Note: This text is a translation from the original language, German.

Gold and silver currently provide the macroeconomic foundation. However, the actual value creation takes place in mining stocks. Historically, the highest returns have not come from the metal itself, but from where rising prices meet scarce resources, new discoveries, and acquisitions. This is precisely the environment that is currently forming again.

Gold remains a strategic reserve asset in a world of high debt, political uncertainty, and ongoing central bank purchases. Silver is adding a second, increasingly dominant role: as an industrial metal for the energy transition. For mining companies, this combination means rising price assumptions coupled with limited supply growth: a classic setup for a revaluation cycle in the mining sector.

Junior mines are the lever – not the risk

The market is still focused on established producers. This is convenient, but historically incorrect. The greatest gains in value regularly occur in junior mines: where resources are defined, projects are developed, and takeover fantasies are awakened. Juniors are not a fringe segment, but the engine of returns in every precious metals bull market.

With a junior quota of around 94 percent, the Commodity Capital Global Mining Fund is positioned precisely where the cycle is decided. This allocation is not a tactical outlier, but rather an expression of a clear understanding of commodity markets: producers secure capital, juniors create value.

In the long term, there is no way around developers/junior mines

In a long-term comparison, strategies with a high junior share are clear outperformers in the mining sector – provided they are implemented actively and selectively. This is exactly where the Commodity Capital Global Mining Fund comes in. Instead of index proximity or large-cap weighting, the focus is on consistent stock picking: early project phases, strong geology, experienced management teams.

While traditional mining funds primarily manage existing cash flows, the Commodity Capital Global Mining Fund invests in future reserves. In M&A phases, which typically begin early in the bull cycle, this is the decisive difference. Takeover premiums do not arise with majors, but with successful juniors.

Volatility is the price of outperformance

Of course, this approach is not for risk-averse investors. A high junior weighting means volatility, cyclical setbacks, and at times significant drawdowns. But it is precisely these fluctuations that are the prerequisite for above-average returns. Those looking for stability buy producers. Those looking for value creation must accept exploration.

The Commodity Capital Global Mining Fund deliberately moves closer to a private equity logic than to classic equity funds. The result is a higher beta, but also a structural return advantage across complete commodity cycles.

Conclusion: The decision is made by the mines – not by the metal

Gold and silver provide the direction, mining stocks provide the performance. The next precious metals cycle will not be won by holding metal, but by targeted positioning in companies that define and acquire new deposits. In a long-term comparison, this is precisely why the Commodity Capital Global Mining Fund is one of the leading strategies in the sector: focused, cyclical, and invested where added value is created.

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Note: This text is a translation from the original language, German.

The gold and silver markets are currently the focus of many investors. In recent weeks, there have been unusually strong price movements – coincidentally, albeit probably by chance, immediately after the fund congress in Mannheim. Intraday fluctuations of several hundred US dollars per troy ounce were not uncommon, underscoring the current high volatility of the precious metals markets.

Numerous investment funds available on the market hold physical gold or gold-related instruments and are therefore directly linked to the short-term price development of gold. Depending on the market phase, this dependency can have both a positive and a negative impact on performance.

Commodity Capital AG deliberately pursues a different, independent approach with its commodity funds. Instead of investing in physical (precious) metals, the funds focus exclusively on mining companies – specifically on developers and junior mines in the small and mid-cap segment. Investments in large, established producers (majors or large caps) are expressly not part of the strategy.

In this market segment in particular, capital increases to finance exploration, development, and production expansion are common. In the financing offers currently available, mining operators are increasingly calculating with a gold price of USD 2,500 per troy ounce – and this in serious, conservatively structured investor presentations. With average production costs of around USD 1,500 per ounce, this already results in an operating margin of around USD 1,000 per troy ounce. Price levels above USD 2,500 have a corresponding margin-boosting effect.

Just a year ago, the underlying assumptions in comparable project calculations were significantly lower: Production costs of around USD 1,200 per ounce were often calculated at a gold price of only USD 1,500 per troy ounce. These significantly more conservative scenarios illustrate how much the economic conditions for mining projects have improved within a short period of time.

Against this backdrop, mining companies – largely independent of short-term fluctuations in the gold price – are proving to be economically attractive, solidly financed, and structurally well positioned.

In general, the metals-focused commodities market, which also forms the basis of the Commodity Capital AG fund, is fundamentally very robust. Despite the dynamic price developments since the beginning of 2025, we believe that small- and mid-cap mining stocks in particular remain undervalued. The availability of key metals such as gold, silver, and copper is limited, while demand cannot be met by mining production alone and is increasingly dependent on recycling—an area that has seen little growth in recent years.

We elaborate on our current market assessment in the following articles, among others:

• Webinar recording “Boom or Bubble”: https://www.youtube.com/watch?v=S3SzJOHeILY

• Interview from the FondsKongress with Dana Kallasch, CEO and co-founder of Commodity Capital AG: “Gold, silver, copper & co.: Are commodities the new underestimated world power?”

https://www.youtube.com/watch?v=QGfzwUC605g

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Consistency, structure, and performance pay off.

