Digging Deep

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks.Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions.In this interview, Rick Rule also discusses: • Why energy markets could reprice sharply if real shortages emerge • Uranium’s advantage in a shifting global energy system • Resource nationalism and government pressure on mining assets • G Mining’s $3B deal and why consolidation can still be accretive • Rare earth supply chains and rising government-backed capitalRecorded April 22, 2026Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Disclaimer: 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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to unpack the recent price slump in precious metals, and how gold and the mining majors are performing amid the Iran war.“The long term supply/demand for commodities is in place, but if this war really does damage the global economy significantly, then we could be in for quite a longer ‘air pocket', let's call it a bit of a trough,” he warned. Adshead also discusses a range of significant recent mining developments, including the impact of Barrick’s production delays in Pakistan, the Newmont-Barrick dispute over the Nevada Gold Mines joint venture, the significance of the ongoing buying spree by Chinese mining majors, and which government strategies are most effective for increasing exploration.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.00:00 - Introduction00:46 - Metals Price Slump02:20 - Is Gold Still a Safe Haven?04:12 - Barrick Production Delays 07:25 - Newmont-Barrick Nevada Dispute10:42 - Anglo Gold’s Arthur Project16:03 - Chinese Miners’ Buying Spree18:32 - Liberty Gold’s Black Pine Project23:24 - Government Strategies to Increase Exploration__________________________________________________________________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 -   / kitcomining  LinkedIn -   / kitco-mining  Facebook -   / kitcomining  Connect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: 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.

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to assess how escalating conflict in the Persian Gulf is exposing deeper risks across energy, debt, and global resource markets. Rule warns that “30 years of underinvestment in natural resources means that we are less able to deal with shocks,” pointing to vulnerabilities across oil, LNG, fertilizer, and industrial supply chains.On markets, Rule says rising war spending and roughly $39 trillion in U.S. debt will ultimately support gold. “Sadly, this will be good for gold,” he said, adding “I welcome a lower gold price” as a buying opportunity. He also warned the U.S. dollar could lose 75% of its purchasing power over the next decade, while underinvestment in energy, running at “over a billion dollars a day,” could drive structurally higher oil prices and mining costs.In this interview, Rick Rule also discusses: • Why gold’s recent pullback may be a long-term opportunity • Structural oil underinvestment and future energy shocks • Why he met more than 90 companies at PDAC in early March and invested in none • BHP’s capital strategy and the Resolution copper project outlook • Argentina’s improving investment caseRecorded March 19, 2026For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: 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.

Christopher Ecclestone, principal and mining strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week of major mining developments and what they reveal about jurisdiction risk, politics, and project strategy.Ecclestone discusses SSR Mining’s agreement to sell its 80% stake in the Copler mine in Türkiye for $1.5 billion following the February 13, 2024 heap leach disaster that killed nine workers. He said the company is “getting a good price to get the hell out of Dodge.” He also examines AngloGold Ashanti’s decision to sell the stalled La Colosa gold project in Colombia, arguing that “this gigantism in the mining sector is part of the problem” when large open-pit developments face strong local opposition.Chris Ecclestone also discusses:• Mongolia seeking a larger share of profits from Rio Tinto’s Oyu Tolgoi copper mine • Why governments often renegotiate once projects become too large to walk away from • Argentina’s RIGI investment regime and the push to accelerate mine development • AbraSilver’s Diablillos project and the return of precious metals mining to northern Argentina • Lundin Mining’s latest copper expansion in ChileDon’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.01:17 - Turkey Risk and Copler Tailings Fallout04:25 - AngloGold Sells La Colosa Project06:20 - Open Pit Mining vs Community Pushback10:34 - From Emerging Markets Back to North America13:27 - Panama Lessons and Self-Inflicted Mining Risks15:22 - When Governments Move the Mining Goalposts18:27 - Argentina’s RIGI and Political Risk21:09 - Chile Mining Policy Under President Kast25:46 - Argentina Silver Comeback vs Mexico27:39 - Lundin Expands Chile Copper Exposure__________________________________________________________________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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: 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.

Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep, to break down a pivotal stretch for mining as copper consolidation stalls, major producers downgrade output, and gold trades above $5,000 per ounce.On Rio Tinto walking away from Glencore, Mazumdar says, “It’s almost cheaper to merge and generate more copper for the combined entity than it is to build a new project,” highlighting how capital intensity and permitting delays are reshaping the copper growth playbook. He explains why lower grades, aging infrastructure, and technical constraints are pressuring guidance across the sector.Turning to gold, Mazumdar cautions that price alone does not fix structural problems, noting that “the gold price may not change” if there’s a fatal flaw, pointing to metallurgy, permitting, and security risk as factors that can override a bull market.Mazumdar also discusses:- Reserve price decks averaging about $1,660 per ounce, and the valuation gap versus spot gold- Why producers are preserving leverage by avoiding streams and royalties in a bull market- The strategic positioning around Barrick’s planned North American IPO- How higher commodity prices can elevate security and extortion riskDon’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Recorded on February 12, 202600:18 - Rio Tinto, Glencore, and Copper M&A Strategy06:53 - Copper Production Downgrades and Supply Constraints09:44 - Nevada Gold Mines, Four Mile, and Barrick IPO Strategy21:08 - Critical Minerals Processing and Antimony Supply Chains29:12 - Gold Reserve Price Decks vs $5,000 Spot Gold36:52 - Mexico Security Risk and Investor Repricing41:08 - PDAC 2026 and Mining Sector Sentiment__________________________________________________________________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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to examine how new US policy initiatives and price volatility are shaping mining and critical minerals in 2026. Discussing the Trump administration’s $12 billion “Project Vault” initiative and Vice President JD Vance’s proposal for enforceable price floors, Adshead explains how smaller commodity markets can experience extreme price swings that complicate financing decisions.Adshead also discusses why higher gold prices are prompting producers to reassess mine plans, expansions, and reserve assumptions, while new supply remains slow to respond. Pointing to World Gold Council data, he said there is “a significant multi-year lag to bring new production on.” The conversation also touches on permitting progress in Canada, expansion studies at producing mines, and how new technologies are being used to improve exploration targeting.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.01:01 – Trump’s Strategic Mineral Reserve and Project Vault Explained01:37 – Critical Minerals Preferential Trade Zone and Price Floor Proposal02:34 – US Mineral Stockpiles, Refining Gaps, and Processing Bottlenecks06:51 – Commodity Pricing, Volatility, and Financing New Mining Projects09:53 – Company Updates: Skeena Eskay Creek Permits and Alamos Gold Expansion19:19 – Eldorado Gold Deal and Gold Miners’ Copper Exposure22:25 – AI in Mineral Exploration and Equinox Gold’s Valentine Discovery26:41 – Barrick Mining Full-Year Results and North American IPO Plans__________________________________________________________________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.

