Why Gold Stocks Are Undervalued on an Ounce-in-the-Ground Basis | Greg Kofford

Greg Kofford, Founder and CEO of Sorbie Bornholm, says geopolitical uncertainty continues to underpin precious metals. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Kofford said, “Precious metals respond to angst, fear consternation in the marketplace,” adding that silver’s recent strength followed a long period of underperformance relative to gold. He warned that a sharp reduction in political uncertainty could pressure prices.Kofford outlined Sorbie Bornholm’s differentiated investment model, which provides additional capital as share prices perform without shareholder dilution. “We actually have a structure that gives companies more money as their stock price performs without them issuing additional shares,” he said, noting that elevated prices have made capital easier to raise across the sector.On mining equities, Kofford said valuations have yet to fully catch up with metals prices. “Most of the companies are undervalued relative to historic valuations on an ounce in the ground versus an ounce out of the ground,” he said, adding that the transition from exploration to production remains the key valuation inflection point.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.00:17 – Sorbie Bornholm’s Non-Dilutive Investment Model01:17 – Precious Metals, Market Angst, and Silver’s Catch-Up02:37 – Geopolitics, Political Risk, and Metals Pricing06:40 – Gold Stocks, Valuations, and the Path to Production08:51 – How Mining Companies Should Communicate With Investors11:56 – 2026 Outlook: Policy, Permitting, and Mining Momentum__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.