Commodity Stocks with More Upside? Kinross Gold, Globex Mining and Barrick Mining in Focus!

Barrick Mining: Things Continue To Improve

Barrick Mining's shares have recently benefited from the upturn in the gold market. After months of volatile sideways movement, the share price broke out to the upside in mid-July. The share is now moving back toward its multi-year high reached at the end of January. In euro terms, it is still around 18% below that level.

Operationally, Barrick can look back on a strong first half of the year. Revenue in Q2 stood at USD 5.29 billion, around 44% higher than the previous year's figure. On balance, the Canadian company earned USD 1.22 billion, 50% more than in the same quarter last year. Earnings per share rose by as much as 72%. High gold prices were also reflected in free cash flow, which stood at USD 1.4 billion in the first half of the year. As at the end of June, Barrick Mining had around USD 1.2 billion in net cash and unused credit facilities totaling USD 3.0 billion.

In terms of gold production, the company exceeded its own forecast by 3% in the second quarter, producing 796,000 ounces of gold; this figure was also 11% higher than in the first quarter. In addition, copper production has returned to a more stable level at 56,000 tonnes (Q2). For the full year, the group aims to produce between 2.90 and 3.25 million ounces of gold.

Strategically, the focus remains on the spin-off and planned IPO of the North American business. By the end of the year, all North American gold mines are to be floated on the stock market as a separate company. Analysts see this as an opportunity for a significantly higher valuation. The copper business, with its higher-risk operations in Africa and Pakistan, is set to remain within the existing Barrick. The mines have recently delivered some positive news. The flagship Fourmile gold project in Nevada is delivering first-class drilling results, while the Lumwana copper mine in Zambia is being expanded to more than double copper production to an annual output of 240,000 tonnes by 2028.

In addition to the high gold price, substantial share buybacks are currently supporting Barrick's share price. In the second quarter alone, shares worth around USD 1.5 billion were purchased. Furthermore, the chart looks promising. There are only minor resistance levels between the current price and the year's high.

Globex Mining Starts Drilling

Globex Mining is known for its broadly diversified portfolio of royalties. The company acquires mineral projects at favourable prices, carries out the preliminary work, and then hands them over to other companies that undertake the more costly exploration. As a rule, Globex Mining receives royalties and often equity stakes in return. In North America alone, the company has built up a portfolio of around 270 projects in this way. In addition to gold and silver, the focus is on platinum, copper, zinc, antimony and rare earth elements. Globex Mining appears to have a firm grasp of its business: the company is debt-free and has cash reserves of around CAD 40 million.

Using these funds, Globex is advancing its own projects, focusing on the established mining province of Québec in eastern Canada. The company has now announced the start of drilling work at the Wood/Central Cadillac gold project. The program comprises a total of 4,800 m across 11 drill holes. The aim is to confirm the historical gold mineralization in the zones of the former Wood and Central Cadillac mines. Specifically, areas beneath the old infrastructure at depths exceeding 300 m are being tested, with a view not only to confirming the historical discoveries but also to expanding them. High-grade zones were once discovered here, including, for example, 30.96 g/t gold over 4.15 m or 6.87 g/t gold over a length of 28 m. Globex Mining is already planning to launch a similar program this winter. The particular appeal: this property is situated in the vicinity of Agnico Eagle's LaRonde gold mine and IAMGOLD's Westwood gold mine.

Following a doubling of the Globex share price between September 2025 and the end of February 2026, a sharp correction occurred in the wake of the war in the Persian Gulf. The recent surge in the gold price then sparked a strong rebound. With several projects already at an advanced stage, this could be a good entry point. With a market capitalization of around CAD 125 million, Globex Mining is no longer a small player. Nevertheless, the share still has room to rise.

Kinross Gold Stays On Track

That was quick! When the gold price rebounded in July on renewed hopes of interest rate cuts, Kinross Gold's share price took off. Within just a few weeks, it climbed from around USD 24 to as high as USD 34. Such a move in such a short period is rare. As a rule, it is a sign that the stock had been oversold. In other words, as the saying goes on the stock market, virtually all sellers had been flushed out at these lows.

Operationally, Kinross Gold is delivering what the market wants to see. In Q2, it reported a 30% increase in revenue to USD 2.24 billion. On balance, the Canadian company even recorded a 59% jump in profit to USD 844.2 million, exceeding market expectations.

With a net cash position of USD 1.9 billion, Kinross has plenty of resources at its disposal – both for developing further mines such as Great Bear and for rewarding its shareholders. The company consistently aims to distribute 40% of its free cash flow via dividends and share buybacks. Between April and June alone, for example, it bought back its own shares worth USD 230 million. Buying back its own shares ensures that profit is spread across fewer shares. Mathematically speaking, this increases EPS.

In the second half of the year, the share price could benefit from rising production. It remains to be seen to what extent the mines will be affected by rising costs. At present, rising inflation is taking its toll across all sectors. From a purely technical perspective, however, Kinross Gold's share price is in a healthy consolidation phase.

With Barrick Mining shares, investors can back the success of the gold IPO. At Globex Mining, it is not just drilling work that is on the cards; the low valuation is also an attractive feature. Kinross has risen rapidly. The current consolidation is healthy and may well be paving the way for the next upward move.