Kitco Mining Interviews (Kitco News)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Gold has hit several all-time highs this year, but the metal has further to go, said Simon Marcotte, president and CEO of Northern Superior Resources. 

Last week Marcotte spoke to Kitco Mining. 

Marcotte attributes the recent rise in gold prices to central bank buying and increased demand from Asia, particularly due to the weakening yen. He predicts that as real rates decline, gold will gain further momentum, leading to increased equity valuations in the sector.

"I don't even think this is the first inning," said Marcotte. "We're going to see gold do well. Gold is going up right now because central banks are buying...and also there's been a lot of the Asian demand for gold. [The yen] is deflating very rapidly. I don't want to say it's collapsing, but it's breaking down. The central bank of Japan is having a hard time maintaining its currency. 

"Real rates starts going down, and that's where the equity price will play catch up. [The] real estate market is not going to be able to sustain higher rates, therefore real rates go down and gold goes up."

Marcotte also talked about the recent surge in M&A activity in the mining sector, driven by increased profitability and the need for larger companies to replenish reserves. Marcotte sees this trend as indicative of a new commodity cycle and a positive outlook for the industry.

Northern Superior Resources (TSX-V: SUP) is a Quebec-focused company with the goal of consolidating the Chibougamau gold camp. The company has a land package of about 62,000 hectares. The company also spun off a new business, ONGold Resources that is focused on the TPK property in Ontario. 

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.

Minera Alamos will see a big step up in production over the next handful of years, said Doug Ramshaw, the company's director and president. 

On Tuesday Ramshaw spoke to Kitco Mining. 

Minera Alamos (TSX.V: MAI) is a Mexican-focused gold miner. The company's expertise is in heap leach operations. Its Santana operation will produce 2,000 ounces this year. The company's two other projects, Cerro De Oro and La Fortuna, are scheduled to start production over the next few years. The company expects to be producing 140,000 ounces annually by 2027. 

Ramshaw said Minera Alamos is built to operate in a low-cost environment. 

"Build mines that can work in whatever gold price environment is thrown at you," said Ramshaw. 

Ramshaw was surprised by gold's move. He expected gold to go up in 2024, but towards the end of the year. The metal has already hit several all-time highs. 

"I think there's still probably upside on gold," said Ramshaw. "If you're building mines that can't make money at these prices, then you're probably building the wrong kinds of mines."

Ramshaw has 25 years as a mineral analyst and mining executive. He was a former director of Great Bear Resource, which was acquired for $1.8 billion. 

Ramshaw said that Mexico is a very prospective country to operate. 

"We want to build many more mines in Mexico."

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.

As more money comes into mining, this will push dollars down to the juniors, said David Garofalo, chair and CEO of GoldRoyalty.

Garofalo has a multi-decade career leading large mining companies. He was CEO of Goldcorp prior to its sale to Newmont for about $10 billion in 2019. He was also CEO of Hudbay Minerals. Garofalo is now at GoldRoyalty (NYSE:GROY), a streaming and royalty company. Some of its key assets are the Odyssey Mine, the Cote gold project and the Borborema project. The company forecasts revenue of about $15 million mid-decade, growing to three times that level by 2029. 

Garofalo spoke to Kitco Mining on May 21. He said that despite gold hitting several all-time highs this year and copper futures hitting their own record last week, gold equities are still underperforming. 

"We're starting to see profitability and margins starting to expand," said Garofalo. "But the big overhang for the producer universe is the fact that reserves have been declining steadily for a dozen years. We haven't seen the leverage to the gold price that equity should be providing."

Garofalo said broader interest in resources is needed for the sector to be healthy again. He believes a good Q2 performance by the major gold miners resulting from high metal prices and better cost control could see generalists return to the sector. 

"I know the juniors are waiting for the seniors," said Garofalo. "Hopefully [we] see some generalist capital come into the space and buy the most liquid names. If that happens, the specialists who are kind of hiding out among the large caps will start to come down the food chain and start to invest in juniors.

Mining needs more money coming into the sector, he said. 

"The specialists have been hiding out because they face significant redemption pressure, so they've had to stay in large liquid names,” said Garofalo. “But when generals start coming in and displacing them, then we'll start to see some risk capital put the work in the juniors. And that's an existential necessity for the industry."

Garofalo said the uptick in mining M&A points to a poor pipeline of projects. 

"Juniors have had very inconsistent access to capital, and they're the ones that do all the heavy lifting when it comes to grassroots exploration," said Garofalo. "They make the major discoveries. The bigger producers build and operate those mines, but they don't discover them. And that's resulted in a 40 percent decline in gold reserves over the last dozen years. So, you have a shrinking pie, and that's led to cannibalization. That's led to merger activity."

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.

Greenstone Mine is very rare asset, said Greg Smith, president and CEO of Equinox Gold. 

On Thursday Smith spoke to Kitco Mining. 

Equinox Gold (TSX: EQX) is a Canadian mining company with seven operating mines. The company is forecasting 780,000 ounces of gold production in 2024 at an all-in sustaining cost between $1,565 to $1,675 per ounce. 

This month the company announced first pour at Greenstone Mine, what the company calls its flagship asset. When operating at capacity, the Greenstone Mine is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada’s largest gold mines, according to Equinox. Last month Equinox Gold paid $995 million to acquire Orion’s 40% interest in the Greenstone Mine. 

"Greenstone is a large-scale gold mine in Canada—large reserve, lots of potential in the open pit and the underground," said Smith. "Those types of assets are very rare, especially with that kind of production profile."

So far gold mining equities haven't had that big a run in 2024 despite the metal hitting several all-time highs. The GDX, an index of gold miners, is only up 16% year to date. Smith said huge demand for just physical gold in Asia has been driving up the price of the metal, which also explains part of the disconnect with the miners. With inflation starting to tamp down, margin expansion at the gold miners should spark interest in the sector. 

"We're seeing inflation easing off," noted Smith. "The gold price is running, and the operating gold companies are going to produce a lot of cash flow."

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.

British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold.

In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. 

 @tudorgoldcorp.1829   (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discoveries in the last three decades.

The Golden Triangle is seeing renewed focus, says Konkin, due to the infrastructure and safe jurisdiction, as well as the many development projects that are advancing in B.C. The world's largest gold miner, Newmont, has made the region a top priority since taking out Newcrest and acquiring both its Pretium and Red Chris mining operations in the Golden Triangle. 

"Clearly, there's blood in the water," said Konkin. 

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at  @USGlobalInvestors .

In early June, Holmes spoke to Kitco Mining. 

Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes. 

Holmes said gold miners are holding less gold on their books, unlike cryptocurrency companies.

"I think gold miners—like Bitcoin miners—have to show investors their conviction that they really like the product, and that they're going to own it," said Holmes. "You have many more crypto mining companies [that] actually own Bitcoin." 

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 are not placing much value in resource companies despite the jump in metal prices, said Richard Carleton, CEO of the Canadian Securities Exchange (CSE).

Carleton spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City.

The  @CSETV has offices in Vancouver and Toronto. The company has over 800 listings. 

Gold has hit several all-time highs in 2024, but resource companies are not seeing much of a lift, noted Carleton. 

"The index of gold exploration companies, even the later stage companies that have extended their projects to quite a considerable degree...still haven't gotten the love from the markets in terms of the valuations at this point," said Carleton. 

In the spring, the Canadian federal government proposed a rise in the capital gains tax. Starting June 25, the capital gains inclusion rate would be increased from one-half to two-thirds for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts, according to a statement by the Canadian finance ministry. 

Carleton said the proposed changes will have “a devastating impact on flow-through financing and other means of direct investment into exploration and mining” in Canada.

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Developing critical mineral resiliency is absolutely critical, said Gary Stanley, founder and managing director of Global Mineral Strategies.

In early June Stanley spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. He was joined by the CEO of  @firstphosphate , John Passalacqua. Stanley is also on the advisory board of First Phosphate. 

The shine has come off critical minerals compared to the start of the decade. Lithium prices traded up 10x before crashing. Electric vehicles are in a sales slump. Passalacqua said that volatility is expected. 

"Eventually all these materials are going to be needed," said Passalacqua. "There will be dips along the road. The trend is bullish."

First Phosphate (CSE: PHOS) is a mineral development company with plans to produce phosphate for the lithium iron phosphate (LFP) battery industry. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay–Lac-St-Jean Region of Quebec, Canada. First Phosphate properties consist of anorthosite igneous phosphate rock that generally yields high purity phosphate material. The company says that the rock is devoid of high concentrations of harmful elements.

Stanley was with the U.S. Department of Commerce before founding Global Mineral Strategies.  Stanley was lead author of the 2019 US Federal Critical Minerals Strategy. He said Western countries outside China need their own critical mineral supply chains. 

"It has to happen," said Stanley. "There has to be the kind of commitment necessary to make these supply chains not only stood up, but sustainable long term. There's going to be a premium that has to be paid for that because you're never going to be able to price compete against China. It's really incumbent upon countries like Canada and the United States to stay resilient in this process."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Funding for critical mineral projects by private companies is taking time to arrive, said Jamie Strauss, founder and CEO of Digbee.

Strauss spoke to Kitco Mining on Tuesday at THE Mining Investment Event of the North in Quebec City.

Digbee helps companies measure, manage and disclose their ESG ratings. They also offer mining data analysis. 

Western governments have implemented critical mineral strategies with the goal to reduce reliance on single-source suppliers, particularly those with geopolitical risks. In August 2022 the Biden administration passed the Inflation Reduction Act, which provided funds for domestic energy production that promoted clean energy.

Government funding is there, but private funding is lacking, noted Stauss. He said that the capital base for the miners has fallen about 75% in the past two decades. The recent bull market in some metals like copper should spur investment. 

"There's still some inertia...in terms of getting this capital moving despite the urgency of critical minerals," said Strauss. "We're not quite there yet, but it's definitely coming."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Optionality is a key upside to the royalty and streaming business, said David Cole, president and CEO at EMX Royalty. 

