Crisis investments – Why anything can happen today: AJN Resources, Newmont, B2Gold

More good arguments for gold

In view of increasing market volatility and geopolitical risks, investors are increasingly looking for safe havens, above all, gold. In fact, the price of gold rose by around 50% in 2025, repeatedly reaching new record highs above the USD 4,200 per ounce mark. Experts attribute this to several factors: the Fed's loose monetary policy coupled with an economic slowdown, high government budget deficits, and renewed demand from central banks in China, India, and Russia, which are diversifying their reserves and therefore turning to the precious metal. In volatile times, experts thus regard gold as insurance against crises. Analysts expect that even without additional US-China deals, there is upside potential for gold – in some cases, even up to USD 5,000 per ounce.

Newmont and B2Gold are swimming in money – Acquisitions planned

In addition to physical deposits, investors typically focus on shares of major producers. In fact, companies such as Newmont and B2Gold are currently awash with cash. Newmont generated free cash flow of USD 1.6 billion in the third quarter. B2Gold also significantly improved its key figures in the current year compared to 2024. Both producers score highly with investors, primarily due to their diversified portfolios. Newmont, for example, has more than twenty operating mines around the world. B2Gold is somewhat more concentrated, with four projects located in Mali, Namibia, the Philippines, and Canada.

B2Gold's strength lies in its diversified, high-quality mining portfolio. The Fekola mine in Mali continues to deliver large volumes, reaching production of 147,000 ounces of gold in the third quarter. The mine is now set to be further expanded underground. The newly commissioned Goose project in Nunavut, in northern Canada, began commercial production in the fall of 2025, and the project in Namibia is also set to grow. Analysts therefore see B2Gold as a "catch-up candidate" – the stock has not performed as strongly as some of its peers in recent months. According to B2Gold CEO Clive Johnson, the Company is waiting until 2026 to make any significant acquisitions in order to benefit from the increase in enterprise value resulting from the expansion of production. If B2Gold's share price rises, its own stock could serve as a suitable acquisition currency.

AJN Resources: Will further acquisitions follow in the Adola Gold Belt?

One of the possible acquisition targets could be AJN Resources. The company has been exploring the Okote project in the Adola Gold Belt in Ethiopia since this year and also holds exploration licenses for lithium and gold in the DR Congo. The Okote Gold project is located less than 100 km from the 4.5 million ounce Lega Dembi mine and is set to undergo further exploration in the coming months. The Company recently secured an additional CAD 4.5 million in a capital increase. The funds will also be used for due diligence for further acquisition targets. It therefore looks as if AJN Resources will continue to expand its gold operations in Africa. B2Gold is also focusing largely on projects on the continent, which offers low costs and great geological and economic potential. Even gold giant Newmont is represented on the continent, but it operates less focused than B2Gold and AJN Resources.

AJN Resources scores with Africa expertise - Crisis investment for experienced investors

AJN Resources can be considered an Africa specialist due to the track record of its German CEO, Klaus Eckhof. The geologist and entrepreneur is regarded as one of the most prominent experts in the African exploration sector. He became known primarily for establishing Moto Goldmines in Congo, where over 20 million ounces of gold were discovered under his leadership, and the project was later successfully sold to Randgold Resources. This milestone earned him a reputation as a dealmaker. Eckhof has also been involved in companies such as Amani Gold, Spinifex Gold, and Lafayette Mining, and has advised companies such as Monument Mining and Classic Minerals on the development of gold projects in Africa and Australia. His trademark: early project identification in politically challenging regions, rapid exploration progress, and the development of valuable assets that often result in acquisitions. If Eckhof and his team succeed in securing and developing attractive land packages in emerging Ethiopia, AJN Resources could become a standout opportunity for Africa-focused investors, with companies such as B2Gold and Newmont having sufficient income streams to finance such an acquisition.**

While Newmont and B2Gold are rightly billion-dollar companies that are the focus of international attention, AJN Resources' single-digit million valuation shows several things: AJN is comparatively in its infancy with its projects and has attracted significantly less investor interest to date. At the same time, the valuation shows that, if successful, AJN's potential is likely to be much greater than that of mining heavyweights with multiple mines in their portfolios. Those looking to diversify in uncertain times and view gold as crisis insurance could consider a speculative position in AJN.