Rick Rule, President & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain.Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector.In this interview, Rick Rule also discusses:- Why debt, deficits, and unfunded liabilities continue to erode purchasing power- Why inflation, not default, is the most likely path governments use to manage obligations- The widening gap between metal prices and mining equity valuations- How royalty and streaming companies may prioritize growth over dividendsDon’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.00:52 — Macroeconomic Risks and the Case for Gold and Silver03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook11:47 — Producer Earnings, Margins, and Analyst Assumptions15:41 — Risk Management, Silver Stocks, and Investment Strategy32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation41:30 — Final Thoughts on Precious Metals and the Cycle Ahead__________________________________________________________________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.

John Feneck, Founder and CEO of the Feneck Commodities Report, joins Kitco Mining’s Digging Deep to break down one of the strongest years yet for precious metals. He says the December 10 Fed rate cut reflects rising concern about the labor market, while the political shift underway in 2025 may ultimately shape the direction of rate policy more than Powell’s guidance.Silver led the reaction to the announcement, breaking above US$62 and now trading near US$63 as the gold-to-silver ratio tightens. Feneck has long argued that the metal was overdue for a reprice, noting in today’s discussion that “silver has to catch up with gold.” He explains why he remains overweight in silver equities, highlights developers and explorers he believes are still undervalued, and outlines how AI, data centers, and solar installations are becoming increasingly important to the silver demand narrative.Feneck also sees a major shift underway in 2025, with capital finally returning to junior miners after years of neglect, creating what he believes may be a multiyear window for outsized equity performance. The conversation also covers tungsten’s tightening supply, AngloGold’s permitting setback in Colombia, and what record metal prices could mean for M&A heading into 2026.Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on industry news and interviews.Disclaimer: 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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep to unpack the three forces that will shape the mining sector in 2026. He warns that copper is heading into a structural supply crunch as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost blowouts, long paybacks, and permitting challenges have created what he calls a global “decision moat,” leaving the next generation of large copper mines stalled across key jurisdictions.Adshead also breaks down the growing tension between Barrick, Newmont, and Elliott Management. A potential Barrick breakup, combined with decisions surrounding the Nevada Gold Mines joint venture and the Four Mile put-option, could redefine the world’s largest gold producers. “There are so many different permutations here,” he says, noting that 2026 may bring long-awaited restructuring across the majors.He adds that geopolitics is now shaping who will own future copper supply, with Chinese bids increasingly blocked in the Americas and Western capital stepping in to fill the gap.Disclaimer: 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.

Stephen Stewart, founder and chairman of Ore Group, joins Kitco Mining’s Ernest Hoffman at Explor 2025 in Montreal to discuss Canada-U.S. relations, government policy, and how Ore Group is positioning for the next phase of the commodities cycle.“The United States and Canada are brothers and sisters,” Stewart said. “We have probably the most fruitful economic partnership in the history of the world, and I think that's going to continue.”Stewart argues that new government intervention policies, including floor pricing and strategic equity stakes, could redefine Western mining investment and help North America compete with China’s long-term resource strategy. He calls for renewed focus on productivity and job creation in Canada, saying the country has “dropped the ball” despite its rich mineral endowment. Stewart also highlights Ore Group’s countercyclical philosophy and key milestones, including a 40% IRR on its XXIX copper project in Quebec and expanding copper, uranium, nickel, and gold portfolios across Canada.Disclaimer: 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.

Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep as gold drops more than US$400 per ounce from record highs. Ecclestone, who predicted the correction earlier this month, says it reflects the inevitable turn in overheated markets. “What goes up must come down,” he said. “Eventually, everything corrects in some way or another.”He links the retreat to easing global tensions and the prospect of “an outbreak of peace,” arguing that much of the gold rally was driven by insecurity tied to ongoing conflicts. Ecclestone also sees long-term risks for the U.S. dollar, warning that its “primacy is being eroded” as global trade shifts toward a more multilateral system.On policy, he says Trump’s push to revive mining at home marks a lasting shift for U.S. resource strategy, even as he cautions against scattergun funding in critical minerals like rare earths and lithium that could create “too much of everything.”Disclaimer: 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.

With gold and silver at all-time highs, and copper hovering around US$5, John Feneck of The Feneck Commodities Report tells Kitco Mining’s Digging Deep that gold has finally broken out after months of consolidation. “Gold obviously was kind of a sideways pattern for a good portion of 2025,” he said, adding that it “then broke out of that consolidation and just skyrocketed past $3600, and just went ballistic here.”​​Feneck also highlighted the growing institutional support behind gold’s rally, pointing to Wall Street’s latest forecasts. “Goldman Sachs has now raised their target to 4,900 gold for next year. Bank of America came out and said, ‘We’re not at $4,400 anymore. We’re at $5,000,” concluding that, “having all of this new attention on gold is really, really bullish.”Silver’s rally is equally striking, with $50 looking like just the beginning, with Feneck speculating that inflation-adjusted highs near US$66 to US$70 could be next. He also pointed to record US$17 billion in global gold ETF inflows and noted that his firm remains heavily exposed to miners. “We’re much overweight on the equity side because you’re seeing outsized numbers on a daily or weekly basis in some of these names.”On U.S. resource policy, he said progress is welcome but insufficient. “There has to be a lot more money thrown at this. We’re just so far behind.”Disclaimer: 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.

Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep to discuss Nevada discoveries, royalty market premiums, and the outlook for M&A. Pontius, who led Corvus Gold through its C$570 million acquisition by AngloGold Ashanti in 2022, has advanced multiple discoveries across his career and continues to advise and evaluate new opportunities.On AngloGold’s Nevada build-out, he said, “They’ve done a very good job of advancing that, keeping the locals on side, pushing the permitting forward.” He continued that the company are going to start with the North Bullfrog project, “which is a couple million ounce open pit heap leach project.” He added that the discovery will be a cornerstone asset “for 20 or 30 years into the future.”Pontius pointed to recent royalty transactions, commenting that, “those transactions are at a premium and it’s impressive.” He expects mid-tiers to lead the next wave of acquisitions, with majors focused only on the largest multi-million-ounce projects. On financing, he noted that bigger raises reduce dilution and show investors are more disciplined than in past cycles.Looking ahead, Pontius remains bullish, predicting that “we’re in those early phases, and I look for two to three more years of pretty strong move in the commodity price.”Disclaimer: 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.

