Kitco MINING

How Empress Royalty Is Finding Opportunity In Today's Market | David Rhodes

Thu, 23 Jul 2026 10:00:00 -0400

Gold is above $4,000 and silver in the $60s, yet Empress Royalty Executive Chairman David Rhodes says the recent pullback is exactly when disciplined royalty buyers should be shopping.

Rhodes joins Kitco Mining's Kitco Spotlight with Jeremy Szafron at the Rule Symposium 2026 in Boca Raton to explain the small-stream niche Empress built its business on: $20 to $30 million financings on near-term producing assets that the major royalty players are too big to chase.

He discusses why Empress deliberately stayed on the sidelines for roughly 18 months as prices ran up, how the correction has reset seller valuations back to more realistic levels, and why he underwrites deals on long-term metal prices rather than spot. Rhodes also covers Empress's path from startup to a cash-flow-positive balance sheet, its preference for holding physical gold and silver, its appetite for higher-risk jurisdictions, and a new AI platform that surfaces overlooked royalties competitors never see.

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.

To learn more about Empress Royalty, visit: https://www.empressroyalty.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

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.

Blackrock Silver’s Plan to Build a High-Grade Nevada Silver Mine | Andrew Pollard

Thu, 09 Jul 2026 12:00:00 -0400

Silver has been cut in half from its highs, but Blackrock Silver CEO Andrew Pollard says the long-term thesis has not changed. Pollard joins Kitco Mining’s Kitco Spotlight with Paul Harris to discuss silver’s correction, structural deficits, and why high-grade projects can stand out in volatile markets. “High-grade stories are all-weather,” Pollard said.

The focus is Blackrock Silver’s 100%-owned Tonopah West silver-gold project in Nevada’s Walker Lane. The company’s March 2026 PEA outlined average annual production of 7.1 million ounces silver equivalent over more than 11 years, with all-in sustaining costs of $7.44 per ounce and initial capital of $190 million.

Pollard discusses Blackrock’s path toward development, including a planned exploration decline in Q3 2027, a minimum 50,000 tons of high-grade ore in 2028, private-land permitting advantages, potential non-dilutive U.S. government funding, the build-or-takeout question, and 800-meter step-outs that could test the next phase of resource growth.

Don’t forget to subscribe to Kitco Mining and Kitco News for the latest mining news, market analysis and CEO interviews.

Learn more about Blackrock Silver: https://blackrocksilver.com/

This video was produced with support from a Kitco sponsor. The views expressed in this content do not necessarily reflect the views of Kitco Metals Inc. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:20 - Silver Price Volatility and the 2026 Correction
02:41 - Is the Silver Bottom In?
04:39 - Tonopah West PEA: 7.1M Oz Silver Equivalent Per Year
05:29 - Blackrock Silver’s Path to Production
08:26 - Why Tonopah West Was Missed for Decades
12:05 - Private Land Permitting Advantage in Nevada
15:24 - Exploration Decline Cost and Funding Options
21:08 - Project Risks, Execution and Mine-Building Team
23:36 - Will Blackrock Silver Build or Sell Tonopah West?
27:01 - District Consolidation and Tonopah Upside
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Silvercorp’s $60 Silver Play: China Cash Flow, Global Growth | Lon Shaver

Thu, 09 Jul 2026 11:00:00 -0400

Silvercorp Metals (TSX: SVM; NYSE American: SVM) President Lon Shaver joins Kitco Mining’s Kitco Spotlight with Paul Harris to discuss silver’s volatile run, the company’s low-cost China operations, and its plan to grow across Ecuador and Kyrgyzstan.

Shaver said silver’s pullback should be viewed against the scale of the move that came before it, with the metal still trading near $60 per ounce after roughly doubling from early 2025 levels. “This is a great time to be a silver producer at $60 silver,” he said.

Silvercorp produced 6.8 million ounces of silver and 7.5 million ounces of silver equivalent in fiscal 2026, which ended March 31, at an all-in sustaining cost of $14.25 per ounce. Shaver outlines how the company is funding growth beyond China, including El Domo and Condor in Ecuador, as well as the Tulukbash and Kyzyl Tash gold projects in Kyrgyzstan.
Shaver also discusses Silvercorp’s planned Hong Kong listing, emerging market valuation discounts, project financing, M&A strategy, New Pacific Metals, and key catalysts for 2026 and 2027.
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.

To learn more about Silvercorp Metals, visit: https://silvercorpmetals.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

02:04 - Silver Deficits, Volatility, and Market Liquidity
03:53 - Silvercorp’s Global Growth Strategy
06:42 - Fiscal 2026 Production, AISC, and Asset Complexity
08:49 - El Domo, Condor, and Kyrgyzstan Project Pipeline
11:37 - Silvercorp’s Growth Targets Through 2031
12:28 - Valuation Discounts and Emerging Market Risk
14:11 - Why Silvercorp Is Pursuing a Hong Kong Listing
17:40 - Management Team, Hong Kong Fundraise, and Investor Access
20:39 - China Loan Facility and RMB Currency Strategy
22:43 - Five-Year Vision, M&A, and New Pacific Metals
25:59 - 2026-2027 Catalysts: Kyrgyzstan, Condor, and El Domo
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Mackay Gold & Silver Targets Nevada’s Famous Comstock District | Darwin Green

Thu, 09 Jul 2026 11:00:00 -0400

Mackay Gold & Silver (TSXV: MACK; OTCQB: MKGSF) CEO and Director Darwin Green joins Kitco Mining’s Kitco Spotlight with Paul Harris to discuss Mackay’s recent IPO, its $60 million financing, and its first major drill program in Nevada’s historic Comstock District.

Mackay is targeting the Occidental-Brunswick Lode, a 3-mile structure running parallel to the historic Comstock Lode. Green said fragmented ownership left the district underexplored for more than a century, creating an opportunity to apply modern drilling to one of America’s most famous gold-silver camps.

Green outlines Mackay’s 20,000-meter Phase 1 drill program, which began in June, including 15,000 meters of RC drilling focused on near-surface oxide gold-silver mineralization and 5,000 meters of core drilling testing deeper potential near the historic Sutro Tunnel. He also discusses the company’s land consolidation strategy, remaining treasury of more than $40 million USD, and first assay results expected in late summer.

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.

To learn more about Mackay Gold & Silver, visit: https://mackaycorp.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

01:09 - Gold Volatility and Mackay’s IPO Timing
02:09 - Comstock Geology and Walker Lane Gold-Silver Systems
04:51 - Consolidating the Historic Comstock District
08:16 - Deal Terms, $60M Financing, and Treasury
10:33 - Comstock Exploration Targets: Occidental and Near-Surface Oxides
14:21 - Occidental Depth Potential and the Sutro Tunnel
19:28 - Big Picture Upside in the Comstock District
22:29 - Nevada Team, Board, and Technical Advisors
28:01 - Next 12 Months: Drill Results and Land Catalysts
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Barrick Breakup, Copper Surge and Mining M&A | Nicole Adshead-Bell

Mon, 29 Jun 2026 13:00:00 -0400

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold M&A, Barrick Mining restructuring speculation, activist pressure at Northern Star Resources, rising copper prices, and capital deployment across the mining sector.

Adshead-Bell says potential restructuring at Barrick, Elliott Investment Management’s pressure at Northern Star, and Zijin Gold’s delayed Allied Gold acquisition point to a market demanding simpler stories, stronger execution, and better accountability. She said mining boards need the technical expertise to challenge management, while producers must rebuild trust with investors. “Do what you say you're going to do,” she said.

The discussion also covers gold producer expansion plans, the risk of cost inflation as miners deploy cash, copper M&A in Quebec and Chile, and why Adshead-Bell believes copper may need to move toward $7 to $8/lb before major new supply commitments are made. She also explains why higher metals prices are changing the true cost of streams, prepays and hedges.

Recorded June 4, 2026.

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.

00:30 - Barrick Africa Merger Talk
01:52 - Divesting Risky Jurisdictions
04:07 - Boardroom Accountability
05:47 - China Scrutinizes Zijin Deal
10:13 - Elliott Targets Northern Star
12:26 - Boards, ESG and Execution
17:41 - Who Buys Northern Star?
22:38 - Gold Mine Expansions Surge
25:59 - Copper M&A and Price Outlook
30:20 - Paying Off Streams and Hedges
33:22 - Mine Restarts and IPOs
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Kootenay Silver’s La Cigarra Project Enters a New Growth Phase | Jim McDonald

Mon, 29 Jun 2026 13:00:00 -0400

Kootenay Silver (TSXV: KTN; OTCQX: KOOYF) President and CEO Jim McDonald joins Kitco Mining’s Kitco Spotlight with Jeremy Szafron to discuss the company’s June 15, 2026 preliminary economic assessment for its 100%-owned La Cigarra silver project in Chihuahua, Mexico.

The study outlines a 14-year open-pit project with a $763 million after-tax NPV, 41% after-tax IRR, $332 million in initial capital, and a 1.9-year payback. McDonald said the PEA marks a major shift for Kootenay, stating that it is “transitioning us from explorer into a developer.”

McDonald also discusses the potential upside at spot silver prices, where La Cigarra’s after-tax NPV rises to $1.295 billion and its IRR increases to 64%. He also outlines the next phase of drilling at La Cigarra and Columba, the project’s position in Mexico’s Parral mining district, potential strategic options, and why he believes silver has entered a multi-year bull market.

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.

To learn more about Kootenay Silver, visit: https://kootenaysilver.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:28 - La Cigarra PEA Highlights
01:47 - Kootenay Silver’s Shift to Developer
03:13 - Parral District Infrastructure and Development Options
04:34 - Silver Price Leverage and Spot-Price Upside
06:04 - Funding Path and Next Development Steps
09:06 - La Cigarra Gap Zone Drill Upside
10:10 - Columba 60,000-Meter Drill Strategy
12:14 - Kootenay’s Mexico Silver Project Pipeline
14:00 - Mexico Risk, Permitting, and Chihuahua Mining
15:38 - Silver M&A and Producer Interest
17:43 - Jim McDonald’s Silver Bull Market Outlook
19:42 - Silver Cycle Perspective and Capital Flows
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Integra Resources Targets 300K-Ounce Gold Growth Plan | George Salamis

Fri, 05 Jun 2026 15:00:00 -0400

Integra Resources is moving deeper into producer territory as it stabilizes the Florida Canyon gold mine in Nevada and advances the DeLamar gold-silver project through federal permitting in Idaho. George Salamis, President and CEO of Integra Resources, joins Kitco Mining’s Paul Harris to discuss the company’s plan to grow organically into a mid-tier gold producer with more than 300,000 ounces of annual production.

Salamis said DeLamar’s Notice of Intent marks the point where the project is no longer preparing for permitting, but is “actually in it,” with the FAST-41 process targeting a Record of Decision in Q3 2027. He also said Integra’s priority is to show Florida Canyon is “not simply a transitional asset,” with an upcoming feasibility study expected in late June or early July.

The discussion covers Florida Canyon’s cash flow, DeLamar’s public scoping process, Idaho’s mine development momentum, project financing plans, stakeholder engagement with the Shoshone Paiute Tribe, Nevada North’s move from PEA to PFS, 50,000 meters of planned drilling, and why Salamis believes major gold producers may be nearing the next phase of M&A.

Recorded June 1, 2026.

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.

00:30 - Producer Life at Florida Canyon
01:45 - Five-Year Mid-Tier Vision
03:00 - Wildcat Expansion Plans
04:38 - Gold Price Changes Everything
05:58 - DeLamar Enters Federal Permitting
08:13 - FAST 41 Timeline Explained
09:29 - Idaho Momentum and State Permits
12:16 - Financing DeLamar with Cash Flow
14:15 - Tribal Partnership and Equity
17:14 - Answering Consent Criticism
19:15 - M&A Setup in Gold Sector
22:54 - Integra Catalysts Through 2027
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Gold Weakness Is a Buying Opportunity | Rick Rule

Fri, 05 Jun 2026 14:00:00 -0400

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s pullback below $4,500, U.S. interest rates, critical minerals funding, and the next wave of mining deals.

Rule says the gold weakness is “heaven-sent” for long-term buyers and says political pressure on the Fed could eventually drive rates lower, creating a more supportive setup for gold.

In this interview, Rule also discusses:

• Why major miners may need acquisitions to replace production
• Development-stage assets as a potential M&A “sweet spot”
• U.S. Ex-Im financing for Perpetua Resources
• Mexican government backing for Vizsla Silver amid Sinaloa security concerns
• OceanaGold, B2Gold, Agnico Eagle, and Sunshine Silver’s IPO

The 2026 Rule Symposium runs July 6–10. Virtual Access includes live streaming and full on-demand access through the end of 2026. Register by May 29 to lock in early-bird savings: https://cvent.me/XOqdLa?via=Kitco-News

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.

Recorded May 27, 2026

00:29 - Gold Dips Below $4,500
02:04 - Fed Chair and Rate Outlook
04:28 - Iran Conflict and Commodity Risk
07:59 - U.S. Critical Minerals Loans
11:56 - Vizsla Silver, Mexico, and Sinaloa Security
17:38 - Challenger Gold’s Argentina PFS
20:43 - Mining M&A Wave Builds
26:02 - Dream Deals and Takeover Targets
34:14 - Sunshine Silver IPO Buzz
37:44 - Rule Symposium and Closing Remarks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Inside America’s Eastern Gold Giant: OceanaGold’s Haile Mine

Fri, 05 Jun 2026 14:00:00 -0400

This Kitco Mining feature is sponsored by OceanaGold.

Kitco Mining goes on site at OceanaGold’s Haile Gold Mine in Kershaw, South Carolina, the fourth-largest gold mine in the United States and the largest east of the Mississippi.

Gold was first discovered at Haile in 1827. Nearly 200 years later, the mine is entering a new growth phase, with OceanaGold targeting a production increase of close to 35% in 2026 as higher-grade underground ore, continued open-pit mining and exploration across the Carolina Slate Belt reshape the operation.

Paul Harris tours Haile’s open pits, underground workings, processing plant, and exploration targets to examine how the mine is becoming a larger part of OceanaGold’s North American strategy following its April 7, 2026, listing on the New York Stock Exchange under the ticker OGC.
Haile is expected to produce up to 260,000 oz of gold in 2026, provide about 45% of OceanaGold’s consolidated production, and continue advancing a $10 million exploration program targeting new ounces below and beyond the historic pits.

What’s inside:
• Carolina gold history and Haile’s modern restart
• 35% production growth expected in 2026
• Underground mining and lower-cost growth
• Blind discoveries below historic pits
• $10 million exploration program and 35,000 meters of drilling
• Refractory ore processing and advanced controls
• Kershaw workforce and local economic impact
• OceanaGold’s NYSE listing and U.S. investor push

00:23 - Carolina Gold History
01:11 - 2026 Growth and Costs
02:16 - Exploration and New Targets
03:40 - Shift to Underground Mining
05:13 - Processing Refractory Ore
06:53 - Leadership and Local Workforce
08:22 - Community Economic Impact
09:39 - OceanaGold Strategy and Outlook
10:22 - Milestones and Gold’s Moment
11:12 - Closing from South Carolina
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Fortuna’s Growth Plan: More Mines, More Cash Flow | Jorge Ganoza

Tue, 19 May 2026 14:00:00 -0400

Fortuna Mining (NYSE: FSM; TSX: FVI) President and CEO Jorge Ganoza joins Kitco Mining’s Kitco Spotlight with Paul Harris to discuss the company’s Q1 2026 results, released in early May, and how Fortuna is using record free cash flow to fund its next phase of growth without issuing shares.
Fortuna reported $120 million in net earnings and $174 million in free cash flow in Q1 2026 on production of about 72,000 gold equivalent ounces. Ganoza said the company is “truly capturing the benefit of this high-price environment” as it advances a 60% gold production growth plan over the next 24 months, driven by the Séguéla expansion in Côte d’Ivoire and Diamba Sud development in Senegal.

Ganoza also discusses Fortuna’s path to 500,000 oz per year, Diamba Sud permitting after a September 2025 submission, May 2026 project studies, exploration upside at both assets, West Africa government take, frontier-market tradeoffs, potential M&A opportunities in Africa, and share buybacks.

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.

To learn more about Fortuna Mining, visit: https://fortunamining.com/

00:23 - Record Q1 2026 Results and Free Cash Flow
03:33 - Roadmap to 500,000 oz of Annual Gold Production
06:38 - Exploration Upside at Séguéla and Diamba Sud
08:41 - Why Fortuna Sold Short-Life Mining Assets
10:56 - Caylloma Mine Outlook and Free Cash Flow
13:48 - West Africa Mining Risk and Government Take
17:09 - Fortuna’s Frontier Market Strategy and Tradeoffs
22:30 - Share Buybacks and Shareholder Returns

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Equinox-Orla Merger Creates $18B North American Gold Giant

Tue, 19 May 2026 11:00:00 -0400

Equinox Gold and Orla Mining have announced a planned all-stock transaction to create a North American-focused senior gold producer with roughly 1.1 million ounces of annual production and a development pipeline to 1.9 million ounces. Darren Hall, President and CEO of Equinox Gold, and Jason Simpson, President and CEO of Orla Mining, join Kitco Mining’s Paul Harris to discuss the May 13, 2026, deal and what it means for gold-sector consolidation.

The transaction is expected to create a company with 23 million ounces of reserves and an expected market capitalization of about $18 billion to $19 billion. Hall said the companies are combining from a position where both are undervalued, while the merger could create a senior-producer profile “which no company on its own could do in the next few years.” Simpson said the timing reflects a push to accelerate value creation, with the combination “propelling us into a senior space.”

The discussion covers why now is the right time for gold M&A, how the combined company plans to fund about $2 billion of development projects with projected free cash flow from 2026 to 2030, why U.S. and Canadian exposure matters, and the catalysts ahead at Greenstone, Valentine, Musselwhite, Castle Mountain, Los Filos, and South Railroad.

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.

00:49 - Why Merge Now
04:42 - Leadership And Strategy
06:18 - North America Focus
09:35 - Exploration Upside
12:49 - Funding And Returns
15:50 - Debt And Balance Sheet
16:53 - Approvals And Timeline
21:13 - Synergies And Scale
________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

$20M Kinross Earn-In Drives Riley Gold’s Nevada Exploration | Hilditch

Thu, 07 May 2026 11:00:00 -0400

Riley Gold (TSXV: RLYG) is advancing exploration at its Pipeline West/Clipper (PWC) project along Nevada’s Cortez trend, where partner Kinross can earn up to 75% by spending $20 million USD. CEO Todd Hilditch said the project is located in “elephant country,” within a district that hosts “50 million ounces of past production, current reserve,” alongside major deposits such as Cortez and Pipeline.

Early drilling has intersected mineralization ranging from “half a gram up to two and a half grams per ton” in the upper plate, with exploration focused on targeting higher-grade zones in the lower plate. Hilditch said the program is designed to confirm that “we're vectoring in on the source,” as drilling continues to step out across a largely underexplored extension of the trend.

Kinross is expected to finalize its 2026 drill plan in May, with drilling anticipated in late spring or early summer and results expected in the fall. A Plan of Operations submitted to the Bureau of Land Management could allow for up to 400 drill holes over time.

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.

To learn more about Riley Gold, visit: https://rileygoldcorp.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:21 - Riley Gold Overview and Nevada Focus
01:02 - Carlin-Type Gold System Explained
01:57 - Why PWC Could Host a Major Deposit
04:32 - How Riley Gold Acquired the PWC Project
05:26 - Company Strategy and Potential Endgame
06:43 - Kinross Partnership and JV Origins
08:09 - Kinross Earn-In Terms and Structure
10:06 - What Exploration Success Looks Like
11:35 - Exploration Strategy and 2026 Timeline
14:17 - Key Risks and Geological Challenges
15:48 - Riley Gold’s Role Beyond Kinross JV
18:51 - Cash Position and Funding Runway
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Aviation Fuel Crisis Drives Syntholene Push | Dan Sutton

Fri, 01 May 2026 12:00:00 -0400

Syntholene Energy (TSXV: ESAF; OTC: SYNTF) CEO Dan Sutton joins Kitco Mining’s Investment Trends as tightening jet fuel supplies expose structural risks across global transportation. Sutton said the aviation sector is “100% exposed” to fossil fuel supply chains, adding that “Aviation fuel is often the canary in the coal mine when it comes to supply chain constraints.” He noted that hard-to-abate sectors have no viable alternative to high-energy-density liquid fuels.

Speaking on April 27, 2026, Sutton said the company is advancing a geothermal-powered synthetic fuel project in Iceland aimed at lowering costs and scaling production. Integrating heat and electricity could reduce hydrogen costs by about 70%, while producing a drop-in fuel compatible with existing aircraft and infrastructure. The demonstration facility is targeting completion by the end of 2026, supported by an expression of interest from Icelandair for 250 million liters over a decade.

“Everybody is looking for more of this fuel,” Sutton said, pointing to growing demand from airlines and energy companies.

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.

To learn more about Syntholene Energy, visit: https://www.syntholene.com/

01:02 - Aviation Fuel Crisis and No Alternatives
02:08 - Why Biofuels Failed to Scale
03:32 - Geothermal Synthetic Fuel Explained
04:35 - Iceland Project and Geothermal Integration
06:32 - Drop-In Synthetic Kerosene for Aviation
09:05 - Offtake Agreements and Fuel Demand Growth
10:40 - Investor Case and 2026 Timeline
12:16 - Execution Risks and Project Delivery
13:41 - Geopolitics and Energy Security Risks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Gold Chain Resource Nears as 20,000m Drill Program Advances | Derek Macpherson

Fri, 01 May 2026 12:00:00 -0400

West Point Gold (TSXV: WPG) is advancing its Gold Chain project in Arizona’s Walker Lane Trend toward a maiden resource at the Tyro main zone, targeted for late Q3 to early Q4 2026. President and CEO Derek Macpherson said the company has drilled nearly 25,000 meters to date and is completing a 20,000-meter program focused on resource definition and new discoveries.

The exploration target outlines 1–3 Moz grading 2–3 g/t gold over roughly one kilometer of strike. “We're on track to deliver a maiden resource at the Tyro main zone,” Macpherson said, noting the system is expected to remain open along strike and at depth. Drilling has also delivered two new discoveries this year at Black Dyke and Sheep Trail, with about 8,000 meters of additional assays expected and results released every two to three weeks through mid-July.

The company completed a January 2026 financing ahead of a weaker market and expects to finish the current program with about $25 million. “We're not out chasing it right now,” he said.

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.

To learn more about West Point Gold, visit: https://westpointgold.com/

Recorded on April 27, 2026.

00:32 - West Point Gold Strategy and Value Creation
02:14 - Defining Success and Exploration Milestones
04:26 - Arizona Advantage and Water Rights at Gold Chain
05:39 - Structural Complexity and Drill Targeting Strategy
07:25 - 20,000 Meter Drill Program and Discovery Focus
09:07 - Maiden Resource Target and Walker Lane Comparisons
12:15 - Open Pit Potential and Resource Timeline
14:11 - Post-Resource Drilling and Expansion Strategy
17:58 - Treasury, Warrants, and Financing Strategy
21:08 - 2026 Catalysts, Drill Results, and Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Why PMET Could Be One of North America’s Biggest Lithium Re-Rating Stories

Mon, 06 Apr 2026 16:00:00 -0400

A major permitting milestone, a strategic partner in Volkswagen, and a possible valuation re-rating. PMET Resources CEO Ken Brinsden joins Kitco Mining to break down the company’s newly filed ESIA for the Shaakichiuwaanaan project in Quebec, the path toward mine authorization, and why investors are paying closer attention to the story.

Jeremy Szafron and Brinsden discuss the 2025 feasibility study, lithium price sensitivity, the potential impact of tantalum and caesium by-products, cost pressures, financing, and the key milestones that could shape how the market values PMET from here.

This video is sponsored by PMET Resources.

00:00 The PMET Re-Rating Case
00:20 ESIA Filing Explained
02:24 What Happens Next in Permitting
03:54 How Higher Lithium Prices Change the Math
05:45 Why Volkswagen’s Stake Matters
07:20 Tantalum and Cesium Upside
09:23 The Advantage of Simple Processing
11:17 Managing Costs and Inflation
13:03 Why Bigger Can Be Better
15:43 What Investors Should Watch Next
17:28 Wrap-Up and Subscribe

#lithium #mining #miningstocks #investing #stocks #criticalminerals #quebec #kitcomining
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Arizona Eagle breathing new life in past-producing McCabe mine

Wed, 01 Apr 2026 13:00:00 -0400

Arizona Eagle Mining is advancing a high-grade gold exploration strategy in Arizona, anchored by the historic McCabe mine, as it prepares to list on the TSX Venture Exchange under the ticker AZEM. The company recently completed a reverse takeover with Core Nickel, gaining a public listing and additional critical mineral assets, but its primary focus remains firmly on gold in Arizona.

The McCabe project offers a strong starting point, with a historical resource of roughly 880,000 ounces of gold at high grades, alongside significant silver credits. While not NI 43-101 compliant, the deposit benefits from extensive past production, underground development, and historical data compiled from previous operators, giving the company confidence as it moves to validate and expand the resource.

Arizona Eagle has launched a 5,000-meter drill program aimed initially at confirming the historical resource, with plans to step out and test extensions along strike and at depth. The company controls a significantly expanded land package of nearly 5,000 acres, including multiple parallel and perpendicular structures that could support a much larger mineralized system. Management sees potential for a multi-million-ounce gold deposit, driven by high grades, district-scale geology, and the opportunity to capture additional ounces using lower cutoff grades in today’s higher gold price environment. Success will hinge on demonstrating that mineralization remains open in all directions and can be meaningfully expanded through drilling.

To learn more about Arizona Eagle Mining, visit: www.arizonaeaglemining.com/

00:00 - Introduction
02:30 - Dual-asset strategy: Arizona gold focus and Manitoba nickel optionality
05:45 - Acquisition of the McCabe mine and land consolidation strategy
07:30 - Expansion to a 5,000-acre district-scale land package
08:30 - Advantages of private land and permitting in Arizona
09:15 - Existing infrastructure and underground development at McCabe
10:30 - Historical production, feasibility work, and remaining resource potential
15:00 - District-scale potential across multiple structures
16:00 - Current 5,000-meter drill program and initial objectives
18:00 - Strategy: confirm historical resource vs. step-out expansion drilling
20:00 - Potential to increase ounces by lowering cutoff grade
22:00 - Exploration upside: multi-million-ounce potential framework
26:30 - Future financing strategy and potential for additional drill rigs
28:00 - Manitoba nickel assets and longer-term development outlook
__________________________________________________________________
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.

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining
Disclaimer: Videos are not trading advice, and the views expressed may not reflect
those of Kitco Metals Inc.

Cabral Gold gets Full Mining License at Cuiú Cuiú, Continues Exploration through Construction Phase

Fri, 27 Mar 2026 15:00:00 -0400

Cabral Gold (TSXV: CBR) CEO Alan Carter says the company has achieved a major milestone with the granting of the Licença Prévia (“LP”) for the Full Mining License at Cuiú Cuiú Gold District, in the state of Pará, Brazil. “The trial mining licenses actually have a limit, so we can only mine about half a million tons a year, or about 1,500 tons a day,” he explained. “With the full mining license, there is no limit, so we can expand this to the full design capacity of 3,000 tons a day and way beyond that.”

“I think there's a good chance we will expand this once we get it up and running in about six months’ time.”

Carter said the company has approximately CAD$40 million in cash, and while they’re spending on the mine construction, they’re continuing to move forward with further exploration as well. “We're building a mine, but we still have our foot on the accelerator in terms of the exploration program,” he said. “We've basically split our workforce in two, so we've got a
dedicated construction team and a dedicated exploration team, and the exploration team is going full-tilt all the way through the construction, and are producing some excellent results.”

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.

To learn more about Cabral Gold, visit: https://cabralgold.com/

00:00 - Introduction
00:19 - Impact of the Full Mining License
04:23 - Advancement of Phase One
06:14 - Risk Management of Civil Works
07:32 - Critical Path to Commercial Production
08:57 - Advancement of Phase Two
12:01 - Financial Impacts of Iran Conflict on Development
14:03 - Logistical Impacts of Iran Conflict on Development
15:31 - Latest Drill Results
19:17 - Prioritizing and Targeting Exploration
21:40 - Current Financial Position of the Company
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - / kitcomining
LinkedIn - / kitco-mining
Facebook - / kitcomining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Gold, Silver, and Gallium Found in Ontario Tailings | Darren Hazelwood

Tue, 17 Mar 2026 10:00:00 -0400

Panther Metals (LSE: PALM) is advancing the Winston tailings project in Ontario, where historic zinc-focused processing left behind potential value in precious and critical metals. The Winston mine operated from 1988 to 1999 and was once considered one of the highest-grade zinc operations in North America, but gold and silver were largely overlooked when prices were far lower.

Speaking with Kitco Mining at PDAC 2026, CEO Darren Hazelwood said early sampling from the polymetallic tailings has already confirmed encouraging grades. “We ended up with grades of up to 0.82 grams a ton gold, over 13 grams a ton silver,” Hazelwood said. The samples came from the upper layer of a tailings pond that extends more than 18 meters deep in places and also contains gallium and indium.

Panther is now carrying out additional work aimed at delivering a maiden mineral resource estimate in the coming months. “The catalyst for us is definitely going to be the MRE on Winston,” Hazelwood said.

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.

To learn more about Panther Metals, visit:
https://panthermetals.com/

00:38 - Winston Tailings Project Backstory and Historic Zinc Mine
02:33 - Tailings Sampling Results and Winston MRE Plan
04:06 - CEO Background and Mining Market Cycles
06:27 - Why Panther Listed on the LSE Main Market
07:39 - Canada Dual Listing Plans and Obonga Greenstone Belt
09:54 - Winston Resource Potential and Extract Technology
11:45 - 2026 Catalysts and Winston Work Program
12:53 - Path to Production and Existing Infrastructure
14:05 - Offtake Interest and Funding with Traxys
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

122Moz Silver Resource Anchors Aftermath’s Berenguela Project | Mike Williams

Mon, 16 Mar 2026 15:00:00 -0400

Aftermath Silver (TSXV: AAG) is advancing its Berenguela silver-copper-manganese project in Puno, Peru, where Founder and Executive Chairman Mike Williams says the deposit has grown into one of the larger undeveloped silver resources in the sector. Speaking with Kitco Mining at PDAC 2026, Williams said the project hosts “122 million ounces of silver measured and indicated” with “a further 20 million in inferred,” alongside about 870 million lb. of copper and roughly 3 million tons of manganese.

Williams said the company is preparing a pre-feasibility study expected later this year or in Q1 2027 and is targeting early silver output from the open-pit project. “Our goal is to end up between producing four to 5 million ounces of silver annually,” he said. Copper and manganese could provide byproduct credits that lower silver costs, while metallurgical work is advancing to produce high-purity manganese suitable for EV batteries. The company also plans drilling this year to follow up on a high-grade copper zone and expand silver mineralization across the deposit.

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.

To learn more about Aftermath Silver, visit: https://aftermathsilver.com/

00:27 - Why Aftermath Silver Acquired the Berenguela Project
01:09 - Manganese Breakthrough and Hydrometallurgy Processing
03:02 - Berenguela Resource Growth and 122Moz Silver Resource
04:21 - Battery-Grade Manganese Potential for EV Supply Chain
06:55 - PFS Strategy and 4–5Moz Annual Silver Production Target
08:05 - Silver Price Assumptions and Project Stress Testing
09:39 - Silver Leverage, Market Cap Sensitivity, and Infrastructure
11:42 - Copper Exploration Upside and High-Grade Drill Results
13:16 - Peru Politics, Mining Permits and Community Relations
19:36 - Water Management and Ore Processing Strategy
21:32 - 2026 Catalysts: Drilling, Metallurgy, and PFS Timeline
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

How Prospector Is Targeting the Next Yukon Gold Discovery | Rob Carpenter

Mon, 16 Mar 2026 14:00:00 -0400

Prospector Metals (TSXV: PPP; OTCQB: PMCOF) is ramping up exploration at its ML project near Dawson City, Yukon, following a 2025 discovery and new strategic backing from gold producer B2Gold. Speaking with Kitco Mining at PDAC 2026, President & CEO Rob Carpenter said the company plans to increase drilling from about 6,000 meters completed in 2025 to more than 25,000 meters in 2026. The discovery campaign included a high-grade intercept at the TESS zone, where drilling returned 44 meters grading 13.79 g/t gold with copper and silver credits.

Carpenter said the goal this year is to grow the discovery and test the broader district-scale potential of the system. “Our objective is to expand that new discovery from last year, as well as show that the potential for this area to host district-scale or multiple deposits,” he said. Carpenter also pointed to a shift in exploration capital toward stable jurisdictions, noting that “Exploration dollars are coming home to Canada.”

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.

To learn more about Prospector Metals, visit:
https://prospectormetalscorp.com/

00:21 - Prospector Metals Overview and $45M Treasury
00:53 - B2Gold Strategic Backing and 2026 Drill Expansion
01:32 - Lessons From the Kaminak Coffee Discovery
02:40 - Why Yukon Still Delivers New Gold Discoveries
03:50 - Capital Flow Returning to Canada and Yukon Sentiment
04:36 - PDAC Core Shack and the High-Grade Discovery Story
05:55 - What Gets Investors Back Into Junior Explorers
07:20 - Financing Checkmarks Investors Look For
10:12 - Greenfield Discovery Roadmap Toward a Resource
12:30 - Where the Real Money Is Made in Exploration
14:25 - How New Gold Discoveries Actually Start
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

OceanaGold Targets 12% Production Growth in 2026 | Gerard Bond

Fri, 13 Mar 2026 17:00:00 -0400

OceanaGold (TSX: OGC) is targeting higher production and larger shareholder returns after delivering record revenue, EBITDA, net profit and free cash flow in 2025. Speaking with Kitco Mining at PDAC 2026 in Toronto, President & CEO Gerard Bond said strong operational discipline allowed the company to capture rising gold prices. “We were able to convert a lot of those higher gold prices to the bottom line, delivering those records.”

Production is expected to increase about 12% in 2026, driven primarily by the Haile mine in South Carolina after a waste removal program completed in 2025 unlocked higher-grade ore. “Haile is the primary driver of our growth in 2026,” Bond said, adding the operation is expected to produce 35% more gold at 25% lower all-in sustaining costs.

OceanaGold finished 2025 with no long-term debt and $477 million in cash. The company plans to invest about $280 million in growth capital in 2026, including $150 million to advance the Waihi North project in New Zealand, which Bond described as the company’s most significant near-term growth project. Bond also said OceanaGold will list on the New York Stock Exchange on April 7, 2026, to expand its investor base and improve liquidity.

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.

To learn more about OceanaGold, visit: https://oceanagold.com/

00:21 - Record 2025 Results And Financial Highlights
01:14 - 2026 Production Growth Led By Haile Mine
02:05 - Why OceanaGold Is Listing On The NYSE
04:13 - Debt-Free Balance Sheet And Cash Position
04:43 - Waihi North Growth Project And Exploration Plans
06:36 - Dividends, Buybacks And Shareholder Returns
09:20 - Gold Price Impact On Reserves And Mine Life
11:49 - Global Mining Footprint And Operating Costs
14:13 - Capital Discipline And Gold Sector M&A

Headlines:
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Gran Pilar Gold Project Moves Toward Pilot Production | Brodie Sutherland

Fri, 13 Mar 2026 16:00:00 -0400

Tocvan Ventures (CSE: TOC) is advancing its Gran Pilar gold-silver project in Sonora, Mexico, with a strategy that combines exploration drilling with a permitted pilot mining operation aimed at demonstrating heap leach production potential. Speaking with Kitco Mining at PDAC 2026, CEO Brodie Sutherland said the company spent three years consolidating the land package around a discovery first drilled by the Lundin Group in 1996. “We negotiated a deal to expand that property to 22 square kilometers,” Sutherland said, noting the company can now drill across the entire project area.

Tocvan has drilled close to 18,000 meters at Gran Pilar over the past five years and plans a minimum 20,000 meters in 2026 while advancing a pilot facility permitted to process an initial 50,000 tons of material. The company completed a 1,500-ton bulk sample in 2023, grading 1.9 g/t gold, and continues metallurgical work ahead of pilot operations planned later this year. “We’re getting over 95% recovery of gold,” Sutherland said, referring to lab-scale tests supporting the heap leach concept.

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.

To learn more about Tocvan Ventures, visit: https://tocvan.com/

00:19 - Gran Pilar Project Origins and Lundin Discovery
03:16 - Why Tocvan Is Advancing a Pilot Mine
04:11 - Pilot Mine Permit and 50,000 Ton Processing Plan
06:52 - Maiden Resource Goal at Gran Pilar
07:34 - Growth Strategy for Small Producers in Sonora
09:07 - Lessons from Other Sonora Gold Producers
12:27 - Warrants, Share Structure, and Cash Runway
14:00 - 2026 Catalysts and Path Toward a PEA
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

U.S. GoldMining Advances Strategic Alaska Asset | Tim Smith

Fri, 13 Mar 2026 15:00:00 -0400

U.S. GoldMining Inc. (NASDAQ: USGO) has released a preliminary economic assessment for its Whistler project in Alaska, outlining average production of approximately 250,000 gold equivalent ounces per year over a 15-year mine life, including roughly 345,000 gold equivalent ounces annually in the first three years. Speaking with Kitco Mining at PDAC 2026, CEO Tim Smith said the study returned a 33% after-tax internal rate of return using base case assumptions of $3,200 gold and $4.50 copper.

Whistler contains more than 1 billion pounds of copper and nearly 20 million ounces of silver, with roughly 75% of project value derived from gold. “We are on state of Alaska mining claims, so we're just dealing with a single regulator,” Smith said, citing permitting advantages. Metallurgical testing achieved 89% gold recoveries, and higher-grade mineralization comes to surface, supporting stronger early production. At higher pricing assumptions, Smith said, “We go from 33 to 62%, after tax,” as the company advances toward pre-feasibility and prepares for additional district-scale drilling in 2026.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:54 - Critical Minerals Tailwinds
03:06 - Alaska Permitting Advantage
04:12 - District Scale Exploration Upside
06:36 - 2026 Drilling Game Plan
07:32 - Whistler PEA Key Drivers
09:46 - Metal Price Sensitivity
10:53 - Access Road and Infrastructure
13:40 - Next Six Months Inflection
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Trilogy Metals Advances 5.6% CuEq Arctic Copper Project in Alaska | Tony Giardini

Fri, 13 Mar 2026 15:00:00 -0400

Trilogy Metals (NYSE American: TMQ; TSX: TMQ) CEO Tony Giardini joins Kitco Mining’s Investment Trends at PDAC 2026 to discuss renewed momentum around the Arctic copper project in Alaska’s Ambler mining district following recent permitting developments and growing U.S. government support for domestic critical minerals. The Arctic deposit hosts about 50 million tonnes grading roughly 5.6% copper equivalent, a high-grade volcanic massive sulfide system containing copper, zinc, silver, gold, and lead. “Right now it’s about, on a copper equivalent basis, it’s 5.6% copper equivalent,” Giardini said.

Giardini said recent policy developments could help unlock the long-delayed Ambler Access Road, which is critical to developing the district. Trilogy expects to begin the mine permitting process within the next couple of months while preparing a 2026 field program targeting 5,000 to 8,000 meters of drilling. The company is also advancing a definitive feasibility study at the asset level and expects to close a $35.6 million U.S. government investment for a 10% stake announced in October 2025. “We’ve got these two great deposits, Arctic and Bornite, which really set us apart from other development projects in the state of Alaska,” he said.

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.

To learn more about Trilogy Metals, visit:
https://trilogymetals.com/

00:29 - Arctic Copper Deposit Overview and 5.6% CuEq Grade
02:48 - South32 Joint Venture and Ambler Metals Partnership
06:33 - Recent Breakthrough on Ambler Access Road
08:30 - 2026 Field Season Plans and Next Project Steps
12:16 - $35.6M U.S. Government Investment in Trilogy
15:14 - Major Shareholders and Ownership Structure
19:09 - Financing Options and Precious Metals Streaming
21:11 - 2026 Catalysts and Project Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

O’Brien Gold Project Growing as 140,000m Drilling Advances | Matt Manson

Thu, 12 Mar 2026 18:00:00 -0400

Radisson Mining (TSXV: RDS; OTCQB: RMRDF) CEO Matt Manson joins Kitco Mining at PDAC 2026 to discuss the company’s expanding O’Brien gold project in Quebec’s Abitibi region following a March 2, 2026 updated mineral resource estimate. The new estimate outlines about 1.69 million oz. inferred, up 82% from the previous estimate, and 0.63 million oz. indicated, bringing total contained gold to about 2.3 million oz. as Radisson advances its fully funded 140,000-meter step-out drill program. Manson said the system continues to grow, noting, “We think the ultimate target here is something that’s in the three to 4 million ounce range.”

The company is still early in the exploration campaign, with only about 25% of the drill program completed as it tests mineralization along the Cadillac-Larder Lake Break in Quebec’s Abitibi belt. Manson also argued that improving gold prices and strong producer balance sheets could drive more investment into the sector. “The junior sector is still seriously undervalued,” he said.

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.

To learn more about Radisson Mining, visit: https://radissonmining.com/

00:36 - O’Brien Gold Project Overview (Abitibi, Québec)
01:16 - March 2026 Resource Update Highlights
01:57 - 140,000m Drill Program Roadmap
02:15 - PDAC Financing Sentiment for Juniors
03:58 - Why Gold Still Has Strong Fundamentals
05:25 - Why Junior Gold Stocks Are Undervalued
06:55 - M&A Wave Expected in Gold Sector
08:53 - What Makes Radisson’s O’Brien Project Stand Out
09:34 - Toll Milling Strategy and Infrastructure Advantage
11:51 - Permitting Environment in Québec
14:48 - Path to Building the O’Brien Gold Mine
18:21 - Key Challenges Facing the Mining Sector
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Kootenay Targets 100Moz Silver at Columba Project | Jim McDonald

Thu, 12 Mar 2026 18:00:00 -0400

Kootenay Silver (TSXV: KTN) is expanding drilling at its Columba silver project in Chihuahua, Mexico, where the company is running a 60,000-meter program aimed at growing the 54.1 Moz inferred silver resource announced in June 2025. Speaking with Kitco Mining at PDAC 2026 in Toronto, President and CEO Jim McDonald said the program is focused on systematic 100-meter step-outs along wide, open-ended veins to define the limits of the known mineralized zones. “Our expectation is to be able to get this to a hundred million or maybe some multiple of that,” McDonald said.

Recent drilling results reported March 2, 2026 returned intercepts including 10 meters grading 503 g/t silver plus lead and zinc, as well as 9.88 meters grading 319 g/t silver, highlighting the scale potential of the system. McDonald said Kootenay is also advancing its La Cigarra silver project, where a preliminary economic assessment expected in mid to late Q2 2026 could mark a shift in strategy. “Assuming that we get a positive result in that PEA, we want to now be transitioning ourselves into an explorer developer as opposed to an explorer only,” he said.

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.

To learn more about Kootenay Silver, visit: https://kootenaysilver.com/

00:24 - Columba 60,000m Drill Program
01:57 - Targeting 100Moz Silver at Columba
03:18 - Path Toward a Columba PEA
04:01 - La Cigarra PEA Timeline
05:54 - Silver Price Assumptions for PEA
07:16 - Treasury Position and Warrants
07:43 - Expanding Drill Programs and Spending
10:01 - Shareholder Marketing Strategy
11:59 - Mexico Security and Operating Risk
13:52 - Key Catalysts for 2026
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Dolly Varden Deal Adds Gold Cash Flow to Silver Strategy

Wed, 11 Mar 2026 11:00:00 -0400

Dolly Varden Silver (TSXV: DV) is advancing its high-grade Kitsault Valley project in British Columbia’s Golden Triangle while preparing for a transformative merger with Contango Ore. Speaking with Kitco Mining at PDAC 2026, President and CEO Shawn Khunkhun said the transaction brings gold production and development expertise into Dolly Varden’s growing silver district.

Over the past six years, the company has raised $185 million, consolidated multiple past-producing mines across a 100,000-hectare land package, and drilled about 200,000 meters. The project currently hosts 64 Moz of silver at roughly 300 g/t along with about 1 Moz of high-grade gold, with a new resource estimate expected in May 2026. “We’ve got 64 million ounces of silver at roughly 300 grams per ton, complemented by a million ounces of high-grade gold,” Khunkhun said. Recent drilling has also returned 1,400 g/t silver over 20 meters at the Wolf vein, highlighting the district’s high-grade potential.

Khunkhun said the merger strengthens the company’s path toward development. “Dolly Varden, through this merger, is buying gold production cash flow,” he said.

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.

To learn more about Dolly Varden Silver, visit:
https://dollyvardensilver.com/

00:50 - Dolly Varden Origin Story and Kitsault Valley Project
01:14 - Building Resources, Capital, and District Scale Land Package
02:22 - High Grade Drill Results and 2026 Drill Program
03:52 - Hecla Deal and Golden Triangle Land Consolidation
04:52 - Why Dolly Varden Is Merging With Contango Ore
07:33 - Investor Support and Shareholder Vote Process
08:27 - Transaction Timeline and Contango Silver & Gold Rebrand
09:40 - Direct Shipping Ore (DSO) Model and Production Pipeline
11:49 - Production Timeline Toward 2030s Output
12:20 - Year-Round Exploration Strategy After the Merger
13:24 - 2026 Catalysts: Drilling, Permitting, and Growth 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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

France Gold Project Shows “Many Millions of Ounces” Potential | Chris Taylor

Wed, 11 Mar 2026 11:00:00 -0400

Aquitaine Metals CEO Chris Taylor joins Kitco Mining’s Investment Trends at PDAC 2026 to discuss the Limousin gold project in Nouvelle-Aquitaine, France, which he says has the potential to support “many millions of ounces.”

