Digging Deep

Hosted by Paul Harris, Kitco Media

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Oct 2026

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Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.

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October 23, 202640 min

U.S. Copper Stockpiling Is Squeezing China | Christopher Ecclestone

Copper dominated LME Week 2026 as U.S. stockpiling efforts intensified competition for global supply. Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, argues that Washington's strategic metals push is redirecting copper flows and putting pressure on China's inventory position. Speaking with Kitco Mining's Paul Harris on Digging Deep, recorded October 22, 2026, Ecclestone examines Mercuria's delivery of 12,000 tonnes of copper into the U.S. Project Vault stockpile. “copper's the thing that everybody needs,” he said, arguing that its widespread industrial importance makes it a more consequential geopolitical chokepoint than rare earths. He also discusses CME Group's planned tungsten futures contract and efforts to improve price transparency. In Argentina, Ecclestone warns that some mining companies benefiting from President Javier Milei's RIGI incentives risk undermining local suppliers by importing basic construction materials from China. “there is no trickle,” he said, questioning whether these investments are delivering wider economic benefits and warning of potential political backlash. Ecclestone also examines Arizona's copper revival, including Hudbay and Mitsubishi's approval of Copper World, targeting first production in the second half of 2029, and Faraday Copper's San Manuel acquisition. He discusses risks surrounding tokenized gold and the challenges facing mining investment in Peru and Chile. Today’s show is brought to you by Kalshi. Trade the first CFTC-regulated gold and silver perpetuals in the U.S., 24/7, with no expiration date. https://kalshi.com/p/KT2026 Availability varies by jurisdiction. Not available in Canada. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:30 - LME Week 2026: Copper Dominates the Conversation 02:18 - U.S. Copper Stockpiling Puts Pressure on China 03:37 - Project Vault and the Global Copper Supply Squeeze 06:45 - Copper vs. Rare Earths: Which Is More Critical? 08:45 - CME Tungsten Futures and Market Transparency 11:38 - Argentina's RIGI Incentives and Chinese Imports 22:20 - Tokenized Gold, ETFs and Investor Trust 27:05 - Arizona Copper Revival: Hudbay, Faraday and Ivanhoe 35:25 - Peru and Chile's Mining Investment Challenges __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

October 20, 202629 min

$5,000 Gold Could Change the Math for Small Mines | Jeff Pontius

Jeff Pontius, exploration geologist and chair of Mackay Gold & Silver, joins Kitco Mining’s Digging Deep with Paul Harris to discuss what separates a promising deposit from a mining project that can actually be financed, permitted and built. Pontius outlines Mackay’s drilling strategy along the Occidental-Brunswick trend at the Comstock project, where the company is targeting broad oxide mineralization and sees room to build a larger district-scale resource. He says Mackay is focused on exploration and resource development, with the goal of creating an asset capable of attracting multiple potential buyers. Across Nevada, Pontius weighs i-80 Gold’s staged development plan and says more independent refractory processing is needed, describing the current market around Nevada Gold Mines as “a bit of a monopoly.” He also looks past Hycroft Mining’s headline Vortex intercept, arguing that capital intensity and metallurgy remain the bigger challenges. Pontius is cautious on smaller projects such as Bonterra’s Barry Gold project, warning there is “very little room for things not to go perfect,” although he believes $5,000 gold would materially improve the outlook. He also discusses Discovery Mining’s Ontario expansion, the coming copper supply gap, Quebradona in Colombia, and why infrastructure and clearer permitting timelines matter for the next generation of copper projects. Recorded October 15, 2026. Today’s show is brought to you by Kalshi. Trade the first CFTC-regulated gold and silver perpetuals in the U.S., 24/7, with no expiration date. https://kalshi.com/p/KT2026 Availability varies by jurisdiction. Not available in Canada. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:13 - Mackay Comstock Drilling Goals 01:49 - SSR Mining Deal and Marigold Grades 04:34 - Why SSR Mining Stock Sold Off 05:52 - Mackay Gold & Silver: Build or Sell? 08:42 - i-80 Gold Multi-Project Development Plan 11:17 - Nevada Refractory Processing Capacity 12:55 - Hycroft High-Grade Drill Result 15:31 - Discovery Mining Ontario Expansion 18:49 - Bonterra Barry Gold PEA Risks 21:32 - Copper Supply Gap and Project Picks 25:06 - Mining Permitting Reform __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