Neil Adshead, Consultant Analyst at Commodity Discovery Fund, joins Kitco Mining’s Digging Deep as gold pushes past US$3,700 per ounce and silver hits 14-year highs. In the discussion, he points to central banks as the marginal buyers driving bullion higher, noting “The marginal buyer is these central banks,” and that nations across Asia and Europe are steadily adding gold to reserves.Adshead explains silver’s dual role, with nearly 60% of demand coming from solar, electrification, and other industrial uses, even as investors continue to treat it as a store of value. He also highlights a shift among producers, who are pivoting from buybacks and dividends to growth strategies through exploration and M&A, reflecting confidence in the bull market for equities.In copper, Adshead discusses Freeport’s Grasberg mine and the major setback faced after a mudslide dumped 800,000 tons underground. “This is not going to be a quick fix. This is going to take many months to rectify,” Adshead said, adding that output may not recover until 2027. The disruption pushed copper above US$10,000 per tonne, or roughly US$4.55 per pound, on the Grasberg news, supporting developers like Atex, which recently unveiled a multibillion-pound copper-gold resource in Chile.Adshead weighs in on U.S. critical minerals policy, from the DOE’s proposed 10% stake in Lithium Americas’ Thacker Pass project to fresh G7 and EU proposals for rare earth price floors. He argues that direct government backing will remain a defining feature of supply security, even if it risks capital misallocation.Disclaimer: 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.

Nicole Adshead-Bell, Director at Cupel Advisory, joins Kitco Mining’s Digging Deep to unpack what the current bull market looks like on the ground after two intense weeks of meetings and panels. “We are definitely in a bull market, but we are not yet seeing the crazy bubble-like behavior.” From financing windows reopening to packed investor schedules, she lays out the signals that matter.After running a well-attended Mining 101 short course aimed at non-specialists, Adshead-Bell says interest is rising, but the rotation is still early: “Generalists are definitely doing their homework. I don't think they're in the sector in a material way yet, but we will start to see more of those marginal inflows, which of course, drive share prices higher.” She adds that what normally happens is, “FOMO drives boards and management teams. And that's when you start seeing above precedent, transaction premiums paid, and also competition for assets.”Capital allocation is also shifting, with companies talking growth, boosting exploration budgets, and taking M&A down the food chain as boards look for multi-asset scale and pipeline depth. On valuation discipline, Adshead-Bell is clear: “I think the best arbiter is true free cash flow, and then obviously free cash flow per share.” She also flags how reserve price assumptions may trend higher, why manufactured transactions and royalty financing are shaping deal flow, and how new pools of capital, including Middle East sovereign wealth, are impacting metals exposure.The conversation also touches on the World Gold Council’s new campaign, “Touched by Gold,” a documentary featuring Elton John that links gold to culture and its roles in medicine and technology, including pacemakers and HIV detection. Adshead-Bell is skeptical of the approach: “I do not think this is an effective way to message gold,” and she argues for sharper PR and digital outreach that reaches younger investors with clear, accessible content.Adshead-Bell makes the case for better corporate messaging and transparency so investors can do the work quickly, while cautioning against classic top signals like 100% bid premiums and a stampede of generalists.Disclaimer: 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.

JuniorMinerJunky.com founder David Erfle joins Kitco Mining’s Digging Deep to unpack a pivotal week for gold, silver, copper, and mining equities. “Gold futures hit $3,700 and silver now is back over $42 in the futures market as we’re speaking right now,” he says. With money flowing and juniors hitting 52-week and all-time highs, sentiment has flipped. “It’s really nice to see a lot of those frowns from the last couple of years turned upside down.”Speaking at Precious Metals Summit Beaver Creek, Erfle breaks down the proposed $53 billion Anglo Teck copper mega-merger, calling it a major positive for the sector and noting the 12 to 18-month timeline could invite rival bids from giants like Glencore or Rio. He also points to a new wave of juniors securing producing mines for cash flow, citing Integra, Discovery, and Heliostar as examples.On royalties, Erfle highlights the $450 million Elemental Altus EMX merger into a $1 billion mid-tier, alongside Tether’s $100 million investment as crypto capital moves into mining.Erfle says bargains are harder to find and a correction is likely, but he remains bullish on fund flows and sector momentum.Disclaimer: 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.

Is silver's technical breakout above $35 the real deal, and could it rapidly surge to $50? David Erfle from JuniorMinerJunky discusses silver's technical breakout above $35 and the potential for it to quickly reach $50, referencing its history of rapid, violent moves. In this latest episode of Digging Deep with Kitco’s Senior Mining Editor and Anchor Paul Harris, he notes that silver miners are already leading the metal higher, with ETFs like SIL and SILJ posting multi-year highs ahead of the breakout. The conversation delves into turnaround stories at Americas Gold and Silver and McEwen Mining, discussing their strategies, financing, and potential for growth. Other key topics include the landmark agreement for Taseko's New Prosperity project, the debate around royalties and streams, and a significant drill discovery by Power Metallic Mines.Key points:- Silver breaks above $35, technically confirmed breakout- Silver stocks (ETFs like SIL, SILJ) led the metal higher- Americas Gold and Silver is a turnaround under new CEO Paul Huet- McEwen Mining targets growth - Taseko's New Prosperity project moves forward 00:00 Introduction and Welcome00:23 Silver's Breakout: Analyzing the Surge04:10 Impact on Silver Stocks05:51 America's Gold and Silver: A Turnaround Story12:14 McEwen Mining's New Chapter17:59 First Nations Agreements and Mining Projects25:00 Exciting Drill Hits and Market Reactions27:46 Conclusion and Sign OffFollow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining) #mining #silver #investing Disclaimer: 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.

