Digging Deep

Mega-Projects Are Getting Harder to Build | Joe Mazumdar

Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to discuss global bond stress, gold’s renewed strength, country risk, permitting wins, critical minerals policy and where major junior mining financings are flowing. Mazumdar says debt costs, currency uncertainty and geopolitical risk should keep support under precious metals, while higher rates raise the cost of capital for mining projects. He says Barrick’s Reko Diq copper project in Pakistan shows why the mega-projects needed for future copper supply are becoming harder to build, with security risk, capital intensity, infrastructure needs and long permitting timelines weighing on development. Mazumdar also discusses the Andean copper and lithium alliance between Peru, Chile, Argentina and Bolivia, permitting wins in Yukon, Oregon and Arizona, First Nations consultation battles in British Columbia and Ontario, and U.S. efforts to secure critical minerals for drone warfare. He also weighs Project Vault, processing bottlenecks, tungsten economics, and why big financings for Magna Mining, Thesis Gold and Radisson show capital is still flowing to lower-risk jurisdictions. Recorded September 3, 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. 00:00 - Welcome and Digging Deep Agenda 00:21 - Bond Yields and Gold Surge 02:58 - Will the Gold Rally Last? 04:32 - Barrick Reko Diq Security Risk 07:24 - Mega-Projects and Barrick Spinout Strategy 10:31 - Andean Copper-Lithium Alliance 16:24 - Permitting Wins in U.S. and Canada 23:20 - First Nations Consultation Battles 29:06 - Critical Minerals for Drone Warfare 35:08 - Tungsten Boom and Project Economics 37:20 - Big Junior Financings in Canada 40:05 - Wrap-Up and Subscribe __________________________________________________________________ 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. 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.

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Gold Stocks Catch Up as Copper Supply Tightens | Nicole Adshead-Bell

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris to discuss why gold equities are catching up to higher metals prices, why copper supply remains constrained, and how rising resource nationalism is changing the risk equation for miners. After an August rally added an estimated US$357 billion to the value of the top 50 mining companies, Adshead-Bell says sustained strength in gold and copper is bringing generalist investors back into mining equities after years of underrepresentation and deep-value trading. She says the sector is still in the early stages of a long-term bull market, but warns that late-arriving generalist money, inflated junior valuations and M&A feeding frenzies often mark the danger zone. Adshead-Bell also discusses Brazil’s mining-policy contradictions, including Vale Base Metals’ IPO uncertainty, Sigma Lithium’s license suspension and Belo Sun’s permitting challenges, while arguing Brazil can still work when companies understand the rules. She weighs Chile’s weak copper output, Ivanhoe Mines’ Western Forelands resource growth, why record copper prices may not bring meaningful new supply for five-plus years, rising government take, Collective Mining’s resource-risk moment in Colombia, and Liberty Gold’s Black Pine feasibility study in Idaho. Recorded September 8, 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. 00:47 - Gold Stocks Catch Up 05:58 - Post-Summer Mining Outlook 06:57 - Vale Base Metals IPO Politics 15:00 - Sigma Lithium License Halt 18:34 - Belo Sun Permitting Purgatory 21:22 - Copper Supply Crunch 25:31 - Resource Nationalism Rising 30:36 - Collective Mining Resource Risk 37:10 - Liberty Gold Black Pine Feasibility 41:29 - Why Mining Communication Matters __________________________________________________________________ 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 vi 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.

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Newmont Surge Signals Gold Stocks Are Back | David Lotan

