Commodity Stocks on the Verge of a Breakout? First Majestic Silver, Globex Mining and B2Gold in Focus

First Majestic Silver: Silver Prices Provide a Boost — and So Do Quarterly Results

The silver price has managed to break out in recent days, along with its big brother, gold. The supposed end of the war in the Persian Gulf and the weak US economic data mentioned above provided a strong boost. Mining stocks have been on a "roller coaster ride" these past few days, as one well-known German analyst put it. And indeed, the mining indices rose sharply. The gold heavyweight Agnico Eagle alone gained nearly a quarter in value.

First Majestic Silver is among the major players in the silver sector, with a market capitalization of around USD 9 billion. Here, too, the stock resumed its upward trend after a long period of sideways movement. The second-quarter results presented at the end of July also contributed to this momentum. The company generated free cash flow of USD 194.6 million—more than double the figure for the same quarter last year (USD 77.9 million). Adjusted earnings per share even quadrupled to USD 0.21. First Majestic produced 3.8 million ounces of silver and 34,660 ounces of gold during the three-month period. In Q2, the Canadian company achieved an average selling price of USD 63.98 per ounce of silver, which was 90% higher than in the same period last year but lower than in Q1 2026. As of the end of July, the company held USD 1.09 billion in cash—a new record for the company.

First Majestic Silver's management has raised its annual forecast to production of 14.6 to 15.5 million ounces of silver and 128,000 to 135,000 ounces of gold, based on operational successes at its Mexican underground mines. If market conditions remain this positive, the share should test its next resistance levels. The target here is the range between USD 19 and USD 20.

Globex Mining: Two Major Announcements Impress

Globex Mining recently impressed with two major announcements. First, the Canadian company announced that its partner, Lincoln Gold Mining, has received approval for its Bell Mountain gold-silver project in Nevada. Globex holds a 3% gross metal royalty on this project. A permit to build a mine is a major step and a rare occurrence these days, even in mining-friendly Nevada. The partner is now working to secure financing for construction, with costs estimated at approximately USD 25 to USD 30 million. The construction period is expected to last 8 to 10 months. Once the mine begins production, Globex Mining will receive its 3% share of production. This gross metal royalty is based directly on the gross proceeds from the gold and silver mined and sold—without any deductions for production, processing, transportation, or operating costs. Therefore, there is no exposure to the risks associated with mining operations. Lincoln plans to develop Bell Mountain as an open-pit mine using the heap leaching process. The annual production target is 20,000 ounces of gold equivalent per year.

In addition, there is also good news from the Bald Hill project. At this antimony project in the Canadian province of New Brunswick, Globex holds a 3.5% gross metal royalty on all metals produced. In addition to antimony, gold is also present there. Partner Antimony Resources has now reported strong drilling results. Gold was detected in the assay results from drill core samples. In the main zone, a total of over 45 drill holes returned an average grade of 1.14 g/t of gold over a length of 2.56 m. Peak grades reached up to 1.88 g/t of gold over 4.95 m. However, this main zone has so far been defined primarily by antimony. And that is why Bald Hill is of great interest to the US government. The government recently approved an additional USD 3 billion to mine metals critical to the military industry, such as antimony. In addition to the US, companies with deposits could also benefit from this. Overall, however, sentiment toward this stock is likely to improve. Like many specialty metals, the global antimony market is controlled by China; however, the US, Europe, and Japan are attempting to establish their own supply chains independent of China.

In addition to these two projects, Globex Mining has a broadly diversified portfolio of royalties and proprietary projects. Essentially, the company acquires mineral projects at low cost, conducts the preliminary work, and partners them with other companies. Typically, this approach secures royalties, as in the case of Bald Hill, and often equity stakes as well. In North America alone, the company has built up a portfolio of 270 projects in this manner. In addition to gold and silver, Globex focuses on platinum, copper, zinc, antimony, and rare earth elements. The business model works well; Globex Mining is debt-free and holds cash reserves of approximately CAD 40 million. The company is also using its own funds to advance three of its own gold projects in Quebec.

After Globex shares doubled in value between September 2025 and the end of February 2026, a correction occurred in the wake of the war in the Persian Gulf. The share is currently working toward finding a bottom. Given the abundance of projects and the now-improved sentiment in the mining sector, this could be a good time for long-term investors to enter the market. Notably, more than one-third of the company's market capitalization of approximately CAD 109 million is covered by its cash balance. Another plus, management holds 14% of the shares.

B2Gold: Goose Is the Key

It is rare in the mining sector for a stock to gain nearly 20% immediately after the announcement of quarterly results. B2Gold pulled off this feat last week. Yet the company reported a negative free cash flow of USD −258 million due to high tax payments in Mali and obligations from prepaid gold supply contracts. However, the Canadian company posted a strong increase in earnings per share to USD 0.31. The main reason for this is the sale of mining interests, such as its stake in Fingold. In terms of production, the core mines—Fekola, Masbate, and Otjikoto—exceeded expectations. In the second quarter alone, B2Gold repurchased 19 million shares for just under USD 92 million. In addition, it paid out USD 52 million in dividends to shareholders.

Investors were likely most pleased by the end of the derivative-related burdens. All gold prepayment deliveries have been completed. Starting in 2027, B2Gold will operate entirely on the spot market without price fixings, which should significantly increase free cash flow. This year, management aims to achieve production of 820,000 to 920,000 ounces.

Despite the sharp rise following the earnings report, B2Gold remains one of the more attractively priced gold stocks on the market. The stock is currently still trading a good 16% below its annual high. However, not every investor may be interested in investing here. B2Gold owns a globally diversified mining portfolio with a focus on West Africa, Canada, and the Philippines. In particular, the issues in Mali have deterred many investors in recent years. At any rate, the portfolio will soon gain a politically stable cornerstone in the form of the Goose Mine in Canada, which is currently under construction.

With First Majestic, investors are betting on one of the world's largest pure-play silver producers. The company delivered a strong Q2, and the stock is also benefiting from positive market sentiment. Globex Mining owns a broad portfolio of royalties in the commodities sector and has recently impressed with strong announcements from partners. The share should continue to benefit from this in the second half of the year. While B2Gold is one of the most undervalued gold producers, it is also active in Mali with its flagship Fekola project. Although the situation there is stabilizing, not all investors are eager to invest there. The valuation discount relative to the industry could therefore persist.