Will the current M&A wave reshape the mining sector in 2025? Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to break down a pivotal Q1 for the gold and copper sectors. In this Digging Deep episode, she unpacks the M&A frenzy sweeping the mining space, the implications of record gold margins, and why high prices may be masking deeper production issues. Nicole also weighs in on China’s aggressive push into Latin America, a massive copper-gold discovery by Lundin-BHP, and the financing turnaround at i-80 Gold.Key points:- Majors see gold output slide by 1.5M oz while margins exceed 60%- M&A cycle is accelerating, investors now demanding near-term growth- Lundin-BHP’s Vicuna project revealed as biggest copper discovery in 30 years- China’s long-game: Latin American copper takeovers amid Western inaction- U.S. permitting delays, rising arsenic ore challenge future copper supplyDisclaimer: 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.

Are you waiting for a better gold price before investing in mining stocks? You might be missing the boat. John Feneck, Founder and CEO of The Feneck Commodities Report, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to share why many junior mining companies are wasting money on ineffective promotions and why serious investors are getting fed up. Feneck urges companies to be more strategic about where they spend their capital, especially with gold trading above $3,000. He also discusses what kind of investors are actually buying in this market and why hesitation could mean you’re missing out for good.Disclaimer: 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.

Can Newmont ever catch up to Agnico Eagle’s performance? Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Paul Harris to break down a busy week for mining and M&A activity. Mazumdar discusses Agnico Eagle’s outperformance over Newmont, the implications of Trump’s proposed 28-day mining permit approvals, and the major Barrick gold divestments. He also unpacks the takeover of Lumina Gold and Orogen Royalties, and what these deals signal for the mining sector’s future.Key points:- Why Agnico Eagle is outperforming Newmont- Will Trump’s 28-day permitting plan work?- Why Barrick sold its stake in the massive Donlin gold project- Orogen Royalties’ big payday and Silicon project insights- The Lumina Gold buyout and challenges for developersDisclaimer: 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.

Is the U.S. setting itself up for failure in the critical minerals war with China? Gold has soared above $3,300, but geopolitical risks and shifting mining policies are reshaping the global resource landscape. Christopher Ecclestone, Principal and Mining Strategist at Hallgarten & Company, returns to Digging Deep to break down Barrick’s controversial copper pivot, Ghana’s crackdown on illegal Chinese artisanal miners, and Fortuna’s costly exit from Burkina Faso. In a conversation with Kitco’s Senior Mining Editor and Anchor Paul Harris, Ecclestone also weighs in on Argentina’s economic liberalization, Ecuador’s mining future, and why the U.S. may be shooting itself in the foot in the critical minerals war with China. This is a must-watch for investors tracking the future of gold, copper, and geopolitical risk.Key points:- Barrick’s rebrand away from gold criticized as premature and superficial- Ghana clamps down on artisanal gold mining – targets illegal Chinese operations- Fortuna exits Burkina Faso after major financial loss; warned against straying from Latin America- Argentina liberalizes FX controls under Milei, opening doors for miners- Ecclestone warns U.S. critical minerals tariffs may hurt domestic industry more than ChinaDisclaimer: 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.

What does China’s shift from Treasuries to gold mean for the U.S. dollar? Gold surged past $3,200 as geopolitical tensions, tariffs, and market volatility shook investor confidence. In this latest Digging Deep episode, Kitco’s Senior Mining Editor and Anchor Paul Harris interviews David Erfle, founder of JuniorMinerJunky.com, who breaks down why gold and mining stocks are outperforming. Erfle also weighs in on how Trump’s economic moves are reshaping global markets and what the rise in copper and fall in Treasuries signal. He also shares his top positioning strategy for 2025 and why China may be shifting away from U.S. Treasuries to gold. From Barrick’s rebrand to Newmont’s breakout, Erfle dives deep into the mining sector’s pivotal moment.Key points:- Gold surges on geopolitical instability and tariff chaos- China selling Treasuries to buy gold amid rising tensions with the U.S.- Newmont, Agnico outperform while Barrick pivots to copper- Junior miners and gold stocks begin long-awaited reversion- Copper’s price crash and the outlook for stagflationDisclaimer: 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.

Can the U.S. mining sector survive without China’s rare earth processing power? In the latest episode of Digging Deep, Nicole Adshead-Bell, Director at Cupel Advisory, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to break down the latest developments in the mining sector amid rising geopolitical tensions and trade wars. From Trump’s sweeping tariffs and China’s dominance in mineral processing to Barrick’s high-risk Reko Diq project and growing M&A activity, Adshead-Bell offers sharp insights on global supply chains, resource nationalism, and the bull case for gold equities. Plus, she discusses the strategic importance of rare earth elements and the critical need for smelting and refining capacity in North America.Key points:- Trump’s tariffs risk escalating trade wars and disrupting global supply chains.- China’s dominance in mineral processing is a major vulnerability for the West.- Gold equities still undervalued despite strong gold prices; M&A is heating up.- Barrick’s Reko Diq project carries major security risks despite huge upside.- Revival Gold, Hot Chili, and others show strategic moves amid shifting investor focus.Disclaimer: 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.

Is gold's $3,000 breakout the spark for a new M&A boom in mining? Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco's Senior Mining Editor and Anchor Paul Harris to break down the latest deals, including Gold Fields' bid for Gold Road, and what this means for the gold bull cycle. Adshead also weighs in on Trump's executive order to boost U.S. mineral production and whether it will truly speed up permitting. Plus, reaction to New Found Gold's maiden resource estimate and what it signals for exploration hype.Key points:- Gold M&A heats up in Australia; confidence high in mid-tier producers- Trump's executive order may not fix deep permitting delays in the U.S.- New Found Gold's resource disappoints after major drilling spend- Canadian reforms respond to U.S. policy moves, but impact remains unclear- Copper tariffs could drive U.S. inflation, not domestic productionDisclaimer: 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.

Why are gold stocks finally catching fire – and what took so long? Gold has surged to $3,000/oz, sparking breakouts in mining stocks and renewed investor interest. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews John Feneck, CEO of the Feneck Commodities Report. In this latest Digging Deep episode, Feneck breaks down the market’s reaction, discusses the latest M&A moves, and why copper is finally getting its moment. He also shares insights on navigating junior mining stocks and gives a sneak peek into his upcoming investor conferences.Key points:- Gold hits $3,000 as markets lose $5 trillion in value- GDX and GDXJ break resistance, miners gaining momentum- M&A heats up with deals in Australia, Guyana, and Finland- Copper sees breakout rally after Trump tariff talk- Feneck previews boutique investor conferences in Florida and AtlantaDisclaimer: 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.