David Lotan, President of LHI and former Chair of Aurion Resources, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, the return of leverage in gold equities, Canada-U.S. trade tensions, and the lessons from Agnico Eagle’s consolidation of Aurion, Rupert Resources and B2Gold’s joint venture interest in Finland. Lotan says U.S. debt, elevated borrowing costs and Treasury efforts to manage bond yields are reinforcing the case for gold as central banks reduce exposure to U.S. Treasuries and increase gold holdings. “Long to medium term, I think I’m a permanent gold bull,” he said. He also points to Newmont’s sharp move as a sign that generalist money is returning to gold equities, with miners attracting investors looking for protection if the AI trade breaks. Lotan also reflects on Aurion’s sale, saying the process showed the limits of governance, insider ownership and balance-sheet discipline when markets are focused on drilling and scale. He explains how strategic investments from majors can extend a junior’s runway, but investor-rights agreements may also limit competitive tension in a future takeover. He also discusses Trump’s tariffs on Canada, Agnico’s C$57 million investment in Radisson Mining Resources, unconventional junior M&A, Idaho’s Silver Valley, antimony and U.S. critical-minerals urgency, and Saudi Arabia’s mining push. Recorded August 27, 2026. Subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:32 - Bond Market and U.S. Debt Fears 03:10 - Gold Outlook and Central Banks 04:54 - Gold Stocks Catch Up 06:39 - Newmont Surge and AI Hedge 09:40 - Trump Tariffs and Canada Fallout 13:02 - Agnico, Aurion and Rupert Deal 18:07 - Lessons from Selling Aurion 22:06 - Agnico Stakes and Junior Control 30:10 - Bunker Hill-Silver 47 M&A 35:58 - Saudi Mining Push and Water Risk __________________________________________________________________ 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. 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.

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Gold Breakout Signals ‘Rocket Fuel’ Setup for Metals | David Erfle

David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris to break down gold’s renewed surge, silver’s upside, mining M&A, strategic investments in juniors, and whether producers are returning too much cash instead of funding future growth. Erfle says gold’s breakout was driven by a weaker U.S. dollar, falling long-term yields, Treasury debt-buyback moves, and markets positioning ahead of the Fed’s Jackson Hole symposium. With oil back above US$90 per barrel, U.S. debt topping US$40 trillion, inflation still elevated, and growth slowing, Erfle says the Fed is trapped between supporting the economy and reviving inflation. “This is basically the road towards stagflation, and that is rocket fuel for precious metals,” he said. Erfle also compares the latest gold and silver correction with the 2008 setup, outlining a scenario for much higher metals prices by 2029. He explains why late-stage developer ounces could attract more M&A into year-end, how Beaver Creek and Denver Gold Forum could become dealmaking catalysts, and why strategic investments from majors can validate juniors while setting up potential bidding wars. He also discusses OceanaGold’s US$549 million Ausgold deal, Canada’s mining and permitting response to U.S. tariffs, producer buybacks and dividends, bullion on balance sheets, and critical minerals valuations. Recorded August 20, 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. 00:00 - Welcome and Market Setup 00:26 - Iran Conflict and Oil Risk 01:11 - Gold Surge Explained 05:51 - Debt, Buybacks and the Fed Trap 09:36 - OceanaGold Buys Ausgold 11:18 - M&A Cycle and Conference Catalysts 12:08 - Majors Funding Junior Explorers 17:20 - Producer Cash Returns Versus Growth 20:17 - Dividends and Gold on Balance Sheets 21:33 - Critical Minerals Valuations __________________________________________________________________ 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. 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.

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Barrick-Newmont Deal Puts Fourmile Valuation in Focus | Neil Adshead

Neil Adshead, Consulting Geologist at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down U.S. critical minerals policy, the Barrick-Newmont Nevada Gold Mines agreement, gold-sector capital returns, and AI’s growing push into mining. Adshead says U.S. support for critical minerals can help bring attention and talent back to the sector, but he questions whether taxpayer money should be used to pick company winners. He says broader tax incentives and stronger mining schools would do more to rebuild long-term capacity. “I’d rather see the free market determine where the capital goes,” he said. Newmont’s US$1.95 billion payment to Barrick under the Nevada Gold Mines agreement raises fresh questions about Fourmile’s valuation and Barrick’s planned IPO of its North American gold assets. Adshead says the deal could prove a long-term win-win, while major producers continue to return billions through buybacks and dividends. He also weighs whether Newmont and Barrick sold key assets too soon, Hercules Metals’ new leadership team in Idaho, and Mariana Minerals’ US$310 million raise as a software-first critical minerals company. Recorded August 11, 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. 00:00 - Welcome and Headlines 00:31 - Trump Critical Minerals Push 01:28 - Picking Winners vs Free Markets 04:24 - Funding U.S. Mining Schools 08:51 - Barrick-Newmont JV Deal 09:53 - Fourmile Valuation Debate 14:08 - Buybacks and Capital Returns 17:36 - Did Majors Sell Too Soon? 21:01 - Gold Sector Health Check 23:58 - Hercules Metals’ New Team 26:43 - Mariana’s AI Mining Bet __________________________________________________________________ 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. 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.

