July 8th, 2025 | 07:10 CEST
Gold and defense stocks on trend – Alamos Gold, AJN Resources, Lockheed Martin
Increasing geopolitical conflicts and escalating wars in Ukraine and the Middle East, coupled with global trade policies that are increasingly lacking a clear strategy - we are currently living in the most uncertain times in decades. Even though stock indices around the world are still moving from one all-time high to the next, caution is advised. The beneficiaries, on the other hand, are clear. In addition to a booming defense industry fueled by the current era of rearmament, gold is once again asserting its role as a safe haven.
time to read: 4 minutes
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Author:
Stefan Feulner
ISIN:
ALAMOS GOLD (NEW) | CA0115321089 , AJN RESOURCES INC. O.N. | CA00149L1058 , LOCKHEED MARTIN DL 1 | US5398301094
Table of contents:

"[...] We knew the world was rapidly electrifying and urbanising and needing significant amounts of copper to do so. [...]" Nick Mather, CEO, SolGold PLC
Author
Stefan Feulner
The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
He is passionate about analyzing a wide variety of business models and investigating new trends.
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Alamos Gold – Promising position
While the largest gold producers, Barrick Mining and Newmont, are trading miles away from their highs, Alamos shares are strongly correlated with the price of gold. In February, the share price reached a new all-time high of USD 31 and has been consolidating since then, with the resistance level of USD 25 being tested successfully on several occasions. A jump above the USD 27.97 mark would result in another test of the high. Fundamentally, there are several reasons to believe that Alamos could climb to significantly higher levels in the event of a further gold bull market.
With a clever move, the Canadian gold producer has set the course for two decades of stable production. The focus is on the strategically utilized proximity of two assets: Island Gold and the recently acquired Magino mine.
Last year, Alamos acquired its competitor, Argonaut Gold, but the real target was the Magino mine, including its mill. Magino is located in the immediate vicinity of the existing Island Gold mine. This not only enables logistical synergies but also significantly reduces operating costs and increases operational efficiency.
Alamos recently presented an updated mine plan for the combined Island Gold complex. Once the expansion phase is complete in the second half of 2026, annual gold production is expected to reach 411,000 ounces over a period of twelve years. Overall, the operation is designed to run for 20 years.
Notably, despite high production rates, all-in sustaining costs (AISC) are expected to average USD 1,003 per ounce throughout the mine's life. This positions Alamos as extremely cost-efficient compared to its industry peers.
AJN Resources – Fully focused
While gold is likely to continue its positive trend in the medium term due to the current geopolitical and fiscal conditions, the price of lithium remains at rock bottom. Due to changing market conditions, AJN Resources, led by German commodity entrepreneur and geologist Klaus Eckhof, is refocusing its efforts on gold exploration.
The lithium projects in the Democratic Republic of Congo will be retained but not pursued further for the time being. This decision highlights the pragmatic strategy of the experienced management team, which is now focusing on its core business in order to benefit from the more stable markets of the gold industry.
Notably, the recent acquisition of the Okate gold project in Ethiopia, situated in the Adola Gold Belt, is of particular interest. AJN has secured an option on 70% of the project, which covers an area of 42.8 km². Previous drilling and geological studies indicate the potential for several million ounces of gold. The Company plans to conduct technical reviews and its own drilling within the next three months to validate the historical data and evaluate the property's potential.
In addition to the Okate project in Ethiopia, AJN also owns 70% of the Dabel Gold Project in Kenya, which covers an area of 672 km² and is located near the Adola Gold Belt. This project offers great potential due to its geological proximity to the Lega-Dembi mine, Ethiopia's largest gold mine.
With its focused strategy on gold exploration and promising projects in Ethiopia and Kenya, AJN is well-positioned to benefit from positive market developments in the coming months and years. The Company, valued at just under CAD 5 million, should benefit significantly from a further increase in the underlying value.
Lockheed Marin – A highly relevant partner
While Rheinmetall and Hensoldt were booming, Lockheed Martin's share price lost around 25% of its value in recent months. The main reason for this was reduced orders for the F-35 fighter jet, which is also intended for the German Armed Forces. However, many analysts consider these concerns to be exaggerated.
Lockheed is much more than a jet manufacturer. With the Patriot defense missile and the HIMARS missile system, the Company supplies two key systems that are missing from the arsenals of numerous NATO countries following the war in Ukraine. In addition, Lockheed could be one of the biggest beneficiaries of the planned US missile defense shield, Golden Dome. While the government currently estimates the cost at USD 175 billion, experts expect total costs to exceed USD 800 billion in the long term.
The Company is also in a solid position operationally. Over the past decade, revenue has increased from USD 40.5 billion to USD 71.8 billion, while net income has risen by more than 50% to USD 5.5 billion. Further growth to USD 77.1 billion is expected for the coming year.
In direct comparison with other defense stocks, Lockheed Martin currently offers several decisive advantages. In addition to a favorable valuation with an expected P/E ratio of 15.4 for 2026, which is around 10% below the historical average and well below the industry average, Lockheed Martin offers a stable dividend yield of 2.8%, backed by 22 years of uninterrupted dividend growth, as well as high security policy relevance for the US and its partners.
AJN Resources is taking advantage of the positive trend and focusing on gold. Alamos Gold has low production costs and is likely to test its all-time high again. Unlike Rheinmetall, the defense company Lockheed Martin has significant upside potential.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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