Bulls Regain Control? Globex Mining, SAP, and Oracle Gain Ground
USD 1.6 Billion Project Value In Focus: Globex Faces Decisive Milestones In 2026
Globex Mining holds a broadly diversified portfolio of resource projects. The Canadian resource holding company Globex Mining Enterprises (ticker: GMX) has for decades pursued a business model consistently geared toward value creation and risk control and is now one of the established project generators in North America. At the heart of the strategy is the systematic development and monetization of a broadly diversified project portfolio, which currently comprises more than 260 properties and includes over 100 royalty and equity interests. This structure ensures exceptionally broad risk diversification across numerous commodities, development phases, and jurisdictions, significantly reducing dependence on the success of individual projects. Financially, the company is extremely solid, as it is debt-free and holds cash and cash equivalents as well as securities holdings in the range of approximately CAD 35 million to over CAD 40 million. With approximately 56.4 million outstanding shares, this represents a substantial liquidity buffer per share and lays the foundation for opportunistic acquisitions without immediate dilution of the shareholder base.
A key value driver in the portfolio is the 1% gross metal royalty on the Mont Sorcier Project, an advanced iron project in close proximity to the mining town of Chibougamau. In 2025, approximately 17,890 m of infill drilling were completed there to upgrade resources to higher categories and lay the groundwork for a bankable feasibility study, which is expected to be released in the second quarter of 2026. Earlier economic analyses had already indicated a potential net project value of approximately USD 1.6 billion, which impressively demonstrates the leverage of even a comparatively small royalty interest.
At the same time, Globex is continuously expanding its involvement in the critical metals sector, for example, through the Bald Hill Property exploration project, which is being developed by partner company Antimony Resources Corp. To date, approximately 6,500 m of a planned 10,000-meter drilling program have been completed there, with mineralized zones extended in multiple directions and additional target areas identified. Antimony is on the list of particularly critical metals that, for example, are not yet mined in North America at all, meaning they are completely subject to “import risk.” For Globex, such progress increases the likelihood of future license, royalty, and equity income and underscores the efficiency of a business model based on continuous cash and share payments from partner projects.
Historically, Globex has built an impressive track record of operational continuity since the 1970s and has generated a substantial project portfolio over decades without having to resort to aggressive capital measures or reverse splits. Under the prudent leadership of CEO and geologist Jack Stoch, the company has developed into a strategic resource platform that systematically accumulates value while maintaining financial stability. The stock has more than doubled in the last 12 months, rising from CAD 1.40 to CAD 2.90; the recent correction now offers entry points in the CAD 2.35 range. Dynamic investors should not hesitate, as the commodities super-cycle is expected to extend well beyond 2030!
IIF host Lyndsay Malchuk in conversation with COO David Christie about Globex Mining’s promising portfolio.
SAP: Sentiment Suddenly Turns Bullish
SAP, the tech stock that had been battered for several months, staged an impressive turnaround on the trading floor last week. From lows of around EUR 137, a drop of about 55% from its peak, the stock climbed to a high of EUR 158. Investors are keeping a close eye on April 23, when the Walldorf-based company will report its first-quarter results. Expectations for quarterly earnings are around EUR 1.64 per share, with full-year earnings expected to reach EUR 7.19, accompanied by a 9% to 10% increase in revenue to over EUR 40 billion. For a long time, the software company has been criticized for its cloud growth figures not being sufficient to keep pace in the AI mega-era. But in the past few days, the tide of argument has clearly turned, as CEO Christian Klein has signaled usage-based pricing for AI applications. This transition may involve short-term losses, but the long-term outlook for such a model is extremely positive if customers actively use the generative AI offerings. Klein avoided making specific forecasts about the potential impact, but his comments have fueled market speculation about how SAP will monetize its software in the future. On the LSEG Refinitiv platform, the 12-month consensus for SAP shares remains at EUR 230, a substantial 50% premium—supported by a total of 25 “Buy” recommendations. With momentum building, now is likely the time to enter!
Oracle: Just One Word Is Enough For USD 80 Billion In Added Value
A USD 80 billion increase in market value in one week! Oracle’s recent price surge is primarily driven by the strong revaluation of its cloud and AI businesses. The market is reacting to expectations that Oracle will increasingly establish itself as a relevant infrastructure provider for AI applications, thereby entering into stronger direct competition with established hyperscalers. Growth forecasts in the cloud sector, which have recently been raised several times, are having a particularly positive effect. However, record orders are offset by a rapidly growing mountain of debt, as the software company is expanding its AI infrastructure with enormous capital investment and accepting significant financial risks in the process. On the valuation side, however, the positive outlook is favored. Among all analysts, there are 31 who expect rising stock prices, compared to only 10 “Neutral” ratings and 2 “Sell” recommendations. On average, experts project a 12-month target of USD 240, which is 40% above the current price. The “Buy” recommendation from HSBC Global stands out, setting a target price of USD 345. That represents a full 100% upside potential and a return to the peak prices of fall 2025. Those waiting for fresh insights will have to be patient until June 16, when Oracle releases its 2025/26 annual results. CEO Larry Ellison has faced challenges many times before and has ultimately proven the doubters wrong time and again. Risk-aware investors are betting on a successful turnaround.
The stock market is currently grappling with many trends. Looming over everything is the Middle East conflict, which threatens supply chains and conjures up a negative economic scenario. Underlying this, however, the fundamental trends in technology and commodities continue apace. For risk-aware investors, this implies a tendency to increase positions during difficult phases and, at times, selective profit-taking, as was the case with oil stocks last week. However, the cycles are becoming shorter and more intense!
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