Taylor, who previously led Great Bear Resources through its almost $2 billion sale to Kinross, said the project “stood head and shoulders above everything else I looked at” after reviewing more than 100 opportunities. The 330 sq km land package includes more than 1,000 historical mining sites, with modern production between the late 1980s and 2002 totaling about 1 Moz at roughly half an ounce per ton. Recent drilling returned 1.5 m of about 350 g/t gold within a broader zone grading roughly 34 g/t over 15.5 m.

The company is completing a 10,000 m drill program and plans another 10,000 m in 2026. Aquitaine plans to take the gold asset public later this year and holds about $15 million in cash in Canadian dollars to fund drilling through 2026.

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.

To learn more about Aquitaine Metals, visit: https://mailchi.mp/10589893cddb/aquitainemetals

00:25 - Chris Taylor Background
01:17 - Why Aquitaine Metals
02:00 - Limousin Project History
03:32 - Data and Early Hits
04:44 - Phase One Drilling Plan
05:18 - Phase Two Priorities
07:44 - AI Guided Targeting
09:32 - Why Mine in France
11:25 - EU Critical Metals Push
13:46 - Funding and Going Public
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Alamos Targets 600K oz Production in 2026 as Expansion Advances

Wed, 11 Mar 2026 10:00:00 -0400

Alamos Gold Inc. (TSX: AGI; NYSE: AGI) is targeting 600,000 oz of production in 2026 after weather and mill challenges weighed on output in late 2025, even as the company generated record free cash flow last year. Speaking with Kitco Mining at PDAC 2026 in Toronto, President and CEO John McCluskey said 2025 all-in sustaining costs averaged $1,524 per oz, with margins approaching 60% at prevailing gold prices. Fourth-quarter results were affected by issues at the Magino mill and what he described as “one of the worst Canadian winters we've probably seen in 40 years.”

“We're absolutely back on track, and we're looking towards 600,000 ounces of production in, in 2026,” McCluskey said. In February 2026, Alamos announced an integration plan combining Island Gold and Magino, targeting roughly 540,000 oz annually at about a $1,250 AISC. Combined reserves now total about 8Moz, supporting long-term production as the company works toward 1Moz annually by 2030. Exploration spending is also rising. “Last year, we spent $72 million on expiration. This year we're going to spend close to a hundred million dollars in expiration.”

McCluskey also discusses:
• Record 2025 free cash flow and capital discipline
• Island Gold–Magino integration and cost reductions
• $900M Lynn Lake development in Manitoba
• Dividend increase and shareholder returns
• Capital discipline across gold sector M&A

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:20 - 2025 Results, Record Free Cash Flow and Production Dip
00:41 - Canadian Winter Challenges and 2026 Production Outlook
01:49 - Island Gold Expansion and Shaft Development Plan
04:10 - Island–Magino Integration Strategy and Synergies
05:24 - Reserves Growth to 8Moz and Long Mine Life
06:22 - Alamos Capital Allocation Strategy Explained
10:10 - Exploration Spending Rising to $100M
11:29 - Dividends, Share Buybacks and Shareholder Returns
13:23 - CEO Turnover Across the Mining Sector
15:30 - Talent Shortage and M&A Drivers in Mining
16:53 - Capital Discipline in Gold Sector M&A
20:11 - Alamos Path to 1Moz Production and Deal Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Saudi Arabia Doubles Exploration, Opens 13,000 km² | Abdulrahman Al-Belushi

Wed, 11 Mar 2026 10:00:00 -0400

Saudi Arabia has doubled exploration spending year over year, reaching SAR 1.05 billion in 2024, as the Kingdom pushes to expand grassroots discovery while global budgets remain under pressure. Speaking with Kitco Mining at PDAC 2026 in Toronto, Abdulrahman Al-Belushi, Deputy Minister of Mineral Resources Management at Saudi Arabia’s Ministry of Industry and Mineral Resources, outlined how mining is being positioned as a pillar of industrial strategy.

“We look at the mining sector as an economic play rather than a fiscal play,” Al-Belushi said, citing supply chain priorities across gold, copper, rare earths, zinc, and phosphate. Saudi Arabia has about 78,000 km² under exploration license and plans to tender 13,000 km² in 2026 under a merit-based system.

Al-Belushi also discusses:
• 60% of exploration spending going to grassroots work
• Up to $2 million reimbursable support per license, up to 15 licenses
• 15% performance bonds to back work commitments
• Saudi Arabia’s top 10 global ranking in Fraser Institute’s 2025 survey

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:32 - Saudi Mining Vision and Industrial Strategy
01:36 - Arabian Shield Geology and Deposit Types
04:05 - Gold, Copper, Rare Earths, and Phosphate Priorities
06:28 - Exploration Spending Doubles to SAR 1B
07:54 - $2M Exploration Enablement Program Explained
09:40 - 13,000 km² Tender Round and 2026 Pipeline
12:14 - 100% Foreign Ownership and Entry Model
13:59 - Partner Strategy and Lessons From Oil Sector
15:43 - Saudi Arabia’s Processing Hub Ambitions
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Silver47 Advances 168Moz Silver Resource at Alaska Red Mountain | Giordy Belfiore

Tue, 10 Mar 2026 11:00:00 -0400

Silver47 Exploration (TSXV: AGA) is advancing a portfolio of high-grade silver projects in the United States, led by the Red Mountain deposit in Alaska, which hosts a 168 Moz silver-equivalent resource grading 336 g/t. Speaking with Kitco Mining at PDAC 2026 in Toronto on March 2, VP of Investor Relations Giordy Belfiore said the company is focused on building a high-grade U.S. silver portfolio across projects in Alaska, Nevada and New Mexico. “It has 168 million ounce silver equivalent resource at 336 grams per ton,” Belfiore said of Red Mountain.

Silver47 plans 15,000 to 20,000 meters of drilling at Red Mountain beginning in early June, using four rigs to expand the resource and test new targets. Belfiore also said the company is starting about 7,000 meters of drilling at its Hughes project in Nevada, with exploration results expected through the year.

“Today, we get 30 cents to 40 cents depending on the day,” Belfiore said, referring to the company’s enterprise value per ounce compared with higher valuations among peer silver explorers. Silver47 currently has about $55 million in working capital to fund exploration across its three U.S. projects.
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.

To learn more about Silver47 Exploration, visit: https://silver47.ca/

00:28 - Silver47 Project Portfolio Overview
01:27 - Company History and Summa Silver Merger
02:01 - Red Mountain Drill Program Plans
02:57 - Alaska Access and Polymetallic Metallurgy
04:26 - Critical Minerals and Alaska Permitting Advantage
05:25 - Growth Strategy Through Drilling and M&A
06:10 - Funding Position and Investor Base
08:33 - Valuation Gap and Rerating Strategy
09:50 - Red Mountain Resource Update and PEA Path
10:30 - Long-Term Business Plan for Project Development
11:32 - 2026 Catalysts and Hughes Tailings Opportunity
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Guanajuato Silver Moves to Fill 1,600 tpd Bolañitos Mill | Anderson

Tue, 10 Mar 2026 10:00:00 -0400

Guanajuato Silver (TSXV: GSVR) is expanding production in Mexico’s historic Guanajuato mining district after completing the $50 million acquisition of the Bolañitos gold-silver mine and 1,600 tpd processing plant from Endeavour Silver, which closed Jan. 15, 2026. Speaking with Kitco Mining at PDAC 2026 in Toronto, CEO James Anderson said the purchase creates immediate operational synergies with the company’s nearby San Ignacio mine.

“Our San Ignacio mine is immediately adjacent to Bolañitos,” Anderson said. “These mines are the same structures, the same vein systems that run through our claims.”

The company has already begun processing San Ignacio material at the Bolañitos plant, reducing haulage distances from about 30 km to roughly 2 km and improving operating efficiency as Guanajuato works toward filling the plant’s 1,600 tonne-per-day capacity. Anderson said the company has acquired and restarted five silver and gold mines over the past five years as it continues consolidating the 450-year-old Guanajuato mining district.

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.

To learn more about Guanajuato Silver, visit: https://www.gsilver.com/

00:22 - Guanajuato Silver Origin Story and District Strategy
01:08 - Bolañitos Acquisition and San Ignacio Synergies
03:46 - Bolañitos Integration and Operating Cost Impacts
05:22 - Consolidating the Guanajuato Mining District
06:58 - Fill-the-Mill Strategy and Plant Capacity
07:50 - Pinguico Mine Restart Plan
08:44 - Silver Price Leverage and Profitability Outlook
10:37 - Balance Sheet, Treasury, and Credit Facility
11:43 - Stock Performance, Warrants, and Share Overhang
13:27 - Security Risks for Mining in Mexico
14:29 - 2026 Growth Catalysts and Strategy
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Argentina’s 350Moz Silver Project Eyes 2026 Build | John Miniotis

Tue, 10 Mar 2026 10:00:00 -0400

AbraSilver Resource Corp. (TSX: ABRA; OTCQX: ABBRF) CEO John Miniotis was named Kitco Mining’s Exploration CEO of the Year at PDAC 2026, as the company advances its Diablillos silver-gold project in Argentina toward a final investment decision in 2026. Speaking with Kitco Mining at PDAC 2026, Miniotis said the project hosts approximately 350 million oz of silver equivalent resources, with measured and indicated resources up 170% since 2020. Shares are up roughly 460% year over year, giving the company a market capitalization of about $2.8 billion.

“This will be not only one of the largest primary silver producers in the world,” Miniotis said, citing projected production of more than 13 million oz of silver equivalent annually, including over 7 million oz of silver and about 75,000 oz of gold, at all-in sustaining costs under $13 per oz of silver. He said Argentina’s RIGI framework is “really an absolute game changer,” providing 30-year fiscal stability, a reduced 25% tax rate and removal of export duties. With environmental approvals expected in the coming weeks and a definitive feasibility study targeted for Q2 2026, Miniotis added, “for every 10% move in the gold and silver price, the economics of the project improved by over 30%,” using resource assumptions below $25 per oz silver.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:44 - Diablillos Project Overview and 350Moz Resource
01:54 - Low-Cost Silver Producer and Cost Curve Position
03:52 - Feasibility Study Timeline and Phase 6 Drilling
05:41 - Silver Price Assumptions and 30% Leverage Sensitivity
07:08 - Argentina RIGI Fiscal Stability Framework
09:02 - Project Financing and Reduced Cost of Capital
12:23 - M&A Strategy: Build, Partner or Sell?
15:04 - 2026 Catalysts and Exploration CEO of the Year Award
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Tiernan Gold Advances 11 Moz Volcan Toward 2027 PFS | Chris Taylor

Tue, 10 Mar 2026 10:00:00 -0400

Tiernan Gold (TSXV: TNGD) Director Chris Taylor joins Kitco Mining at PDAC 2026 to discuss advancing the Volcan gold project in Chile’s Maricunga district, which hosts 9.8 Moz measured and indicated and total resources of about 11 Moz.

“It’s an 11 million ounce deposit, basically,” Taylor said. “The thing is huge.” The large-scale oxide heap leach project has not seen exploration in more than a decade and sits in a district experiencing renewed development activity.

Under a $3,600 gold scenario, Taylor estimates the current mine design could generate an after-tax NPV of about $3.6 billion and an IRR of roughly 47%. He noted the most recent PEA used much lower gold price assumptions and “it really basically bears no resemblance to what the project could be under a sort of modern gold price regime.”

Tiernan, which is just over 60% owned by Hochschild Mining, raised $58 million Canadian in November to advance the project toward a pre-feasibility study targeted for 2027. Taylor said the project is “it’s probably a top quartile in terms of all in sustaining costs,” while also pointing to exploration upside beyond the existing 11 Moz resource.

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.

To learn more about Tiernan Gold, visit: https://tiernangold.com

00:36 - Chris Taylor Background
01:19 - Volcan Project Overview
02:21 - PEA Economics Snapshot
03:15 - District Momentum
03:43 - Water Rights and Solutions
05:29 - Financing and PFS Plan
06:31 - Key PFS Challenges
08:15 - Exploration Upside Potential
09:37 - Chile Politics Tailwinds
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Silver’s Growing Role at Thesis Gold & Silver Project | Ewan Webster

Mon, 09 Mar 2026 10:00:00 -0400

Thesis Gold & Silver (TSXV: TAU) is advancing its Lawyers-Ranch project in British Columbia’s Toodoggone mining district toward a feasibility study targeted for 2027. Speaking with Kitco Mining at PDAC 2026, CEO Ewan Webster said the company recently added “Silver” to its name after a December 2025 pre-feasibility study showed the metal represents a significant part of project economics.

The study outlined average production of about 187,000 oz of gold equivalent per year, including roughly 3.5 Moz of silver annually, with silver contributing about 23% of project revenue. Webster said the silver component could provide flexibility in future project financing and highlighted a 20,000 meter drill program planned for 2026, including follow-up work at the Steve discovery. The company also recently closed a C$44 million strategic investment on Feb. 26, 2026, with participation from AngloGold Ashanti and Centerra Gold.

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.

To learn more about Thesis Gold & Silver, visit: https://thesisgold.com/

00:31 - Why Thesis Added Silver to Its Name
01:31 - Silver Price Upside and Gold-Silver Ratio
03:26 - Feasibility Study Roadmap to 2027
04:07 - AngloGold Ashanti Strategic Investment
06:25 - Budget and C$75M Cash Position
08:53 - 2026 Drilling Plans and Data for Feasibility Study
10:52 - Permitting Progress and EA Timeline
13:19 - Valuation Gap vs Peers and Investor Outreach
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Omai Advances 10Moz Project as Gold Strengthens | Elaine Ellingham

Mon, 09 Mar 2026 10:00:00 -0400

Omai Gold Mines (TSX-V: OMG; OTCQB: OMGGF) is advancing a 10Moz+ gold system in Guyana toward a materially larger development plan, with a new preliminary economic assessment expected within two months. Speaking with Kitco Mining at PDAC 2026, CEO & Executive Chair Elaine Ellingham outlined how continued drilling since the August 2025 resource update is positioning the project for expanded production and long-term scale. Omai’s shares are up over 800% in the past two years as the company transitions from exploration to development.

“Where there's gold, there's more gold,” Ellingham said, referencing wide intercepts of 45 to 60 meters grading three to four grams per tonne that helped drive a roughly 50% resource increase last year. The project now hosts about 6.5Moz in indicated and inferred resources, alongside 3.8Moz historically produced. A new PEA is expected to outline potential production of 250,000 to 300,000 ounces per year over an 18 to 20-year mine life, compared to 142,000 ounces annually in the 2024 study. Ellingham said the open pit alone likely works at an $1,800 gold price, with underground development planned to follow initial production as drilling advances toward feasibility.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible. To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:24 - Omai Turnaround and 800% Share Surge
01:07 - Omai Gold Project and 10Moz Endowment
01:40 - Drilling Results and August 2025 Resource Update
03:06 - Gold Price Sensitivity and $1,800 Economics
03:53 - Open Pit and Underground Development Plan
04:45 - New PEA Targeting 250–300koz Per Year
06:54 - Guyana Infrastructure, Oil Boom and Costs
10:09 - PEA Timeline and Path to Feasibility
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Copper Consolidation and a Junior Bull Market Signal | David Erfle

Mon, 09 Mar 2026 10:00:00 -0400

David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down why gold miners can lag even when bullion is strong, and what this week’s deal flow says about risk appetite in the junior space. “These miners have had such incredible moves, and they’re extremely overbought,” Erfle says, while arguing there is still “a lot of money on the sidelines waiting to get in.”

The conversation digs into the biggest PDAC-week transactions, including Hudbay’s all-share deal for Arizona Sonoran announced March 2, 2026, and what it signals for U.S. copper cathode strategy. Erfle also discusses Discovery Silver’s agreement to acquire Glencore’s Kidd Operations in Timmins, and why processing and tailings capacity can be as valuable as ounces in the ground.

Other highlights include Franco-Nevada’s pending $52.2 million purchase of a pre-existing NSR royalty covering the core of Banyan Gold’s AurMac project, and what it implies for Yukon validation. The interview also touches on Highlander Silver’s Bear Creek transaction, which closed in late February, and how silver M&A is evolving as the cycle turns.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:18 - PDAC “Curse” as Miners Slide Despite Strong Metals
01:40 - Hudbay Acquires Arizona Sonoran in $1.5B Copper Deal
03:05 - Cactus-Copper World Synergies and Rival Bid Speculation
04:42 - Discovery Silver Buys Glencore’s Kidd Operations in Timmins
07:30 - Franco-Nevada Purchases $52.2M NSR on Banyan Gold
09:29 - Abra Silver Advances Under Argentina’s RIGI Regime
12:37 - Elemental Royalty Expands $150M Credit Facility
13:06 - PDAC 2026 Floor Sentiment Signals Bull Market

__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

2Moz Gold Discovery in Four Months of Drilling | Cor Coe

Thu, 05 Mar 2026 13:00:00 -0500

Sitka Gold (TSXV: SIG) has outlined more than 5 Moz in total gold resources at its RC Gold project in Yukon’s Tombstone Gold Belt following the maiden 2.25 Moz inferred resource at the Rhosgobel deposit, announced Feb. 25, 2026. The updated resource now totals 1.29 Moz indicated, and 3.83 Moz inferred across the Blackjack, Rhosgobel, and Eiger deposits, highlighting the rapid growth of the district-scale system.

Speaking with Kitco Mining at PDAC 2026, CEO Cor Coe said the project hosts three deposits across 11 gold-bearing intrusions, with significant exploration upside remaining. “Five to 10 million ounces is not uncommon,” Coe said, referring to similar intrusion-related deposits such as Fort Knox and Eagle.

Rhosgobel has emerged as the fastest-growing discovery. “15,000 meters to end up with a couple million ounces of gold,” Coe said. “Just basically four months of drilling.” Sitka has drilled just under 60,000 meters to define the current resource and plans another 60,000 meters in 2026, potentially advancing RC Gold toward a PEA next year.

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.

To learn more about Sitka Gold, visit: https://sitkagoldcorp.com/

01:00 - RC Gold Discovery and Project Origins
02:46 - Intrusion-Related Gold Deposits Explained
03:54 - RC Gold Maiden Resource Breakdown
06:18 - Tungsten Byproduct Potential at Rhosgobel
07:55 - Financing the Discovery and Capital Strategy
09:40 - 2026 Drill Plan and 60,000m Program
11:36 - Next Resource Update and Potential PEA
13:20 - Yukon Mining Policy and First Nations Partnerships
14:46 - 2026 Catalysts and Key Milestones
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Military Escalation and the Race to Secure Critical Minerals | Neil Adshead

Tue, 03 Mar 2026 13:00:00 -0500

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris in person at PDAC 2026 in Toronto as markets react to breaking geopolitical news and a surge in major mining transactions.

Following reports of U.S. strikes on Iran over the weekend, Adshead said, “the gold price has already reacted,” noting that 24/7 trading pushed gold above $5,300 per ounce, roughly $100 higher than Friday’s close. He also highlighted record sector profitability, saying, “we've never seen gold miners make the margins that they've been making like they did in Q4 2025.” The discussion explores whether oil could spike, how diesel prices have supported gold miner margins, and how escalating conflict could accelerate demand for critical minerals used in modern defense systems, including tungsten, heavy rare earths, copper and silver.

The conversation also examines a wave of streaming and royalty deals ahead of PDAC, including Wheaton’s $4.3B silver stream with BHP, Lundin and BHP’s large-scale copper development in Argentina, and Faraday Copper’s Arizona asset deal with BHP.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:20 - Breaking News: US Strikes Iran
01:43 - Oil Shock, Strait of Hormuz Risk and Triple-Digit Oil Debate
03:00 - Gold Above $5,300 and Impact on Gold Miner Costs
04:37 - War Demand for Critical Minerals and Military Stockpiles
07:12 - Surge in Streaming and Royalty Deals Ahead of PDAC
08:27 - Wheaton’s Record $4.3B Silver Stream with BHP
10:32 - Lundin and BHP Argentina Mega Copper Project PEA
13:15 - Faraday Copper Arizona Asset Deal with BHP
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Gold’s Cash Pile Problem, Barrick’s Crossroads and a Cycle Warning | Nicole Adshead-Bell

Tue, 03 Mar 2026 13:00:00 -0500

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down what a packed conference floor may be signaling for the mining cycle, and why rising commodity prices can blur the line between skill and momentum.

Adshead-Bell argues that “we always mistake alpha for beta,” warning that a rising tape can hide weaker execution. She highlights a growing capital allocation debate among gold producers, noting that at least 10 companies now hold $1 billion or more in cash even after increasing shareholder returns. The key question, she says, is whether producers should hold gold instead of dollars, and whether buybacks reflect real conviction that stocks are undervalued based on credible gold price assumptions.

The discussion also addresses questions around Barrick’s strategy ahead of a potential North American IPO and tensions within Nevada Gold Mines, underscoring her view that “Market doesn't like uncertainty.” Adshead-Bell further examines evolving royalty and streaming structures, and how cost of capital advantages are reshaping mining finance.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.

To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:19 - PDAC 2026 Cycle Signals and Market Sentiment
01:01 - Alpha vs Beta in Mining Markets
04:42 - Barrick Strategy, Leadership and IPO Questions
08:22 - Newmont Messaging and Nevada Gold Mines Uncertainty
12:26 - Lundin Gold $670M Silver Stream to Luna Royalties
16:31 - Highlander Silver Buys Bear Creek and Corani Asset
20:11 - Junior Mining Marketing Spend and Is the Market Toppy?
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Mining Capital Markets Gain Momentum as Copper Leads | Ilan Bahar

Tue, 03 Mar 2026 11:00:00 -0500

BMO Capital Markets Managing Director and Co-Head of Global Metals and Mining Ilan Bahar says the mining sector is entering 2026 with one of its strongest capital markets backdrops in years. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Bahar said this year’s event drew 650 investors and 300 companies, reflecting what he described as a “very, very healthy” environment for precious metals, financing activity, and elevated M&A discussions. He also pointed to the pace and focus with which the U.S. government is leaning into critical minerals as a notable policy shift.

Copper remains central to that narrative as AI data centers, electrification, and energy transition demand themes collide with a constrained supply pipeline. “Everybody loves copper, right?” Bahar said, citing strong fundamentals alongside permitting and development challenges. He added that investor participation is broadening beyond traditional resource funds to include retail, hedge funds, and generalists reallocating toward materials.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:45 - Key Themes Driving Mining in 2026
01:57 - Copper Demand, AI Electrification, and Supply Constraints
02:54 - Record Attendance and Capital Markets Momentum
04:57 - Equity Financing Converts and Streaming Trends
07:40 - Mining M&A Activity at Multi-Year Highs
09:19 - CEO Transitions and Talent Pipeline Challenges
10:58 - New Leadership and Capital Allocation Discipline
13:31 - Dividends, Buybacks, and Shareholder Returns
15:06 - Precious Metals Strength and 2026 Outlook
16:25 - Critical Minerals Strategy and Investment Risks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Americas Gold and Silver Aligns With $12B Project Vault | Paul Huet

Tue, 03 Mar 2026 11:00:00 -0500

Americas Gold and Silver (NYSE American: USAS; TSX: USA) CEO & Chairman Paul Huet says the company is emerging as the only current U.S. source of antimony as it advances a new Idaho processing joint venture aligned with the U.S. government’s $12 billion Project Vault initiative. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Huet said domestic supply remains structurally short as the U.S. looks to secure critical minerals for defense and industrial use.

“We need 50 million pounds of antimony per year,” Huet said, adding that U.S. production must also expand by another 40 million pounds to support allied demand. Through a 51/49 joint venture with U.S. Antimony, the company plans to process concentrate from its Galena complex domestically, targeting roughly 3 million pounds annually as capacity scales. Huet said antimony comes at no incremental mining cost, while nearly $300 million raised over the past year has funded infrastructure upgrades, new mechanized mining methods, and district consolidation, including the Crescent acquisition, as silver output ramps back toward 5 million ounces annually.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:30 - $12B Project Vault and US Antimony Strategy
02:11 - Idaho Antimony JV with US Antimony Explained
04:09 - How Galena Antimony Concentrate Flows Today
06:06 - 51 49 JV Structure and Funding Plan
08:51 - Antimony Pricing Risks and Supply Concerns
11:51 - Galena Silver Turnaround to 5Moz Target
12:39 - Mechanized Mining vs Jackleg Production
14:16 - Cash Flow Growth and Exploration Strategy
16:39 - Crescent Mine Acquisition and District Synergies
18:27 - 2026 Production Milestones and Expansion 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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

G2 Goldfields Says M&A Window Opens After Permitting | Daniel Noone

Tue, 03 Mar 2026 10:00:00 -0500

G2 Goldfields (TSX: GTWO) is advancing its 3+ million ounce Oko gold project in Guyana toward permitting following its December 2025 preliminary economic assessment, while continuing to expand the high-grade system and position the company for potential M&A. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, CEO Daniel Noone highlighted the strength of the nine gram per tonne Oko Main Zone and the project’s robust economics. “There’s no risk that it’s not going to be a mine,” he said.

Since the August 31 cutoff date for the PEA, drilling has extended mineralization to one kilometer depth and expanded a northwest trend now defined over roughly five kilometers, including intercepts of 60 meters at 2.1 grams per tonne. With environmental permitting in Guyana potentially achievable within roughly 15 months, Noone said G2 is advancing three parallel streams in 2026: feasibility and permitting, continued resource growth, and M&A readiness. The company currently trades at approximately 0.3 to 0.4 times NAV, with Noone suggesting valuation could move toward 0.7 to 0.8 times NAV as permitting advances. G2 is also targeting an April 2026 spinout of 87,000 acres into G3 Goldfields with $15 million in cash.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:40 - 2025 Wins and Oko PEA Highlights
01:13 - PEA Impact and Guyana Permitting Timeline
02:34 - Post PEA Drilling and Resource Expansion
03:44 - M&A Outlook and 0.3x to 0.8x NAV Rerate
05:22 - Why High Grade Deposits Still Win
06:28 - Strategic Process Update After December
07:36 - Exploration Growth and G3 Goldfields Spinout
09:17 - Geology Behind Sands and Northwest Trend
10:08 - G3 Timeline, $15M Capital and Share Terms
11:02 - Next 12 Months Feasibility and Permitting Catalysts
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Discovery Silver’s Tony Makuch Wins CEO of the Year

Sun, 01 Mar 2026 22:00:00 -0500

Discovery Silver (TSX: DSV; OTCQX: DSVSF) CEO Tony Makuch has been named Kitco Mining’s CEO of the Year after leading a rapid turnaround of the Porcupine complex in Ontario and repositioning the former non-core asset into a cash-generating growth platform.

Speaking at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Makuch highlighted 2025 production of 180,000 ounces of gold, net profit of $107 million, and free cash flow of $172 million in the company’s first full year operating the asset. Discovery is accelerating investment, increasing exploration spending to more than $65 million as it works to extend mine life beyond current plans, grow resources at Borden, Hoyle Pond, and Pamour, and ultimately lift production while lowering costs. Makuch said the company is targeting all-in sustaining costs of between $1,250 and $1,500 per ounce over time.

“Shareholder return over the next few years is going to be an investment of capital into the business to improve the value of the equity,” he said.

Makuch also outlined balance sheet strength, a debt-free position, and continued permitting progress at the Cordero project in Mexico as Discovery focuses on reinvesting cash flow to build long-term value.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com

00:33 – Record 2025 Gold Production, Profit & Free Cash Flow
02:30 – Reinvesting Higher Gold Prices Into Growth
03:52 – Porcupine Exploration & Mine Life Expansion
05:58 – Workforce Integration & Culture Shift
07:10 – Debt-Free Balance Sheet & Credit Facility Reset
09:35 – Shareholder Returns Through Reinvestment
11:00 – Cordero Permitting Progress in Mexico
13:45 – Investor Questions at BMO Conference
15:52 – Mid-Tier Gold Sector Outlook & Cycles
18:15 – Kitco Mining CEO of the Year Announcement
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Billion-Dollar Streams, 35% Growth, and a Royalty Repricing | Brett Heath

Sun, 01 Mar 2026 22:00:00 -0500

Metalla Royalty & Streaming (NYSE American: MTA; TSXV: MTA) CEO Brett Heath joins Kitco Mining’s Investment Trends at the 35th BMO Metals & Mining Conference as the royalty sector sees a surge in billion-dollar deals.

Following a $4.3 billion copper stream and other large transactions, Heath says the activity reflects structural change tied to higher metal prices and looming supply needs. “We’re entering a period of time right now where there’s going to be a new copper build cycle,” he said, arguing royalties and streams will play a growing role in financing multi-billion-dollar projects.

Heath also discusses Tether’s expanding ownership in the sector, gold-token dividends, and increasing generalist investor interest. After reporting record 2025 revenue of just under $12 million, which he called “a step change,” Metalla is targeting roughly 35% compound annual growth toward 2030 while trading near 0.6x NAV at spot prices.

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.

00:27 – Surge in Billion-Dollar Royalty & Streaming Deals
02:01 – Copper Build Cycle and Mega Project Financing
04:41 – Tether’s Entry into the Royalty Sector
07:57 – Gold-Backed Token Dividends Explained
09:09 – Metalla’s Record 2025 Revenue and Step Change
10:17 – 35% CAGR Growth Drivers Toward 2030
12:31 – Higher Gold Prices Expand Royalties and Mine Life
16:14 – Deal Flow Dynamics in a High-Liquidity Market
18:29 – Mid-Tier Valuation Gap and NAV Discount
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Fortuna Expands in West Africa as Output Targets Rise | Luis Ganoza

Sun, 01 Mar 2026 21:00:00 -0500

Fortuna Mining (NYSE: FSM; TSX: FVI) CFO Luis D. Ganoza joins Kitco Mining’s Investment Trends with Paul Harris to discuss record 2025 free cash flow and the company’s strategy to return to 500,000 oz per year as it builds a two-region platform across Latin America and West Africa.

Fortuna generated $330 million in free cash flow in 2025, produced about 371,000 oz of gold equivalent, and ended the year with roughly $380 million in cash. Ganoza said full-year free cash flow represented “between 35 and 38%” of sales, with more than 60% EBITDA conversion into free cash flow. He also outlined a “clear path to get back to 500,000 ounces” annually through development at Diamba Sud and potential expansion at Séguéla toward 200,000 oz per year.

Beyond production growth, Ganoza explains how Fortuna approaches M&A in West Africa and Latin America, why the company continues to stress-test projects at lower gold prices, and how capital allocation decisions, including dividend timing, are being weighed as cash balances grow in a stronger price environment.

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.

00:27 – $330M Record Free Cash Flow and 2025 Results
02:05 – Fortuna’s LatAm and West Africa Strategy Explained
05:04 – HPGR Downtime and Path Back to 500,000 oz
07:53 – Half-Million-Ounce Production Plan
09:07 – Argentina Outlook and M&A Discipline
10:50 – West Africa Growth Pipeline and Exploration
14:22 – Growth Challenges and Asset Valuation Discipline
16:09 – IRR Hurdles and Cost Curve Strategy
18:19 – Capital Allocation, Cash Build and Dividend Timing
20:49 – 2026 Milestones: Diamba and Séguéla Expansion
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Wesdome Targets 400–500k oz After Record 185k Production | Anthea Bath

Sun, 01 Mar 2026 21:00:00 -0500

Wesdome Gold Mines (TSX: WDO) President and CEO Anthea Bath says the company is entering 2026 as a debt-free, high-margin gold producer after delivering record 2025 production of 185,000 ounces and ending the year with $356 million in cash and zero debt. Speaking with Kitco Mining at the 2026 BMO Metals Mining & Critical Minerals Conference, Bath said Wesdome generated about $250 million in free cash flow in 2025 and expects to generate roughly $350 million in 2026 at budget assumptions below $4,000 gold. “Wes generated about $250 million in free cash last year,” she said.

With mill utilization currently running between 30% and 60% at Eagle River and Kiena, Wesdome is advancing a “fill the mill” strategy aimed at increasing throughput, extending mine life, and lowering unit costs through fixed-cost leverage without significant new mill capital. The company completed about 200 kilometers of drilling in 2025 and plans about 270 kilometers in 2026 across 250 exploration targets, with updated resource disclosures expected in June and technical reports expected in the second half of 2026. Bath said Wesdome is targeting mid-tier scale of 400,000 to 500,000 ounces annually while maintaining disciplined capital allocation and evaluating high-quality acquisition opportunities.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:19 - “Fill the Mill” Strategy and 30–60% Utilization
02:04 - Gold Price Leverage and Resource Expansion
03:52 - 270km Drill Program and June Resource Update
04:53 - Capital Requirements and Infrastructure Readiness
05:30 - $250M Free Cash Flow and Share Buybacks
06:49 - Path to 400–500k oz Mid-Tier Scale
07:33 - M&A Criteria and Tier-One Jurisdiction Focus
09:17 - Takeover Risk and Gold Sector Discipline
10:30 - Investor Feedback and Capital Returns
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

C$409M Raise Positions Marimaca for 2026 Construction | Hayden Locke

Sun, 01 Mar 2026 21:00:00 -0500

Marimaca Copper (TSX: MARI) CEO Hayden Locke says the company is advancing its Marimaca oxide project in Chile toward a potential final investment decision by the end of 2026, positioning it as a near-term copper producer during what he describes as an infrastructure-led demand cycle. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Locke said the company continues to anchor its planning assumptions well below current spot prices. “We’re running everything, all of our decision making at 4.50,” he said, referring to a $4.50 per pound long-term copper price despite copper trading near $6.

The Marimaca oxide deposit is expected to produce roughly 50,000 tonnes of copper cathode annually, with initial capital of about $600 million. Following a C$409 million financing, the company holds more than $160 million in cash to advance engineering, secure debt financing, and expand drilling at the nearby Pampa Medina discovery, which Locke said has potential to become a tier-one opportunity. Marimaca also plans to use recycled seawater sourced from local thermoelectric facilities, while targeting credit-approved debt term sheets by the third quarter and expanding its drill budget to $30–50 million over the next 12–18 months.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:46 - $4.3B Streaming Deal and Copper Byproduct Monetization
03:13 - C$409M Financing and Greenstone Exit
04:36 - New Share Register and Liquidity Shift
05:40 - Strategic Interest and Board Transition
07:02 - Environmental Approval and 2026 FID Timeline
08:10 - Project Economics at $4.50 Copper Planning Price
10:20 - Recycled Seawater and Chile Water Strategy
11:24 - Pampa Medina Tier One Discovery Potential
13:14 - 50kt Base, 75kt Growth Ambition
15:26 - 2026 Catalysts and $30–50M Drill Program
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Allied Gold Agrees to C$5.5B All-Cash Sale to Zijin Mining | Peter Marrone

Sun, 01 Mar 2026 21:00:00 -0500

Allied Gold (TSX: AAUC; OTCQX: AAUCF) Chairman & CEO Peter Marrone says the company’s C$5.5 billion all-cash sale to Zijin Mining secures what he views as full and fair value, less than two years after Allied’s September 2023 IPO at an approximate C$970 million valuation. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Marrone said the board set a clear pricing threshold during negotiations. “It has to be in the mid forties,” he said, referring to the per-share level required to support a transaction.

Allied rose more than 300% last year on the Toronto Stock Exchange, with the offer coming at a premium to an all-time high. Marrone pointed to recent gold price volatility, noting realized prices in the $3,400–$3,800 range before spot briefly moved above $5,000 per ounce. “There’s a lot of air in between,” he said, describing the risk of sharp swings and the rationale for locking in a cash floor. Allied’s portfolio is anchored by the Sadiola mine in Mali, with more than 10 million ounces of resources, and the Kurmuk project in Ethiopia, expected to produce close to 300,000 ounces annually at roughly $950 per ounce AISC. Shareholders vote in March, with closing anticipated in April.
Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:43 - C$5.5B Allied Gold Takeover Overview
02:25 - Why the All-Cash Offer Locks in Value
04:19 - Strategic Process and Asian Buyer Engagement
07:24 - Deal Timeline and “Mid Forties” Price Target
09:06 - Gold Price Volatility and Risk Management
11:20 - Jurisdiction Risk and Tier 1 Asset Reality
15:14 - Dividend Discipline and Share Buybacks
17:24 - Shareholder Vote in March, Closing in April
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Equinox Nears Net Cash as 1Moz Gold Plan Advances | Darren Hall

Sun, 01 Mar 2026 21:00:00 -0500

Equinox Gold (TSX: EQX; NYSE American: EQX) CEO Darren Hall says the company has reset its balance sheet and is now focused on disciplined execution as it advances toward becoming a 1 million oz per year producer. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Hall said Equinox reduced net debt from more than $1.4 billion at the end of June 2025 to less than $100 million at the end of January 2026, alongside launching an inaugural dividend and applying for an NCIB. “I think it’s more creating a boring business,” he said, describing a strategy centered on quarter-on-quarter delivery and rebuilding credibility with investors.

Equinox produced 923,000 oz in 2025, up 48% year over year, and Hall highlighted operational momentum at Greenstone and Valentine, where throughput reached 110% of nameplate month to date in February after winter-related challenges in January. He outlined an organic growth pipeline including Valentine Phase 2, Castle Mountain, and Los Filos expansion, supported by a $70–$80 million exploration budget and a target to drive total all-in costs below $2,500 per oz, excluding major growth capital.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:27 - Equinox Calibre Merger And CEO Transition
01:21 - 2025 Balance Sheet Reset And Dividend Launch
03:13 - Path Toward 1 Million Ounces Per Year
04:46 - Brazil Asset Sale Legal Challenge Explained
06:04 - Greenstone And Valentine Operational Update
07:53 - Cost Discipline And Sub $2,500 All In Target
10:27 - Net Debt Reduction And Liquidity Position
12:29 - AI Discovery At Valentine And $70M–$80M Exploration Budget
16:02 - Targeting Top Quartile Peer Valuation
18:25 - Castle Mountain And Los Filos Capital Priorities
19:58 - M And A Speculation And Organic Growth Focus
20:41 - Investor Meetings And Shareholder Base Shift At BMO
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Coeur Mining Makes “Massive Leap Forward” With New Gold | Mitch Krebs

Sun, 01 Mar 2026 21:00:00 -0500

Coeur Mining (NYSE: CDE) President & CEO Mitch Krebs says the company’s acquisition of New Gold marks a transformational step, accelerating Coeur into a larger, more resilient North American silver, gold, and copper producer. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Krebs said the deal builds on last year’s SilverCrest acquisition and moves Coeur into a new peer group with roughly $25 billion in market capitalization, more than $3 billion in EBITDA, and over $2 billion in projected free cash flow on a pro forma basis.

The combined company is expected to produce approximately 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper annually, while lowering overall costs by close to 20%. Krebs said the transaction strengthens the balance sheet, supports potential investment-grade metrics, and opens the door to broader institutional ownership, including eligibility for major U.S. equity indexes. “It’s a massive leap forward,” he said, describing the acquisition as positioning Coeur to perform through commodity cycles while maintaining its silver-dominant profile and expanding capital return options post-closing.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:43 - Why Coeur Is Acquiring New Gold Now
02:52 - “It’s a Massive Leap Forward”
04:23 - Building Scale and Through-Cycle Resilience
05:25 - Costs, Cash Flow, and Investment-Grade Balance Sheet
07:23 - Exploration Growth and Capital Return Strategy
09:18 - Investor Interest Surges at BMO Conference
10:27 - Seven-Asset Portfolio and Integration Focus
11:27 - 2026 Milestones Including Silver Tip Project
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Vicuña Advances 38Mt Copper District Toward 2026 FID | Ron Hochstein

Fri, 27 Feb 2026 11:00:00 -0500

Vicuña Corp CEO Ron Hochstein says the newly combined Jose Maria and Filo del Sol deposits position the Vicuña district as one of the world’s largest and most advanced undeveloped copper projects, with a staged path toward a final investment decision by the end of 2026. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Hochstein said the recently released preliminary economic assessment outlines a $7.1 billion first-stage development centered on the fully permitted Jose Maria deposit, with total staged capital rising to roughly $11 billion. If built, the project would represent the largest private investment in Argentina’s history.

The district hosts combined resources of 38 million tonnes of copper, 81 million ounces of gold, and 1.4 billion ounces of silver, with a projected mine life exceeding 70 years. Hochstein said the immediate priorities are advancing engineering to a Class 2 capital estimate, finalizing provincial agreements in San Juan, and progressing Argentina’s RIGI investment framework as financing options are evaluated. “See this project through now to successful first copper,” he said, describing his mandate as delivering construction while optimizing future phases across the broader Vicuña district.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:40 - PEA Outlines $7.1B Stage One Development
02:07 - Why Jose Maria Is Ready for FID
03:32 - Staged Approach Reduces Risk and Optimizes Philo
04:41 - Argentina Government Backing and $7B Investment Impact
06:56 - Permitting, Engineering, and San Juan Provincial Agreement
08:14 - Chile Argentina Binational Treaty and Cross-Border Mining
10:17 - Copper M&A Wave and Industry Consolidation
11:57 - Silver Streaming and Project Financing Options
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Vale Base Metals Eyes 700,000-Ton Copper as IPO Plans Accelerate | Shaun Usmar

Thu, 26 Feb 2026 17:00:00 -0500

Vale Base Metals CEO Shaun Usmar says the company is reshaping its nickel and copper portfolio as it advances a consortium that will invest more than $200 million in the Thompson Nickel Complex in Manitoba while accelerating high-return copper growth in Brazil. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Usmar said the Thompson transaction brings in new capital and partners while Vale Base Metals retains a 19% stake and remains a key customer, positioning the asset for renewed focus after more than 60 years of operation.

The company is targeting a doubling of copper production from roughly 350,000 tonnes per year to 700,000 tonnes through brownfield expansions, delivering returns above 25%, with some projects exceeding 50% internal rates of return following capital reductions and design changes. Usmar said operational discipline is driving the turnaround, with EBITDA rising from about $1.3 billion in 2024 to $2.3 billion in 2025 and nearly $1 billion of cash performance improvement, much of it from management actions rather than price. “We exceeded guidance for the first time in the history of this business,” he said, adding that the company is positioning to be IPO-ready by mid- to late-2026 while driving its nickel operations into the lower half of the cost curve.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:59 - Thompson Nickel Consortium Deal
02:42 - Why a Minority Stake
03:26 - Nickel Timing and Indonesia
05:15 - Cutting Costs and Boosting Throughput
07:07 - Canada Nickel Projects Reality Check
08:15 - Copper Growth to 700k Tons
13:14 - IPO Readiness and Timeline
16:54 - Long Term Investing and Geopolitics
20:24 - Valuation Expectations
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

New Gold Extends Rainy River to 2035 After 99% Vote for Coeur Deal

Thu, 26 Feb 2026 12:00:00 -0500

New Gold (NYSE American: NGD; TSX: NGD) CEO Patrick Godin says disciplined execution and reinvestment transformed the company ahead of its approved acquisition by Coeur Mining. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Godin outlined how Rainy River’s open pit was once expected to end in 2027 and the underground in 2030. Through sustained exploration investment, mine life has now been extended to 2035, materially reshaping the company’s long-term outlook.

Godin said the transaction expands New Gold from a two-asset producer into a seven-asset, North America-focused portfolio with meaningful silver exposure alongside gold and copper. Shareholders approved the deal with a 99% vote. “We planned the mine, and we mined the plan,” he said, describing a shift toward tighter operational discipline and accountability. The combination adds scale, reduces asset concentration risk, and positions the company for greater stability across commodity cycles.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:24 - New Gold Turnaround Blueprint and Culture Reset
01:40 - Planning Discipline and Cash Flow Reinvestment
02:51 - Rainy River Mine Life Extended to 2035
04:17 - Talent Retention and Workforce Challenges in Mining
09:22 - Why Sell After Recovery and 99% Shareholder Vote
10:42 - Portfolio Fit, Commodity Mix and Risk Diversification
13:13 - Consolidation Trends and Mining Talent Gap
14:46 - Sector Outlook, Capital Discipline and Technology
17:52 - What’s Next for Patrick Godin?
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

First Majestic Doubles Dividend, Eyes Growth to 50M Ounces | Keith Neumeyer

Thu, 26 Feb 2026 12:00:00 -0500

First Majestic Silver (NYSE: AG; TSX: AG) CEO Keith Neumeyer says silver’s move above $100 per ounce confirms tightening supply-demand fundamentals, even with a correction into the $80–$85 range. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Neumeyer said large institutions still “don’t believe the market,” arguing silver equities remain well below prior-cycle valuations despite stronger metal prices.