On Thursday Cole spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

EMX Royalty (TSX-V:EMX, NYSE AMERICAN:EMX) is a precious and base metals royalty company. The company's two flagship operations are Caserones in Chile operated by Lundin Mining, and Timok in Serbia operated by Zijin Mining. In 2024 the company expects to have 11,000 to 14,000 of gold equivalent ounces and between $22,000,000 to $27,500,000 in revenue. 

"I've said for years that we're going to become a cash cow. We have actually done that, and it's great to see the assets populating and moving up towards the top of the pyramid and establishing that recurring cash flow," said Cole. 

Cole said exposure to quality assets gives the company upside. 

"Royalties are phenomenal financial instruments," said Cole. "It's because of their embedded optionality. We all want to be exposed to commodity price optionality.

Cole said the biggest driver of optionality upside is exploration and discovery. 

"If you own a royalty on a deposit, and it's getting near the end of its life, and [the operator] find a whole other deposit of equal size or greater, you know you're in the money, and that happens repeatedly throughout the world."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 Madsen project is unusual since a lot of work can be done in parallel, speeding up time to production, said Gwen Preston, vice president of investor relations at West Red Lake Gold Mines. 

Preston spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City.

West Red Lake Gold Mines (TSXV: WRLG) is advancing its Madsen gold mine in the Red Lake gold district of Ontario. The mine was previously owned by defunct PureGold, and Madsen has had over $350 million in investment. Infrastructure includes a brand-new mill that can 800 tonnes per day with a tailings facility that has capacity. There are two ramp portals and a 1,275m shaft. The mill was constructed and commissioned in 2020.

Madsen is located in a storied mining district. The Red Lake gold district of Northwest Ontario has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. 

Preston said the company has attracted a lot of mine builders, such as Anthony Makuch and Duncan Middlemiss​. The company’s CEO is Shane Williams. 

"Our goal is to have this mine turned on in the second half of next year," said Preston. "To get there, there's the usual path to turning a mine on, which is resource studies, permitting, feasibility study, engineering, financing, start construction, and then turn it on.”

“We're doing things all in parallel, and that's because a huge amount of this mine is already built."

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 will return to mining as commodity prices climb, said Sean Roosen, chairman and CEO of Osisko Development. 

In early June Roosen spoke to Kitco Mining at THE Mining Investment Event of the North. 

Osisko Development (TSX-V:ODV) is advancing the Cariboo project, an advanced-stage feasibility gold project located in central British Columbia in the historic Wells-Barkerville mining camp. The feasibility study from last year showed an underground operation expected to produce approximately 1.87 million ounces of gold over a 12-year mine life, with an after-tax NPV5% of C$502 million and 20.7% IRR at a US$1,700/oz gold price.

An environmental assessment certificate for Cariboo was received in the fall of 2023. The company said it expects to receive its permits this year. 

When Cariboo is built, Roosen said the mine will utilize a lot of high tech. 

"We expect this mine to operate at about 80% on green power," said Roosen. "We're currently underground mining [at Cariboo] with a road header, which is a fully electric machine. It's a relatively new technology in the gold-mining sector for Canada."

Roosen noted that investors are still not actively invested in the resource sector, despite a yawning gap between where governments want to get for critical minerals and what's needed. 

"The pendulum needs to swing back, and I think it is," said Roosen. "It will be led by higher commodity prices. 

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 gold hitting several all-time highs in 2024, margins have been a drag on mining equities, said Peter Marrone, chairman and CEO of Allied Gold. 

In early June, Marrone spoke to Kitco Mining at THE Mining Investment Event of the North. 

Marrone noted that gold spiked at the start of the decade to around the $2,020 level and then stayed relatively flat until recently. Marrone said that during that time, margins amongst gold miners declined from about $750 to $575. The VanEck Gold Miners ETF (GDX) has come anywhere near its highs from the start of the decade.

"That run-up in gold price is quite dramatic, and I think it will continue," said Marrone. "And now, as an industry will we be able to demonstrate that we can deliver improvements to margins, increase in EBITDA, increase in cash flow? And that's where the rubber hits the road because, at that point, I think that's where the multiples begin to come back." 

Allied Gold (TSX:AAUC) has both producing and development stage properties in Africa, including countries such as Mali, Côte d’Ivoire and Ethiopia. The company is targeting about 800,000 gold production by 2029. 

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold.

In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. 

 @tudorgoldcorp.1829   (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discoveries in the last three decades.

The Golden Triangle is seeing renewed focus, says Konkin, due to the infrastructure and safe jurisdiction, as well as the many development projects that are advancing in B.C. The world's largest gold miner, Newmont, has made the region a top priority since taking out Newcrest and acquiring both its Pretium and Red Chris mining operations in the Golden Triangle. 

"Clearly, there's blood in the water," said Konkin. 

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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 miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at  @USGlobalInvestors .

In early June, Holmes spoke to Kitco Mining. 

Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes. 

Holmes said gold miners are holding less gold on their books, unlike cryptocurrency companies.

"I think gold miners—like Bitcoin miners—have to show investors their conviction that they really like the product, and that they're going to own it," said Holmes. "You have many more crypto mining companies [that] actually own Bitcoin." 

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Declining profits for lab-grown diamonds could push retailers into a natural diamond pivot, said Paul Zimnisky, an independent diamond industry analyst. 

Last week Zimnisky spoke to Kitco Mining. 

The diamond market has been in a tough spot due to declining sales. In September Petra Diamonds reported full-year revenue declined 44%. In February Lucara Diamond announced full-year revenue was down 16%, adding that the diamond market is a "volatile environment with market challenges coming from multiple areas." Storied diamond company De Beers is being sold off by parent Anglo American, which is restructuring after rebuffing a takeover by BHP. 

Demographics and growing market share by lab-grown diamonds are part of the challenge, said Zimnisky, but exclusivity and rarity of natural diamonds could end up helping. Innovations in production have resulted in jewelers cutting the costs of lab-grown diamonds. That may lead jewelers to pivot and prioritize selling natural diamonds over lab grown, said Zimnisky. 

"The catalyst could be declining profitability of selling lab-grown diamonds, " he said. "[That] could incentivize retailers to really push natural diamonds again. That has the potential to be a very positive development for the natural diamond industry."

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.

Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares. 

On Tuesday Oliver spoke to Kitco Mining. 

The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).

The carbon compliance markets are designed to incentivize pollution reduction. In a report from last year, Reuters valued the markets at over $900 billion. 

France, a pillar nation within the EU, is in the middle of an election with the far-right National Rally (RN) leads the polls, according to polls by EuroNews. The National Rally is at 36% while French President Macron's party is at 20%. The U.S. election is in November. Most polls show a tie. 

"I think it's possible to see a shift right in the U. S. And I think that a shift right usually sort of correlates with a less climate forward or climate supportive set of policies. But these programs are ...deeply embedded," said Oliver. "We don't foresee any material rolling back of the program."

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.

Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares. 

On Tuesday Oliver spoke to Kitco Mining. 

The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).

The carbon compliance markets are designed to incentivize pollution reduction. In a report from last year, Reuters valued the markets at over $900 billion. 

France, a pillar nation within the EU, is in the middle of an election with the far-right National Rally (RN) leads the polls, according to polls by EuroNews. The National Rally is at 36% while French President Macron's party is at 20%. The U.S. election is in November. Most polls show a tie. 

"I think it's possible to see a shift right in the U. S. And I think that a shift right usually sort of correlates with a less climate forward or climate supportive set of policies. But these programs are ...deeply embedded," said Oliver. "We don't foresee any material rolling back of the program."

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 miners should be up about double the metal price, but that hasn't happened, noted Ryan McIntyre, a managing partner at Sprott. 

On Tuesday McIntyre spoke to Kitco Mining. 

Sprott offers investments in precious metals and critical materials, including gold, silver, platinum and palladium. Sprott was founded in 1981 by Eric Sprott. The company has 250,000 clients and about $29.4 billion in assets under management.

Despite gold hitting several all-time highs, the gold miners have still not rallied that strongly. The VanEck Gold Miners ETF is only up 10% year to date. McIntyre expects a two to one ratio in terms of the performance for gold mining stocks. 

"So if gold were up 13%, we'd expect the miners to be about 26% or so—plus or minus—and that's really due to operating leverage that all miners have," said McIntyre. "We really haven't seen that yet, which is actually good. If you're looking to invest today, gold mining stocks are actually a great spot to be. They haven't kept up to even the gold price this year." 

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.

President and CEO Ammar Al-Joundi is very satisfied with Agnico Eagle Mines' project pipeline. 

On Thursday Al-Joundi spoke to Kitco Mining. 

Agnico Eagle Mines (NYSE: AEM) is a Canadian based senior gold mining company. It's the third-largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. Agnico is guiding to 3.35 to 3.55 million ounces of payable gold production in 2024, with total cash costs per ounce and AISC per ounce in 2024 at $875 to $925 and $1,200 to $1,250, respectively. 

In June the company announced its plans for the Detour Lake Mine, located in Ontario. The company is spending $100 million investment over the next three years for study and de-risking. Detour Lake mine's overall production is expected to average one million ounces of gold per year over a 14-year period, starting in 2030.

Al-Joundi was asked about the likelihood of an acquisition. Al-Joundi said the company can afford to be choosy. 

"I've been in this business for almost 25 years. I've never been with a company with as strong a pipeline as we have right now," said Al-Joundi. "So at Agnico Eagle, we are going to focus on a small handful of really good projects for the foreseeable future."

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 Federal Reserve got ahead of itself earlier this year thinking it had inflation whipped, said James Fishback, co-founder and chief investment officer at Azoria. Fishback spoke to Kitco on Tuesday. 

Back in December, the market was expecting more rate cuts than it will get this year. Fishback said the Fed and Chair Jerome Powell erred when it had its "mission accomplished December Fed meeting" and the markets priced in several rate cuts in 2024. Hotter-than-expected inflation data squashed lowering interest rates. 

