May 11th, 2026 | 10:30 CEST
New Opportunities in Gold Stocks: Pan American Silver, North Arrow Minerals, and B2Gold
The war in the Persian Gulf appears to be entering its final phase. It is becoming increasingly clear that the US government wants to withdraw as quickly as possible and declare victory, leaving the rest to its own narrative management. This sentiment is also reflected in the gold price. Most recently, Deutsche Bank helped fuel momentum by issuing a price target of USD 8,000 for gold. Now, a key technical decision may be approaching. Gold has reached the resistance zone around USD 4,850, putting the April highs within reach. If a breakout succeeds, the path toward the USD 5,200 level would at least be technically open from a chart perspective. An end to the war could provide the right momentum here. The main beneficiaries of a higher gold price are gold stocks. We therefore take a closer look at the shares of Pan American Silver, North Arrow Minerals, and B2Gold.
time to read: 5 minutes
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Author:
Tarik Dede
ISIN:
NORTH ARROW MINERALS INC | CA6572805092 | TSXV: NAR , PAN AMER. SILVER CORP. | CA6979001089 , B2GOLD CORP. | CA11777Q2099
Table of contents:
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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Pan American Silver Posts Record Quarter
Pan American Silver released strong quarterly results a few days ago. Thanks to rising precious metal prices and top-tier operational performance, the Canadian company reported a record quarter. Investors should not be misled by the name; however, Pan American Silver is increasingly becoming a gold company. This is evident, for example, in production costs, which are still reported in silver. Production costs per ounce stood at a phenomenal USD 6.63, effectively half the level of the previous quarter. This was primarily due to the byproduct gold. Production itself was reported at 6.44 million ounces of silver and 169,200 ounces of gold. Operationally, the performance of the Juanicipio mine stood out, a joint venture with silver giant Fresnillo.
Revenue reached USD 1.2 billion (+50%), and net profit also hit a record high at USD 456 million. Incidentally, this equates to USD 1.08 per share, exceeding analysts' expectations. Pan American Silver now has a cash balance of USD 1.8 billion; free cash flow for this quarter alone was USD 488 million. Shareholders will share in the company's success. Management plans to distribute approximately 35–40% of free cash flow annually. Consequently, the quarterly dividend of USD 0.18 per share has been confirmed. Additionally, USD 25 million worth of shares were repurchased in the first quarter alone. Buybacks totalling up to USD 700 million are planned for the full year. However, future growth does not depend solely on gold and silver prices. The company is making massive investments in the La Colorada skarn project. Furthermore, the company has another ace up its sleeve in Escobal: the mine in Guatemala is currently closed, but Pan American Silver is working to reopen it. The company acquired the mine through the takeover of Tahoe Resources in 2019.
North Arrow Minerals: A Junior with Great Potential
North Arrow Minerals operates a tier below Pan American Silver. The Canadian company is active as a junior explorer in Botswana. This country in southern Africa is considered one of the continent's best mining jurisdictions and boasts a long history of mining. North Arrow Minerals is focusing on its flagship Kraaipan project. It spans approximately 724 km² in southern Botswana and covers a 60-km-long section of the Kraaipan Greenstone Belt. On the South African side of the border, this belt is home to Harmony Gold's well-known Kalgold mine.
In March, North Arrow Minerals raised CAD 4 million from investors through the issuance of new shares at a price of CAD 0.24 (with a half warrant at CAD 0.36). The company is currently using these new funds to conduct an exploration program. The program targets four different areas and utilizes a highly mobile, truck-mounted RC (reverse circulation) drill rig. Management and shareholders alike are likely eagerly awaiting the results of the recently completed work at Target A. Here, 20 RC holes were drilled to expand the zone where a highlight hit of 30 m at 1.56 g/t gold was achieved in 2025. In general, mineralization begins right at surface. The latest results are expected to be released during the second quarter. The second drilling phase is currently underway. Surface samples from this phase have already yielded promising values of up to 5.44 grams of gold per ton of ore.
As is typical for junior companies, drilling results are what matter most. But at North Arrow Minerals, the "big picture" is also in order. For instance, the company has only 62.5 million fully diluted shares outstanding, which is a very low figure for a junior resource company. Furthermore, the management team led by CEO Eira Thomas is likely highly motivated, as they, together with other insiders, hold approximately 14% of the company. Furthermore, two well-known mining entrepreneurs, Ross Beaty (5%) and Rick Rule (4.5%), are among the shareholders. The market capitalization currently stands at only around CAD 20 million, offering significant upside potential.
B2Gold: Record figures and discounts!
Like many gold miners, B2Gold delivered a record quarter from January to March, driven by high gold prices. The average realized gold price in Q1 was USD 4,193 per ounce. If current price levels persist through the end of June, the Canadians are likely to report another set of record results. Production (237,763 ounces of gold) and revenue (USD 1.16 billion, +117% compared to Q1 2025) exceeded market expectations. The bottom line was USD 260 million, corresponding to earnings per share of USD 0.19. Free cash flow of USD 362 million also represents a record high.
With the Fekola Complex in Mali, the company's flagship asset, Masbate in the Philippines, Otjikoto in Namibia, and the Goose Mine in Canada, B2Gold currently operates four mines. The company has invested heavily in recent years and is now reaping the rewards. For instance, the Goose Mine began operations in 2025/2026 and is set to be expanded in the future. The Gramalote project in Colombia is already in the permitting process. Last year, the company also invested approximately USD 73 million in exploration, primarily around its existing mines in Mali and Namibia. B2Gold is one of the cheapest stocks in the gold sector. Part of the discount certainly stems from the company's reliance on the Fekola Mine in Mali, where the political situation is currently challenging for miners. Analysts' price targets range from CAD 5.90 to over CAD 11, with the stock currently trading at CAD 7.25. Haywood analyst Jamie Spratt described the quarter as "outstanding," but still sees key milestones at the Goose Mine (capacity ramp-up) and approvals in Mali as necessary to make up for the valuation discount relative to competitors. Technically, B2Gold hit a high of CAD 8.50 at the end of February but subsequently marked two higher lows. This is typically a sign of a potential upward breakout.
Investors are unlikely to go wrong with gold stocks at the moment. Pan American Silver is currently a reliable source of strong performance and returns, with profits distributed to shareholders through dividends and share buybacks. North Arrow is an early-stage gold play in Botswana and could benefit from strong drill results in the coming months. With Rick Rule and Ross Beaty, the company has two prominent investors on board. B2Gold continues to suffer from the situation in Mali and is therefore still considered one of the cheapest gold stocks on the market. However, the Canadians continue to deliver strong operational results.
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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