What does the Equinox Gold and Calibre Mining mega-merger mean for your gold investments? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Joe Mazumdar, Editor of Exploration Insights, at the 2025 PDAC conference in Toronto, Canada. In this episode of Digging Deep Mazumdar shares his recent experiences in Africa, discussing resource nationalism in West Africa and promising developments elsewhere. The interview also delves into the recent Equinox Gold and Calibre Mining merger, analyzing its implications for the gold sector. Finally, Mazumdar provides his expert perspective on the potential impact of US tariffs on copper and the broader mining industry.Key points:- Concerns over resource nationalism and security risks in West Africa are making other regions more attractive for investment.- The Equinox Gold and Calibre Mining merger is a significant scaling move with both potential benefits and risks for shareholders.- Potential US tariffs on copper could benefit domestic cathode producers but might increase overall mining costs due to tariffs on steel and Chinese equipment.- Geopolitical risks and potential tariff impacts are creating uncertainty in the base and industrial metals markets.- The current sentiment at PDAC is more industry-focused, with increased M&A and exploration alliances expected.Disclaimer: 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.

Are mining companies finally delivering the returns investors have been waiting for? Discover how margin expansion in the gold sector is changing the game. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Nicole Adshead-Bell, Director at Cupel Advisory, about the 2024 financial results for mining companies. They discuss Agnico Eagle Mines' record margins and Newmont's all-in sustaining costs decreasing. Adshead-Bell shares insights on shareholder returns, M&A activity in the gold and copper spaces, and challenges in the copper developer space. She also touches on Barrick Gold potentially re-domiciling and financings in the mining sector.Key Points:- Gold sector margin expansion is reigniting investor interest.- Companies are increasing returns to shareholders through dividends and buybacks.- M&A activity is expected to continue in the gold and copper sectors.- Copper developers are currently undervalued.- Canadian government criticized for its stance on Chinese investment in the resource sector.00:00 Introduction: Financial Results Overview00:59 Gold Sector Performance and Investor Interest02:30 Company Highlights and Shareholder Returns05:09 Copper Market Insights and M&A Activity09:38 Challenges in the Mining Sector19:09 Upcoming Conferences Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) #mining #investing #gold #copper #stocksDisclaimer: 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.

What’s copper's real story and what are the forces driving the market? In this episode of Digging Deep, Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Christopher Ecclestone, Principal and Mining Strategist at Hallgarten & Company, about the factors influencing gold prices. Ecclestone shares his insights on taking profits in gold and the importance of dividends from gold companies. They also discuss copper's supply and demand dynamics, the potential of tungsten and antimony as critical metals, and Almonte's position as a tungsten producer. Finally, they touch on McEwen Copper project in Argentina and the country's large investment incentive regime.Key points:- Gold market: Evaluating current prices and profit-taking strategies.- Copper outlook: Supply, demand, and breaking free from energy transition narratives.- Tungsten and antimony: China's influence and growing interest in niche metals.- Mining company strategies: Dividends, share buybacks, and capital allocation.- Argentina's mining sector: Investment incentives and project developments.Special thanks to our sponsor, Revival Gold, for making this coverage possible. Visit https://revival-gold.com/ to learn more. 00:00 Introduction: Gold Market Analysis03:56 Gold Producers' Performance05:07 Challenges in the Mining Industry13:14 Copper Market and Argentina's Investment26:56 Specialty Metals: Tungsten and AntimonyFollow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining) #mining #gold #investing #copperDisclaimer: 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.

How will President Trump's policies specifically affect the mining industry, and which companies are best positioned to capitalize on these changes? In this episode of Kitco Mining's Digging Deep, John Feneck, founder and CEO of the Feneck Commodities Report, discusses the current state of the mining and commodities markets. Feneck speaks with Kitco Senior Mining Editor and Anchor Paul Harris to share his insights on how President Trump's policies are impacting the mining sector, particularly regarding critical minerals and domestic production. The discussion also covers gold's potential, the disconnect between gold prices and gold stocks, and the possibility of increased M&A activity in the mining sector. Feneck also touches on the tech market and its potential impact on the broader economy and investment landscape.Key Points:- Trump's Pro-Mining Stance: The new administration's focus on increasing domestic energy and critical mineral production through executive orders- Critical Mineral Focus: The importance of companies producing defense minerals like antimony and tungsten- Gold Market Dynamics: Despite gold prices nearing $2,800 per ounce, many gold stocks are struggling to keep pace- M&A Potential: With Newmont completing its mine divestiture program, there are numerous companies seeking assets- Importance of Communication & Planning: The need for junior mining companies to clearly communicate their business plansDisclaimer: 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.

Is the mining industry on the verge of a new M&A cycle? Nicole Adshead-Bell, Director of Cupel Advisory, speaks with Kitco Senior Mining Editor and Anchor Paul Harris on the sidelines of the Vancouver Resource Investment Conference (VRIC). They delve into the latest trends in the mining and exploration sector, discussing everything from global investment shifts to specific company strategies. Nicole shares her insights on the challenges faced by junior mining companies, the importance of long-term investment horizons, and the potential for mergers and acquisitions in the mining sector. They also discuss the impact of government policies, permitting issues, and the significance of a company's cost profile on its share price. Tune in for an in-depth conversation about the current state of the mining industry and what to expect in the year ahead.Key Topics:- Shifting Investment Landscape: The mining world is seeing a potential move towards Saudi Arabia and the Middle East, with investors showing interest in longer-term investments.- Challenges for Junior Miners: Despite high commodity prices, junior mining companies are finding it difficult to raise capital.- M&A and Growth: The industry is entering a phase where investors are seeking growth, which will likely lead to increased mergers and acquisitions (M&A) activity.- Permitting and Government Influence: The permitting process in many countries can be challenging due to bureaucracy, and governments can greatly impact the investability of a region.- Importance of Mining Expertise on Boards: There is a need for more mining industry experience on the boards of mining companies to have robust strategic discussionsDisclaimer: 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.