"The Fed is thinking about undoing its latest mistake," said Fishback. "Right now, Powell is on the precipice of potentially making another mistake: does he want to pull back rates prematurely and then risk reigniting that crippling inflation that we saw in '21 and '22?"

An additional complication is the U.S. election, which gives the Fed limited maneuverability, noted Fishback. 

He also discussed the promise of AI and how it could drive economic growth and help metals. 

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.

Roaring copper prices are due to speculators, said Gianni Kovacevic, investor and author. 

On Tuesday Kovacevic spoke to Kitco Mining.

Kovacevic is the author of My Electrician Drives a Porsche?

Copper has had a great run in 2024, hitting an all-time high of $5.20 pound in May. Although he is a copper bull, Kovacevic said it is too much, too fast. He views the recent run as being driven by speculators. 

"If any commodity goes up too radically, people just stop buying it," said Kovacevic. "[The speculators] take the stairs on the way up, but they always take the elevator on the way down."

Kovacevic believes in the fundamentals of copper due to energy transition and AI. The world will need a lot more of the metal, he says. He is also a believer in lithium, but low prices for the metal mean volatility ahead until supply and demand balance. 

"The consensus is that if the lithium price stays at this level for a continued period of time, you will have no lithium," said Kovacevic. "Lithium will just cease to be produced for many projects, not all projects, but for many projects."

Uranium is challenged, said Kovacevic, due to regulatory hurdles and the long-time frame to build projects. 

"I think it's a lot of lip service," said Kovacevic. "Ultimately, that's not where the world's going to go."

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.

Nations Royalty (CVE: NRC) has a first mover advantage, said Kody Penner, VP, corporate development at Nations Royalty. 

Last week Kitco Mining spoke to Penner and Derrick Pattenden, chief investment officer at Nations Royalty.  

Nations Royalty is a newly-formed royalty company under-pinned by five Nisga’a Benefits Agreement Royalties with a net asset value of $214 million. According to the company's news release, the company’s vision is to "...unite First Nations and Indigenous groups across Canada, welcoming external investors to join the company as shareholders."

Nations Royalty’s highlights the following benefits agreements: the high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont, a large underground gold mine; the KSM copper-gold-silver-molybdenum deposit, currently in development by Seabridge Gold; the Premier gold project, currently being commissioned by Ascot Resources with first gold poured in April, 2024 and commercial production scheduled for Q3 2024; the Red Mountain Gold Deposit, owned by Ascot Resources; and the Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly, majority-owned by Resource Capital Fund VI. 

Penner said that Nations Royalty has a unique advantage: benefits agreements have been "untapped within the royalty space." 

 "As a first mover in the space, we have latitude to go for tier one assets that are cash producing in safe jurisdictions and in the lower cost quartiles that other small royalty companies don't have access to," said Penner. "As a first mover, we can do that."

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.

Diversified supply chains are necessary, said Jigar Shah, director of the Loan Programs Office, U.S. Department of Energy. 

On Tuesday, Shah spoke to Kitco Mining. 

After the Biden administration passed the Inflation Reduction Act nearly two years ago, Shah's office has been behind notable mine financings, such as $102.1 million to Syrah Technologies LLC to process graphite, and $2.26 billion to Lithium Americas for Thacker Pass. The goal of the IRA is to invest in America's domestic energy production while spurring development in clean energy. As of June, the cumulative dollar amount from the loads office tops $285 billion. 

In July, Shah's office announced a conditional commitment of up to $1.2 billion for a direct loan to ENTEK lithium separators. If finalized, the loan will substantially finance a new facility in Terre Haute, Indiana, to manufacture lithium-ion battery separators. 

China has built a tremendous lead in a number of key sectors, such as renewable energy and electric vehicles. Shah compared the sector to oil and gas. Diversified supply chains are key, he said.  

"We want to make sure we have a diversified supply chain so that you're not subject to the whims of any one country withholding access, to those technologies," said Shah. "[We] do need to get China to recognize that it is not in their best interest to be promoting an unstable supply chain."

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 still need a better incentive price, said Matt Geiger, managing partner at MJG Capital. 

On Tuesday, Geiger spoke to Kitco Mining. 

MJG Capital is a limited partnership that specializes in long-term natural resource investments. Founded in 2011, the partnership holds a concentrated, long-only portfolio of natural resource equities.

Geiger noted that copper-focused investments had increased significantly in his company's portfolio, up to 36%. Despite copper prices trading higher in 2024, the incentive price for greenlighting a copper mine needs to be higher. 

"[Copper mines] are extremely complex, technically difficult, and expensive projects to build that are fraught with risk," said Geiger. "This is far different than building a medium-sized gold mine that could go into production in a 12- to 18-month period."

Geiger noted that the miners are still lagging the metal prices. While gold is up 16% year-to-date and copper is up 20% over the same period, he said that mining equities are not showing leverage to the metals. While other parts of the market have been on a tear, resources may soon have its turn. 

Interest rate cuts, strong earnings, and big M&A deals are all potential jump starts for resources.

"There's a number of potential catalysts to start revenge of the miners," said Geiger.  

Geiger argued that the stark disparity between tech and commodities valuations could herald a significant shift. He pointed out that the last time such a gap existed, it was followed by a decade-long commodities bull market, noted Geiger in his July investor note. While this might offer little solace to mining-focused investors who missed the recent tech boom, he suggested it could indicate future opportunities.

Geiger emphasized the intrinsic link between the mining and tech industries, despite this connection being largely overlooked in Silicon Valley. He highlighted that AI data centers, consumer technology, electric vehicles, national defense applications, and clean tech are fundamentally dependent on a wide array of metals extracted globally.

Geiger cautioned that if history were to repeat itself, substantial increases in metal prices could be on the horizon. He warned that such rises, and their impact on the cost and adoption rates of new technologies, might come as a stark revelation to many, said Geiger.

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 and gold work together, said Mark Bristow, CEO of Barrick Gold. 

On Thursday Bristow spoke to Kitco Mining. 

Early this week Barrick Gold filed its Q2. Analysts had been following the second quarter results of all the gold miners to see how strongly the companies might perform off record high prices for the metal. Net earnings at Barrick were up 25% and the attributable EBITDA margin was up 17% quarter on quarter to 48%.  

Gold production was 948,000 ounces in Q2, up 0.8% from the prior quarter and a 6% decrease for the same period a year ago. Barrick is forecasting a 30% increase in production by the end of the decade through organic growth. 

Bristow highlighted the company's Reko Diq project in Pakistan, 50% owned by Barrick and the rest by state-owned enterprises. Bristow said Barrick's goal is build a tier one copper business. Barrick is targeting 400kt copper and 500koz gold per annum from the project. A feasibility study is on track for completion by year-end with first production scheduled for 2028. 

"Copper is as strategic as gold is precious," said Bristow. "As you grow as a gold miner, you have to embrace copper. To keep critical mass, you've got to go to the porphyries—porphyry gold deposits—and with those porphyries come copper as well."

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.

Junior resource companies are starved for attention and undervalued, according to institutional advisor Jayant Bhandari. 

Last week Bhandari spoke to Kitco Mining. 

Gold has hit several all-time highs in 2024. Despite roaring metal prices, upside for the resource stocks has been limited. As of August 14, the VanEck Junior Gold Miners index is up 20% year to date while physical gold is up 17%. Bhandari said the market fixates on just the large gold miners. 

"Junior mining companies are not followed by big investors," said Bhandari. "Mining companies tend to stay away from junior mining companies until the very last days, which means that junior mining companies continue to struggle with their valuation. They're just not [enough] people valuing those companies."

Bhandari said that gives him an advantage. 

"I want to operate in a market where competition is limited, where not many people are chasing the same stuff that I'm chasing." 

Regarding macroeconomic concerns and China, Bhandari is bullish. China is a vital market for all metals, but the country has posted months of disappointing economic data. Bhandari highlighted China's consistent growth and positive developments in consumer services, manufacturing, and infrastructure. 

While acknowledging the political conflict with the West, he believes China is better positioned to handle deglobalization due to its strong manufacturing base.

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.

Silver usually out-performs gold, but silver starts slower, said Jeff Clark, founder of the TheGoldAdvisor.com.

Last week Kitco Mining spoke to Clark. 

Clark noted that the gold miners, represented by GDX, haven't outperformed gold. As of August 8, both gold prices and the GDX were showing similar returns. Clark expected the gold miners to start to turn around when the miners start showing higher free cash flow in Q2. 

Mergers and acquisitions are expected to pick up as producers gain more cash, driven by the need for majors to acquire ounces.

Silver prices will likely start moving after gold, and silver should outperform the yellow metal, noted Clark. However, gold is seen as a better performer during negative economic events.

"Silver outperforms gold," said Clark. "It tends to start slower. Gold tends to be a little stronger, so the better value might be in silver right now."

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.

Silver prices should spike higher with gold hitting a new all-time high above $2,500 an ounce, said John Ciampaglia, CEO of Sprott Asset Management. 

Last week, Ciampaglia spoke to Kitco Mining. 

Western investors are finally starting to show an interest in gold, noted Ciampaglia, driven by concerns about market disruptions and geopolitical risks. However, gold miners haven't seen the same level of interest, which Ciampaglia attributed to the lack of institutional investment. He also noted the recent pause in China's gold buying, interpreting it as a strategic move to influence the market.

While gold has hit successive record highs this year, Ciampaglia said  he believes silver is undervalued. The metal is supported by industrial applications, as well as being precious. Silver usually rallies after gold. 

“It's mind-boggling to us that silver is still below $30. It is obviously way off its 2010 highs, and we would love to see it get back to the $50 level,” said Ciampaglia. “We think it has the ability to do that over time.”

Regarding contrarian metal bets, Ciampaglia expressed concerns about the overcapacity in copper, lithium, and nickel markets. He suggested uranium as a contrarian play, expecting a better market in the second half of the year.

Sprott Asset Management is focused on precious metals and critical materials investments. Sprott runs a physical uranium trust, a physical copper trust and mining equity ETFs. Sprott was founded in 1981 by Eric Sprott. 