First Majestic generated $250 million in free cash flow in Q4, holds approximately $1 billion in cash, and reported roughly $1.2 billion in revenue last year. The company produced 33 million ounces on an equivalent basis in 2025 and is targeting 50 million ounces longer term through exploration and internal expansions, with about $50 million allocated to exploration and roughly $80 million to development this year. “I think we’ll see 5,000 gold,” he said, adding that silver would go back to “triple digits fairly shortly.” Neumeyer also expects consolidation to accelerate, predicting the mining sector could shrink significantly over the next five years.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:48 - Why Silver Stocks Are Still Lagging Metal Prices
04:59 - Planning the Business Through Silver Volatility
06:31 - Cash Allocation: Dividends, Buybacks, and Growth
08:30 - Capital Discipline and the Coming M&A Wave
10:20 - Record-Low 0.125% Convertible Note Refinancing
12:02 - $4.3B Wheaton Stream and Silver’s Strategic Role
14:04 - First Majestic’s Role in Sector Consolidation
15:13 - Mexico Security Monitoring and Crisis Management
17:10 - Succession Planning and Leadership Development
19:24 - Path to 50 Million Ounces of Annual Production
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Lundin Unveils 70-Year Copper Giant, Targets Top Five Global Scale | Jack Lundin

Wed, 25 Feb 2026 12:00:00 -0500

Lundin Mining (TSX: LUN; Nasdaq Stockholm: LUMI) has released the first integrated preliminary economic assessment for the Vicuña copper district in Argentina, combining the Jose Maria and Filo del Sol deposits into a staged development plan. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, President and CEO Jack Lundin said the project could rank among the top five copper, gold, and silver producers globally.

The PEA outlines an initial 25 years, averaging about 400,000 tonnes of copper and 600,000 ounces of gold annually, with peak years exceeding 500,000 tonnes of copper and 800,000 ounces of gold. Full-scale development carries a projected mine life of more than 70 years. “No better project out there that exists today, I believe in the copper sector than Vicuña,” Lundin said.

With fiscal stability applications submitted under Argentina’s RIGI regime and a potential final investment decision targeted before year-end, Lundin Mining is positioning Vicuña as a multi-decade copper growth platform. Lundin also discusses financing flexibility and the company’s ambition to become a top 10 global copper producer.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com

01:02 - Vicuña Integrated PEA: Jose Maria + Filo del Sol
01:55 - 70+ Year Mine Life and Top Five Copper Scale
02:49 - Fast Track to FID: RIGI, EIA, and Timeline
05:11 - Leadership Team and Execution Plan at Vicuna
06:26 - Greenfield Build Risks at 4,500m Elevation
08:05 - Infrastructure Strategy and Potential Spinout
11:03 - Chile–Argentina Binational Mining Protocol
12:52 - Funding Strategy, Credit Facility, and Streaming Options
14:55 - Portfolio Reshaping: Europe Exit and Eagle Sale
17:10 - Copper M&A Trends and Top 10 Producer Ambition
19:08 - Chile Politics, Copper Outlook, and 2026 Milestones

__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Collective Targets 5–7 Moz Resource After Major Ramp Intercept | Ari Sussman

Wed, 25 Feb 2026 09:00:00 -0500

Collective Mining (TSX: CNL; NYSE American: CNL) Executive Chair Ari Sussman joins Kitco Mining’s Investment Trends with Paul Harris to discuss new high-grade drilling from the Ramp Zone at the Guayabales Project in Colombia and the path toward a maiden resource in the first half of 2027.

On February 24, 2026, the company reported 54.55 metres grading 7.04 g/t gold and 16 g/t silver from hole APC150-D1, with assay results pending for another 370.25 metres. Sussman said it is “the first time we’ve drilled a ramp from the south in a northeastern direction,” a shift he believes is confirming continuity along the breccia margins. Collective has confirmed 315 metres of high-grade mineralization along the outer southeast margin, with roughly 1,200 metres of additional breccia circumference still to be tested. Visual logging from the first western breccia hole intersected at least 20 metres of Ramp-style mineralization, with assays expected in late March 2026.

Sussman said the company is “hoping to drill somewhere between five to 7 million ounces in our maiden resource” while advancing what he called its largest drill year ever at up to 100,000 metres in 2026. He also addresses drilling at San Antonio, tungsten prices up north of 500% over the past 12 months, investor focus on Colombia’s upcoming presidential election, and why he believes major producers face long-term growth challenges that could drive future M&A.

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.

02:06 - San Antonio Drilling and Porphyry Target Expansion
04:25 - Ramp Zone Expansion and Breccia Margin Potential
06:01 - 5 to 7 Million Ounce Maiden Resource Target
08:14 - Metallurgy Results and Expected Recoveries
09:27 - Gold Bull Market and Valuation Discussion
11:33 - Colombia Election Risk and Investor Concerns
12:53 - Building the Executive Team for Development
15:50 - 100,000 Meter Drill Plan and 2026 Catalysts
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

LunR Royalties Secures $670M Silver Stream on Fruta del Norte | Adam Lundin

Tue, 24 Feb 2026 17:00:00 -0500

LunR Royalties (TSXV: LUNR) has announced a $670 million life-of-mine silver stream on Lundin Gold’s Fruta del Norte mine in Ecuador, a deal that delivers immediate precious metals cash flow to the recently listed royalty company. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference in Florida, CEO Adam Lundin described the structure as “a very elegant way to get cash flow into Lunar,” with approximately 50 million LunR shares issued to Lundin Gold for distribution to its shareholders.

The stream provides exposure to more than 500,000 ounces of annual silver production, closely aligned with Lundin Gold’s roughly 500,000 ounces of gold output. The transaction increases LunR’s free float, introduces Newmont as a major shareholder with board representation, and positions the company within the underrepresented $1 billion to $10 billion royalty gap. A shareholder vote is required to complete the transaction as LunR scales into a cash-flowing precious metals platform.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

👉 Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:23 - $670M Silver Stream Deal Overview and Rationale
00:43 - How the Share-Based Streaming Structure Works
02:36 - Liquidity, Free Float and Newmont as Shareholder
03:57 - Why Build a Royalty Company Now
04:52 - Scaling LunR Into the $1B–$10B Royalty Gap
05:38 - Competing for Deals in a Crowded Royalty Market
06:33 - Vicuna PEA Results and Phase One Economics
07:36 - Large Silver Stream Deals and Vicuna Potential
08:46 - Faraday Copper Deal With BHP Explained
09:48 - Copper Market Outlook at $6 Per Pound
10:53 - What’s Next for LunR Royalties
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

B2Gold Founder Clive Johnson to Step Down as CEO in June

Tue, 24 Feb 2026 15:00:00 -0500

B2Gold (NYSE American: BTG; TSX: BTO) founder Clive Johnson will retire as President and CEO at the company’s annual meeting on June 4, ending a two-decade run that built the miner into a 1 million ounce per year gold producer. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference in Florida, Johnson said it was “a good time to look at passing the baton.” CFO Mike Cinnamond will succeed him, with Johnson remaining as chair emeritus.

The transition comes as B2Gold ramps up the Goose mine in Nunavut, where crushing circuit modifications are underway as production moves toward design capacity. The company forecasts 2026 production between 820,000 and 970,000 ounces, with output expected to return to 2025 levels by 2027. In Mali, a regional permit at Fekola is expected shortly and could add 180,000 ounces per year.

Johnson said B2Gold is “clearly undervalued” and must “get value for the existing assets” before pursuing acquisitions.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

👉 Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com

00:40 - B2Gold CEO Clive Johnson to Retire on June 4
01:28 - CFO Mike Cinnamond Named Successor
01:45 - Legacy, Values and Global Expansion
02:38 - Goose, Fekola, and Gramalote Growth Pipeline
04:07 - Gramalote Strategy at Higher Gold Prices
05:52 - Path to 2 Million Ounces: M&A and Expansion
06:38 - “Clearly Undervalued”: Stock and Market Perception
08:58 - Goose Ramp-Up and Crushing Circuit Fix
09:34 - 2026 Production Outlook and Free Cash Flow
10:27 - Dividend Policy and Share Buybacks
11:49 - What’s Next for Clive Johnson
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Agnico Delivers $4.4B FCF, 40% Returns, 4M oz Plan | Ammar Al-Joundi

Mon, 23 Feb 2026 17:00:00 -0500

Ammar Al-Joundi, President and CEO of Agnico Eagle Mines (NYSE: AEM; TSX: AEM), says the company is in its strongest financial position after a record 2025. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference in Florida, Al-Joundi highlighted roughly $4.4 billion in free cash flow, about $950 million in debt repayment, and $1.4 billion returned to shareholders in 2025.

“Our job is to give them as much of that increase as possible,” he said, adding Agnico delivered “over 95%” of the gold price increase to its owners through cost discipline and operating performance.

Looking ahead, Al-Joundi outlined a plan to increase production 20 to 30% over the next decade, targeting more than 4 million ounces annually in the early 2030s, with growth anchored by Detour Lake, Canadian Malartic, Hope Bay, and Upper Beaver. He said the company expects to make a go-ahead decision on Hope Bay in May and plans to return about 40% of free cash flow to shareholders this year while maintaining full exposure to gold prices.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

👉 Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com

01:05 - Record 2025 Results: Safety, Cost Control, and Margin Discipline
02:39 - 10-Year Growth Plan: Four Projects Targeting 4M+ oz
03:56 - Detour Lake Expansion: Underground Mining to Reach 1M oz
04:46 - Canadian Malartic: Higher-Grade Replacement for Open Pit
06:44 - Capital Allocation Strategy: IRRs, 15% Hurdle Rate and Discipline
08:28 - Free Cash Flow Returns: “It’s our owners’ cash” and 40% Target
10:28 - Dividends in a Cyclical Gold Business and Reserve Growth
14:42 - Cost Control, Gold Outlook, and No Hedging Policy
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

$250B Copper Shortfall Forces New Era of Streaming Deals | Rick Rule

Fri, 20 Feb 2026 10:00:00 -0500

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down what he sees as a structural capital crunch in copper and a turning point in mine finance. Rule says “the copper industry requires at least $250 billion in capital expenditure over the next 10 years to maintain current levels of output,” arguing that traditional funding sources are falling short.

He explains why Wheaton Precious Metals’ $4.3 billion silver stream with BHP, announced February 17, 2026, may signal a new era of mega-deals, and how royalty and streaming companies could further lower their cost of capital through long-dated bonds backed by existing streams. On Lundin and BHP’s Vicuña project, following the integrated PEA released February 17, 2026, Rule says if the “most exciting copper discovery on the planet” struggles to meet hurdle rates, it may point to copper’s true incentive price.

Rule also contrasts what he calls “the best permitting environment that we've seen in the last 30 years” at the US federal level with the latest legal setback for Alaska’s Pebble project, including a Department of Justice brief filed February 16, 2026.

In this interview, Rick Rule also discusses:
• Streaming arbitrage and copper’s capital gap
• Copper IRRs and long-term price signals
• US permitting signals from Arizona to Pebble

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.

00:51 - Rick Rule Copper Bootcamp: Investing in Copper in 2026
03:45 - Wheaton–BHP $4.3B Silver Stream Deal Explained
09:24 - Franco & Wheaton 20–30 Year Bonds: Lowering Cost of Capital
11:16 - Lundin & BHP Vicuña PEA: 400kt Copper, $7.1B Stage 1 Capex
14:08 - Copper Price Floor? IRR Sensitivity & Argentina Fiscal Stability (RIGI)
17:54 - How Vicuña Gets Built: Case for Another Billion-Dollar Stream
23:19 - Arizona Sonoran Cactus Project: Rio Tinto Exit & US Permitting Shift
26:44 - Pebble Project Legal Battle: DOJ Brief & Community Strategy
34:53 - Elemental Royalty Dividend in Tether Gold Explained
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Goldstorm Launches 3,000 m Drill Program on 1.2 km Anomaly | Ken Konkin

Thu, 19 Feb 2026 13:00:00 -0500

Goldstorm Metals (TSXV: GSTM) President and CEO Ken Konkin joins Kitco Mining’s Investment Trends with Paul Harris to outline the company’s 2026 drill campaign in British Columbia’s Golden Triangle, targeting a large copper-gold-silver system along the same regional trend that hosts KSM, Treaty Creek, and Brucejack. Konkin says the focus is a 1.2 km IP chargeability anomaly on the Orion Spine, adding, “we're after the elephant here, not the, not the mink or the fox here, we're after the elephant.”

Goldstorm plans a 3,000 m first-pass program this summer to test what Konkin described as “a large 1 billion ton target,” with success defined as intercepting “0.3% copper, say a gram gold over hundreds of meters.” He also pointed to historic drilling on trend that returned “222 meters of 0.9 gold.”

Beyond the deep porphyry target, Konkin highlighted high-grade gold-silver upside at Delta West, including surface samples up to 39.9 grams gold. With over $1 million in treasury and what he called “a very safe geopolitical arena,” he argues the region remains underappreciated, adding, “This is truly a silver belt as much as it is a gold belt.”

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.

02:20 – From Tudor Gold to Goldstorm: The November 2022 Spinout Strategy
03:55 – The Structural “Pendulum”: Why This Trend Hosts Giant Deposits
05:26 – Exploration Template: Geophysics, Chargeability & “Hunting the Elephant”
07:46 – Defining Success: “1 Billion Ton” Target & What a Hit Looks Like
09:10 – 3,000 m Drill Plan: Spacing Strategy & Resource Timelines
11:01 – AI in Exploration: Where It Works and Where It Doesn’t
13:24 – Surviving the Junior Financing Market Since 2022
15:43 – High-Grade Upside: RUM, Electrum & the Silver-Gold Trend
18:41 – 2026 Field Strategy: Target Selection & Phase Two Funding
20:18 – Drill Logistics: July Start, Helicopters, Camp & Assay Timing
21:11 – Silver Economics: Why “This Is Truly a Silver Belt”
25:07 – Next 12 Months: Catalysts, Delta West & 39.9 g/t Surface Gold
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Newcore Gold Pushes Enchi Forward as Exploration Upside Grows | Luke Alexander

Mon, 09 Feb 2026 20:00:00 -0500

Newcore Gold (TSXV: NCAU) President and CEO Luke Alexander joins Kitco Mining’s Investment Trends with Paul Harris at VRIC 2026 to discuss advancing the Enchi gold project in Ghana’s Bibiani Shear Zone and how higher gold prices are shaping development decisions across Africa.

Alexander says the company has expanded drilling to 45,000 m but is “still just scratching the potential across our entry project,” with more than 25 targets identified and only nine drilled so far. Recent high-grade results, including visible gold, are helping validate the geological model and support the potential for feeder zones similar to those that have driven significant resource growth at other major Ghanaian gold mines.

Looking ahead to a pre-feasibility study targeted for June 2026, Alexander outlines how optimization work and a higher gold price environment could improve project economics. He explains that for every $100 move in the gold price, the project’s after-tax net present value increases by roughly $50 million, highlighting the leverage embedded in Enchi beyond the assumptions used in the 2024 preliminary economic assessment.

The discussion also covers warrant expiry on Feb. 27, 2026, funding for expanded drilling, and the potential for a rerating as Enchi advances toward development and a possible production decision by 2029.

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.

00:36 – Enchi Project Update: Drilling Progress and Exploration Upside
01:56 – High-Grade Gold Results and Visible Gold Discoveries
05:35 – Pre-Feasibility Study Plans and Project Optimization
11:22 – Balance Sheet Strength, Warrants, and Funding Strategy
20:17 – Gold Market Dynamics, Africa M&A, and Valuation Gaps
23:56 – Key Catalysts, PFS Timeline, and Closing Remarks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Silver’s Breakout Is Reshaping Silver Valuations | Jim McDonald

Mon, 09 Feb 2026 20:00:00 -0500

Kootenay Silver (TSXV: KTN; OTCQX: KOOYF) President and CEO Jim McDonald joins Kitco Mining’s Investment Trends with Paul Harris to explain why the silver bull market is forcing a rethink on valuations and why developers with scale are positioned for a catch-up move. McDonald says Kootenay’s approach is to build value by de-risking its assets while keeping strategic options open, adding, “we aim to be a seller.”

McDonald discusses progress at the Columba Project in Chihuahua, Mexico, where Kootenay delivered a maiden inferred resource of 54 Moz silver grading 284 g/t and is drilling 50,000 m to expand wide, high-grade zones. He explains how vein thickness underpins project economics, noting, “The better the width, the lower that your cost.” The interview also highlights Kootenay’s pipeline of more than 300 Moz of silver equivalent across four deposits, the company’s strong capital position, and La Cigarra as a near-term inflection point, with a PEA expected in Q2 2026 that could mark its transition from explorer to developer as M&A interest builds in the silver sector.

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.

00:16 – Interview with Jim McDonald, Background and Company Overview
00:42 – Kootenay Silver’s Key Projects and Resources
04:18 – Business Strategy and Future Plans
06:58 – Columba Project Deep Dive and Expansion Potential
17:14 – Financial Position and Market Impact
32:27 – Promotional Activities and Market Perception
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Thesis Gold Lays Out Feasibility and Permitting Timeline | Ewan Webster

Mon, 09 Feb 2026 20:00:00 -0500

Thesis Gold (TSXV: TAU; OTCQX: THSGF) President and CEO Ewan Webster joins Kitco Mining’s Investment Trends with Paul Harris to discuss advancing the Lawyers-Ranch gold-silver project in British Columbia’s Toodoggone District following a pre-feasibility study released in December. Webster said, “We really wanted to let the project speak for itself, and I think it very much did that.”

The PFS outlines a 15-year mine averaging about 187,000 oz of gold equivalent per year at an all-in sustaining cost of roughly $1,185 per oz, based on conservative metal prices. Webster explains how grade, mine sequencing, and a brownfield development profile drive the project’s economics and leverage to today’s gold and silver market.

Webster also outlines the path toward feasibility in the second half of 2027 and a potential construction decision in late 2028, noting that permitting began in December and is budgeted at roughly three years. On the broader opportunity, he said the Toodoggone is “the most exciting exploration district in Canada, if not North America at the moment.”

The discussion also touches on Centerra Gold’s 9.9% strategic equity stake and First Nations participation as equity investors as Thesis Gold continues to de-risk toward development.

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.

00:27 – Thesis Gold Overview and B.C. Gold Project Introduction
00:54 – Lawyers-Ranch Project History and District Context
02:12 – Pre-Feasibility Study Results and Key Takeaways
04:45 – Project Economics, Grades, and Gold Price Leverage
07:17 – Exploration Upside and Feasibility Study Roadmap
08:53 – Strategic Partnerships and Toodoggone District Development
15:32 – Financing Position, Cash Balance, and Market Re-Rating
16:48 – Gold Sector M&A, Strategic Interest, and Data Room Access
18:16 – Key Catalysts and Outlook for 2026
21:10 – First Nations Equity Partnership and Closing Remarks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Discovery Silver Lays Out Path to 500K–750K Gold Ounces | Mark Utting

Mon, 09 Feb 2026 20:00:00 -0500

Mark Utting, Senior Vice President of Investor Relations at Discovery Silver, joins Kitco Mining to explain how the company is generating gold cash flow in Canada while advancing one of the world’s largest undeveloped silver projects in Mexico.

Discovery produced more than 66,000 ounces of gold in Q4 2025 and about 180,000 ounces from the April acquisition close through year end at the Porcupine complex in Northern Ontario. With more than $410 million in cash, no debt, and access to a $250 million revolving credit facility, the company is reinvesting cash flow to scale production toward 500,000 to 750,000 ounces per year over the next three to five years.

A key catalyst is the potential restart of the historic Dome Mine, which hosts an estimated 11 million ounces of gold in resources and could add 200,000 to 250,000 ounces of annual production. Utting also provides an update on the Cordero silver project in Mexico, including permitting progress and Discovery’s focus on minimizing dilution. “We give dual exposure on the precious metal side,” Utting said.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest mining news and interviews.

00:50 – Discovery Silver’s Dual Gold and Silver Exposure
02:06 – Porcupine Complex Operations and Growth Potential
04:14 – Financial Strength, Cash Flow, and Capital Strategy
10:34 – Cordero Silver Project, Permitting, and Mexico Outlook
15:40 – Production Growth Outlook and Closing Thoughts
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Inside the Metals Bull Market and the Return of Mining Capital | John Feneck

Mon, 09 Feb 2026 20:00:00 -0500

John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep with Paul Harris as gold and silver experience violent volatility following a historic surge. With prices pulling back sharply, Feneck argues the move does not invalidate the trend. “We’re in a bull market,” he said, stressing that sharp drawdowns are now part of a new trading reality.

Feneck reacts to breaking news around President Donald Trump’s nomination of Kevin Walsh to replace Jerome Powell as Fed chair, explaining why rate policy, a weakening U.S. dollar, and purchasing power matter for precious metals. He also breaks down why mining equities continue to lag metal prices, what could force a repricing across producers and juniors, and why the return of large financings signals a turning point after years of underinvestment in the sector.

Recorded January 30, 2026.

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.

00:24 - Fed Chair Nomination and Market Reaction
02:23 - Gold and Silver Volatility Update
06:17 - Stock Market and Metals Price Disconnect
09:59 - Major Mining Transactions and M&A
16:49 - Financing Trends and Capital Returning to Mining
19:25 - Ethical Mining and Global Perspectives
21:34 - Chile’s Mining Policy and Closing Thoughts
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

How Higher Silver Prices Are Reshaping Developers | Joaquín Marias

Mon, 09 Feb 2026 20:00:00 -0500

Argenta Silver (TSXV: AGAG; OTCQB: AGAGF; FSE: T1K) President and CEO Joaquín Marias joins Kitco Mining’s Investment Trends with Paul Harris to discuss how higher silver prices are influencing project strategy and exploration priorities for developers and explorers. Marias points to Argentina’s pro-mining shift under President Javier Milei as a key factor improving confidence around policy direction and long term investment. “There is no way to go back to what it was before,” he said.

Marias outlines Argenta’s approach at El Quevar, where the company is advancing toward a new mineral resource estimate while focusing on scale and exploration upside. He highlights a 40 60 exploration strategy that balances resource expansion with new discoveries across a largely unexplored land package, and discusses recent copper-gold results that suggest broader mineral potential beyond silver.

▶️ Watch Argenta’s previous Investment Trends interview for more on El Quevar’s resource base and Salta’s mining backdrop: https://youtu.be/OcQw1-eWCH8

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.

00:29 - Impact of Rising Silver Prices on Developers
01:51 - Resource Modeling Challenges and Valuation Assumptions
02:28 - Argenta’s Resource Base and Exploration Strategy
06:53 - Recent Financing and Institutional Investor Interest
08:18 - Exploration Results and New Copper Gold Discovery
14:50 - Geopolitics, Argentina’s Policy Shift, and Mining Outlook
20:27 - Key Catalysts and Forward Looking Priorities
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

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

Mon, 09 Feb 2026 20:00:00 -0500

Greg Kofford, Founder and CEO of Sorbie Bornholm, says geopolitical uncertainty continues to underpin precious metals. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Kofford said, “Precious metals respond to angst, fear consternation in the marketplace,” adding that silver’s recent strength followed a long period of underperformance relative to gold. He warned that a sharp reduction in political uncertainty could pressure prices.

Kofford outlined Sorbie Bornholm’s differentiated investment model, which provides additional capital as share prices perform without shareholder dilution. “We actually have a structure that gives companies more money as their stock price performs without them issuing additional shares,” he said, noting that elevated prices have made capital easier to raise across the sector.

On mining equities, Kofford said valuations have yet to fully catch up with metals prices. “Most of the companies are undervalued relative to historic valuations on an ounce in the ground versus an ounce out of the ground,” he said, adding that the transition from exploration to production remains the key valuation inflection point.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:17 – Sorbie Bornholm’s Non-Dilutive Investment Model
01:17 – Precious Metals, Market Angst, and Silver’s Catch-Up
02:37 – Geopolitics, Political Risk, and Metals Pricing
06:40 – Gold Stocks, Valuations, and the Path to Production
08:51 – How Mining Companies Should Communicate With Investors
11:56 – 2026 Outlook: Policy, Permitting, and Mining Momentum
__________________________________________________________________

Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

$6 Copper Still Isn’t Enough to Spark New Mine Development | Aurora Davidson

Mon, 09 Feb 2026 19:00:00 -0500

Aurora Davidson, president and CEO of Amerigo Resources, says copper prices near $6 per pound still fall short of incentivizing large-scale new mine development, underscoring how tight the global supply picture remains. Speaking with Kitco Mining at the VRIC 2026, Davidson said, “it doesn’t offset the risks involved in developing new copper mines,” pointing to high capital costs, long timelines, and permitting challenges that continue to slow new supply.

Davidson said tailings reprocessing stands out as one of the few practical, near-term ways to increase copper output, allowing producers to extract value from existing operations rather than build new mines from scratch. She explained that Amerigo delivers steady copper production by processing fresh and historic tailings from Codelco’s El Teniente mine, using scale and location to operate efficiently even in a capital-constrained industry.

She also highlighted Chile’s permitting bottlenecks as a growing constraint on future copper supply, noting that delays have become a critical issue for the sector. For Amerigo, Davidson said the focus remains on meeting production guidance, protecting margins, and returning capital to shareholders as copper markets and investment conditions continue to evolve.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:28 - Amerigo’s Tailings-Based Copper Business Model
00:54 - MVC Operations and Long-Term Partnership in Chile
04:03 - How Tailings Reprocessing Works at El Teniente
05:43 - Copper Prices, Supply Constraints, and Tailings Opportunity
10:07 - Capital Returns, Dividends, and Share Buybacks
17:51 - Chile’s Permitting Challenges and Copper Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Why High Prices Are Creating New Problems for Mining Companies

Mon, 09 Feb 2026 19:00:00 -0500

Nicole Adshead-Bell, director of Cupel Advisory, says the precious metals bull market is still in its early stages, with generalist investors largely absent despite sharply higher prices. Speaking with Kitco Mining’s Digging Deep at the VRIC 2026, Adshead-Bell said, “we are generating so much cash, what do we do with that cash?” as gold producers prepare to report sharply stronger margins and free cash flow.

Adshead-Bell said valuation frameworks across the sector remain structurally broken, with consensus pricing and reserve assumptions lagging well behind spot and forward markets. She argued that companies are often forced to make capital allocation and portfolio decisions using conservative reference prices that no longer reflect market realities, increasing the risk of poor asset sales and mispriced transactions.

She also said rising cash balances and changing management incentives are accelerating consolidation, as boards and executives become less entrenched and more willing to transact. Adshead-Bell pointed to growing all-cash deals, increased activity from royalty and streaming companies, and interest from non-Western buyers as signs that competitive tension is building, even as broader investor participation has yet to fully return.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:29 - Gold, Silver, and Copper Market Overview
01:30 - Conference Season, Cash Generation, and Investor Sentiment
02:21 - Capital Allocation Challenges in a Bull Market
03:05 - Why Consensus Pricing Is Breaking Down
04:32 - Mergers and Acquisitions Accelerate in Mining
07:55 - Major Mining Transactions and Deal Activity
14:41 - Role of Royalty and Streaming Companies in M&A
17:15 - Why Big Diversified Miners Are Consolidating
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Cabral Gold Advances Brazil Mine After Securing $45M US | Alan Carter

Mon, 09 Feb 2026 16:00:00 -0500

Cabral Gold Corp. (TSXV: CBR) President and CEO Alan Carter joins Kitco Mining’s Investment Trends with Paul Harris to discuss Cabral’s move into production at its Cuiú Cuiú gold district in Brazil, following a construction decision and secured project financing.

Carter said the company is building its phase one oxide operation and expects to declare commercial production in the fourth quarter of this year. A pre-feasibility study released in July 2025 outlined a starter mine producing roughly 18,000 to 19,000 oz of gold per year. “We modeled the project at a gold price of $2,500 an ounce,” Carter said, noting the study delivered a 78% after-tax rate of return and projected all-in sustaining costs of about $1,200 per oz. With gold prices now well above those assumptions, Carter said capital payback at current prices is “probably in the order of about four months,” adding the build is “on schedule” and “on budget.”

The interview also covers Cabral’s $45 million US gold loan financing, which Carter said involved no equity dilution and was provided by the company’s largest institutional shareholder. He said phase one cash flow is expected to fund exploration and growth, stating, “We are not going to need to dilute this capital structure going forward.” Carter also said the company plans to update its global resource later this year following 35,000 m of drilling and multiple new discoveries.
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 – Gold Development in Brazil and Cabral Gold Overview
01:22 – Cuiú Cuiú Project Overview and Construction Update
02:03 – Project Financing and Gold Loan Structure
05:11 – Project Economics, Payback, and Gold Price Assumptions
13:49 – Exploration Results and Resource Growth Potential
22:17 – Phase Two Strategy and Long-Term Growth Vision
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

With Capital in Place, Outcrop Silver Shifts to Execution | Ian Harris

Thu, 05 Feb 2026 18:00:00 -0500

Outcrop Silver (TSX: OCG; OTCQX: OCGSF; FSE: MRG) CEO Ian Harris joins Kitco Mining’s Investment Trends with Paul Harris to discuss how silver’s late January surge is reshaping the outlook for primary silver explorers, even as equity valuations lag the metal. Harris says Outcrop’s asset base has not changed, but its ability to execute has, noting, “I have two years of runway,” something he says he has not had in more than 12 years following recent institutional investment.

Harris outlines an accelerated strategy at the Santa Ana project in Tolima, Colombia, where Outcrop has four drills running and is preparing an updated mineral resource. The company’s last published resource stood at roughly 37 Moz of silver, with the current drill program aimed at a material increase in scale.

He adds, “The project has never had a PEA,” confirming the next phase is expected to include Santa Ana’s first economic study as Outcrop shifts toward development. Harris also stresses the importance of scale in a tightening silver M&A landscape, saying, “Scale still matters, right?”, while pointing to Colombia’s May election and a new president in August as market perception catalysts as updated guidance works its way into valuations.

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.

00:12 – Outcrop Silver Market Position and Primary Silver Exposure
00:48 – Impact of Rising Silver Prices on Explorers and Developers
01:15 – Financial Stability, Institutional Support, and Execution Plans
03:01 – Santa Ana Project Update and Resource Growth Strategy
06:48 – Valuation Gap and Silver Equity Market Perception
11:03 – Silver M&A, Amalgamation Trends, and Scale Requirements
15:34 – Colombia Elections and Jurisdictional Market Impact
17:32 – Key Catalysts, PEA Path, and 2026 Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Gold’s Rally Is Different as Central Banks and Investors Align | Michael Gentile

Tue, 03 Feb 2026 22:00:00 -0500

Michael Gentile, founder of Bastion Asset Management and a strategic investor in junior mining, says the current surge in gold reflects a structural shift driven by both central banks and financial investors. Speaking with Kitco Mining at the VRIC 2026, Gentile said, “it’s the first time we’ve seen both central banks and financial players buying at the same time,” arguing this dual demand dynamic is driving a long-overdue repricing in precious metals.

Gentile said earlier gains in gold were driven largely by central bank buying, while traditional financial investors were mostly absent. He said that has now changed, with financial participation accelerating as confidence in higher price levels grows, reinforcing the structural nature of the move rather than signaling speculative excess.

Turning to equities, Gentile said junior mining stocks remain deeply undervalued relative to metals prices, citing the persistent lag between physical markets and equity valuations. He said stronger margins, open capital markets, and improving balance sheets could drive reratings across the sector, while greater price stability may unlock increased cash-backed M&A activity.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Gold’s Bull Market Is About Debt, Not Speculation | Ronald-Peter Stöferle

Tue, 03 Feb 2026 22:00:00 -0500

Incrementum AG managing partner Ronald-Peter Stöferle says the surge in precious metals reflects a structural bull market rather than speculative excess. Speaking with Kitco Mining at the VRIC 2026, Stöferle said, “we’re in a bull market, we’re not in a bubble yet,” arguing gold’s strength is driven by a monetary revaluation tied to rising debt levels, persistent inflation, and financial repression. While corrections are inevitable, he said gold remains inexpensive when measured against global debt.

Stöferle pointed to central banks as a key pillar of demand, noting they have been buying “roughly a thousand tons of gold every year” since 2022. He added that Western financial investors only began reallocating to gold in 2024, suggesting broader participation may still lie ahead as confidence in traditional fixed income weakens.

Turning to mining equities, Stöferle said large-cap producers are entering a healthier phase marked by stronger cash flow and balance sheets, but stressed the cycle is not complete. “Junior mining stocks will really start outperforming the large caps,” he said, adding that this phase is only beginning to emerge. Incrementum is actively managing exposure while remaining positioned for further upside.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:29 – Gold and Silver Surge Signals a Structural Bull Market
00:57 – Why This Is Momentum, Not a Bubble
02:28 – Debt, Inflation, and the Monetary Case for Gold
05:14 – Portfolio Strategy as Fixed Income Loses Appeal
13:16 – Mining Stocks, Cash Flow, and the Junior Catch-Up
23:22 – What Comes Next for Gold and the In Gold We Trust Report
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Peter Krauth on Why Silver Mining Valuations Haven’t Caught Up

Tue, 03 Feb 2026 22:00:00 -0500

Peter Krauth, author of The Great Silver Bull and editor of Silver Stock Investor, says the silver market has entered a structurally different phase driven by persistent supply deficits and rising industrial demand. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Krauth said, “The fundamentals of the market have just changed completely.”

Krauth pointed to consecutive years of supply deficits, flat mine production, and continued inventory drawdowns as key constraints on the market. “The demand is high. Supply is flat. There’s essentially no prospect for more silver to start to come to market,” he said. He also highlighted the strategic role of China in the supply chain, noting, “China controls 60 to 70% of global silver refining.”

While acknowledging silver’s volatility and the potential for corrections, Krauth said the larger opportunity increasingly lies in mining equities, where valuations and analyst models have yet to fully adjust. He also outlined why consolidation is likely to continue, with producers moving down the food chain toward developers and select juniors as the cycle matures.

Watch Peter and Paul's conversation from VRIC 2024 here: https://youtu.be/jFN4lZmmrm4

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:26 - How Silver Entered a New Market Phase
01:01 - Supply Deficits, Flat Mine Output, and Inventory Drawdowns
02:11 - Global Silver Demand and China’s Role in the Supply Chain
06:30 - Volatility, Corrections, and How Investors Should Position
14:18 - M&A Trends and Why Silver Producers Are Moving Down the Food Chain
21:39 - Risks, Industrial Headwinds, and the Silver Investment Case
24:51 - Silver Demand from Solar, Data Centers, and Emerging Technologies
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

West Red Lake Turns Madsen Into a Producing Gold Mine | Shane Williams

Tue, 03 Feb 2026 22:00:00 -0500

West Red Lake Gold Mines (TSXV: WRLG) President and CEO Shane Williams joins Kitco Mining’s Investment Trends with Paul Harris at VRIC 2026 to discuss the company’s transition into commercial production at the Madsen Mine in Ontario’s Red Lake Gold District. Williams explains that commercial production reflects stable operations following ramp-up. “Once you get to that stability, you’re set and that’s where you declare commercial production,” he said.

Williams outlines a ramp-up toward 60,000 to 65,000 oz of gold per year and explains how West Red Lake rebuilt confidence in the asset through more than 180,000 meters of underground drilling, establishing a five-year mine plan and growing the workforce to about 250 people. With production underway, he says the company is beginning to generate free cash flow, allowing it to strengthen the balance sheet and fund growth.

The interview also explores how higher gold prices are reshaping economics at Madsen, lowering cutoff grades and expanding mineable tonnage. Williams outlines a hub-and-spoke strategy that could lift production toward 100,000 oz per year over time by feeding satellite deposits like Rowan into the Madsen mill, while rehabilitating an existing shaft to materially reduce haulage costs.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:34 - Declaring Commercial Production at Madsen
01:05 - What Commercial Production Means in Mining
01:54 - Rebuilding Confidence After Past Challenges
03:22 - Ramp-Up Plans and Regional Exploration
04:06 - How Gold Prices Impact Mine Economics
06:05 - Free Cash Flow and Balance Sheet Strategy
08:11 - Operator Experience as a Competitive Edge
10:34 - Key Catalysts and Growth Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Don Durrett on the Real Driver Behind the Metals Bull Market

Tue, 03 Feb 2026 22:00:00 -0500

Don Durrett, author and founder of GoldStockData, says the current metals bull market should be viewed as a full-cycle opportunity rather than a short-term trade. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Durrett explained that the core driver behind gold and silver is the growing fragility of the US bond market, which he views as the ultimate catalyst for higher precious metals prices. “It’s a cash business, so I focus on free cash flow,” he said.

Durrett said mining stocks remain early in the cycle based on valuation, arguing that free cash flow multiples matter more than quarterly earnings. He described the market as a one-time trade focused on the outcome, or what he calls “the prize,” rather than near-term volatility. His framework includes a normalization phase, followed by higher valuations and an eventual mania phase before profits are taken.

He also discussed portfolio construction, favoring producers and higher-quality development companies, his approach to managing volatility, and why he prefers owning acquirers rather than takeover targets as M&A activity builds across the sector.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:18 — Don Durrett’s Background and GoldStockData Framework
01:19 — Why Bond Market Fragility Drives Gold and Silver
04:02 — “Investing for the Prize” and the One-Time Trade Thesis
06:28 — Free Cash Flow Multiples and Why Mining Stocks Still Lag
11:55 — M&A Strategy and Why Durrett Prefers the Buyer
19:02 — 2026 Outlook and Where the Metals Cycle Stands
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

“There’s No Bubble in Metals. The Bubble Is the Dollar” | Willem Middelkoop

Tue, 03 Feb 2026 21:00:00 -0500

Willem Middelkoop, founder and CEO of Commodity Discovery Fund, says the metals bull market reflects a structural shift driven by currency debasement and rising geopolitical risk. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Middelkoop rejected the idea that metals are in a bubble. “There’s not a bubble in the metals. There’s a bubble in the dollar,” he said.

Middelkoop said silver stands out due to persistent supply constraints and the risk of a short squeeze, while mining equities continue to lag physical metals. He noted that silver producers are trading at valuation levels last seen at the bottom of the previous cycle, suggesting substantial revaluation potential as the market progresses.

He also outlined how Commodity Discovery Fund is positioned across producers and development-stage companies, using option strategies to manage downside risk. Middelkoop said rising free cash flow across the sector could draw broader generalist capital into mining equities as the cycle matures.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:29 — Which Metal Surprised Willem Middelkoop Most
01:17 — Why Middelkoop Says a New Era for Metals Has Begun
03:13 — Silver Supply Deficits and Short Squeeze Risk
04:02 — Weaponization of Metals and Geopolitical Tensions
05:09 — Copper Breakout and Emerging Market Signals
07:20 — How Commodity Discovery Fund Is Positioning in Mining Stocks
14:49 — Sovereign Debt Risks and the Next Financial Crisis
17:59 — Final Thoughts on Volatility and the Metals Cycle
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Gold Miners Show New Discipline as Prices Rise, Says Eldorado’s President

Sat, 24 Jan 2026 19:00:00 -0500

Christian Milau, President of Eldorado Gold (TSX: ELD; NYSE: EGO), joins Kitco Mining’s Paul Harris at the Future Minerals Forum 2026 to discuss leadership transition, capital discipline, and a major shift in the company’s cash generation profile.

Milau says that despite strong gold prices, gold equities have not yet attracted the level of generalist interest he would have expected. He argues this cycle differs from past gold booms, with producers operating more conservatively and prioritizing balance sheet strength and shareholder returns over aggressive expansion. At Eldorado, that discipline is reflected in share buybacks already underway and the consideration of dividends even as the company completes a large, capital-intensive development.

He highlights Eldorado’s focused portfolio in Greece, Turkey, and Canada, with Skouries in northern Greece nearing first concentrate and expected to materially lift cash flow as it moves toward commercial production. Milau describes the company as “turning to a cashflow inflection point, probably mid next year, where the cash will start coming in,” creating flexibility to reduce debt, increase shareholder returns, expand exploration, and advance projects internally. While open to selective opportunities, he says large-scale M&A is not required, with organic execution and disciplined capital allocation guiding the strategy.

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.

00:27 – Leadership Changes in the Gold Mining Sector
02:02 – Gold Prices, Equity Performance, and Investor Interest
03:03 – Capital Discipline, Buybacks, and Dividends in Gold Mining
07:57 – Eldorado Gold’s Portfolio Focus and Growth Strategy
12:47 – M&A Outlook and Industry Consolidation
14:50 – Middle Eastern Capital and Changing Mining Investment Dynamics
16:16 – Key Catalysts Ahead for Eldorado Gold
17:02 – Closing Remarks from Future Minerals Forum 2026
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Exploration Success Adds Upside to Montage Gold’s Kone Project | Martino DiCiccio

Fri, 23 Jan 2026 15:00:00 -0500

Montage Gold Corp. (TSX: MAU; OTCQX: MAUTF) CEO Martino DiCiccio joins Kitco Mining’s Paul Harris at the Future Minerals Forum 2026 to discuss construction progress at the company’s Kone Gold Project in Côte d’Ivoire, one of the largest gold mine developments currently underway.

The $860 million Kone project is expected to produce more than 300,000 oz per year during the first eight years of a 16-year mine life. DiCiccio says construction is advancing faster than planned following the addition of an oxide circuit, stating, “We expect to be in production by later this year,” earlier than previous guidance. He explains that the accelerated timeline brings cash flow forward at peak funding, allowing the company to reinvest into exploration and future growth.

DiCiccio also outlines ongoing drilling success across the district, including seven additional higher-grade deposits added to the resource stage over the past two years. He discusses Montage’s broader West African growth strategy, including its proposed acquisition of African Gold, as the company prepares to transition from developer to producer with a first gold pour expected later this year.

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.

00:31 – Kone Gold Project Overview
01:07 – Construction Progress and Accelerated Timeline
02:31 – Exploration Success and New High-Grade Discoveries
04:12 – Strategic Investments and African Growth Partnerships
09:41 – Gold Market Outlook and Growth Strategy
11:23 – Key Catalysts Ahead for Montage Gold
12:12 – Closing Remarks from Future Minerals Forum 2026
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Gold’s Demand Story Has Broadened Beyond Central Banks | David Tait

Thu, 22 Jan 2026 14:00:00 -0500

Gold’s rally is being driven by deeper structural forces than short-term headlines. Speaking with Kitco Mining’s Paul Harris at the Future Minerals Forum 2026 in Riyadh, World Gold Council CEO David Tait explains why demand for gold has broadened and what could ultimately change the trend.

Tait says central bank buying remains an important foundation, with purchases still close to 1,000 tonnes, but argues gold’s role is increasingly portfolio-driven. He points to shifts in Japan’s investor base, rapid growth in India’s gold ETF market, and regulatory changes allowing Chinese insurers to allocate to gold, opening a multi-trillion-dollar pool of potential demand. At the core of the rally, he says, is concern over rising sovereign debt and the risk of a long-term debt spiral.

“I can see six very, very, very strong reasons why the gold price should go higher,” Tait said, adding that only an unexpected success in managing debt through growth and lower interest rates could mark a turning point.

He also outlines the World Gold Council’s work to modernize gold’s role in the financial system through digital infrastructure that could make gold easier to use as collateral, while warning that sustained high prices risk expanding informal mining and environmental damage if supply chains are not formalized.

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.

00:26 – Structural Forces Driving Gold Demand
02:20 – US Debt, Interest Rates, and the Gold Market
04:50 – Digital Gold Reform and Artisanal Mining Risks
11:29 – Gold Price Sustainability and Investor Behavior
14:45 – Global and Social Implications of High Gold Prices
17:26 – Outlook and Closing Remarks
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Why Copper’s Rally Is Different This Time | Rob McEwen

Thu, 22 Jan 2026 14:00:00 -0500

McEwen Mining (NYSE: MUX; TSX: MUX) Executive Chair and Chief Owner Rob McEwen joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh as copper trades near $6 per pound.

McEwen says copper’s surge is being driven by excitement around future uses and a growing shortage of supply. He points to AI, electrification, energy infrastructure, long lead times, and the scarcity of major discoveries as structural forces reshaping the market, noting that for new copper projects, “it might take you 15 years” to move from discovery to production.

He highlights McEwen Copper’s Los Azules project in Argentina, where a feasibility study completed last fall showed an after-tax NPV of $2.94 billion at a $4.35 per pound copper price. With copper trading near $6 per pound, McEwen says the project’s economics strengthen significantly, adding, “at current prices, we’d have a gross margin in excess of 71%.” He outlines a mine life of more than 20 years with expansion potential, capital costs of about $3.2 billion plus working capital, and a timeline targeting construction in late 2026 or early 2027, with production around 2030.

McEwen also discusses financing pathways, including strategic partners, sovereign funds, equipment suppliers, and a potential public listing for McEwen Copper. He closes by explaining how copper, alongside gold and silver, positions the company to build long-term value as demand rises and supply remains constrained.

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.

00:26 – Copper Near $6 as Supply Tightens
01:09 – Geopolitics and Copper as a Critical Mineral
01:46 – Industry Restructuring and Copper M&A
02:54 – McEwen Copper’s Los Azules Project Economics
04:39 – Financing Strategy and IPO Options
06:47 – Gold, Silver, and Portfolio Strategy
08:57 – Copper Cycles, Supply Risks, and Sustainability
10:48 – AI, Data Centers, and Rising Copper Demand
14:53 – Outlook and McEwen’s Goals 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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Rising Demand and Tight Supply Reshape the Copper Market | Tristan Pascal

Wed, 21 Jan 2026 16:00:00 -0500

First Quantum Minerals (TSX: FM; OTCQX: FQVLF) President and CEO Tristan Pascal joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh as copper trades near $6 per pound.

Pascal explains that copper is increasingly being driven by a structural gap between supply and demand. Electrification, renewable energy, electric vehicles, data centers, and AI-driven grid upgrades are accelerating consumption, while new supply remains difficult to bring online. He highlights how tight the market has become, noting, “The world has seven to 21 days of copper on the shelf at any one time.”

