Shares in rally mode: D-Wave and Power Metallic Mines! And what is Nel ASA doing?

Power Metallic Mines: 50% price increase is just the beginning

We have often pointed out over the past year that Power Metallic Mines shares are simply too cheap. Now they have finally taken off. Since mid-December, the share price of this commodity gem has risen by around 50% and is now trading at CAD 1.36. At the same time, trading activity on Tradegate has increased significantly. And the rally is likely to continue. In February 2025, the share price was already at CAD 2, and analysts at Roth Capital Partners currently see the fair value at CAD 3.

With the NISK multi-metal deposit, Power Metallic Mines is benefiting from the commodity boom like few others. Whether copper, platinum, palladium, cobalt, gold, or silver, the Canadians are in the game. After high-grade drill results in 2025, shareholders can look forward to an exciting 2026. Thanks to a solid financial base, the Company can use state-of-the-art technology to consistently advance its projects. The focus is likely to remain on the Lion-Tiger zones. Drilling will continue at greater depths there, as strong geophysical signals indicate previously unexplored sulfide zones. In addition, exploration is to be expanded to include projects such as NISK East and the newly acquired HydroLands.

These are likely to be enough reasons to bet on further price increases for Power Metallic Mines. But there is something else: the planned listing on the NYSE. This is likely to attract even more attention.

D-Wave: New momentum for the stock

Similar to Power Metallic Mines, D-Wave Quantum's stock has also performed well in recent weeks. In the still young stock market year, it rose from USD 26 to over USD 31. That is already around 20%.

There has also been news on the operational front. The quantum specialist reported a technological breakthrough in gate model quantum computer development. For the first time, it has successfully demonstrated scalable, chip-integrated cryogenic control of qubits. The core of the breakthrough is that the number of lines required to control many qubits can be drastically reduced without compromising reliability. This is precisely where large gate model systems often fail at present. D-Wave points out that the on-chip control technology used for this purpose comes from its own commercial annealing QPUs. There, multiplexed digital-to-analog converters control tens of thousands of qubits and couplers with around 200 bias lines. It is precisely this principle that is now intended to make gate model architectures "low-wiring" and thus scalable for industrial use.

Technically, the demonstrator is based on a multichip package that combines a high-coherence fluxonium qubit chip with a multilayer control chip. D-Wave cites superconducting bump bonding and advanced cryogenic packaging methods, among other things, for this. Key components were manufactured with the support of manufacturing and process expertise from NASA's Jet Propulsion Laboratory. Strategically, the Company emphasizes its positioning in superconducting technologies and established microcircuit manufacturing processes, which are intended to enable faster and more cost-effective scaling via existing supply chains. D-Wave plans to provide further insights into its roadmap and progress at its in-house conference "Qubits 2026" at the end of January 2026.

Nel ASA remains a problem child in the hydrogen sector

Nel ASA, on the other hand, remains a problem child. This applies to both its shares and its operating business. There is a lack of large orders, profitability is a long way off, and the share price hovered around EUR 0.20 last year – the jump in the share price following Samsung's investment was quickly reversed.

However, there are definitely positive developments in the hydrogen industry. Take Germany, for example: the most visible progress was the start of construction of the supraregional hydrogen core network. According to FNB Gas, the first 525 km should be completed on schedule by the end of 2025. At the same time, operators such as GASCADE reported important technical milestones. These included the conversion and commissioning of a 400 km section as a core network component – a signal that the repurposing of large pipe diameters works in practice. For investors and project developers, the pricing and financing architecture surrounding the core network was important in 2025. On July 14, 2025, the Federal Network Agency set the ramp-up fee at EUR 25 per kWh/h/a. This measure aims to define market access and, at the same time, promote the refinancing of the network. This was followed in December 2025 by the KOSMO regulation, which governs differentiated fee structures in the core network.

On the demand side, the federal government provided impetus at the end of 2025 with the amendment to the greenhouse gas reduction quota. According to the Ministry of the Environment, this is intended to stimulate additional demand for "green hydrogen." However, at the end of October 2025, the Federal Audit Office criticized the sluggish implementation of the hydrogen strategy. This poses risks for the energy transition, Germany as an industrial location, and federal finances.

D-Wave is likely to remain one of the basic quantum investments in 2026. As long as investors continue to overlook valuations in this sector, the rally may persist. Commodities are expected to stay in the spotlight this year, with Power Metallic Mines' share price having finally taken off and still offering considerable upside potential. In contrast, there is currently no pressing reason to buy Nel shares.