The stability anchor Barrick Mining, the leverage play Kobo Resources, and the growth giant Xiaomi: The ultimate mix for your portfolio

Barrick Mining - Resolves Mali conflict and strengthens capital repatriation

After months of tension, Barrick has reached an agreement with the Malian government and regained control of the important Loulo-Gounkoto gold mining complex. This ends the dispute over the renewal of the mining license, which led to the temporary receivership of the mine. All pending legal proceedings will be discontinued, detained employees will be released, and the ongoing arbitration process will be terminated. This clarification removes significant operational uncertainty for one of the most productive assets in the Company's portfolio.

The latest quarterly figures underscore Barrick's financial strength. Free cash flow surged to USD 1.5 billion, driven by higher production volumes and continued favorable gold prices. This strength gives the Company leeway to increase its base dividend by 25% and significantly expand its share repurchase program by USD 500 million. Capital returns to shareholders thus reached a new record level in the third quarter.

While the focus is on gold, copper remains a strategically important metal for Barrick. Production was on target for the quarter at 55,000 tonnes, showing a clear year-on-year increase. In the long term, the business is benefiting from the fundamentals of the energy transition. The expansion of the Lumwana mine in Zambia is also progressing according to plan and is expected to increase future copper production further, diversifying the Company's dependence on the gold business. Elliott Management recently made a significant investment in the Company, securing shares worth at least USD 700 million. All the positive news pushed the share price to a new high for the year at USD 39.54.

Kobo Resources - Exploration successes underscore gold potential

Kobo Resources' recent drilling at the Kossou Gold project in Côte d'Ivoire continues to provide compelling arguments for the growth of the deposit. In mid-November, new assay results confirmed not only the continuity of mineralization in the Jagger Zone, but also its scalability. For example, 9.0 m grading 3.60 g/t gold and 8.0 m grading 2.54 g/t gold were drilled. These values support the geological model and indicate a robust system extending along the important Contact Zone Fault. For investors, this consistency is crucial: it suggests that Kossou is expanding not just in footprint, but with reliable grades.

Drill results at the end of October had already highlighted the strength of this system. Intercepts including 10.0 m at 2.50 g/t gold and 13.0 m at 1.49 g/t gold were reported in the Road Cut Zone. These wide, continuous mineralizations are a clear indication that these are not isolated pockets, but rather a coherent system. The repeated successes along this structure make Kossou a direct lever on the gold price. Every ounce the Company adds to the resource increases the fundamental value of the project without incurring the operational risks of an active mine.

In parallel with its flagship Kossou Gold project, Kobo is systematically expanding its pipeline potential. On the Kotobi license, just 20 km east of Bongouanou, the Company identified several promising gold targets in November. Initial prospecting work yielded values of up to 3.10 g/t gold, confirming the soil anomalies. Mechanized prospecting and subsequent drilling are now planned for early 2026. This parallel project development creates valuable options for future growth and diversifies the portfolio with several promising targets that offer additional upside potential if successful. A new mineral resource estimate is expected in the first quarter of 2026, and then things should get exciting. The stock is currently trading at CAD 0.21.

Xiaomi - Strong quarterly figures and a clear commitment from the founder

Xiaomi attracted attention in November with an impressive operating performance. The quarterly figures for the third quarter significantly exceeded expectations. Revenue grew by over 22%, while adjusted net profit climbed by a whopping 81% to a new record high. The smart electric vehicle and AI segment performed particularly well, with revenues increasing by almost 200%. These figures demonstrate the successful expansion of the business model beyond its core smartphone business. The global user base continued to grow, reaching a new high, which highlights the Company's strong market position.

A decisive turning point was the news that the electric vehicle division had broken even, surprisingly quickly. In the September quarter, it achieved an operating profit for the first time. This rapid path to profitability exceeds the performance of most competitors. Against this backdrop, the Company has raised its forecast significantly. Instead of the original targets, it is now aiming to deliver over 400,000 vehicles this year. However, management immediately dampened this good news. It expects margins to come under noticeable pressure in the coming year. The reason for this is increasingly fierce competition and fewer government tax breaks. That is the crux of the matter: while sales figures are rising, profits are simultaneously shrinking.

A strong signal of confidence from the highest level rounded off the positive picture. Most recently, founder Lei Jun invested the equivalent of approximately USD 13 million in additional company shares. This personal investment, coinciding with extensive share buybacks by the group, underscores management's confidence in its own strategic direction. For investors, this proves that those responsible believe in long-term value creation. This step followed a phase of price correction and was welcomed by the market as a confidence-building measure. The share price is currently EUR 4.521.

Barrick Mining is consolidating its position as a reliable underlying asset thanks to the settlement of the Mali conflict and record-high capital repatriations. Kobo Resources is impressing with consistently promising drilling in Côte d'Ivoire, making it a lever on the gold price. Xiaomi is convincing with record-breaking quarterly figures and the surprisingly rapid leap of its electric vehicle division into profitability.