Kitco MINING

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Oct 2026

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The Global Leader In Resource News Kitco Mining delivers the latest news, in-depth analysis and valuable insights into the mining industry. Our extensive coverage of precious and base metal companies will keep you informed and prepared. Our scope isn't limited to gold and silver mining; we also explore base metals like lead and iron ore, as well as critical minerals like copper, cobalt, graphite, lithium, manganese, neodymium, nickel, niobium, palladium, platinum, rhodium, tin, tungsten, vanadium, and zinc. Be informed about energy transition and the battery metal sector. Kitco has exclusive access to influential CEOs and investors, so you can make confident, informed decisions. We cover the entire resource sector, from exploration and development companies to miners and royalty and streaming firms. Stay ahead of the curve. Subscribe today! GOLD LIVE! APP - https://applications.kitco.com In-depth coverage - https://www.kitco.com/mining

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October 23, 202632 min

Uranium Prices Remain Too Low as NexGen Advances Rook I | Travis McPherson

Uranium prices have climbed to multi-decade highs, but NexGen Energy says they remain too low to incentivize the new production needed to address a growing global supply deficit, even before accounting for rising electricity demand from AI data centers. Speaking with Kitco Mining's Paul Harris on October 15, 2026, NexGen Energy Chief Commercial Officer Travis McPherson says years of underinvestment have constrained supply as nuclear utilities become increasingly concerned about securing future fuel. Despite uranium prices rising roughly fivefold over the past decade, he says global production has remained largely flat. With utilities seeking long-term supply, NexGen is deliberately preserving pricing flexibility ahead of production at its Rook I project. “We don't give away optionality for nothing,” McPherson said. The company favors shorter contracts linked to market prices at delivery rather than committing most of its future output years in advance. In Saskatchewan, construction is advancing at the C$2.2 billion Rook I project, targeting first production around 2030 and annual capacity of up to 30 million pounds of U₃O₈. McPherson discusses upcoming shaft-freezing and sinking milestones, exploration at Patterson Corridor East, and why uranium equities have lagged the commodity despite improving fundamentals. 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. 01:05 - Why Uranium Prices Are Still Too Low 03:22 - Nuclear Utilities Face Growing Uranium Supply Shortages 05:29 - AI Demand, Geopolitics and Nuclear Energy 07:34 - NexGen's Uranium Contracting Strategy 10:31 - Shorter Contracts and Market-Based Uranium Pricing 13:26 - Physical Uranium ETFs and Price Discovery 15:06 - Why Uranium Stocks Are Lagging Uranium Prices 18:20 - Rook I Construction and the 2030 Production Target 20:51 - C$2.2B Capex, Construction Risks and Timeline 26:46 - Patterson Corridor East and Exploration Upside 30:19 - Shaft Freezing and Upcoming Construction Milestones __________________________________________________________________ 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 23, 202610 min

Coeur Mining Shifts From Acquisitions to Cash Flow and Shareholder Returns | Mitch Krebs

Coeur Mining is shifting from major acquisitions to execution, with its expanded North American portfolio expected to generate approximately $2.3 billion in adjusted EBITDA and $1.5 billion in free cash flow in 2026 following the SilverCrest and New Gold transactions. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Mitch Krebs says the transformation has reshaped Coeur's financial position. After generating negative $300 million in free cash flow in 2023, the company now holds more than $1 billion in cash. “we're now very much in the digestion and delivery mode,” Krebs said, emphasizing that further acquisitions are on hold as management focuses on operating performance. Coeur is balancing organic growth with shareholder returns, including a $750 million share buyback authorization, approximately $220 million repurchased at the time of the interview, and its first dividend in roughly three decades. Krebs says buybacks remain the preferred approach because of their flexibility, while maintaining cash reserves provides protection during weaker commodity cycles. Looking ahead, Coeur is targeting mine-life extensions at Rainy River and New Afton, where K-Zone exploration could support production into the 2040s, while advancing a prefeasibility study at Silvertip. Krebs expects 2027 to be the first full year reflecting the enlarged portfolio. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:33 - Coeur Mining Shifts From M&A to Execution 02:01 - Organic Growth at Rainy River, New Afton and Silvertip 03:26 - SilverCrest and New Gold Transform Coeur's Cash Flow 04:46 - $750M Share Buyback and Capital Allocation 06:19 - Coeur's New Dividend and Buyback Strategy 07:01 - Gold, Silver and Copper Production Mix 08:21 - Why Coeur Is Pausing Further Acquisitions 09:21 - 2026 Guidance, Q4 Outlook and 2027 Growth Catalysts __________________________________________________________________ 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 23, 202624 min