With gold prices at record levels, the September quarter will post the highest average quarterly gold price ever, and “significant margin expansion,” said Neil Adshead, consultant analyst at the Commodities Discovery Fund. This week Kitco correspondent Paul Harris recorded Digging Deep with Adshead.“It'll be great to see two or three gold mining companies far exceed the expectations of what the sell-side analysts are projecting. There'll be some bumper profits and that will definitely draw some investors into the sector. Normally, during the happy days, the maximum margins you see are in the 40% range. If we start to see a few of the higher-grade producers generating +50% margins, that would be spectacular,” said Adshead.Investors are starting to warm to the gold equities again with the GDX index fund up 35% year-to-date. However, with most companies still trading at less than 1x their net asset value (NAV), Adshead believes there is more share price growth to come.“When I first started as an investment analyst, some of the hot producers of the day were trading at 2.5x NAV. To see those multiples again would be remarkable. There is certainly a lot of room for some of these producers to trade up,” said Adshead.Adshead also spoke of he would like to see gold companies allocate the additional funds they are earning to mine expansions, building new mines and acquiring new projects to build.While a number of large financings have been announced, Adshead said it is still a selective market. The sector is not yet frothy enough to be writing checks carte blanche to juniors. “We are actually in a pretty good market for financing, but it is not like every junior can raise whatever dollars they want," said Adshead. "I quite like that as in a peak bull market is when you also get peak capital misallocation: when a lot of companies get money that shouldn't be getting money in the first place, or companies take far too much money than what they really need and end up wasting it,” he said.Adshead also commented on the Guyana Shield as a hot exploration region, Iceberg’s shorting report on Newfound Gold’s Queensway orogenic gold deposit in Newfoundland, Canada, NGEx Minerals plan for its largest ever drill program at its Lunawasi copper discovery in San Juan, Argentina, a new president in Mexico and the outlook for uranium.Digging Deep is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.Disclaimer: 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.

Most resource companies lack good communication strategies, said Nicole Adshead-Bell, principal at Cupel Advisory.This week Adshead-Bell recorded Digging Deep with Kitco Correspondent Paul Harris at the Gold Forum Americas / XPL-DEV 2024 in Colorado.Gold is having a staller year, hitting several all-time highs, but equity performance has not matched expectations, particularly among juniors and developers. A select number of companies are doing well. Bell anticipates increased merger and acquisition (M&A) activity as companies seek growth opportunities, which would further investor interest in the resource sector."I think there's some bifurcation. I heard a very good description at the [Precious Metals Summit Beaver Creek] conference last week, which was 'we're in a stealth bull market.'" said Adshead-Bell. "We have gold at near record highs, and yet there's not the equity performance that one would expect when we've seen this very nice performance in the underlying gold price. We haven't got the marginal investor here, but for the first time I'm seeing generalists at this conference, and I'm getting incoming calls from generalists who are starting to look at the sector."Bell emphasized that commodity markets, especially gold, are cyclical, and understanding the phase of the cycle is key to making informed investment decisions.She also discussed the challenges of messaging in the mining sector, highlighting that many CEOs struggle with effective communication, which limits investor engagement. Bell observed that poor storytelling and a lack of enthusiasm from leaders are major obstacles for companies to attract investment, especially in a competitive market.She stressed the importance of strong communication skills among executives, pointing to leaders like Robert Friedland and Rick Rule as examples of excellent communicators who successfully connect with both institutional and retail investors.__________________________________________________________________Digging Deep is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho. Disclaimer: 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.

Good gold prices are delighting several miners, said David Erfle, founder and editor of the JuniorMinerJunky.com.On Thursday Erfle recorded Digging Deep with Kitco correspondent Paul Harris at the 2024 Precious Metals Summit Beaver Creek in Colorado. Gold hitting all-time highs is a welcoming sign. “I've spoken with several happy management teams the past few days that have been de-risking large high margin, late-stage projects and are enjoying their respective share prices bifurcating from the sector,” said Erfle.Erfle noted there had been some big equity moves in recent weeks. He wondered if the moves will catch the interest of the broader investment community. “Will we see more generalist investors finally come back into this tiny sector after leaving over a decade ago?”Erfle said gold could hit $3,000 ounce by 2025. Debt worries, war and a potentially chaotic election are tailwinds for gold.  Disclaimer: 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.

Record gold prices are outstripping inflation and helping goldcos to healthy margins, although the range “is huge” Joe Mazumdar, Editor of Exploration Insights told Kitco Mining’s Digging Deep.“The average gross margin was 45-46% for [the 20 North American listed companies he studied] which is healthy,” said Mazumdar.Mazumdar said that the net debt level of the group was about US$275 million, but again with a large range from industry leader Newmont, which post Newcrest acquisition is sitting at about $2.3 billion, to companies negative net debt. “About half of the companies have negative net debt, or very low net debt, which is very encouraging,” he said.Digging Deep is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.Disclaimer: 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.

Christopher Ecclestone, principal and mining strategist at Hallgarten + Company, said gold companies should increase their dividend payments to shareholders as their margins increase due to the increasing gold price, which has grown about 20% this year.He applauded AngloGold Ashanti, which hiked its dividend from 4c a share to 22c after quintupling profits to $313 million for the six months to June 30. It been one of the best-performing gold stocks this year, up 55%. Of all the gold producers that have reported earnings, AngloGold is the only one that has increased its dividend.Ecclestone also commented on Gold Fields s looking to option the Santa Cecilia copper-gold project in Chile from Torq Resources, funding for copper juniors now Filo is being bought by BHP,  Glencore keeping its coal business, Arizona Sonoran Copper's PEA on its Cactus copper project in Arizona, and Patriot Battery Metals resource estimate for its Corvette lithium pegmatite project in the James Bay region of Quebec, renamed Shaakichiuwaanaan. __________________________________________________________________Digging Deep is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho. Disclaimer: 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.

