earth production. The company has secured major permits, demonstrated metallurgical processing at pilot scale, and executed binding offtake agreements covering 75% of planned ferroniobium production and roughly 12% of scandium output. In 2025 alone, NioCorp raised more than $370 million in capital and currently carries no debt.

Strategic momentum continues to accelerate. The U.S. Department of Defense awarded up to $10 million under the Title III program, the Export-Import Bank of the United States is advancing a potential $780 million debt financing package, and NioCorp is partnering with Lockheed Martin to develop scandium-based alloys for next-generation fighter aircraft. With construction targeted for 2026, NioCorp offers investors asymmetric upside tied to the reshoring of U.S. defense-critical mineral supply chains.

 

Thesis: Silvercorp Metals Inc. (NYSE American / TSX: SVM) is a consistently profitable, cash-generative silver producer offering investors a rare combination of operating discipline, balance-sheet strength, and visible growth. The company’s core assets—the Ying Mining District and GC Mine in China—have generated uninterrupted profits since 2006, supported by long mine lives, low operating costs, and proximity to end markets and smelters. Silvercorp has drilled more than 2.6 million meters since inception, enabling ongoing reserve replacement, mine optimization, and stable all-in sustaining costs across commodity cycles.

Silvercorp is now leveraging its cash-flow base to drive meaningful growth and diversification outside China. The El Domo copper-gold project in Ecuador is under construction, with commissioning targeted for late 2026. Based on a completed feasibility study, El Domo is expected to generate strong margins, a post-tax IRR of 32%, and a 2.6-year payback, materially increasing Silvercorp’s exposure to copper and gold revenues. In parallel, the Condor gold project represents a high-grade underground growth option, while the company’s 28% stake in New Pacific Metals provides indirect exposure to two large-scale silver projects in Bolivia.

Trading at a discount to peers on EV/EBITDA and cash flow metrics despite industry-leading margins and ROE, Silvercorp offers investors an attractive, lower-risk way to gain exposure to silver and base metals with multiple near-term catalysts and long-term optionality.

 

Thesis: International Tower Hill Mines, Ltd. (NYSE American: THM | TSX: ITH) offers investors leveraged exposure to one of the largest undeveloped gold assets in North America through its 100%-owned Livengood Gold Project in Alaska. Livengood hosts 13.6 million ounces of measured and indicated resources and 9.0 million ounces of proven and probable reserves, positioning it as the largest wholly owned gold resource on the continent. A completed 2023 Technical Report Summary outlines a 21-year mine life producing approximately 6.4 million ounces of gold, supported by a low strip ratio of roughly 1.2:1, gently rolling terrain, and straightforward open-pit mining conditions.

The project benefits from exceptional infrastructure advantages for a large-scale gold asset, including year-round paved road access, proximity to the electric grid, and a skilled local workforce, significantly reducing execution and operating risk. At a $2,500/oz gold price, Livengood generates a robust NPV that implies the company’s current market capitalization represents only a fraction of intrinsic project value, offering substantial torque to higher gold prices. Life-of-mine AISC is estimated at approximately $1,171/oz, placing Livengood competitively on the global cost curve.

With ongoing metallurgical optimization, environmental baseline work advancing toward permitting readiness, and a deep shareholder base led by long-term resource investors, Tower Hill represents a high-quality, U.S.-based optionality play on gold with meaningful scale and asymmetric upside as development milestones and gold prices converge.

 

Thesis: Avino Silver & Gold Mines Ltd. (NYSE American / TSX: ASM) is a profitable primary silver producer with a clearly defined path to transformational growth as it transitions toward intermediate-producer scale in Mexico. The company’s flagship Avino Mine continues to deliver consistent operating performance, producing 2.5–2.8 million silver-equivalent ounces annually with strong margins, while generating free cash flow and maintaining a debt-free balance sheet with over $57 million in cash as of Q3 2025.

The primary growth catalyst is La Preciosa, a fully permitted, high-grade silver development asset located just 19 km from the Avino Mine. Underground development is underway, and Avino has restored 100% ownership, maximizing future economics. La Preciosa hosts 113 million AgEq ounces in measured and indicated resources and has recently delivered multiple high-grade drill intercepts, positioning it as the company’s next major production engine beginning in 2025. Additional upside comes from the Oxide Tailings Project, where a completed pre-feasibility study outlines attractive economics, low capital intensity, and incremental gold and silver production potential.

With 277 million AgEq ounces of measured and indicated resources, inclusion in major mining ETFs, TSX30 recognition for outstanding performance, and a demonstrated ability to self-fund growth, Avino offers investors leveraged exposure to rising silver prices with a rare combination of profitability, balance-sheet strength, and near-term production expansion.