Mineros Targets Nicaragua Growth While Building Gold Treasury | Daniel Henao

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Daniel Henao outlines a $25 million expansion at the Hemco operation, increasing processing capacity by more than 40% and targeting an additional 30,000 to 40,000 ounces of annual gold production in 2027. Following the interview, Mineros raised its 2026 consolidated production guidance to 235,000–245,000 ounces, supported by operational improvements in Nicaragua and Colombia. The company is also advancing Porvenir, where an updated prefeasibility study estimates $207 million in initial capital and a 37.9% after-tax IRR. Management is targeting a construction decision in early 2027, subject to remaining permits. Beyond production growth, Mineros has built approximately 40,000 ounces in gold-related treasury holdings, according to Henao, while maintaining dividends and a discretionary $175 million share buyback program. Explaining the strategy, he said “gold is a great way of preserving, uh, the value of, of our treasury.” Henao also discusses La Colosa's development challenges in Colombia, La Pepa in Chile and a potential U.S. listing. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:55 - Mineros' Turnaround and Record Financial Performance 03:10 - How Sun Valley Investments Took Control 04:52 - $25M Investment to Expand Gold Production 06:48 - Nicaragua Expansion Toward 200,000 Oz 09:06 - Porvenir's $207M Development and Permitting 10:42 - Colombia Mining Outlook and Nechí Growth 12:22 - La Colosa Gold Project and Community Support 14:29 - La Pepa Expansion and Potential U.S. Listing 17:37 - Dividends and $175M Share Buyback Program 20:47 - Building a 40,000 Oz Gold Treasury __________________________________________________________________ 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 23, 202621 min

Franco-Nevada Prepares for a New Wave of Deals | Paul Brink

Franco-Nevada is preparing to deploy substantial capital into new mining deals, with $4.3 billion in available capital and a growing pipeline of opportunities as royalty and streaming finance gains traction across the industry. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026 on September 29, President and CEO Paul Brink expects significant investment activity ahead, saying, “In the next six to 12 months we will deploy a good amount of that capital.” At Cobre Panamá, Brink says Franco-Nevada has received its first payment from renewed stockpile processing, while discussions over the mine's future continue. The company is also tracking toward the upper half of its 2026 production guidance, supported by anticipated Cobre Panamá deliveries and stronger energy royalty revenue. Beyond traditional streams and royalties, Franco-Nevada is increasingly combining debt and equity financing to back experienced mine-building teams, including partnerships with i-80 Gold and Minerals 260. Brink also discusses BHP's $4.3 billion Antamina silver stream as a major endorsement of the sector and why increasingly expensive copper projects could drive further demand for alternative financing. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:25 - 2026 Production Guidance and Growth Outlook 01:08 - Cobre Panamá Stockpile Processing and Payments 01:48 - Cobre Panamá Restart and Government Negotiations 04:18 - Côté Gold Royalty and IAMGOLD Buyback Option 05:34 - Syndicating Larger Streaming Deals 06:46 - Managing Deal Size and Jurisdictional Risk 08:17 - BHP’s $4.3B Antamina Silver Stream 10:37 - Copper Mining Costs and Streaming Opportunities 11:49 - Franco-Nevada’s Debt, Equity and Royalty Strategy 16:36 - $4.3B Available Capital and New Deal Pipeline 18:31 - Energy Royalties and Higher Oil Prices __________________________________________________________________ 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 23, 202621 min

Pan American Silver Plans 19M Oz Expansion | Michael Steinmann

Pan American Silver is targeting up to $1 billion in shareholder returns in 2026 while advancing a $1.9 billion expansion at La Colorada in Mexico, balancing dividends and buybacks with a major investment in future silver production. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Michael Steinmann says strong cash flow and more than $3 billion in liquidity give Pan American room to pursue both priorities. The La Colorada Skarn project could lift the expanded mine's annual silver output to approximately 19 million ounces during its peak five years, with an estimated 37-year mine life. Steinmann also sees further upside for silver as industrial demand grows and supply struggles to respond. He said he would not be surprised to see “a jump like that to 150 or $200 over the next few years,” while cautioning that sharp rallies can reverse. Beyond metal prices, Steinmann argues that a shortage of experienced mine-building teams could accelerate industry consolidation. He also discusses Pan American's disciplined approach to acquisitions, operating costs, and plans for an economic assessment of its Timmins assets. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:31 - Silver’s Volatile Rally and Price Outlook 01:25 - Industrial Demand and Silver Supply Constraints 02:43 - Could Silver Reach $150, $200 or $500? 04:09 - Pan American’s $1B Shareholder Return Target 05:42 - How Byproduct Credits Lower Silver Mining Costs 07:33 - Production, Inflation and Weather Risks 09:55 - Balance Sheet, Liquidity and Shareholder Returns 11:52 - Pan American’s M&A and Growth Strategy 15:42 - Why Building Large Silver Mines Is Getting Harder 19:12 - La Colorada Skarn Expansion and Timmins PEA __________________________________________________________________ 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 23, 202619 min