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Jeff Pontius Explains Comstock Gold Bet as Mackay Drills Nevada

Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, Mackay Gold & Silver’s Comstock district opportunity in Nevada, major financings for explorers, the Barrick-Newmont Nevada agreement, African mining policy, and how the U.S. can rebuild domestic mining capacity. Pontius says a US$4,000 gold base would be “exceptionally good” for producers and developers, especially with many companies producing around US$2,000 per ounce or lower. He says the recent pullback created a buying opportunity, while a less aggressive Fed and stronger broader market could support further gains into year-end. “I think we’ve got a good runway to go on,” he said. Pontius also explains why he came out of pseudo-retirement to chair Mackay, comparing the consolidated Comstock district near Reno to Cripple Creek before modern district-wide exploration. He discusses Mackay’s 20,000-meter drill program, large oxide targets at surface, and why strong treasuries let explorers drill faster, test bigger ideas, and balance dilution against discovery speed. Pontius also weighs government ownership in African mining projects, spinouts, research funding, permitting reform, and flow-through-style tax incentives for U.S. exploration. Recorded August 13, 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. 00:26 - Gold Finds a US$4,000 Floor 02:12 - Road to US$5,000 Gold 03:18 - Summer Volatility and Gold Pullback 05:17 - Why Jeff Pontius Joined Mackay 10:09 - Comstock Drill Plan and Targets 13:14 - Barrick-Newmont Nevada Deal 17:38 - Africa Gold Deals and Permits 18:28 - Government Ownership Debate 25:51 - Big Raises for Gold Explorers 28:58 - Treasury Size Versus Dilution 32:28 - Spinouts Done Right 35:40 - U.S. Mining Schools and 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. 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.

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Mining M&A Hits Reality Check as Gold Stocks Pull Back | Christopher Ecclestone

Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down mining M&A, gold equity weakness, producer cash piles, copper dividends, lithium delays, and Ecuador’s gold sector. Ecclestone takes a skeptical view of G Mining’s deal to acquire G2 Goldfields and the creation of G3 Goldfields, questioning whether repeated spinouts and recombinations create lasting value. He is more direct on Zijin Gold’s failed C$5.5 billion bid for Allied Gold, saying weaker gold prices and falling miner valuations changed the deal math. Ecclestone says the Feb. 28 escalation in the Iran conflict disrupted a developing institutional rotation into mining, sending capital back toward AI and data centers instead. He also weighs cash versus bullion on producer balance sheets, dividends versus buybacks, Codelco and Rio Tinto’s delayed Maricunga lithium project, and Lundin Gold’s exploration success in Ecuador. With cheaper assets available, he says acquirers may not need to rush. “We've not seen the worst yet,” he said. Recorded July 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. 00:00 - Welcome and 100th Episode 00:32 - Guyana Deal Breakdown 06:47 - Zijin Walks From Allied 10:54 - Investor Lessons From Bust Deal 14:07 - Geopolitics Hits Metals 17:14 - Q2 Results and Cash Piles 19:58 - Gold on Balance Sheets 21:29 - Copper Dividends and Storms 24:34 - Chile Lithium Delay Debate 29:22 - Lundin Gold Ecuador 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. 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.