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.

Silver can move quickly in a short period of time, noted Michael Konnert, president and CEO of Vizsla Silver. 

On Thursday Konnert spoke to Kitco Mining. 

Vizsla Silver (NYSE: VZLA) is advancing its Pacuno project in Mexico. The company received its preliminary economic assessment in July. Highlights were an estimated after-tax NPV (5%) of more than US$1.1 billion, an after-tax IRR of 85.7% and a payback over a period of about nine months. Annually, the mine is projected to produce an average of 15.2 million silver equivalent ounces. 

The company is working towards a feasibility study to be released in the second half of 2025. 

With gold hitting all-time highs, Konnert said silver should follow. Konnert said a higher gold price is followed by a silver lag between six to nine months behind. 

“We haven't seen that yet. We've seen things similar to that happen in the past,” said Konnert. 

Konnert described the last move by silver early in the decade as “parabolic.”

“If you weren't invested, you totally missed out on that move.” 

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 is finally getting some attention from the mainstream press, noted John A. McCluskey, president and CEO of Alamos Gold. 

On Wednesday McCluskey spoke to Kitco Mining. 

Alamos Gold (NYSE:AGI) is a Canadian-based intermediate gold producer with production from three operating mines in North America: Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico.

Alamos Gold expects to produce between 485,000 and 525,000 ounces of gold in 2024. The gold production forecast doesn't include Argonaut Gold. In the spring Alamos announced it was acquiring Argonaut Gold in a friendly acquisition. The deal is expected to close in September. 

Investors appear to like the growth story. Alamos is up 55% year-to-date, doubling the performance of the GDX, which up about 25% over the same period. 

Talking generally about gold, McCluskey said investors are starting to notice the metal. Gold has hit several all-time highs in 2024 and recently broke through $2,500 ounce.  

"I've probably seen more articles on gold in the last week than I've seen in the last three months," said McCluskey. "You know, even though gold was running, the press was largely ignoring it. And suddenly, the Financial Times has got an article on gold, the Wall Street Journal has got an article on gold. Everybody's talking about gold all of a sudden"

McCluskey speculated that $2,500 was the "...magic number they were all waiting for." 

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.

Silver prices will move higher, said Randy Smallwood, the CEO of Wheaton Precious Metals. 

On Wednesday Smallwood spoke to Kitco Mining. 

Wheaton Precious Metals is a top precious metals streaming company. In its Q2 released early in August, the company generated $234 million in operating cash flow, resulting in record cash flows of over $450 million for the first half of the year. 2024 production guidance is 550,000 to 620,000 gold equivalent ounces. Wheaton Precious Metals is up 29% year-to-date. 

Smallwood is a fan of gold, but he feels the strongest pull from silver. 

"I did spend the last three years as the chair of the World Gold Council," said Smallwood. "It didn't change my perspective that silver is my favorite metal."

Smallwood noted the metals versatility. It is a precious metal, but it is also a critical mineral used for solar panels and electronics. 

"I do think we'll see a rapid move in a higher price of silver," said Smallwood. "It always outperforms."

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

Copper is increasingly viewed as a critical asset in the global energy transition. A looming supply crunch driven by high demand is elevating prices to record highs.
 
Hosted by Paul Harris, the Kitco Copper Masters Panel brought together industry leaders Robert Friedland, Kathleen Quirk, and Colin Hamilton to explore why copper is positioned as one of the most crucial resources in the coming decade.
 
This live segment aired on YouTube on August 22, 2024 at 3 PM EDT / 12 PM PDT.
 
Coverage brought to you by Coppernico Metals.
To learn more, visit https://coppernicometals.com

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.

Slowing electric vehicle sales and new tech are both contributing to lithium sector woes, said Daniel Jimenez, partner at iLiMarkets. 

Last week Jimenez spoke to Kitco Mining. 

iLiMarkets is a business consulting firm, specialized in the lithium industry. Jiminez worked 28 years at SQM, one of the world's biggest lithium producer. Jiminez was responsible for production and commercialization of lithium carbonate and lithium hydroxide to Asia, Europe and North America, as well as developing SQM's commercial offices. 

After the lithium market was up 10x at the start of the decade, the market is now experiencing a downturn. Prices have fallen 80% over the past two years. Overcapacity and declining electric vehicle sales have led to a significant drop in lithium prices.

Jiminez said there are other factors adding to depressed lithium prices: increasing popularity of plug-in hybrid electric vehicles, which have smaller batteries than full EVs, and growing use of LFP cathode material, which requires less lithium than NMC.

Some of the large lithium giants are cutting. Lithium giant Albemarle announced job cuts deferred spending. Other miners have been expanding despite the slump. SQM is ramping up its refinery in northern Chile. The investment would take the facility to 300,000 tons, according to Reuters. In August Pilbara Minerals announced plans to acquire Latin Resources for $369 million. 

Jiminez was critical of the West's efforts to build its own critical mineral supply chain, namely through Biden''s two-year old Inflation Reduction Act. Focusing on developing battery manufacturing capabilities is crucial for establishing a competitive supply chain.

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.

Increased supply and poor economic conditions over the short term could hurt copper, said Scott Pollan, president of Emergency Material Services. 

On Thursday Pollan spoke to Kitco Mining. 

Pollan predicts a near-term decline, potentially reaching below $3.50 by the end of the year, and a possible revisit of 2022 lows in early 2025. He attributed the decline to weakening demand and increasing supply. However, Pollen remains bullish on copper long-term, citing the millennial consumption cycle and the ongoing electrification trend as key drivers for future demand. He also highlights the challenges in building new copper mines, which could further constrain supply and push prices higher.

Despite challenging headwinds for the metal over the short term, that hasn’t diminished M&A. In 2024, there were some monster copper deals. This summer BHP Group and Lundin Mining bought Filo in a $3 billion copper deal. Earlier this year BHP Group tried to acquire Anglo American for its South American copper assets. The offer size reached $49 billion. 

Pollan said there is a rush for tier-one copper assets as the big miners try to show investors they have a long-lasting, reliable supply. 

"[It's a] rush to buy tier one assets by major producers," said Pollan "They need to assure their investors that they have secured a supply of raw material for the long-term future. In my opinion, we'll see more [M&A] for smaller producing facilities as tier one producers really try to build up their book of supply."

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 junior resource space is facing competition from other sectors of the economy that offer high risk, high reward investment opportunities, said Ken Armstrong, president and CEO of North Arrow Minerals. 

On Thursday Armstrong spoke to Kitco Mining. 

North Arrow Minerals (TSX-V:NAR) is a Canadian based exploration company focused on the identification and evaluation of exploration opportunities in Canada. 

This month North Arrow Minerals announced an option agreement to earn up to an 80% interest in Kraaipan Greenstone Belt Property in southern Botswana. 

North Arrow has a well-known exploration team. A Director of the company is Grenville Thomas, discoverer of the Diavik Diamond Mine and Canadian Mining Hall of Fame inductee. Eira Thomas is chair; she previously led Lucara Diamond. 

"We like the jurisdiction and getting a chance to explore on a regional basis," said Armstrong "An entire belt of rocks that is highly prospective is really tough to find—and in such a good jurisdiction, so we jumped on this one." 

Armstrong said that it has been a tough junior market with a lot of high-risk, high-reward options for investors, such as cannabis and crypto. 

"There's more competition," said Armstrong. "The best way to address that and fix it would be with some discoveries that make investors money."

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 hitting $3,000 ounce in 2025 would not surprise Keith Neumeyer, president and CEO of First Majestic Silver.

On Monday Neumeyer spoke to Kitco at the Vancouver studio. 

Last week First Majestic Silver Corp. (NYSE:AG) announced that it entered into a definitive merger agreement with Gatos Silver whereby First Majestic will acquire all of the issued and outstanding common shares of Gatos.

Gatos is a silver-dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.

“We're very happy to get a deal done with Gatos,” said Neumeyer. “It was a very competitive process. It took a lot of hard work on our end.”

The combined annual production of the new entity will be 30-32 million ounces of silver-equivalent, including 15-16 million ounces of silver at all-in sustaining costs of $18.00-$20.00 per silver-equivalent ounce. 

Regarding gold hitting several all-time highs in 2024, Neumeyer said central banks have been propelling the metal. 

“There's this bid under the gold market,” said Neumeyer. “It hasn't shown up really that much in silver yet. And that's one of the conundrums.”

Neumeyer said gold looks good. 

“It doesn't appear buyers are lightening up. I wouldn't be surprised to see $3,000 gold in 2025.”

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 is not yet at the euphoria stage, but the metal’s rally has legs, said Ronald-Peter Stoeferle, managing partner at Icrementum AG. 

On Tuesday, Stoeferle spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Incrementum AG is an independent fund and asset management company based in Liechtenstein. Every end of May, Incrementum publishes the report In Gold We Trust. 

In 2024, gold has hit several all-time highs, with prices currently holding initial support above $2,500. Even with its 20% rally, Stoeferle said the metal should run higher. 

“Whenever I do keynotes and say, ‘gold is cheap,’ people just shake their heads and cannot believe what I'm saying, because most people are considering selling their gold at this moment,” said Stoeferle.

Stoeferle noted that gold is climbing without any big retracements, which is supportive of the metal. 

“$4,800 dollars is our target price,” said Stoeferle. “And I can tell you we're right on track. We're climbing this wall of worry. We're definitely not in the euphoria stage.”

Stoeferle said the current rally has legs, but he expects the metal to take a “breather” over the next couple of weeks. 

While gold is up, a lot of the other commodities are down, like oil, copper and iron ore, noted Stoeferle. Silver is off, too. 

“Silver is massively underperforming the price of gold.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

opportunities in the resource space. One metal is of particular interest.  

“My whole life I have wanted to do a pure primary silver play,” said Giustra. “I've never been able to pull it off because I haven't found the right assets.”

Gold has hit several all-time highs in 2024. Giustra is waiting for the broader market to take notice. 
 