Equinox Gold Shifts From M&A to Execution | Jason Simpson

Equinox Gold has finished building scale through major transactions. Now the focus is on proving the enlarged company can deliver. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and incoming CEO Jason Simpson said Equinox is shifting from merger-driven growth to execution after combining with Calibre Mining and Orla Mining. “We don't need anything else. We just need to focus on delivering,” Simpson said. The combined portfolio has annual production capacity of roughly 1.1 million ounces, with an organic growth pipeline that could take Equinox toward 2 million ounces. Simpson said the projects have been deliberately sequenced so they are not competing for capital, with the next major growth phase centered on the U.S. before further expansion opportunities in Mexico and Canada. Simpson said more than 50% of Equinox’s NAV is currently in Canada, while future U.S. growth could lift the combined Canada-U.S. share to about 70%. Near-term catalysts include the Greenstone and Valentine ramp-ups, early works at South Railroad in Nevada toward 2028 production, and progress at Castle Mountain. Equinox also plans to fund growth internally while reducing debt, buying back shares and returning capital through dividends. Simpson said delivering 2026 guidance is the immediate test of the company’s new senior-scale platform. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:34 - How the Equinox-Orla Merger Came Together 02:10 - Jason Simpson’s Leadership Transition 03:36 - Why Investors Backed the Combination 05:11 - Sequencing Growth Toward 2M Oz 08:04 - Building a North American Gold Platform 09:24 - Nicaragua Risk, Reward and Portfolio Fit 12:55 - Self-Funding Growth, Debt Reduction and Returns 15:31 - 2026 Guidance and the Execution Test 17:06 - Greenstone, Valentine, South Railroad and Castle Mountain __________________________________________________________________ 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 23, 202626 min

Gold Miners' Earnings Soar, but Valuations Stay Low | Kenny Zhu

Gold miners are generating near-record earnings and stronger free cash flow, yet their valuations remain depressed despite a decade of improved financial discipline. Sprott Asset Management argues investors may still be judging the sector by the costly mistakes of the previous gold bull market. Speaking with Kitco Mining's Paul Harris on October 21, 2026, Kenny Zhu, Director of Research and Investment Strategy at Sprott Asset Management, says forward EV/EBITDA multiples for gold miners stood at 5.7 times in September, down from 9.9 times in June 2014. “Investors are still valuing gold miners based on the mistakes of the past cycle,” Zhu said, citing debt-funded expansion and value-destructive acquisitions. Today's miners are prioritizing cash flow, stronger balance sheets and shareholder returns over production growth at any cost. But Zhu identifies another risk: “the industry is facing a real danger of longer-term depletion.” Declining ore grades, fewer major discoveries and mine development timelines approaching 18 years raise questions about future gold supply. Zhu also examines central bank gold demand, real interest rates and AI-related economic risks, while addressing criticism that miners should invest more in new production rather than prioritize share buybacks. 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. 00:38 - Gold's Two Markets: Dollar Debasement, Inflation and Rates 03:45 - U.S. Midterms, Real Yields and Gold's Outlook 07:56 - Why Gold Mining Stocks Remain Undervalued 10:53 - How Gold Miners Rebuilt Cash Flow and Balance Sheets 14:16 - Will Gold Mining Valuations Catch Up With Earnings? 18:52 - Declining Ore Grades and the Gold Supply Challenge 21:44 - Why Miners Are Keeping Conservative Gold Reserve Prices 23:31 - Share Buybacks vs. Investing in New Gold Mines __________________________________________________________________ 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 22, 202618 min

