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

The rise in gold prices to over $3,500 per ounce in September has created an environment for mining stocks that is more attractive than it has been in over a decade. With an annual increase of nearly 40%, gold has become the central driver of margin expansion, balance sheet strengthening, and new investor inflows. The key question is no longer whether precious metals can maintain their upward trend, but which producers can convert this market environment into sustainable shareholder value.

Geopolitics, Central Banks, and Industry Tailwinds

Gold continues to hold its ground as a safe haven. China alone added another 12.8 tons to its reserves in the first quarter of 2025. At the same time, Indian demand for jewelry and investment continues to support consumption. These flows anchor the bullion markets and provide mining companies with planning security.

Central bank gold purchases have now become a structural demand factor, reinforced by the search for alternatives to the U.S. dollar in an increasingly fragmented global economy. While Bitcoin mainly attracts speculative capital, gold remains indispensable for institutions and central banks. Without this competitive dynamic, gold prices could already be above $4,000 today.

Debt, Inflation, and Mining Cash Flows

Global debt has reached $324 trillion, according to the IIF and Reuters, while fiscal expansion in the U.S. and Europe continues. Since much of this debt is consumption-driven, confidence in fiat currencies is waning. Gold and silver benefit as proven stores of value in this environment.

For mining companies, higher gold prices mean far more than rising revenues: margins expand significantly. Many companies are using the additional cash flows to reduce liabilities, increase dividends, and execute share buybacks. The crucial factor remains capital discipline. Only those who avoid overpaying for acquisitions or engaging in unnecessary hedging can achieve above-average long-term returns.

Investor Trends: ESG and Selective Investment

Inflows into gold mining ETFs have increased in 2025. Nevertheless, stock selection remains crucial. ESG criteria have become a key factor for investors. Companies with clear climate strategies, solid labor standards, and credible local community engagement enjoy higher investor trust and better access to capital.

Smaller and mid-sized producers often lack formal ESG ratings. In these cases, site inspections, safety analyses, and detailed labor condition assessments are essential. Interestingly, ESG scores often improve immediately after acquisitions by larger companies—even when on-the-ground practices change little. This illustrates that ESG reports often have more formal than substantive impact, yet they still significantly influence capital costs.

Silver, Platinum, and Equity Opportunities

Silver remains a bright spot. Prices rose 21% in 2024, driven by investment flows and growing industrial demand, particularly from solar energy. Structural supply deficits support the outlook for further price increases. Since there are few pure silver producers, by-product production from gold and base-metal mines offers additional upside potential.

Platinum and palladium are also back in focus. New M&A activity and reactivated projects create opportunities. Mid-tier producers with strong balance sheets, in particular, stand to benefit from this momentum and possess significant return potential if industrial demand exceeds expectations.

Outlook: Catalysts and Stock Implications

The fundamental drivers for precious metals remain intact: central banks are building reserves, geopolitical tensions are intensifying, and supply is constrained by declining ore grades and below-average investment. Even though some funds may take profits after the rally, the structural trend remains clear: declining production rates, geopolitical uncertainties, and the gradual move away from the U.S. dollar support the market. A gold price of $4,000 per ounce by mid-2026 is realistic.

- Mining stocks are ideally positioned to benefit from this environment:

- Large-cap companies offer stability and ongoing income.

- Mid-tier producers benefit disproportionately from rising prices.

Developers remain a high-risk, high-reward segment.

After years of skepticism, the traditional leverage of mining stocks to gold—often three to five times—has become apparent again. Funds such as the Commodity Capital Global Mining Fund, which has already gained nearly 50% in 2025, highlight the substantial catch-up potential compared to physical gold.

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

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

Commodity Capital expands fund offering with clean share class for private investors

Commodity Capital AG is responding to growing demand for fee-based investment solutions:

The new clean share class of the Commodity Capital – Global Mining Fund B (LU1858078600 / A2JRME) is now available.

- No ongoing sales commissions

- Transparent cost structure – ideal for service fee models and fee-based advice

- Flexible front-end load – can be waived entirely upon request

Dana Kallasch, CEO of Commodity Capital AG:

“With this tranche, we are creating a targeted solution for retail distribution. We are pleased to offer advisors a clearly structured fund offering with no ongoing fees.”

Subscription period: from now until August 15, 2025

First NAV determination: August 18, 2025

Please do not hesitate to contact us if you require further information or documentation.

Legal notice: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and the fund's key information document.

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

Commodity Capital – Global Mining Fund ranks among the top performers in the 10-year ranking

Quality pays off in the long term. Based on price data from July 30, 2025, Commodity Capital – Global Mining Fund – P (A0YDDD) is the best EUR fund with a cumulative total return of +265.77% (13.85% p.a.), placing it in an outstanding third place in the FVBS peer group “Equity Funds Commodities.” . This comprises 77 funds with 262 share classes and represents assets of EUR 18.74 billion.

The Commodity Capital – Global Mining Fund – CHF (A1J9GP) ranks an excellent 2nd with a total of +301.75% (14.92% p.a.).