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Tech Cracks and Rotation beckon for Goldcos | John Feneck

John Feneck, Founder and CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep with Paul Harris to break down a volatile stretch for mining equities, precious metals and critical minerals. Feneck says gold, silver and copper remain in a bull framework, but mining stocks are still being pressured by summer trading volumes, the Iran conflict, Fed uncertainty and capital crowding into tech and AI. With the HUI down sharply since March 1 and many juniors hit even harder, he says investors need to separate broken charts from painful corrections in a sector where metal prices are still holding key levels. The mining news cycle is also turning back toward supply security. Feneck calls new U.S. defense restrictions on tungsten from China, Russia, North Korea and Iran “super bullish” for U.S. tungsten equities, arguing that the country remains far behind China in rebuilding domestic supply. He also weighs the U.S. processing bottleneck, Donlin Gold, Barrick’s investment in Kingfisher Metals, New Pacific’s Carangas PEA in Bolivia, and why majors may need to pay real premiums to secure junior assets. Learn more about John Feneck’s conference here: https://topshelf-partners.com/ Recorded July 23, 2026. 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.

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Gold M&A Heats Up as Copper Supply Tightens | Joe Mazumdar

Joe Mazumdar, Editor & Analyst at Exploration Insights, joins Kitco Mining’s Digging Deep from the Rule Symposium 2026 to explain why mining M&A is becoming more competitive as quality production assets become harder to find. Mazumdar says the competing bids for Vault Minerals show that buyers are willing to pay up for scarce producing assets rather than take on permitting delays, capital escalation, and labor risk. “They would rather pay a premium on production,” he said. But he is also watching whether the next wave of deals moves into development-stage assets with the highest probability of becoming mines. Copper is part of the same scarcity trade. Mazumdar says Chinese buyers remain active in Peru as smelters compete for limited concentrate and major mine disruptions tighten supply. In Yukon, Talamore Mining’s C$588 million Coffee financing shows how stranded assets can be revived in a stronger market. In Arizona, South32’s Hermosa has cleared a key U.S. permitting hurdle, though capital intensity remains the bigger test. Recorded July 09, 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. 00:00 - Welcome and Setup 00:26 - Gold M&A Bidding War 01:32 - Shift to Development Deals 02:27 - Peru Copper Sale to China 04:04 - China Smelters and Supply Crunch 05:26 - Coffee Project Financing Revival 07:42 - Hermosa Permitting and Fast 41 09:37 - Rule Symposium Takeaways 11:01 - Closing and Subscribe __________________________________________________________________ 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. 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.

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“Watch Out for the Ambulance Chasers” as Tungsten Heats Up | Adshead-Bell

Ahead of the July 4th weekend, Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris for a U.S.-focused look at the critical minerals race, the tungsten boom, new silver listings on U.S. markets, and the projects testing whether governments are serious about supply security. Adshead-Bell says Washington is right to focus on processing as China dominates critical mineral supply chains, noting, “It’s not just the mines that we need; it’s the downstream processing.” She also warns investors not to chase every hot tungsten story. “Watch out for the ambulance chasers,” Adshead-Bell said, arguing that real projects need strong geology, credible recoveries, saleable concentrates, infrastructure, and the right people. The discussion also covers illegal gold mining in Latin America, why she would not bet against a Cobre Panama restart, new silver listings on the NYSE, AbraSilver’s Diablillos project in Argentina, and renewed exploration momentum in Nevada. Recorded July 2, 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. 00:42 - U.S. Critical Minerals Push and Processing 03:14 - China Supply Chains, Permitting, and Copper 08:16 - Tungsten Spotlight: Nevada and Strategic Metals 09:48 - How to Invest in Tungsten Stocks 14:27 - Latin America Politics and Mining Stability 17:21 - Illegal Gold Mining and Security Risks 20:59 - Cobre Panama Restart Debate 24:07 - New U.S. Silver IPOs and Retail Demand 27:04 - Argentina’s Mega Silver Project 30:51 - Nevada Gold, Silver and Comstock Revival __________________________________________________________________ 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. 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.

