Commodities, Record Assets and AI Chips: Good News from Globex Mining, BlackRock and TSMC

Globex Mining: Plenty of Irons in the Fire

Anyone looking to invest in a resources stock without betting on the success of a single mine should take a closer look at the shares of Globex Mining. The Canadian company is a project developer, land bank and royalty company all in one. Globex buys promising properties, enhances their geological value and passes them on to partners in return for cash payments, shares, exploration commitments and production royalties. The portfolio now comprises more than 260 mineral assets. More than 40 were formerly producing mines, while more than 80 have historical or compliant resources. The portfolio focuses on mining-friendly regions of Canada and the US. In addition to gold and silver, Globex covers copper, zinc, antimony, manganese, rare earths and other critical raw materials.

The broad diversification generates news almost every week. At the Bartec property, for example, partner LaFleur Minerals recently reported mineralisation grading 6.05 g/t gold over 8 m, including 14.96 g/t over 3 m. Globex holds a 2% gross metal royalty there. However, this is the first modern drill hole at this location. Duquesne West is also taking shape. The deposit now contains 1.46 million ounces of gold at an average grade of 1.69 g/t. In the latest drilling, partner Emperor Metals intersected 5.9 g/t gold over 32 m. Globex holds a 50% interest in the project and can also benefit from payments, shares and a royalty if it successfully exercises the option. At the end of September, results from the 2026 drilling were available for only 44 of 66 holes. Further announcements are therefore likely to follow in the coming weeks.

The third recent highlight comes from Berrigan. There, TomaGold extended a deep polymetallic zone to a strike length of 250 m and a vertical extent of around 400 m. One drill hole returned 69.4 m grading 3.46% zinc equivalent, including 40.1 m grading 5.38%. Globex also holds a 2% royalty here. At the optioned Vail Road project, a resource of 54,200 ounces of gold at a high grade of 9.0 g/t was reported. Both projects are still at an early stage of development, but show how partner programmes can increase the portfolio's value without substantial expenditure by Globex itself. 

Further share price catalysts lie ahead. For Mont Sorcier, a feasibility study is scheduled for the fourth quarter. At Bald Hill, an initial antimony resource is set to follow. The Bell Mountain silver-gold mine in Nevada could start operating by 2027 at the latest. Overall, partners and Globex plan to drill about 300,000 m across the properties. This creates many opportunities, but also deadlines that may slip.

Globex is in an unusually strong financial position. At the end of June, the company held CAD 40.7 million in cash and listed securities, with 56.94 million shares outstanding and no debt. With a recent market capitalisation of around CAD 121 million, these funds therefore cover roughly a third of its market value on paper. Management holds just over 14% of the shares. Since October 15, Globex has been authorised to buy back up to one million of its own shares within one year, equivalent to around 1.76% of its share capital. We view this as a positive signal, and it also provides additional downside protection.

The Canadian company says it expects gold-equivalent ounces attributable to Globex to rise from 654 to more than 6,000 by 2032. However, the model calculation assumes, among other things, a gold price of USD 4,000 and production starting on schedule. The operational risk is that many projects are far from sustained mine production, income from option agreements fluctuates, and Globex depends on the pace of its partners' work. In addition, the shares are thinly traded. The hot stock is therefore currently suitable only for highly speculative investors.

For investors with courage and staying power, the combination of substantial opportunities and risks nevertheless remains exciting. The large, broadly diversified resources portfolio offers numerous opportunities, the solid balance sheet limits financing pressure, and the first royalty assets are moving toward production. The shares have weathered the decline from the spring high of CAD 2.90 to CAD 1.75 in June and have been back in an uptrend since July. Analyst Alina Islam of Red Cloud Securities believes the small cap can return to significantly higher prices in the coming months and recommends buying. Her price target currently stands at CAD 4.30, which would represent an outright doubling of the share price.

BlackRock: Money Keeps Flowing

Business is currently booming at BlackRock, the world's largest asset manager. Net inflows totalled USD 205 billion in the third quarter, including USD 135 billion into iShares exchange-traded funds. Assets under management reached a record USD 15.5 trillion. Revenue rose 19% to USD 7.75 billion, while adjusted earnings per share rose 38% to USD 15.93. The adjusted operating margin was 47.8%.

Growth quality is particularly strong. Annualised organic growth in base fees accelerated to 11%. The Aladdin technology platform and private investments provide additional revenue. Risks remain a sharp stock market correction, which would depress the value of assets under management and thus the fee base, as well as potential outflows. With an estimated adjusted P/E ratio of around 17 for 2027, the shares are nevertheless not overvalued given the earnings momentum.

Analysts are correspondingly confident: 18 Buy recommendations versus 2 Hold ratings. No expert currently recommends Sell. With an average price target of just under USD 1315, the analysts see around 16% upside potential. For a long-term portfolio with a more conservative approach, the stock remains an attractive addition. BlackRock is and remains a quality stock, and pullbacks to a three-digit share price offer interested investors attractive entry opportunities.

TSMC: AI Boom Exceeds Expectations

There has recently been good news from TSMC. The Taiwanese semiconductor group increased revenue in the third quarter in local currency by 51% to TWD 1.49 trillion or USD 46.7 billion. Net profit jumped by 69% to TWD 763.1 billion. Gross margin reached 66.4%, and operating margin reached 58.7%. The slight decline compared with the previous quarter was mainly due to the ramp-up of the new two-nanometre production.

The business in high-performance computing and AI chips grew by 82% and now accounts for 68% of group revenue. Five years ago, smartphone chips still dominated. Two-nanometre technology already contributed 8% of wafer revenue. Demand is so high that supply is expected to remain insufficient even in 2027. TSMC is therefore investing between USD 60 and 64 billion in new capacity in 2026.

For the final quarter, the group forecasts revenue of USD 52.3 to 54.3 billion and a gross margin of 65 to 67%. For the full year, dollar revenue is expected to grow by around 44%. Analysts at DZ Bank recently raised their earnings estimates and their price target from USD 485 to USD 500. DZ Bank also confirmed its Buy rating. The bank is not alone in its optimistic assessment. Many other analysts believe TSMC still has considerable upside potential. Overall, 22 analysts currently rate it a Buy and 1 a Hold, with no Sell ratings. On average, experts see the fair value at just under USD 566, about 37% above the current share price.

Based on consensus earnings estimates for 2026 and 2027, the P/E ratios are around 24 and 17, respectively. TSMC is thus a quarter below the comparable peer group next year and is attractively valued. Risks remain the tensions surrounding Taiwan, possible US tariffs and higher costs at the new overseas factories. In the long term, however, the expansion reduces geographical dependence. Operationally, TSMC is currently hard to beat. Despite a strong share price gain of more than 50% within a year, the stock remains worth buying. However, investors should build larger positions in stages. 

Conclusion

Globex offers the greatest leverage for strong share price gains, BlackRock the greatest predictability and TSMC the strongest operational growth. Those who can withstand volatility are backing the rising value of a broad commodities portfolio with Globex. By contrast, BlackRock remains a core investment for long-term investors, and TSMC is the quality stock for investors who still believe in the AI investment cycle.