 

Thesis: Coda Octopus Group, Inc. (NASDAQ: CODA) is a highly differentiated defense- and commercial-focused technology company that has established a global leadership position in real-time underwater imaging and digital diving systems. The company’s flagship Echoscope® and Echoscope PIPE® platforms are the only commercially available sonar systems capable of generating real-time volumetric 3D imagery in zero-visibility underwater environments, creating a substantial technological moat protected by a deep patent portfolio and proprietary hardware-software integration.

CODA operates across three complementary segments: Marine Technology, Defense Engineering, and Acoustic Sensors & Materials. Its Defense Engineering businesses provide long-duration, recurring revenue streams through obsolescence management and proprietary components embedded in U.S. and U.K. defense programs of record, including Phalanx CIWS and naval mine-hunting systems. Meanwhile, the Marine Technology segment offers high-margin growth through adoption of Echoscope PIPE® across offshore energy, infrastructure, port security, and subsea construction markets.

The company’s next major growth driver is DAVD (Diver Augmented Vision Display), a first-of-its-kind digital platform that replaces legacy analog diving systems with real-time shared data, navigation, communications, and imaging. DAVD is already deployed in U.S. Navy applications, with the untethered version undergoing active trials with special forces—representing a potentially transformative addressable market.

With consistent profitability, no debt, strong cash generation, and increasing defense and commercial adoption of its core technologies, Coda Octopus offers investors exposure to a niche mission-critical technology platform with asymmetric upside as real-time underwater visualization becomes the industry standard.

 

Thesis: i-80 Gold Corp. (NYSE American: IAUX | TSX: IAU) is building a Nevada-focused, multi-asset gold platform with a clear path toward mid-tier producer status. The company controls one of the largest portfolios of high-quality gold assets in Nevada, with over 6.5 million ounces of measured and indicated resources and meaningful expansion potential across five brownfield projects located in Tier-1 mining jurisdictions.

A central differentiator is i-80’s ownership of the Lone Tree autoclave, one of only two permitted pressure oxidation facilities in Nevada. Once refurbished, the autoclave is expected to materially improve recoveries on refractory ore—from roughly 55–60% to ~92%—lower costs, and unlock value across multiple underground deposits while eliminating reliance on third-party toll milling. This processing advantage enables a capital-efficient, phased production ramp across Granite Creek, Archimedes, Cove, and Ruby Hill.

Based on completed PEAs, i-80 has a credible pathway to ~600,000 ounces of annual gold production in the early 2030s, supported by a portfolio after-tax NPV of approximately $1.6 billion at $2,175/oz gold. With experienced Nevada-based management, near-term catalysts across multiple assets, and significant leverage to higher gold prices, i-80 Gold offers investors a high-conviction opportunity to participate in the creation of a scaled, U.S.-based gold producer.

 

Thesis: Innodata Inc. (NASDAQ: INOD) is a high-growth data engineering and AI services company positioned as a critical “picks-and-shovels” provider to the global generative AI ecosystem. With more than 35 years of experience delivering high-quality data at scale, Innodata has become a trusted partner to leading technology companies, including contracts with five of the “Magnificent Seven,” supporting the full AI lifecycle from data curation and annotation to model training, evaluation, trust, and safety.

The company is executing through a clear inflection point. In Q3 2025, Innodata delivered 20% year-over-year revenue growth, while year-to-date revenue increased 61%, driven by expanding engagements with large technology customers building and deploying large language models. Importantly, this growth is translating into operating leverage, with Q3 adjusted gross margins of 44% and adjusted EBITDA margins of 26%. Management has guided to FY2025 revenue growth of 45% or more, underscoring strong demand visibility. The balance sheet remains a key strength, with approximately $74 million of cash and no external debt.

Beyond Big Tech, Innodata is expanding into enterprise AI platforms, federal engagements, and sovereign AI initiatives, broadening its addressable market and reducing customer concentration risk over time. With proprietary platforms, deep domain expertise across regulated industries, and exposure to one of the largest secular growth trends in technology, Innodata offers investors a compelling combination of rapid growth, margin expansion, and strategic relevance as generative AI adoption accelerates globally.

 

Thesis: NACCO Industries, Inc. (NYSE: NC) is a U.S.-centric natural resources company built to deliver steady cash flow and long-term value through disciplined capital allocation. With more than 110 years of operating history, NACCO has evolved from a legacy coal business into a diversified platform spanning utility coal mining, contract mining, minerals and royalties, and ecological solutions. This diversification underpins a highly predictable earnings base, with expected recurring EBITDA of approximately $50 million annually from current businesses.