He outlines why higher prices have yet to unlock large-scale new supply, pointing to declining grades, rising capital and operating costs, inflation, longer permitting timelines, and the cost of capital. Pascal also discusses why industry consolidation reflects execution risk rather than a lack of opportunity, and how First Quantum’s build-focused strategy differs from buy-led growth.

The conversation covers progress at the company’s S3 expansion in Zambia, the potential pathway for future projects such as Taca Taca in Argentina, and balance sheet restructuring following the closure of Cobre Panamá. Pascal also addresses engagement with the Panamanian government and First Quantum’s focus on disciplined growth as copper’s strategic importance continues to rise.

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.

00:27 – Copper Market Dynamics and Supply Challenges
02:40 – Impact of Inflation and Cost of Capital on Copper
04:10 – Recycling and New Demands for Copper
04:44 – AI, Data Centers, and Copper Supply
07:14 – Cost of Capital and Greenfield Copper Projects
07:50 – First Quantum’s Build vs Buy Strategy
09:24 – Taca Taca Project in Argentina
13:38 – Balance Sheet Restructuring and Financial Stability
15:31 – Panama Progress and Environmental Audit
22:01 – Geopolitics and Copper’s Role in Energy Security
24:20 – First Quantum’s Priorities for 2026
25:19 – Closing Remarks and Future Minerals Forum 2026
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Northern Graphite Targets 2028 Production With $200M Saudi Anode Project

Wed, 21 Jan 2026 16:00:00 -0500

Northern Graphite (TSXV: NGC) CEO Hugues Jacquemin joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh just minutes after signing a $200 million agreement to build a battery anode materials plant in Saudi Arabia.

Jacquemin outlines how the joint venture with Obeikan Investment Group came together after a year of work, saying, “We spent about a year working together on crafting the deal.” Phase one is designed to produce about 25,000 tons per year of battery anode material, is fully scalable, and targets a final investment decision in Q3 2026, with production expected by early 2028.

The plant will be supplied with graphite concentrate from Northern Graphite’s Okanjande mine in Namibia, which is set to restart and expand production. Jacquemin explains why Saudi Arabia offers key advantages, including faster timelines, lower energy costs, strong industrial infrastructure, and access to European, Asian, and Middle Eastern markets.

He also discusses qualification progress with global battery manufacturers, growing geopolitical pressure to secure ex China battery supply chains, and a widening price gap between China and non China graphite markets. Jacquemin says the Saudi facility is intended to serve as a model for future battery materials plants in North America and Europe.

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.

00:16 – Northern Graphite’s $200 Million Battery Anode Deal
01:56 – JV Structure, Capacity, and Project Timeline
03:36 – Why Saudi Arabia Is Strategic for Battery Materials
04:53 – Scaling Battery Anode Plants Across Regions
08:33 – Graphite Pricing and China vs Ex-China Markets
11:46 – Geopolitics and the Push for Ex-China Supply Chains
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Critical Minerals Move to the Center of US National Security Strategy | Dominic Raab

Wed, 21 Jan 2026 16:00:00 -0500

Dominic Raab, Head of Global Affairs at Appian Capital Advisory, joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh to discuss how geopolitics and national security are reshaping global critical minerals supply chains.

Raab says supply concentration and export controls have driven a tougher US response, noting “there is a galvanization of action coming out of Washington DC in response to the bottlenecks of supply that we've seen because of the high levels of concentration.” He explains why critical minerals are now viewed as a defense and industrial priority, not just a trade issue.

The interview explores how Washington is balancing onshoring with partnerships in friendly jurisdictions, using Saudi Arabia as an example of faster permitting and lower energy costs. Raab also weighs in on US–China competition, a more polarized global order, and why public-private partnerships and mid-cap miners may be key to expanding future supply.

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.

00:29 – US–China Critical Minerals Competition
01:19 – US–Saudi Arabia Critical Minerals Partnership
04:26 – Trump Policy, Venezuela, and Resource Security
09:45 – Public–Private Partnerships and Critical Minerals Financing
10:36 – Mining M&A and the Push for Scale
12:44 – 2026 Outlook for Critical Minerals Supply Chains
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Highlander Silver Reaches $730M Market Cap After Bear Creek Acquisition

Thu, 15 Jan 2026 07:00:00 -0500

Highlander Silver (TSXV: HSLV) President and CEO Daniel Earle joins Kitco Mining’s Investment Trends with Paul Harris to break down silver’s explosive move into the end of 2025 and the company’s decision to scale aggressively into the next phase of the cycle. With silver up roughly 170% last year and far outperforming gold, Earle says the move follows the typical structure of precious metals bull markets. “Silver begins to play catch-up and then take over leadership and really start to outperform,” he said.

Earle points to persistent supply deficits, rising demand from solar, electrification, and AI, and tight inventories as key forces shaping the silver market in 2026. He also highlights growing strategic competition for physical silver as China restricts exports and increasingly treats silver as a strategic metal, adding volatility to an already constrained market.

Turning to Highlander Silver, Earle outlines the company’s all-stock acquisition of Bear Creek Mining, valued at about C$130–140 million, which lifted Highlander’s market capitalization to roughly C$730 million. The deal adds the Corani silver development project in Peru, hosting 229 million ounces of silver reserves and more than 400 million ounces of total resources, supported by a 2019 feasibility study outlining average annual production of 9.6 million ounces. Earle says Highlander plans to restart exploration at Corani for the first time in a decade while continuing to advance its San Luis project toward permitting.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:06 – Highlander Silver’s Bear Creek M&A Transaction
00:34 – Silver Price Surge and Market Outlook
03:38 – Structural Supply and Demand Forces in the Silver Market
07:54 – China’s Role in Silver Supply and Price Volatility
11:57 – Highlander Silver Share Price Performance and Scale
15:12 – Corani Silver Project and Bear Creek Deal Details
23:37 – Mercedes Mine Overview and Non-Core Asset Strategy
26:46 – Peru’s Mining Sector and Renewed Investor Interest
29:21 – Highlander Silver’s 2026 Catalysts and Growth 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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Collective Mining Up 265% in 2025 as Apollo Expands at Depth | Ari Sussman

Mon, 12 Jan 2026 15:00:00 -0500

Collective Mining (TSX: CNL; NYSE American: CNL) Executive Chair Ari Sussman joins Kitco Mining’s Investment Trends with Paul Harris to reflect on a breakout 2025 and outline what could drive the next phase at the Guayabales Project in Colombia. At Apollo, Sussman explains that the discovery of the deeper RAMP zone has reignited growth at depth with higher-grade, bulk-style mineralization after the system appeared to be nearing its limits. “So we’re in growth mode, and this thing’s getting bigger and better,” he said.

Looking ahead, Collective plans to drill up to 100,000 meters in 2026, aiming to deliver a more advanced maiden mineral resource than is typical for early-stage discoveries, with a meaningful portion classified as indicated. The program will also refocus on the Trap target and continue early-stage drilling at San Antonio, where a shallow vein system sits above a deeper porphyry target.

Sussman adds that the company is already thinking like a future builder, with plans to start an exploration drift in the second half of 2026 to improve access, accelerate drilling, and help shorten the path toward future economic studies.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:41 – Collective Mining’s 2025 Discoveries and Share Price Momentum
01:23 – Apollo Deposit Update and RAMP Zone Expansion
02:43 – High-Grade Intercepts, Visible Gold, and Deeper Drilling at Apollo
06:57 – 2026 Drill Program and Maiden Resource Strategy
11:48 – Exploration Access Tunnel, Underground Strategy, and Permitting
14:23 – Colombia’s Political Outlook and Mining Investment Climate
16:09 – Financing, Institutional Support, and Corporate Strategy
22:00 – Key Catalysts, Growth Targets, and Long-Term Outlook
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Debt, Currency Debasement, and Why Gold Still Wins in 2026 | David Garofalo

Mon, 12 Jan 2026 15:00:00 -0500

Gold Royalty (NYSE American: GROY) CEO and Chairman David Garofalo joins Kitco Mining’s Paul Harris to outline why the macro forces driving gold higher remain firmly in place as 2026 begins, and how those dynamics are reshaping the royalty and streaming sector.

Garofalo links gold’s strength to decades of currency debasement, record global debt, and persistently negative real interest rates, arguing policymakers have few options left beyond devaluing fiat currencies. “Gold is the one monetary instrument that can't be debased,” he said, adding that with real yields still negative, there is little opportunity cost to holding gold versus sovereign debt.

Turning to the royalty space, Garofalo says the sector is entering a consolidation phase driven by cost of capital and scale. He outlines Gold Royalty’s evolution from a portfolio-build phase into a free cash flow business, highlighting a debt-free balance sheet, roughly 90% margins, and expectations for approximately 360% growth in attributable gold equivalent ounces over the next five years as key assets ramp up. He also discusses the growing role of new capital providers, including Tether, and why the industry is missing a mid-cap royalty “champion” capable of attracting large institutional investors while still delivering growth.

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.

00:34 – David Garofalo on Gold, Debt, and Currency Debasement
03:15 – Geopolitics, Negative Real Rates, and Gold’s Opportunity Cost
05:35 – Royalty Consolidation, Scale, and Cost of Capital
09:07 – Gold Royalty’s Free Cash Flow Profile and 360% Growth Outlook
16:22 – 2026 Outlook, Deal Discipline, and What Comes Next
__________________________________________________________________

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.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Gold Near $4,500, Silver Above $80: What Comes Next in 2026 | Greg Orrell

Tue, 06 Jan 2026 18:00:00 -0500

Greg Orrell, Portfolio Manager at OCM Gold Fund, joins Kitco Mining’s Paul Harris to break down why the precious metals market enters 2026 in uncharted territory. With gold closing in on $4,500/oz and silver pushing through $80/oz at the time of recording, Orrell highlights how unusual the move has been, noting that “the gold price went up every single month in 2025,” something he says has not happened going back to 1971.

Orrell says the rally reflects a structural shift in demand, led by non-Western buyers and new participants such as Tether, which he says is buying gold on a regular basis. He argues that rising U.S. debt and deficit spending remain the central drivers for gold, while Western investors are still largely on the sidelines. The discussion also explores why silver has entered a new phase, what record margins mean for miners, and why discipline, per-share delivery, and capital returns matter as the cycle evolves.

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.

00:28 – Greg Orrell and the OCM Gold Fund
01:37 – Gold and Silver’s Historic 2025 Run
03:02 – What Drove Gold and Silver Higher
06:33 – Outlook for Gold and Silver in 2026
13:00 – What $4,500 Gold Means for Producers
18:39 – How Orrell Evaluates Gold Stocks
24:35 – M&A Outlook for Gold Miners
27:10 – Risks, Pullbacks, and Key Watchpoints
30:17 – Final Thoughts on the Gold Cycle
__________________________________________________________________

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.

New TSXV Listing Syntholene Eyes Commercial Fuel Before 2030

Wed, 17 Dec 2025 09:00:00 -0500

Syntholene Energy (TSXV: ESAF) CEO Dan Sutton says the company’s synthetic jet fuel strategy is built on proven industrial execution, supported by a board with deep mining, uranium, and infrastructure experience. Newly listed on the TSXV, Syntholene is positioning itself as a next-generation fuel producer using geothermal heat to drive high-temperature electrolysis and deliver a major cost advantage. “We build real things, and I think over the course of the next. Six, 12, and 18 months. Investors are gonna see the evidence of that materialized,” he said.

The company expects to deploy its first geothermal to electrolysis demonstration system by the end of next year, following successful prototype work at Idaho National Lab. Sutton says commercial production before 2030 is possible with strategic customers and project financing similar to large-scale mining infrastructure. He added that synthetic fuels can meet the purity and performance standards required for civilian and military turbines, aligning the technology with broader themes of energy security.

Key catalysts include the demonstration build, Iceland deployment, customer discussions, and potential strategic partners.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Tom Palmer’s Final Interview: Newcrest, Divestitures, and What’s Next

Tue, 16 Dec 2025 15:00:00 -0500

In his final interview as CEO of Newmont (NYSE: NEM; TSX: NGT), Tom Palmer joins Kitco Mining’s Paul Harris to reflect on the decade that reshaped the world’s largest gold producer. Palmer steps down on December 31 after steering the company through the Goldcorp integration, the COVID era, cost inflation, and the landmark acquisition of Newcrest. He says the Newmont he is handing to incoming CEO Natasha is fundamentally stronger. “We now have 12 managed operations. Each of them has very long life ore bodies that we can confidently make decisions on a 20 to 30 year timeframe.”

Palmer explains how Newmont exceeded expectations in its divestiture program, returned more than $2.7 billion to shareholders this year, and built a portfolio designed to generate reliable free cash flow through the price cycle. He also discusses the shift toward generalist investors, the role of discipline as gold trades near record levels, and how consolidation, digital gold, and new buyers like Tether could shape the sector in 2026. As he transitions into an advisory role, Palmer shares what he hopes to see next from the global gold industry.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:27 – Tom Palmer’s Tenure and Leadership at Newmont
01:48 – Newmont’s Strength, Portfolio Quality, and Long Life Assets
04:32 – Why Tom Palmer Is Stepping Down as CEO
05:50 – Divestitures, Newcrest Strategy, and Capital Returns
10:21 – Investor Expectations, Guidance, and Free Cash Flow Discipline
17:56 – Gold Industry Trends, Consolidation, and Digital Gold
21:44 – Palmer’s Next Chapter and Life After Newmont
23:56 – Final Reflections and Farewell

Silver Cycle “Still Early” as Highlander Maps Multi-Year Growth Plan

Wed, 10 Dec 2025 11:00:00 -0500

Highlander Silver (TSX: HSLV) President and CEO Daniel Earle says the silver cycle remains in the early stages, with the gold-silver ratio still near 80:1. He notes the sector is trending toward a typical halving of that ratio across a full bull market cycle. “It reached a peak of 106/107:1,” Earle said, adding that silver should continue to outperform if global growth accelerates in 2026.

In October, Highlander closed a $95 million bought deal financing that was heavily oversubscribed, with “demand well in excess of $200 million.” Earle says the raise, alongside support from the Lundins, Augusta Group, and Eric Sprott, leaves the company fully funded for its baseline strategy. The 2026 plan includes beginning permits in Q1 for a 350-tonne-per-day starter operation at Yalán, advancing toward potential 2028 production.

On the exploration front, Highlander is preparing to integrate new geophysics, expand drilling at Bonita, and advance district-scale targets, including the Cerro Colorado porphyry, the Daniella porphyry system, and high-priority replacement potential at depth.

Highlander expects to release its 2026 drill plan early next year and continues to monitor potential index inclusion, starting with SILJ.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

https://youtu.be/BwXVZ6e8nKk?si=yKbTpL45j-hpA2Ws

Foran Mining Advances Rare Tier-One Copper Asset in Saskatchewan

Wed, 10 Dec 2025 11:00:00 -0500

Foran Mining (TSX: FOM; OTCQX: FMCXF) is preparing to bring Canada’s next copper mine online. Executive Chair Dan Myerson joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to give an update on the McIlvenna Bay build in Saskatchewan. Phase one carries an $800 million capital cost and is set to produce 65 million pounds of copper per year starting February 2026. Despite port closures, airline strikes, tariff shocks, and wildfire evacuations, Myerson says the team “overcame a significant amount of adversity” and the project “has gone incredibly well.”

Foran is the only new copper mine coming online in Canada as several long-running operations close, positioning the company at the centre of a tightening supply picture. Saskatchewan’s geology continues the historic VMS belt from Manitoba, giving the Foran district-scale potential beyond first production. And with high-quality mid-tier copper assets “as rare as hen’s teeth,” Myerson sees a strong strategic window ahead.

In this interview, Dan Myerson also discusses:
• Phase two and future district expansion
• Tesla Zone exploration and the upcoming maiden resource
• Government backing, permitting efficiency, and national priority status
• Creative financing options in a high-price metals environment
• How Agnico Eagle’s technical depth supports Foran’s ramp-up
• Copper, zinc, gold, and silver market dynamics heading into 2026

Don’t forget to subscribe to follow all of Kitco Mining’s coverage from the 2025 NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible.
Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/IZimaCPIh1Q?si=G_i8w_qUPkqARtwO

First Majestic’s Gatos Acquisition Drives Major Growth and 2026 Momentum

Wed, 10 Dec 2025 11:00:00 -0500

First Majestic Silver (NYSE: AG; TSX: FR) President and CEO Keith Neumeyer joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to discuss how the acquisition of Gatos Silver has transformed the company. With silver near $50 per ounce, First Majestic expects to produce about 32 million silver equivalent ounces in 2025, making this its strongest balance sheet in 22 years. Neumeyer says the timing of the deal “couldn’t have been much better,” as higher prices lift margins, free cash flow, and strategic flexibility.

With silver added to the U.S. critical minerals list and multi-year deficits reshaping global supply, Neumeyer outlines how First Majestic is increasing exploration, expanding mills at Santa Elena and Los Gatos, and positioning for further organic growth. Strengthening permitting conditions in Mexico and renewed investor interest across the sector are also helping shape the company’s outlook for 2026.

In this interview, Keith Neumeyer also discusses:
• First Majestic’s dividend and buyback strategy through its 1 percent revenue return policy
• How the Gatos Silver acquisition adds one-third to company-wide production
• Why structural silver deficits could support higher prices ahead
• Improving financing conditions for juniors and implications for future M&A
• Mexico’s permitting turnaround and what it means for new development
• Outlook for production, cash flow, and capital priorities in 2026

Don’t forget to subscribe to Kitco Mining to follow every interview from the 2025 NBF CEO Mining Conference.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/qDa9wDWAzgk?si=CDGo1e0jSEHN2QcE

Mining M&A Set for Major Expansion as Valuations Recover | Elian Terner

Wed, 10 Dec 2025 11:00:00 -0500

Mining M&A and financing activity continue to accelerate, according to Elian Terner, Managing Director and Head of Global Mining and Metals Investment Banking at National Bank Capital Markets. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Terner said, “This year was a record year for us” as developer financing reopened, generalist investors returned to the sector, and large-cap consolidation gained momentum. He said higher commodity prices, stronger institutional engagement and improved liquidity have all contributed to a more active environment across gold, silver and copper.

Terner added that valuations have recovered enough to support a more constructive M&A cycle. Most of this year’s equity activity has come from developers, which he sees as a sign of renewed risk appetite and a healthier pipeline of growth-stage stories. He also pointed to increased developer M&A, including competitive processes around emerging companies, and expects that trend to continue as the cycle strengthens in 2026.

In this interview, Elian Terner also discusses:
• The evolution and global expansion of the NBF Mining Conference
• Why generalist investors are returning to gold and copper
• Major 2025 M&A deals, including New Gold and Pan American
• The rising importance of dividends and shareholder returns

Don’t forget to subscribe to Kitco Mining for full coverage of the NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/Zaj1eAh80mU?si=TqZhxW3YI73xNLMk

McEwen Copper Sees $1.1B Funding Interest for Los Azules Buildout

Wed, 10 Dec 2025 11:00:00 -0500

McEwen Copper Vice President and General Manager Michael Meding joins Kitco Mining at the NBF CEO Mining Conference in London to discuss the new feasibility study for the Los Azules copper project in San Juan, Argentina. Meding says the country’s new RIGI fiscal regime “recovers lost trust in Argentina” by restoring clear, long-term legal and tax stability. The study outlines annual production of 148,000 tons of copper cathode over 21 years, with the potential to extend the operation beyond 50 years as new technologies are applied.

Meding says financing momentum is strong, with export credit agencies and development banks showing early interest. McEwen Copper has already received about $1.1 billion in letters of interest, even before releasing the feasibility study, and he highlights unprecedented support from the U.S. government for Argentina’s economic reset. Early construction could begin in late 2026, with full buildout through 2029 and targeted first production in 2030, while the company also evaluates the best timing and venue for a potential IPO.

In this interview, Michael Meding also discusses:
• Why RIGI improves Argentina’s competitiveness
• Multi-decade expansion potential at Los Azules
• U.S. government support for investment in Argentina
• Why San Juan is considered like “Nevada to the U.S.”

Don’t forget to subscribe to Kitco Mining for full coverage of the NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/1ZY-5ac8bso?si=mNPqDbEPP4L4LVm8

350 Moz Silver Project Accelerates as AbraSilver Prepares Q1 2026 FS

Wed, 10 Dec 2025 11:00:00 -0500

AbraSilver Resource Corp. (TSXV: ABRA; OTCQX: ABBRF) CEO John Miniotis says the Diablillos silver gold project is entering its strongest development window yet as Argentina’s new RGI regime reshapes project economics. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Miniotis says, “RGI has been an absolute game changer for Argentina as a whole, and specifically for our project.” Based on current metal prices, the tax and export duty changes alone represent more than one billion dollars in value uplift.

AbraSilver expects EIA approval, RGI approval, and a full feasibility study by the end of Q1 2026. The project is anchored by a 350 million ounce silver equivalent resource, ongoing high-grade drilling, and a balance sheet holding 65 million dollars in cash with no debt. Miniotis says the company will review multiple financing options ahead of a final investment decision targeted for late Q3 2026, with early works construction already funded.

Key themes shaping AbraSilver’s next development phase include:
• Diablillos’ potential to become one of the world’s largest primary silver mines
• Feasibility study delivery targeted for Q1 2026
• Financing paths for a roughly 540 million dollar build
• High-grade gold and silver results across multiple zones
• Expansion scenarios up to 18,000 tons per day
• Catalysts leading to a construction decision next year

Don’t forget to subscribe to Kitco Mining for full coverage of the NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/_H33j3TzYGs?si=0iAArSQMJJrPAhOO

Artemis Gold Targets Major Growth as Blackwater Delivers Record Margins

Wed, 10 Dec 2025 11:00:00 -0500

Artemis Gold (TSXV: ARTG; OTCQX: ARGTF) Executive Chair Steven Dean says Blackwater is generating exceptional margins as the company accelerates its next stages of growth. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Dean says “we’re in a very fortunate position to have significant organic growth,” noting all-in sustaining costs of about $840 per ounce and a margin of more than $3,000 per ounce at current gold prices. Blackwater achieved commercial production earlier this year and is already operating above its 6 million tonne nameplate capacity.

Dean outlines how the phase 1A expansion to 8 million tonnes per year is underway, with a major phase 2 build expected to start in Q2 2026 and take throughput north of 20 million tonnes per year over a two-year construction window. He discusses funding this largely from cash flow, supported by a C$700 million revolving credit facility, while maintaining life-of-mine AISC below $1,000 per ounce and targeting production well above 500,000 ounces per year.

In this interview, Dean also discusses:
• Blackwater’s rapid ramp-up, margin profile and capital allocation priorities
• How the 6 Mtpa plant is being expanded to 8 Mtpa (phase 1A) and then to 20+ Mtpa under phase 2
• Funding options for a $1 billion-plus expansion and the role of the new C$700 million revolver
• Exploration plans on Artemis’ 1,500 square kilometre land package around Blackwater
• How strong cash balances, perceived undervaluation and about 38% insider ownership shape Artemis’ M&A options

Don’t forget to subscribe to Kitco Mining for full coverage of the NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/udL00GrTKtQ?si=ye1orTLgfMMVH2O9

Aris Mining Targets 500K oz in 2026 as Arbitration Deal Clears the Path

Wed, 10 Dec 2025 11:00:00 -0500

Aris Mining (TSX: ARIS; NYSE American: ARMN) CEO Neil Woodyer joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to break down a pivotal month for the company, including the landmark settlement of its long-running international arbitration with the government of Colombia. As Woodyer explains, “It now has a very clear legal obligation spelled out in many pages and many subpages,” marking the first time Colombia has reached a commercial resolution of this kind with a mining company.

Woodyer also discusses acquiring the remaining 49 percent of the Soto Norte project, strengthening government relationships, and the redesigned development plan, now moving toward EIA submission. He outlines how Aris’s integrated small-miner model, strong cash flow from Segovia, the ongoing expansion at Marmato, and progress at Toroparu position the company on a pathway toward long-term growth and multi-asset production scale.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/z-ejCf0ms3U?si=5O3QCPG7MFc4wEW8

New Gold Achieves $966 AISC and Record Cash Flow Ahead of Coeur Merger

Wed, 10 Dec 2025 11:00:00 -0500

New Gold (TSX: NGD; NYSE American: NGD) CEO Patrick Godin joins Kitco Mining at the 2025 NBC Capital Markets CEO Mining Conference in London to break down a year defined by a full operational turnaround and a proposed merger with Coeur Mining. New Gold delivered one of the strongest quarters in the sector, producing more than 115,000 ounces of gold and 12 million pounds of copper while cutting all-in sustaining costs to $966 per ounce, enabling over $200 million in free cash flow. As Godin explains, “We mine the plan exactly as expected, and the results are there,” with Rainy River alone producing 100,000 ounces in the quarter.

Godin details why New Gold chose to combine with Coeur, pointing to deeper project optionality, longer mine lives, and more stable long-term capital allocation across seven North American operations. He also highlights the shared safety culture, stronger copper-gold-silver exposure and the company’s focus on retaining its agile technical and operational teams. With mine life visibility into 2031–2033 and growing momentum at both Rainy River and New Afton, New Gold sees the transaction as a platform for increased scale and sustained value creation.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/j3BJkC5-7gQ?si=nwWkJVamXBf6Svu4

Gold Market Strength Opens New Opportunities Across Kinross’ Global Portfolio

Wed, 10 Dec 2025 11:00:00 -0500

Kinross Gold (TSX: K; NYSE: KGC) CEO Paul Rollinson joins Kitco Mining at the NBF CEO Mining Conference in London to discuss another solid year for the company. Kinross reported 500,000 ounces of gold equivalent in Q3, lifting its cash position above US$1.7 billion, delivering almost US$700 million in free cash flow, and becoming net cash on the balance sheet. The company increased its dividend by 17 percent, expanded its buyback program by US$100 million, and announced the redemption of US$500 million of 2027 notes. As Rollinson puts it, “for us it's all about meeting our guidance, and we've got a long track record of doing what we say we do.”

Rollinson also outlines the company’s long-standing capital allocation framework and says stronger gold prices are unlocking more optionality across Kinross’ portfolio, supported by 22 million ounces of proven and probable reserves, 26 million ounces of measured and indicated resources, and 13 million ounces inferred. He highlights upcoming catalysts, including the Phase X study at Round Mountain, updates at Bald Mountain and Red Bird, and continued permitting progress at Great Bear. In Chile, Kinross’ water strategy underpins the planned transition from La Coipa to the higher-grade Lobo project.

For more interviews and insights from the NBF CEO Mining Conference in London, make sure to subscribe to Kitco Mining.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/f_Eq9D8T8D0?si=pidUugdxHUob9A-E

Copper Market Tightens as Solaris Advances World-Class Warintza Project

Wed, 10 Dec 2025 11:00:00 -0500

Solaris Resources (TSX: SLS; NYSE American: SLS) President and CEO Matthew Rowlinson joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to discuss the new pre-feasibility study and maiden reserve for the Warintza Project in Ecuador. The study outlines 240,000 tons per year of copper equivalent for the first 15 years, a $1.07 per pound C1 cash cost, an NPV of $4.6 billion, a 26 percent IRR, and $3.7 billion in initial capital. Rowlinson calls Warintza a “multi-generational asset” with 5.8 billion tons of resource, a 50-year mine life, and tier one, quartile one cost positioning supported by a 0.53:1 strip ratio, near-surface mineralisation, and strong Ecuadorian infrastructure.

Rowlinson explains that Warintza will be permitted in two stages, starting with a 22-year reserve life linked to the initial tailings facility. Additional tailings locations have already been identified to support the full 5.8 billion ton resource and extend mine life by roughly 30 years. Solaris aims to be fully permitted by the end of 2026, complete a feasibility study in early 2027, and move into a three-year build toward production. He adds that the PFS “opens a corridor” for strategic interest, and while Solaris is advancing its own development plan, the company remains open to discussions that maximise shareholder value.

For more interviews and insights from the NBF CEO Mining Conference in London, make sure to subscribe to Kitco Mining.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/7fb0jZ0Jwxk?si=ZPUCjEu-7AKfKRyF

Aya Gold and Silver CEO on Rising Margins as Zgounder Ramps Up

Wed, 10 Dec 2025 11:00:00 -0500

Aya Gold and Silver (TSX: AYA) CEO Benoit La Salle joins Kitco Mining’s Investment Trends to discuss the company’s record performance and expanding footprint in Morocco. The company remains the only pure silver producer in the sector, anchored by the Zgounder mine, where a new 2,700 tonne per day plant has lifted total capacity to about 3,700 tonnes per day. The ramp-up helped deliver strong third-quarter results and rising margins as production scales.

La Salle says silver’s rally is transforming profitability, “our lowest selling price right now in Q4 is $51,” which emphasizes margins above $30 per ounce and strong cash generation. He added that “The sector is extremely profitable,” as Aya targets roughly 6 million ounces of silver in 2025 and continues to strengthen its balance sheet.

Looking ahead, the fully permitted Boumadine project is set to reshape the company’s profile. The planned 8,000 tonne per day operation is expected to produce more than 30 million ounces of silver equivalent annually, supported by EBRD financing and strong demand for concentrates. La Salle sees a clear path toward construction as updated studies and a major drill program advance through 2026.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Lundin Gold Expands Exploration as $4,000 Gold Fuels Major Dividend Payouts

Wed, 10 Dec 2025 11:00:00 -0500

Lundin Gold (TSX: LUG) President and CEO Jamie Beck joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to discuss his transition into the role and the next phase of growth at the high-grade Fruta del Norte mine in Ecuador. With $4,000 gold, strong free cash flow, and a debt-free balance sheet, the company continues to return capital through a fixed $300 million dividend and a variable dividend set at a minimum of 50 percent of free cash flow. Beck says joining a “really high-functioning team” has been a privilege.

He outlines an expanded exploration push in 2026 following 108,000 meters drilled this year, including a recent hit of five meters of almost 500 grams per ton and promising copper-gold intercepts near the mine. Beck says this work could reveal a broader porphyry district and help extend Fruta del Norte’s already strong mine life.

In this interview, Beck also discusses:
• Lundin Gold’s dividend strategy and potential 4.5–5% yield
• High-grade conversion drilling and mine life extension
• Near-mine porphyry potential, including 200m of 0.75% Cu + 0.18 g/t Au
• Ecuador’s new exploration tax and sector impacts
• Why community relationships reduce jurisdiction pressure
• The team’s approach to M&A amid rising global dealmaking

For more interviews and insights from the NBF CEO Mining Conference in London, make sure to subscribe to Kitco Mining.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

Discovery Silver Targets Mill Expansion From 4.5M to 9M Tonnes

Wed, 10 Dec 2025 11:00:00 -0500

Discovery Silver (TSX: DSV; OTCQX: DSVSF) President & CEO Tony Makuch joins Kitco Mining at the 2025 NBC Capital Markets CEO Mining Conference to break down Discovery’s dramatic transformation. The acquisition of Newmont’s Porcupine complex has turned the company from a silver developer into a cash-flowing, Ontario-based gold producer with major growth potential. Makuch says the deal “unlocks a lot of potential,” describing Porcupine as a platform for long-term growth.

Makuch confirms the company generated free cash flow in both Q2 and Q3 and outlines a multiyear plan to double production at Porcupine. Work continues in parallel at Cordero in Mexico, where technical studies and permitting remain on track. “We’re not sitting on our hands,” he says, stressing that Discovery is prioritizing growth over dividends or buybacks while the company builds toward its full potential.

In this interview, Tony Makuch also discusses:
• How Discovery plans to double Porcupine production and expand mill capacity
• The four-pillar value model: operations, reinvestment, new mines, exploration
• Dome and TVZ as major catalysts within a 15-million-ounce resource base
• Progress on Cordero permitting and updated engineering work
• Financing options for Cordero and long-term capital strategy
• Positioning the company for growth in a $4,000 gold, $50 silver environment

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels for more coverage from the 2025 NBC Capital Markets CEO Mining Conference.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

West Point Gold Hits 32 m of 3.17 g/t Au at Tyro Zone, Expands District Potential

Tue, 21 Oct 2025 18:00:00 -0400

West Point Gold (TSXV: WPG; OTCQB: WPGCF) CEO Quentin Mai says the company’s latest drill results confirm the scale and grade potential of its Gold Chain Project in Arizona’s Walker Lane trend. Speaking with Kitco Mining’s Investment Trends, Mai said the team believes it is chasing “a world-class deposit,” citing an October intercept of 32 meters grading 3.17 g/t gold, part of a structure that has returned up to 9 meters of 51 g/t gold.

He said the Tyro Main Zone is just the start of a 15-kilometer mineralized system, which his team calls the “obvious target” within a broader district-scale play. Early metallurgy confirms oxide mineralization from surface, suggesting the deposit could be amenable to heap leaching, a key economic advantage in Arizona.

Backed by an $8 million financing led by VanEck, West Point is drilling the Tyro Main and South zones as part of a 10,000-meter program aimed at defining a maiden resource early next year. “We’re applying the same playbook that built Corvus, but in one of the best jurisdictions in North America,” Mai said.

From $100M to $1.4B: Americas Gold & Silver’s Comeback Story

Fri, 17 Oct 2025 11:00:00 -0400

Americas Gold and Silver Corporation (TSX: USA; NYSE American: USAS) CEO Paul Huet speaks with Kitco Mining’s Paul Harris about the transformation of the Galena Mine in Idaho and the company’s return to growth across its U.S. and Mexico operations.

Huet says his first goal was to rebuild the foundations for success. “If we want to turn that around, we've got to fix the mine. In order to do that, we need to change the board, change the executive team, change the corporate structure, and the shareholders, and that’s what we did.”

With major shareholder Eric Sprott converting his 40% ownership in Galena into company shares, Huet and his team invested heavily alongside him. “I put 70% of our net worth into this, and I’m very happy we did because so far it’s been very good and there’s a lot of room from here,” he said.

The company has raised $160 million, grown from under $100 million to about $1.4 billion in market value, and restarted exploration for the first time in decades. “There was no exploration at all. Zero exploration dollars.”

Looking ahead, Huet says 2026 will be a pivotal year as the company issues its first production guidance and targets output growth from 1.5 million to 5 million ounces of silver per year. The company also expects stronger revenue as it begins receiving payments for gold, copper, and antimony. “We’re the only mine producing raw antimony in the U.S.”

New Found Gold CEO: “At $3,300, We Ran the Numbers and Got to 197% IRR”

Mon, 06 Oct 2025 11:00:00 -0400

New Found Gold (TSXV: NFG; NYSE-A: NFGC) is advancing its high-grade Queensway project in Newfoundland at a time when gold is trading near $3,900 an ounce. Speaking with Kitco Mining’s Investment Trends, CEO Keith Boyle highlighted the project’s strong leverage to price. “At $2,500, our internal rate of return would be 56% and our NPV over $700 million. But at $3,300, we ran the numbers and got to 197% IRR and $1.4 billion in NPV,” he said.

Boyle emphasized a staged mine plan requiring just $155 million upfront, with the recent Maritime Resources acquisition expected to provide cash flow and reduce financing risk. “If you start small, your overage is much smaller and much more manageable,” he noted.

Institutional support has expanded, with a $63 million raise in June lifting ownership to 14% alongside backing from Eric Sprott. Permitting is targeted for 2026, with Boyle noting Newfoundland’s cooperative stance: “They want five mines by 2030, we will be one of them.”

With a 110-kilometer land package, recent surface samples grading 64.8 g/t gold, and M&A optionality, Boyle says Queensway could form the core of a new mining district.

Coeur Mining’s 125% Stock Surge Backed by Las Chispas and $42 Silver

Wed, 01 Oct 2025 16:00:00 -0400

Coeur Mining (NYSE: CDE) President and CEO Mitch Krebs says years of heavy investment are now paying off as higher metals prices converge with the company’s acquisition of SilverCrest and its Las Chispas mine in Mexico. Speaking to Kitco Mining at Mining Forum Americas 2025, he said, “It’s just really rewarding to see and to see people high-fiving and backslapping and congratulating and getting some wins after what’s been a tough few years.”

Krebs noted silver has moved above $42 per ounce on the back of stronger supply-demand fundamentals and renewed investor interest. “Now we finally have both, and I think that’s what’s really kind of at a basic level, what’s propelling silver,” he said, pointing to five consecutive years of market deficits and expanding industrial demand from electrification and data centers.

Coeur’s turnaround is reflected in its financials. EBITDA is set to jump from $142 million in 2023 to more than $900 million in 2025, while free cash flow swings from negative $300 million to over $500 million. The company expects to be net cash positive by year-end.

Key catalysts include the full contribution of Las Chispas, the ramp-up of the $730 million Rochester expansion in Nevada, and stronger output from Kensington in Alaska. Krebs said these drivers position Coeur for another year of organic growth in 2026.

Don’t forget to subscribe to our YouTube channel to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible
👉 To learn more, visit https://metallaroyalty.com

New Gold CEO says Turnaround Accelerates 96,000oz Gold Equivalent Q2 at Near US$1,400 AISC

Mon, 29 Sep 2025 14:00:00 -0400

New Gold (TSX: NGD; NYSE American: NGD) is leaning into a full turnaround. Q2 production reached 96,000 ounces of gold equivalent at an all-in sustaining cost of US$1,400 per ounce. The share price is up approximately 125% year over year, and the market value is around US$5 billion. Speaking at Mining Forum Americas in Colorado Springs, CEO Patrick Godin kept the message simple: “What we can control is the execution of our plan and to deliver our guidance.” He says projects remain on time and on budget, with New Afton’s copper uplift adding meaningful leverage.

Rainy River is set up to maintain full mill capacity through 2030 via pit pushbacks, work on the Northwest Trend, and underground mining. Management expects roughly 130,000 additional ounces over that period. They also plan a larger exploration program across a largely underexplored Rainy River land package, noting the main pit could serve as future tailings storage if a discovery is developed.

At New Afton in British Columbia, the K-Zone discovery anchors a mine life push well past 2040. Godin flagged the next steps “to deliver indicated resources for K-Zone at the beginning of next year,” followed by a feasibility study starting next year and a reserves target in 2027. New Gold also completed the last Ontario Teachers’ transaction at New Afton in May, simplifying ownership as K-Zone advances.

Balance sheet priorities include repaying the revolver by year-end and using rising free cash flow to fund exploration and advance Key Zone while remaining selective on external growth. If attractive projects are not available, buybacks or dividends remain on the table.

Don’t forget to subscribe to Kitco Mining for more coverage from the 2025 Mining Forum Americas

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible
👉 To learn more, visit https://metallaroyalty.com

Alamos Growth Pipeline: PDA Underground, Island Expansion, $72M Exploration

Mon, 29 Sep 2025 14:00:00 -0400

Alamos Gold (TSX: AGI; NYSE: AGI) President and CEO John McCluskey speaks with Kitco Mining at the Mining Forum Americas 2025 after announcing the sale of the company’s Turkish development projects for US$470 million in cash. The deal includes bank-guaranteed installments of US$160 million at close, followed by payments on the first and second anniversaries, and is expected to end Alamos’ BIT claim. “With that first payment, we’ll essentially put it against our US$250 million debt. We’ll reduce debt down to less than $100 million,” McCluskey says.

In Q2, Alamos produced 137,000 ounces at just under US$1,500 per ounce AISC, generating margins above 50%. Growth is led by the Island Gold–Magino complex, where integration shifts ore to a 10,000 tpd mill with phased expansion. The Island shaft project supports higher underground throughput, and McCluskey notes: “On a combined basis, we see that mine going to something like 550,000 ounces of annualized production at around $1000 all in sustaining cost.” Longer term, Island Gold is permitted for up to 35,000 tpd, underscoring significant scalability.

At Mulatos in Mexico, the PDA underground and a new mill are advancing with an investment of around US$125 million, targeting initial output around 140,000 ounces as open-pit production at La Yaqui Grande runs through 2027. Exploration continues to be a major growth driver, with a US$72 million budget this year and 8 million ounces already added through drilling at a discovery cost of just US$30 per ounce.

Stay tuned to Kitco Mining for more coverage from Mining Forum Americas 2025.

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible
👉 To learn more, visit https://metallaroyalty.com

Orla CEO: “We’ve Achieved Exactly What We Set Out to Do”

Mon, 29 Sep 2025 14:00:00 -0400

Orla Mining (TSX: OLA; NYSE: ORLA) President and CEO Jason Simpson said the company is stronger than ever after its latest acquisition of the Musselwhite mine from Newmont. Q2 production jumped 134% year over year, the share price is up 170%, and market capitalization is approaching US$4 billion.

“We've achieved exactly what we set out to do,” Simpson told Kitco at the Mining Forum Americas conference, adding, “the objective was to get a gold company set up for just this period in the market. We are set up, and the company has never been stronger.” He pointed to Musselwhite’s potential to produce more than 300,000 ounces annually, as well as the foundational Camino Rojo asset in Mexico and the next growth phase at South Railroad in Nevada.

At Camino Rojo, a pit wall event in August has been resolved, and Simpson emphasized the longer-term opportunity: “We know that as we outlined in our resource that we have 4 million ounces there, and we'd like to start taking steps as early as next year of driving a drift underground.”

South Railroad remains on track for a record of decision in February 2026, first gold in late 2027, and full production in 2028, which will bring Orla to the 500,000 ounce per year level. Across all three jurisdictions, Orla is investing more than US$50 million in exploration to extend mine life, while capital allocation priorities include growth, debt reduction, and eventually returning cash to shareholders. Arbitration in Panama provides additional future optionality.

Don’t forget to subscribe to Kitco Mining for more coverage from the 2025 Mining Forum Americas.

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible.
👉 To learn more, visit https://metallaroyalty.com

CEO says DPM is “Heading Towards 600,000 Gold Ounces Equivalent”

Mon, 29 Sep 2025 14:00:00 -0400

DPM Metals (TSX: DPM) President and CEO David Rae says investor appetite drove the company’s new Australian listing. Speaking to Kitco Mining at Mining Forum Americas 2025, he said there was “a niche or an opportunity where investors would be interested in a high margin producer with a growth portfolio heading towards 600,000 gold ounces equivalent.” DPM joined the ASX on September 18, 2025, under the ticker ASX: DPM.

The year has been transformative, with the company delivering 70,000 gold equivalent ounces in Q2 at just over US$1,000 per ounce, all-in sustaining costs. This generated margins of US$2,200 per ounce. The Adriatic Metals acquisition fills the production gap as Chelopech winds down, and Rae noted, “We move straight away in 2027 to 425,000 ounces from somewhere in the 300,000 ounce gold equivalent range now.” The company is also debt-free, holding US$800 million in cash at Q2, with “about 75 to 80% of our free cash flow generated in H1 this year going in terms of buybacks and dividends.”

Upcoming catalysts include a Q4 feasibility study at Čoka Rakita (170,000 ounces per year at US$644 per ounce AISC), further drilling at Dimitri Potok, where results hit “131 meters at 4% copper equivalent,” and updated costs at Loma Larga in Ecuador.

Don’t forget to subscribe to our YouTube channel to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible
👉 To learn more, visit https://metallaroyalty.com

Blackwater to Be 'Gold Water' for Artemis Gold

Fri, 09 May 2025 11:00:00 -0400

Artemis Gold has officially entered commercial production at its massive Blackwater Mine in British Columbia – on time and on budget. CEO Steven Dean joins Kitco’s Senior Mining Editor and Anchor Paul Harris to discuss the significance of this milestone, the path to becoming one of Canada’s largest gold producers, and how Artemis plans to ramp up production, exploration, and shareholder value without issuing new equity. Dean also outlines refinancing plans, long-term growth strategy, and how Artemis could soon rival some of the top-tier gold miners.

Key points:
- Blackwater Mine now in commercial production with industry-leading low AISC
- 2025 production guidance: 160–200k oz with costs as low as $670/oz
- Potential expansion to 500k+ oz/year in Phase 2
- Company plans to self-fund growth from cash flow – no equity dilution
- Exploration around Blackwater and higher gold price pit optimization could add millions of ounces

Junior Gold Stocks: Who Survives and Thrives at $3,000 Gold?

Thu, 03 Apr 2025 17:00:00 -0400

Gold prices are soaring past $3,000, but are junior explorers feeling the lift? Luke Alexander, President & CEO of Newcore Gold, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to discuss the company’s strong financial position, aggressive 35,000-meter drill program, and district-scale gold potential in Ghana. He also outlines Newcore’s strategy for value creation and the path toward a prefeasibility study (PFS) in 2026.

Key points:
- Newcore Gold raised $15M in an oversubscribed financing.
- Expanded drill program from 10,000m to 35,000m.
- Targeting resource growth and depth extensions in Ghana.
- PFS expected in H1 2026.
- Management owns 15%, aligned with shareholder value creation.

Why Agnico Eagle is Betting Big on Collective Mining

Wed, 19 Mar 2025 15:00:00 -0400

What makes the Apollo discovery so unique? Collective Mining continues to make big discoveries in Colombia. Ari Sussman, Executive Chair of Collective Mining, sits down with Kitco’s Senior Mining Editor and Anchor Paul Harris at PDAC 2025 to discuss the latest results from the Guayabales project, including the high-grade Apollo discovery and the newly identified Ramp Zone. With aggressive drilling, strategic investments, and a strong financial position, could this be a future multi-million-ounce gold camp? Watch now for the latest updates on Collective Mining’s exploration and what’s next for the company.