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Equinox-Orla Deal Signals Gold M&A Push | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week dominated by gold M&A, copper supply stress, and rising investor interest in large-scale mining stories. Recorded on May 13, 2026, the discussion covers Equinox Gold’s planned all-stock acquisition of Orla Mining, a transaction announced the same day to create a roughly 1.1-million-ounce-per-year North American gold producer. Adshead says the deal reflects the push for scale among mid-tier producers, with larger companies better positioned to attract bigger investors and stronger index demand. The conversation turns to copper, where Freeport-McMoRan’s revised Grasberg timeline adds pressure to an already tight market. “It is difficult out there for these major miners to keep up,” Adshead said, citing aging mines, falling grades, and recurring production slippage. He also discusses First Quantum’s La Granja project in Peru, Hudbay’s Arizona copper strategy, Lumina Metals’ copper-silver IPO, Barrick Mining’s Reko Diq delay, Nevada Gold Mines speculation, and San Lorenzo Gold’s Chile discovery. Don’t forget to subscribe to the Kitco Mining YouTube channels to stay up to date on the latest industry news and interviews. 00:20 - Equinox Gold to Buy Orla Mining 03:01 - Copper Price Surges Toward $6.25/lb 05:53 - First Quantum Updates La Granja Resource 08:15 - La Granja Project Design and Slurry Pipeline 09:32 - Arsenic Penalties in Copper Concentrates 11:03 - Arizona Copper Deals and Hudbay’s Strategy 13:33 - Lumina Metals IPO and Copper-Silver Demand 15:51 - Ross Beaty’s Big Week in Mining 18:32 - Nevada Gold Mines JV Shakeup Talk 25:53 - San Lorenzo Gold’s Chile Drill Discovery __________________________________________________________________ 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. 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.

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Record Gold Profits, But Growth Still Flat | Joe Mazumdar

Joe Mazumdar, editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to unpack a record-setting earnings season for gold producers, where higher margins, stronger free cash flow, and rising shareholder returns are reshaping the sector. Mazumdar highlights Newmont and Lundin Gold as standout performers, but says the bigger issue is that organic production growth remains constrained despite higher gold prices. With producers trading at a premium to the assets they are acquiring, he argues M&A may be more attractive than building new mines in a high-cost environment. “Why take the permitting risk? Why take the capital escalation risk that we're seeing in some of these underground projects when you could just get a producing asset that you like?” The discussion also covers exploration spending discipline, risks behind aggressive junior drilling programs, assay delays, rising drilling costs, Cameco’s downstream nuclear strategy, and why companies are packaging non-core assets into more focused vehicles. 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 07, 2026 00:24 - Q1 Gold Earnings Surge and Record Margins 03:41 - Cost Pressures, Streams, and Weak Performers 06:08 - Divestments, Debt Paydown, and Project Builds 08:05 - Growth Constraints and Exploration Spending 11:57 - Why M&A Is Cheaper Than Building Mines 15:50 - Junior Drilling Boom and Execution Risks 19:23 - Rigs, Labor Shortages, and Assay Delays 22:28 - Australia Gold Deal and Reporting Differences 27:12 - Uranium Momentum and Cameco Strategy 31:45 - Spinouts and the Non-Core Asset Shift __________________________________________________________________ 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. 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.

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Mining Profits Surge, But Stocks Aren’t Following | Feneck

John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep as gold and mining equities pull back amid ongoing geopolitical tension in the Middle East. Speaking with Paul Harris, Feneck said the recent weakness does not signal a breakdown in the trend, but a buying opportunity within a broader bull market. “This is a buying opportunity,” he said. Feneck highlighted a growing disconnect across the sector, with major producers like Newmont and Kinross generating record free cash flow, while many junior gold stocks are down 25% to 40% since early March. He said that gap, combined with constrained global gold production, could drive increased M&A activity as majors look to secure new ounces. At the same time, some major banks continue to forecast gold in the $5,300 to $6,000 range over the next 9 to 12 months, while larger-scale deposits are increasingly required to attract serious interest. The discussion also covers silver supply deficits, China’s growing role in critical minerals, and the return of capital to the sector through major financings and IPOs. 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. 00:23 - Geopolitics and Gold Pullback 01:48 - Record Producer Cash Flow Surge 03:54 - Flat Supply and Rising M&A Pressure 05:15 - Yukon Turnaround and Undervalued Juniors 07:52 - Why 5Moz Is the New Benchmark 09:09 - Permitting Risks and PEA Pitfalls 12:14 - Ross Beaty IPO and Capital Return 15:04 - Nickel Market Rebound and Supply Shifts 17:56 - Rare Earth Deal and Strategic Demand __________________________________________________________________ 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. 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.