Our portfolio manager Abid Mukhtar was awarded a personal AA rating in the Citywire Fund Manager Rating in January 2026.

This recognition underscores his proven ability to generate stable, risk-adjusted returns over extended periods—even in challenging market conditions.

Funds under management

Structured Solutions SICAV – Resource Income Fund (ISIN: LU1510784512)

· 3-year performance: +19.61% (as of February 4, 2026)

· 6-month performance: +15.87% (as of February 4, 2026)

Investment focus

The international sector bond fund invests specifically in corporate bonds from the commodities and mining sector – a central and stable pillar of global value creation.

Added value through structure

The portfolio is supplemented by carefully selected mining bonds, which not only offer attractive current income, but also create real structural added value for discerning investors through real collateral and additional contractual benefits.

Further information:

https://citywire.com/selector/manager/abid-mukhtar/d35113?periodMonths=60§orID=649 | https://www.commodity-capital.com/de/produkte/structured-solutions-resource-income-fund

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Note: This text is a translation from the original language, German.

Whether gold, silver, or copper—commodities are making a real comeback. But there is more to these new all-time highs than pure cyclicality: the energy transition, artificial intelligence, and electromobility are changing the global balance. So are commodities an underestimated global power—and what does that mean for investors? Dana Kallasch, co-founder and CEO of Commodity Capital AG, provides answers in an interview with stock market presenter Andreas Franik – recorded at the Fund Congress in Mannheim.

The conversation focuses on the current exceptional situation on the commodity markets: Are we only at the beginning of a long-term bull market – or has a lot of euphoria already been priced in? Dana Kallasch assesses how supply and demand for gold and silver are developing, why she believes silver is one of the most exciting bottleneck commodities, and what role copper is likely to play in the future in terms of inflation, the energy transition, and geopolitical dependencies.

It also addresses structural challenges on the supply side – from lengthy approval processes to the reactivation of old mining projects – and the key question of whether the commodity boom will also lead to a new geostrategic balance of power.

The interview shows why commodities are currently much more than a cyclical investment – and how investors can strategically classify this development.

Watch the video here on FinanceNewsTV: https://www.youtube.com/watch?v=QGfzwUC605g

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Note: This text is a translation from the original language, German.

The Commodity Capital Global Mining Fund (ISIN: LU0901047646) has made it to the top: DAS INVESTMENT has named it the best precious metals equity fund of the past ten years. This is clear proof of how much impact active, long-term fund management can have.

With gold and silver racing from record to record and geopolitical and economic uncertainties dominating the markets, investors are increasingly seeking protection and opportunities in real assets. Scarcer supply structures, rising strategic demand, and structural bottlenecks in metals are creating an environment in which first-class mining companies can realize their full potential.

We are bringing these opportunities to Mannheim. Meet us in person at 𝗦𝘁𝗮𝗻𝗱 𝗡𝗿. 𝟭𝟵𝟭 on 𝗘𝗯𝗲𝗻𝗲 𝟮 and talk directly to our team about the forces driving the commodity markets.

A special highlight awaits you on the first day of the congress: At 4:30 p.m. in Hall 8, Tobias Tretter, fund manager at Commodity Capital AG, will explain in his presentation “Commodities – The Power Behind the Global Economy” why metals have long since become a key geopolitical factor.

Read more about the award for the No. 1 precious metals equity fund of the last ten years here: https://www.dasinvestment.com/die-besten-aktienfonds-rohstoffe-edelmetalle-10-jahre/?page=10

Further information about the fund can be found here: https://www.commodity-capital.com/de

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Note: This text is a translation from the original language, German.

Gold, silver, commodities—and mining stocks in particular—are currently attracting more attention from investors than ever before. Returns of over +150% since the beginning of the year (01/25–01/26) are no longer the exception, but the norm.

But this is precisely where the crucial question arises: Are we experiencing a sustainable commodity boom—or are we approaching the bursting of a bubble?

Dana Kallasch, CEO and co-founder of Commodity Capital AG, and Michael Kopf, Head of Sales Germany & Austria, provide in-depth insight into the current market situation in the webinar, place developments in historical context, and highlight the parallels – and differences – with previous commodity cycles.

The recording of the Commodity Capital AG webinar is available in German here: https://www.youtube.com/watch?v=S3SzJOHeILY

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making an investment decision, please consult a qualified financial advisor and review the official prospectus and the fund's key information document.

Note: This text is a translation from the original language, German.

Boom or bubble? Why the commodity trend is more than just a flash in the pan

Gold, silver, and commodities are once again becoming the focus of the capital markets.

But the crucial question remains: Is this a short-term exaggeration—

or the beginning of a new, structural phase in the commodity cycle?