“I've never seen a market where there is such a difference between the gold price and mining stocks,” said Giustra. “Investment banks offer us financing...then they go look for investors, and they don't exist. We end up having to place all of those shares ourselves."
 
Giustra said that being a miner with one asset does not work. Giustra said buy and build is better. 

“You have way too many small developers, single asset companies that are getting absolutely no investor interest," said Giustra. “Our style of business…has been based upon building multi-assets. Start with something that's smallish and build it and build it. We call it the ‘buy and build strategy.’”

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

The gold trade has moved from West to East, said Florian Grummes, managing director of Midas Touch Consulting.

On Wednesday, Grummes spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Despite a recent consolidation phase, Grummes believes that gold's uptrend remains intact, with a potential target of $3,100 per ounce.

Grummes highlighted several factors supporting his bullish outlook: Gold has formed a strong cup-and-handle pattern, suggesting further upside. Growing physical demand from Asia, particularly China and Russia, is a significant driver. Gold is appealing as a safe-haven asset in uncertain economic times. 

“I think gold has been completely ignored in the West. I mean, it's no secret that for years, gold basically has been moving from the West towards the East,” noted Grummes. 

Despite high metal prices, Grummes noted that mining stocks have been disappointing with limited upside. He said the AI frenzy was much more exciting to Western investors. 

“It's all about the latest apps, the latest software. I think gold mining stocks are just very much an old-fashioned investment to many people,” said Grummes. 

“This rally over the last 11 months has been driven by geopolitical events and driven by physical demand from China primarily,” noted Grummes. “And the Western investors have been focusing on AI and a few stocks in the tech sector, right? There was no interest in safe-haven assets like gold and silver.“

Grummes said there is the potential for a rapid and significant price increase in gold, similar to what occurred during the COVID-19 pandemic.

When Grummes met with Harris a year ago, he forecast $2,500 ounce gold in 12 months.

“I think I missed it by four dollars,” noted Grummes. 

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

Margins are still a struggle for the miners despite energy costs coming down, said Rick Rule, president and CEO of Rule Investment Media.

Rule Spoke to Kitco Mining on Wednesday at the 2024 Precious Metals Summit Beaver Creek in Colorado. Rule is also the former CEO and President of Sprott U.S. Holdings.

Rule said it is a good market to invest in. He sees opportunities due to the disparity between rising commodity prices and stagnant equity prices. He focuses on companies with proven management teams and large-scale projects. Rule is open to investing in jurisdictions with perceived political risk.

But a lot of juniors are too small to make it, said Rule. 

“Most of the juniors are subscale. They are so small that general administrative expenses consume most of the capital they raise,” said Rule. 

“Those companies are doomed to fail. I suspect that three quarters of the juniors that are public worldwide — Australia, Canada, the United States, Great Britain — are valueless, absolutely valueless.” 

Rule said the cost of oil has dropped, which helps, but other costs keep climbing. 

“Energy costs have moderated, which is a good thing,” said Rule. “But the social take, which is to say taxes, royalties… things like that are increasing — at about 15 percent compounded. Labor costs are going up, spare parts are going up, finished steel is going up. 

“I think there will be continued disappointment among investors about the fact that the margins, the producing margins, aren't increasing as fast as one would hope, given the increase in gold price.”

Rule said investors have to keep scale in mind. Bigger is better. 

“Everything that can go wrong with a big mine can go wrong with a small mine,” said Rule. “But a small mine can never make you big money.”

Standing out is key, Rule said. It is a crowded field. 

“I ask companies today about their social media strategy,” said Rule “If they don't have one, that's the end of the discussion.” 

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

Forget worries that the economy is facing a hard landing, debt levels are the bigger risk, said Joe Foster, gold strategist at VanEck.

Foster spoke to Kitco Mining on Wednesday at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Gold hit several all-time highs in 2024. Foster attributes the historically high gold price of $2,500 per ounce to increased global risk, strong central bank demand, and geopolitical uncertainties. He believes that the Federal Reserve's expected interest rate cuts will further boost the gold price. Foster also anticipates economic turmoil due to high debt levels and potential geopolitical escalations, which could drive gold prices even higher.

While central bank buying has been the primary driver of the gold rally, Western investment in gold ETFs has also picked up recently, signaling growing interest from institutional investors.Despite gold hitting several all-time highs, interest in the metal by the broader investing community remains tepid. 

Foster said investors need to be shaken up for interest in gold to pick up. 

“I hate to say it, but I think we need a crisis,” said Foster. “I think the market really needs to get worried about the outlook for the economy, for the debt situation or… some escalation on the geopolitical scene. I think that's the type of thing that would really shake people up, and get them to go to gold.” 

Regarding the gold mining sector, Foster observed that M&A activity has been lower than expected, but he anticipates an increase as companies adjust their base price for gold and become more attracted to acquisitions. He also highlighted the challenges faced by junior gold developers, who are now required to do more in terms of permitting and feasibility studies before attracting the interest of larger companies.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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

With the gold majors generating lots of cash from high metal prices, M&A should heat up, said Scott Berdahl, CEO of Snowline Gold. 

On Wednesday Berdahl spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Snowline Gold Corp. (TSX-V: SGD) is a Yukon Territory focused gold exploration company with an eight-project portfolio covering roughly 360,000 ha (3,600 km2). Snowline’s project portfolio sits within the Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits. 

The company is exploring its flagship 111,000 ha (1,110 km2) Rogue gold project in the Selwyn Basin.

“It's incredible to see how much of that is very high grade right at the surface,” said Berdahl. “You know exactly what you'd want to see when you're turning on a mine.”

With gold hitting several all-time highs, Berdahl said M&A is heating up. 

“There's a lot of cash flowing around out there right now,” noted Berdahl. “M&A might heat up. There's been an underinvestment in exploration for so long—basically since the crash in 2012. The junior markets haven't really ever fully recovered. There's some great companies out there doing a lot of great things, but it's a fairly small pool now.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

Junior resource stocks will lag the metal price, because the past run up disappointed investors, said M. Stephen Enders, executive chair at Brooks & Nelson. 

Last week Enders spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Enders emphasized that while technical, legal, and ESG (Environmental, Social, and Governance) due diligence are crucial, understanding the management team is even more critical.

“People on the buy side in particular need to do a better job at management due diligence,” said Enders. “This industry does a really good job of technical due diligence and legal due diligence. But our research has shown that the biggest issue that mining investments suffer from is poor management. And yet very few companies invest the amount of time required to understand the kind of team that they're going to be investing in.”

Enders also discussed systemic issues contributing to poor management in the mining sector. He noted that too many junior companies spread human talent too thinly. 

“My personal take is that there are too many companies,” said Enders. “And there's a dilution of the talent that's out there. In any organization, you're going to have top people, whether it's top students in a class or the top employees in a company. But there’s a small subset overall. When talent's diluted across the whole industry…we see a talent shortage and a performance problem.”

Enders said metal prices are good, but a lot of investors soured on resource stocks the last time, so will be reluctant to enter the sector again. 

“I think that not all junior stocks are the same and not all projects are the same,” said Enders. “The projects that are of value and have potential will eventually get funding, and the share prices of those companies will eventually rise, but there's a lag. And there's a lag because of the lack of performance of the junior sector in the last super cycle, where it was over promised, under delivered, and it took a lot of people out of the investment.”

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

Not all junior companies are going to benefit when investors return to the sector, said Michael Gray, partner at Agentis Capital. 

Last week, Gray spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Gray highlighted key factors for evaluating junior mining stocks, emphasizing the importance of “grams times meters intercepts,” which measure the quality of gold deposits. He noted that the metric can indicate strong investment opportunities. Gray uses this metric to track and benchmark the performance of junior gold stocks.

In terms of market dynamics, Gray believes the juniors are due to make a big move due to the high gold price, but he observed that gold stocks are experiencing significant volatility. He cautioned that the sector is likely to see a bifurcation: the best-performing companies will attract substantial investment, while others may struggle. 

“It's going to be asymmetric, but there's going to be the haves and have-nots,” said Gray.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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 CEO of Kinross Gold, Paul Rollinson, is feeling vindication for his early call on Great Bear Resources.

 Last week Rollinson spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Founded in 1993, Kinross Gold is a senior gold mining company with a diverse portfolio of mines and projects in the United States, Canada, Brazil, Chile, and Mauritania. Last decade the miner suffered some setbacks having to exit Russia and Central America. In 2022 Kinross had to divest from Russia after the country was sanctioned due to the Ukraine-Russia war. In 2013 Kinross exited Fruta del Norte in Ecuador after Kinross couldn’t come to terms with the government on advancing the project.

In 2021 Kinross Gold bought Great Bear Resources for C$1.8 billion in a cash and stock deal. The deal raised eyebrows, since Great Bear was still an early story with no PEA.  

“The challenge with Canada: it gets competitive and expensive quickly,” said Rollison. “So if we're going to be successful in getting quality [assets] in Canada, we're going to have to make a call—a geologic call—early.

“There was no declared resource, and so the market was saying—as expected: ‘Oh my God, what have you done? What did you buy? There's no declared resource,’” said Rollison. “We knew there was a mine.”

 Just before Beaver Creek, Kinross was able to release a preliminary economic assessment on Great Bear. In the company’s news release, the PEA outlined a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The project is expected to produce over 500,000 ounces per year at an all-in sustaining cost of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.

“I'm happy to say, 30 months later, what we see is a very high-quality mine,” said Rollison. “It will be one of the best gold mines in Canada. So, it's just been a great example of getting in early, doing the technical work, having the confidence.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

Maintain fiscal discipline, warns Mark Bristow, president and CEO of Barrick Gold.

This week Bristow spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.  

Gold has hit several all-time highs in 2024. The gold miners, measured by the GDX, are up about 32% year to date. Barrick has been lagging its peers, up just 18% over the same period.