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Energy markets “anticipatory, not reactive” as geopolitical risk builds | Rick Rule

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks. Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions. In this interview, Rick Rule also discusses: • Why energy markets could reprice sharply if real shortages emerge • Uranium’s advantage in a shifting global energy system • Resource nationalism and government pressure on mining assets • G Mining’s $3B deal and why consolidation can still be accretive • Rare earth supply chains and rising government-backed capital Recorded April 22, 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. 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.

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The 'Air Pocket' Risk: How Geopolitical Tensions Are Impacting Mining Operations | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to unpack the recent price slump in precious metals, and how gold and the mining majors are performing amid the Iran war. “The long term supply/demand for commodities is in place, but if this war really does damage the global economy significantly, then we could be in for quite a longer ‘air pocket', let's call it a bit of a trough,” he warned. Adshead also discusses a range of significant recent mining developments, including the impact of Barrick’s production delays in Pakistan, the Newmont-Barrick dispute over the Nevada Gold Mines joint venture, the significance of the ongoing buying spree by Chinese mining majors, and which government strategies are most effective for increasing exploration. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:00 - Introduction 00:46 - Metals Price Slump 02:20 - Is Gold Still a Safe Haven? 04:12 - Barrick Production Delays 07:25 - Newmont-Barrick Nevada Dispute 10:42 - Anglo Gold’s Arthur Project 16:03 - Chinese Miners’ Buying Spree 18:32 - Liberty Gold’s Black Pine Project 23:24 - Government Strategies to Increase Exploration __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.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. 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.

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War, Debt, and Energy Shocks Set Up Gold’s Next Move | Rick Rule

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to assess how escalating conflict in the Persian Gulf is exposing deeper risks across energy, debt, and global resource markets. Rule warns that “30 years of underinvestment in natural resources means that we are less able to deal with shocks,” pointing to vulnerabilities across oil, LNG, fertilizer, and industrial supply chains. On markets, Rule says rising war spending and roughly $39 trillion in U.S. debt will ultimately support gold. “Sadly, this will be good for gold,” he said, adding “I welcome a lower gold price” as a buying opportunity. He also warned the U.S. dollar could lose 75% of its purchasing power over the next decade, while underinvestment in energy, running at “over a billion dollars a day,” could drive structurally higher oil prices and mining costs. In this interview, Rick Rule also discusses: • Why gold’s recent pullback may be a long-term opportunity • Structural oil underinvestment and future energy shocks • Why he met more than 90 companies at PDAC in early March and invested in none • BHP’s capital strategy and the Resolution copper project outlook • Argentina’s improving investment case Recorded March 19, 2026 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. 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.

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Mining’s Political Risk Problem Is Getting Worse | Christopher Ecclestone

Christopher Ecclestone, principal and mining strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week of major mining developments and what they reveal about jurisdiction risk, politics, and project strategy. Ecclestone discusses SSR Mining’s agreement to sell its 80% stake in the Copler mine in Türkiye for $1.5 billion following the February 13, 2024 heap leach disaster that killed nine workers. He said the company is “getting a good price to get the hell out of Dodge.” He also examines AngloGold Ashanti’s decision to sell the stalled La Colosa gold project in Colombia, arguing that “this gigantism in the mining sector is part of the problem” when large open-pit developments face strong local opposition. Chris Ecclestone also discusses: • Mongolia seeking a larger share of profits from Rio Tinto’s Oyu Tolgoi copper mine • Why governments often renegotiate once projects become too large to walk away from • Argentina’s RIGI investment regime and the push to accelerate mine development • AbraSilver’s Diablillos project and the return of precious metals mining to northern Argentina • Lundin Mining’s latest copper expansion in Chile 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. 01:17 - Turkey Risk and Copler Tailings Fallout 04:25 - AngloGold Sells La Colosa Project 06:20 - Open Pit Mining vs Community Pushback 10:34 - From Emerging Markets Back to North America 13:27 - Panama Lessons and Self-Inflicted Mining Risks 15:22 - When Governments Move the Mining Goalposts 18:27 - Argentina’s RIGI and Political Risk 21:09 - Chile Mining Policy Under President Kast 25:46 - Argentina Silver Comeback vs Mexico 27:39 - Lundin Expands Chile Copper Exposure __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.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. 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.