Copper M&A should heat up as a result of BHP (NYSE:BHP) and Lundin Mining (TSX:LUN) agreeing to buy Filo (TSX:FIL) for $3.25 billion (C$4.5B) and create a joint venture to develop the Josemaria and Filo del Sol deposits in San Juan Argentina, Neil Adshead, Consultant Analyst at Commodity Discovery Fund, said on Kitco Mining’s Digging Deep.This week Adshead recorded an episode of Digging Deep with Kitco Correspondent Paul Harris. “I suspect in every major mining company boardroom of the world, they will be asking questions of their own corporate development team saying, should we have done this deal? There will be pencils sharpened and people getting an email saying ‘come on, we need some growth’,” said Adshead.With gold producers reporting that June quarter financial results and the gold price at near record levels of more than US$2,400/oz, Adshead said that high prices do not necessarily translate into higher margins as companies often use high prices to lower their cut-off grades. “I don't think we're going to suddenly see 50% of the mining industry making 50% profit margins. … When commodity prices rise, cut-off grades drop, and margins roughly stay the same,” said Adshead.Higher prices continue to stimulate M&A activity with Integra Resources (TSXV:ITG) to acquire Florida Canyon Gold (TSXV:FGCV) for C$95 million in stock.Adshead said he expects Vizsla Silver (TSXV:VZLA) to become the next large silver mine in Mexico after it published a preliminary economic assessment on its Panuco project in Sinaloa, targeting production of targets 15.2Moz/y for 11 years. The project would generate an after-tax internal rate of return of 85.7% and have a nine-month payback following an initial capital investment of US$224 million.“One of my rules of thumb as an investor is if you see a payback of 12 months or less, then you definitely should have a look at the asset, the people and the study, because that type of asset is incredibly rare and usually very high quality,” said Adshead.Disclaimer: 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.

With analysts expecting another strong earnings quarter from Newmont (NYSE:NEM) when it announces its June quarter results on 24 July, main street investors should start taking notice of gold stocks, Junior Miner Junky editor David Erfle told Kitco Mining's Digging Deep. "I see smart money coming into Newmont. ... The Newmont share price is the big boy, the bellwether, the one that everybody looks at. ... Since the end of February, they've been leading the gold stocks up," said Erfle. In anticipation of better days ahead, major mining houses such as Agnico Eagle Mines, Zijin Mining and Barrick Gold continue to take foothold positions in junior explorers and developers with both gold and copper projects. "The world's biggest mining companies are all seeking to expand in copper in anticipation of rising prices as demand for clean power and data centers are forecast to outstrip supply in the future," said Erfle. Recent days have seen Zijin Mining buy a 9.9% stake in African gold developer Montage Gold for C$57.3 million, South African mining firm Assore invest C$68 million for a 14.99% stake in Chilean copper developer Marimaca Copper, Agnico Eagle Mines invest another C$99 million to maintain its 9.9% stake in Canadian copper developer Foran Mining and take a 13.3% stake in Finland gold explorer First Nordic Metals, and market rumors of BHP and Lundin Mining potentially double-teaming to buy Filo.Disclaimer: 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.

If the markets don't show appreciation for a quarter that should be quite favorable for the gold miners, cashflow could just go to dividends instead of growth and M&A, said Joe Mazumdar, editor of Exploration Insights. This week Mazumdar recorded an episode of Digging Deep with Kitco Correspondent Paul Harris at the Rule Symposium in Boca Raton, Florida. The two noted the upcoming second quarter. It is important that the miners show they are containing costs, said Mazumdar. Margins need to grow, and the miners need to build cashflow. With gold hitting several all-time highs this year, profitability should be good, but will the markets care? "If they're not getting any love, then [the money] is probably going into dividends," said Mazumdar.The two also discussed developments in artificial intelligence and its impact upon the resource sector. Disclaimer: 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.

“Ugly” equity financing likely on the way as Victoria Gold grapples with the aftermath of a heap leach failure at its Eagle gold mine in Yukon, Canada, which could be an existential threat to the company, Nicole Adshead-Bell, principal at Cupel Advisory said on Kitco Mining’s Digging Deep show. Adshead-Bell looked at some of the reasons why heap leach pads fail, the impact they have on single asset gold producers and broader impacts on the industry at large.Adshead-Bell also discussed Skeena Resources' success in financing its Eskay Creek gold project in British Columbia, the positive impacts Argentina's new fiscal legislation would have on the mining sector, Rio Tinto potentially getting permission to build the Jadar lithium mine in Serbia, Agnico Eagle Mines plans to develop an underground mine at its Detour Lake mine in Ontario, taking it to 1Moz/y of production, and Snowline Gold's maiden resource at the Valley target at its Rogue project in Yukon.Disclaimer: 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.

Equity financings continue to roll in the resource sector, noted Kitco Correspondent Paul Harris. This week Harris was joined by John Feneck, Founder & CEO of The Feneck Commodities Report. The two discussed green and red flags of gold developers, and why few of them hit it out of the park. Key green flags are the network effect of key investors, like the Lundin Group and Frank Guistra, and management bench strength like US Gold with George Bee, although with the caveat of not knowing what their exit strategies are.Equity finance continues to flow to the sector with upsized bought deals for Gold Royalty and Faraday Copper, and Centerra Gold making a strategic investment to take a 9.9% position in Kenorland Minerals.Feneck also discusses why the silver metal and silver stocks are flying high, and looking like they have more room to grow as the gold:silver ratio narrows.And, the USA implements 25% import tariffs on a number of critical minerals from China, which is likely to boost North American critical minerals explorers and developers.Disclaimer: 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.

A spate of financings show mining is gaining favor, noted David Erfle, founder of JuniorMiningJunky.com.This week Erfle recorded Digging Deep with Kitco correspondent Paul Harris. The two discussed $1.2B of financings announced on one day, including raises by Cameco, Hudbay Minerals, IAMGOLD, Patriot Battery Metals, Solaris Resources and Faraday Copper, including four bought deals. In copper news, Goldman Sachs trader Pierre Andurand out-Friedland’s perma-copper bull Robert Friedland by stating the copper price could reach $40,000/t, or $18/lb in old money, almost four times the record $11,000/t the metal recently hit. Friedland has offered a comparatively tame $15,000/t price.The two also discussed the divorce between hot metal prices and mining equity prices that shows no signs of healing, which means all those junior miner valuation gap charts could be relabeled reality perception gap charts.And does Rob McEwen’s poker face mean he is looking to use McEwen Mining’s 270% share price gain to leverage into other assets?Disclaimer: 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.