The run in gold has spurred some big transactions, notably AngloGold Ashanti buying Centamin for $2.5 billion and Gold Fields acquiring Osisko for $2.16 billion in an all-cash deal—all in the past month. Bristow warns that the sector could be getting ahead of itself.

“If you recall…back in 2010 when the gold price started moving materially, and it went through the $1,000 mark for the first time, everyone chased it,” noted Bristow, who was running Randgold Resources at the time. “Everyone was updating, using higher and higher gold prices. [We] decided to stay at $1,000, because there was no change in input costs.”

“That's really fundamental, because you can raise the gold price, but what it does is often takes you outside your old body and really dilutes the value of your asset,” warned Bristow.

The run up early last decade ended with a crash by 2013. The GDX dropped by nearly two-thirds.

“If you use a gold price that goes beyond your all body boundaries, then the risk is you dilute your feed grade. That means you've got to spend more capital to expand your processing facilities to produce the same amount of gold. That doesn't make a lot of sense.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty. 

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 metal prices, it is still a challenging market for juniors, said Luke Alexander, president and CEO of Newcore Gold.

Last week Alexander spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Newcore Gold Ltd. (TSX-V: NCAU) is advancing its Enchi gold project in Ghana. In April the company released an updated preliminary economic assessment. At a gold price of $1,850 per ounce, the company showed a $586 million pre-tax net present value discounted at 5% and a 77% pre-tax internal rate of return. The average annual gold production was estimated at 120,000 ounces.

In June the company announced that it was starting a 10,000-metre drill program focused on infill and resource expansion drilling. In September the company announced a $5 million private placement financing at 29 cents.

“We've been able to continuously move the project forward, despite it being a difficult market,” said Alexander. “This capital raise is another example of where we'll be able to deploy this capital to create a lot of additional value for the project.”

“There's a significant disconnect between the value of our project and where the company is trading today,” said Alexander. “So I think that's part of the reason why we saw such strong support for the financing.”

Ghana has embraced mining, said Alexander. The Chirano Mine, owned by Asante Gold (previously Kinross Gold), is located 50 kilometers to the north. Chirano produced ~155,000 ounces of gold in 2021 and ~165,000 ounces of gold in 2020. Other mines are being advanced nearby.

“So that really speaks to the government's desire to see mines being built and a recognition of how important it is for the economy,” said Alexander.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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 M&A is heating up due to good gold prices, there is not a lot to acquire, said Ari Sussman, executive chair of Collective Mining.

This week Sussman spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Collective Mining Ltd. (NYSE: CNL) is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines. Collective’s management team was formerly at Continental Gold Inc., which was sold to Zijin Mining for approximately $2 billion.

Collective Mining’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The company says it has strong insider ownership at 45%. 

With gold hitting several all-time highs, Sussman said M&A is heating up. 

“I can tell you from my experience, I've never seen the cupboards this bare with quality projects,” said Sussman. ”I suspect we're going to see M&A turn aggressive very quickly.”

Sussman said it is an opportune time for the big gold producers to start acquiring. 

“If you're a gold producer and you're not active in M&A, I think you need to fire yourself as management, because you're trading at decent multiples, and the…multiples of non-producers are a fraction of yours. So effectively right now, just about any transaction is accretive.” 

Sussman admitted that mining in Colombia is challenging, but the government system helps investment. 

“Well, I don't want to get up here and say it's gone amazing, because I think the government's been horribly disorganized,” said Sussman. “But what has come out of this is very positive. The most important thing is the government system is set up the same as the United States, meaning there's strong check and balances…and the constitutional court in Columbia is actually very independent.”

Sussman said some of the more challenging mining laws have been “properly thwarted by either the Congress or the constitutional courts. 

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

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 will it take to get generalist investors to exit their current portfolios and add some gold equities, asked Warren Irwin, president and CIO of Rosseau Asset Management. 

Last week Iriwin spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. Rosseau is a money management firm based in Toronto. 

Irwin noted the subdued atmosphere at the summit, despite gold reaching record highs. He said the lack of enthusiasm stems from capital flow challenges, as many investors are still more inclined toward safer, high-performing sectors like Vanguard ETFs, making it difficult to attract investment into mining stocks.

“The mood here is not exactly super exciting and people aren't rolling in money,” noted Irwin. “They're not all jacked about what's ahead of us.”

Irwin said the generalist investor needs a reason to be driven out of their existing investments and embrace gold. 

“Gold equities haven't moved [much], but gold has,” noted Irwin. “There's a reason to invest in gold, but we also need a reason to drive people out of the market…such as an interim market crash where people see the valuations are a bit stretched in the S&P and look at getting into something a little bit more defensive, like maybe buying some gold equities.” 

While Irwin likes gold, he doesn’t see much promise in critical minerals. He criticized the unpredictability of battery metal compositions and the lengthy process of mining development, making it hard to justify investments. 

“I think battery metals and the whole battery metals theme is possibly the stupidest thing I've ever seen in the mining sector,” said Irwin. “How on earth can you run a battery metals fund when you have no idea what metals are going to go into batteries? They're changing every three to six months.” 

“And that whole EV nonsense—any copper company I'm involved in, I say, ‘whatever you do, please don't put a stupid EV in your presentation,’” said Irwin. 

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

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 gold hitting several all-time highs, the mood in the junior sector is subdued, said Matt Geiger, managing partner at MJG Capital.

Last week Geiger spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Geiger highlighted several major mergers and acquisitions (M&A) over the past six weeks, noting that these deals have generated significant activity in what is typically a quiet period. Major transactions included Filo $4.1 billion acquisition by BHP and Lundin Mining, Gold Fields' $2.1-billion cash bid for Osisko Mining, and First Majestic Silver's acquisition of Gatos Silver for $970 million. All these deals show that the mining sector outlook is improving. Geiger said there was about C$11.5 billion in deals made over the past six weeks, a time of the year that is usually pretty quiet.

"I can only imagine that there's more deals being hatched right now as we speak," said Geiger. "We're really in a hot and heavy...M&A cycle at the moment."  Despite the high metal prices, Geiger noted that the show participants were subdued. Juniors are not seeing much of a lift yet. He did note that there is more money in the sector now.

"I'd say the space...is actually pretty well cashed up," said Geiger. "I think that's one of the arguments in favor of mining stocks, at least over the next six to nine months: they're more cashed up than they've been in many years."

He said that means less financing and more news flow.

"All things equal, those two factors result in higher and higher share prices."

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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

Cost containment and productivity gains are a priority at Newmont, said Natascha Viljoen, Executive VP and COO of the company.

This week, Viljoen spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Newmont is the world's largest gold producer by output. It also produces copper, zinc, lead, and silver. Over the past year, the company has been active in mergers and acquisitions (M&A). In 2023, it acquired the world’s fifth-largest gold miner, Newcrest, for $17.4 billion. The company is now in the process of divesting some of its assets. This month, Newmont announced plans to sell its Telfer and Havieron stake to Greatland Gold for $475 million.

Gold has reached several all-time highs in 2024. With high metal prices, the company has room to take a long-term view of its cost structure, Viljoen said.

"It’s absolutely a focus with this portfolio of assets that we have today," Viljoen said. "The current work underway is to reevaluate productivity, mine design, and the fundamentals of mining to address challenges."

Viljoen emphasized that the company is not speculating on the long-term outlook for any particular metal.

"[We are] not specifically focused on copper or gold," Viljoen said. "We are focused on value generation."

On the topic of investing in more junior companies, Viljoen stated that the primary focus remains on Newmont's existing pipeline.

"If there’s capital allocation that will truly generate value, I think that would present an opportunity," Viljoen said. "But we would be hard-pressed to look beyond the value we need to generate from our existing, newly expanded portfolio."

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

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 broader markets won't be able to ignore the gains the miners are making, said Rob McEwen, chair and chief owner of McEwen Mining. 

Last week McEwen spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. 

With gold hitting record highs, McEwen believes investor interest will grow, particularly as investors realize the rapid price increase and potential gains in the sector. However, he noted that while the price surge has benefited senior and intermediate miners, junior miners have yet to experience the same enthusiasm.

McEwen Mining also holds a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. Despite the copper project, McEwen still likes gold. 

"I've never deserted gold and it's very much in my blood," said McEwen. 

McEwen emphasized that investors are likely to focus on undervalued junior miners as gold prices continue to rise. He expressed confidence that now is an excellent time to invest, particularly in companies with significant resources or those nearing production but undervalued due to a lengthy permitting process.

"There are certain times when the market gets overheated," said McEwen. "We're not in an overheated market right now."

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 

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.

There are more opportunities for consolidation in the gold sector, said Mike Fraser, CEO of Gold Fields. 

This week Fraser spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Headquartered in South Africa, Gold Fields is a 918,000 ounce gold producer. In 2022 Gold Fields tried to acquire Yamana Gold. Agnico Eagle Mines prevailed after Gold Fields' investors soured on the deal. Gold Fields CEO Chris Griffith left the company. Fraser took over in October 2023. 

Fraser discussed Gold Fields other purchase, Osisko Mining's Windfall in Quebec. Gold Fields had initially acquired a 50% stake in the project 18 months ago. Recently Gold Fields completed the acquisition by purchasing the remaining 50% for C$2.16 billion. 

Fraser explained that the two-phased acquisition allowed the company to gradually familiarize itself with the Quebec jurisdiction and operational conditions before fully committing. 

"I think the way it's played out has really been the best way possible for Goldfields to enter into 100 percent of that asset," said Fraser.

The Windfall project, which holds 7.4 million ounces of gold reserves, is seen as a strategic move by Gold Fields. Despite a 55% premium on the second tranche, Fraser highlighted that the acquisition came with several financial benefits, such as cash already on hand and relief from funding further exploration. He described the acquisition price as fair, considering the future value it will generate. 

"M& A is only one leg of our strategy to grow and improve the quality of our portfolio," said Fraser. "We also have a very strong brownfields program where we explore around our existing projects, but ...[these] bolt-on acquisitions are really going to be opportunities to move forward. The gold sector is highly fragmented...compared to other industries, and there definitely are opportunities for further consolidation."