Also in the top 10 funds is Structured Solutions SICAV – Next Generation Resources Fund – A (HAFX4V) in 9th place with +187.15% (11.12% p.a.).

This means that Commodity Capital AG was able to place three of its funds specializing in small and mid-cap mining stocks in the top 10 as of July 30, 2025 – an outstanding result for the Swiss asset manager and boutique fund provider! Mining stocks are also worthwhile for long-term investments.

You can find out more about our investment strategy and the fund on our website: www.commodity-capital.com

Source: FVBS, figures according to BVI method, without guarantee.

Legal notice: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. 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.

Commodity Capital - Global Mining Fund | As a specialist in commodity companies, Commodity Capital AG invests specifically in junior companies through its Global Mining Fund and is therefore at least part of the merger playing field.

After the global economic slowdown and rising interest rates recently hampered mining and takeover activities, we have seen a significant recovery since the beginning of the year, as well as an increase in takeovers and mergers.

We are looking at the mood among mining companies and the ability of management to take advantage of these movements.

In a webinar hosted by Drescher & CIE AG, Dana Kallasch (Commodity Capital AG) and Hans Poschart (DRESCHER & CIE AG) discussed the current situation in the mining sector, the role of active fund strategies in this market environment, and how company management is dealing with the changing environment.

The recording is available here in German: https://diefondsplattform.de/mediathek/detail/m/commodity-capital-global-mining-fund-1

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and key information document for the fund.

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

The Quiet Trend Is Your Friend - The best stock market trends are the quiet ones

Many investors wait to invest until a trend is firmly established in the market: prices are already rising noticeably, media reports are piling up, and most investors are already invested. But the truly promising developments often emerge quietly, steadily, and unspectacularly. Those who recognize them early can reap above-average profits.

Gold – established, but by no means exhausted

The price of gold has been on a stable upward trend for some time and is currently consolidating at a high level. The trend is intact and gathering new strength. In addition to gold's classic role as a hedge against crises and inflation, industrial demand is also becoming increasingly important – a factor that opens up additional potential in the long term.

Silver – the silent follower with catch-up potential

In the shadow of gold, silver is also developing very dynamically. More and more market observers are speculating when the silver price could reach its all-time high from 1980. In recent years, silver has caught up significantly with gold. Both precious metals are currently showing almost synchronous price developments.

Copper – the structural growth driver

Copper has been particularly impressive since the beginning of 2025 with a strong upward trend. The drivers are clear: growing demand from the electrical industry, construction, and infrastructure projects is meeting limited supply. Short-term price fluctuations are common for commodities and primarily reflect macroeconomic developments – this does little to change the structural upward trend.

Lithium – comeback of a key raw material

Lithium is also showing a strong recovery after a significant correction in the middle of the year. The price decline in June was apparently only a temporary setback – prices are now picking up again, pointing to new impetus in demand.

The question: Which trend should you invest in?

The answer: Not in individual commodities, but broadly diversified across specialized mining companies, particularly in the small- and mid-cap segment. These companies benefit disproportionately from rising commodity prices, as their profit margins increase significantly while production costs remain stable. In many cases, this potential has not yet been fully priced into the stock markets.

A fund that specifically benefits from these developments

The Structured Solutions Next Generation Resources Fund (ISIN: HAFX4V) invests globally in a broad selection of such mining stocks, specifically tracking the commodity trends described above.

The current allocation reflects a balanced exposure to gold, silver, copper, and lithium mines. Particularly noteworthy is that the fund management invests exclusively in politically and legally stable countries. Exposures to regions with unstable conditions—such as large parts of Africa, Asia, or South America—and companies with links to child labor or modern slavery are excluded.

Impressive long-term performance

Between July 22, 2015, and July 18, 2025, the fund achieved an average annual performance of 12.51% p.a. (according to the BVI method). The monthly performance for July 2025 (as of July 21) is already 14.20%, which impressively reflects the current momentum of the sectors included in the fund.

Conclusion:

The key to investment success lies in entering the market at the right time – before the broader market follows a trend.

Information about the fund can be found HERE!

Commodity Capital receives two top ratings from Citywire

In the latest Citywire Group Rating for Global Bonds, our company was awarded silver – a distinction that underscores our sound investment strategy and consistently strong performance.

At the same time, our portfolio manager Abid Mukhtar received a personal “A” rating, confirming his ability to deliver stable, risk-adjusted returns over extended periods of time.

Fund under management:

Structured Solutions SICAV – Resource Income Fund

(ISIN: LU1510784512 / WKN: A2AT4F)

The investment objective of the Structured Solutions SICAV – Resource Income Fund is to achieve an attractive return of over 6% per annum by investing in global bonds issued by commodity companies.

You can find out more about Abid Mukhtar's performance and the fund here:

https://citywire.com/selector/manager/abid-mukhtar/d35113 | https://www.commodity-capital.com/de/produkte/structured-solutions-resource-income-fund

We invite you to discuss the opportunities and challenges in the commodity market with us and learn more about our sustainable investment approaches.