Copper is attracting investor interest from the Middle East, noted Joe Mazumdar, editor of Exploration Insights. On Thursday Mazumdar recorded Digging Deep with Kitco correspondent Paul Harris. With copper prices hitting $5 pound recently, interest in the metal is spiking. However sizeable funding is coming a non-traditional player in the resource sector. Mazumdar noted Saudi Arabia has been investing heavily, noting the Kingdom's state mining company, Manara Minerals, is nearing a $1 billion deal for stake in Barrick’s Reko Diq. Mazumdar and Harris also looked at Teck earnings. The company divested its metallurgical coal business. CEO of Teck is Jonathan Price.  "It did seem that Jonathan Price was trying to put a positive spin on the company, having sold...the best and most profitable part of its business," said Mazumdar, adding that the company wanted to have more exposures to copper and attract more interest from ESG investors. The two also looked at gold. Despite high gold prices, major gold producers haven't seen significant margin expansion due to increased costs and lower grades. Mid-tier gold miners are outperforming majors in terms of margins, with some achieving sub $1,000/oz all-in sustaining costs.Troilus Gold's feasibility study for its Quebec project was poorly received due to lower grades, increased throughput, and higher capital intensity. Osino Resources' acquisition by Yintai Gold marks a significant approval of Chinese investment in the Canadian mining sector.Red Pine Exploration's assay manipulation scandal raises concerns about trust and chain of custody in the junior mining sector, and New Gold's buyback of cash flow interest in the New Afton mine from the Ontario Teachers' Pension Plan is a positive move, potentially making the company a more attractive takeover target.Disclaimer: 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.

Some M&A in the mining sector made sense while some other deals are puzzling, observed Luc ten Have, founder of GoldDiscovery.com. This week Ten Have spoke to Kitco correspondent Paul Harris to record an episode of Digging Deep at Deutsche Goldmesse in Frankfurt, Germany. Some notable deals in 2024 were Osino Resources getting taken out by Yintai Resources for $272 million; Alamos Gold buying Argonaut Gold for $325 million; and Zijin Mining paying $130 million for a 15% stake in Solaris Resources. The headline deal is BHP Group attempting to buy Anglo American with a price tag estimated at $32 billion. To date, Anglo has rebuffed BHP Group. Ten Have said the industry as a whole has been insisting on more M&A. Some deals he likes. Other deals are a puzzle. "Sometimes you have like a clear project synergy," said Ten Have. "Two projects really add on to each other. It's a bolt on, in some cases. Sometimes the merger doesn't make sense."Disclaimer: 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.

BHP's bid for Anglo American indicates a heating M&A cycle: the race for assets is on.On Friday Kitco correspondent recorded Digging Deep with guest Nicole Adshead-Bell from Cupel Advisory. Disclaimer: 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.

The copper industry has got itself into a bind in that it's obsessed with big to giant mines, when smaller copper deposits should be tapped as well, is Christopher Ecclestone, Principal and mining strategist at Hallgarten + Company, told Kitco Mining’s Digging Deep.Disclaimer: 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.

Some precious metals equities have more than doubled since the start of the year as gold continues its surge.Disclaimer: 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.

Cost inflation is hitting the gold space but with gold pushing higher, deep discounts on gold equities may present good buying opportunities, says Joe Mazumdar, editor of Exploration Insights newsletter.Mazumdar spoke to Paul Harris, host of Kitco Mining’s Digging Deep, on April 4.Harris gave the example of IAMGOLD (TSX:IMG) recently pouring first gold at its Côté mine in Ontario, Canada. The capex (capital expenditures) on the project is a $2.965 billion. Gold Fields (NYSE:GFI) finally achieved production at its Salares Norte project in Chile following years of development plagued by skyrocketing costs and technical delays.With gold up more than 10% since the start of the year, Mazumdar said the incentive to build new projects outweighs the costs; the opposite was happening in 2023. A higher gold price is also likely to bring about more mergers and acquisitions (M&A).“Companies are seeing that the price is going to go up and it's best to get projects now,” he said.Financings are another positive sign for the gold sector. The Yukon’s Snowline Gold (TSXV:SGD) this week did a $25 million bought deal financing, increasing its cash position to more than $70 million. Meridian Mining (TSX:MNO) also announced a $17.5 million bought deal.Mazumdar said a lot of investors are playing gold by investing in physical metal or gold ETFs, rather than the juniors. Institutional funds have stayed away from a sector they see as under-capitalized and too small. Lack of liquidity is also a problem.Harris countered that “investors are really still open to the power of drilling results,” giving the example of Awalé Resources (TSXV:ARIC), which last week hit 32 metres at 45.7 grams per tonne gold at its Odienné project in Côte d’Ivoire.“The story jumped more than 100 percent,” he said, noting the share price has risen from 18 cents to more than a dollar since mid-March.Disclaimer: 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.

The gold price continues to set new all-time highs, with gold equities starting to get in on the action as M&A activity increases, Junior Miner Junky, David Erfle, told Kitco Mining's Digging Deep.Disclaimer: 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.

Gold prices are at all-time highs, but rising costs at the miners have tempered an equity upside, noted Neil Adshead, consultant analyst at Commodity Discovery Fund.On Friday Kitco Mining Correspondent Paul Harris recorded Digging Deep. Harris noted that despite the gold prices hitting all-time highs in 2024, the gold miners have not rallied. Year-to-date the gold miners index, the VanEck Gold Miners ETF, is down 3% to $29.60 a share. Adshead noted that the big, diversified miners have much larger market capitalizations. The gold miners are not keeping pace, because they just don't make the same margins as the large copper and iron ore miners. "[Gold miners] are not generating huge margins, so they tend to under-perform financially," said Adshead. "I even spoke to a gold company this week and he said: 'Yeah, it's all well and good that [golds at] $2,200 an ounce, but our costs have actually kept pace with the rise in the gold price, so we're not actually making any more money.'" Disclaimer: 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.

Copper prices are at the beginning of a big run, said Cupel Advisory Director Nicole Adshead-Bell. On Thursday Adshead-Bell recorded Digging Deep with Kitco Correspondent Paul Harris. Copper had a good week, hitting a seven-month high on news that China plans to mothball loss-making smelters. Reduced supply strengthens the long-term bull case for copper, noted Adshead-Bell. "The price is moving now [because] market participants are finally starting to realize that there is a very material, looming structural-shortage in primary copper supply," said Adshead-Bell. She added that the copper breakout has been a long time coming. Energy transition and artificial intelligence is going to require a lot more copper, and years of sub-$4 a pound copper has not been enough incentive to get miners to invest in new mines. "I think this is the very beginning of what I would say is a parabolic rise in the copper price," said Adshead-Bell. "We need that [price] rise to incentivize new supply. Copper is the critical commodity. Without copper none of the green energy, net zero and energy transition occurs."Disclaimer: 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.