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

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

Cost containment is key, so investors benefit from high gold prices, said Ammar Al-Joundi, president and CEO of Agnico Eagle Mines. 

Last week,  Al-Joundi spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian based gold mining company. It is the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico.

With gold hitting several all-time highs in 2024, the company is reporting good financial results. 

“We love the gold price and in particular we love all the cash flow we're generating for our owners,” said Al-Joundi. “This is a good time to be in this space. Our mines are running well. I've been in this business for 25 years. I've been in this business for 25 years. This is the strongest pipeline I've ever seen.”

Al-Joundi said cost control is critical. 

“For us, it's essential…that when the gold price goes up, that money accrues to our shareholders,” said Al-Joundi. 

Al-Joundi said he is not betting on copper or gold. The quality of the asset is all that matters. 

“We're not setting a target,” said Al-Joundi. “Whatever position we have in copper is going to be driven by the opportunity to make money.”

Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

Kazakhstan is far afield, but low costs make it an attractive draw, said Darren Klinck, president of Arras Minerals.

Last week Klinck spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.

Arras Minerals is advancing a portfolio of copper-gold assets in Kazakhstan. The company is exploring a porphyry belt.

Klinck said the country has an all-important cost advantage compared to other jurisdictions. 

“I think one of the big challenges we have right now is cost structure,” said K. “It's a low cost jurisdiction. It's not only…cheap to drill compared to many other parts of the world—you're at 200 meters above sea level. Your cost to mine…is some of the lowest in the world.”

Klinck said the country is well endowed geologically. 

“We think we have a very good chance of making a new tier one discovery,” said Klinck. 

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

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.

Reaching an agreement with the Malian government helped propel B2Gold’s stock price, CEO Clive Johnson noted.

Last week, Johnson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

B2Gold (TSX: BTO) is a senior gold producer headquartered in Vancouver, Canada. Founded in 2007, the company operates gold mines in Mali, Namibia, and the Philippines. The Goose project is under construction in northern Canada. B2Gold forecasts total consolidated gold production of between 800,000 and 870,000 ounces in 2024.

In September, the company announced it had reached an agreement with the Malian government, allowing the Fekola Mine to continue operating under the 2012 mining code, while new expansions will follow the 2023 code. Johnson said the agreement removed significant uncertainty surrounding the mine, leading to a 13% rebound in B2Gold’s stock, one of its largest single-day gains since 2009.

“We knew that this was going to be a difficult year,” Johnson said, calling the agreement a “huge relief.”

Mergers and acquisitions have been heating up in the mining sector.

“The best protection for a takeover is your stock price,” Johnson said, noting that concerns about the Goose project and issues in Mali had partly become “poison pills” that prevented the company from becoming a target.

“We work for our shareholders. Any reasonable offer is the shareholders’ decision, not ours. We’re open to whatever makes sense going forward,” he said.

Johnson noted that investors would like to see more consolidation, but forecasting the gold price remains a challenge.

“I think it’s a real dilemma for the industry. Investors want [consolidation]. They want fewer mining companies. They want better-run ones. We’ve seen some of that, but at the end of the day, if you’re looking at M&A today, what gold price do you use? And it’s going to be competitive.”

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

Miners with a sizable ownership stake in their own companies are crucial to ensuring business decisions are aligned with shareholder interests, said Brett Heath, president and CEO of Metalla Royalty & Streaming.

Last week, Heath spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Metalla Royalty & Streaming Ltd. (TSXV: MTA) is a royalty and streaming company with exposure to gold, silver, and copper. The company holds around 100 royalties and streams, with key assets including IAMGOLD’s Côté and Gosselin, G Mining Ventures’ Tocantinzinho, Equinox Gold’s Castle Mountain Mine, and First Quantum Minerals’ Taca Taca.

Heath discussed the impact of rising gold prices on the mining sector, noting that gold is reaching all-time highs. He emphasized that unlike previous gold price surges, costs have not significantly increased, meaning gold producers could experience record margins, potentially clearing over $1,000 per ounce in profit. This price increase, combined with stable or declining costs, could lead to significant profits for producers, particularly in Q4 2024.

Heath also highlighted the implications for investor interest. Despite the gold price rally, the sector has been underappreciated by generalist investors. However, he believes that as profit margins grow, institutional capital will flow back into gold, potentially driving up the share prices of major producers. Heath noted that global gold ETFs have recently seen inflows, signaling renewed interest in the sector. Some gold company shares have already appreciated 50% to 100% year-to-date, which could attract more attention from outside investors.

In terms of capital allocation, Heath expects that much of the new free cash flow from higher gold prices will be directed toward growth, including mergers and acquisitions (M&A), as companies seek to acquire strategic assets. Heath is optimistic about continued gold price increases, predicting that prices could reach between $2,600 and $3,000 per ounce by the end of 2024, driven by central bank purchases and renewed investor interest.

Metalla recently adopted a minimum share ownership policy to ensure management's alignment with shareholders. Heath explained that the policy formalized a practice already in place, signaling to investors that management has a vested interest in the company's success.

“Look, we’re aligned,” said Heath. “I’ve got the majority of my net worth in this business. It was just a formalization of something that was already there, but it was something we wanted to do as part of the company’s evolution.”

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

There is a lack of big discoveries in the mining sector, said Willem Middelkoop, founder and CEO of Commodity Discovery Fund. 

Last week, Middelkoop spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Middelkoop expressed optimism that the gold price could reach $3,000 before the end of the year, potentially marking the start of a new bull market.

"Gold could be on the verge of a breakout. This could be a violent move," Middelkoop said. 

He cited key factors driving the rise in gold prices, including currency debasement, a shortage of significant new discoveries, and heightened geopolitical tensions between the West and the rest of the world. 

"That's why we see many people fleeing towards gold—even central banks. And I think the last point is the most important reason for this rise in the gold price," he added.

Middelkoop explained that bull markets in gold typically begin with the major producers and royalty companies gaining momentum, followed by intermediates and eventually juniors. However, he noted that junior mining companies have remained flat this year despite the increase in gold prices.

Despite this price surge, Middelkoop expressed disappointment in the industry's lack of major new gold discoveries. He observed that many companies are simply rebranding old projects rather than finding new deposits, which underscores the need for mergers and acquisitions (M&A) to drive growth within the sector.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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

The gold miners should show some conviction in their product and hold more of it on their balance sheet, said David Baker, managing partner at Baker Steel Capital Managers. 

Last week Baker spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Baker advocates for gold mining companies to hold onto some of the gold they produce rather than converting it all into cash. He argues that this strategy would better align with the companies' messaging about the long-term value of gold as a hedge against fiat currency depreciation.

"Holding a bit of gold...send a message to the investors: they've got confidence in the product," said Baker. "Gold is an asset that basically should protect your purchasing power. [We are] already seeing gold starting to outperform inflation...so I think it's a reasonable place to start holding gold."

Gold's strong performance this year could trigger a "capital rotation," said Baker. 

"If the trend continues, it's going to be very hard for investors not to buy gold," said Baker. 

Baker emphasized the importance of capital management for mining companies, particularly those generating significant cash flow. His focus is on larger companies, typically above mid-cap, that balance growth with capital returns, which he considers the "holy grail" of investments.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

Without big backers, most juniors are going to struggle, said Luc ten Have, founder of GoldDiscovery.com

Last week ten Have spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. 

Ten Have speculates that the gold equities may be entering a period of slow, sustained growth, akin to the early 2000s, rather than a rapid spike. He said a slow build would be preferrable. 

"My impression is that the market is slowly building," said tenHave. "You don't really feel it yet, but it's a bit comparable to 2000 and 2001 where you didn't get that [shooting up] within half a year. All the stocks are up five or six X. 2016 was a year like that. 2020 was a year like that. I think it's better that this time it's going a little bit slower, because you don't get this six-month window and then everybody leaves again."

Ten Have noted the difficulty junior mining companies face in raising capital, despite high gold prices. Many smaller companies have not moved significantly, and while some with backing from major investors, like Eric Sprott and Pierre Lassonde, are doing well, others struggle. Ten Have emphasized that access to capital is critical for early-stage explorers, and without it, promising projects may not advance.

Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.

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.

Maintain perspective in this gold bull market, warned Darren Hall, president and CEO of Calibre Mining. 

Last week Hall spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Calibre Mining (TSX: CXB) is a Canadian-listed, Americas-focused, mid-tier gold producer with development and exploration projects across Newfoundland and Labrador, Canada, as well as Nevada, Washington, and Nicaragua. Calibre operates the Limon Mine in Nicaragua and recently finalized the acquisition of the Valentine Gold Mine in Newfoundland and Labrador, with initial gold production expected in the first half of 2025.

For 2024, Calibre's gold production guidance is between 275,000 and 300,000 ounces. Once Valentine becomes operational, production is expected to rise to 500,000 ounces annually.

Hall stressed the importance of diversifying the company’s asset base to mitigate the risks associated with relying solely on production from Nicaragua. The acquisition and development of Valentine in a stable jurisdiction like Newfoundland significantly bolster the company’s profile.

Calibre’s growth strategy has often been compared to B2Gold, which also began with assets in Nicaragua and grew through strategic acquisitions to become a million-ounce-per-year producer. While there are similarities, Hall emphasized that Calibre's success is driven by strong management, a dedicated team, and a focus on organic growth and exploration, particularly in Nicaragua and Nevada. The company’s strong balance sheet has allowed it to fund projects like Valentine while continuing exploration.

With gold prices around $2,600 per ounce, Hall acknowledged that the additional cash flow provides more financial flexibility but stressed that it doesn’t alter Calibre’s strategy. The company remains focused on organic growth, with exploration at the forefront of its future plans. Despite gold hitting several all-time highs in 2024, Hall urged miners to maintain perspective when making deals.