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and key information document for the fund.

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

The Structured Solutions Resource Income Fund evaluates bonds from commodity companies through the lens of an equity specialist. The management team focuses on high-quality bonds and actively participates in primary issuances—creating opportunities for additional special returns.

In this webinar, we analyzed how this strategy performs in times of economic uncertainty in the U.S. and what opportunities it may present for investors.

Speaker: Dana Kallasch, CEO & Co-Founder, Commodity Capital AG

Moderator: Hans Poschart, Drescher CIE & AG

Fund in Focus: Structured Solutions Resource Income Fund
(WKN: A2AT4F | ISIN: LU1510784512)

If you are ready to rethink bonds, don’t miss the recording!

🔗 Watch the Recording: https://diefondsplattform.de/webinare/detail/structured-solutions-resource-income-fonds

Legal Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Please consult a qualified financial advisor before making any investment decision and review the official prospectus and the fund’s Key Information Document.

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

How secure is our energy future—and what role does uranium play in it?

Nuclear energy is experiencing a quiet renaissance, and uranium is becoming a strategic commodity—politically, economically, and for investors. In her guest article for Smart Investor, Dana Kallasch, CEO and co-founder of Commodity Capital AG, explains why uranium is being reevaluated today, how industry players are betting on nuclear power, and what opportunities this presents.

Read the full column below (available only in German)⤵

• Kolumne Dana Kallasch: Uran im Aufwind (105.78 KB)

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

Africa's wealth of vital raw materials is undeniable. From copper and cobalt beneath Congolese soil to gold and lithium in Zimbabwe and the gold mines of Ghana, the continent holds enormous potential to meet the future global demand for critical resources. Despite these promising prospects, we at Commodity Capital AG have made a deliberate decision: We currently invest in mining projects on the African continent only under the strictest conditions and requirements.

This decision is neither ideologically motivated nor a sign that we underestimate Africa’s potential. On the contrary, we are convinced of the long-term importance of African markets. But after years of experience, careful data analysis, and personal on-site inspections, we have come to the conclusion that—for now—the risks, whether political, logistical, or ethical, often outweigh the opportunities. Here’s why:

Let’s start with the political situation. Mining requires reliability. Investors must be able to trust that laws will not change overnight, that permits will not be revoked in the middle of a project, and that conflicts will not bring operations to a halt. Unfortunately, these guarantees are not present in most of the resource-rich countries on the continent. Fluctuating regulations, political instability, and local unrest are recurring issues that can jeopardize even the best-laid plans.

But political risk is only the beginning. The physical infrastructure necessary for large-scale mining—roads, railways, power supply—is often inadequately developed. Without reliable transport routes and energy supply, costs rise sharply. These challenges cannot simply be solved with money; they require time, stable governance, and long-term state capacity for action.

In addition, there are ethical considerations. We cannot ignore the environmental destruction and human rights issues that widely burden the African mining sector. The use of dangerous chemicals, unsafe working conditions, and toxic wastewater are well documented. Beyond environmental risks, child labor and modern slavery are still alarmingly common in Africa. These challenges are not only humanitarian in nature; they also represent significant investment risks. Damage to reputation, protests, and government countermeasures can endanger even technically well-designed projects.

Of course, there are initiatives aimed at addressing these problems. Certification programs like IRMA and the OECD Due Diligence Guidelines are steps in the right direction. Some countries—such as Botswana and Namibia—have already made significant progress in governance, transparency, and environmental protection. We explicitly acknowledge these successes and are therefore taking a closer look at one or two projects. However, isolated advances cannot yet offset the overall systemic fragility in large parts of Africa.

In contrast stand rule-of-law countries like Canada and Australia, where law enforcement is stable, approval processes are transparent, and environmental standards are strict. For investors committed to sustainability—not just profit—such frameworks are more compatible with a long-term strategy and ethical responsibility.

To be clear: We are not ruling out future investments in Africa. Quite the opposite: we are closely monitoring current developments and are hopeful for positive changes. But responsible investing also means knowing when to say “no”—and why. And until a more reliable foundation is in place, we will remain on the sidelines—not out of fear, but out of conviction.

Below is a link to an informative video that vividly illustrates the ethical challenges in the African mining sector:

https://www.n-tv.de/mediathek/videos/panorama/Goldschuerfen-im-Senegal-vergiftet-Natur-und-Mensch-article25773233.html

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

Uranium is quietly but noticeably gaining strategic importance amid climate targets, digitalization, and energy policy.

In an article published on June 10, 2025, Dana Kallasch, CEO and co-founder of Commodity Capital, assesses the current development of this commodity: “Uranium on the rise: A strategic commodity caught between climate targets, digitalization, and energy policy.”

Click here for the full article (available only in German): https://www.zaster-magazin.de/uran-im-aufwind-strategischer-rohstoff-zwischen-klimazielen-digitalisierung-und-energiepolitik/

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and key information document for the fund.