October 5, 202622 min

Organic Growth Is Back Across the Mining Sector | Neil Adshead

Neil Adshead, Consulting Geologist at Commodity Discovery Fund, joins Kitco Mining’s Paul Harris for Digging Deep at the 2026 Mining Forum Americas in Colorado Springs to explain why organic growth is moving back to the center of the mining sector. Adshead says stronger gold, silver and copper prices and healthier balance sheets are bringing long-held projects back into focus. After watching three company presentations, he counted roughly 720,000 meters of planned 2026 drilling, while arguing that shareholders’ appetite for cash returns has been “satiated” and attention is shifting toward production growth and cash flow per share. He also says producers remain disciplined on reserve assumptions and that today’s M&A environment looks more measured than previous cycles. Adshead weighs Gold Fields’ approach to Northern Star and Barrick’s planned North American IPO, while arguing that copper juniors face a tougher problem: multi-billion-dollar projects can be too expensive to build independently, while major miners continue to favor scale and lower-risk internal growth. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 00:26 - Gold and Silver Selloff 01:02 - Organic Growth Takes Over the Conference 02:49 - Drilling Boom and Internal Growth Pipelines 04:28 - Reserve Prices and Cutoff Grade Discipline 06:32 - Healthy Sector, Measured M&A 07:08 - Gold Fields, Northern Star and Barrick 13:37 - Why Copper Majors Prefer Build Over Buy 17:30 - What Majors Want From Gold Projects __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

September 30, 202624 min

Better-Funded Juniors Are Changing the M&A Cycle | David Erfle

David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Paul Harris to break down what the latest deals and feasibility studies are revealing about the mining cycle. Erfle says better-funded juniors are under less pressure to sell early, while major producers are becoming more disciplined about how they pursue M&A. He points to Agnico Eagle’s strategy of taking strategic stakes before committing to full acquisitions and weighs Artemis Gold’s acquisition of Vista Gold, which he says some investors view as “more of a take under than a takeover.” He also argues that the bar for project economics has moved higher. At $3,500 gold, Erfle says a 30% to 35% IRR may now look marginal, while “50% and higher” is what he would expect from a strong project. Liberty Gold’s Black Pine stood out to him, with a 69.4% after-tax IRR at the $3,500 gold sensitivity case and $411 million initial CapEx. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 01:38 - Why Mining M&A Is Still Quiet 03:00 - Artemis Gold Buys Vista Gold 06:46 - Luca Mining Expands With Cosamin 09:44 - Agnico’s Strategic Investment Strategy 13:23 - Ivanhoe Electric’s Santa Cruz Feasibility Study 15:44 - Which Mining Studies Stand Out? 17:53 - Elemental Royalty’s Latest Deal 19:42 - Why Liberty Gold Stood Out __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

September 8, 202641 min

Mega-Projects Are Getting Harder to Build | Joe Mazumdar

Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to discuss global bond stress, gold’s renewed strength, country risk, permitting wins, critical minerals policy and where major junior mining financings are flowing. Mazumdar says debt costs, currency uncertainty and geopolitical risk should keep support under precious metals, while higher rates raise the cost of capital for mining projects. He says Barrick’s Reko Diq copper project in Pakistan shows why the mega-projects needed for future copper supply are becoming harder to build, with security risk, capital intensity, infrastructure needs and long permitting timelines weighing on development. Mazumdar also discusses the Andean copper and lithium alliance between Peru, Chile, Argentina and Bolivia, permitting wins in Yukon, Oregon and Arizona, First Nations consultation battles in British Columbia and Ontario, and U.S. efforts to secure critical minerals for drone warfare. He also weighs Project Vault, processing bottlenecks, tungsten economics, and why big financings for Magna Mining, Thesis Gold and Radisson show capital is still flowing to lower-risk jurisdictions. Recorded September 3, 2026. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:00 - Welcome and Digging Deep Agenda 00:21 - Bond Yields and Gold Surge 02:58 - Will the Gold Rally Last? 04:32 - Barrick Reko Diq Security Risk 07:24 - Mega-Projects and Barrick Spinout Strategy 10:31 - Andean Copper-Lithium Alliance 16:24 - Permitting Wins in U.S. and Canada 23:20 - First Nations Consultation Battles 29:06 - Critical Minerals for Drone Warfare 35:08 - Tungsten Boom and Project Economics 37:20 - Big Junior Financings in Canada 40:05 - Wrap-Up and Subscribe __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here: https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

