November 6th, 2026 | 05:23 CET
Commodities comeback: Opportunities in K92 Mining, Almonty Industries and Aya Gold & Silver!
"Taken to the slaughter" is one of the more colourful expressions used in the stock market. On Thursday this was the fate of high-flying hype stocks such as Intel, which at one point lost a third of their market capitalisation. However, the waves of selling seen in recent weeks swept broadly across the markets. Gold and other commodities were hit particularly hard. High interest rates and profit-taking triggered sharp declines in many stocks. Following the US midterm elections, however, gold is once again shining, with prices posting gains. Opportunities are also emerging in shares of K92 Mining, Almonty Industries and Aya Gold & Silver.
time to read: 4 minutes | Author: Tarik Dede
ISIN: Almonty Industries Inc | CA0203987072 , K92 MINING INC | CA4991131083 , AYA GOLD + SILVER INC. | CA05466C1095
Table of contents:
Author
Tarik Dede
Even as a high school student in northern Germany, he developed a strong interest in the “Neuer Markt” and the dynamics of the equity markets. Small- and mid-cap companies were at the center of his focus from the very beginning. After completing his training as a certified bank clerk, he deepened his economic expertise through formal studies in economics as well as through various positions within Frankfurt’s financial sector. Today, he has been actively involved in the capital markets for more than 25 years, both professionally and as a private investor.
Tag cloud
Shares cloud
K92 Mining: Growth and speculative potential
The correction in many gold stocks did not spare K92 Mining. Yet the Canadian gold producer's shares held up far better than those of its competitors. The stock is trading just 20% below its March year-high. In September, the stock climbed above the CAD 30 mark once again before the next wave of selling set in. The chart looks very constructive overall, as two higher lows have already been recorded. On the Wednesday after the US midterm elections, the stock also rose sharply.
But it is not just the chart that makes the case for K92. With a market capitalisation of around CAD 6.5 billion, the gold producer is still a mid-cap stock. However, K92 is showing growth like almost no other producer. The company is vigorously pushing ahead with the expansion of its only mine, the Kainantu mine in Papua New Guinea. There, the company mined 42,931 ounces of gold in the second quarter, up 32.4% from the same quarter the previous year. The company benefits from the distinctive local geology, which enables production costs (AISC) of just USD 1,376 per ounce of gold. Production is set to rise significantly in the second half of the year thanks to the expansion. The next expansion phase next year is then expected to push annual production to an impressive 400,000 ounces of gold equivalent.
The stock is therefore not just a play on the gold price, but also on internal growth. K92 Mining is also being touted as a takeover candidate. With gold at around USD 4,000 per ounce, the industry giants in particular are currently filling their coffers at a rapid pace. And quite a few of them are active in the Pacific nation: Barrick Mining, Zijin Mining, Harmony Gold and global market leader Newmont, among others, operate their own mines in Papua New Guinea.
Almonty Industries: Shares Trading at a P/E Ratio of Just 3
Almonty Industries' shares were hit hard this year. On the three-month chart, the stock has roughly halved. It is already more than 60% below its April high. Such moves offer opportunities for bold investors who consciously accept risks to achieve high returns.
The Canadian company has spent many years developing the Sangdong mine in South Korea and has been ramping it up since March this year. It is the first Western tungsten mine of any significant size. Almonty has now reached a major milestone, shipping its first tungsten concentrate in October.
Almonty Industries occupies an exceptionally strong position in the market. From January 1, 2027, raw materials from China, Russia, Iran and North Korea will no longer be permitted for use in US defence equipment. Companies supplying the Pentagon must demonstrate an entirely clean and, above all, China-free supply chain. As Almonty is practically the only significant Western supplier, the company is set to dominate the market. Many companies have few alternatives, as China controls around 80% of the global market, according to the US Geological Survey (USGS). Including production from Russia and North Korea, that figure rises to almost 95%.
This video clearly explains why tungsten is so important!
What makes Almonty particularly interesting now is its valuation. As the Sangdong mine ramps up, analysts forecast a sharp increase in revenue and earnings this year and in the years ahead. Bank of America (BofA), for example, expects the company to report its first-ever profit in 2026, with earnings per share of USD 0.69. Next year, EPS is then expected to rise to as much as USD 2.76 per share. This implies a forward P/E ratio of just 3.2. The combination of high profit margins, a dominant market position, strong growth and an ongoing share buyback programme worth a total of USD 300 million is rarely seen on the Nasdaq. BofA has issued a price target of USD 24 for Almonty. Investment banks Stifel (USD 25) and Jefferies (USD 26.25) share the same bullish view.
Aya Gold & Silver: An opportunity for latecomers
Investors who have yet to buy into Aya Gold & Silver may now have a second chance. The Canadian silver producer's shares have pulled back again in recent months, taking a breather. If silver prices continue to rise, as they have since the midterm elections, Aya could also quickly return to its previous highs above CAD 40.
The company also regularly delivers excellent news. Alongside its producing mine, Aya is developing a promising project in Boumadine. In September, the company presented an updated economic study, a so-called Preliminary Economic Assessment (PEA). It significantly exceeds the preliminary study's financial and operating metrics. In short, the deposit's Net Present Value (NPV) amounts to USD 3.54 billion after tax. The IRR (internal rate of return) is expected to be an impressive 93%. The USD 463 million investment is therefore expected to pay for itself in 0.7 years, or around nine months.
Aya Gold & Silver is in a very strong financial position. Its main mine, Zgounder, provides a cash cushion of around USD 183 million (as at the end of June). In the second quarter alone, it mined 1.68 million ounces of silver there (+61.5% year on year). During previous silver rallies and also during periods of weaker silver prices, Aya Gold & Silver's shares have consistently been among the sector's leaders. In a very recent research report, analysts at Beacon Securities confirmed their Buy rating and price target of CAD 49.50. Aya shares currently cost just under CAD 36.
Conclusion
With K92 Mining, investors are betting on growth and a generous helping of takeover speculation in the gold sector. Almonty shines not only with growth and profits, but also with a very low valuation. Aya Gold & Silver, in turn, is likely one of the best-listed silver companies.
Conflict of interest
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") currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a "Transaction"). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
In this respect, there is a concrete conflict of interest in the reporting on the companies.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is also a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
Risk notice
Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on news.financial. These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.
The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.
The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.
