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.

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 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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Is 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) 

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.

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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Copper 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. 

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.

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.

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.

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. 

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.

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. 

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.

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. 

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.

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.

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.

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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

A 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."

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

The 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. 

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.

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 

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.

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. 

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.

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."

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.

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

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Gold 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

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.

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.

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.

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).

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

The 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.”

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.

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. 

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.

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).

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.

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).

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.

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) 

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.

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).

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.

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. 

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.

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. 

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.

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).

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.

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).

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.

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).

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

The 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).

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.

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. 

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.

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). 

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

The 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).

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.

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

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

A 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). 

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.

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

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Is 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.

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.

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. 

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.

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. 

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.

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.

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.

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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Is 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

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.

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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Stephen Stewart, 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.