Curtiss-Wright, Kobo Resources, Galaxy Digital: Despite Billions in AI, Gold Is Back in the Spotlight

Curtiss-Wright: Nuclear Renaissance Fills the Order Books

The nuclear energy renaissance is increasingly translating into hard numbers at Curtiss-Wright. Revenue rose 5% year-over-year in the second quarter to a total of USD 924 million. Operating profit for the period came in at USD 179 million. Adjusted earnings per share rose 15% to USD 3.72.

The company's order book showed an upward trend during the same period. Curtiss-Wright received new orders totaling USD 1.1 billion, an 8% increase over the previous year. As a result, the total order backlog grew to USD 4.5 billion. At the same time, free cash flow increased to USD 160 million.

The three main business segments contributed differently to revenue. The Aerospace and Industrial segment posted a 12% increase in revenue to USD 268 million. This increase was driven by higher demand in civil aviation and various defense programs. The Marine and Energy segment increased its revenue by 7% to USD 410 million. This was driven by existing submarine programs as well as orders from the commercial nuclear sector. The Defense Electronics division, on the other hand, saw a slight decline in revenue of 3% to USD 246 million, but was able to expand its operating profit margin during the same period.

Based on the figures reported for the first half of the year, the company has adjusted its expectations for the full fiscal year 2026. Curtiss-Wright now anticipates annual revenue growth of between 8% and 9%. The forecast for operating profit has been raised to 11–13%. Adjusted earnings per share are expected to range between USD 15.10 and USD 15.40 for the full year. In addition, the regular quarterly dividend for shareholders was increased by 8% to USD 0.26 per share.

Kobo Resources: Gold System Expands, First Resource Estimate Nears

Kobo Resources has delivered another breakthrough. New drill results from the Road-Cut Zone extend gold mineralization across three significant structures, confirming the scale of the entire system. Particularly high-grade intersections include 2.0 m grading 21.10 g/t gold, 7.0 m grading 4.16 g/t gold, and 8.0 m grading 2.65 g/t gold. At the same time, the mineralization remains open at depth. With more than 47,850 m of drilling completed in 240 drill holes to date, Kobo is accelerating work toward its first mineral resource estimate (MRE), which is expected in the fourth quarter of 2026.

At the heart of the company is the 100% owned Kossou project in Côte d'Ivoire. The location is one of the key strengths of the investment story. The project is situated just a few kilometres from the producing Yaouré gold mine and thus benefits from existing infrastructure, roads, power supply, and a skilled workforce. At the same time, metallurgical tests showing average gold recovery rates of 97%, as well as geological parallels to the neighbouring deposit, point to significant development potential.

At least as exciting is the second project, Kotobi. While Kossou is on the verge of its first resource estimate, Kotobi is still in an early exploration phase and thus offers additional discovery potential. Kobo is deliberately pursuing a two-project strategy. Kossou is intended to increase the company's value in the short term, while Kotobi lays the foundation for further growth.

Added to this is an exceptionally disciplined exploration strategy. The company consistently relies on diamond drilling, extensive preliminary work, and cost-efficient project development. At the same time, several mineralized zones at Kossou extend over more than 7 km, while additional targets have already been identified.

With high-grade drill results, an imminent first resource estimate, excellent infrastructure, and a second exploration project, Kobo Resources has several drivers of share price growth. If the next step toward resource confirmation is successful, the company could increasingly come into focus as an attractive acquisition target for major gold producers.

Galaxy Digital: The Shift from Crypto to Infrastructure

Galaxy Digital is currently undergoing a remarkable transformation. Investors know the company led by Mike Novogratz primarily as a Bitcoin and digital asset specialist. However, the expansion of AI data centers is increasingly becoming its second major pillar. The latest quarterly figures underscore this strategic shift, even though Galaxy posted a net loss of approximately USD 85 million in the second quarter.

This is primarily attributable to a decline in the value of cryptocurrencies, which led to corresponding write-downs of just under USD 181 million. Total revenue also fell by 15% compared to the previous quarter. The adjusted loss was USD 77 million.

Despite these results, the company has substantial financial reserves. Equity stands at USD 2.7 billion. Cash holdings and stable cryptocurrencies total USD 2.5 billion. Total assets rose to USD 10.8 billion.

In addition, the company is expanding its technical infrastructure. New data center sites were acquired in Texas. An initial project called Helios is already operational and is generating revenue for the first time in this specific business segment through a lease agreement with CoreWeave. To further finance these facilities, bonds worth USD 3.5 billion were issued. Furthermore, Galaxy Digital entered into a partnership with BNY to expand its digital infrastructure.

Curtiss-Wright is already reaping high profits from the expansion of nuclear energy and defense, while Galaxy Digital is supplementing its existing crypto business with a multi-billion AI infrastructure platform. Kobo Resources offers the greatest upside potential. If the company succeeds in translating its strong drill results and an average gold recovery rate of around 97% into a compelling initial resource estimate, Kossou could be on the verge of a decisive valuation milestone.