LunR Royalties Sets Sights on the Next Tier of Streaming | Adam Lundin

Less than a year after its launch as a public company, LunR Royalties is already looking to compete for much larger precious-metals deals after establishing its first major cash-flowing asset at Fruta del Norte. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, CEO Adam Lundin said LunR is prepared to evaluate transactions ranging from $50 million to as much as $1.5 billion. The company’s approximately $670 million Fruta del Norte silver stream has already started generating revenue, while a $150 million credit facility gives LunR additional capacity to pursue future deals. “Try and punch above our weight,” Lundin said, while stressing that growth must remain disciplined. LunR is also looking beyond Lundin Group companies for future royalties and streams, including overlooked precious-metal byproducts at major producing mines. Lundin said that even without another acquisition, continued growth at Fruta del Norte and the eventual development of Lunahuasi and Los Helados could potentially triple current cash flow over time. The company is also open to partnering with larger royalty groups on major transactions where a syndicated approach makes sense, with Lundin saying shareholder returns remain the ultimate measure of success. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:53 - Building LunR’s Royalty and Streaming Team 01:34 - Targeting $50M to $1.5B Deals 02:46 - Cash Flow, Credit Capacity and Cost of Capital 04:09 - How the Lundin Name Helps Win Deals 05:38 - Fruta del Norte Silver Stream Upside 08:02 - Managing Conflicts and Independent Deal Review 10:04 - Expanding Beyond Lundin Group Companies 11:24 - Discipline, Cash Flow and Shareholder Returns 12:47 - Lunahuasi, Los Helados and Future Growth 15:30 - Syndicating Larger Royalty Deals and Next Catalysts __________________________________________________________________ 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 22, 202618 min

Generalist Investors Are Returning to Mining | Tim Wood

Mining companies have more cash, stronger metals prices and broader investor interest, but Tim Wood says the sector is still showing restraint rather than repeating the excesses of the last cycle. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, the Denver Gold Group executive director said capital discipline remained a consistent message across company presentations, with miners continuing to prioritize shareholder returns and stronger balance sheets. “I think we've turned a corner in the way companies are approaching the cycle,” Wood said. Wood also described a “sea change” in the investor base, with hedge funds, private equity and generalist investors playing a larger role alongside traditional mining specialists. “So the, the generalists are here,” he said. That broader interest was reflected at MFA, where about 1,270 attendees checked in and roughly 5,080 investor meetings were scheduled. He also pointed to a shift in industry priorities, with ESG becoming less prominent while companies focus more directly on social license and community support. At the same time, Wood expects M&A activity to increase, but says management teams remain wary of overpaying. Wood also announced Denver Gold Group’s expansion into Australia, with a new Sydney conference launching in October 2027 after what he described as strong demand from the Australian market. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:41 - Mining Forum Americas 2026: Key Takeaways 01:29 - 1,270 Attendees and 5,080 Investor Meetings 02:41 - Friedland, Fishman and the Keynote Themes 05:46 - Canada Taxes, Tariffs and Competitiveness 07:06 - ESG Fades as Social License Takes Priority 08:38 - Shareholder Returns, Capital Discipline and M&A 12:53 - Generalist Investors Return to Mining 15:18 - Denver Gold Group Launches Sydney Conference __________________________________________________________________ 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 22, 202619 min

Solaris Advances Warintza as Copper Supply Tightens | Matthew Rowlinson

Solaris Resources says the Warintza copper-gold-molybdenum project in Ecuador is moving into a critical de-risking phase, with updated guidance targeting full permitting by the end of H1 2027 and a final investment decision in the back half of 2027. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and CEO Matthew Rowlinson said Solaris expects roughly $100 million of liquidity to carry the company through to FID, including an additional $50 million tranche tied to its Royal Gold agreement. The November 2025 PFS outlined approximately $3.7 billion in initial capital for a 160,000-tonne-per-day operation, supported by near-surface mineralization, a low strip ratio and gold and molybdenum byproduct credits. Solaris is also keeping both partnership and standalone development paths open. “We've got to do what's right for shareholders,” Rowlinson said, adding that the company has seen significant interest from potential partners while continuing to evaluate streaming, senior debt, EPC or EPCM-linked financing, and government or other nontraditional capital. Beyond Warintza Central, Solaris is advancing additional porphyry targets across the broader district while continuing to de-risk the core project toward a 2027 development decision. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ 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. 00:19 - Copper and Critical Minerals Take Center Stage 00:52 - Copper Supply Tightness and the Warintza Opportunity 02:38 - Gold and Moly Byproducts Support Warintza Economics 04:03 - H1 2027 Permitting and Late-2027 FID Target 05:35 - Water, Power and the 250 MW Energy Plan 07:19 - $3.7B Capex and Warintza Project Economics 10:18 - ~$100M Liquidity to Carry Solaris Through FID 10:46 - Partner, Build or Finance Warintza Alone? 12:13 - Streaming, Debt and the Ideal Financing Stack 16:17 - Warintza District Exploration and Next Catalysts __________________________________________________________________ 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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