February 3rd, 2025 | 07:00 CET
Apple, First Nordic Metals, Barrick Gold - Technology sector meets commodity markets in transition
The global economy is showing its dynamic side at the beginning of 2025. Apple presents strong quarterly figures with record revenue of USD 124.3 billion. The Services division, in particular, stands out with a growth of 14% to USD 26.34 billion. First Nordic Metals Corporation offers high gold exploration potential thanks to its properties in the Scandinavian countries of Sweden and Finland. In Mali, West Africa, on the other hand, the leading gold producer, Barrick Gold, is facing further difficulties with the Malian government. This geopolitical development highlights the shift towards raw material projects in politically stable regions, which also offer a significant tax advantage.
time to read: 5 minutes
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Author:
Juliane Zielonka
ISIN:
APPLE INC. | US0378331005 , FIRST NORDIC METALS CORP | CA33583M1077 , BARRICK GOLD CORP. | CA0679011084
Table of contents:

"[...] The processes in Namibia are predictable and the country itself is very safe. [...]" Heye Daun, President and CEO, Osino Resources Corp.
Author
Juliane Zielonka
Born in Bielefeld, she studied German, English and psychology. The emergence of the Internet in the early '90s led her from university to training in graphic design and marketing communications. After years of agency work in corporate branding, she switched to publishing and learned her editorial craft at Hubert Burda Media.
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Apple posts record revenue in the first quarter of 2025
Apple has set new records in the first quarter of fiscal year 2025. Total revenue of USD 124.3 billion is up 4% from the previous year. Earnings per share (EPS) reached a new high of USD 2.40, an increase of 10%.
The Services division (Apple TV+, etc.) is particularly profitable, setting new records with revenues of USD 26.34 billion. The geographic breakdown shows significant growth in the Americas and Europe, with a slight decline in China.
CEO Tim Cook emphasizes the successful launch of new products and services, particularly during the holiday season. He particularly pointed to the advances in Apple Intelligence, which will be available in more languages starting in April. With its AI offensive, Apple is focusing on integration, data protection, and the step-by-step improvement of existing systems in order to compete with tech giants such as Google, Microsoft, and Huawei. In December 2025, this AI is to be further expanded into other languages.
Product revenue totals USD 97.96 billion, with the iPhone contributing the largest share at USD 69.14 billion. The Mac and iPad divisions also saw growth, with revenues of USD 8.99 billion and USD 8.09 billion, respectively.
Operating income increases to USD 42.83 billion. After deducting taxes and other expenses, net income remains at USD 36.33 billion, a significant increase over the same quarter last year.
Gold as a safe haven: First Nordic Metals shapes Europe's gold hotspot
Stable mining regions are increasingly coming into focus in the mining of the precious metal. First Nordic Metals Corporation is setting new standards with its portfolio in the heart of Scandinavia. In Sweden, the Company manages over 104,000 ha along the 100 km long Gold Line Belt and in Finland, it controls the entire Oijärvi Greenstone Belt, which is known for its large gold deposits. Both areas are among the top 3 mining regions worldwide according to the Fraser Institute 2024 – given the latest import tariffs that US President Trump is planning for Canada, China, and Mexico, First Nordic Metals appears to be a promising alternative in the commodities business.
With its flagship Barsele project (45% FNM/JV with Agnico Eagle), First Nordic Metals controls Sweden's largest undeveloped gold deposit with an estimated (indicated & inferred categories) 2.4 million ounces. The mineralized zones extend to 925 m depth, and geophysical data indicate potential to 2 km. With operating costs below 24 EUR/t for underground mining and electricity prices of 3.5 cents/kWh (hydroelectric power), the project is significantly below global benchmarks. It is, therefore, no wonder that the Company is launching Europe's largest exploration program this year, with 25,000–30,000 m of drilling spread across four projects.
Behind the success is a team with exit experience: CEO Taj Singh increased the market capitalization of Discovery Silver by 30 times, and President Adam Cegielski sold Cayden Resources to Agnico Eagle for CAD 205 million in 2014. Their strategy is easy to understand and a true success story for investors: systematic exploration in politically stable jurisdictions with tax advantages (20.6% corporate tax).
With currently USD 12 million in fresh capital, First Nordic Metals is focusing on:
- Q1: Results of 5,700 km of UAV magnetic measurements in Storjuktan
- Q2: Deep drilling in Barsele to expand the resource
- H2: Initial diamond drilling at the Harpsund target (5.5 km anomaly)
For investors, First Nordic Metals combines the security of Nordic stability with high growth potential – a rare constellation in the current market environment. Those who want to learn more about the Company can listen to President Adam Cegielski on February 25, 2025, at the International Investment Forum (IIF) and ask him questions directly. Free registration is available here.

Crash in Africa: Conflict between Mali and Barrick Gold reaches new level
The dispute between the West African state of Mali and the mining company Barrick Gold is escalating, according to Reuters. The Malian government seized approximately 3 tons of gold worth USD 250 million from the Company's Loulo-Gounkoto complex, prompting Barrick Gold to temporarily suspend its mining activities in the country.
Both parties will meet again in the coming days. The talks will focus on Mali's demand for back taxes of USD 199 million and an adjustment to the country's new mining code. The situation has been further exacerbated by the Malian authorities issuing an arrest warrant for Mark Bristow, CEO of Barrick Gold.
The conflict is rooted in Mali's new mining code, which took effect in 2023 and gives the state a larger share of mining revenues and removes previous tax exemptions for mining companies. Mali had originally even demanded back taxes of around USD 500 million.
Mali's situation is not isolated. In neighboring Burkina Faso and Niger, which are also ruled by military juntas, there are efforts afoot to renegotiate contracts with gold mining companies. This comes at a time when gold prices have reached record highs.
For Barrick Gold, the production interruption could have significant financial consequences. Analysts at Jefferies estimate that the Company will have to absorb a loss of around 11% in earnings before interest, taxes, depreciation and amortization in 2025.
Apple shines in Q1 2025 with a 4% increase in revenue to USD 124.3 billion. The Services division (iCloud, Apple Pay) grew by 14% to USD 26.3 billion. The iPhone remains the core business with USD 69.1 billion. A stable operating margin of 34.5% and its focus on AI integration through "Apple Intelligence" ensure long-term potential for investors. First Nordic Metals focuses on politically stable regions with gold projects in Scandinavia. The flagship Barsele project in Sweden contains 2.4 million ounces of gold, with potential for expansion through deep drilling. The manageable operating costs of around EUR 24/t and favorable electricity prices (3.5 cents/kWh) further ensure competitiveness. With a low corporate tax rate (20.6%) and an experienced team, the Company offers investors a low-risk growth opportunity in the gold sector. The conflict with the government in Mali, Africa, is weighing on Barrick Gold: the seizure of 3 tons of gold worth USD 250 million has led to a production stoppage at Loulo-Gounkoto. Mali is also demanding back taxes of USD 199 million and an adjustment to the new mining code, with 35% state participation. Despite the global gold price being at an all-time high, the Company's involvement in West Africa remains a risk factor for investors.
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Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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