Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep to discuss Nevada discoveries, royalty market premiums, and the outlook for M&A. Pontius, who led Corvus Gold through its C$570 million acquisition by AngloGold Ashanti in 2022, has advanced multiple discoveries across his career and continues to advise and evaluate new opportunities.

On AngloGold’s Nevada build-out, he said, “They’ve done a very good job of advancing that, keeping the locals on side, pushing the permitting forward.” He continued that the company are going to start with the North Bullfrog project, “which is a couple million ounce open pit heap leach project.” He added that the discovery will be a cornerstone asset “for 20 or 30 years into the future.”

Pontius pointed to recent royalty transactions, commenting that, “those transactions are at a premium and it’s impressive.” He expects mid-tiers to lead the next wave of acquisitions, with majors focused only on the largest multi-million-ounce projects. On financing, he noted that bigger raises reduce dilution and show investors are more disciplined than in past cycles.

Looking ahead, Pontius remains bullish, predicting that “we’re in those early phases, and I look for two to three more years of pretty strong move in the commodity price.”

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

Neil Adshead, Consultant Analyst at Commodity Discovery Fund, joins Kitco Mining’s Digging Deep as gold pushes past US$3,700 per ounce and silver hits 14-year highs. In the discussion, he points to central banks as the marginal buyers driving bullion higher, noting “The marginal buyer is these central banks,” and that nations across Asia and Europe are steadily adding gold to reserves.

Adshead explains silver’s dual role, with nearly 60% of demand coming from solar, electrification, and other industrial uses, even as investors continue to treat it as a store of value. He also highlights a shift among producers, who are pivoting from buybacks and dividends to growth strategies through exploration and M&A, reflecting confidence in the bull market for equities.

In copper, Adshead discusses Freeport’s Grasberg mine and the major setback faced after a mudslide dumped 800,000 tons underground. “This is not going to be a quick fix. This is going to take many months to rectify,” Adshead said, adding that output may not recover until 2027. The disruption pushed copper above US$10,000 per tonne, or roughly US$4.55 per pound, on the Grasberg news, supporting developers like Atex, which recently unveiled a multibillion-pound copper-gold resource in Chile.

Adshead weighs in on U.S. critical minerals policy, from the DOE’s proposed 10% stake in Lithium Americas’ Thacker Pass project to fresh G7 and EU proposals for rare earth price floors. He argues that direct government backing will remain a defining feature of supply security, even if it risks capital misallocation.

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

Nicole Adshead-Bell, Director at Cupel Advisory, joins Kitco Mining’s Digging Deep to unpack what the current bull market looks like on the ground after two intense weeks of meetings and panels. “We are definitely in a bull market, but we are not yet seeing the crazy bubble-like behavior.” From financing windows reopening to packed investor schedules, she lays out the signals that matter.

After running a well-attended Mining 101 short course aimed at non-specialists, Adshead-Bell says interest is rising, but the rotation is still early: “Generalists are definitely doing their homework. I don't think they're in the sector in a material way yet, but we will start to see more of those marginal inflows, which of course, drive share prices higher.” She adds that what normally happens is, “FOMO drives boards and management teams. And that's when you start seeing above precedent, transaction premiums paid, and also competition for assets.”

Capital allocation is also shifting, with companies talking growth, boosting exploration budgets, and taking M&A down the food chain as boards look for multi-asset scale and pipeline depth. On valuation discipline, Adshead-Bell is clear: “I think the best arbiter is true free cash flow, and then obviously free cash flow per share.” She also flags how reserve price assumptions may trend higher, why manufactured transactions and royalty financing are shaping deal flow, and how new pools of capital, including Middle East sovereign wealth, are impacting metals exposure.

The conversation also touches on the World Gold Council’s new campaign, “Touched by Gold,” a documentary featuring Elton John that links gold to culture and its roles in medicine and technology, including pacemakers and HIV detection. Adshead-Bell is skeptical of the approach: “I do not think this is an effective way to message gold,” and she argues for sharper PR and digital outreach that reaches younger investors with clear, accessible content.