Key points:
- Apollo Discovery Expands – Recent drill results hit over 106.35 meters at 9.05 g/t gold equivalent.
- Ramp Zone Potential – A brand-new deep discovery with promising high grades.
- Fully Funded for 2025 – $38M in the bank, minimal near-term financing needs.
- Agnico Eagle Investment – Strategic stake signals big-league interest.
- Major Drill Plans – 60,000 meters of drilling in 2025 across multiple targets.

*Special thanks to our sponsors, GoldMining Inc., UEC & URC for making this coverage possible.*
To learn more, visit:
https://www.goldmining.com/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

Why Billion-Dollar Gold Miners Are About to Go on a Buying Spree – Alastair Still

Tue, 18 Mar 2025 16:00:00 -0400

Gold prices are hitting record highs, mining giants are sitting on billions in cash, and physical demand for gold is at unprecedented levels. But the real question? Why haven't mining stocks caught up?

In an interview with Jeremy Szafron, Anchor at Kitco News, Alastair Still, CEO of GoldMining Inc., reveals the hidden dynamics currently shaping the gold market. With spot gold hovering near $2,829 per ounce, geopolitical tensions escalating, and miners flush with cash, Still discusses why gold equities remain undervalued and why investors should pay close attention right now.

On the sidelines of PDAC 2025, Still dives deep into the massive opportunity in gold mining equities, the potential explosion of mergers and acquisitions, and explains why major mining companies could soon enter a fierce competition for quality assets. This conversation is essential for investors, gold enthusiasts, and anyone looking to understand the next big moves in the precious metals market.

Key Topics:
- Why are gold mining stocks lagging despite record gold prices?
- Are we on the brink of a major gold mining M&A wave?
- What's driving the huge physical gold demand?
- Could miners' massive cash reserves trigger a buying spree?
- How will geopolitical uncertainty shape gold investments?
- Why gold remains a must-have for long-term investors

*Special thanks to our sponsors, GoldMining Inc., UEC & URC for making this coverage possible.*
To learn more, visit:
https://www.goldmining.com/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

Gold Mergers Are Heating Up: Which Deals Make Sense?

Tue, 18 Mar 2025 16:00:00 -0400

Gold mergers are heating up! Which gold companies should merge next—and who’s being left behind? At PDAC 2025, Kitco Mining is swiping through potential gold company mergers in our special ‘Tinder for Gold Mergers’ segment. Adrian Day, CEO of Adrian Day Asset Management, and Kitco’s Senior Mining Editor and Anchor Paul Harris break down the biggest deals, including Equinox Gold’s $2.6B acquisition of Calibre Mining. Which mergers make sense, and which ones are fool’s gold? Find out as we explore the shifting landscape of gold mining M&A, cash flow strategies, and jurisdictional challenges.

Key points:
- Gold M&A frenzy: Equinox Gold’s $2.6B all-stock acquisition of Calibre Mining could reshape the mid-tier sector.
- Regional consolidation: Experts see more potential in mid-tier gold companies merging rather than senior producers consolidating further.
- Jurisdiction matters: The U.S. is becoming more mining-friendly under new policies, but Mexico’s sentiment remains cautious.
- Cash flow vs. M&A: With strong cash flow, some gold companies may focus on debt repayment and buybacks instead of acquisitions.
- Super like merger? Lundin Gold and Dundee Precious Metals could be a powerhouse combo with ultra-low costs.

Read Paul Harris’ article – ‘M&A Tinder: Swiping Right on Gold’ https://www.mining-journal.com/miners/news-analysis/4409830/tinder-swiping-gold

*Special thanks to our sponsors, GoldMining Inc., UEC & URC for making this coverage possible.*
To learn more, visit:
https://www.goldmining.com/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

Record Cash Flow for Kinross Gold: How They Did It & What's Next

Thu, 06 Mar 2025 14:00:00 -0500

How did Kinross Gold achieve a 123% share price increase in just one year? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Paul Rollinson, CEO of Kinross Gold, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Rollinson discusses how Kinross Gold achieved a strong 2024 with 2 million ounces of production, record free cash flow, and a surging share price. Rollinson shares their strategy of meeting production guidance and holding the line on costs, leading to significant margin expansion. Looking ahead, he highlights their robust growth pipeline, including the Great Bear project, and the potential for future return of capital to shareholders after a strong balance sheet is maintained.

Key points:
- Kinross Gold had a very successful 2024 with high production and cash flow.
- Their strategy focuses on strong technical acumen, meeting production targets, and cost management.
- Debt has been significantly repaid, including the term loan for the Great Bear acquisition.
- Kinross is prioritizing internal growth projects like Great Bear while also considering shareholder returns.
- The company sees potential for reactivating share buybacks in the future.

*Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.*

Silver is going to 'skyrocket' – Eric Sprott

Thu, 06 Mar 2025 13:00:00 -0500

What's Eric Sprott's secret to finding undervalued stocks? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews industry titan Eric Sprott, Chief Executive Officer of Eric Sprott Family Office, at the 2025 Prospectors & Developers Association of Canada (PDAC). Sprott discusses his early interest in precious metals, driven by the vulnerability of the NASDAQ in the late 1990s, and how gold and silver became the answer for portfolio survival. He shares insights on current market vulnerabilities, potential impacts of monetary policies and tariffs, and his continued investment strategies focused on undervalued precious metals companies. Sprott also touches on the silver market, predicting a significant rise in price due to supply deficits and manipulation.

Key points:
- Focus on gold and silver as a strategic investment
- Silver to 'skyrocket': Sprott believes silver could reach $250-$500
- Sees stock market vulnerabilities: and is shorting the market
- Junior exploration space: Sprott's investment strategy
- Gold forecast: Well north of $3,000 by the end of the year

Special thanks to our sponsors, GoldMining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

From Silver to Gold - A Transformational Acquisition

Tue, 04 Mar 2025 10:00:00 -0500

What does the acquisition of the Porcupine Mine mean for Discovery Silver? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Tony Makuch, CEO of Discovery Silver, at the 2025 BMO Global Metals, Mining and Critical Minerals Conference in Hollywood, Florida. Makuch discusses Discovery Silver's recent acquisition of the Porcupine mine in Ontario from Newmont, a move that expands the company's focus beyond silver to include gold production. He highlights the potential for significant value creation through cost reduction, production growth, and exploration upside at Porcupine. Makuch also updates on the progress of the Cordero project in Mexico and the company's strategy to become a leading precious metals producer.

Key points:
- Acquisition of Porcupine mine from Newmont
- Rationale behind diversifying into gold
- Potential to transform Porcupine into a Tier 1 asset
- Permitting progress for the Cordero project in Mexico.
- Strategy to become a low-cost precious metals producer.

Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.

Why I'm Hoarding Cash & Buying Back Shares

Fri, 28 Feb 2025 15:00:00 -0500

How will First Majestic Silver's acquisition of Gatos Silver impact the silver market? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Keith Neumeyer, President and CEO of First Majestic Silver, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Neumeyer discusses First Majestic Silver's recent acquisition of Gatos Silver and its impact on their production, increasing it to approximately 32 million silver equivalent ounces per year. He also addresses the dynamics of the silver sector, including supply and demand, and expresses his belief in triple-digit silver prices in the future. Neumeyer shares insights on the company's performance, capital allocation strategy, and goals for the next five years, aiming to reach 50 million ounces of production.

Key points:
- Acquisition of Gatos Silver
- Increased silver equivalent production to 32 million ounces
- Views on silver market dynamics and potential price increases
- Share buyback program and capital allocation strategy
- Goal to become a 50 million-ounce producer

Gold M&A Surge Incoming? Deals, China & Market Outlook

Fri, 28 Feb 2025 13:00:00 -0500

What makes a "smart deal" in the mining sector? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Matt Geiger, Managing Partner at MJG Capital, about investing in the junior mining space. On the sidelines of the 2025 Mines and Money Conference in Miami, Geiger shares his insights on the gold and copper cycles, noting we are still early in the metal cycle. He discusses factors driving metal prices, including central bank buying and the potential impacts of US policy under President Trump. Geiger also highlights potential M&A activity in the gold sector and what makes a smart deal.

Key points:
- Still early in the metal cycle
- Central bank buying is a primary catalyst for gold prices
- Trump's policies are a net positive for the mining space
- Potential for increased M&A activity in the gold sector
- Smart deals should have operational synergies

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

Agnico's golden rise to the top

Thu, 27 Feb 2025 16:00:00 -0500

How did Agnico Eagle achieve record production and industry-leading margins in 2024? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Ammar Al-Joundi, President & CEO of Agnico Eagle Mines, at the 2025 BMO Global Metals, Mining and Critical Minerals Conference. Al-Joundi discusses the company's outstanding performance in 2024, featuring record production and a 50% all-in-sustaining cost margin. He highlights Agnico Eagle's dedication to controlling costs and maximizing shareholder returns through dividends and share buybacks. Al-Joundi also explains the company's strategic acquisitions, such as O3 Mining, aimed at leveraging infrastructure and enhancing value per share, with a goal to attract generalist investors to the gold sector.

Key points:
- Record production in 2024
- Industry-leading margins
- Returning capital to shareholders
- Strategic acquisitions like O3 Mining
- Attracting generalist investors

Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.

Inside Orla Mining's 90% Stock Surge: Jason Simpson

Thu, 27 Feb 2025 12:00:00 -0500

How did Orla Mining achieve a 90% share price increase in one year? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Jason Simpson, President & CEO of Orla Mining at the 2025 BMO Global Metals, Mining & Critical Minerals Conference, to discuss Orla Mining's impressive performance and future strategies. Simpson highlights Orla's record production, debt payoff, and the acquisition of the Musselwhite mine. Discover how Orla Mining plans to leverage its financial strength and strategic acquisitions to grow to 500,000 ounces a year. Simpson also touches on broader trends in the gold sector, including M&A activity and shareholder returns.

Key points:
- Record 2024: High production, debt-free status.
- Musselwhite Mine Acquisition: Increases production by 140%.
- Growth Strategy: Aims for 500,000 ounces/year by 2027.
- Shareholder Value: Focus on buybacks and growth investments.
- Nevada Project: Permitting progress, production target 2027.

Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.

Gold vs. GDX: The Best Way to Play Gold Right Now

Wed, 26 Feb 2025 16:00:00 -0500

GDX vs. gold: Why are gold stocks lagging, and how can investors find the real winners? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Garrett Goggin, founder of Golden Portfolio, at the 2025 Mines and Money Conference in Miami. Goggin shares his insights on the gold cycle, explaining why the GDX often underperforms compared to gold itself. He emphasizes the importance of free cash flow per share for driving gold stock prices and identifies an undervaluation in the mining sector. Goggin also touches on the potential impact of the U.S. Treasury marking its gold reserves to market and the possibility of a new gold standard.

Mining M&A Mania Coming in 2025

Wed, 26 Feb 2025 15:00:00 -0500

Are rising gold prices translating to increased investor interest? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Josh Goldfarb, Managing Director of Metals & Mining Group at BMO Capital Markets, on the sidelines of the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Goldfarb discusses the renewed sense of optimism in the mining sector. He highlights increasing investor interest, driven by rising copper and gold prices and strong financial results from mining companies. He also touches on the growing importance of M&A activity and capital discipline in the sector, as well as new sources of capital emerging from the Middle East and Europe. Goldfarb emphasizes that smart M&A deals will drive the sector forward in 2025.

Is Mining at Rock Bottom? Here's How High It Could Go – Rob McEwen

Wed, 26 Feb 2025 12:00:00 -0500

Is the mining sector really at the bottom of the cycle? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Rob McEwen, Executive Chair & Chief Owner of McEwen Mining, at the 2025 Mines and Money Conference in Miami. McEwen shares his insights on the current commodity cycle, highlighting that commodities are at a 10-12-year low relative to financial assets and are expected to rise. He also discusses the Los Azules project in Argentina and McEwen Mining's innovative approach to sustainable mining.

Key Points:
- Commodities are at the bottom of their cycle and are expected to increase.
- Geopolitical tensions and underinvestment are driving commodity prices.
- Los Azules project: Aims for sustainable mining with a focus on community and environmental benefits.
- RIGI regime in Argentina could significantly increase the net present value of Los Azules.
- Mining companies should focus on attracting investors through enthusiasm, dividends, and showcasing technology.

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Introduction: Current State of the Commodity Cycle
00:56 Geopolitical Tensions and Market Drivers
01:25 Consolidation in the Gold and Copper Sectors
02:32 McEwen Mining's Los Azules Project
05:41 Sustainable Mining Practices
07:19 Challenges and Skepticism in the Mining Industry
08:32 Financial Strategies and Market Insights
11:27 Attracting Investors and Modernizing Mining
17:46 Technology and Innovation in Mining

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #investing #gold #commodities

Gold Mining in the USA: Borealis Mining's Plan for Expansion

Tue, 25 Feb 2025 13:00:00 -0500

Is Nevada still a prime location for gold mining? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Kelly Malcolm, the CEO of Borealis Mining at the 2025 Mines Money Conference in Miami about gold mining in the USA. Borealis Mining went public in August 2024 and is already seeing the positive effects of rising gold prices. Kelly discusses the company's strategy of acquiring undervalued assets like Gold Bull resources and consolidating them into a larger, more financeable entity. Borealis is focused on resuming production at its permitted mine and aims to become a mid-tier miner in Nevada.

Key Points:
- Borealis Mining: An emerging gold producer in Nevada
- Aims to consolidate under-appreciated assets
- Resuming production at a fully permitted mine
- Targeting 100-150,000 ounces per annum

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Introduction: Borealis Mining’s IPO
00:53 Challenges and Successes in Fundraising
02:14 Youthful Optimism in the Mining Industry
03:15 Building a Strong Board
03:49 Investor Reception and Business Strategy
06:53 Impact of U.S. Policies on Mining
09:33 Borealis Mining's Future Plans

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #gold #investing

Mining Investment Secrets: A Contrarian's Guide to Finding Hidden Opportunities

Tue, 25 Feb 2025 13:00:00 -0500

Investing in mining? Learn the importance of long-term vision and adaptability in a shifting market. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Whitney Kofford from Sorbie Bornholm, at the 2025 Mines and Money Conference in Miami. Kofford discusses mining investment strategies, emphasizing the significance of a company's long-term vision and clear communication. She highlights the firm's focus on micro, small, and mid-cap companies, particularly those involved in the energy transition. Kofford also points out the need for mining companies to improve their marketing by leaning into their unique brand voice to connect with investors on an emotional level. She also touches on how a company's leadership and enthusiasm significantly influence investment decisions.

Key Points:
- Investment focus: Micro, small, and mid-cap companies
- Investment strategy: Focus on long-term vision and clear milestones
- Marketing: Improve communication and brand personality
- Leadership: Passionate and enthusiastic CEOs are key

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Introduction: Overview of Sorbie Bornholm
01:17 Current Mining Investment Landscape
02:02 Challenges of Short-Term Thinking
03:38 Evaluating Management and Vision
07:33 Importance of Clear Communication
09:07 Marketing and Investor Relations
15:02 Financial Results and Market Trends
19:52 CEO Enthusiasm and Passion

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #investing #commodities

Equinox Gold & Calibre Mining Merge: A New Gold Giant is Born

Tue, 25 Feb 2025 12:00:00 -0500

What's next for Equinox Gold after the Calibre merger? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Ross Beaty, Chair of Equinox Gold, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Beaty discusses the recent merger of Equinox Gold with Calibre Mining, a CAD$7.7 billion transaction that will create one of the largest gold producers in the Americas. He highlights the synergies between the two companies, the benefits of a zero-premium deal, and the expected positive re-rate for the combined entity. Beaty also touches on the company's strategy for deleveraging and rationalizing its asset portfolio.

Key points:
- Merger of Equinox Gold with Calibre Mining to create a leading gold producer.
- Zero-premium deal and its advantages for shareholders.
- Expected positive re-rate due to increased size and liquidity.
- Focus on deleveraging and enhancing the asset portfolio.
- Anticipated closing of the transaction around May.

Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.

00:00 Introduction: Major M&A Announcement: Equinox Gold and Calibri Mining
00:32 Details of the Merger Deal
01:49 Synergies and Management Integration
03:14 Market Impact and Investor Expectations
04:15 Challenges and Opportunities in the Gold Market
05:42 Future Plans and Strategic Goals
13:04 Financial Strategies and Debt Reduction
13:46 Closing Remarks and Future Outlook

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

#mining #investing #gold #commodities

Gold Near $3,000: Why Mining Stocks Aren't Soaring

Mon, 24 Feb 2025 15:00:00 -0500

Is the mining industry facing a crisis of investor confidence? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Kevin Murphy, Research Director for Metals and Mining at S&P Global Market Intelligence, at the 2025 Mines and Money Conference in Miami. Murphy discussed the current state of the commodity cycle. He highlights the divergence in commodities, with gold prices flirting with $3,000 an ounce while others like nickel and zinc struggle. Murphy also addresses the difficulties junior mining companies face in securing financing and the impact of past debt and changing investor attitudes. Murphy touches on M&A activity, shareholder returns, and the need for the mining industry to better advocate for itself to attract generalist investors.

Key Points:
- Commodity divergence: Gold and copper perform well, others lag
- Junior financing: Raising capital remains a challenge
- Investor trends: Lack of interest in mining, need for better advocacy
- M&A: Cautious approach expected
- Gold market: Poised for a potential breakout

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Introduction: Understanding S&P Global Market Intelligence
00:57 Current State of the Commodity Cycle
02:21 Trends in Mining Finance
03:21 Challenges for Junior Miners
08:02 Debt and Financing in the Mining Sector
10:02 Mergers and Acquisitions in Mining
12:58 Returns to Shareholders and Industry Challenges
16:01 Future Trends and Predictions for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #investing #gold #commodities

Trump's Policies Will Unlock U.S. Copper Dominance

Fri, 21 Feb 2025 11:00:00 -0500

Is copper about to explode? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Barry O'Shea, CEO of Highland Copper, at the 2025 Mines and Money Conference in Miami. They discuss the recent surge in copper prices and Highland Copper's project in Michigan. O'Shea highlights the potential impact of the Trump administration's focus on domestic resource independence and the importance of refining capacity in the U.S. Highland Copper aims to reach a construction decision for its Copperwood asset by the end of 2025.

Key Points:
- Copper price surge driven by energy policies and resource independence
- Highland Copper's Copperwood project is fully permitted in Michigan
- U.S. needs to boost refining capacity for copper independence
- Goal: construction decision for Copperwood by end of 2025

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Introduction: Copper Market Trends
01:39 Highland Copper's Position and Strategy
02:48 Impact of U.S. Policies on Copper Development
05:31 Refining Capacity and Domestic Production
07:48 Highland Copper's Project Plans and Financing
11:09 Challenges and Opportunities for Junior Miners
13:27 Future Outlook

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #copper #investing

'All the Dominos Tumble' with 10% Stock Market Correction

Fri, 21 Feb 2025 11:00:00 -0500

Is the stock market due for a correction? See how this could affect your investments in commodities. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, at the Mines and Money Miami conference. McGlone shares his insights on the commodity cycle, with a close watch on crude oil and copper, and discusses the potential impacts of tariffs, especially concerning China's influence on copper demand. McGlone also explores gold's performance, noting its outperformance against the S&P 500 and the influence of central bank buying, while expressing caution about an overvalued U.S. stock market and its potential effects on commodities. McGlone suggests that U.S. Treasury long bonds may be a strong trade.

Key Points:
- Copper's price is closely tied to China's economic trends and is vulnerable to deflationary pressures.
- Gold has been outperforming stocks but may face resistance around $3,000 an ounce.
- A U.S. stock market correction could significantly impact commodity prices.
- Central bank buying is currently supporting gold prices.
- U.S. Treasury long bonds may be a strong trade

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.

00:00 Welcome: Commodity Cycle Overview - Crude Oil and Copper
01:14 Impact of Tariffs on Copper Prices
04:11 Copper's Relationship with Interest Rates and Global Demand
05:18 China's Economic Influence on Copper
14:36 Gold's Meteoric Rise and Market Dynamics
17:59 Speculation and Future Predictions for Gold and Copper
23:12 Key Themes for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)
Follow Mike McGlone on X: @mikemcglone11 (https://x.com/mikemcglone11)

Investment Demand Is Silver Price Spike Wildcard

Wed, 19 Feb 2025 12:00:00 -0500

Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Peter Krauth, author of ‘The Great Silver Bull’ and editor of Silver Stock Investor at the Vancouver Resource Investment Conference. They discuss silver's performance in 2024, noting its significant price increase from a low of $22 to $35 per ounce. Krauth highlights the supply deficit in the silver market and the growing industrial demand, especially from the solar sector. He emphasizes the potential impact of investment demand on silver prices, suggesting it could lead to a price spike. Krauth also shares some silver stock picks to watch.

Key Points:
- Silver price performance
- Silver mining supply
- Investment demand is a wild card
- M&A activity in the silver sector
- Silver companies to watch

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

00:00 Introduction: Silver's Performance in 2024
01:27 Silver Mining Costs and Profit Margins
04:12 Mergers and Acquisitions in the Silver Market
09:21 Future of Silver Supply and Demand
13:12 Investment Demand and Market Dynamics
16:48 Predictions for Silver Prices in 2025
19:49 Top Silver Stocks to Watch

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

Junior Capital Challenge Is Investor Opportunity

Tue, 18 Feb 2025 15:00:00 -0500

Is now the time to invest in gold equities? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Ross Beaty, Chairman of Equinox Gold, at the Vancouver Resource Investment Conference. They discuss Equinox Gold's impressive growth, strategy, and the future of the gold and silver markets.

Key Points
- Equinox Gold's journey to becoming a near million-ounce producer with eight operating mines.
- The company's focus on deleveraging and optimizing its portfolio.
- Ross Beaty's insights on the disconnect between gold prices and equity values.
- A look at opportunities in the copper and silver spaces, including Pan American Silver.

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

00:00 Introduction: Equinox Gold's Achievements in 2024
02:11 Challenges and Setbacks
03:40 Future Plans and Deleveraging Strategy
05:44 Opportunities in the Gold Market
14:42 Pan American Silver and the Silver Market
17:39 Copper Market Insights and Predictions
20:25 Big Mining Companies and M&A Activities
26:32 Predictions for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

Selective Optimism for Gold Stock Alpha

Wed, 12 Feb 2025 12:00:00 -0500

Investing in Alpha: How to find company-specific opportunities in any market? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Warren Irwin, President & CIO of Rosseau Asset Management, at the Vancouver Resource Investment Conference. Gain insights into the resource investment landscape and what to expect in 2025.

Key Points:
- Gold Market: Gold equities underperforming despite record highs, facing competition from crypto and tech.
- Canadian Mining: Discusses potential for a new conservative government to boost resource industries by streamlining permitting and building pipelines. Criticizes government interference in mining, using Solaris Resources as an example.
- Global Competition: Notes Saudi Arabia's emergence as a mining hub and Canada's declining position due to political alignment and destructive policies.
- Investment Strategy: Focus on company-specific opportunities (alpha) rather than broad market trends, with a cautious outlook for 2025.

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

00:00 Introduction: VRIC
01:29 Challenges in the Gold Sector
02:15 Geopolitical Impacts on Natural Resources
05:39 First Nations and Resource Development
09:59 Canada's Position in Global Mining
14:32 Outlook for Gold and Copper
18:58 Trump's Impact

#vric #mining #Trump #gold #copper

No Excuse Not to Make a Million – Rick Rule

Tue, 11 Feb 2025 16:00:00 -0500

Could you really make $1-2 million from mining stocks in the next few years? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Rick Rule, President & CEO of Rule Investment Media, at the Vancouver Resource Investment Conference. Rule shares his insights on mining stocks, market outlook, and the potential impact of the Trump presidency on the resource world.

Key Points:
- Mining Stock Opportunities: Rule discusses how investors can potentially make significant gains by focusing on strong management teams and understanding market dynamics.
- Gold Market Analysis: Insights into central bank vs. retail investment in gold, and the importance of cost management for gold producers like Newmont.
- M&A Cycle: Rule anticipates increased mergers and acquisitions in the mining sector, driven by the desire for efficiency and better asset management.
- Trump Presidency Impact: An analysis of potential impacts on natural resource development, critical minerals, and U.S.-China relations.

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

00:00 Introduction: Investment Opportunities in Mining Stocks
02:27 Gold Stocks and Market Dynamics
04:31 Newmont's Strategy and Industry Impact
06:37 Mergers and Acquisitions in Mining
08:32 Trump's Presidency and Resource Development
16:53 Rick Rule on Effective Presentations
22:05 Outlook for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

From Oil to Ore: Saudi Arabia's Bold Plan to Dominate Mining – Khalid Al-Mudaifer

Tue, 11 Feb 2025 16:00:00 -0500

New gold and lithium discoveries in Saudi Arabia - what does it mean for the global market? Kitco’s Senior Mining Editor and Anchor Paul Harris speaks with H.E. Khalid Al-Mudaifer, Vice-Minister for Mining Affairs of the Kingdom of Saudi Arabia, at the Future Minerals Forum in Riyadh. Al-Mudaifer discusses Saudi Arabia's ambitious push to develop its mineral resources and establish mining as the third pillar of its industrial sector, following oil and gas and petrochemicals. The interview highlights significant announcements, including new gold discoveries. Al-Mudaifer stresses the importance of partnerships in building the mining sector, drawing parallels with the development of the oil and petrochemical industries. He outlines Saudi Arabia's strategy to leverage its capital, infrastructure, strategic location, and geological resources to become a mineral processing hub.

Key Points:
- Vision 2030
- Strategic Partnerships
- Aggressive Exploration
- Incentives & Policy

Special thanks to our sponsor, the Future Minerals Forum (FMF), for making this coverage possible. Visit https://www.futuremineralsforum.com/ to learn more.

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/kitconewsnow)
Follow Future Minerals Forum (FMF) on X: @FutureMineral (https://x.com/futuremineral)

00:00 Welcome to the Future Minerals Forum
02:59 Major Announcements and Partnerships
03:39 Saudi Arabia's Vision 2030 and Mining Transformation
05:29 Exploration and Technological Advancements
08:03 Roadmap for the Mining Sector
11:31 Global Impact and Lessons from Oil Industry

2030 Josemaria-Filo production goal

Mon, 10 Feb 2025 11:00:00 -0500

What's the next big play in the mining sector? Kitco’s Senior Mining Editor and Anchor Paul Harris speaks with Adam Lundin, Chair of Lundin Mining. Lundin discusses the company's recent successes and future plans at the Future Minerals Forum in Riyadh, Saudi Arabia. He highlights the excitement surrounding Saudi Arabia's interest in diversifying into minerals and the challenges of financing mineral projects. Lundin emphasizes the importance of operations and growth projects. He speaks about Lundin Gold's record production and exploration potential, and the BHP partnership in Argentina. The discussion also touches on geopolitical considerations, critical minerals, and the outlook for copper prices.

Key Points:
- BHP Joint Venture
- Lundin Gold
- Critical Minerals
- Future Goals

Special thanks to our sponsor, the Future Minerals Forum (FMF), for making this coverage possible. Visit https://www.futuremineralsforum.com/ to learn more.

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)
Follow Future Minerals Forum (FMF) on X: @FutureMineral (https://x.com/futuremineral)

00:00 Welcome to the Future Minerals Forum
00:41 Saudi Arabia's Ambitions in Mining
01:59 Lundin Group's Evolution and Achievements
04:10 Partnerships and Future Prospects
08:16 Lundin Gold's Record Year and Future Plans
13:17 Geopolitical Considerations and Market Outlook

Is World War Coming? What It Means for Your Money, China’s Plan, & Global Conflicts – Grant Williams

Wed, 05 Feb 2025 14:00:00 -0500

Is the American Empire ending? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Grant Williams, author and host of the Grant Williams Podcast, at the Vancouver Resource Investment Conference (VRIC). Williams discusses the major geopolitical shifts that could change everything you know about global power. He covers everything from the commodities cycle and geopolitical tensions to the future of investing. Williams shares his insights on the current state of the market, drawing parallels from history and offering a unique perspective on the forces shaping the global landscape. Williams also touches upon the changing dynamics of global power, highlighting Saudi Arabia's move to diversify its economy beyond oil. Williams shares his outlook on investing in 2025.

Key Points:
- Commodities are poised for an upswing
- Geopolitical shifts are reshaping global power dynamics
- Focus on real investment

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

Is This Metal About to Surge? Codelco Chairman on the Future of Electrification

Wed, 05 Feb 2025 14:00:00 -0500

Codelco has 5% of the world's copper reserves - what does this mean for the future of copper? Join Kitco’s Senior Mining Editor and Anchor Paul Harris as he interviews Maximo Pacheco, Chair of Codelco, at the Future Minerals Forum in Riyadh, Saudi Arabia. This conversation covers Codelco's significant investments in copper and its expansion into lithium, as well as the company's perspective on the future of the mining industry. Pacheco discusses Codelco’s partnerships, the company's massive capital expenditure program, its debt, and the outlook for copper prices. He also shares his thoughts on the importance of global collaboration and the growing demand for copper in the context of the world’s transition to renewable energy.

Key Topics:
- Codelco's Investment and Growth
- Codelco's Strategic Partnerships
- Future of Copper

Special thanks to our sponsor, the Future Minerals Forum (FMF), for making this coverage possible. Visit https://www.futuremineralsforum.com/ to learn more.

Gold Is in a ‘Super Bull Market,’ the Next Inflation Wave Is Coming | Ronald-Peter Stoeferle

Tue, 04 Feb 2025 11:00:00 -0500

What does the decoupling of gold from traditional bonds suggest about its future role as an investment? Kitco’s Senior Mining Editor and Anchor Paul Harris speaks to Ronald-Peter Stoeferle, Managing Partner at Incrementum AG, at the Future Minerals Forum in Saudi Arabia. They discuss the shifting dynamics of the gold market, the future of gold investments, and the factors influencing gold prices.

Key Topics:
- Shifting Power in the Mineral Industry
- Gold's Resilience and Future Outlook
- Emerging Market Demand
- Digital Gold and Younger Investors
- Gold Stocks and Investment Strategies

Special thanks to our sponsor, the Future Minerals Forum (FMF), for making this coverage possible. Visit https://www.futuremineralsforum.com/ to learn more.

‘The best chances of making not just one, but many discoveries’ - Brunswick CEO Killian Charles

Thu, 28 Nov 2024 13:00:00 -0500

Killian Charles, President and CEO of Brunswick Exploration, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the company’s latest discoveries, including the first viable lithium deposits in Greenland. They also discuss the latest results from the Mirage and Anatacau West projects, lithium demand from solar energy storage, and milestones for Q4 and 2025.

‘We've been the hunter, but we may become the hunted’ - Northern Superior CEO Marcotte on gold M&A

Thu, 28 Nov 2024 13:00:00 -0500

Simon Marcotte, President and CEO of Northern Superior Resources, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the Chibougamau gold camp consolidation progress and the ONGold spinoff’s growth potential. They also discuss the company’s recent equity raise, the latest drilling results, and positioning for M&A activity.

‘This is the time for investors before the juniors have gone on a run’ - Maple Gold CEO Patankar

Thu, 28 Nov 2024 13:00:00 -0500

Kiran Patankar, CEO and President of Maple Gold Mines, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to make the case that now is the time to invest in junior miners like Maple Gold. They also discuss Agnico’s increased stake, the company’s winter drilling program, and the opportunities for M&A in the sector.

‘On a risk-reward basis, it's an asymmetric opportunity right now’ - QC Copper & Gold CEO Stewart

Thu, 28 Nov 2024 13:00:00 -0500

Stephen Stewart, CEO and Director of QC Copper & Gold, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the company’s recent acquisition of Cuprum and plans to launch the combined XXIX company in December. They also discuss miners’ valuations, the M&A cycle, and copper’s place in the commodity supercycle.

‘As the reserve goes from $1,400 to $1,700 it will open new areas for miners’ - O3 Mining’s Lepage

Thu, 28 Nov 2024 13:00:00 -0500

Jean-Felix Lepage, VP Projects at O3 Mining, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the impact of the gold price rally on miners’ reserve statements and valuations. They also discuss the company’s Q4 and 2025 goals and the M&A environment.

‘Silver was up 332% on average in the last three rate-cutting cycles’ - Peter Krauth

Thu, 28 Nov 2024 12:00:00 -0500

Peter Krauth, publisher of SilverStockInvestor and author of The Great Silver Bull, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to examine the state of the silver market and where the price action is likely headed in 2025. They also break down the latest supply and demand data and review some of the strongest potential investments in silver equities.

'We see upwards of three million ounces here eventually, that's the trajectory’ - CEO Matt Manson

Mon, 25 Nov 2024 15:00:00 -0500

Matt Manson, President and CEO of Radisson Mining Resources, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the high-profile additions to the leadership team and the recent $7 million raised in equity financing. They also discuss the latest results of the drilling program at the O'Brien project, the new MOU with IAMGOLD, and Radisson’s goals for 2025.

‘Copper production has to double by 2050’ to meet demand - Osisko Metals’ Robert Wares

Mon, 25 Nov 2024 15:00:00 -0500

Robert Wares, President and CEO of Osisko Metals, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the outlook for copper, including the burgeoning demand from electrification and the constrained supply picture. They also discuss Osisko Metals’ Gaspé Copper project and the company’s goals for 2025 and beyond.

‘Central banks are telling you gold is money’ - Michael Gentile

Mon, 25 Nov 2024 15:00:00 -0500

Michael Gentile, co-founder of Bastion Asset Management and longtime mining equities investor, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to explain where we are in the precious metals bull cycle and where the value is in mining equities. They also discuss different drivers for gold and silver prices, how much upside is left in the metals, and the next phase of M&A activity in the mining sector.

'You can't hold an industry down that has such pent-up demand' - NexGold's Morgan Lekstrom

Fri, 18 Oct 2024 15:00:00 -0400

Rising gold demand will favor development companies, said Morgan Lekstrom, president and director, NexGold.

On Thursday Lekstrom spoke to Kitco Mining. He was in the studio on the same day NexGold Mining Corp. (TSXV: NEXG) and Signal Gold Inc. (TSX:SGNL) announced plans to merge. Joining the companies will combine two assets: NexGold's Goliath, located in Ontario, and Signal Gold's asset in Nova Scotia. Goliath is currently undergoing provincial permitting and is expected to receive approvals next year. Construction is estimated to start in 2026.

Signal's Goldboro project in Nova Scotia has its provincial environmental assessment approval.When combined, the company expects to attain production of over 200,000 ounces per year. Between both companies, the two will have 4.7 million gold ounces of measured and indicated mineral resources and 1.3 million gold ounces of inferred mineral resources.

Dual asset companies are significantly de-risked, said Lekstrom, which was a key rationale for doing the deal.

"Look, as a single asset company, any one thing can go wrong and boom, you're done," said Lekstrom.

NexGold also announced a non-brokered private placement financing for up to $11.5 million that coincided with the merger.

In this market, Lekstrom said being a gold development company is ideal. Gold has hit successive all-time highs in 2024. Gold miners are mostly up, but development and exploration companies are still lagging.

"What do you think is going to happen to development stage gold companies that are on a track to get to construction or production? They're going to go insane," said Lekstrom. "You can't hold an industry down that has such pent-up demand. I'm 39. I'm all in. This is wild."

Many silver miners will be 'ten baggers' - Lawrence Lepard sees metal at $50 oz and beyond

Thu, 17 Oct 2024 07:00:00 -0400

[EDITOR'S NOTE: SOME SWEARING IN VIDEO]

Precious metals are not slowing down, said Lawrence Lepard, founder of Equity Management Associates.

On Thursday, Lepard spoke to Kitco Mining.

Lepard is a long-time gold bull. He is surprised by the pace and strength of the gold price breakout, which he attributes to various macroeconomic factors, including increased demand from Asia and central banks. Lepard argues that gold’s bullish trend is real, driven by a combination of factors such as U.S. fiscal irresponsibility, rising deficits, and expectations of monetary debasement. He highlights the growing awareness among global investors that the U.S. is "fiscally trapped," leading to continued inflation and a weakening U.S. dollar, which he believes will further bolster gold prices in the years to come.

"I think people who [believe] the gold price will be $2,050 or $2,100 in four or five years...are delusional," said Lepard.

Despite gold’s rise, mining stocks have not kept pace, reflecting skepticism about the sustainability of the price increases. Lepard believes there will be a rotation into the miners when the rest of the stock market stops working.

"The very best gold stock bull markets take place when the other markets aren't working," he said. "[The] stock market is not obviously sick yet. I think it's in the process of getting sick and I think it could be very sick in a year or two as the economy slows down, but that hasn't really entirely happened yet."

Lepard is a big silver believer. Metal demand is from both monetary and industrial uses.

"That's going to increase the demand for silver," he said. "If you look at silver on a technical basis, you can see this enormous cup with a handle and we're right on the cusp of breaking out."

Lepard believes silver will "blow through" $50 ounce and head to $75 or $100 in next few years, and with miners all-in sustaining cost in the $12 to $22 range, the margins will be substantial.

"Do the math at $70 ounce. I mean it gets just crazy," said Lepard. "And some of [the silver miners] are selling at modest multiples of today's earnings. You're going to have a large number of silver companies that do 10 baggers or more. I'm incredibly bullish on silver and we've got, we are overweight silver in the portfolio."

'Historic moment' approaches for resource sector, but it likely won't be celebrated - Stewart Muir

Mon, 14 Oct 2024 10:00:00 -0400

The Canadian government needs should stop picking winners and losers in the resource sector, said Stewart Muir, founder and CEO of Resource Works.

On Thursday Muir spoke to Kitco Mining.

Muir said the resource sector is challenged by regulations. He points out the growing regulatory burdens, referring to the "pancaking effect" where new regulations continuously pile on top of existing ones, complicating the project approval process. He emphasizes that streamlining and harmonizing regulations are essential to keeping projects feasible.

Regarding critical mineral strategies adopted by governments, Muir wishes governments would be less selective.

"You've got an ice rink, and you've got teams that play there," said Muir "One wins, one loses. But you're not going to have a good game unless a Zamboni driver has gotten out there and cleaned that ice. We have a tendency for governments to pick the winners and losers."

Asked to pick a key milestone over the next 12 months, Muir pointed to the LNG plant in Kitimat.

"I think that the day that the first ship sails from the port of Kitimat sometime, probably in 2025, with a load of Canadian LNG for wherever it's going, that will be a historic moment," said Muir. "It will also be a boatload of money. it's such a huge win. The people who should have been out celebrating it—those in government—they didn't want to take the win on that. They deserve credit for it. But they didn't want to take it, which is a sad comment on, on perceptions of the public sentiment on these issues."

'It's a very short list' - First Mining Gold's Dan Wilton on project pipeline in Canada

Wed, 09 Oct 2024 11:00:00 -0400

More aggressive M&A is coming to the gold sector, said Dan Wilton, CEO of First Mining Gold.

On Thursday Wilton spoke with Kitco Mining.

First Mining Gold Corp. (TSX: FF) is a Canadian gold developer focused on the development of the Springpole gold project in northwestern Ontario and the Duparquet gold project in Quebec, what the company calls the two of the largest gold projects in Canada.

Springpole’s land position totals 41,943 hectares. The project is located in a remote area, approximately 110 kilometres northeast of the town of Red Lake. The project is situated within the Birch-Uchi Greenstone Belt. The Springpole gold project will include the development, operation and eventual decommissioning/closure of an open pit mine and mill with supporting infrastructure. The company plans to submit its environmental assessment to regulators in the fall.

Wilton said permitting is key to building value.

"Almost every 5 million ounce plus gold project in Canada that has received its environmental assessment approvals has been either acquired or funded into at valuations in excess of $500 million," said Wilton.

First Mining also owns the Duparquet Gold Project, a preliminary economic assessment stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region in Quebec. Duparquet currently hosts 3.4 million ounces of gold in the Indicated Mineral Resource category and 2.6 million ounces of gold in the inferred mineral resource category.

In September First Mining Gold announced it closed a C$8 million bought-deal financing.

Wilton said the pipeline for gold projects in Canada has dropped off.

"It's a very short list," said Wilton. "All those large projects have to go through permitting processes and we know where we are in the process, which is at the front of the pack or not or near the front of the pack."

Wilton said cash is coming into the sector with some big M&A's, but financings in the resource sector have been selective.

"We haven't had the rising tides raising of all boats," said Wilton. "What makes that happen: you're going to start seeing more aggressive strategic investment and acquisitions from large caps and mid-tiers who know that there is no way that they can advance projects for less than they can buy them for today."

It would be 'shocking' if silver didn't break all-time highs - Dolly Varden Silver's Shawn Khunkhun

Fri, 04 Oct 2024 16:00:00 -0400

The Golden Triangle is one of the world's top five mining areas, said Shawn Khunkhun, president and CEO of Dolly Varden Silver.

On Thursday Khunkhun spoke to Kitco Mining at its Vancouver studio.

Dolly Varden Silver Corporation (TSX.V:DV) is a mineral exploration company focused on advancing its 100% held Kitsault Valley project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep tide water. In 2022 Dolly Varden acquired Homestake Ridge gold-silver project from Fury Gold Mines. Homestake is located adjacent to the Dolly Varden project. Last month Dolly Varden closed a $32 million bought deal offering.

The Golden Triangle is situated in the northwest of British Columbia. Red Chris and Brucejack mines, both owned by Newmont, operate in the region.

The Dolly Varden project contains historic mines.

"I don't doubt there's a lot of silver to discover, probably north of 100 million ounces at Dolly," said Khunkhun. "But bringing in Homestake and bringing in the million ounces of gold and having the big hits that we've had...I think we may be onto a system that's reminiscent of Brucejack, Eskay, or Premier, and that's what we've got on deck in terms of these drill results that are pending."

Khunkhun said a number of factors favor precious metals: the Fed is easing, geopolitical turmoil and an uptick in precious metal ETF buying.

"I would be shocked if we didn't get a new all-time high in silver," said K. "Every other time we've been into precious bull market, silver has lagged and then outperformed. It looks like that setup is occurring right now."

Years of 'favorable conditions' - Skeena Gold + Silver's Walter Coles on precious metal catch up

Wed, 02 Oct 2024 16:00:00 -0400

Precious metal miners are in a great bargaining position with the smelters, said Walter Coles, executive chairman of @skeenaresources6013 .

Last week Coles spoke to Kitco Mining in Vancouver, B.C.

Skeena Gold + Silver (TSX: SKE) is advancing its Eskay Creek project, a high-grade volcanogenic massive sulphide deposit that previously operated as an underground mine.

“When Eskay Creek was operational in the 1990s and early 2000s, it produced 3.3 million ounces of gold and an astonishing 160 million ounces of silver," said Coles. "That was from an underground mine. We're revitalizing it as an open-pit operation, and we changed the name to highlight the silver still present."

In November 2023, Skeena completed a definitive feasibility study on Eskay Creek, revealing reserves of 4.6 million ounces (Moz) of gold equivalent (AuEq) at an average grade of 3.6 g/t AuEq. The study projects an after-tax NPV5% of C$2 billion, a 43% IRR, and a 1.2-year payback period, based on US$1,800/oz gold and US$23/oz silver. Recently, the company changed its name to Skeena Gold & Silver to emphasize the significant silver reserves remaining at Eskay Creek.

"Exploration is tough," Coles admitted. "There’s an old saying: 'The best place to find a mine is in the shadow of a headframe.' Our strategy was to acquire past-producing mines that were shut down during low points in the commodity cycle, hoping to find untapped resources."

The company plans to reopen it as an open-pit mine, with estimated annual production of 450,000 AuEq ounces in the first five years. Coles highlighted that current precious metal prices are favorable for miners, and that there are downstream benefits as well.

"I believe we're in a good position to negotiate better terms with smelters," said Coles. "With excess global smelter capacity, mines can push for higher payables."

Supply constraints are expected to sustain high precious metal prices for years.

“One thing that's certain is that commodities are cyclical," said Coles. "During downturns, companies reduce exploration and capital expenditures, which eventually leads to lower future supply. Now, we’re seeing the boomerang effect. Even with capital flowing back into the sector, supply won't rebound for years, creating favorable conditions for miners in the meantime."

G Mining Ventures charts path to becoming an intermediate gold producer

Wed, 02 Oct 2024 15:00:00 -0400

G Mining Ventures achieved commercial production in September, according to Louis-Pierre Gignac, the company's founder, president, and CEO.

Last month, Gignac spoke with Kitco Mining.

G Mining Ventures Corp. (TSX: GMIN) aims to grow into a mid-tier precious metals producer. Its flagship operations include the Tocantinzinho Gold Mine in Brazil and the Oko West project in Guyana.

In September, the company released a preliminary economic assessment for Oko, highlighting an after-tax NPV5% of $1.4 billion, an IRR of 21%, and a payback period of 3.8 years, based on a $1,950/oz base case for gold. The company plans to submit permit applications by the end of the year and aims to release a feasibility study in the first quarter of 2025.

Tocantinzinho reached commercial production in September and is designed for a 10.5-year mine life, with an average annual gold production of 174,700 ounces, increasing to 196,200 ounces for the first five full years.

Gignac noted that when Oko operates alongside Tocantinzinho, G Mining Ventures will become an intermediate gold producer.

"We have set a target of 500,000 ounces of production as the next milestone to achieve intermediate producer status," Gignac said. "The combination of Tocantinzinho and Oko will enable us to reach that goal."

'Can you do more?' - New Gold's Patrick Godin on investors pushing miners to grow

Tue, 01 Oct 2024 17:00:00 -0400

Gold and copper production are increasing at New Gold, noted CEO Patrick Godin.

