A lull in the commodities hype opens up opportunities in the stocks of K92 Mining, Antimony Resources, and First Majestic Silver

K92 Mining Delivers, Delivers, and Delivers

K92 Mining is one of the world's fastest-growing gold producers. The Canadian company operates the Kainantu Mine in Papua New Guinea, where 174,134 ounces of gold were mined last year. But that is not the end of it. The company is massively expanding its processing facilities. This year and next, the expansion is expected to transform the mid-sized mine into a world-class, Tier-1 asset. The company has set a target of producing 400,000 ounces of gold annually by the end of 2027. By then, the processing facilities are expected to be capable of processing 1.8 million metric tonnes of ore per year. This would place Kainantu among mines often acquired by the very largest players. And in Papua New Guinea, several mining giants already operate mines, including Barrick Mining, Newmont, Harmony Gold, and Zijin of China. Each of these major corporations is a potential acquirer of K92.

This year's production target is already set at 192,000 to 225,000 ounces of gold equivalent (AuEq), representing a 29% increase over the record year of 2025. In addition, the company is not only expanding the mine's infrastructure but also investing heavily in the exploration of the deposit. A budget of USD 35 million has been allocated for this purpose this year. This will allow 14 drill rigs to operate simultaneously on the property.

K92 Mining's stock has lost about a third of its value since its annual high at the end of January. In early June, the medium-term uptrend channel broke down. This dampens short-term momentum and signals that the market is taking profits. In recent days, the stock has also fallen below the key 200-day moving average. A sustained breakout back above the CAD 24.50 mark would generate a buy signal in the short term. On the downside, the stock finds an extremely solid support level around CAD 20.50, where buyers have historically returned to the market. In this respect, the short-term outlook looks critical. However, long-term investors should find attractive buying opportunities by keeping an eye on the chart.

Antimony Resources: Back to Square One

Antimony is one of the most in-demand metals in the world. This is especially true following the potential end of the war in the Persian Gulf. As with many other specialty metals, China holds the reins here. The People's Republic controls at least 60% of the global market. Due to its own domestic demand and the US trade war, the country has drastically tightened export controls in recent years. The focus is primarily on the applications of antimony. In addition to flame retardants and chips, it is used as an alloying element (3–5%) in lead bullets, where it is de facto irreplaceable because it is brittle and a poor conductor of electricity and heat. These properties give the ammunition greater precision and penetrating power.

There are currently no major antimony mines in the United States. Consequently, intensive efforts are underway to establish a domestic supply chain to reduce dependence on Chinese imports. One potential building block for the future could be the project by Antimony Resources Corp. The company is developing the Bald Hill deposit in Canada. Antimony Resources can build on the exploration work conducted at Bald Hill since 2008. And it is becoming increasingly clear that this site contains a deposit with a high-grade stibnite (antimony sulphide) content. The historical resource estimate, prepared in accordance with the Canadian NI 43-101 standard, also indicates that the deposit must be relatively large, containing between 81,000 and 108,000 metric tonnes of antimony.

The latest exploration work confirms this assumption. In early June, Antimony Resources reported laboratory results from rock samples collected last winter during trenching in the newly discovered "South Zone." Exceptional grades were found there. The 38 rock samples showed an average grade of an extremely high 19.5% antimony (Sb), with peak values reaching up to 44.2% antimony. Since these are surface samples from exposed ore veins (grab samples), CEO James Atkinson announced that the company would immediately test this zone as part of its ongoing drilling program. A few days later, the company reported that drilling in the main zone had encountered massive mineralization with up to 36% Sb over a 1.1 m interval in drill hole BHW-26-04. Drill hole BH-26-15 returned 27% Sb over 0.7 m and showed broad mineralization of 2.85% Sb over 13.2 m along a longer interval. This confirmed the continuity of the mineralization to the south and at depth (up to 240 m below surface). Management views the data as confirmation of its thesis that Bald Hill is the "highest-grade antimony deposit" in North America and that economically mineable thicknesses are present.

Shares of Antimony Resources were heavily hyped to as high as CAD 1.60 in the wake of the US trade war. It has since fallen to roughly one-third of that level and is working toward finding a bottom. It is currently trading slightly above the CAD 0.50 mark. The stock traded at high volume within this range, particularly in November and December. In this regard, if a firm bottom is established, an opportunity to buy could arise here. The market capitalization of around CAD 55 million now leaves plenty of room for upside.

First Majestic: Share Price Halved

First Majestic Silver is one of the most popular silver stocks in Germany. The company is among the world's largest true silver mining companies. This is because, at most mines, the precious metal plays only a minor role as a byproduct. Only about 30% of the material comes from silver mines that are truly worthy of the name. With four producing mines and additional development projects, First Majestic is fundamentally well-positioned. In the first quarter, the company generated high revenues and profits due to the skyrocketing price of silver. Revenue hit a record high of USD 476.7 million (+95%), and net income soared to USD 147.5 million. In the same quarter of the previous year, it was a meagre USD 6.2 million. Thanks to a cash balance of nearly USD 1 billion, the company is also in excellent financial shape.

But the second quarter brought a rude awakening. Since peaking in late February, the share price has essentially halved. While the average silver price in Q1 was USD 86.35 per ounce, it is likely to drop significantly in Q2. Nevertheless, the stock should now be attractive again. According to the Silver Institute, the silver market has been in deficit for years. In addition, export controls are in place in China. Last but not least, demand is likely to continue rising as a result of the war in the Gulf. Military equipment, such as fighter jets and missiles, requires large quantities of silver. According to estimates, a single Tomahawk cruise missile alone requires between 15 and 20 ounces of pure silver.

With First Majestic Silver, investors are betting on a comeback in silver prices. The share price has essentially halved, but the market is in deficit. Antimony Resources could be a future building block of an independent US supply chain for the specialty metal, antimony. The share price has fallen to one-third of its previous level and is working its way toward a bottom. K92 Mining is a rapidly growing gold miner with a chance of being acquired by a mining giant.