Adshead-Bell makes the case for better corporate messaging and transparency so investors can do the work quickly, while cautioning against classic top signals like 100% bid premiums and a stampede of generalists.

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

JuniorMinerJunky.com founder David Erfle joins Kitco Mining’s Digging Deep to unpack a pivotal week for gold, silver, copper, and mining equities. “Gold futures hit $3,700 and silver now is back over $42 in the futures market as we’re speaking right now,” he says. With money flowing and juniors hitting 52-week and all-time highs, sentiment has flipped. “It’s really nice to see a lot of those frowns from the last couple of years turned upside down.”

Speaking at Precious Metals Summit Beaver Creek, Erfle breaks down the proposed $53 billion Anglo Teck copper mega-merger, calling it a major positive for the sector and noting the 12 to 18-month timeline could invite rival bids from giants like Glencore or Rio. He also points to a new wave of juniors securing producing mines for cash flow, citing Integra, Discovery, and Heliostar as examples.
On royalties, Erfle highlights the $450 million Elemental Altus EMX merger into a $1 billion mid-tier, alongside Tether’s $100 million investment as crypto capital moves into mining.

Erfle says bargains are harder to find and a correction is likely, but he remains bullish on fund flows and sector momentum.

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

Is silver's technical breakout above $35 the real deal, and could it rapidly surge to $50? David Erfle from JuniorMinerJunky discusses silver's technical breakout above $35 and the potential for it to quickly reach $50, referencing its history of rapid, violent moves. In this latest episode of Digging Deep with Kitco’s Senior Mining Editor and Anchor Paul Harris, he notes that silver miners are already leading the metal higher, with ETFs like SIL and SILJ posting multi-year highs ahead of the breakout. The conversation delves into turnaround stories at Americas Gold and Silver and McEwen Mining, discussing their strategies, financing, and potential for growth. Other key topics include the landmark agreement for Taseko's New Prosperity project, the debate around royalties and streams, and a significant drill discovery by Power Metallic Mines.

Key points:
- Silver breaks above $35, technically confirmed breakout
- Silver stocks (ETFs like SIL, SILJ) led the metal higher
- Americas Gold and Silver is a turnaround under new CEO Paul Huet
- McEwen Mining targets growth
- Taseko's New Prosperity project moves forward

00:00 Introduction and Welcome
00:23 Silver's Breakout: Analyzing the Surge
04:10 Impact on Silver Stocks
05:51 America's Gold and Silver: A Turnaround Story
12:14 McEwen Mining's New Chapter
17:59 First Nations Agreements and Mining Projects
25:00 Exciting Drill Hits and Market Reactions
27:46 Conclusion and Sign Off

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

#mining #silver #investing

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

Will the current M&A wave reshape the mining sector in 2025? Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to break down a pivotal Q1 for the gold and copper sectors. In this Digging Deep episode, she unpacks the M&A frenzy sweeping the mining space, the implications of record gold margins, and why high prices may be masking deeper production issues. Nicole also weighs in on China’s aggressive push into Latin America, a massive copper-gold discovery by Lundin-BHP, and the financing turnaround at i-80 Gold.

Key points:
- Majors see gold output slide by 1.5M oz while margins exceed 60%
- M&A cycle is accelerating, investors now demanding near-term growth
- Lundin-BHP’s Vicuna project revealed as biggest copper discovery in 30 years
- China’s long-game: Latin American copper takeovers amid Western inaction
- U.S. permitting delays, rising arsenic ore challenge future copper 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.

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

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

Can Newmont ever catch up to Agnico Eagle’s performance? Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Paul Harris to break down a busy week for mining and M&A activity. Mazumdar discusses Agnico Eagle’s outperformance over Newmont, the implications of Trump’s proposed 28-day mining permit approvals, and the major Barrick gold divestments. He also unpacks the takeover of Lumina Gold and Orogen Royalties, and what these deals signal for the mining sector’s future.

Key points:
- Why Agnico Eagle is outperforming Newmont
- Will Trump’s 28-day permitting plan work?
- Why Barrick sold its stake in the massive Donlin gold project
- Orogen Royalties’ big payday and Silicon project insights
- The Lumina Gold buyout and challenges for developers

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