Godin spoke with Kitco Mining last month during the Gold Forum Americas/XPL-DEV 2024 in Colorado.

New Gold Inc. (TSX: NGD) is a Canadian-focused intermediate mining company operating the Rainy River gold mine and the New Afton copper-gold mine. The company also holds additional Canadian-focused investments.

New Gold is expanding its production. Consolidated gold output is projected to increase by approximately 35% from 2023, reaching 410,000 to 460,000 ounces in 2026 at both Rainy River and New Afton. Copper production is expected to grow by about 60% over the same period, reaching 71 to 81 million pounds by 2026.

Godin mentioned that while investors are mostly satisfied with the performance of the gold miners, they are eager for further growth.

"Shareholders are...asking us: 'Okay, what's next?'," said Godin. "They appreciate that we’re adding value through exploration and organic growth, but the next question is: 'Can you do more?'"

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

'We are accumulating cash at a pace' we hadn't planned for - Orla Mining's Jason Simpson

Tue, 01 Oct 2024 13:00:00 -0400

Use cash to grow gold production, said Jason Simpson, president and CEO of Orla Mining.

Last month Simpson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Orla Mining Ltd. (TSX: OLA) operates the Camino Rojo mine in Zacatecas State, Mexico. Camino Rojo is an open-pit, heap leach mine producing gold and silver. The site, 100% owned by Orla, spans over 139,000 hectares and contains both oxide and sulphide mineral resources. Additionally, Orla’s South Railroad project, located on the Carlin trend in Nevada, is a feasibility-stage, open-pit, heap leach gold project.

For 2024, Orla’s gold production guidance stands at 120,000 to 130,000 ounces, with all-in sustaining cost guidance improved to $800-$900 per ounce of gold.

Simpson noted that recent increases in gold prices have prompted the company to reassess its capital expenditure plans.

"The rise in gold prices has accelerated some of our capital allocation discussions," said Simpson. "We are accumulating cash at a faster pace than anticipated, which allows us to reconsider the timing of construction while ensuring we can self-fund not only construction but also exploration across all the countries we operate in."

When asked if gold miners should hold more precious metals rather than cash, Simpson responded:

"Most gold companies, including ours, intentionally grow our pipeline. We use that cash to enhance the value of the business by expanding gold production and making new discoveries."

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

It's a show-me market - Artemis Gold's Steven Dean on generalist investors and mining equities

Mon, 30 Sep 2024 16:00:00 -0400

Costs in the resource sector appear to be easing, said Steven Dean, chairman and CEO of Artemis Gold.

Last month Dean spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Artemis Gold Inc. (TSX-V: ARTG) is developing the Blackwater Mine in central British Columbia, about 160 km southwest of Prince George. Dean expects the first gold pour by the end of this year. The company’s stock has doubled year-to-date, most recently trading at $12.63 per share. With favorable metal prices, Artemis is considering expansion. Phase 2 is projected to produce an average annual gold equivalent of 561,000 ounces and generate average annual after-tax free cash flow of C$544 million between years three and six.

Despite gold hitting multiple all-time highs, many miners have not experienced significant gains. Dean attributes this to lingering investor skepticism toward the sector.

"It's still a 'show me' market," said Dean. "The key to closing that value gap lies in more consistent performance across the sector—meeting guidance, hitting cash flow targets."

Dean noted that cost pressures are easing, which should help boost margins.

"Labor pressures aren’t as tight as they were," he said, adding that other costs are also showing signs of easing. "This should allow us to improve cash flow margins and deliver the kind of cash generation I believe the sector is capable of."

The Gold Forum Americas/XPL-DEV 2024 coverage is sponsored by Metalla Royalty.

No euphoria yet - Denver Gold Group's Tim Wood on why the miners hold back while gold surges

Mon, 30 Sep 2024 12:00:00 -0400

Despite gold's record highs, the miners aren’t celebrating yet, said Tim Wood, executive director of the Denver Gold Group.

Last week Wood spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Despite gold hitting several all-time highs in 2024, Wood noted that the miners are still wary. While gold prices have surged to $2,600 per ounce, the enthusiasm seen in previous cycles has yet to materialize, with skepticism still prevalent among investors.

"I don't think we're at that belief stage," said Wood. "We've heard quite a few keynote speakers saying it's very clear that we are nowhere near even the onset of a euphoria stage. There's still a lot of skepticism."

Wood highlighted that, despite the high gold prices, attendance at the Gold Forum has decreased compared to its peak in 2018. The drop is due to broader uncertainties in the commodities markets. However, reduced interest rates in the U.S. usually boost metal prices, noted Wood.

Wood also discussed how falling fuel prices and reduced costs for chemical reagents used in mining could expand margins for gold producers in the coming quarters. This could lead to even stronger financial results for gold companies, many of which have already seen significant stock price increases this year. However, Wood believes that more investors will turn to gold stocks once they see consistent, strong quarterly results.

In terms of M&A, Wood predicted continued activity, especially among majors looking to maintain production levels. He suggested that the industry may see a "mega deal" in the near future, potentially creating a $100 billion gold company. Additionally, intermediate companies and single-asset producers may also face consolidation pressures.

Wood noted that while technology, including AI, is playing a larger role in the exploration and mining sectors, human expertise, particularly from skilled geologists, remains irreplaceable. He expressed skepticism about AI's ability to fully take over certain aspects of the mining process.

Looking ahead, Wood expects the rest of the year to be positive for gold producers, with higher metal prices, increased dividends, and strong financial results likely to attract more generalist investors to the sector.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

M&A in a bull market - Calibre Mining's Darren Hall on maintaining perspective

Mon, 30 Sep 2024 11:00:00 -0400

Maintain perspective in this gold bull market, warned Darren Hall, president and CEO of Calibre Mining.

Last week Hall spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Calibre Mining (TSX: CXB) is a Canadian-listed, Americas-focused, mid-tier gold producer with development and exploration projects across Newfoundland and Labrador, Canada, as well as Nevada, Washington, and Nicaragua. Calibre operates the Limon Mine in Nicaragua and recently finalized the acquisition of the Valentine Gold Mine in Newfoundland and Labrador, with initial gold production expected in the first half of 2025.

For 2024, Calibre's gold production guidance is between 275,000 and 300,000 ounces. Once Valentine becomes operational, production is expected to rise to 500,000 ounces annually.

Hall stressed the importance of diversifying the company’s asset base to mitigate the risks associated with relying solely on production from Nicaragua. The acquisition and development of Valentine in a stable jurisdiction like Newfoundland significantly bolster the company’s profile.

Calibre’s growth strategy has often been compared to B2Gold, which also began with assets in Nicaragua and grew through strategic acquisitions to become a million-ounce-per-year producer. While there are similarities, Hall emphasized that Calibre's success is driven by strong management, a dedicated team, and a focus on organic growth and exploration, particularly in Nicaragua and Nevada. The company’s strong balance sheet has allowed it to fund projects like Valentine while continuing exploration.

With gold prices around $2,600 per ounce, Hall acknowledged that the additional cash flow provides more financial flexibility but stressed that it doesn’t alter Calibre’s strategy. The company remains focused on organic growth, with exploration at the forefront of its future plans. Despite gold hitting several all-time highs in 2024, Hall urged miners to maintain perspective when making deals.

“Higher metal prices don’t make for more intelligent decisions,” Hall cautioned. “You’ve got to take a long-term view on any transaction. Is it durable? I’d take a conservative view on metal prices with respect to acquisitions and investment decisions, and then bank the upside when it comes, rather than require higher metal prices to support the decision.”

When evaluating projects, Hall noted that if you “torture the asset long enough, it’ll confess to any answer you want,” warning that committing under such conditions leads to unrealistic expectations.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

Why a slow build up for gold equities is better for the market - Luc ten Have

Thu, 26 Sep 2024 08:00:00 -0400

Without big backers, most juniors are going to struggle, said Luc ten Have, founder of GoldDiscovery.com

Last week ten Have spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Ten Have speculates that the gold equities may be entering a period of slow, sustained growth, akin to the early 2000s, rather than a rapid spike. He said a slow build would be preferrable.

"My impression is that the market is slowly building," said tenHave. "You don't really feel it yet, but it's a bit comparable to 2000 and 2001 where you didn't get that [shooting up] within half a year. All the stocks are up five or six X. 2016 was a year like that. 2020 was a year like that. I think it's better that this time it's going a little bit slower, because you don't get this six-month window and then everybody leaves again."

Ten Have noted the difficulty junior mining companies face in raising capital, despite high gold prices. Many smaller companies have not moved significantly, and while some with backing from major investors, like Eric Sprott and Pierre Lassonde, are doing well, others struggle. Ten Have emphasized that access to capital is critical for early-stage explorers, and without it, promising projects may not advance.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Imagine if the miners hadn't converted all that gold to cash - David Baker on missed opportunity

Thu, 26 Sep 2024 07:00:00 -0400

The gold miners should show some conviction in their product and hold more of it on their balance sheet, said David Baker, managing partner at Baker Steel Capital Managers.

Last week Baker spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Baker advocates for gold mining companies to hold onto some of the gold they produce rather than converting it all into cash. He argues that this strategy would better align with the companies' messaging about the long-term value of gold as a hedge against fiat currency depreciation.

"Holding a bit of gold...send a message to the investors: they've got confidence in the product," said Baker. "Gold is an asset that basically should protect your purchasing power. [We are] already seeing gold starting to outperform inflation...so I think it's a reasonable place to start holding gold."

Gold's strong performance this year could trigger a "capital rotation," said Baker.

"If the trend continues, it's going to be very hard for investors not to buy gold," said Baker.

Baker emphasized the importance of capital management for mining companies, particularly those generating significant cash flow. His focus is on larger companies, typically above mid-cap, that balance growth with capital returns, which he considers the "holy grail" of investments.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

West versus the rest of the world - Willem Middelkoop on the chief reason why gold is spiking

Wed, 25 Sep 2024 16:00:00 -0400

There is a lack of big discoveries in the mining sector, said Willem Middelkoop, founder and CEO of Commodity Discovery Fund.

Last week, Middelkoop spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Middelkoop expressed optimism that the gold price could reach $3,000 before the end of the year, potentially marking the start of a new bull market.

"Gold could be on the verge of a breakout. This could be a violent move," Middelkoop said.

He cited key factors driving the rise in gold prices, including currency debasement, a shortage of significant new discoveries, and heightened geopolitical tensions between the West and the rest of the world.

"That's why we see many people fleeing towards gold—even central banks. And I think the last point is the most important reason for this rise in the gold price," he added.

Middelkoop explained that bull markets in gold typically begin with the major producers and royalty companies gaining momentum, followed by intermediates and eventually juniors. However, he noted that junior mining companies have remained flat this year despite the increase in gold prices.

Despite this price surge, Middelkoop expressed disappointment in the industry's lack of major new gold discoveries. He observed that many companies are simply rebranding old projects rather than finding new deposits, which underscores the need for mergers and acquisitions (M&A) to drive growth within the sector.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

Gold miners are on the cusp of historic margins - Metalla Royalty & Streaming's Brett Heath

Wed, 25 Sep 2024 13:00:00 -0400

Miners with a sizable ownership stake in their own companies are crucial to ensuring business decisions are aligned with shareholder interests, said Brett Heath, president and CEO of Metalla Royalty & Streaming.

Last week, Heath spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Metalla Royalty & Streaming Ltd. (TSXV: MTA) is a royalty and streaming company with exposure to gold, silver, and copper. The company holds around 100 royalties and streams, with key assets including IAMGOLD’s Côté and Gosselin, G Mining Ventures’ Tocantinzinho, Equinox Gold’s Castle Mountain Mine, and First Quantum Minerals’ Taca Taca.

Heath discussed the impact of rising gold prices on the mining sector, noting that gold is reaching all-time highs. He emphasized that unlike previous gold price surges, costs have not significantly increased, meaning gold producers could experience record margins, potentially clearing over $1,000 per ounce in profit. This price increase, combined with stable or declining costs, could lead to significant profits for producers, particularly in Q4 2024.

Heath also highlighted the implications for investor interest. Despite the gold price rally, the sector has been underappreciated by generalist investors. However, he believes that as profit margins grow, institutional capital will flow back into gold, potentially driving up the share prices of major producers. Heath noted that global gold ETFs have recently seen inflows, signaling renewed interest in the sector. Some gold company shares have already appreciated 50% to 100% year-to-date, which could attract more attention from outside investors.

In terms of capital allocation, Heath expects that much of the new free cash flow from higher gold prices will be directed toward growth, including mergers and acquisitions (M&A), as companies seek to acquire strategic assets. Heath is optimistic about continued gold price increases, predicting that prices could reach between $2,600 and $3,000 per ounce by the end of 2024, driven by central bank purchases and renewed investor interest.

Metalla recently adopted a minimum share ownership policy to ensure management's alignment with shareholders. Heath explained that the policy formalized a practice already in place, signaling to investors that management has a vested interest in the company's success.

“Look, we’re aligned,” said Heath. “I’ve got the majority of my net worth in this business. It was just a formalization of something that was already there, but it was something we wanted to do as part of the company’s evolution.”

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

Why consolidation is a 'real dilemma' for the miners - B2Gold's Clive Johnson

Wed, 25 Sep 2024 13:00:00 -0400

Reaching an agreement with the Malian government helped propel B2Gold’s stock price, CEO Clive Johnson noted.

Last week, Johnson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

B2Gold (TSX: BTO) is a senior gold producer headquartered in Vancouver, Canada. Founded in 2007, the company operates gold mines in Mali, Namibia, and the Philippines. The Goose project is under construction in northern Canada. B2Gold forecasts total consolidated gold production of between 800,000 and 870,000 ounces in 2024.

In September, the company announced it had reached an agreement with the Malian government, allowing the Fekola Mine to continue operating under the 2012 mining code, while new expansions will follow the 2023 code. Johnson said the agreement removed significant uncertainty surrounding the mine, leading to a 13% rebound in B2Gold’s stock, one of its largest single-day gains since 2009.

“We knew that this was going to be a difficult year,” Johnson said, calling the agreement a “huge relief.”

Mergers and acquisitions have been heating up in the mining sector.

“The best protection for a takeover is your stock price,” Johnson said, noting that concerns about the Goose project and issues in Mali had partly become “poison pills” that prevented the company from becoming a target.

“We work for our shareholders. Any reasonable offer is the shareholders’ decision, not ours. We’re open to whatever makes sense going forward,” he said.

Johnson noted that investors would like to see more consolidation, but forecasting the gold price remains a challenge.

“I think it’s a real dilemma for the industry. Investors want [consolidation]. They want fewer mining companies. They want better-run ones. We’ve seen some of that, but at the end of the day, if you’re looking at M&A today, what gold price do you use? And it’s going to be competitive.”

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

‘We have a very good chance of making a new tier one discovery’ - Arras Minerals’ Darren Klinck

Tue, 24 Sep 2024 12:00:00 -0400

Kazakhstan is far afield, but low costs make it an attractive draw, said Darren Klinck, president of Arras Minerals.

Last week Klinck spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Arras Minerals is advancing a portfolio of copper-gold assets in Kazakhstan. The company is exploring a porphyry belt.

Klinck said the country has an all-important cost advantage compared to other jurisdictions.

“I think one of the big challenges we have right now is cost structure,” said K. “It's a low cost jurisdiction. It's not only…cheap to drill compared to many other parts of the world—you're at 200 meters above sea level. Your cost to mine…is some of the lowest in the world.”

Klinck said the country is well endowed geologically.

“We think we have a very good chance of making a new tier one discovery,” said Klinck.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

‘Strongest pipeline I've ever seen’ - Agnico Eagle Mines Ammar Al-Joundi benefits from gold upside

Tue, 24 Sep 2024 09:00:00 -0400

Cost containment is key, so investors benefit from high gold prices, said Ammar Al-Joundi, president and CEO of Agnico Eagle Mines.

Last week, Al-Joundi spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian based gold mining company. It is the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico.

With gold hitting several all-time highs in 2024, the company is reporting good financial results.

“We love the gold price and in particular we love all the cash flow we're generating for our owners,” said Al-Joundi. “This is a good time to be in this space. Our mines are running well. I've been in this business for 25 years. I've been in this business for 25 years. This is the strongest pipeline I've ever seen.”

Al-Joundi said cost control is critical.

“For us, it's essential…that when the gold price goes up, that money accrues to our shareholders,” said Al-Joundi.

Al-Joundi said he is not betting on copper or gold. The quality of the asset is all that matters.

“We're not setting a target,” said Al-Joundi. “Whatever position we have in copper is going to be driven by the opportunity to make money.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

'The gold sector is highly fragmented'- Gold Fields Mike Fraser on consolidation in the mining space

Mon, 23 Sep 2024 18:00:00 -0400

There are more opportunities for consolidation in the gold sector, said Mike Fraser, CEO of Gold Fields.

This week Fraser spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Headquartered in South Africa, Gold Fields is a 918,000 ounce gold producer. In 2022 Gold Fields tried to acquire Yamana Gold. Agnico Eagle Mines prevailed after Gold Fields' investors soured on the deal. Gold Fields CEO Chris Griffith left the company. Fraser took over in October 2023.

Fraser discussed Gold Fields other purchase, Osisko Mining's Windfall in Quebec. Gold Fields had initially acquired a 50% stake in the project 18 months ago. Recently Gold Fields completed the acquisition by purchasing the remaining 50% for C$2.16 billion.

Fraser explained that the two-phased acquisition allowed the company to gradually familiarize itself with the Quebec jurisdiction and operational conditions before fully committing.

"I think the way it's played out has really been the best way possible for Goldfields to enter into 100 percent of that asset," said Fraser.

The Windfall project, which holds 7.4 million ounces of gold reserves, is seen as a strategic move by Gold Fields. Despite a 55% premium on the second tranche, Fraser highlighted that the acquisition came with several financial benefits, such as cash already on hand and relief from funding further exploration. He described the acquisition price as fair, considering the future value it will generate.

"M& A is only one leg of our strategy to grow and improve the quality of our portfolio," said Fraser. "We also have a very strong brownfields program where we explore around our existing projects, but ...[these] bolt-on acquisitions are really going to be opportunities to move forward. The gold sector is highly fragmented...compared to other industries, and there definitely are opportunities for further consolidation."

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

'We're not in an overheated market' - Rob McEwen says miners have room to run

Mon, 23 Sep 2024 14:00:00 -0400

The broader markets won't be able to ignore the gains the miners are making, said Rob McEwen, chair and chief owner of McEwen Mining.

Last week McEwen spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina.

With gold hitting record highs, McEwen believes investor interest will grow, particularly as investors realize the rapid price increase and potential gains in the sector. However, he noted that while the price surge has benefited senior and intermediate miners, junior miners have yet to experience the same enthusiasm.

McEwen Mining also holds a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. Despite the copper project, McEwen still likes gold.

"I've never deserted gold and it's very much in my blood," said McEwen.

McEwen emphasized that investors are likely to focus on undervalued junior miners as gold prices continue to rise. He expressed confidence that now is an excellent time to invest, particularly in companies with significant resources or those nearing production but undervalued due to a lengthy permitting process.

"There are certain times when the market gets overheated," said McEwen. "We're not in an overheated market right now."

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

After Newmont acquisition spree, COO Natascha Viljoen says margin expansion is focus

Fri, 20 Sep 2024 13:00:00 -0400

Cost containment and productivity gains are a priority at Newmont, said Natascha Viljoen, Executive VP and COO of the company.

This week, Viljoen spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Newmont is the world's largest gold producer by output. It also produces copper, zinc, lead, and silver. Over the past year, the company has been active in mergers and acquisitions (M&A). In 2023, it acquired the world’s fifth-largest gold miner, Newcrest, for $17.4 billion. The company is now in the process of divesting some of its assets. This month, Newmont announced plans to sell its Telfer and Havieron stake to Greatland Gold for $475 million.

Gold has reached several all-time highs in 2024. With high metal prices, the company has room to take a long-term view of its cost structure, Viljoen said.

"It’s absolutely a focus with this portfolio of assets that we have today," Viljoen said. "The current work underway is to reevaluate productivity, mine design, and the fundamentals of mining to address challenges."

Viljoen emphasized that the company is not speculating on the long-term outlook for any particular metal.

"[We are] not specifically focused on copper or gold," Viljoen said. "We are focused on value generation."

On the topic of investing in more junior companies, Viljoen stated that the primary focus remains on Newmont's existing pipeline.

"If there’s capital allocation that will truly generate value, I think that would present an opportunity," Viljoen said. "But we would be hard-pressed to look beyond the value we need to generate from our existing, newly expanded portfolio."

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

$11.5 billion in M&A this summer alone - MJG Capital's Matt Geiger on resource sector momentum

Fri, 20 Sep 2024 10:00:00 -0400

Despite gold hitting several all-time highs, the mood in the junior sector is subdued, said Matt Geiger, managing partner at MJG Capital.

Last week Geiger spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Geiger highlighted several major mergers and acquisitions (M&A) over the past six weeks, noting that these deals have generated significant activity in what is typically a quiet period. Major transactions included Filo $4.1 billion acquisition by BHP and Lundin Mining, Gold Fields' $2.1-billion cash bid for Osisko Mining, and First Majestic Silver's acquisition of Gatos Silver for $970 million. All these deals show that the mining sector outlook is improving. Geiger said there was about C$11.5 billion in deals made over the past six weeks, a time of the year that is usually pretty quiet.

"I can only imagine that there's more deals being hatched right now as we speak," said Geiger. "We're really in a hot and heavy...M&A cycle at the moment." Despite the high metal prices, Geiger noted that the show participants were subdued. Juniors are not seeing much of a lift yet. He did note that there is more money in the sector now.

"I'd say the space...is actually pretty well cashed up," said Geiger. "I think that's one of the arguments in favor of mining stocks, at least over the next six to nine months: they're more cashed up than they've been in many years."

He said that means less financing and more news flow.

"All things equal, those two factors result in higher and higher share prices."

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

‘Please don’t put a stupid EV in your presentation’ - Rosseau’s Warren Irwin on critical minerals

Thu, 19 Sep 2024 15:00:00 -0400

What will it take to get generalist investors to exit their current portfolios and add some gold equities, asked Warren Irwin, president and CIO of Rosseau Asset Management.

Last week Iriwin spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. Rosseau is a money management firm based in Toronto.

Irwin noted the subdued atmosphere at the summit, despite gold reaching record highs. He said the lack of enthusiasm stems from capital flow challenges, as many investors are still more inclined toward safer, high-performing sectors like Vanguard ETFs, making it difficult to attract investment into mining stocks.

“The mood here is not exactly super exciting and people aren't rolling in money,” noted Irwin. “They're not all jacked about what's ahead of us.”

Irwin said the generalist investor needs a reason to be driven out of their existing investments and embrace gold.

“Gold equities haven't moved [much], but gold has,” noted Irwin. “There's a reason to invest in gold, but we also need a reason to drive people out of the market…such as an interim market crash where people see the valuations are a bit stretched in the S&P and look at getting into something a little bit more defensive, like maybe buying some gold equities.”

While Irwin likes gold, he doesn’t see much promise in critical minerals. He criticized the unpredictability of battery metal compositions and the lengthy process of mining development, making it hard to justify investments.

“I think battery metals and the whole battery metals theme is possibly the stupidest thing I've ever seen in the mining sector,” said Irwin. “How on earth can you run a battery metals fund when you have no idea what metals are going to go into batteries? They're changing every three to six months.”

“And that whole EV nonsense—any copper company I'm involved in, I say, ‘whatever you do, please don't put a stupid EV in your presentation,’” said Irwin.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

'You need to fire yourself’ - Collective Mining's Ari Sussman on gold miners not doing M&A

Thu, 19 Sep 2024 09:00:00 -0400

While M&A is heating up due to good gold prices, there is not a lot to acquire, said Ari Sussman, executive chair of Collective Mining.

This week Sussman spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Collective Mining Ltd. (NYSE: CNL) is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines. Collective’s management team was formerly at Continental Gold Inc., which was sold to Zijin Mining for approximately $2 billion.

Collective Mining’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The company says it has strong insider ownership at 45%.

With gold hitting several all-time highs, Sussman said M&A is heating up.

“I can tell you from my experience, I've never seen the cupboards this bare with quality projects,” said Sussman. ”I suspect we're going to see M&A turn aggressive very quickly.”

Sussman said it is an opportune time for the big gold producers to start acquiring.

“If you're a gold producer and you're not active in M&A, I think you need to fire yourself as management, because you're trading at decent multiples, and the…multiples of non-producers are a fraction of yours. So effectively right now, just about any transaction is accretive.”

Sussman admitted that mining in Colombia is challenging, but the government system helps investment.

“Well, I don't want to get up here and say it's gone amazing, because I think the government's been horribly disorganized,” said Sussman. “But what has come out of this is very positive. The most important thing is the government system is set up the same as the United States, meaning there's strong check and balances…and the constitutional court in Columbia is actually very independent.”

Sussman said some of the more challenging mining laws have been “properly thwarted by either the Congress or the constitutional courts.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Fundamental re-rate is coming as Enchi project's 'potential is fully realized' - Newcore Gold's Luke Alexander

Wed, 18 Sep 2024 17:00:00 -0400

Despite high metal prices, it is still a challenging market for juniors, said Luke Alexander, president and CEO of Newcore Gold.

Last week Alexander spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Newcore Gold Ltd. (TSX-V: NCAU) is advancing its Enchi gold project in Ghana. In April the company released an updated preliminary economic assessment. At a gold price of $1,850 per ounce, the company showed a $586 million pre-tax net present value discounted at 5% and a 77% pre-tax internal rate of return. The average annual gold production was estimated at 120,000 ounces.

In June the company announced that it was starting a 10,000-metre drill program focused on infill and resource expansion drilling. In September the company announced a $5 million private placement financing at 29 cents.

“We've been able to continuously move the project forward, despite it being a difficult market,” said Alexander. “This capital raise is another example of where we'll be able to deploy this capital to create a lot of additional value for the project.”

“There's a significant disconnect between the value of our project and where the company is trading today,” said Alexander. “So I think that's part of the reason why we saw such strong support for the financing.”

Ghana has embraced mining, said Alexander. The Chirano Mine, owned by Asante Gold (previously Kinross Gold), is located 50 kilometers to the north. Chirano produced ~155,000 ounces of gold in 2021 and ~165,000 ounces of gold in 2020. Other mines are being advanced nearby.

“So that really speaks to the government's desire to see mines being built and a recognition of how important it is for the economy,” said Alexander.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Gold sector run-up reminds Barrick CEO Mark Bristow of a time when it didn’t end well

Wed, 18 Sep 2024 17:00:00 -0400

Maintain fiscal discipline, warns Mark Bristow, president and CEO of Barrick Gold.

This week Bristow spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Gold has hit several all-time highs in 2024. The gold miners, measured by the GDX, are up about 32% year to date. Barrick has been lagging its peers, up just 18% over the same period.

The run in gold has spurred some big transactions, notably AngloGold Ashanti buying Centamin for $2.5 billion and Gold Fields acquiring Osisko for $2.16 billion in an all-cash deal—all in the past month. Bristow warns that the sector could be getting ahead of itself.

“If you recall…back in 2010 when the gold price started moving materially, and it went through the $1,000 mark for the first time, everyone chased it,” noted Bristow, who was running Randgold Resources at the time. “Everyone was updating, using higher and higher gold prices. [We] decided to stay at $1,000, because there was no change in input costs.”

“That's really fundamental, because you can raise the gold price, but what it does is often takes you outside your old body and really dilutes the value of your asset,” warned Bristow.

The run up early last decade ended with a crash by 2013. The GDX dropped by nearly two-thirds.

“If you use a gold price that goes beyond your all body boundaries, then the risk is you dilute your feed grade. That means you've got to spend more capital to expand your processing facilities to produce the same amount of gold. That doesn't make a lot of sense.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

'What have you done? What did you buy?' - Great Bear vindication for Kinross Gold's Paul Rollinson

Wed, 18 Sep 2024 13:00:00 -0400

The CEO of Kinross Gold, Paul Rollinson, is feeling vindication for his early call on Great Bear Resources.

Last week Rollinson spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Founded in 1993, Kinross Gold is a senior gold mining company with a diverse portfolio of mines and projects in the United States, Canada, Brazil, Chile, and Mauritania. Last decade the miner suffered some setbacks having to exit Russia and Central America. In 2022 Kinross had to divest from Russia after the country was sanctioned due to the Ukraine-Russia war. In 2013 Kinross exited Fruta del Norte in Ecuador after Kinross couldn’t come to terms with the government on advancing the project.

In 2021 Kinross Gold bought Great Bear Resources for C$1.8 billion in a cash and stock deal. The deal raised eyebrows, since Great Bear was still an early story with no PEA.

“The challenge with Canada: it gets competitive and expensive quickly,” said Rollison. “So if we're going to be successful in getting quality [assets] in Canada, we're going to have to make a call—a geologic call—early.

“There was no declared resource, and so the market was saying—as expected: ‘Oh my God, what have you done? What did you buy? There's no declared resource,’” said Rollison. “We knew there was a mine.”

Just before Beaver Creek, Kinross was able to release a preliminary economic assessment on Great Bear. In the company’s news release, the PEA outlined a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The project is expected to produce over 500,000 ounces per year at an all-in sustaining cost of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.

“I'm happy to say, 30 months later, what we see is a very high-quality mine,” said Rollison. “It will be one of the best gold mines in Canada. So, it's just been a great example of getting in early, doing the technical work, having the confidence.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

‘It’s going to be asymmetric’ - Michael Gray on the coming junior resource breakout

Tue, 17 Sep 2024 07:00:00 -0400

Not all junior companies are going to benefit when investors return to the sector, said Michael Gray, partner at Agentis Capital.

Last week, Gray spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Gray highlighted key factors for evaluating junior mining stocks, emphasizing the importance of “grams times meters intercepts,” which measure the quality of gold deposits. He noted that the metric can indicate strong investment opportunities. Gray uses this metric to track and benchmark the performance of junior gold stocks.

In terms of market dynamics, Gray believes the juniors are due to make a big move due to the high gold price, but he observed that gold stocks are experiencing significant volatility. He cautioned that the sector is likely to see a bifurcation: the best-performing companies will attract substantial investment, while others may struggle.

“It's going to be asymmetric, but there's going to be the haves and have-nots,” said Gray.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Too many resource companies are a drag - M. Stephen Enders on diluted human capital

Mon, 16 Sep 2024 17:00:00 -0400

Junior resource stocks will lag the metal price, because the past run up disappointed investors, said M. Stephen Enders, executive chair at Brooks & Nelson.

Last week Enders spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Enders emphasized that while technical, legal, and ESG (Environmental, Social, and Governance) due diligence are crucial, understanding the management team is even more critical.

“People on the buy side in particular need to do a better job at management due diligence,” said Enders. “This industry does a really good job of technical due diligence and legal due diligence. But our research has shown that the biggest issue that mining investments suffer from is poor management. And yet very few companies invest the amount of time required to understand the kind of team that they're going to be investing in.”

Enders also discussed systemic issues contributing to poor management in the mining sector. He noted that too many junior companies spread human talent too thinly.

“My personal take is that there are too many companies,” said Enders. “And there's a dilution of the talent that's out there. In any organization, you're going to have top people, whether it's top students in a class or the top employees in a company. But there’s a small subset overall. When talent's diluted across the whole industry…we see a talent shortage and a performance problem.”

Enders said metal prices are good, but a lot of investors soured on resource stocks the last time, so will be reluctant to enter the sector again.

“I think that not all junior stocks are the same and not all projects are the same,” said Enders. “The projects that are of value and have potential will eventually get funding, and the share prices of those companies will eventually rise, but there's a lag. And there's a lag because of the lack of performance of the junior sector in the last super cycle, where it was over promised, under delivered, and it took a lot of people out of the investment.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

‘Exactly what you want to see’ - Snowline Gold advances flagship Rogue project

Mon, 16 Sep 2024 10:00:00 -0400

With the gold majors generating lots of cash from high metal prices, M&A should heat up, said Scott Berdahl, CEO of Snowline Gold.

On Wednesday Berdahl spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Snowline Gold Corp. (TSX-V: SGD) is a Yukon Territory focused gold exploration company with an eight-project portfolio covering roughly 360,000 ha (3,600 km2). Snowline’s project portfolio sits within the Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits.

The company is exploring its flagship 111,000 ha (1,110 km2) Rogue gold project in the Selwyn Basin.

“It's incredible to see how much of that is very high grade right at the surface,” said Berdahl. “You know exactly what you'd want to see when you're turning on a mine.”

With gold hitting several all-time highs, Berdahl said M&A is heating up.

“There's a lot of cash flowing around out there right now,” noted Berdahl. “M&A might heat up. There's been an underinvestment in exploration for so long—basically since the crash in 2012. The junior markets haven't really ever fully recovered. There's some great companies out there doing a lot of great things, but it's a fairly small pool now.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

‘Something we’ve never seen before’ - VanEck’s Joe Foster on central banks buying gold

Fri, 13 Sep 2024 17:00:00 -0400

Forget worries that the economy is facing a hard landing, debt levels are the bigger risk, said Joe Foster, gold strategist at VanEck.

Foster spoke to Kitco Mining on Wednesday at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Gold hit several all-time highs in 2024. Foster attributes the historically high gold price of $2,500 per ounce to increased global risk, strong central bank demand, and geopolitical uncertainties. He believes that the Federal Reserve's expected interest rate cuts will further boost the gold price. Foster also anticipates economic turmoil due to high debt levels and potential geopolitical escalations, which could drive gold prices even higher.

While central bank buying has been the primary driver of the gold rally, Western investment in gold ETFs has also picked up recently, signaling growing interest from institutional investors.Despite gold hitting several all-time highs, interest in the metal by the broader investing community remains tepid.

Foster said investors need to be shaken up for interest in gold to pick up.

“I hate to say it, but I think we need a crisis,” said Foster. “I think the market really needs to get worried about the outlook for the economy, for the debt situation or… some escalation on the geopolitical scene. I think that's the type of thing that would really shake people up, and get them to go to gold.”

Regarding the gold mining sector, Foster observed that M&A activity has been lower than expected, but he anticipates an increase as companies adjust their base price for gold and become more attracted to acquisitions. He also highlighted the challenges faced by junior gold developers, who are now required to do more in terms of permitting and feasibility studies before attracting the interest of larger companies.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Rick Rule is writing checks - high metal prices, tepid equities is a good time to deploy capital

Fri, 13 Sep 2024 09:00:00 -0400

Margins are still a struggle for the miners despite energy costs coming down, said Rick Rule, president and CEO of Rule Investment Media.

Rule Spoke to Kitco Mining on Wednesday at the 2024 Precious Metals Summit Beaver Creek in Colorado. Rule is also the former CEO and President of Sprott U.S. Holdings.

Rule said it is a good market to invest in. He sees opportunities due to the disparity between rising commodity prices and stagnant equity prices. He focuses on companies with proven management teams and large-scale projects. Rule is open to investing in jurisdictions with perceived political risk.

But a lot of juniors are too small to make it, said Rule.

“Most of the juniors are subscale. They are so small that general administrative expenses consume most of the capital they raise,” said Rule.

“Those companies are doomed to fail. I suspect that three quarters of the juniors that are public worldwide — Australia, Canada, the United States, Great Britain — are valueless, absolutely valueless.”

Rule said the cost of oil has dropped, which helps, but other costs keep climbing.

“Energy costs have moderated, which is a good thing,” said Rule. “But the social take, which is to say taxes, royalties… things like that are increasing — at about 15 percent compounded. Labor costs are going up, spare parts are going up, finished steel is going up.

“I think there will be continued disappointment among investors about the fact that the margins, the producing margins, aren't increasing as fast as one would hope, given the increase in gold price.”

Rule said investors have to keep scale in mind. Bigger is better.

“Everything that can go wrong with a big mine can go wrong with a small mine,” said Rule. “But a small mine can never make you big money.”

Standing out is key, Rule said. It is a crowded field.

“I ask companies today about their social media strategy,” said Rule “If they don't have one, that's the end of the discussion.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

Analyst who correctly guessed gold at $2,500 looks ahead - Midas Touch’s Florian Grummes

Thu, 12 Sep 2024 13:00:00 -0400

The gold trade has moved from West to East, said Florian Grummes, managing director of Midas Touch Consulting.

On Wednesday, Grummes spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Despite a recent consolidation phase, Grummes believes that gold's uptrend remains intact, with a potential target of $3,100 per ounce.

Grummes highlighted several factors supporting his bullish outlook: Gold has formed a strong cup-and-handle pattern, suggesting further upside. Growing physical demand from Asia, particularly China and Russia, is a significant driver. Gold is appealing as a safe-haven asset in uncertain economic times.

“I think gold has been completely ignored in the West. I mean, it's no secret that for years, gold basically has been moving from the West towards the East,” noted Grummes.

Despite high metal prices, Grummes noted that mining stocks have been disappointing with limited upside. He said the AI frenzy was much more exciting to Western investors.

“It's all about the latest apps, the latest software. I think gold mining stocks are just very much an old-fashioned investment to many people,” said Grummes.

“This rally over the last 11 months has been driven by geopolitical events and driven by physical demand from China primarily,” noted Grummes. “And the Western investors have been focusing on AI and a few stocks in the tech sector, right? There was no interest in safe-haven assets like gold and silver.“

Grummes said there is the potential for a rapid and significant price increase in gold, similar to what occurred during the COVID-19 pandemic.

When Grummes met with Harris a year ago, he forecast $2,500 ounce gold in 12 months.

“I think I missed it by four dollars,” noted Grummes.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

'Size does matter in this industry' - Frank Giustra

Wed, 11 Sep 2024 17:00:00 -0400

opportunities in the resource space. One metal is of particular interest.

“My whole life I have wanted to do a pure primary silver play,” said Giustra. “I've never been able to pull it off because I haven't found the right assets.”

Gold has hit several all-time highs in 2024. Giustra is waiting for the broader market to take notice.

“I've never seen a market where there is such a difference between the gold price and mining stocks,” said Giustra. “Investment banks offer us financing...then they go look for investors, and they don't exist. We end up having to place all of those shares ourselves."

Giustra said that being a miner with one asset does not work. Giustra said buy and build is better.

“You have way too many small developers, single asset companies that are getting absolutely no investor interest," said Giustra. “Our style of business…has been based upon building multi-assets. Start with something that's smallish and build it and build it. We call it the ‘buy and build strategy.’”

Right on track for gold price to hit $4,800 - Incrementum’s Ronald-Peter Stoeferle

Wed, 11 Sep 2024 13:00:00 -0400

Gold is not yet at the euphoria stage, but the metal’s rally has legs, said Ronald-Peter Stoeferle, managing partner at Icrementum AG.

On Tuesday, Stoeferle spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Incrementum AG is an independent fund and asset management company based in Liechtenstein. Every end of May, Incrementum publishes the report In Gold We Trust.

In 2024, gold has hit several all-time highs, with prices currently holding initial support above $2,500. Even with its 20% rally, Stoeferle said the metal should run higher.

“Whenever I do keynotes and say, ‘gold is cheap,’ people just shake their heads and cannot believe what I'm saying, because most people are considering selling their gold at this moment,” said Stoeferle.

Stoeferle noted that gold is climbing without any big retracements, which is supportive of the metal.

“$4,800 dollars is our target price,” said Stoeferle. “And I can tell you we're right on track. We're climbing this wall of worry. We're definitely not in the euphoria stage.”

Stoeferle said the current rally has legs, but he expects the metal to take a “breather” over the next couple of weeks.

While gold is up, a lot of the other commodities are down, like oil, copper and iron ore, noted Stoeferle. Silver is off, too.

“Silver is massively underperforming the price of gold.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

‘It was a very competitive process’ - First Majestic Silver’s Keith Neumeyer on $970 million Gatos Silver acquisition

Tue, 10 Sep 2024 16:00:00 -0400

Gold hitting $3,000 ounce in 2025 would not surprise Keith Neumeyer, president and CEO of First Majestic Silver.

On Monday Neumeyer spoke to Kitco at the Vancouver studio.

Last week First Majestic Silver Corp. (NYSE:AG) announced that it entered into a definitive merger agreement with Gatos Silver whereby First Majestic will acquire all of the issued and outstanding common shares of Gatos.

Gatos is a silver-dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.

“We're very happy to get a deal done with Gatos,” said Neumeyer. “It was a very competitive process. It took a lot of hard work on our end.”

The combined annual production of the new entity will be 30-32 million ounces of silver-equivalent, including 15-16 million ounces of silver at all-in sustaining costs of $18.00-$20.00 per silver-equivalent ounce.

Regarding gold hitting several all-time highs in 2024, Neumeyer said central banks have been propelling the metal.

“There's this bid under the gold market,” said Neumeyer. “It hasn't shown up really that much in silver yet. And that's one of the conundrums.”

Neumeyer said gold looks good.

“It doesn't appear buyers are lightening up. I wouldn't be surprised to see $3,000 gold in 2025.”

'We jumped on this one' - exploration heavyweights at North Arrow Minerals options Botswana property

Mon, 09 Sep 2024 07:00:00 -0400

The junior resource space is facing competition from other sectors of the economy that offer high risk, high reward investment opportunities, said Ken Armstrong, president and CEO of North Arrow Minerals.

On Thursday Armstrong spoke to Kitco Mining.

North Arrow Minerals (TSX-V:NAR) is a Canadian based exploration company focused on the identification and evaluation of exploration opportunities in Canada.

This month North Arrow Minerals announced an option agreement to earn up to an 80% interest in Kraaipan Greenstone Belt Property in southern Botswana.

North Arrow has a well-known exploration team. A Director of the company is Grenville Thomas, discoverer of the Diavik Diamond Mine and Canadian Mining Hall of Fame inductee. Eira Thomas is chair; she previously led Lucara Diamond.

"We like the jurisdiction and getting a chance to explore on a regional basis," said Armstrong "An entire belt of rocks that is highly prospective is really tough to find—and in such a good jurisdiction, so we jumped on this one."

Armstrong said that it has been a tough junior market with a lot of high-risk, high-reward options for investors, such as cannabis and crypto.

"There's more competition," said Armstrong. "The best way to address that and fix it would be with some discoveries that make investors money."

$3.50/lb copper is possible before 2024 ends, warns Scott Pollan

Fri, 06 Sep 2024 17:00:00 -0400

Increased supply and poor economic conditions over the short term could hurt copper, said Scott Pollan, president of Emergency Material Services.

On Thursday Pollan spoke to Kitco Mining.

Pollan predicts a near-term decline, potentially reaching below $3.50 by the end of the year, and a possible revisit of 2022 lows in early 2025. He attributed the decline to weakening demand and increasing supply. However, Pollen remains bullish on copper long-term, citing the millennial consumption cycle and the ongoing electrification trend as key drivers for future demand. He also highlights the challenges in building new copper mines, which could further constrain supply and push prices higher.

Despite challenging headwinds for the metal over the short term, that hasn’t diminished M&A. In 2024, there were some monster copper deals. This summer BHP Group and Lundin Mining bought Filo in a $3 billion copper deal. Earlier this year BHP Group tried to acquire Anglo American for its South American copper assets. The offer size reached $49 billion.

Pollan said there is a rush for tier-one copper assets as the big miners try to show investors they have a long-lasting, reliable supply.

"[It's a] rush to buy tier one assets by major producers," said Pollan "They need to assure their investors that they have secured a supply of raw material for the long-term future. In my opinion, we'll see more [M&A] for smaller producing facilities as tier one producers really try to build up their book of supply."

'Increasingly difficult to justify' - iLiMarkets' Daniel Jiminez on lithium producer expansion

Tue, 27 Aug 2024 09:00:00 -0400

Slowing electric vehicle sales and new tech are both contributing to lithium sector woes, said Daniel Jimenez, partner at iLiMarkets.

Last week Jimenez spoke to Kitco Mining.

iLiMarkets is a business consulting firm, specialized in the lithium industry. Jiminez worked 28 years at SQM, one of the world's biggest lithium producer. Jiminez was responsible for production and commercialization of lithium carbonate and lithium hydroxide to Asia, Europe and North America, as well as developing SQM's commercial offices.

After the lithium market was up 10x at the start of the decade, the market is now experiencing a downturn. Prices have fallen 80% over the past two years. Overcapacity and declining electric vehicle sales have led to a significant drop in lithium prices.

Jiminez said there are other factors adding to depressed lithium prices: increasing popularity of plug-in hybrid electric vehicles, which have smaller batteries than full EVs, and growing use of LFP cathode material, which requires less lithium than NMC.

Some of the large lithium giants are cutting. Lithium giant Albemarle announced job cuts deferred spending. Other miners have been expanding despite the slump. SQM is ramping up its refinery in northern Chile. The investment would take the facility to 300,000 tons, according to Reuters. In August Pilbara Minerals announced plans to acquire Latin Resources for $369 million.

Jiminez was critical of the West's efforts to build its own critical mineral supply chain, namely through Biden''s two-year old Inflation Reduction Act. Focusing on developing battery manufacturing capabilities is crucial for establishing a competitive supply chain.

Friedland : ‘Herculean task’ to fill copper supply gap

Mon, 26 Aug 2024 17:00:00 -0400

Copper is increasingly viewed as a critical asset in the global energy transition. A looming supply crunch driven by high demand is elevating prices to record highs.