September 8, 202644 min

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

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris to discuss why gold equities are catching up to higher metals prices, why copper supply remains constrained, and how rising resource nationalism is changing the risk equation for miners. After an August rally added an estimated US$357 billion to the value of the top 50 mining companies, Adshead-Bell says sustained strength in gold and copper is bringing generalist investors back into mining equities after years of underrepresentation and deep-value trading. She says the sector is still in the early stages of a long-term bull market, but warns that late-arriving generalist money, inflated junior valuations and M&A feeding frenzies often mark the danger zone. Adshead-Bell also discusses Brazil’s mining-policy contradictions, including Vale Base Metals’ IPO uncertainty, Sigma Lithium’s license suspension and Belo Sun’s permitting challenges, while arguing Brazil can still work when companies understand the rules. She weighs Chile’s weak copper output, Ivanhoe Mines’ Western Forelands resource growth, why record copper prices may not bring meaningful new supply for five-plus years, rising government take, Collective Mining’s resource-risk moment in Colombia, and Liberty Gold’s Black Pine feasibility study in Idaho. Recorded September 8, 2026. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:47 - Gold Stocks Catch Up 05:58 - Post-Summer Mining Outlook 06:57 - Vale Base Metals IPO Politics 15:00 - Sigma Lithium License Halt 18:34 - Belo Sun Permitting Purgatory 21:22 - Copper Supply Crunch 25:31 - Resource Nationalism Rising 30:36 - Collective Mining Resource Risk 37:10 - Liberty Gold Black Pine Feasibility 41:29 - Why Mining Communication Matters __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the vi Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

September 1, 202639 min

Newmont Surge Signals Gold Stocks Are Back | David Lotan

David Lotan, President of LHI and former Chair of Aurion Resources, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, the return of leverage in gold equities, Canada-U.S. trade tensions, and the lessons from Agnico Eagle’s consolidation of Aurion, Rupert Resources and B2Gold’s joint venture interest in Finland. Lotan says U.S. debt, elevated borrowing costs and Treasury efforts to manage bond yields are reinforcing the case for gold as central banks reduce exposure to U.S. Treasuries and increase gold holdings. “Long to medium term, I think I’m a permanent gold bull,” he said. He also points to Newmont’s sharp move as a sign that generalist money is returning to gold equities, with miners attracting investors looking for protection if the AI trade breaks. Lotan also reflects on Aurion’s sale, saying the process showed the limits of governance, insider ownership and balance-sheet discipline when markets are focused on drilling and scale. He explains how strategic investments from majors can extend a junior’s runway, but investor-rights agreements may also limit competitive tension in a future takeover. He also discusses Trump’s tariffs on Canada, Agnico’s C$57 million investment in Radisson Mining Resources, unconventional junior M&A, Idaho’s Silver Valley, antimony and U.S. critical-minerals urgency, and Saudi Arabia’s mining push. Recorded August 27, 2026. Subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:32 - Bond Market and U.S. Debt Fears 03:10 - Gold Outlook and Central Banks 04:54 - Gold Stocks Catch Up 06:39 - Newmont Surge and AI Hedge 09:40 - Trump Tariffs and Canada Fallout 13:02 - Agnico, Aurion and Rupert Deal 18:07 - Lessons from Selling Aurion 22:06 - Agnico Stakes and Junior Control 30:10 - Bunker Hill-Silver 47 M&A 35:58 - Saudi Mining Push and Water Risk __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