In our latest article, we analyze:

· the differences and parallels with the commodity phase of 2016/17

· the influence of geopolitical and macroeconomic uncertainty

· why supply and demand factors play a central role today

You can find the full article below (available only in German)

• Boom oder Blase? Warum der Rohstofftrend mehr ist als nur ein Strohfeuer (1.45 MB)

Note: This text is a translation from the original language, German.

David versus Goliath – Are MSCI World ETFs always the best recommendation?

Efficient, broadly diversified, proven – yes.

But are they always the best recommendation per se?

Broad indices offer stability.

Specialized strategies such as the Commodity Capital Global Mining Fund (ISIN: LU0459291166) can specifically supplement return potential.

The real question is not ETFs vs. active funds, but how much of each is good for a longer-term portfolio as a savings plan and/or one-time investment.

Read the new article from Commodity Capital AG, which takes a closer look at this balance (available only in German).

• David gegen Goliath – Sind MSCI-World-ETFs immer die beste Empfehlung? (1.78 MB)

Note: This text is a translation from the original language, German.

Gold and silver have recently risen significantly, buoyed by structural factors that are likely to continue supporting the precious metals sector in the coming year.

Macroeconomics drives gold – structurally, sustainably, and increasingly digitally

Gold is currently benefiting from a rare combination of classic macroeconomic drivers: low real interest rates, expansionary monetary policy, and ongoing inflation and currency risks are reducing the opportunity costs of the precious metal and strengthening its role as a hedging instrument in an environment characterized by geopolitical tensions and fragmented global markets. This trend is reinforced by the continuing high demand from central banks, especially in emerging markets, which are deliberately expanding their gold reserves in order to reduce their dependence on the US dollar. Market observers assume that individual countries – above all China – are accumulating significantly more gold than is officially communicated. This structural demand is withdrawing physical supply from the market and supporting prices in the long term.

In addition, gold is gaining in importance due to new market structures. With its gold-backed token XAU₮, stablecoin provider Tether underscores the growing interconnection between physical gold and digital financial infrastructure. The tokenization of real assets increases liquidity and accessibility and appeals to new investor groups for whom traditional gold investments have previously been associated with operational hurdles. For the gold market, this means additional physical demand and a sustainable structural expansion of the investor base – gold is thus maintaining its role as a strategic reserve asset even in the digital age.

Silver: Industrial metal with precious metal DNA

Silver is currently following a different, but equally exciting narrative. In addition to its role as a monetary metal, silver is increasingly benefiting from strong growth in industrial demand. The expansion of solar energy in particular, but also electronics and electromobility, are driving up demand structurally.

This is offset by a supply problem: the silver market has been experiencing a structural deficit for several years. Around 70 percent of global silver production is a by-product of gold and copper mining. This makes a short-term expansion of supply virtually impossible. Even with rising prices, production can only be increased with a delay – a classic setup for sustained price pressure.

Here, too, the outlook remains positive: the expansion of renewable energies is politically desired and capital-intensive, and there is no sign of a decline in demand.

Juniors: High leverage, high volatility

The junior mining segment is particularly dynamic. Exploration companies react disproportionately to rising gold and silver prices and offer the greatest leverage within the sector. At the same time, they are characterized by inefficiencies: low analyst coverage, information-poor markets, and high dependence on management quality.

Historical commodity cycles show that junior-heavy portfolios can significantly outperform producers in bull markets – but at the price of higher volatility and deeper drawdowns in weak phases. The approach is therefore clearly cyclical and more comparable to a private equity risk profile than to traditional large-cap mining funds.

Conclusion

The current commodity cycle is driven by structural changes such as geopolitical realignment, the energy transition, and growing monetary risks. Gold and silver are at the center of this, complemented by strategic industrial metals.

The Commodity Capital Global Mining Fund deliberately positions itself in an opportunity-oriented manner with a high junior share and focuses on quality stocks, M&A potential, and structural supply bottlenecks. For investors who want to use commodities as a strategic return driver, the fund offers targeted access to the beneficiaries of the current commodity cycle.

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Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.

Note: This text is a translation from the original language, German.

Those who can do the math have a clear advantage: the figures show that mining stocks have so far only followed the rise in precious metal prices to a limited extent – the valuation gap has widened further. Better late than never is therefore the recommendation of this webinar for investments in mining stocks or corresponding funds.

The recording of the Drescher & CIE AG webinar is available here (available in German):

https://diefondsplattform.de/mediathek/detail/m/goldrun-steilvorlage-fuer-minenaktien

In this webinar, you will hear contributions from Dana Kallasch (Commodity Capital AG), Frank Biller, CFA (HanseMerkur Trust AG for HAUCK AUFHÄUSER LAMPE), Armin Sabeur, CFA (OPTINOVA Fonds for honovi INVEST), and Andreas Böger (Impact Asset Management GmbH).

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making an investment decision, please consult a qualified financial advisor and review the official prospectus and key investor information document for the fund.