Hosted by Paul Harris, the Kitco Copper Masters Panel brought together industry leaders Robert Friedland, Kathleen Quirk, and Colin Hamilton to explore why copper is positioned as one of the most crucial resources in the coming decade.

This live segment aired on YouTube on August 22, 2024 at 3 PM EDT / 12 PM PDT.

Coverage brought to you by Coppernico Metals.
To learn more, visit https://coppernicometals.com

Former World Gold Council chair can't give up silver - Wheaton's Randy Smallwood on precious metals

Mon, 26 Aug 2024 08:00:00 -0400

Silver prices will move higher, said Randy Smallwood, the CEO of Wheaton Precious Metals.

On Wednesday Smallwood spoke to Kitco Mining.

Wheaton Precious Metals is a top precious metals streaming company. In its Q2 released early in August, the company generated $234 million in operating cash flow, resulting in record cash flows of over $450 million for the first half of the year. 2024 production guidance is 550,000 to 620,000 gold equivalent ounces. Wheaton Precious Metals is up 29% year-to-date.

Smallwood is a fan of gold, but he feels the strongest pull from silver.

"I did spend the last three years as the chair of the World Gold Council," said Smallwood. "It didn't change my perspective that silver is my favorite metal."

Smallwood noted the metals versatility. It is a precious metal, but it is also a critical mineral used for solar panels and electronics.

"I do think we'll see a rapid move in a higher price of silver," said Smallwood. "It always outperforms."

All of a sudden, everybody's talking about gold - Alamos Gold's John McCluskey on precious metals

Fri, 23 Aug 2024 14:00:00 -0400

Gold is finally getting some attention from the mainstream press, noted John A. McCluskey, president and CEO of Alamos Gold.

On Wednesday McCluskey spoke to Kitco Mining.

Alamos Gold (NYSE:AGI) is a Canadian-based intermediate gold producer with production from three operating mines in North America: Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico.

Alamos Gold expects to produce between 485,000 and 525,000 ounces of gold in 2024. The gold production forecast doesn't include Argonaut Gold. In the spring Alamos announced it was acquiring Argonaut Gold in a friendly acquisition. The deal is expected to close in September.

Investors appear to like the growth story. Alamos is up 55% year-to-date, doubling the performance of the GDX, which up about 25% over the same period.

Talking generally about gold, McCluskey said investors are starting to notice the metal. Gold has hit several all-time highs in 2024 and recently broke through $2,500 ounce.

"I've probably seen more articles on gold in the last week than I've seen in the last three months," said McCluskey. "You know, even though gold was running, the press was largely ignoring it. And suddenly, the Financial Times has got an article on gold, the Wall Street Journal has got an article on gold. Everybody's talking about gold all of a sudden"

McCluskey speculated that $2,500 was the "...magic number they were all waiting for."

Higher gold prices have a ‘silver lag’- Vizsla Silver’s Michael Konnert on precious metal catch up

Tue, 20 Aug 2024 17:00:00 -0400

Silver can move quickly in a short period of time, noted Michael Konnert, president and CEO of Vizsla Silver.

On Thursday Konnert spoke to Kitco Mining.

Vizsla Silver (NYSE: VZLA) is advancing its Pacuno project in Mexico. The company received its preliminary economic assessment in July. Highlights were an estimated after-tax NPV (5%) of more than US$1.1 billion, an after-tax IRR of 85.7% and a payback over a period of about nine months. Annually, the mine is projected to produce an average of 15.2 million silver equivalent ounces.

The company is working towards a feasibility study to be released in the second half of 2025.

With gold hitting all-time highs, Konnert said silver should follow. Konnert said a higher gold price is followed by a silver lag between six to nine months behind.

“We haven't seen that yet. We've seen things similar to that happen in the past,” said Konnert.

Konnert described the last move by silver early in the decade as “parabolic.”

“If you weren't invested, you totally missed out on that move.”

'Mind-boggling' low - Sprott CEO John Ciampaglia on underpriced silver catching up to gold

Tue, 20 Aug 2024 16:00:00 -0400

Silver prices should spike higher with gold hitting a new all-time high above $2,500 an ounce, said John Ciampaglia, CEO of Sprott Asset Management.

Last week, Ciampaglia spoke to Kitco Mining.

Western investors are finally starting to show an interest in gold, noted Ciampaglia, driven by concerns about market disruptions and geopolitical risks. However, gold miners haven't seen the same level of interest, which Ciampaglia attributed to the lack of institutional investment. He also noted the recent pause in China's gold buying, interpreting it as a strategic move to influence the market.

While gold has hit successive record highs this year, Ciampaglia said he believes silver is undervalued. The metal is supported by industrial applications, as well as being precious. Silver usually rallies after gold.

“It's mind-boggling to us that silver is still below $30. It is obviously way off its 2010 highs, and we would love to see it get back to the $50 level,” said Ciampaglia. “We think it has the ability to do that over time.”

Regarding contrarian metal bets, Ciampaglia expressed concerns about the overcapacity in copper, lithium, and nickel markets. He suggested uranium as a contrarian play, expecting a better market in the second half of the year.

Sprott Asset Management is focused on precious metals and critical materials investments. Sprott runs a physical uranium trust, a physical copper trust and mining equity ETFs. Sprott was founded in 1981 by Eric Sprott.

'The better value might be in silver right now' - Jeff Clark on precious metals moving higher

Sun, 18 Aug 2024 00:00:00 -0400

Silver usually out-performs gold, but silver starts slower, said Jeff Clark, founder of the TheGoldAdvisor.com.

Last week Kitco Mining spoke to Clark.

Clark noted that the gold miners, represented by GDX, haven't outperformed gold. As of August 8, both gold prices and the GDX were showing similar returns. Clark expected the gold miners to start to turn around when the miners start showing higher free cash flow in Q2.

Mergers and acquisitions are expected to pick up as producers gain more cash, driven by the need for majors to acquire ounces.

Silver prices will likely start moving after gold, and silver should outperform the yellow metal, noted Clark. However, gold is seen as a better performer during negative economic events.

"Silver outperforms gold," said Clark. "It tends to start slower. Gold tends to be a little stronger, so the better value might be in silver right now."

Is the market in the mood for more M&A? Barrick's Mark Bristow copper, gold and project pipeline

Fri, 16 Aug 2024 22:00:00 -0400

Copper and gold work together, said Mark Bristow, CEO of Barrick Gold.

On Thursday Bristow spoke to Kitco Mining.

Early this week Barrick Gold filed its Q2. Analysts had been following the second quarter results of all the gold miners to see how strongly the companies might perform off record high prices for the metal. Net earnings at Barrick were up 25% and the attributable EBITDA margin was up 17% quarter on quarter to 48%.

Gold production was 948,000 ounces in Q2, up 0.8% from the prior quarter and a 6% decrease for the same period a year ago. Barrick is forecasting a 30% increase in production by the end of the decade through organic growth.

Bristow highlighted the company's Reko Diq project in Pakistan, 50% owned by Barrick and the rest by state-owned enterprises. Bristow said Barrick's goal is build a tier one copper business. Barrick is targeting 400kt copper and 500koz gold per annum from the project. A feasibility study is on track for completion by year-end with first production scheduled for 2028.

"Copper is as strategic as gold is precious," said Bristow. "As you grow as a gold miner, you have to embrace copper. To keep critical mass, you've got to go to the porphyries—porphyry gold deposits—and with those porphyries come copper as well."

Gold prices are breaking all-time highs, so why can't junior resource companies catch a break?

Fri, 16 Aug 2024 00:00:00 -0400

Junior resource companies are starved for attention and undervalued, according to institutional advisor Jayant Bhandari.

Last week Bhandari spoke to Kitco Mining.

Gold has hit several all-time highs in 2024. Despite roaring metal prices, upside for the resource stocks has been limited. As of August 14, the VanEck Junior Gold Miners index is up 20% year to date while physical gold is up 17%. Bhandari said the market fixates on just the large gold miners.

"Junior mining companies are not followed by big investors," said Bhandari. "Mining companies tend to stay away from junior mining companies until the very last days, which means that junior mining companies continue to struggle with their valuation. They're just not [enough] people valuing those companies."

Bhandari said that gives him an advantage.

"I want to operate in a market where competition is limited, where not many people are chasing the same stuff that I'm chasing."

Regarding macroeconomic concerns and China, Bhandari is bullish. China is a vital market for all metals, but the country has posted months of disappointing economic data. Bhandari highlighted China's consistent growth and positive developments in consumer services, manufacturing, and infrastructure.

While acknowledging the political conflict with the West, he believes China is better positioned to handle deglobalization due to its strong manufacturing base.

Expensive, extremely complex and fraught with risk - MJG Capital Matt Geiger on copper hurdles

Fri, 26 Jul 2024 09:00:00 -0400

Copper projects still need a better incentive price, said Matt Geiger, managing partner at MJG Capital.

On Tuesday, Geiger spoke to Kitco Mining.

MJG Capital is a limited partnership that specializes in long-term natural resource investments. Founded in 2011, the partnership holds a concentrated, long-only portfolio of natural resource equities.

Geiger noted that copper-focused investments had increased significantly in his company's portfolio, up to 36%. Despite copper prices trading higher in 2024, the incentive price for greenlighting a copper mine needs to be higher.

"[Copper mines] are extremely complex, technically difficult, and expensive projects to build that are fraught with risk," said Geiger. "This is far different than building a medium-sized gold mine that could go into production in a 12- to 18-month period."

Geiger noted that the miners are still lagging the metal prices. While gold is up 16% year-to-date and copper is up 20% over the same period, he said that mining equities are not showing leverage to the metals. While other parts of the market have been on a tear, resources may soon have its turn.

Interest rate cuts, strong earnings, and big M&A deals are all potential jump starts for resources.

"There's a number of potential catalysts to start revenge of the miners," said Geiger.

Geiger argued that the stark disparity between tech and commodities valuations could herald a significant shift. He pointed out that the last time such a gap existed, it was followed by a decade-long commodities bull market, noted Geiger in his July investor note. While this might offer little solace to mining-focused investors who missed the recent tech boom, he suggested it could indicate future opportunities.

Geiger emphasized the intrinsic link between the mining and tech industries, despite this connection being largely overlooked in Silicon Valley. He highlighted that AI data centers, consumer technology, electric vehicles, national defense applications, and clean tech are fundamentally dependent on a wide array of metals extracted globally.

Geiger cautioned that if history were to repeat itself, substantial increases in metal prices could be on the horizon. He warned that such rises, and their impact on the cost and adoption rates of new technologies, might come as a stark revelation to many, said Geiger.

Unstable supply chains are in no one's interest - DOE's Jigar Shah and $285 billion in IRA loans

Thu, 25 Jul 2024 00:00:00 -0400

Diversified supply chains are necessary, said Jigar Shah, director of the Loan Programs Office, U.S. Department of Energy.

On Tuesday, Shah spoke to Kitco Mining.

After the Biden administration passed the Inflation Reduction Act nearly two years ago, Shah's office has been behind notable mine financings, such as $102.1 million to Syrah Technologies LLC to process graphite, and $2.26 billion to Lithium Americas for Thacker Pass. The goal of the IRA is to invest in America's domestic energy production while spurring development in clean energy. As of June, the cumulative dollar amount from the loads office tops $285 billion.

In July, Shah's office announced a conditional commitment of up to $1.2 billion for a direct loan to ENTEK lithium separators. If finalized, the loan will substantially finance a new facility in Terre Haute, Indiana, to manufacture lithium-ion battery separators.

China has built a tremendous lead in a number of key sectors, such as renewable energy and electric vehicles. Shah compared the sector to oil and gas. Diversified supply chains are key, he said.

"We want to make sure we have a diversified supply chain so that you're not subject to the whims of any one country withholding access, to those technologies," said Shah. "[We] do need to get China to recognize that it is not in their best interest to be promoting an unstable supply chain."

Untapped opportunity in the royalty space - Nations Royalty builds on Golden Triangle pipeline

Wed, 24 Jul 2024 10:00:00 -0400

Nations Royalty (CVE: NRC) has a first mover advantage, said Kody Penner, VP, corporate development at Nations Royalty.

Last week Kitco Mining spoke to Penner and Derrick Pattenden, chief investment officer at Nations Royalty.

Nations Royalty is a newly-formed royalty company under-pinned by five Nisga’a Benefits Agreement Royalties with a net asset value of $214 million. According to the company's news release, the company’s vision is to "...unite First Nations and Indigenous groups across Canada, welcoming external investors to join the company as shareholders."

Nations Royalty’s highlights the following benefits agreements: the high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont, a large underground gold mine; the KSM copper-gold-silver-molybdenum deposit, currently in development by Seabridge Gold; the Premier gold project, currently being commissioned by Ascot Resources with first gold poured in April, 2024 and commercial production scheduled for Q3 2024; the Red Mountain Gold Deposit, owned by Ascot Resources; and the Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly, majority-owned by Resource Capital Fund VI.

Penner said that Nations Royalty has a unique advantage: benefits agreements have been "untapped within the royalty space."

"As a first mover in the space, we have latitude to go for tier one assets that are cash producing in safe jurisdictions and in the lower cost quartiles that other small royalty companies don't have access to," said Penner. "As a first mover, we can do that."

'They take the stairs up, but they always take the elevator down' - Gianni Kovacevic on copper's run

Sat, 13 Jul 2024 00:00:00 -0400

Roaring copper prices are due to speculators, said Gianni Kovacevic, investor and author.

On Tuesday Kovacevic spoke to Kitco Mining.

Kovacevic is the author of My Electrician Drives a Porsche?

Copper has had a great run in 2024, hitting an all-time high of $5.20 pound in May. Although he is a copper bull, Kovacevic said it is too much, too fast. He views the recent run as being driven by speculators.

"If any commodity goes up too radically, people just stop buying it," said Kovacevic. "[The speculators] take the stairs on the way up, but they always take the elevator on the way down."

Kovacevic believes in the fundamentals of copper due to energy transition and AI. The world will need a lot more of the metal, he says. He is also a believer in lithium, but low prices for the metal mean volatility ahead until supply and demand balance.

"The consensus is that if the lithium price stays at this level for a continued period of time, you will have no lithium," said Kovacevic. "Lithium will just cease to be produced for many projects, not all projects, but for many projects."

Uranium is challenged, said Kovacevic, due to regulatory hurdles and the long-time frame to build projects.

"I think it's a lot of lip service," said Kovacevic. "Ultimately, that's not where the world's going to go."

How does the Fed undo its latest mistake? Azoria's James Fishback on Powell's moves and the election

Fri, 12 Jul 2024 15:00:00 -0400

The Federal Reserve got ahead of itself earlier this year thinking it had inflation whipped, said James Fishback, co-founder and chief investment officer at Azoria. Fishback spoke to Kitco on Tuesday.

Back in December, the market was expecting more rate cuts than it will get this year. Fishback said the Fed and Chair Jerome Powell erred when it had its "mission accomplished December Fed meeting" and the markets priced in several rate cuts in 2024. Hotter-than-expected inflation data squashed lowering interest rates.

"The Fed is thinking about undoing its latest mistake," said Fishback. "Right now, Powell is on the precipice of potentially making another mistake: does he want to pull back rates prematurely and then risk reigniting that crippling inflation that we saw in '21 and '22?"

An additional complication is the U.S. election, which gives the Fed limited maneuverability, noted Fishback.

He also discussed the promise of AI and how it could drive economic growth and help metals.

Strongest pipeline he's seen in 25 years - Why Agnico Eagle's Ammar Al-Joundi can afford to be picky

Tue, 02 Jul 2024 00:00:00 -0400

President and CEO Ammar Al-Joundi is very satisfied with Agnico Eagle Mines' project pipeline.

On Thursday Al-Joundi spoke to Kitco Mining.

Agnico Eagle Mines (NYSE: AEM) is a Canadian based senior gold mining company. It's the third-largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. Agnico is guiding to 3.35 to 3.55 million ounces of payable gold production in 2024, with total cash costs per ounce and AISC per ounce in 2024 at $875 to $925 and $1,200 to $1,250, respectively.

In June the company announced its plans for the Detour Lake Mine, located in Ontario. The company is spending $100 million investment over the next three years for study and de-risking. Detour Lake mine's overall production is expected to average one million ounces of gold per year over a 14-year period, starting in 2030.

Al-Joundi was asked about the likelihood of an acquisition. Al-Joundi said the company can afford to be choosy.

"I've been in this business for almost 25 years. I've never been with a company with as strong a pipeline as we have right now," said Al-Joundi. "So at Agnico Eagle, we are going to focus on a small handful of really good projects for the foreseeable future."

Why the gold miners' price moves are unusual - Sprott's Ryan McIntyre

Sun, 30 Jun 2024 00:00:00 -0400

Gold miners should be up about double the metal price, but that hasn't happened, noted Ryan McIntyre, a managing partner at Sprott.

On Tuesday McIntyre spoke to Kitco Mining.

Sprott offers investments in precious metals and critical materials, including gold, silver, platinum and palladium. Sprott was founded in 1981 by Eric Sprott. The company has 250,000 clients and about $29.4 billion in assets under management.

Despite gold hitting several all-time highs, the gold miners have still not rallied that strongly. The VanEck Gold Miners ETF is only up 10% year to date. McIntyre expects a two to one ratio in terms of the performance for gold mining stocks.

"So if gold were up 13%, we'd expect the miners to be about 26% or so—plus or minus—and that's really due to operating leverage that all miners have," said McIntyre. "We really haven't seen that yet, which is actually good. If you're looking to invest today, gold mining stocks are actually a great spot to be. They haven't kept up to even the gold price this year."

'Deeply embedded' carbon markets should weather government changes - Kraneshare's Luke Oliver

Sat, 29 Jun 2024 15:00:00 -0400

Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares.

On Tuesday Oliver spoke to Kitco Mining.

The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).

The carbon compliance markets are designed to incentivize pollution reduction. In a report from last year, Reuters valued the markets at over $900 billion.

France, a pillar nation within the EU, is in the middle of an election with the far-right National Rally (RN) leads the polls, according to polls by EuroNews. The National Rally is at 36% while French President Macron's party is at 20%. The U.S. election is in November. Most polls show a tie.

"I think it's possible to see a shift right in the U. S. And I think that a shift right usually sort of correlates with a less climate forward or climate supportive set of policies. But these programs are ...deeply embedded," said Oliver. "We don't foresee any material rolling back of the program."

'Deeply embedded' carbon markets should weather government changes - Kraneshare's Luke Oliver

Wed, 26 Jun 2024 16:00:00 -0400

Why lab-grown diamond success could end up helping natural diamonds - Paul Zimnisky

Wed, 26 Jun 2024 00:00:00 -0400

Declining profits for lab-grown diamonds could push retailers into a natural diamond pivot, said Paul Zimnisky, an independent diamond industry analyst.

Last week Zimnisky spoke to Kitco Mining.

The diamond market has been in a tough spot due to declining sales. In September Petra Diamonds reported full-year revenue declined 44%. In February Lucara Diamond announced full-year revenue was down 16%, adding that the diamond market is a "volatile environment with market challenges coming from multiple areas." Storied diamond company De Beers is being sold off by parent Anglo American, which is restructuring after rebuffing a takeover by BHP.

Demographics and growing market share by lab-grown diamonds are part of the challenge, said Zimnisky, but exclusivity and rarity of natural diamonds could end up helping. Innovations in production have resulted in jewelers cutting the costs of lab-grown diamonds. That may lead jewelers to pivot and prioritize selling natural diamonds over lab grown, said Zimnisky.

"The catalyst could be declining profitability of selling lab-grown diamonds, " he said. "[That] could incentivize retailers to really push natural diamonds again. That has the potential to be a very positive development for the natural diamond industry."

Hey, miners, hold some gold - Frank Holmes on lessons from Bitcoin companies

Tue, 25 Jun 2024 00:00:00 -0400

Gold miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at @USGlobalInvestors .

In early June, Holmes spoke to Kitco Mining.

Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes.

Holmes said gold miners are holding less gold on their books, unlike cryptocurrency companies.

"I think gold miners—like Bitcoin miners—have to show investors their conviction that they really like the product, and that they're going to own it," said Holmes. "You have many more crypto mining companies [that] actually own Bitcoin."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

One of the largest gold discoveries in three decades - Tudor Gold's Ken Konkin advances Treaty

Sun, 23 Jun 2024 00:00:00 -0400

British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold.

In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

@tudorgoldcorp.1829 (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discoveries in the last three decades.

The Golden Triangle is seeing renewed focus, says Konkin, due to the infrastructure and safe jurisdiction, as well as the many development projects that are advancing in B.C. The world's largest gold miner, Newmont, has made the region a top priority since taking out Newcrest and acquiring both its Pretium and Red Chris mining operations in the Golden Triangle.

"Clearly, there's blood in the water," said Konkin.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

'That's when the multiples begin to come back' - Peter Marrone on mining equity lift-off

Sat, 22 Jun 2024 00:00:00 -0400

Despite gold hitting several all-time highs in 2024, margins have been a drag on mining equities, said Peter Marrone, chairman and CEO of Allied Gold.

In early June, Marrone spoke to Kitco Mining at THE Mining Investment Event of the North.

Marrone noted that gold spiked at the start of the decade to around the $2,020 level and then stayed relatively flat until recently. Marrone said that during that time, margins amongst gold miners declined from about $750 to $575. The VanEck Gold Miners ETF (GDX) has come anywhere near its highs from the start of the decade.

"That run-up in gold price is quite dramatic, and I think it will continue," said Marrone. "And now, as an industry will we be able to demonstrate that we can deliver improvements to margins, increase in EBITDA, increase in cash flow? And that's where the rubber hits the road because, at that point, I think that's where the multiples begin to come back."

Allied Gold (TSX:AAUC) has both producing and development stage properties in Africa, including countries such as Mali, Côte d’Ivoire and Ethiopia. The company is targeting about 800,000 gold production by 2029.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

'The pendulum needs to swing back' - Osisko's Sean Roosen on investors returning to metals

Fri, 21 Jun 2024 00:00:00 -0400

Investors will return to mining as commodity prices climb, said Sean Roosen, chairman and CEO of Osisko Development.

In early June Roosen spoke to Kitco Mining at THE Mining Investment Event of the North.

Osisko Development (TSX-V:ODV) is advancing the Cariboo project, an advanced-stage feasibility gold project located in central British Columbia in the historic Wells-Barkerville mining camp. The feasibility study from last year showed an underground operation expected to produce approximately 1.87 million ounces of gold over a 12-year mine life, with an after-tax NPV5% of C$502 million and 20.7% IRR at a US$1,700/oz gold price.

An environmental assessment certificate for Cariboo was received in the fall of 2023. The company said it expects to receive its permits this year.

When Cariboo is built, Roosen said the mine will utilize a lot of high tech.

"We expect this mine to operate at about 80% on green power," said Roosen. "We're currently underground mining [at Cariboo] with a road header, which is a fully electric machine. It's a relatively new technology in the gold-mining sector for Canada."

Roosen noted that investors are still not actively invested in the resource sector, despite a yawning gap between where governments want to get for critical minerals and what's needed.

"The pendulum needs to swing back, and I think it is," said Roosen. "It will be led by higher commodity prices.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

'A huge amount of this mine is already built' - West Red Lake Gold's Gwen Preston on Madsen start

Thu, 20 Jun 2024 17:00:00 -0400

The Madsen project is unusual since a lot of work can be done in parallel, speeding up time to production, said Gwen Preston, vice president of investor relations at West Red Lake Gold Mines.

Preston spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City.

West Red Lake Gold Mines (TSXV: WRLG) is advancing its Madsen gold mine in the Red Lake gold district of Ontario. The mine was previously owned by defunct PureGold, and Madsen has had over $350 million in investment. Infrastructure includes a brand-new mill that can 800 tonnes per day with a tailings facility that has capacity. There are two ramp portals and a 1,275m shaft. The mill was constructed and commissioned in 2020.

Madsen is located in a storied mining district. The Red Lake gold district of Northwest Ontario has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

Preston said the company has attracted a lot of mine builders, such as Anthony Makuch and Duncan Middlemiss. The company’s CEO is Shane Williams.

"Our goal is to have this mine turned on in the second half of next year," said Preston. "To get there, there's the usual path to turning a mine on, which is resource studies, permitting, feasibility study, engineering, financing, start construction, and then turn it on.”

“We're doing things all in parallel, and that's because a huge amount of this mine is already built."

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

'Royalties are phenomenal financial instruments' - EMX Royalty's David Cole

Thu, 20 Jun 2024 00:00:00 -0400

Optionality is a key upside to the royalty and streaming business, said David Cole, president and CEO at EMX Royalty.

On Thursday Cole spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

EMX Royalty (TSX-V:EMX, NYSE AMERICAN:EMX) is a precious and base metals royalty company. The company's two flagship operations are Caserones in Chile operated by Lundin Mining, and Timok in Serbia operated by Zijin Mining. In 2024 the company expects to have 11,000 to 14,000 of gold equivalent ounces and between $22,000,000 to $27,500,000 in revenue.

"I've said for years that we're going to become a cash cow. We have actually done that, and it's great to see the assets populating and moving up towards the top of the pyramid and establishing that recurring cash flow," said Cole.

Cole said exposure to quality assets gives the company upside.

"Royalties are phenomenal financial instruments," said Cole. "It's because of their embedded optionality. We all want to be exposed to commodity price optionality.

Cole said the biggest driver of optionality upside is exploration and discovery.

"If you own a royalty on a deposit, and it's getting near the end of its life, and [the operator] find a whole other deposit of equal size or greater, you know you're in the money, and that happens repeatedly throughout the world."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

The need for critical minerals is 'urgent', says Digbee's Jamie Strauss, so where's the funding?

Tue, 18 Jun 2024 00:00:00 -0400

Funding for critical mineral projects by private companies is taking time to arrive, said Jamie Strauss, founder and CEO of Digbee.

Strauss spoke to Kitco Mining on Tuesday at THE Mining Investment Event of the North in Quebec City.

Digbee helps companies measure, manage and disclose their ESG ratings. They also offer mining data analysis.

Western governments have implemented critical mineral strategies with the goal to reduce reliance on single-source suppliers, particularly those with geopolitical risks. In August 2022 the Biden administration passed the Inflation Reduction Act, which provided funds for domestic energy production that promoted clean energy.

Government funding is there, but private funding is lacking, noted Stauss. He said that the capital base for the miners has fallen about 75% in the past two decades. The recent bull market in some metals like copper should spur investment.

"There's still some inertia...in terms of getting this capital moving despite the urgency of critical minerals," said Strauss. "We're not quite there yet, but it's definitely coming."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

Dips along the road but extremely bullish - First Phosphate's John Passalacqua on critical minerals

Mon, 17 Jun 2024 00:00:00 -0400

Developing critical mineral resiliency is absolutely critical, said Gary Stanley, founder and managing director of Global Mineral Strategies.

In early June Stanley spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. He was joined by the CEO of @firstphosphate , John Passalacqua. Stanley is also on the advisory board of First Phosphate.

The shine has come off critical minerals compared to the start of the decade. Lithium prices traded up 10x before crashing. Electric vehicles are in a sales slump. Passalacqua said that volatility is expected.

"Eventually all these materials are going to be needed," said Passalacqua. "There will be dips along the road. The trend is bullish."

First Phosphate (CSE: PHOS) is a mineral development company with plans to produce phosphate for the lithium iron phosphate (LFP) battery industry. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay–Lac-St-Jean Region of Quebec, Canada. First Phosphate properties consist of anorthosite igneous phosphate rock that generally yields high purity phosphate material. The company says that the rock is devoid of high concentrations of harmful elements.

Stanley was with the U.S. Department of Commerce before founding Global Mineral Strategies. Stanley was lead author of the 2019 US Federal Critical Minerals Strategy. He said Western countries outside China need their own critical mineral supply chains.

"It has to happen," said Stanley. "There has to be the kind of commitment necessary to make these supply chains not only stood up, but sustainable long term. There's going to be a premium that has to be paid for that because you're never going to be able to price compete against China. It's really incumbent upon countries like Canada and the United States to stay resilient in this process."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

Proposed capital gains tax to have 'devastating impact' on resource sector - CSE's Richard Carleton

Sun, 16 Jun 2024 00:00:00 -0400

Investors are not placing much value in resource companies despite the jump in metal prices, said Richard Carleton, CEO of the Canadian Securities Exchange (CSE).

Carleton spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City.

The @CSETV has offices in Vancouver and Toronto. The company has over 800 listings.

Gold has hit several all-time highs in 2024, but resource companies are not seeing much of a lift, noted Carleton.

"The index of gold exploration companies, even the later stage companies that have extended their projects to quite a considerable degree...still haven't gotten the love from the markets in terms of the valuations at this point," said Carleton.

In the spring, the Canadian federal government proposed a rise in the capital gains tax. Starting June 25, the capital gains inclusion rate would be increased from one-half to two-thirds for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts, according to a statement by the Canadian finance ministry.

Carleton said the proposed changes will have “a devastating impact on flow-through financing and other means of direct investment into exploration and mining” in Canada.

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

Hey, miners, hold some gold - Frank Holmes on lessons from Bitcoin companies

Sat, 15 Jun 2024 00:00:00 -0400

One of the largest gold discoveries in three decades - Tudor Gold's Ken Konkin advances Treaty

Fri, 14 Jun 2024 14:00:00 -0400

British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold.

In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

@tudorgoldcorp.1829 (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discoveries in the last three decades.

The Golden Triangle is seeing renewed focus, says Konkin, due to the infrastructure and safe jurisdiction, as well as the many development projects that are advancing in B.C. The world's largest gold miner, Newmont, has made the region a top priority since taking out Newcrest and acquiring both its Pretium and Red Chris mining operations in the Golden Triangle.

"Clearly, there's blood in the water," said Konkin.

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

'Gold companies are going to produce a lot of cash flow' - Equinox Gold's Greg Smith

Mon, 03 Jun 2024 00:00:00 -0400

Greenstone Mine is very rare asset, said Greg Smith, president and CEO of Equinox Gold.

On Thursday Smith spoke to Kitco Mining.

Equinox Gold (TSX: EQX) is a Canadian mining company with seven operating mines. The company is forecasting 780,000 ounces of gold production in 2024 at an all-in sustaining cost between $1,565 to $1,675 per ounce.

This month the company announced first pour at Greenstone Mine, what the company calls its flagship asset. When operating at capacity, the Greenstone Mine is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada’s largest gold mines, according to Equinox. Last month Equinox Gold paid $995 million to acquire Orion’s 40% interest in the Greenstone Mine.

"Greenstone is a large-scale gold mine in Canada—large reserve, lots of potential in the open pit and the underground," said Smith. "Those types of assets are very rare, especially with that kind of production profile."

So far gold mining equities haven't had that big a run in 2024 despite the metal hitting several all-time highs. The GDX, an index of gold miners, is only up 16% year to date. Smith said huge demand for just physical gold in Asia has been driving up the price of the metal, which also explains part of the disconnect with the miners. With inflation starting to tamp down, margin expansion at the gold miners should spark interest in the sector.

"We're seeing inflation easing off," noted Smith. "The gold price is running, and the operating gold companies are going to produce a lot of cash flow."

Build mines that can work at whatever gold price is thrown at you - Minera Alamos Doug Ramshaw

Thu, 23 May 2024 13:00:00 -0400

Minera Alamos will see a big step up in production over the next handful of years, said Doug Ramshaw, the company's director and president.

On Tuesday Ramshaw spoke to Kitco Mining.

Minera Alamos (TSX.V: MAI) is a Mexican-focused gold miner. The company's expertise is in heap leach operations. Its Santana operation will produce 2,000 ounces this year. The company's two other projects, Cerro De Oro and La Fortuna, are scheduled to start production over the next few years. The company expects to be producing 140,000 ounces annually by 2027.

Ramshaw said Minera Alamos is built to operate in a low-cost environment.

"Build mines that can work in whatever gold price environment is thrown at you," said Ramshaw.

Ramshaw was surprised by gold's move. He expected gold to go up in 2024, but towards the end of the year. The metal has already hit several all-time highs.

"I think there's still probably upside on gold," said Ramshaw. "If you're building mines that can't make money at these prices, then you're probably building the wrong kinds of mines."

Ramshaw has 25 years as a mineral analyst and mining executive. He was a former director of Great Bear Resource, which was acquired for $1.8 billion.

Ramshaw said that Mexico is a very prospective country to operate.

"We want to build many more mines in Mexico."

Why miners are driven to M&A - David Garofalo on the resource sector's 'shrinking pie'

Thu, 23 May 2024 00:00:00 -0400

As more money comes into mining, this will push dollars down to the juniors, said David Garofalo, chair and CEO of GoldRoyalty.

Garofalo has a multi-decade career leading large mining companies. He was CEO of Goldcorp prior to its sale to Newmont for about $10 billion in 2019. He was also CEO of Hudbay Minerals. Garofalo is now at GoldRoyalty (NYSE:GROY), a streaming and royalty company. Some of its key assets are the Odyssey Mine, the Cote gold project and the Borborema project. The company forecasts revenue of about $15 million mid-decade, growing to three times that level by 2029.

Garofalo spoke to Kitco Mining on May 21. He said that despite gold hitting several all-time highs this year and copper futures hitting their own record last week, gold equities are still underperforming.

"We're starting to see profitability and margins starting to expand," said Garofalo. "But the big overhang for the producer universe is the fact that reserves have been declining steadily for a dozen years. We haven't seen the leverage to the gold price that equity should be providing."

Garofalo said broader interest in resources is needed for the sector to be healthy again. He believes a good Q2 performance by the major gold miners resulting from high metal prices and better cost control could see generalists return to the sector.

"I know the juniors are waiting for the seniors," said Garofalo. "Hopefully [we] see some generalist capital come into the space and buy the most liquid names. If that happens, the specialists who are kind of hiding out among the large caps will start to come down the food chain and start to invest in juniors.

Mining needs more money coming into the sector, he said.

"The specialists have been hiding out because they face significant redemption pressure, so they've had to stay in large liquid names,” said Garofalo. “But when generals start coming in and displacing them, then we'll start to see some risk capital put the work in the juniors. And that's an existential necessity for the industry."

Garofalo said the uptick in mining M&A points to a poor pipeline of projects.

"Juniors have had very inconsistent access to capital, and they're the ones that do all the heavy lifting when it comes to grassroots exploration," said Garofalo. "They make the major discoveries. The bigger producers build and operate those mines, but they don't discover them. And that's resulted in a 40 percent decline in gold reserves over the last dozen years. So, you have a shrinking pie, and that's led to cannibalization. That's led to merger activity."

'I don't even think this is the first inning' - gold prices to run even higher says Simon Marcotte

Sun, 19 May 2024 00:00:00 -0400

Gold has hit several all-time highs this year, but the metal has further to go, said Simon Marcotte, president and CEO of Northern Superior Resources.

Last week Marcotte spoke to Kitco Mining.

Marcotte attributes the recent rise in gold prices to central bank buying and increased demand from Asia, particularly due to the weakening yen. He predicts that as real rates decline, gold will gain further momentum, leading to increased equity valuations in the sector.

"I don't even think this is the first inning," said Marcotte. "We're going to see gold do well. Gold is going up right now because central banks are buying...and also there's been a lot of the Asian demand for gold. [The yen] is deflating very rapidly. I don't want to say it's collapsing, but it's breaking down. The central bank of Japan is having a hard time maintaining its currency.

"Real rates starts going down, and that's where the equity price will play catch up. [The] real estate market is not going to be able to sustain higher rates, therefore real rates go down and gold goes up."

Marcotte also talked about the recent surge in M&A activity in the mining sector, driven by increased profitability and the need for larger companies to replenish reserves. Marcotte sees this trend as indicative of a new commodity cycle and a positive outlook for the industry.

Northern Superior Resources (TSX-V: SUP) is a Quebec-focused company with the goal of consolidating the Chibougamau gold camp. The company has a land package of about 62,000 hectares. The company also spun off a new business, ONGold Resources that is focused on the TPK property in Ontario.

'It's hard not to get excited when you see a blockbuster deal like that' - Adam Lundin on mining M&A

Sat, 18 May 2024 16:00:00 -0400

Big mining deals are going to bring needed attention to the mining sector and build more enthusiasm, noted Adam Lundin, chair of Lundin Group.

This week Adam spoke to Kitco Mining.

Earlier this month BHP Group announced a surprise takeover bid for Anglo American valued at over $31 billion.

"When you see blockbuster news like that, it's hard not to get excited," said Lundin. "I think M&A can be good for the sector, and I think it [brings] a lot of attention to the space and gets more eyeballs on it. Let's stay tuned and see how it plays out."

The Lundin Group's Lundin Mining (TSE:LUN) is up 62% year to date this year with a market cap of $13.6 billion thanks to a run in copper and other metals. The company is expected to produce between 366,000 to 400,000 tonnes of copper and between 155,000 to 170,000 ounces of gold in 2024.

Ludin Mining has a healthy pipeline. The Lundin's Josemaria project is to be developed as a large-scale open pit mining operation. As currently envisaged, over 1 billion tonnes of ore will be mined at average diluted head grades of approximately 0.30% copper, 0.22 g/t gold and a strip ratio of 0.98 over a 19-year mine life.

Why it's so hard to get backing for copper projects - Inflection Resources' Alastair Waddell

Fri, 17 May 2024 00:00:00 -0400

Copper projects pose substantial hurdles for development, said Alistair Waddell, president and CEO of Inflection Resources.

In early May Waddell spoke to Kitco Mining at Deutsche Goldmesse in Frankfurt, Germany.

Inflection Resources (CSE:AUCU) is a copper and gold company focused on eastern Australia. It is exploring Macquarie Arc in New South Wales. The company also has an Anglogold Ashanti partnership.

Waddell said spurring copper project development is challenging.

There's a lack of funding for copper exploration because it can be expensive, time-consuming and requires large land positions in sometimes challenging jurisdictions, noted Waddell. Exploring for porphyries requires a lot of time, money, and drilling which can be difficult for junior mining companies.

Higher copper prices are starting spur companies. Interest in the sector is even coming from traditionally gold-focused companies.

Coverage of Deutsche Goldmesse is sponsored by Dynacor.

Too risky, too tradition-bound - Equivest's Joanna Ponicka on why mining can't attract new investors

Thu, 16 May 2024 00:00:00 -0400

Mining has to do more work to attract investors, said Joanna Ponicka, vice president of exploration at Equivest.

In early May Ponicka spoke to Kitco Mining at Deutsche Goldmesse at Frankfurt, Germany.

Ponicka said the mining sector has a perception problem and that is leading to less funding. A lack of investment in grassroots exploration is leading to a shortage of new discoveries.

"As a prospect generator, we definitely see less money in the industry to do early-stage exploration," said Ponicka. "Early-stage exploration is where most of our discoveries come from."

Ponicka said the industry is going through a "pretty dry period." Ponicka said that technology and cryptocurrencies hold more appeal for younger investors.

"This year there is very little testing new ideas and drilling. I think the entire industry is suffering. It's such a traditional industry. It's also a very risky industry.

Possible solutions are adopting a more modern style of communication, perhaps with more of a focus on social media, suggested Ponicka. Communications need to be more engaging and less corporate, as well as targeted to shorter attention spans.

She also said that more focus on education and success stories could help to attract new capital to the sector. Lastly, sector events need to innovate to become more engaging and educational. Visual representations of projects and teaching investors how to understand good results could be two beneficial tactics.

Gold prices could 'easily reach $2,500 this year' - Jeff Clark on precious metal breakout

Wed, 15 May 2024 23:00:00 -0400

While central bank buying has been supportive of gold prices, interest rate cuts later this year could send the metal higher, said Jeff Clark, editor of the TheGoldAdvisor.com.

In early May Clark spoke to Kitco Mining at Deutsche Goldmesse in Frankfurt, Germany.

Gold has hit several all-time highs this attributed to strong central bank buying.

"This could be a banner year for central bank gold buying," said Clark. "In my humble opinion, that is not why the gold price is higher. I think central bank gold buying actually supports the price though. It's just an important component of this market. "

Clark said central bank buying has reached a "crescendo" after 15 years of increased spend on gold. Clark said that interest rate cuts by the Fed could be a real impetus for the metal.

"$2, 500 is easily within reach this year," said Clark.

While gold prices are rising, gold equities haven't shown the same level of growth yet, noted Clark. He said this lag is typical in bull markets, and money is expected to flow into the sector soon.

Mergers and acquisitions are increasing due to limited exploration and development in recent years make M&A a more attractive option than starting from scratch. Clark said M&A activity will likely continue and even accelerate.

Surprisingly, copper hasn't seen the same level of excitement as gold, noted Clark, despite the growing need for copper in green energy initiatives.

"Every week there's a new chart about the deficit that's coming in copper," said Clark. "Take the average of those, and even if that was only half right, that's still a lot of copper that's going to be needed. And so, the rush into copper really hasn't happened yet. And that is something as an investor, I like to hear."

Coverage of Deutsche Goldmesse sponsored by Dynacor.

Triple-digit gains for the gold miners? AuAg Funds' Eric Strand makes the case

Tue, 14 May 2024 00:00:00 -0400

While the Federal Reserve is delaying rate cuts due to inflation, the economy is still getting lots of support, noted Eric Strand, founder and portfolio manager of AuAg Funds.

In early May Strand spoke to Kitco Mining at Deutsche Goldmesse.

Strand believes central bank buying, signs of continued monetary easing, and the massive deficits incurred by the U.S. are primary drivers behind gold's surge.

"Even if we don't have seen the rates coming down, the Fed has been doing some kind of backdoor quantitative easing," said Strand, who noted that the monetary base is going up and the U.S. is running big deficits. "It's a very expense economy. The lower rates are coming, and the market can see it."

While he initially predicted a target of around $2,475, he now believes gold could climb even higher this year, given the market momentum. Strand also points to increased geopolitical risks and the weaponization of the U.S. dollar as reasons why central banks, especially in BRICS nations, are turning to gold as a safe haven asset. When comparing gold's price even at $4,000 per ounce to the combined U.S. debt and federal reserve balance sheet, he argues that gold is still undervalued and therefore likely to continue climbing.

While gold equities haven't mirrored the bullish price movement, Strand expects significant leverage, margin expansion, and strong performance for the remainder of the year, possibly even hitting triple-digit gains. However, he notes the lack of investment in exploration remains a long-term concern and could impact supply down the road.

Coverage of Deutsche Goldmesse is sponsored by Dynacor.

Big money has already moved in and bought gold - Brien Lundin says investors aren't waiting

Mon, 13 May 2024 20:00:00 -0400

Despite high yields and a strong U.S. dollar, gold is moving higher because of the compelling macro picture, said Brien Lundin, editor of the Gold Newsletter.

In early May Lundin spoke to Kitco Mining at Deutsche Goldmesse in Frankfurt, Germany.

He called the rally surprising and believes it is driven by a combination of factors, including central bank buying, strong demand from China, increased buying from hedge funds and growing unease about global debt levels.

"The buying has been strong despite rising yields and strong dollar," said Lundin. "You see big money moving into the sector, and I think it's [due to] the general macro picture out there."

Investors are shifting allocations toward gold as a hedge against fiat currency risks, said Lundin.

The Federal Reserve is expected to start cutting interest rates, which would be a major catalyst for this gold, but Lundin said big money has already pricing in that eventuality. He sees a fundamental shift with gold acting as a safe haven in an unstable global economy. Lundin believes gold could reach much higher levels, potentially mirroring the 5x to 8x price increases seen in previous bull markets.

One risk factor is the possibility that gold may have already priced in the expected Fed pivot. Lundin believes gold stocks are undervalued because investors both missed the dip while waiting for a correction and don't fully understand what's driving the rally.

No gold sticker shock - Citi's Aakash Doshi on high precious metal prices and 'inelastic buyers'

Mon, 13 May 2024 00:00:00 -0400

Central bank buyers could be less sensitive to higher gold prices, said Aakash Doshi, NAM Head of Commodities Research at Citi.

On Tuesday, Doshi spoke to Kitco Mining.

Jewelry fabrication typically represents about 50% of the gold market, with the rest of the demand coming from investing, central banks and industrial uses.

“Historically, the demand side of the ledger has been driven and led by jewelry demand. Consumption could be as high as 50% or 55% for gold jewelry,” said Doshi. “[That] started to shift over the last 10 to 15 years. It really started with the Great Financial Crisis. So, for four decades prior to the GFC and following the Nixon shock, central banks were net sellers of gold. They provided net supply to the market. After the GFC period, you saw central banks emerge as net buyers.”

Doshi said central banks have been buying more gold. central banks are now consuming over 1,000 tons per annum, said Doshi.

“This is supply being taken out of the market. And from a mine production standpoint, that now represents [up to] 28% of annual mine production”

In the past, higher metal prices have led to jewelers curtailing demand. However, central banks may be less price sensitive. Doshi said the buying by the banks is more “strategic,” and the central banks could be “... among the most price inelastic buyers.”

In a research note Doshi predicted that gold could reach $3,000 per ounce by 2025. Doshi attributes this potential surge to strong investor demand, particularly in physical gold, evidenced by a significant increase in bar and coin sales since the onset of the pandemic. He also notes record-level purchases by central banks, particularly those in emerging markets, as a contributing factor to this upward trend.

Despite a 20% increase in gold prices since February, Doshi emphasizes that it hasn't been driven by typical factors such as a weaker dollar or lower interest rates. He argues that the bullish outlook for gold is primarily due to the convergence of strong physical demand and the anticipation of financial macro factors catching up. Central bank purchases have not only set a higher price floor for gold but also stabilized its volatility.

