Eldorado Gold: Analysts See High Upside Potential
The mining company Eldorado Gold has taken another step toward independence from Chinese supply chains. In early September 2026, a copper-gold concentrate was produced for the first time at the Skouries plant in Greece. This process followed the start of mechanical ore crushing in July of this year. To ensure continuous utilization of the processing facilities, the company has built up a stockpile of over 4.6 million metric tonnes of ore. This volume covers the planned processing requirements for more than seven months. According to the company, the metallurgical quality of this stockpile exceeds the average grade of the regular reserves.
The facility is currently being operated temporarily using power from local generators. Connection to the regular Greek power grid is scheduled for September 2026, once the relevant government agencies have completed the necessary inspections. The company plans to transition to regular operating mode in the fourth quarter of 2026. The long-term production target for this facility is an annual output of 140,000 ounces of gold and 67 million pounds of copper.
This development is reflected in the current market valuation. Eldorado Gold also reported strong quarterly results, primarily driven by high gold prices. The research company Jefferies recommends the stock a “Buy” and sets a price target of USD 50. Based on a share price of around USD 29, this would offer upside potential of approximately 70%. The rating is justified by decreasing uncertainty around construction at the Skouries and McIlvenna Bay sites. It is also noted that the company is currently transitioning from pure project development to active production, which is expected to generate higher cash flows in the future.
Globex Mining: A Commodity Powerhouse with a Unique Model
Globex Mining is drawing attention with new results from the Duquesne West gold project in Québec. Partner Emperor Metals reported further strong, near-surface gold mineralization. Highlights include 24.1 m grading 2.6 g/t gold, including 7.1 m grading 7.5 g/t, as well as 14.3 m grading 2.2 g/t gold. The results come from shallow depths and confirm the potential in areas near the existing resource. The ongoing program has now yielded more than 28,000 m of additional data from new drill holes and the re-analysis of historical drill core. Numerous assay results are still pending.
This is particularly interesting for Globex: Duquesne West is being developed by Emperor and is under option from Duparquet Assets, in which Globex holds a 50% interest. As early as 2025, an inferred resource of 26.9 million metric tonnes at 1.69 g/t gold , or 1.46 million ounces, was defined there. The current drilling is intended to further develop the resource and, in part, upgrade it to the higher-grade “Indicated” category.
But Duquesne West is just one piece of the puzzle. Globex is like a commodities warehouse. As of July, its “Mineral Bank” contained 274 projects, including 105 royalty interests. 136 projects involve precious metals, and another 138 involve base metals, rare earths, industrial minerals, and specialty metals. More than 80 properties have historical, or NI 43-101, resources, and over 40 were formerly producing mines.
The key advantage lies in the business model. Globex develops projects in-house, sells them, or grants options on them, and often retains royalties. As a result, partners invest millions in exploration every year, while Globex can participate through payments, shares, and licensing rights. This is backed by an exceptionally solid foundation. Globex Mining is debt-free and holds more than CAD 40 million in cash and publicly traded securities.
This means the Canadian company is not relying on the success of a single mine. Gold, copper, antimony, lithium, and rare earths open up numerous opportunities. Every exploration success by a partner can create additional value without Globex having to shoulder all development costs itself.
USA Rare Earth Expands Western Supply Chain
USA Rare Earth is turning the geopolitical shift in raw materials into an industrial project. The company is currently building a new plant in South Carolina to produce rare earth metals and magnets. The construction project has an investment volume of approximately USD 1.2 billion and is expected to create nearly 500 skilled jobs in the region. Starting in 2028, the US company plans to produce 6,400 metric tonnes of permanent magnets and 5,000 metric tonnes of metal and alloy products annually at this facility.
In addition, USA Rare Earth officially completed its merger with the Brazilian Serra Verde Group in early September 2026. This move creates a supplier that covers all stages of production, from raw material extraction to the finished magnet. Serra Verde brings to the merger a key mining site that extracts all four relevant heavy rare earth elements. This facility is expected to reach a production volume of 4,000 metric tonnes by the end of 2026. As part of the merger, the corporate management structure is also changing. The former CEO of Serra Verde, Thras Moraitis, will take over leadership of the entire company beginning in early October 2026, replacing the previous management team.
Jefferies continues to recommend USA Rare Earth shares as a “Buy” with a price target of USD 21. Analysts view the company’s vertical integration across the entire value chain as a clear advantage. The company has secured USD 3.5 billion in funding, including government grants. For the second half of 2027, analysts expect operating income in the range of USD 550 million to USD 650 million. However, experts view delays in ongoing construction projects and unexpected cost increases as the main risks to these forecasts.
The new commodities cycle extends far beyond gold. Eldorado Gold is bringing Skouries, a major European copper-gold mine, into production, while USA Rare Earth is investing USD 1.2 billion in a US supply chain for rare earths and magnets. Globex Mining is taking a different approach: its broad portfolio spreads opportunities across numerous commodities and projects. Progress is often financed by partners. This model could become increasingly attractive, especially in the race for strategic resources.
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