October 14th, 2026 | 05:27 CEST
Gold at a Higher Low? Aya Gold & Silver, Phenom Resources and Perseus Mining in Focus
Gold has become particularly interesting from a technical analysis perspective in recent days. The precious metal has stabilised above USD 4,125 per ounce, despite briefly dipping below that level. The July low was approximately USD 150 lower. If the bottoming process that has been underway for several days succeeds, gold will have established a higher low. This is seen as extremely positive from a technical analysis perspective. That would take the July low out of focus for now, and markets could look north again. The next resistance level in that direction is still a long way off. Of course, the broader environment also needs to be supportive. Interest rate concerns remain acute. Professionals expect three interest rate increases by the Federal Reserve after the midterm elections in early November. In addition, earnings season begins this week – traditionally with the financial statements of the major investment banks. For gold investors, the intriguing question remains whether gold can function as a safe haven again. The Poles, the Chinese and others are certainly using current prices to replenish their central banks' holdings. We, in turn, look at the shares of Aya Gold & Silver, Phenom Resources and Perseus Mining.
time to read: 5 minutes | Author: Tarik Dede
ISIN: Phenom Resources Corp | CA71743P1071 , Perseus Mining Ltd | AU000000PRU3 , AYA GOLD + SILVER INC. | CA05466C1095
Author
Tarik Dede
Even as a high school student in northern Germany, he developed a strong interest in the “Neuer Markt” and the dynamics of the equity markets. Small- and mid-cap companies were at the center of his focus from the very beginning. After completing his training as a certified bank clerk, he deepened his economic expertise through formal studies in economics as well as through various positions within Frankfurt’s financial sector. Today, he has been actively involved in the capital markets for more than 25 years, both professionally and as a private investor.
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Perseus Mining: High Leverage to Gold Prices
Gold producers with mines in West Africa traditionally trade at a discount among Anglo-Saxon investors. Many see political risks there, which certainly do exist. However, the future of the commodities world lies in Africa, the continent considered the most „underexplored“. Many deposits remain to be discovered.
With no fewer than three gold mines in West Africa, Perseus Mining is one of the most established players. In Ghana and Côte d'Ivoire, the Australians are focusing on two countries regarded as politically stable and economically strong. Perseus is firmly focused on growth. The Nyanzaga project in Tanzania is currently at an advanced stage. The construction decision is expected later this year, and production could start in late 2027/early 2028.
The new Nyanzaga mine is expected to produce 200,000 ounces of gold per year at full capacity. This could reduce the previously relatively high production costs, which were most recently over USD 1,941 per ounce. This would give Perseus strong leverage to the gold price. Every rise in gold would then generate disproportionately large additional profits.
Perseus Mining shares are holding up well despite the recent high volatility in the gold price. Only a small portion of the share price gains from July to the end of August has been surrendered. The share buyback programme, which totals around AUD 350 million in the new financial year (from July), is also helping. With current cash holdings of more than USD 1 billion, this can easily be financed.
Phenom Resources: More Than Just an Explorer
Most commodity explorers focus on a single project because of limited capital. At Phenom Resources, the situation is completely different. The company has several gold projects as well as a vanadium-nickel project in Nevada. It also has its own processing technology. As a result, many catalysts await the market and investors here. And all this at a market capitalisation equivalent to just EUR 30 million.
The focus is on the flagship Dobbin Gold project. This is a classic Carlin gold system, typical of this region in the US state. Such deposits are often characterised by considerable extents and high-grade gold cores at depth. Several gold deposits already exist in the surrounding area, together containing around 9 million ounces of the precious metal. Dobbin has also attracted interest from major gold miners. SSR Mining has acquired a direct 15% stake in the project and also holds 15% of Phenom Resources shares.
The sale to SSR brought the explorer USD 4 million. The company used these funds to launch a drilling programme on the property at the end of July. Regulatory approval for Dobbin covers up to 26 core drill holes, with two holes at each of the 13 drill sites. In addition, the project includes up to 12 mechanically excavated trenches. The latter aims to enable continuous surface chip sampling across the gold-in-soil anomaly. The drilling will test the pronounced gold-in-soil anomaly, which is 2.1 km long and 200 m wide. Previous data show values ranging from 0.1 g/t gold to 2.73 g/t gold. In Nevada, mining is usually carried out at grades below 1.0 g/t.
In addition to these and other gold projects, Phenom also owns a nickel-vanadium project near the town of Carlin, Nevada. This features a distinctive dual geology. Near the surface, a vanadium deposit covers the uppermost 60 m. According to the company, this is the largest and highest-grade primary vanadium resource in North America. Beneath it and to the side lies a deeper gold system. Exploration is also being carried out for this extensive Carlin-type gold system. However, the vanadium project is currently the focus. Because it also contains other critical metals, it could become strategically important to the US. Phenom has already submitted corresponding funding applications to the US Department of Energy.
The existing mineral resource under the Canadian NI 43-101 standard comprises around 303 million pounds of vanadium oxide at a cut-off grade of 0.3% vanadium pentoxide (indicated). In addition, there is an inferred resource of 75 million pounds of vanadium pentoxide. Phenom Resources intends to extract the material here through open-pit mining and then process it itself for the steel and battery industries. It plans to bring in partners to finance the project.
In the coming weeks, drilling results from the Dobbin gold project could move the Phenom Resources share price. There could also be news on the vanadium project. In the medium to long term, management intends to separate the different businesses through spin-outs.
Aya Gold & Silver: New PEA Impresses
Aya Gold & Silver shares are also holding up well despite turbulence in gold and silver prices. On its home exchange in Toronto, it is only a few dollars away from the all-time high reached in mid-September.
Investors in the Canadian company are putting their full faith in its Moroccan projects. The Boumadine project plays the leading role there. In September, the company presented an updated preliminary economic assessment (PEA). The new study significantly surpasses the 2025 PEA across all financial and operating metrics. Accordingly, the deposit's Net Present Value (NPV) stands at an impressive USD 3.54 billion after tax. Management expects an IRR (internal rate of return) of 93%, meaning the investment in this new mine will pay for itself very quickly. The PEA assumes a payback period of 0.7 years, or less than nine months. Meanwhile, capital expenditure (Capex) remains manageable at USD 463 million.
Financing should not be a problem. Thanks to its main mine, Zgounder, Aya Gold & Silver has a cash cushion of around USD 183 million. There, the company mined 1.68 million ounces of silver in Q2, up 61.5% year on year.
If precious metal prices have indeed bottomed out on the chart, Aya Gold & Silver is likely to lead the rally, as it did during the last upswing. The share price is proving very stable, with only a few investors parting with their holdings.
Conclusion
With Perseus Mining, investors can back one of West Africa's top gold stocks. The new mine should positively impact costs, production and profits from 2027 onwards. With Phenom Resources, exploration enthusiasts can back a stock with a low valuation and considerable potential thanks to its numerous Nevada projects. Aya Gold & Silver remains one of the sector's most popular and stable stocks. If gold rises sharply again, this stock is likely to be among the frontrunners.
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.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
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