'Why take the risk if you were better off buying the metal?' - Lobo Tiggre on soft mining equities

Sun, 12 May 2024 13:00:00 -0400

Mining equity investors need to be patient, said Lobo Tiggre, editor of the IndependentSpeculator.com.

In early May Tiggre spoke to Kitco correspondent Paul Harris at Deutsche Goldmesse held in Frankfurt, Germany.

Tiggre noted the disconnect between high metal prices and mining equities that are not performing as well as they should.

Gold has hit several all-time highs in 2024, but the gold miners, measured by the GDX, are only up 12% this year and well-off highs hit early this decade.

Tiggre notes that the key appeal of mining stocks is their leverage to rising metal prices. With strong gold prices, the underperformance of mining stocks has been a source of frustration.

“If the metal goes up and your stocks are still in the doghouse…something is wrong,” said Tiggre. “Why take the risk if you were better off just buying the metal?”

Tiggre believes mining stocks still have room for significant growth, even if the recent surge was not based on the fundamental factors he anticipated. He expects the market to realize the undervaluation of mining stocks compared to gold, leading to upward price movements in the sector.

'Finally, they'll start producing real cash' - George Salamis on the mining sector turnaround

Sun, 12 May 2024 00:00:00 -0400

A general mining recovery begins with producers, said George Salamis executive chair of Integra Resources ( @integraresourcescorp.1721 )

On Tuesday Salamis spoke to Kitco Mining.

Integra Resources is focused on the Great Basin of the Western USA. The company has two flagship oxide heap leach projects: the past producing DeLamar project located in southwestern Idaho and the Nevada North project in Nevada.

The Nevada projects came to Integra after a merger with Millennial in 2023. In 2024 Integra will be working on a feasibility study for DeLamar, as well as drafting its permits.

A recent flurry of M&A and gold hitting record highs have all been good for the resource sector, but there is still a long road to recovery. The gold miner index (GDX) is up only 13% year to date and still well below highs earlier this decade.

"There's been a lot of value destruction in the last four years in the mining space," said Salamis. "There's a bit of a crisis of confidence in the way investors look at the mining sector. A lot of that I
believe is related to hindsight: inflationary pressure and compression of margins."

In last few years, miners benefited from high metal prices, but energy and labor costs squeezed margins. When miners can control costs, Salamis sees a recovery.

"I think what it's going to take to turn that around is we need to see the producers start to make real money. The gold price is going to help that. Finally, they'll start producing real cash."

'No euphoria' - Kai Hoffmann says generalist investor is still missing from resource stocks

Sat, 11 May 2024 00:00:00 -0400

The mining market is still subdued despite "violent moves" higher by gold, said Kai Hoffmann, the CEO of Soar Financial.

On Monday Hoffmann spoke to Kitco Mining. Hoffmann is hosting Deutsche Goldmesse in Frankfurt, a two-day event kicking off May 3 that will showcase 30 resource companies. Some of the keynote speakers will be Brien Lundin, Lobo Tiggre and Jeff Clarke.

Hoffmann tracks resource financings through Oreninc. Hoffmann is surprised that mining equities are still subdued after copper has run up 20%, and gold has hit several all-time highs.

"It is still not as rosy as one might expect," said Hoffmann, who notes that the GDX, the gold miner index, is still down over a 12-month period.

"You would think with a gold price move this violent and copper recovering as nicely as it has that we should be trading much higher. Quite honestly, a lot of people I've spoken with —they've been positioned for 12 months for this breakout, and they're barely breaking even. Maybe they're in the money by 10%.

"There's no euphoria in this market. The generalist investor is still missing."

Hoffman notes that junior mining companies are still facing challenges in attracting investment. Late-stage development projects are attracting more attention. Gold projects are also gaining more favor.

Seeds of destruction - Can mining side step another bubble, wonders Newcore Gold’s Luke Alexander?

Fri, 10 May 2024 17:00:00 -0400

Newcore Gold jumped 75% this month after releasing an updated preliminary economic assessment.

On Tuesday President and CEO Luke Alexander spoke to Kitco Mining.

The mining sector has been enjoying good tailwinds: copper has run up 20%, and gold has hit several all-time highs this year. Still financings remain moderate, according Oreninc. Selective companies are being financed. Alexander hopes the market doesn't run away.

"I actually hope it remains a selective financing market," said Alexander. "It's really just the quality
projects that get financed, the ones that stand out from the hundreds. [It] is a cyclical business. As the market heats up and as people get more exuberant, the PowerPoint presentations get dusted off and every project out there gets financed.

"Inevitably...projects that don't have quality assets, that don't have quality teams, that aren't at a stage that they should end up getting financed. The stock prices lag or collapse, and shareholders end up suffering. It then becomes more challenging for the sector to perform overall."

Newcore Gold (TSX-V: NCAU) is advancing its Enchi gold project in Ghana. In April the company released an updated preliminary economic assessment. At a gold price of $1,850 ounce the company showed a $586 million pre-tax net present value discounted at 5%, and a 77% pre-tax internal rate of return rate. The average annual gold production was estimated at 120,000 ounces. The company was up 75% this month.

How quickly can management build a mine? - Alex Black on long investment horizons

Fri, 10 May 2024 14:00:00 -0400

Management, deposit and social license are all key when considering a resource investment, said Alex Black, executive chairman of Rio2, but time to production plays an important role, too.

Black spoke to Kitco Mining on Monday.

Rio2 (TSXV: RIO) is advancing its Fenix gold project in Chile. In April, the company announced a $23 million financing. The company also advanced some of its environmental permits. The company says that its Fenix is the largest undeveloped gold heap leach project in the Americas. The company anticipates production by 2025.

When assessing a resource company, Black said that the resource, management and social license are all fundamental. Time to develop also has to be weighed.

"How quickly can [management] develop a project? When you see projects in Nevada and Arizona, it takes five to seven years to get off the ground because of the permitting process. It's not a social issue, but you need to take that into consideration.

"When you buy into a company...that's not a producer, you've got to say to yourself 'Well, I'm not buying it for now. I'm buying it for what it's going to look like in six or seven years.' [There are] potential takeout takeouts. It depends on the asset."

A decade long exit from the gold sector - Quartermain explains why mining equities are muted

Mon, 29 Apr 2024 14:00:00 -0400

Investors still haven't made the link between high gold prices and mining equities, said Robert Quartermain, co-chairman of Dakota Gold.

On Monday Quartermain spoke to Kitco Mining.

Quartermain has a storied career in mining. Most recently he was Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Pretium's Brucejack mine became Canada’s fourth-largest gold mine with annual production of 350,000 ounces. Quartermain was inducted into the Canadian Mining Hall of Fame in August 2022. Newcrest acquired Pretium in 2021 for $2.8 billion.

Gold has hit several all-time highs, but the gold miners are not seeing the full benefit yet. The VanEck Gold Miners ETF is only up 10% year-to-date and still well under highs hit earlier this decade.

"[Many] of the miners think the gold price is still going much higher," said Quartermain. "What we need to see a is better connection between where the gold price is and what we're seeing in the equities."

Quartermain said a generational change is partly to blame for the depressed equity prices over the past ten years.

"Over the last decade we've seen a lot of movement of money out of the gold space," said Quartermain. "Over a decade ago when we were building the Brucejack Mine, many portfolio managers with a lot of gold assets under management. They left or those funds were depleted
in size."

Quartermain's new venture is Dakota Gold, a gold exploration and development company focused on advancing the Homestake District in South Dakota. Properties cover over 48 thousand acres. The has over 145 years of gold mining history. Dakota Gold commenced drilling in January 2022. It listed on the NYSE the same year. Currently the company has four drills operating with over 279,000 feet drilled.

The company closed an investment with Orion for $17 million in exchange for ~7% ownership. Dakota has a planned $30 Million exploration program for 2024.

0:00 - Gold price is going higher
1:40 - Is gold's move higher surprising?
2:15 - When do investors come to the space?
3:18 - Mining is gaining favor
4:55 - Critical mineral strategies spurring mine development

'There's' just too much debt in the world' - Peter Grosskopf explains why gold will head higher

Mon, 29 Apr 2024 14:00:00 -0400

Gold should head higher due to debts and deficits, said Peter Grosskopf, chairman of SCP Resource Finance.

On Wednesday Grosskopf was interviewed by Kitco Mining.

Gold has been hitting fresh all-time highs late into 2023 and through 2024, but gold miners have only just rallied in the last month. Gold equities, measured by the GDX, is up over 16% in the past month.

"The market finally woken up to these high precious metal prices," said Grosskopf. "[The rally is] definitely led by the big caps. The small caps just started to react in the last day or two after coming out of a long, cold stretch."

Grosskopf said that gold miners could have been held back by costs, which were crimping margins.

"Miners have put up with some difficult operating conditions from an inflation perspective," said Grosskopf. "Projects are taking longer, they're more expensive to build, and it took a while for both
companies and their shareholders to digest what margins would be in this kind of environment."

Grosskopf said that the main driver for gold prices will be debt concerns.

"There's just too much debt in the world," said Grosskopf. "Governments have built up these deficits and debt [levels] to the point where they actually do matter."

Grosskopf said that markets have been calm and complacent regarding the debt.

"But the sheer size of the U.S. fiscal deficit and whether or not they have control over that is starting to trouble investors,” he said. “[You] have two choices to get out of this debt predicament: one of them is to
deflate and face a financial crisis, which I don't think anybody expects. The other is to inflate.”

"Gold holds its own...even in an environment of rising rates...in a world where deficits and debts are just too big," Grosskopf said.

0:00 - Gold equities jump
0:45 - Margin compression on cost inflation
2:15 - M&A
3:18 - Junior resource recovery
4:12 - Critical minerals that work
4:40 - It's expensive to build a copper project
5:50 - Can miners charge a green premium?
7:35 - Why gold will head higher

Company with lithium in NWT can see pegmatites from space — Li-FT Power CEO Francis MacDonald

Fri, 22 Mar 2024 19:00:00 -0400

Lithium futures are trading higher, and Asian battery manufacturers are saying demand will surprise to the upside, says Francis MacDonald, CEO and director of Li-FT Power (TSXV:LIFT).

MacDonald spoke to Kitco Mining in early March at PDAC 2024 in Toronto, Canada.

“Hopefully that's an indication that we're coming out of the bottom,” he said, noting lithium carbonate prices have been stuck at around $13,000 a tonne.

Li-FT Power is advancing the Yellowknife lithium project in Canada’s Northwest Territories. The project contains 13 lithium pegmatite systems that are exposed at surface and visible from satellite imagery. Historical channel sampling produced average grades of 1.10 - 1.59% Li2O over 7- to 40-meter widths. Strike extents of pegmatites visible on surface are 100 to 1,800m.

The company drilled 34,000 meters and 200 holes last year, with the goal of moving the project towards a maiden resource estimate in 2024.

Another 18,000 meters is currently being drilled from four rigs.

“There was a lot of work done historically and all we had to do is go in there and start drilling,” MacDonald said of the project adding: “The grades and widths that we're seeing are pretty similar to what we see on surface. We had some big intersects of 80 meters at 1.13%, and there's quite a few intersects in that 30- to 40-meter range at 1.2 to 1.6% Li2O.

He said the Yellowknife project is unique in that it has railway access and a paved highway that goes through seven lithium deposits. Another advantage is the railway runs to the Pacific coast, allowing Li-FT to ship the spodumene concentrate to Asia for processing.

Coverage is sponsored by UEC (Uranium Energy Corp.), URC (Uranium Royalty Corp.) and GoldMining.

Why copper is like uranium: both face deficits and need significant capex — Sprott's John Ciampaglia

Fri, 22 Mar 2024 19:00:00 -0400

Uranium is “a very unique commodity” that even at $100 a pound is still seeing a supply deficit, says John Ciampaglia, CEO of Sprott Asset Management.

In February Ciampaglia spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

“We don't see a real meaningful supply response coming for the next few years and in the absence of that we think uranium prices are going to be higher for longer,” he said.

Ciampaglia said uranium is being recognized for its importance in achieving three goals: decarbonization, energy security, and as a complement to renewable energy. Nuclear power has a capacity factor of 92.5 percent, making it suitable for base-load power, compared to solar’s 25 percent.

“Countries realize that they need to have a diversified source of energy production in order to have a grid-stable economy and affordable energy prices,” he said.

The uranium market is dominated by a handful of countries, most of them unfriendly to Western interests. “It’s a very concentrated supply profile which makes it more vulnerable to shocks,” Ciampaglia said, adding: “I think the West has realized that they need to incentivize the reshoring of a lot of supply chains. Uranium mining is one of them.”

Several uranium producers are re-starting mines to capitalize on higher prices. This should trickle down to the uranium explorers, said Ciampaglia. “They have a fighting chance to actually raise some capital and move their projects down the pipeline.”

Sprott is bullish on copper, having recently launched a copper ETF. Ciampaglia noted that energy transition-related demand has held up the price. “We think there is going to be tremendous long-term durable demand for copper,” he said. “Investors are becoming increasingly interested.”

Ciampaglia said copper is like uranium in that both face deficits and both need significant amounts of capex (capital expenditures); the only way for that to happen is higher prices. However, “the demand for uranium is completely inelastic, it's unlike most other commodities,” he said. “And then I think copper is going to be the slower, emerging story that that is going to play out for the coming years.”

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

‘They’re nervous about the US dollar’ - interest in gold needs to spread beyond central banks

Fri, 22 Mar 2024 19:00:00 -0400

The disconnect between gold prices and gold equities are explained by central bank precious metal purchases, said Wheaton Precious Metals CEO Randy Smallwood.

On Friday, Smallwood spoke to Kitco Mining.

Wheaton Precious Metals is a precious metals streaming company headquartered in Vancouver, B.C. Last week the company released its 4Q and year-end. Gold equivalent ounces produced was 619,608 ounces, nearly the same as the year prior. Gold production was up, but silver fell. Silver was down due to a labour strike at Peñasquito. The company set 2024 guidance between 550,000 to 620,000 gold equivalent ounces. The company is targeting over 800,000 by 2028.

Operating cash flow in the fourth quarter of 2023 amounted to $242 million, with the $70 million increase due primarily to the higher gross margin.

Smallwood noted the disconnect between gold prices and gold equities. The metal has hit several all-time highs in 2024, while the miners are down year-to-date. The VanEck Gold Miners ETF has fallen 1% year-to-date, and the metal is near the middle of its 52-week range.

“Gold prices are up because central banks are buying,” said Smallwood. “They're nervous about the U.S. dollar, so the challenge is: ‘How are we going to expand beyond that.’”

Last month the WGC published its 2023 fourth quarter and full-year gold demand trends report, saying that annual gold demand, excluding over-the-counter markets, totaled 4,448 tonnes, a 5% drop below robust demand reported in 2022; however, when including OTC markets and stock flows total gold demand rose to a record 4,899 tonnes last year.

Smallwood noted the closure of First Quantum’s Cobre Panama mine, one of the world’s top copper mines. It puts the emphasis on social license to operate. Copper is going to be an essential metal for energy transition.

“It’s a shame that happened,” said Smallwood. “It's not good for the industry as a whole. It's not good to have this: ‘No copper in my backyard approach.’ That's not healthy for society.”

Big M&A deals likely to continue in mining sector - PowerOne Capital Markets' David D'Onofrio

Fri, 22 Mar 2024 19:00:00 -0400

Mergers and acquisitions should continue through 2024, said David D'Onofrio, CFO of PowerOne Capital Markets.

D'Onofrio spoke to Kitco Mining in early March at PDAC 2024 in Toronto, Canada.

PowerOne Capital Markets is a diversified merchant bank, and notable mining investments include Collective Mining, enCore Energy and Neo Lithium. D'Onofrio is also CEO of White Gold, a Canadian gold exploration company operating in the prolific White Gold District located south of Dawson City in northwest Yukon, Canada. Backers include Agnico Eagle, Kinross and Eric Sprott.

D'Onofrio admitted that critical minerals "totally capitulated" in 2023, but the setup for 2024 looks interesting.

"You can almost have the best of both worlds where you have this continuation of precious metal price increases...and now a rebound of some of these critical minerals like lithium, nickel, copper, so I think we're setting up for an interesting year," said D'Onofrio.

Critical minerals had an awful 2023. D'Onofrio blamed a market that ran too far ahead of itself.

"I think people were just buying to ensure they had the security of supply and that caused a bit of a squeeze," said D'Onofrio, adding that the high price levels for lithium were not "sustainable."

"The overhang from the lithium run up is working through the system," D'Onofrio said. “It creates a glut and then we need to go through a destocking, and that's what we're seeing now.”

Asked about the some of the big transactions that kicked off the year in mining—Solaris Resources receiving $130 million from Zijin Mining Group for a 15% stake and Osino Resources being bought by Yintai Gold for $272 million—D'Onofrio said the dealmaking should continue.

"There's a big value gap, and it's just a matter of people needing to understand why they should be looking at [investments] today versus tomorrow."

Coverage is sponsored by UEC (Uranium Energy Corp.), URC (Uranium Royalty Corp.) and GoldMining.

Why one of the world's largest miners invested $130 million in Solaris Resources

Fri, 22 Mar 2024 18:00:00 -0400

Solaris Resources has been transformed thanks to a $130 million investment by one of the world's largest miners, Zijin Mining Group.

Solaris’ president and CEO Daniel Earle spoke to Kitco Mining in February at the 33rd BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida.

Solaris Resources (TSX: SLS) is advancing its flagship Warintza project in Ecuador. The company calls Warintza a global scale resource with 579 Mt at 0.59% CuEq (Ind) and 887 Mt at 0.47% CuEq (Inf) with growth potential. An updated mineral resource is expected in late Q2 of 2024.

Solaris is managed by the Augusta Group. In January, Solaris announced a $130 million investment by Zijin Mining Group at $4.55 per common share, giving Zijin a 15% stake in Solaris.

Earle said the investment enables the company to advance more quickly.

"This investment holds the potential to be nothing short of transformational for the business," he said. "It allows us to get much more aggressive in terms of our pursuit of our vision."

Earle said the funds will help advance the project, as well as unlocking its full potential through new discoveries.

"If we're able to bring it all together...do the exploration to make the discoveries, drill the resources that are available to us… at a capital cost where you could bring on production… anywhere from a half to a third of the cost of the competing jurisdictions, I think that combination represents the opportunity for one of the best greenfield projects in the entire industry,” he said.

To de-risk the project, Earle said the company is working through its social license and regulatory requirements.

Looking broadly at the copper sector, Earle said the cost of capital is constraining new supply.

"I think the most acute and constraining factor in terms of bringing on new copper supplies is on capital costs," said Earle.

"You need to assume a long-term copper price that's above the current consensus, which is currently $3.75 pound copper," said Earle. "There are a lot of management teams that are going to go out to their shareholders and tell them that they're assuming and deploying capital based on an assumption that the copper price is going to be materially higher than the current consensus. That's really the challenge."

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

'We found some really compelling targets' — Scott Berdahl's Snowline Gold keeps growing

Fri, 22 Mar 2024 18:00:00 -0400

Finding gold mineralization at scale and continuity was among Snowline Gold’s (TSXV:SGD) top 2023 accomplishments, says CEO and Director Scott Berdahl.

In February Berdahl spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Snowline Gold is one of the most exciting exploration plays to emerge out of the Yukon. A 2023 hole returned 2.5 grams per tonne gold over 553 meters at the Valley discovery, making it one of the best drill holes ever drilled in the Yukon Territory’s 125-year history.

Snowline Gold’s Rogue project also stands out for its planned use of solar power. The company received the 2023 Robert E. Leckie Award for Excellence in Environmental Stewardship from the Yukon government.

Berdahl received Kitco Mining’s CEO of the Year Award in the non-producing category.

He suggested the Rogue project has expansion potential: “It's still growing as we step out and test open edges of that system, and more broadly we've established the presence of a district.” The company has staked over 3,000 square kilometers.

The Rogue Plutonic Complex hosts a 60- by 30-kilometer area of small and large intrusions that are like Valley in their geology, geochemistry and gold anomalism.

“We found some really compelling targets on a regional scale that suggest that Valley may not be alone out there,” Berdahl said. New target Aurelius, announced on Feb. 20, is a 2,000- by 500-meter zone located 12 km northwest of Valley. Two outcrop chip samples averaged 2.01 g/t Au over 17m and 2.31 g/t Au over 14m respectively.

This year, Snowline Gold plans to establish a mineral resource at Valley, including delineating the higher-grade, near-surface zone. In 2023 B2Gold (TSX:BTO) invested CAD$19.2 million in the company. Snowline currently has $35 million in the treasury plus $15 million in warrants.

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

Innovative tech unlocks copper from mine waste - Jetti Resources gets backing from BMW, Teck

Fri, 22 Mar 2024 18:00:00 -0400

Seventy percent of the world’s remaining copper resources are trapped in low-grade primary sulfide deposits. Being able to release that copper at a low cost, and with minimal capital expenditures is a big deal for the mining industry, says Mike Outwin, co-founder and CEO of privately held Jetti Resources.

In February Outwin spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Jetti has developed a technology that addresses the challenge of how to extract copper from “stranded” primary sulfide deposits. The natural leaching process works fine for oxide ores and secondary sulfide ores, but hasn’t worked on deeper primary sulfide ores due to an inhibitory layer that forms on the surface of the mineral.

“You can think of it as a force field that blocks the copper from leaving the mineral in any large amount, maybe 10-20 percent is the maximum extraction that you can get from it normally,” Outwin explained. “Our big innovation was creating this catalyst that removes that force field if it's already there… or for fresh ores make sure it doesn't form at all. And so the technology you can think of it as a key; it unlocks the door of this ore to allow the copper to exit.”

Jetti Resources has received $200 million from some big names in the mining industry including Teck Resources (TSX:TECK), BHP (NYSE:BHP) and Mitsubishi. Automaker BMW recently took a stake in the company.

The leaching technology has been deployed to mines operated by Capstone Copper (TSX:CS), US copper giant Freeport-McMoRan (NYSE:FCX), and at the El Abra copper mine in Chile.

“The reasons why we've got traction is it's a very low-capex technology, integrates seamlessly with existing operations, we're able to leverage their already existing leach systems to unlock copper,” said Outwin, adding:

“At some mines you can produce a mine’s worth of copper at an already existing asset, meaning you don't have to develop a new pit necessarily, so it's a very exciting proposition for many companies.”

He said the dollar value of leachable primary copper sulphide ores is estimated in the trillions.

Another benefit of the technology is its eco-friendliness.

“You're once again adding additional copper pounds to a site that has already been paid for from an emissions and water usage profile,” said Outwin.

BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

'You'll see a material increase in gold and silver' - Triple Flag Precious Metals key asset ramps up

Fri, 22 Mar 2024 18:00:00 -0400

You need dedicated teams with staying power to drive meaningful supply in beaten down markets, noted Shaun Usmar, founder and CEO of Triple Flag Precious Metals.

In early March Usmar spoke to Kitco Mining at PDAC 2024 in Toronto, Canada.

Usmar was asked about the underappreciated copper markets. He said that the incentive price needs to be higher for serious investment to flow into the space, but management teams that are willing to work through downturns are key.

"[People] continue to underestimate the need for staying power and the time it takes from successful exploration in order to actually deliver first pounds of copper out of any investment opportunity," said Usmar.

Triple Flag Precious Metals (TSX:TFPM) is a precious metals-focused, royalty and streaming company. The company has a portfolio of 32 producing assets and 41 in development. Usmar said the company has achieved a compound annual growth rate of more than 20% since 2017, and the company now sits at a $2.6 billion market cap.

Triple Flag is forecasting an attributable royalty revenue and stream sales of 105,000 to 115,000 gold equivalent ounces in 2024.

Within Triple Flag's portfolio, Usmar highlighted Northparkes in Australia, which he says is about a quarter of the company's net asset value. Output is set to increase at the mine.

"They're entering into E31-E31 North, which is a high gold grade zone, so you'll see a material increase in gold and silver."

Usmar underlined alignment between management and shareholders.

"The key thing that underlines this is that we've got a lot of insider ownership," said Usmar.

Coverage is sponsored by UEC (Uranium Energy Corp.), URC (Uranium Royalty Corp.) and GoldMining.

Alamos Gold targets about 800,000 ounces of gold production

Fri, 22 Mar 2024 18:00:00 -0400

Alamos Gold really hit its stride this decade, said John McCluskey, president and CEO.

In early March McCluskey spoke to Kitco Mining at PDAC 2024 in Toronto, Canada.

Alamos (NYSE:AGI) is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America: the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos Mine in Sonora State, Mexico. The company's growth pipeline includes phase 3+ expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people.

In 2024 the company is forecasting 505,000 ounces of gold production at an all-in-sustaining cost (AISC) of $1,150 per ounce. Longer-term production will leap to about 800,000 ounces at $1,025 AISC.

"We've had just a tremendous run of success," said McCluskey, noting strong performance by the company's Mexico operations in 2023. "[The company] really hit its stride, and we ended up really exceeding our overall production guidance."

Coverage is sponsored by UEC (Uranium Energy Corp.), URC (Uranium Royalty Corp.) and GoldMining.

More than likely it will be in Canada - Barrick Gold's Mark Bristow hints at next move

Fri, 22 Mar 2024 18:00:00 -0400

Barrick Gold (TSX:ABX) is focused on replacing the ounces it mines through exploration, says President & CEO Mark Bristow.

In February Bristow spoke to Kitco Mining at the 33rd BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida.

“We've really invested in the quality of our explorers and that's what adds value,” he said, noting that Barrick is spending 60 percent of its exploration budget this year on greenfield (early-stage) projects.

Bristow said Barrick’s most effective growth strategy is to acquire large mines with long lives, rather than trying to manage several small mines. The company is currently focused on copper, two examples being the Reko Diq copper-gold project in Pakistan and the Lumwana copper mine’s Super Pit expansion in Zambia.

“For me, what we set out to build is a sustainable, infinite business in Barrick,” said Bristow, referring to when the company was first incorporated under Bob Smith and Peter Munk. “It created huge value through exploration discovery and early-stage M&A. I copied it in Randgold, that same philosophy just in North Africa, so that's what we’ve got to do again.”

Barrick recently permitted the Goldrush underground mine in Nevada, expected to start production this year at 130,000 ounces and grow to 400,000 oz per annum by 2028. Also in northern Nevada, site of the Nevada Gold Mines joint venture with Newmont Mining (TSX:NGT), Bristow said Barrick is executing on its brownfields five-year horizon to replace the gold that it has mined. Next to Goldrush is the Fourmile project, discovered in 2015, to which Barrick has committed $42 million towards a prefeasibility study.

“I'm absolutely convinced that we've got more Fourmiles around in that district, and in Turquoise Ridge as well, we've now opened the orebodies in both directions,” said Bristow.

Barrick’s end-of-year goals are building flexibility into underground development in Nevada; securing new ground within the Central African Copper Belt; exploring joint ventures around Reko Diq in Pakistan; and pursuing opportunities in Saudi Arabia.

Bristow said he also wants to bring all-in-sustaining costs down to around $1,000 an ounce.

He concluded the interview by hinting where Barrick could next make a move.

“We need something for the North American team to chew on and ideally in the short-term it will more than likely be Canada.”

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

Startling tech unlocks copper from mine waste - Jetti Resources gets backing from BMW, Teck

Fri, 15 Mar 2024 15:00:00 -0400

Up to 600,000 new ounces by 2025 - B2Gold's Clive Johnson forecasts a big jump in production

Fri, 15 Mar 2024 15:00:00 -0400

2024 will be a “building year” says B2Gold (TSX:BTO) President & CEO Clive Johnson, pointing to ongoing construction of the Goose mine in Nunavut, and projects in Mali including building a tailings facility and expanding a solar plant.

In February Johnson spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

The company had an excellent 2023, production-wise, outputting 994,000 ounces from its operations in Mali, the Philippines and Namibia, and meeting guidance for the eighth straight year. 2024 production may not be as good, but Johnson said 2025 should see a record-setting 1.2 to 1.3 million ounces and a reduction in costs.

Obtaining a permit for trucking ore to the Fekola mill in Mali is expected to add 80,000 to 100,000 ounces. The contribution of this new gold production is expected to start in early 2025.

The Goose project, anticipated to come online around the same time, should add another 300,000 ounces a year.

Johnson said B2Gold is not looking to add any new projects through M&A, noting “frankly at the end of the day we have growth in the portfolio, so not only do we have the expansion of Fekola, the Goose mine coming on, but we think the next one may very well be Gramalote in Colombia.”

B2Gold now has full ownership of the gold project, having acquired AngloGold Ashanti’s 50 percent interest in October 2023. Johnson said Gramalote will be a small, high-grade mine on the order of 150-200,000 ounces a year, adding a study will be out by mid-year.

Commenting on recent gold M&A that had led to disappointing results from large companies,

Johnson said there’s a place for companies in the 1-3 million ounces a year range, such as B2Gold that are “light on their feet”. Bigger companies have a harder time replacing ounces.

“I think there's a space for investors to do very well with smaller producers,” he said.

B2Gold has invested in junior resource companies including Snowline Gold (CSE:SGD) and Matador Mining (ASX:MZZ). Johnson said B2Gold is interested in working with juniors, stating “that’s an important part of our growth portfolio,” but also wants to conduct its own exploration. The company has a USD$65 million budget this year, including $28M for Goose.

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

Lithium's missing link - Patriot Battery Metals new CEO Ken Brinsden sets focus on downstream

Fri, 15 Mar 2024 15:00:00 -0400

The falloff in demand for electric vehicles is overblown, says Ken Brinsden, president and CEO of Patriot Battery Metals (TSX:PMET).

In February Brinsden, along with COO and Executive Director Blair Way, spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Brinsden, Patriot’s former board chair, is now CEO, president and managing director. Former CEO Way moved into the chief operating officer position while retaining his seat on the board.

“I'm really motivated by the development story,” Brinsden said of the flagship Corvette project in Quebec. “It's moved beyond being just an exploration play and I think most people can see that it’s now got serious potential and one day will be a mine.”

The property hosts the CV5 spodumene pegmatite with a maiden inferred resource estimate of 109.2 million tonnes at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O). It ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest pegmatite resources in the world.

While Western Australia has been supplying lithium to China, which dominates the world’s lithium processing capacity, Brinsden said the Corvette project is “so much more about the future of the North American and European supply chains, much more so than China.”

In Patriot's investor presentation, the company calls out lithium chemical refining in North America, calling it the missing link the Western supply chain. The company is looking to partner with future refiners.

“Corvette has the critical mass in terms of total tons to underwrite multiple chemical facilities and as a result we should be able to have sensible conversations with participants downstream that are also interested in building out those new supply chains that allow some diversity in the lithium world, at least diversity beyond China,” he continued.

Asked whether he’s concerned about the company tying its fortunes to North America, which has seen a reduction in EV sales of late, Brinsden said: ”I would hazard a pretty good guess that there is going to be a lot of growth in that North American supply chain despite people's views about EVs today.”

COO Blair Way concurred, stating “the demand profile for materials is quite staggering when you look the number of EVS that are being sold worldwide… the demand for lithium is not going anywhere.”

BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

Is the green premium a mirage? Nickel miners see scant rewards for less-polluting mines

Fri, 15 Mar 2024 15:00:00 -0400

While the electrification push is resulting in a ramp up of critical mineral production, Skarn Associates CEO Mark Fellows warned that to meet the rush, carbon intensity is rising at some mines.

Skarn is a consultancy that helps miners quantify energy intensity, GHG emissions and water use across supply chains. Fellows spoke to Kitco Mining in early March at PDAC 2024 in Toronto, Canada.

With electric vehicle demand jumping this decade due to shifting consumer preferences and government incentives, there's been a ‘gold rush’ in the critical mineral space.

"There are some really substantial increases in production happening," said Fellows, adding that there's an inherent tension between production growth and the resulting higher carbon intensity.

Fellows noted the increased output of nickel in Southeast Asia, which is pushing the carbon intensity curve upwards.

"In the case of nickel, the production growth over the last couple of years has been very strong in Indonesia, where Chinese companies have financed a whole load of pyrometallurgical ferro-nickel production capacity, all of it powered by coal-fired power stations," said Fellows. “All of that new capacity coming online in Indonesia has effectively pushed the curve upwards.”

Fellows noted that large, diversified miners in Australia are shuttering nickel mines. They are not able to charge a premium for cleaner nickel.

"I'm sure the major diversified miners would love to establish a premium for green nickel, but
so far the market has not gone along with that," said Fellows. "The nickel market is in
many respects already dysfunctional, and it remains the case that low cost production wins out."

He also noted the long supply chains for hard rock lithium mines in Africa and North America. The material has to be shipped to China to be refined, which adds to lithium's carbon intensity.

"There's a real danger that we will actually contribute to the problem rather than improve the situation," said Fellows. "It's fine to build an electric vehicle, but if the nickel or the graphite or the cobalt that's going into that battery is sourced from inherently high-carbon operations...it's not really a net gain. Low-cost production wins out."

Coverage is sponsored by UEC (Uranium Energy Corp.), URC (Uranium Royalty Corp.) and GoldMining.

Agnico Eagle CEO Al-Joundi’s advice to his peers: Focus more on making money, returning capital

Fri, 15 Mar 2024 15:00:00 -0400

Being regionally focused is what differentiates Agnico Eagle Mines (TSX:AEM) from some of its more globally minded peers, says President & CEO Ammar Al-Joundi.

In February Al-Joundi spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

He is the recipient of Kitco Mining’s 2023 CEO of the Year in the production category.

Agnico Eagle ended 2023 with record production, cash flow and reserves. Asked why the company is delivering when others are not, Al-Joundi said:

“I think one of the reasons Agnico has been consistent in delivery is because of our regional approach. While many of our peers who are very good… they are global miners, and they can go into difficult places and that's a tough business. But if you're Agnico and you've been in the Abitibi [greenstone belt] for example for 60-plus years, you know the ground better, you know the people better, you know the suppliers better, you know the contractors better, and that really allows us to have less volatility and more certainty when we're operating our business.”

Agnico Eagle owns and operates Canadian Malartic in Quebec — Canada’s second-largest gold mine — as well as other mines in Canada, Australia, Finland and Mexico. Last year Agnico Eagle bought the 50 percent of Malartic owned by Yamana Gold, consolidating the mine into 100 percent ownership.

Al-Joundi noted the Canadian Malartic Complex is transitioning from a 60,000 tonnes-per-day operation to 20,000 tpd, utilizing higher ore grades. This will free up about 40,000 tonnes per day of milling capacity.

“It's an example of the potential we have to really leverage that investment,” he said, later explaining that one way to do that is to develop the Wasamac deposit — a small, high-grade project — without above-ground infrastructure. Rather than incurring the capital costs of building a mill and tailings facility, and having to arrange permitting, ore from Wasamac could be sent to Canadian Malartic for milling.

“Not only is it a better return on capital, it's also better environmentally,” he said, not missing the chance to offer a sector critique:

“That's one thing this industry needs to do better, is stop talking about more and more [production] and focus more on making money and return on capital.”

Al-Joundi had an interesting answer to the question, what can gold stocks do to get out of their slump? Generalist fund investors told the CEO they are concerned about a market correction and are thinking about positioning themselves for when it happens. The investors said since 1925 there have been 15 market corrections, and in 13 of those corrections, when the general stock market index dropped 35 percent, gold rose an average 45 percent.

“Not only in their view will gold go up, but gold equities as well will much outperform the
general index,” he said.

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

‘The growth is in West Africa' - Fortuna Silver Mines CEO Jorge Ganoza

Fri, 15 Mar 2024 15:00:00 -0400

The Séguéla mine in Côte d’Ivoire and the recently acquired Diamba Sud gold project in Senegal are “the two high-value opportunities,” says Jorge Ganoza, president & CEO of Fortuna Silver Mines (TSX:FVI).

In February Ganoza spoke to Kitco Mining at the 33rd BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida.

The Canadian-listed precious metals company has mines in Côte d’Ivoire, Burkina Faso, Mexico, Argentina and Peru. In 2021 Fortuna expanded from Latin America into West Africa. Production is split about 50-50 between the two regions, but Ganoza said the growth is in West Africa. 2024 guidance is nearly 500,000 gold-equivalent ounces.

Asked why Séguéla is the current flagship, Ganoza replied “meaningful production, low-cost, long life of reserves, and tremendous exploration upside.” He said the mine bettered second-half guidance and analyst expectations, delivering 78,000 ounces of gold.

Fortuna has faced labour unrest at its San Jose silver-gold mine in Mexico, and defended itself in court against the Mexican government over environmental authorizations. After this interview, Fortuna announced it would shut down San Jose six months earlier than expected due to rising costs and depleted reserves; it also booked a $90.6 million charge related to the anticipated closure.

Notwithstanding jurisdictional risks, Ganoza said, “what we have in Fortuna is a team of business executives — mining professionals that have built their careers in these regions, so we're comfortable playing in that field.”

At Diamba Sud in Senegal, Fortuna is budgeting $11 million for a 45,000-metre drill program in 2024. The aim is to push the historical resource past a million ounces, and to deliver a preliminary economic assessment (PEA) by the end of the year.

Ganoza noted that many miners have seen costs go up, but it is not just due to scarce equipment with higher price tags. Qualified people are hard to come by.

"This industry has a lot of bottlenecks, and talent is certainly one of them," said Ganoza. "We are all under pressure. That's why we see blowouts on capital projects. The shortages are not just on equipment and tires. When the expansion comes, it is the talent."

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

'The only way to truly achieve a low-cost mine is to build a new one' - Artemis Gold CEO Steven Dean

Tue, 12 Mar 2024 13:00:00 -0400

A recent expansion study puts Blackwater in the top 10 gold projects by size, says Steven Dean, chairman & CEO of Artemis Gold (TSXV:ARTG).

In February Dean spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Artemis acquired Blackwater from New Gold (TSX:NGD) in 2020 for CAD$190 million. The gold-silver project, located in central British Columbia 60 km from Prince George, is in the feasibility stage. It has 8 million ounces in gold reserves and 60Moz of silver reserves.

The expansion study announced on Feb. 21 has Blackwater producing 500,000 gold-equivalent ounces over the first 10 years, at an all-in-sustaining cost of USD$712 per ounce. It is rare for a mine to produce gold for under $1,000/oz.

“There are more or less a handful of mines in the world that produce more than half a million ounces a year in safe jurisdictions,” said Dean, adding “The Blackwater mine certainly on phase one is one of the lowest if not the lowest capital-intensity spends in our space right now.”

Dean also pointed out that many Tier 1 assets held by the senior gold producers are old, meaning they are more difficult and more costly to operate. Open-pit mines that have been operating for a long time require more maintenance and have long haulage distances. Underground mines advanced in age must be dug deeper.

“The only way to truly achieve a low-cost mine is to build a new one,” he said.

Dean said Artemis Gold is targeting completion of the mine by the end of the second quarter, with commissioning slated for the summer.

Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

Kitco MINING

How Empress Royalty Is Finding Opportunity In Today's Market | David Rhodes

Blackrock Silver’s Plan to Build a High-Grade Nevada Silver Mine | Andrew Pollard

Silvercorp’s $60 Silver Play: China Cash Flow, Global Growth | Lon Shaver

Mackay Gold & Silver Targets Nevada’s Famous Comstock District | Darwin Green

Barrick Breakup, Copper Surge and Mining M&A | Nicole Adshead-Bell

Kootenay Silver’s La Cigarra Project Enters a New Growth Phase | Jim McDonald

Integra Resources Targets 300K-Ounce Gold Growth Plan | George Salamis

Gold Weakness Is a Buying Opportunity | Rick Rule

Inside America’s Eastern Gold Giant: OceanaGold’s Haile Mine

Fortuna’s Growth Plan: More Mines, More Cash Flow | Jorge Ganoza

Equinox-Orla Merger Creates $18B North American Gold Giant

$20M Kinross Earn-In Drives Riley Gold’s Nevada Exploration | Hilditch

Aviation Fuel Crisis Drives Syntholene Push | Dan Sutton

Gold Chain Resource Nears as 20,000m Drill Program Advances | Derek Macpherson

Why PMET Could Be One of North America’s Biggest Lithium Re-Rating Stories

Arizona Eagle breathing new life in past-producing McCabe mine

Cabral Gold gets Full Mining License at Cuiú Cuiú, Continues Exploration through Construction Phase

Gold, Silver, and Gallium Found in Ontario Tailings | Darren Hazelwood

122Moz Silver Resource Anchors Aftermath’s Berenguela Project | Mike Williams

How Prospector Is Targeting the Next Yukon Gold Discovery | Rob Carpenter

OceanaGold Targets 12% Production Growth in 2026 | Gerard Bond

Gran Pilar Gold Project Moves Toward Pilot Production | Brodie Sutherland

U.S. GoldMining Advances Strategic Alaska Asset | Tim Smith

Trilogy Metals Advances 5.6% CuEq Arctic Copper Project in Alaska | Tony Giardini

O’Brien Gold Project Growing as 140,000m Drilling Advances | Matt Manson

Kootenay Targets 100Moz Silver at Columba Project | Jim McDonald

Dolly Varden Deal Adds Gold Cash Flow to Silver Strategy

France Gold Project Shows “Many Millions of Ounces” Potential | Chris Taylor

Alamos Targets 600K oz Production in 2026 as Expansion Advances

Saudi Arabia Doubles Exploration, Opens 13,000 km² | Abdulrahman Al-Belushi

Silver47 Advances 168Moz Silver Resource at Alaska Red Mountain | Giordy Belfiore

Guanajuato Silver Moves to Fill 1,600 tpd Bolañitos Mill | Anderson

Argentina’s 350Moz Silver Project Eyes 2026 Build | John Miniotis

Tiernan Gold Advances 11 Moz Volcan Toward 2027 PFS | Chris Taylor

Silver’s Growing Role at Thesis Gold & Silver Project | Ewan Webster

Omai Advances 10Moz Project as Gold Strengthens | Elaine Ellingham

Copper Consolidation and a Junior Bull Market Signal | David Erfle

2Moz Gold Discovery in Four Months of Drilling | Cor Coe

Military Escalation and the Race to Secure Critical Minerals | Neil Adshead

Gold’s Cash Pile Problem, Barrick’s Crossroads and a Cycle Warning | Nicole Adshead-Bell

Mining Capital Markets Gain Momentum as Copper Leads | Ilan Bahar

Americas Gold and Silver Aligns With $12B Project Vault | Paul Huet

G2 Goldfields Says M&A Window Opens After Permitting | Daniel Noone

Discovery Silver’s Tony Makuch Wins CEO of the Year

Billion-Dollar Streams, 35% Growth, and a Royalty Repricing | Brett Heath

Fortuna Expands in West Africa as Output Targets Rise | Luis Ganoza

Wesdome Targets 400–500k oz After Record 185k Production | Anthea Bath

C$409M Raise Positions Marimaca for 2026 Construction | Hayden Locke

Allied Gold Agrees to C$5.5B All-Cash Sale to Zijin Mining | Peter Marrone

Equinox Nears Net Cash as 1Moz Gold Plan Advances | Darren Hall

Coeur Mining Makes “Massive Leap Forward” With New Gold | Mitch Krebs

Vicuña Advances 38Mt Copper District Toward 2026 FID | Ron Hochstein

Vale Base Metals Eyes 700,000-Ton Copper as IPO Plans Accelerate | Shaun Usmar

New Gold Extends Rainy River to 2035 After 99% Vote for Coeur Deal

First Majestic Doubles Dividend, Eyes Growth to 50M Ounces | Keith Neumeyer

Lundin Unveils 70-Year Copper Giant, Targets Top Five Global Scale | Jack Lundin

Collective Targets 5–7 Moz Resource After Major Ramp Intercept | Ari Sussman

LunR Royalties Secures $670M Silver Stream on Fruta del Norte | Adam Lundin

B2Gold Founder Clive Johnson to Step Down as CEO in June

Agnico Delivers $4.4B FCF, 40% Returns, 4M oz Plan | Ammar Al-Joundi

$250B Copper Shortfall Forces New Era of Streaming Deals | Rick Rule

Goldstorm Launches 3,000 m Drill Program on 1.2 km Anomaly | Ken Konkin

Newcore Gold Pushes Enchi Forward as Exploration Upside Grows | Luke Alexander

Silver’s Breakout Is Reshaping Silver Valuations | Jim McDonald

Thesis Gold Lays Out Feasibility and Permitting Timeline | Ewan Webster

Discovery Silver Lays Out Path to 500K–750K Gold Ounces | Mark Utting

Inside the Metals Bull Market and the Return of Mining Capital | John Feneck

How Higher Silver Prices Are Reshaping Developers | Joaquín Marias

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

$6 Copper Still Isn’t Enough to Spark New Mine Development | Aurora Davidson

Why High Prices Are Creating New Problems for Mining Companies

Cabral Gold Advances Brazil Mine After Securing $45M US | Alan Carter

With Capital in Place, Outcrop Silver Shifts to Execution | Ian Harris

Gold’s Rally Is Different as Central Banks and Investors Align | Michael Gentile

Gold’s Bull Market Is About Debt, Not Speculation | Ronald-Peter Stöferle

Peter Krauth on Why ​​Silver Mining Valuations Haven’t Caught Up

West Red Lake Turns Madsen Into a Producing Gold Mine | Shane Williams

Don Durrett on the Real Driver Behind the Metals Bull Market

“There’s No Bubble in Metals. The Bubble Is the Dollar” | Willem Middelkoop

Peter Krauth on Why Silver Mining Valuations Haven’t Caught Up