It had been building for weeks, and now it has become a reality. Israel, together with its ally, the United States of America, launched an attack on Iran. The mullah regime responded with counterstrikes, further escalating the situation. The markets reacted with panic. The price of gold rose by more than 3%, while oil shot up by double digits. Should the conflict widen, and with the Strait of Hormuz already closed, severe disruptions are looming, particularly in the oil market, which is likely to lead to further price explosions.
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Repsol – Low-cost producer from Spain
The main beneficiaries of the expected shortage of black gold are the oil producers. One company that is inexpensive compared to its peer group comes from Spain. Founded in 1987, Repsol has developed from a regional oil company into a global energy player. Today, the company is one of the largest mineral oil and energy groups worldwide and is active in 29 countries, including a strategically important share in Venezuela.
In addition to traditional exploration, production, and refining, Repsol operates a vertically integrated business that extends to end-customer sales at its own gas stations. The company is also consistently expanding its involvement in renewable energy and aims to achieve an installed capacity of 9–10 GW in wind and solar projects by 2027.
At the operational level, the group is showing robust development despite cyclical oil price fluctuations. Both revenue and earnings have grown solidly over the past few years, and the consistent reduction of debt has significantly strengthened the financial base. Repsol combines this with an attractive dividend yield of over 6%, signaling clear shareholder friendliness.
What many investors find particularly appealing is the attractive valuation of the stock. The key figures are well below the industry average, with the share currently trading at a P/E ratio in the low single digits. The share is also trading well below book value, which indicates significant valuation discount potential, especially compared to competitors such as Exxon or TotalEnergies.
Globex Mining – Commodity portfolio with leverage to numerous metals of the future
The commodity supercycle continues unabated, and Canadian commodity incubator Globex Mining (TSX:GMX) is benefiting on all sides. While many explorers put all their eggs in one basket, Globex Mining has been pursuing a different approach for decades. The company acts as a “mineral bank” and is systematically building a broadly diversified commodity portfolio. Today, this comprises 269 projects, almost entirely in mining-friendly regions of Canada.
The spectrum ranges from gold and silver to copper, zinc, and nickel to strategic metals such as lithium, uranium, rare earths, and antimony. This means that Globex is positioned in almost all commodity segments that are benefiting from electrification, the energy transition, and geopolitical tensions. Instead of investing large sums in mine construction and exploration itself, Globex brings projects into partnerships. There are currently 107 royalty and option agreements that generate ongoing revenue while securing future production interests.
This model significantly reduces operational risk. Partners finance drilling programs and development, while Globex participates in the success through royalties and profit sharing. Exploration successes, such as in antimony in New Brunswick or rare earths in Nevada, underscore the portfolio’s potential in markets with structural supply deficits.
The company is also in a solid financial position. Globex is debt-free and has cash and securities holdings of over CAD 30 million. Given its comparatively moderate market capitalization of around CAD 140 million, the intrinsic value of its diversified project portfolio does not yet appear to be fully priced in.
Globex recently published an update on work at the Parbec gold project in Quebec. The license area is located along the productive Cadillac Break near the Canadian Malartic mine. A 3% gross metal royalty secures Globex’s future revenues. An NI 43-101 resource confirms significant gold deposits. Current work is intended to lay the groundwork for an expanded drilling program in 2026.
Hudbay Minerals – Diversified metal portfolio with strategic leverage
After a brief pause, the price of gold continues to surge, driven by events in the Middle East. Indications over the weekend already showed prices close to the USD 5,500 per ounce mark. Another climb to an all-time high would open the door wide to the magic mark of USD 6,000 per ounce.
As a result, the upward trend among producers is also likely to gain momentum. Nevertheless, caution is advised, as many companies are already ambitiously valued due to the price gains of recent months.
While heavyweights such as Freeport and Barrick dominated the headlines, Hudbay Minerals has quietly developed into one of the most exciting mid-tier producers in the precious and base metals sector. The Canadian group is particularly impressive due to its high-quality and broadly diversified mining portfolio.
Hudbay currently operates three core mines: Copper Mountain and Snow Lake in Canada and Constancia in Peru. All three assets are characterized by a significant proportion of by-products. In addition to copper, the company supplies gold, silver, zinc, and molybdenum. This diversification stabilizes cash flows and reduces dependence on the pure copper price.
But the real potential lies in the pipeline. With the Copper World project in Arizona, Hudbay has a development project that could strategically take the company to a new level. The approval process is well advanced, with a definitive feasibility study expected in mid-2026. Annual production of around 85,000 tons of copper is planned for the first phase of the mine’s life.
Operationally, the figures for 2025 underscore the solid foundation. Both revenue and EBITDA increased significantly, and free cash flow remains robust.
The attack on Iran by Israel and the US caused precious metal and commodity prices to skyrocket. Repsol is attractively valued compared to other oil producers. Like Globex Mining, Hudbay Minerals has leverage on its diversified portfolio.
Conflict of interest
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