Hydrogen Under Stress: Plug Power and Nel ASA
The US hydrogen specialist Plug Power is struggling, struggling, and struggling. The share price is trading just below the EUR 2.00 mark again, thus remaining in a noticeable technical downtrend. Both the 200-day and 50-day SMAs are above the current price. To shield its business model from political uncertainties, the company spent approximately USD 320,000 on targeted lobbying efforts in Washington during the second quarter of 2026. The focus was primarily on key US tax incentives that are crucial to the economic viability of green hydrogen.
At the same time, management under CEO Jose Luis Crespo is attempting to initiate an operational turnaround with the restructuring program “Project Quantum Leap.” The goal is to achieve positive adjusted EBITDA by the fourth quarter of 2026. To curb high cash burn and raise fresh capital, Plug Power is divesting capital-intensive infrastructure projects. The sale of the project in Graham, Texas, to Stream Data Centers is expected to generate up to USD 76.5 million, of which USD 50 million is earmarked as an immediate payment. Nevertheless, free cash on hand shrank to approximately USD 162 million as of the end of June. The upcoming quarterly results in August will have to show whether this strict cost-cutting measure is sufficient.
While Plug Power is struggling for liquidity through the sale of assets, its European industry peer Nel ASA is also under considerable pressure. The market environment for electrolyzer manufacturers remains challenging, as major industrial customers often delay their investment decisions amid high interest rates and armed conflicts. Like the entire sector, Nel ASA is struggling with weak margins and the need to demonstrate that the transition to sustainable profitability can and will be achieved quickly. As long as major orders remain elusive, and even if the company does manage to turn a profit, the stock remains, for the time being, a highly speculative investment with the risk of total loss. The share must hold the EUR 0.18 level here; otherwise, it risks a further slide into significantly lower territory.
Lahontan Gold: Solid Progress
While the hydrogen sector will likely have to wait patiently for more profitable times, rising inflation concerns are once again bringing fundamental commodities like gold and silver into sharper focus. It might be worth taking a closer look at Lahontan Gold Corp. It is a Canadian mineral explorer with a clear focus on its flagship Santa Fe project in the US state of Nevada. The 28.3 km² property, located within the prolific Walker Lane Trend, has a historical production record of 359,202 ounces of gold and 702,067 ounces of silver. Currently, the project has an indicated resource of 1.54 million ounces of gold equivalent at an average grade of 0.99 g/t AuEq and an inferred resource of 0.41 million ounces of gold equivalent. Management’s goal is clear: to resume production in 2027.
The latest drill results from the current year demonstrate that this project is built on a solid foundation. As early as June 9, 2026, the company announced the achievement of key drilling milestones. The geotechnical hole CAL26-02C in the Calvada area returned 0.44 g/t AuEq of oxide over 90.8 m below the previous resource boundary, including a high-grade interval of 12.3 m at 1.22 g/t AuEq. At the same time, the team discovered a completely new zone west of the Slab pit, named “Slab West.” Drill holes such as CAL26-03R, which returned 35.0 m at 0.34 g/t AuEq, showed that the mineralization is open in all directions and holds promise for further expansion.
A comprehensive update on mine development followed on June 30, 2026. By that time, Lahontan had already completed 87 drill holes totaling 7,751 m. Work on the updated Mineral Resource Estimate (MRE) and the subsequent Preliminary Economic Assessment (PEA) was progressing rapidly. Particularly promising is the Sonic drilling program that has begun at the four historic heap leach pads. Here, the company suspects substantial quantities of residual gold and silver from earlier periods of operation, which could potentially be processed very cost-effectively. The submission of the Mine Plan and Operating Plan (MPOO) to US authorities thus remains fully on schedule.
The highlight of the “drilling season” so far was the announcement the day before yesterday, on July 22, 2026. In the Calvada Central core area, diamond drill hole CAL26-03C intersected a strong 30.8 m at 0.93 g/t AuEq oxide, with a 10.7 m interval grading as high as 2.18 g/t AuEq. In addition, shallow RC drill holes on the southern edge of the Slab pit confirmed further gold-bearing oxide zones starting right at surface. That sounds great!
From a technical analysis perspective, Lahontan Gold’s stock is also becoming increasingly interesting. The share is currently trading within a sideways-trending channel. On the upside, the stock would cleanly break out of this channel if it manages to sustainably breach the CAD 0.44 resistance level. If this breakout occurs, the first impulse wave, which drove the price from CAD 0.12 to CAD 0.50, suggests a calculated target range of CAD 0.65 to CAD 0.75, implying further upside potential.
In summary, Plug Power and Nel ASA remain speculative turnaround candidates. Both companies have yet to prove that they can get their high costs under control and profitably capitalize on the global energy transition. Lahontan Gold, on the other hand, presents itself as a well-capitalized mine developer in one of the world’s safest mining regions. With steadily improving ore grades, upcoming studies due in late summer 2026, and a clear plan and path to production, the company offers a very attractive outlook for interested gold investors.
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