Globex Mining: Better Than Barrick
The sell-off in commodity stocks is currently creating interesting buying opportunities. One example is Globex Mining. The stock has fallen from CAD 2.90 in February to its current price of CAD 1.97. Nevertheless, the stock is up 15.2% so far this year. This means it has outperformed, for example, Barrick Mining. And it shows that the risk-diversified business model appears to be working. The Canadian commodities incubator acquires promising commodities projects in established mining regions. The portfolio is broadly diversified across gold, silver, copper, nickel, rare earths, antimony, manganese, and industrial minerals. In addition, the projects are at various stages of development—ranging from early-stage exploration to projects with feasibility studies. The vast majority of these projects are not developed in-house but are assigned to exploration companies through option agreements. In return, Globex Mining receives royalties, milestone payments, or other forms of participation. This allows Globex to benefit from exploration successes without bearing the costs.
The more than 100 projects generate a steady stream of news. Most recently, progress was reported on the Bell Mountain gold-silver project in the US state of Nevada. According to the operator, Lincoln Gold, the key permits for the project—in which Globex holds a 3% gross metal royalty—have now been secured. Following the completion of an updated feasibility study, Bell Mountain is now in the construction financing phase. Capital expenditures are estimated at USD 25 to USD 30 million plus security deposits, and the construction period is expected to last eight to ten months. The reported resources potentially recoverable via open-pit mining amount to approximately 45,800 ounces of gold equivalent in the Measured and Indicated categories, as well as an additional approximately 27,100 ounces in the Inferred category. Furthermore, there is additional exploration potential to expand the resource.
It should also be noted that the feasibility study was based on a gold price of USD 1,950 per ounce and a silver price of USD 24 per ounce. Since this is significantly below current market prices, the project’s viability could improve if financing is secured.
Driven by such news, Globex shares should soon start to gain momentum.
https://youtu.be/EW22N6jb9W4?si=owhcD6ya-1_2JPco
TUI: Hope for a Strong Summer Season
At TUI, the comeback appears to be already underway. Over the past two weeks, the tourism group’s stock has gained around 10%. Hopes for peace in the Middle East and the falling oil price have put investors in a buying mood. According to analysts at mwb research, the current share price of around EUR 7.24 may not be the end of the story. They believe TUI shares could reach as high as EUR 15.
From the analysts’ perspective, the travel industry has historically recovered quickly following regional conflicts. Since about 45% of summer bookings have not yet been made, last-minute bookings are likely to drive a catch-up effect as uncertainty subsides. TUI posted robust results in the second quarter of 2025/26 despite geopolitical headwinds and weather-related one-time effects. Adjusted EBIT came in at minus EUR 188 million, which was EUR 19 million higher than the prior-year figure and slightly better than market expectations. Adjusted for charges totaling EUR 45 million related to the war in Iran and a hurricane in Jamaica, operating earnings would have actually improved by EUR 64 million. The forecast, which had recently been lowered due to the impact of the war in Iran, was confirmed. For the 2025/26 fiscal year, the Group expects adjusted EBIT of between EUR 1.1 billion and EUR 1.4 billion at constant exchange rates. A revenue forecast remains on hold.
Analysts believe the 2026 summer season is likely to remain challenging for TUI. Customers are booking at shorter notice, and demand is shifting from the eastern to the western Mediterranean. As of early May, booked revenue in the UK was 10% below the prior-year level, and in Germany, 3% below. TUI is responding by reducing risk capacity by 4% to ensure load factors and earnings quality.
However, TUI has since reported that demand for Turkey and Egypt is picking up again. Antalya, in particular, has once again moved to the top of the list of summer destinations, followed by Mallorca, Crete, Rhodes, and Kos. Hurghada is also in demand. This marks a return to normal booking patterns following the temporary shift toward the western Mediterranean, while Spain as a whole remains the most popular travel destination among TUI customers. About four-fifths of summer trips within Europe are to the Mediterranean or the Canary Islands.
Novo Nordisk: Analyst Urges Caution
Without much fanfare, Novo Nordisk’s stock has gained about 40% in value over the past three months. The share is now trading at around DKK 314, or EUR 42. The fact that the stock is still down 5% year-to-date shows just how severe the sell-off was previously. The reason for the recent rally is the success of the weight-loss drug Wegovy in pill form.
Analysts have recently been more cautious. The pharmaceutical company will release its quarterly results on August 5. Experts expect solid performance, but nothing more. Jefferies raised its price target, but only to DKK 285. As a result, analysts currently view the pharmaceutical company as merely a “Hold”. Due to numerous uncertainties in the second half of the year, analysts do not believe that Novo Nordisk will raise its full-year forecast.
For JPMorgan, Novo Nordisk shares are also not a Buy and are rated “Neutral.” The price target is DKK 250.
In its latest report, Deutsche Bank looks to the future and issues a warning. According to the report, the Danish company could face a patent cliff in 2031, as patents for its blockbuster drugs would expire then. This could potentially reduce the company’s revenue by billions. Consequently, analysts do not recommend buying Novo shares, and the price target is set at DKK 290.
The recent correction in shares of Globex Mining offers an attractive entry opportunity to benefit from the commodities boom while diversifying risk. Novo Nordisk has performed very well in recent weeks. Perhaps the share buyback program launched in June can continue to drive the rally. The performance of TUI shares is likely to remain heavily dependent on external developments. A summer rally cannot be ruled out.
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