“Higher metal prices don’t make for more intelligent decisions,” Hall cautioned. “You’ve got to take a long-term view on any transaction. Is it durable? I’d take a conservative view on metal prices with respect to acquisitions and investment decisions, and then bank the upside when it comes, rather than require higher metal prices to support the decision.”

When evaluating projects, Hall noted that if you “torture the asset long enough, it’ll confess to any answer you want,” warning that committing under such conditions leads to unrealistic expectations.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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 gold's record highs, the miners aren’t celebrating yet, said Tim Wood, executive director of the Denver Gold Group. 

Last week Wood spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Despite gold hitting several all-time highs in 2024, Wood noted that the miners are still wary. While gold prices have surged to $2,600 per ounce, the enthusiasm seen in previous cycles has yet to materialize, with skepticism still prevalent among investors.

"I don't think we're at that belief stage," said Wood. "We've heard quite a few keynote speakers saying it's very clear that we are nowhere near even the onset of a euphoria stage. There's still a lot of skepticism."

Wood highlighted that, despite the high gold prices, attendance at the Gold Forum has decreased compared to its peak in 2018. The drop is due to broader uncertainties in the commodities markets. However, reduced interest rates in the U.S. usually boost metal prices, noted Wood.

Wood also discussed how falling fuel prices and reduced costs for chemical reagents used in mining could expand margins for gold producers in the coming quarters. This could lead to even stronger financial results for gold companies, many of which have already seen significant stock price increases this year. However, Wood believes that more investors will turn to gold stocks once they see consistent, strong quarterly results.

In terms of M&A, Wood predicted continued activity, especially among majors looking to maintain production levels. He suggested that the industry may see a "mega deal" in the near future, potentially creating a $100 billion gold company. Additionally, intermediate companies and single-asset producers may also face consolidation pressures.

Wood noted that while technology, including AI, is playing a larger role in the exploration and mining sectors, human expertise, particularly from skilled geologists, remains irreplaceable. He expressed skepticism about AI's ability to fully take over certain aspects of the mining process.

Looking ahead, Wood expects the rest of the year to be positive for gold producers, with higher metal prices, increased dividends, and strong financial results likely to attract more generalist investors to the sector.

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

Costs in the resource sector appear to be easing, said Steven Dean, chairman and CEO of Artemis Gold. 

Last month Dean spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Artemis Gold Inc. (TSX-V: ARTG) is developing the Blackwater Mine in central British Columbia, about 160 km southwest of Prince George. Dean expects the first gold pour by the end of this year. The company’s stock has doubled year-to-date, most recently trading at $12.63 per share. With favorable metal prices, Artemis is considering expansion. Phase 2 is projected to produce an average annual gold equivalent of 561,000 ounces and generate average annual after-tax free cash flow of C$544 million between years three and six.

Despite gold hitting multiple all-time highs, many miners have not experienced significant gains. Dean attributes this to lingering investor skepticism toward the sector.

"It's still a 'show me' market," said Dean. "The key to closing that value gap lies in more consistent performance across the sector—meeting guidance, hitting cash flow targets."

Dean noted that cost pressures are easing, which should help boost margins.

"Labor pressures aren’t as tight as they were," he said, adding that other costs are also showing signs of easing. "This should allow us to improve cash flow margins and deliver the kind of cash generation I believe the sector is capable of."

The Gold Forum Americas/XPL-DEV 2024 coverage is sponsored by Metalla Royalty.

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.

Use cash to grow gold production, said Jason Simpson, president and CEO of Orla Mining.

Last month Simpson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.

Orla Mining Ltd. (TSX: OLA) operates the Camino Rojo mine in Zacatecas State, Mexico. Camino Rojo is an open-pit, heap leach mine producing gold and silver. The site, 100% owned by Orla, spans over 139,000 hectares and contains both oxide and sulphide mineral resources. Additionally, Orla’s South Railroad project, located on the Carlin trend in Nevada, is a feasibility-stage, open-pit, heap leach gold project.

For 2024, Orla’s gold production guidance stands at 120,000 to 130,000 ounces, with all-in sustaining cost guidance improved to $800-$900 per ounce of gold.

Simpson noted that recent increases in gold prices have prompted the company to reassess its capital expenditure plans.

"The rise in gold prices has accelerated some of our capital allocation discussions," said Simpson. "We are accumulating cash at a faster pace than anticipated, which allows us to reconsider the timing of construction while ensuring we can self-fund not only construction but also exploration across all the countries we operate in."

When asked if gold miners should hold more precious metals rather than cash, Simpson responded:

"Most gold companies, including ours, intentionally grow our pipeline. We use that cash to enhance the value of the business by expanding gold production and making new discoveries."

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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 and copper production are increasing at New Gold, noted CEO Patrick Godin. 

Godin spoke with Kitco Mining last month during the Gold Forum Americas/XPL-DEV 2024 in Colorado.

New Gold Inc. (TSX: NGD) is a Canadian-focused intermediate mining company operating the Rainy River gold mine and the New Afton copper-gold mine. The company also holds additional Canadian-focused investments.

New Gold is expanding its production. Consolidated gold output is projected to increase by approximately 35% from 2023, reaching 410,000 to 460,000 ounces in 2026 at both Rainy River and New Afton. Copper production is expected to grow by about 60% over the same period, reaching 71 to 81 million pounds by 2026.

Godin mentioned that while investors are mostly satisfied with the performance of the gold miners, they are eager for further growth.

"Shareholders are...asking us: 'Okay, what's next?'," said Godin. "They appreciate that we’re adding value through exploration and organic growth, but the next question is: 'Can you do more?'"

Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.

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.

G Mining Ventures achieved commercial production in September, according to Louis-Pierre Gignac, the company's founder, president, and CEO.

Last month, Gignac spoke with Kitco Mining.

G Mining Ventures Corp. (TSX: GMIN) aims to grow into a mid-tier precious metals producer. Its flagship operations include the Tocantinzinho Gold Mine in Brazil and the Oko West project in Guyana.

In September, the company released a preliminary economic assessment for Oko, highlighting an after-tax NPV5% of $1.4 billion, an IRR of 21%, and a payback period of 3.8 years, based on a $1,950/oz base case for gold. The company plans to submit permit applications by the end of the year and aims to release a feasibility study in the first quarter of 2025.

Tocantinzinho reached commercial production in September and is designed for a 10.5-year mine life, with an average annual gold production of 174,700 ounces, increasing to 196,200 ounces for the first five full years.

Gignac noted that when Oko operates alongside Tocantinzinho, G Mining Ventures will become an intermediate gold producer.

"We have set a target of 500,000 ounces of production as the next milestone to achieve intermediate producer status," Gignac said. "The combination of Tocantinzinho and Oko will enable us to reach that goal."

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.

Precious metal miners are in a great bargaining position with the smelters, said Walter Coles, executive chairman of  @skeenaresources6013 .

Last week Coles spoke to Kitco Mining in Vancouver, B.C. 

Skeena Gold + Silver (TSX: SKE) is advancing its Eskay Creek project, a high-grade volcanogenic massive sulphide deposit that previously operated as an underground mine. 

“When Eskay Creek was operational in the 1990s and early 2000s, it produced 3.3 million ounces of gold and an astonishing 160 million ounces of silver," said Coles. "That was from an underground mine. We're revitalizing it as an open-pit operation, and we changed the name to highlight the silver still present."

In November 2023, Skeena completed a definitive feasibility study on Eskay Creek, revealing reserves of 4.6 million ounces (Moz) of gold equivalent (AuEq) at an average grade of 3.6 g/t AuEq. The study projects an after-tax NPV5% of C$2 billion, a 43% IRR, and a 1.2-year payback period, based on US$1,800/oz gold and US$23/oz silver. Recently, the company changed its name to Skeena Gold & Silver to emphasize the significant silver reserves remaining at Eskay Creek.

"Exploration is tough," Coles admitted. "There’s an old saying: 'The best place to find a mine is in the shadow of a headframe.' Our strategy was to acquire past-producing mines that were shut down during low points in the commodity cycle, hoping to find untapped resources."

The company plans to reopen it as an open-pit mine, with estimated annual production of 450,000 AuEq ounces in the first five years. Coles highlighted that current precious metal prices are favorable for miners, and that there are downstream benefits as well.

"I believe we're in a good position to negotiate better terms with smelters," said Coles. "With excess global smelter capacity, mines can push for higher payables."

Supply constraints are expected to sustain high precious metal prices for years.

“One thing that's certain is that commodities are cyclical," said Coles. "During downturns, companies reduce exploration and capital expenditures, which eventually leads to lower future supply. Now, we’re seeing the boomerang effect. Even with capital flowing back into the sector, supply won't rebound for years, creating favorable conditions for miners in the meantime."

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 Golden Triangle is one of the world's top five mining areas, said Shawn Khunkhun, president and CEO of Dolly Varden Silver. 

On Thursday Khunkhun spoke to Kitco Mining at its Vancouver studio.

Dolly Varden Silver Corporation (TSX.V:DV) is a mineral exploration company focused on advancing its 100% held Kitsault Valley project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep tide water. In 2022 Dolly Varden acquired Homestake Ridge gold-silver project from Fury Gold Mines. Homestake is located adjacent to the Dolly Varden project. Last month Dolly Varden closed a $32 million bought deal offering.  

The Golden Triangle is situated in the northwest of British Columbia. Red Chris and Brucejack mines, both owned by Newmont, operate in the region. 

The Dolly Varden project contains historic mines. 

"I don't doubt there's a lot of silver to discover, probably north of 100 million ounces at Dolly," said Khunkhun. "But bringing in Homestake and bringing in the million ounces of gold and having the big hits that we've had...I think we may be onto a system that's reminiscent of Brucejack, Eskay, or Premier, and that's what we've got on deck in terms of these drill results that are pending."

Khunkhun said a number of factors favor precious metals: the Fed is easing, geopolitical turmoil and an uptick in precious metal ETF buying. 

"I would be shocked if we didn't get a new all-time high in silver," said K. "Every other time we've been into precious bull market, silver has lagged and then outperformed. It looks like that setup is occurring right now."

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.