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Copper Downgrades, Gold at $5,000, and the Risks Investors Miss | Joe Mazumdar

Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep, to break down a pivotal stretch for mining as copper consolidation stalls, major producers downgrade output, and gold trades above $5,000 per ounce. On Rio Tinto walking away from Glencore, Mazumdar says, “It’s almost cheaper to merge and generate more copper for the combined entity than it is to build a new project,” highlighting how capital intensity and permitting delays are reshaping the copper growth playbook. He explains why lower grades, aging infrastructure, and technical constraints are pressuring guidance across the sector. Turning to gold, Mazumdar cautions that price alone does not fix structural problems, noting that “the gold price may not change” if there’s a fatal flaw, pointing to metallurgy, permitting, and security risk as factors that can override a bull market. Mazumdar also discusses: - Reserve price decks averaging about $1,660 per ounce, and the valuation gap versus spot gold - Why producers are preserving leverage by avoiding streams and royalties in a bull market - The strategic positioning around Barrick’s planned North American IPO - How higher commodity prices can elevate security and extortion risk 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 on February 12, 2026 00:18 - Rio Tinto, Glencore, and Copper M&A Strategy 06:53 - Copper Production Downgrades and Supply Constraints 09:44 - Nevada Gold Mines, Four Mile, and Barrick IPO Strategy 21:08 - Critical Minerals Processing and Antimony Supply Chains 29:12 - Gold Reserve Price Decks vs $5,000 Spot Gold 36:52 - Mexico Security Risk and Investor Repricing 41:08 - PDAC 2026 and Mining Sector Sentiment __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.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: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Are Gold Miners Leaving Value Undisclosed? | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to examine how new US policy initiatives and price volatility are shaping mining and critical minerals in 2026. Discussing the Trump administration’s $12 billion “Project Vault” initiative and Vice President JD Vance’s proposal for enforceable price floors, Adshead explains how smaller commodity markets can experience extreme price swings that complicate financing decisions. Adshead also discusses why higher gold prices are prompting producers to reassess mine plans, expansions, and reserve assumptions, while new supply remains slow to respond. Pointing to World Gold Council data, he said there is “a significant multi-year lag to bring new production on.” The conversation also touches on permitting progress in Canada, expansion studies at producing mines, and how new technologies are being used to improve exploration targeting. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 01:01 – Trump’s Strategic Mineral Reserve and Project Vault Explained 01:37 – Critical Minerals Preferential Trade Zone and Price Floor Proposal 02:34 – US Mineral Stockpiles, Refining Gaps, and Processing Bottlenecks 06:51 – Commodity Pricing, Volatility, and Financing New Mining Projects 09:53 – Company Updates: Skeena Eskay Creek Permits and Alamos Gold Expansion 19:19 – Eldorado Gold Deal and Gold Miners’ Copper Exposure 22:25 – AI in Mineral Exploration and Equinox Gold’s Valentine Discovery 26:41 – Barrick Mining Full-Year Results and North American IPO Plans __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.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: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Rick Rule on Debt, Inflation, and the Real Drivers of the Gold Market

Rick Rule, President & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain. Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector. In this interview, Rick Rule also discusses: - Why debt, deficits, and unfunded liabilities continue to erode purchasing power - Why inflation, not default, is the most likely path governments use to manage obligations - The widening gap between metal prices and mining equity valuations - How royalty and streaming companies may prioritize growth over dividends 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. 00:52 — Macroeconomic Risks and the Case for Gold and Silver 03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook 11:47 — Producer Earnings, Margins, and Analyst Assumptions 15:41 — Risk Management, Silver Stocks, and Investment Strategy 32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation 41:30 — Final Thoughts on Precious Metals and the Cycle Ahead __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.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: 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.