Radisson Goes Underground at O'Brien, Where Globex Holds Two Royalties
Globex Mining says Radisson is starting advanced underground exploration at the O'Brien gold project, ground carrying two Globex royalties including a 1% gross metal royalty.
Globex Mining Enterprises Inc. said on Aug. 24, 2026 that royalty partner Radisson is beginning an advanced underground exploration project at the O'Brien Project in Quebec, ground on which Globex holds two royalties including a 1% gross metal royalty.
Globex Mining Enterprises Inc. (OTCQX: GLBXF) told the market on Aug. 24, 2026 that Radisson, one of its royalty partners, is beginning an advanced underground exploration project at the O'Brien Project — ground on which Globex holds two royalties, including a 1% gross metal royalty, or GMR.
For a royalty holder, an operator moving from surface work to underground work is the sort of news that matters more than the size of the press release suggests. It is a change in the character of the spending, not merely the amount.
What a 1% gross metal royalty actually entitles Globex to
A gross metal royalty pays the holder a fixed percentage of the value of metal produced from the covered ground, calculated before most of the operator's costs are deducted. That is the key distinction from a net profits interest, which only pays once a mine clears its expenses. A GMR holder is exposed to the metal price and to the tonnes that come out of the ground, and comparatively little else.
Globex disclosed in its announcement, carried by Financial Post, that the area shown in its exhibit is covered by the 1% GMR, and that the company holds two royalties in total on the O'Brien Project. The company did not put a figure on the second royalty's rate or the boundary between the two in the material summarised here.
That boundary is worth watching. Where two royalties of different terms cover adjacent or overlapping ground, the economics of a future mine plan depend on which zones get mined and in what order — a detail that only becomes concrete as the operator defines where it intends to go underground.
Why underground work changes the clock
Advanced underground exploration is a heavier commitment than drilling from surface. It typically means physical access — ramps, drifts or the rehabilitation of existing workings — to place drills closer to the target and to test the rock at a scale that surface holes cannot resolve. It costs materially more per metre of information than a surface programme, and operators generally do not fund it unless the target already looks like it could support a mine.
For Globex, which does not pay for any of that work, the read-through is about timing. Royalties on early-stage ground can sit dormant for a decade or more. Royalties on ground where an operator is sinking capital into underground access are, in principle, closer to the point where they generate cash. Nothing in the announcement commits Radisson to a construction decision, a production date or a resource figure, and none of those should be inferred from the start of an exploration programme.
The business model behind the announcement
Globex's model is to accumulate mineral properties and then let other parties spend the exploration dollars, retaining royalties on the way through. The upside case for that structure is leverage without dilution: the operator carries the drilling budget, the permitting risk and the capital cost, while the royalty holder's exposure is capped at whatever it already paid to assemble the ground.
The downside is control. A royalty holder cannot make an operator drill, cannot set the sequence of work and cannot accelerate a decision. That is why announcements like this one function as progress markers for Globex shareholders — they are the main visible signal that a dormant asset has become an active one.
A royalty holder cannot make an operator drill, cannot set the sequence of work and cannot accelerate a decision.
The company's shares are listed across an unusually wide set of venues: GMX on the Toronto Stock Exchange, G1MN in Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf, and GLBXF on OTCQX International in the United States. The European breadth is a legacy of a long-standing retail following for Canadian junior resource names in Germany.
How the stock traded on the day
GLBXF changed hands at 1.46 as of 18:51 GMT on Aug. 24, 2026, up 1.39% from the prior close of 1.44, with an intraday range of 1.44 to 1.47. That is a narrow band, and the volume characteristics of an OTCQX cross-listing mean the US line is not necessarily where price discovery happens for this name; the Toronto listing is the primary market.
The move stood against a mixed broad tape. The S&P 500 tracker (SPY) was at $764.39, down 0.17% from a prior close of $765.72. The Nasdaq 100 tracker (QQQ) was weaker at $708.44, off 0.70%. The Dow 30 tracker (DIA) was the outlier on the upside at $533.89, up 0.31%. A small-cap royalty name outperforming a soft large-cap tape on company-specific news is unremarkable in itself, but it does indicate the announcement was read as a positive rather than ignored.
What to watch from here
Three things will determine whether this programme translates into anything for the royalty holder.
- Scope and duration. How much underground development Radisson intends and over what period tells you whether this is a confirmatory exercise or a run at defining a mineable body.
- Where the work lands. Because Globex holds two royalties on the project, the value to Globex depends on whether the underground target sits under the 1% GMR ground or elsewhere.
- Results and follow-through. Underground drill results, and whether they are followed by further funding commitments, are the practical test. A programme that starts and then goes quiet is a different signal from one that expands.
Investors should also be clear on what has not been stated. There is no resource estimate, no economic study, no production timeline and no royalty payment attached to this news. The announcement records the start of exploration work by a third party on ground where Globex has a financial interest. That is a step in a long sequence, and gold projects routinely stall at any point along it.
What it does do is move O'Brien from the passive end of Globex's royalty book toward the active end — and for a company whose value rests on the aggregate optionality of a large portfolio of such interests, the count of assets in that active column is the number that compounds.
Key facts
- Stock: GLBXF (OTCQX International) at 1.46, +1.39%, as of 18:51 GMT Aug. 24, 2026
- Royalties held: Two royalties on the O'Brien Project, including a 1% gross metal royalty
- Operator: Radisson, commencing an advanced underground exploration project
- Other listings: GMX on the Toronto Stock Exchange; G1MN on Frankfurt, Stuttgart, Berlin, Munich and other European venues
Frequently asked questions
What did Globex Mining announce on Aug. 24, 2026?
Globex Mining Enterprises Inc. announced that its royalty partner Radisson is commencing an advanced underground exploration project at the O'Brien Project. Globex holds two royalties on that project, including a 1% gross metal royalty covering the ground identified in the company's exhibit. Globex does not fund the exploration work itself.
What is a gross metal royalty?
A gross metal royalty pays its holder a set percentage of the value of metal produced from covered ground, calculated before most of the operator's production costs are deducted. It differs from a net profits interest, which only pays after a mine covers expenses. GMR holders are exposed mainly to metal prices and production volumes.
Where does GLBXF trade and at what price?
GLBXF is Globex Mining's listing on OTCQX International in the United States. It last traded at 1.46, up 1.39% from a prior close of 1.44, within a day range of 1.44 to 1.47, as of 18:51 GMT on Aug. 24, 2026. The company's primary listing is GMX on the Toronto Stock Exchange.
Does this announcement mean O'Brien is heading to production?
No. The announcement records the start of an advanced underground exploration programme by Radisson. It contains no resource estimate, no economic study, no construction decision and no production timeline. Underground exploration typically signals an operator's confidence in a target, but many projects stall before reaching a mine build.
Why does underground exploration matter more than surface drilling?
Underground exploration requires physical access such as ramps or drifts, placing drills closer to the target and testing rock at a scale surface holes cannot resolve. It costs considerably more per metre of information, so operators generally commit to it only when a target already appears capable of supporting a mine.
How did the broad market trade that day?
As of 18:51 GMT on Aug. 24, 2026, the S&P 500 tracker SPY was at $764.39, down 0.17%. The Nasdaq 100 tracker QQQ was at $708.44, down 0.70%. The Dow 30 tracker DIA rose 0.31% to $533.89. GLBXF's gain came against that mixed backdrop.
Sources
Photo: ArtHouse Studio · Pexels Licence — source