NACCO’s core utility coal operations generate stable, fee-based cash flows under long-term contracts, largely insulated from commodity price volatility. These cash flows fund reinvestment into higher-return growth platforms, including contract mining, where NACCO serves several of the top U.S. aggregates producers and operates at Thacker Pass, the largest proven lithium reserve in the world. The minerals and royalties segment provides scalable exposure to oil and gas development through a disciplined acquisition model, while the ecological solutions business offers an emerging growth engine in a regulated market with high barriers to entry.

The company is entering an “inflection point,” with multiple investments from its recent cycle beginning to contribute meaningfully to earnings. Management is targeting EBITDA of approximately $150 million over the next five to seven years through methodical reinvestment and compounding. Supported by a conservative balance sheet, consistent dividends paid since 1956, and a long-term investment mindset, NACCO represents a unique, non-cyclical natural resources platform positioned for durable value creation.

 

Thesis: SolarMax Technology, Inc. (NASDAQ: SMXT) is transitioning into a scaled U.S. clean-energy EPC provider, with its engineering, procurement, and construction business emerging as the company’s primary value driver. In August 2025, SolarMax secured a landmark $127.3 million EPC contract for a 430 MWh utility-scale battery energy storage project in Texas, one of the fastest-growing power and grid-stability markets in the U.S. This award validates SolarMax’s capability to execute large, complex EPC projects and marks a step-change from its historical residential roots to nine-figure, utility-scale engagements.

The Texas project provides immediate backlog visibility while positioning SolarMax to capitalize on a large and expanding EPC pipeline, with multiple additional nine-figure EPC awards expected to close in 2026. These projects span battery storage, solar, and integrated clean-infrastructure solutions, benefiting from accelerating grid congestion, data-center load growth, and favorable policy support.

With a sub-$100 million market capitalization, a growing national footprint, and a rapidly scaling EPC backlog, SolarMax offers investors asymmetric upside as it converts pipeline momentum into revenue, margin expansion, and a re-rating as a credible utility-scale EPC operator in the U.S. energy expansion.

 

Thesis: OBOOK Holdings Inc. (Nasdaq: OWLS), operating as the OwlTing Group, is a compliance-first, blockchain-powered payments platform positioned to modernize cross-border fund flows for SMEs and enterprises at the intersection of global payments and stablecoin adoption. Through its flagship OwlPay suite, the company delivers a full-stack solution—gateway, wallet, treasury, and settlement—supporting both fiat and regulated stablecoins (USDC, EURC, ZUSD, GYEN) across multiple blockchains.

What differentiates OWLS is its regulatory moat and ecosystem-driven adoption. The company holds and is actively expanding multi-jurisdiction licenses across the U.S., Japan, and Europe, creating high barriers to entry as stablecoin regulation matures globally. Unlike standalone fintechs, OwlTing benefits from embedded demand via its hospitality SaaS (2,500+ providers, 100% retention) and e-commerce platforms, which naturally funnel merchants into OwlPay.

With rapidly growing payment volumes, API-first infrastructure (including Stellar Anchor and cross-chain settlement), and exposure to the multi-trillion-dollar cross-border payments market, OWLS offers investors a rare combination of real-world blockchain utility, regulatory readiness, and scalable B2B monetization as stablecoins move into mainstream finance.

 

Disclosure

RedChip Companies, Inc. is an investor relations and media firm that provides services to publicly traded companies, including several featured in this report. Specifically, the following companies—Gorilla Technology Group Inc. (NASDAQ: GRRR), SolarMax Technology, Inc. (NASDAQ: SMXT), ASP Isotopes Inc. (Nasdaq: ASPI), Avalon Advanced Materials, Inc. (OTCQB: AVLNF), TMC The Metals Company Inc. (NASDAQ: TMC), Connect Biopharma Holdings Limited (NASDAQ: CNTB), Nova Minerals Limited (NASDAQ: NVA), NioCorp Developments Ltd. (NASDAQ: NB), and OBOOK Holdings Inc. (Nasdaq: OWLS)—are current or past clients of RedChip, and RedChip has received compensation for services provided to these companies. For detailed information regarding compensation terms, visit: https://www.redchip.com/legal/disclosures  

Information contained herein may include statements about future expectations, projections, and business prospects that constitute forward-looking statements. Analyst reports and institutional coverage referenced herein have been prepared by other firms and are not affiliated with RedChip Companies, Inc. These third-party analyses are provided for informational purposes only, and RedChip makes no representations regarding their accuracy or completeness. Investors should conduct their own due diligence and rely on their own judgment when making investment decisions.

The information provided in this report is based on data obtained from sources believed to be reliable; however, RedChip does not guarantee its accuracy or completeness. Any opinions expressed are subject to change without notice and are not intended to constitute investment advice tailored to the needs of any individual investor.

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