Commodity Companies with Golden Numbers: Almonty Industries, K92 Mining and Aya Gold & Silver in Focus

K92: More Than Just Costs Under Control

Many gold producers are currently reporting strong second-quarter results. Yet almost all are complaining about rising costs. Fuel, in particular, but also other consumables, have become more expensive recently. K92 Mining is the welcome exception here. The Canadian company reported all-in sustaining costs (AISC) of USD 1,376 per ounce at its Kainantu mine in Papua New Guinea. This was 2.3% lower than in the same quarter last year. This achievement was made possible by efficiency gains and a higher volume of ore processed.

The company delivered strong results across key metrics. Revenue rose by 113.1% to USD 205.3 million, and earnings per share of USD 0.34 were nearly 113% higher than the prior-year figure. K92 had USD 310 million in cash on hand at the end of the quarter. Gold production between April and the end of June totaled 42,931 ounces, up 32.4%, with a realized selling price of USD 4,493 per ounce.

K92 plans to significantly expand the Kainantu Mine. Management expects the so-called Stage 3 expansion to deliver the strongest production results in the company's history as early as the second half of the year. In Stage 4, the company aims to reach an annual production of 400,000 ounces of gold equivalent by the end of 2027.

K92 Mining's stock ended its war-related correction in mid-July and has since risen sharply. However, there is still room to grow before reaching its annual high. K92 is considered a classic takeover candidate in the industry. Heavyweights in the gold industry, such as Barrick, Zijin, Newmont and Harmony Gold, also operate mines in Papua.

Almonty Industries: Strong Results and Share Buyback

Things are moving rapidly at Almonty Industries right now. After tungsten was apparently "out of favour" for a while, the stock has once again gained significant momentum. On the Nasdaq, the shares hit a low of just under USD 11 in July. Now, a share is trading at over USD 16 again, meaning investors could have made almost 50% within just a few weeks.

But there are good reasons for the rally. For one thing, the Canadian company, based in the US, has released its highly anticipated quarterly results. Since the Sangdong tungsten mine in South Korea began ramping up operations in March, a rapid increase in key metrics was expected. And Almonty delivered! In the second quarter, the company generated revenue of CAD 43 million—a 498% increase over the same period last year. In Q2 2025, the company was still in the red; now it posted a net profit of CAD 181.8 million. And the biggest leaps are still to come, as the mine is still in the ramp-up phase. The initial target is to process 640,000 metric tons per year. In a subsequent phase, capacity is set to double to around 1.2 million metric tons.

In addition to the strong numbers, however, Almonty has now provided another reason to buy the shares. As of the end of the quarter, the company had a cash balance of approximately CAD 1.2 billion, with USD 800 million coming from a recently issued bond. The company has now announced a massive share buyback program worth up to USD 300 million. A total of 14.4 million shares, about 5% of the outstanding shares, are to be purchased on the market. CEO Lewis Black believes that the current market capitalization does not reflect the company's true value.

And he may well be right. After all, Almonty's core product, tungsten, is one of the most sought-after metals. Since the start of the year, the price has risen from under USD 1,000 to about USD 3,000 per metric ton unit (MTU, 10 kg). Behind this rally lies the market's dependence on China, which controls about 80% of the global market. Tungsten is virtually irreplaceable in many areas of defense and aerospace.

With its Sangdong mine, Almonty has emerged as the only major supplier in the West. In addition to the mine in South Korea, the company is also working to expand production in Portugal and the United States. Another advantage is the cost structure: according to Almonty, the metal is mined in South Korea at a cost of USD 100-127 per MTU. This promises consistently high margins.

Despite the recent rally, the stock still has room to rise toward its annual high of over USD 23. Therefore, risk-tolerant investors could consider buying in. Cautious investors should wait for a consolidation phase.

Aya Gold & Silver: New All-Time High

The price of silver has also risen significantly recently, in tandem with gold. The shares of Aya Gold & Silver have benefited from this trend. But while silver still has a long way to go to reach its record high of about USD 121, Aya's share hit a new all-time high just a few days ago.

The Canadian company also impressed with its quarterly results. Revenue rose by 150% year-over-year to USD 96.8 million. Net income rose even more sharply, by 307%, to USD 35 million. Earnings per share came in at USD 0.23—nearly four times as much as in Q2 2025. With a cash position of USD 182.8 million, the company is currently operating from a position of strength.

Between April and June, Aya produced 1.68 million ounces of silver, up 61.5%, primarily thanks to its main mine, Zgounder, in Morocco. The low costs are particularly noteworthy. Across the group, Aya produces each ounce for just USD 16.82—about one-fifth less than a year ago. According to management, this was due to plant utilization and efficiency gains in Q2.

For now, Zgounder remains the company's cash cow. However, the key project for the future is Boumadine. Aya plans to publish an updated preliminary economic assessment (PEA) for the exploration project in early September. A PEA provides an initial insight into the economic viability of a deposit. Aya's stock is one of the few true silver plays on the market. Investors who buy in here are betting on the development of Boumadine and continued operational excellence by management.

K92 Mining remains one of the most attractive companies in the gold sector. The Canadian company is considered a takeover candidate. Almonty Industries holds a virtual monopoly on tungsten in Western countries. The ramp-up of the Sangdong mine is expected to further boost revenue and profits. Aya Gold & Silver is one of the best silver stocks on the market. With Boumadine, the company is laying the groundwork for a successful future.