August 25, 202625 min

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

David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris to break down gold’s renewed surge, silver’s upside, mining M&A, strategic investments in juniors, and whether producers are returning too much cash instead of funding future growth. Erfle says gold’s breakout was driven by a weaker U.S. dollar, falling long-term yields, Treasury debt-buyback moves, and markets positioning ahead of the Fed’s Jackson Hole symposium. With oil back above US$90 per barrel, U.S. debt topping US$40 trillion, inflation still elevated, and growth slowing, Erfle says the Fed is trapped between supporting the economy and reviving inflation. “This is basically the road towards stagflation, and that is rocket fuel for precious metals,” he said. Erfle also compares the latest gold and silver correction with the 2008 setup, outlining a scenario for much higher metals prices by 2029. He explains why late-stage developer ounces could attract more M&A into year-end, how Beaver Creek and Denver Gold Forum could become dealmaking catalysts, and why strategic investments from majors can validate juniors while setting up potential bidding wars. He also discusses OceanaGold’s US$549 million Ausgold deal, Canada’s mining and permitting response to U.S. tariffs, producer buybacks and dividends, bullion on balance sheets, and critical minerals valuations. Recorded August 20, 2026. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:00 - Welcome and Market Setup 00:26 - Iran Conflict and Oil Risk 01:11 - Gold Surge Explained 05:51 - Debt, Buybacks and the Fed Trap 09:36 - OceanaGold Buys Ausgold 11:18 - M&A Cycle and Conference Catalysts 12:08 - Majors Funding Junior Explorers 17:20 - Producer Cash Returns Versus Growth 20:17 - Dividends and Gold on Balance Sheets 21:33 - Critical Minerals Valuations __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

August 13, 202640 min

Jeff Pontius Explains Comstock Gold Bet as Mackay Drills Nevada

Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, Mackay Gold & Silver’s Comstock district opportunity in Nevada, major financings for explorers, the Barrick-Newmont Nevada agreement, African mining policy, and how the U.S. can rebuild domestic mining capacity. Pontius says a US$4,000 gold base would be “exceptionally good” for producers and developers, especially with many companies producing around US$2,000 per ounce or lower. He says the recent pullback created a buying opportunity, while a less aggressive Fed and stronger broader market could support further gains into year-end. “I think we’ve got a good runway to go on,” he said. Pontius also explains why he came out of pseudo-retirement to chair Mackay, comparing the consolidated Comstock district near Reno to Cripple Creek before modern district-wide exploration. He discusses Mackay’s 20,000-meter drill program, large oxide targets at surface, and why strong treasuries let explorers drill faster, test bigger ideas, and balance dilution against discovery speed. Pontius also weighs government ownership in African mining projects, spinouts, research funding, permitting reform, and flow-through-style tax incentives for U.S. exploration. Recorded August 13, 2026. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:26 - Gold Finds a US$4,000 Floor 02:12 - Road to US$5,000 Gold 03:18 - Summer Volatility and Gold Pullback 05:17 - Why Jeff Pontius Joined Mackay 10:09 - Comstock Drill Plan and Targets 13:14 - Barrick-Newmont Nevada Deal 17:38 - Africa Gold Deals and Permits 18:28 - Government Ownership Debate 25:51 - Big Raises for Gold Explorers 28:58 - Treasury Size Versus Dilution 32:28 - Spinouts Done Right 35:40 - U.S. Mining Schools and Policy __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

August 13, 202632 min

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

Neil Adshead, Consulting Geologist at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down U.S. critical minerals policy, the Barrick-Newmont Nevada Gold Mines agreement, gold-sector capital returns, and AI’s growing push into mining. Adshead says U.S. support for critical minerals can help bring attention and talent back to the sector, but he questions whether taxpayer money should be used to pick company winners. He says broader tax incentives and stronger mining schools would do more to rebuild long-term capacity. “I’d rather see the free market determine where the capital goes,” he said. Newmont’s US$1.95 billion payment to Barrick under the Nevada Gold Mines agreement raises fresh questions about Fourmile’s valuation and Barrick’s planned IPO of its North American gold assets. Adshead says the deal could prove a long-term win-win, while major producers continue to return billions through buybacks and dividends. He also weighs whether Newmont and Barrick sold key assets too soon, Hercules Metals’ new leadership team in Idaho, and Mariana Minerals’ US$310 million raise as a software-first critical minerals company. Recorded August 11, 2026. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:00 - Welcome and Headlines 00:31 - Trump Critical Minerals Push 01:28 - Picking Winners vs Free Markets 04:24 - Funding U.S. Mining Schools 08:51 - Barrick-Newmont JV Deal 09:53 - Fourmile Valuation Debate 14:08 - Buybacks and Capital Returns 17:36 - Did Majors Sell Too Soon? 21:01 - Gold Sector Health Check 23:58 - Hercules Metals’ New Team 26:43 - Mariana’s AI Mining Bet __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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