GOLD RUSH at Barrick Mining and AJN Resources! Concerns at Rheinmetall?

Barrick Mining: Strong figures drive share price

Gold rush at Barrick Mining. The commodities giant has surprised on the upside with its figures for the third quarter of 2025. In addition to high cash flow, a dividend increase and the expansion of the share buyback program were announced. The share price rose by over 5% on Monday. As with the gold price, the correction appears to be over. At just under USD 35, Barrick shares are not far from their 52-week high of USD 36.40.

For Q3, the Company reported record adjusted earnings of USD 982 million and operating cash flow of USD 2.4 billion. Management cited higher gold production, lower costs, and robust commodity prices as drivers. In addition, resources are growing thanks to discoveries at the Fourmile project in the US state of Nevada. Shareholders are set to benefit more from this. The base dividend was raised by 25% to USD 0.125. In addition, the share buyback program is being expanded from USD 1 billion to USD 1.5 billion.

The outlook remains positive. Barrick aims to deliver even stronger results in Q4 - and the renewed surge in the gold price should lend additional support.

AJN Resources: Will the stock explode in the coming weeks?

With the gold price above USD 4,000, the next rally in gold stocks is likely to begin. Experts see exploration companies at the center of attention. Projects located near major producers and with upcoming drilling program are particularly interesting, as they bring takeover speculation and a steady news flow. This is where AJN Resources comes into play.

The Canadian exploration company is going full throttle with its Okote Gold Project in Ethiopia. Okote is located just around 100 km from the 4.5 million ounce Lega Dembi mine, the largest gold mine in the country.

Most recently, further progress in exploration was reported. Geological mapping has confirmed a central zone with a thickness of 10 to 40 m and three parallel zones to the east with a combined width of more than 60 m over a strike length of approximately 1 km – all remaining open. Multiple areas indicate near-surface, high-grade potential. In addition to the 602 samples already submitted, a further 43 rock and 34 channel samples were taken. Initial results should be published soon.

Preparations are also well underway for the 1,500-meter drill program. The MDS drill rig is scheduled to be on site within the next 2 to 3 weeks. Internal resource work is also underway. CEO Klaus Eckhof emphasizes the dynamic refinement of targets and expects upcoming lab results and the start of drilling to be a clear catalyst for news flow. For investors, Okote thus combines the scaling potential of several structurally parallel shear zones with early high-grade indicators – an attractive starting point for rising prices if drilling results are positive.

Rheinmetall: Order intake disappoints again

Unlike Barrick, Rheinmetall's quarterly figures did not cause any jubilation. Growth was solid, but investors are still waiting for the big boom in order intake.

Rheinmetall increased consolidated revenue by 20% to EUR 7.5 billion in the first nine months of 2025. Operating profit rose by 18% to EUR 835 million. In the divisions, Vehicle Systems increased revenue by 28% to EUR 3.24 billion and earnings to EUR 346 million. The margin fell slightly to 10.7%. Weapon & Ammunition achieved record sales of EUR 2.01 billion (+30%) and an operating profit of EUR 440 million. Electronic Solutions grew by as much as 41% and generated revenue of EUR 1.46 billion. Power Systems remained burdened by the weak civilian market and achieved an operating margin of only 2.9% on revenue of EUR 1.46 billion. It is therefore understandable that the conversion of sites to defense applications is underway.

In terms of order intake, the turning point is still a long way off. Rheinmetall's backlog rose from EUR 52 billion to EUR 64 billion. In addition to the order backlog, the backlog also includes expected call-offs from existing framework agreements. At EUR 18 billion, "nominations" were actually 18% below the previous year's level. Rheinmetall combines both traditional order intake and the volume from newly concluded framework agreements for future call-offs in its "nominations." The Company points to delayed contract awards in Germany following the recent elections.

The annual forecast for 2025 (sales growth of 25 to 30%, operating margin of around 15.5%) was confirmed. Major programs are set to start in Germany, and capacity expansion in Europe (new or expanded plants) is underway. In the medium term, the Company plans to focus more on the military sectors.

With the gold price above USD 4,000 per ounce, the rally in the precious metals sector is likely to gain new momentum. Barrick remains a core investment, but has already performed well. AJN Resources is an exciting explorer, and investors can expect news flow in the coming weeks. Rheinmetall has lost some momentum at the moment. However, this is not yet a cause for alarm.