Digging Deep

Equinox-Orla Deal Signals Gold M&A Push | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week dominated by gold M&A, copper supply stress, and rising investor interest in large-scale mining stories. Recorded on May 13, 2026, the discussion covers Equinox Gold’s planned all-stock acquisition of Orla Mining, a transaction announced the same day to create a roughly 1.1-million-ounce-per-year North American gold producer. Adshead says the deal reflects the push for scale among mid-tier producers, with larger companies better positioned to attract bigger investors and stronger index demand. The conversation turns to copper, where Freeport-McMoRan’s revised Grasberg timeline adds pressure to an already tight market. “It is difficult out there for these major miners to keep up,” Adshead said, citing aging mines, falling grades, and recurring production slippage. He also discusses First Quantum’s La Granja project in Peru, Hudbay’s Arizona copper strategy, Lumina Metals’ copper-silver IPO, Barrick Mining’s Reko Diq delay, Nevada Gold Mines speculation, and San Lorenzo Gold’s Chile discovery. Don’t forget to subscribe to the Kitco Mining YouTube channels to stay up to date on the latest industry news and interviews. 00:20 - Equinox Gold to Buy Orla Mining 03:01 - Copper Price Surges Toward $6.25/lb 05:53 - First Quantum Updates La Granja Resource 08:15 - La Granja Project Design and Slurry Pipeline 09:32 - Arsenic Penalties in Copper Concentrates 11:03 - Arizona Copper Deals and Hudbay’s Strategy 13:33 - Lumina Metals IPO and Copper-Silver Demand 15:51 - Ross Beaty’s Big Week in Mining 18:32 - Nevada Gold Mines JV Shakeup Talk 25:53 - San Lorenzo Gold’s Chile Drill Discovery __________________________________________________________________ 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.

Record Gold Profits, But Growth Still Flat | Joe Mazumdar

Joe Mazumdar, editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to unpack a record-setting earnings season for gold producers, where higher margins, stronger free cash flow, and rising shareholder returns are reshaping the sector. Mazumdar highlights Newmont and Lundin Gold as standout performers, but says the bigger issue is that organic production growth remains constrained despite higher gold prices. With producers trading at a premium to the assets they are acquiring, he argues M&A may be more attractive than building new mines in a high-cost environment. “Why take the permitting risk? Why take the capital escalation risk that we're seeing in some of these underground projects when you could just get a producing asset that you like?” The discussion also covers exploration spending discipline, risks behind aggressive junior drilling programs, assay delays, rising drilling costs, Cameco’s downstream nuclear strategy, and why companies are packaging non-core assets into more focused vehicles. 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. Recorded May 07, 2026 00:24 - Q1 Gold Earnings Surge and Record Margins 03:41 - Cost Pressures, Streams, and Weak Performers 06:08 - Divestments, Debt Paydown, and Project Builds 08:05 - Growth Constraints and Exploration Spending 11:57 - Why M&A Is Cheaper Than Building Mines 15:50 - Junior Drilling Boom and Execution Risks 19:23 - Rigs, Labor Shortages, and Assay Delays 22:28 - Australia Gold Deal and Reporting Differences 27:12 - Uranium Momentum and Cameco Strategy 31:45 - Spinouts and the Non-Core Asset Shift __________________________________________________________________ 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.

Mining Profits Surge, But Stocks Aren’t Following | Feneck

John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep as gold and mining equities pull back amid ongoing geopolitical tension in the Middle East. Speaking with Paul Harris, Feneck said the recent weakness does not signal a breakdown in the trend, but a buying opportunity within a broader bull market. “This is a buying opportunity,” he said. Feneck highlighted a growing disconnect across the sector, with major producers like Newmont and Kinross generating record free cash flow, while many junior gold stocks are down 25% to 40% since early March. He said that gap, combined with constrained global gold production, could drive increased M&A activity as majors look to secure new ounces. At the same time, some major banks continue to forecast gold in the $5,300 to $6,000 range over the next 9 to 12 months, while larger-scale deposits are increasingly required to attract serious interest. The discussion also covers silver supply deficits, China’s growing role in critical minerals, and the return of capital to the sector through major financings and IPOs. 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. 00:23 - Geopolitics and Gold Pullback 01:48 - Record Producer Cash Flow Surge 03:54 - Flat Supply and Rising M&A Pressure 05:15 - Yukon Turnaround and Undervalued Juniors 07:52 - Why 5Moz Is the New Benchmark 09:09 - Permitting Risks and PEA Pitfalls 12:14 - Ross Beaty IPO and Capital Return 15:04 - Nickel Market Rebound and Supply Shifts 17:56 - Rare Earth Deal and Strategic Demand __________________________________________________________________ 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.

Energy markets “anticipatory, not reactive” as geopolitical risk builds | Rick Rule

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks. Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions. In this interview, Rick Rule also discusses:  • Why energy markets could reprice sharply if real shortages emerge  • Uranium’s advantage in a shifting global energy system  • Resource nationalism and government pressure on mining assets  • G Mining’s $3B deal and why consolidation can still be accretive  • Rare earth supply chains and rising government-backed capital Recorded April 22, 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. 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 'Air Pocket' Risk: How Geopolitical Tensions Are Impacting Mining Operations | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to unpack the recent price slump in precious metals, and how gold and the mining majors are performing amid the Iran war. “The long term supply/demand for commodities is in place, but if this war really does damage the global economy significantly, then we could be in for quite a longer ‘air pocket', let's call it a bit of a trough,” he warned.  Adshead also discusses a range of significant recent mining developments, including the impact of Barrick’s production delays in Pakistan, the Newmont-Barrick dispute over the Nevada Gold Mines joint venture, the significance of the ongoing buying spree by Chinese mining majors, and which government strategies are most effective for increasing exploration. 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 - Introduction 00:46 - Metals Price Slump 02:20 - Is Gold Still a Safe Haven? 04:12 - Barrick Production Delays  07:25 - Newmont-Barrick Nevada Dispute 10:42 - Anglo Gold’s Arthur Project 16:03 - Chinese Miners’ Buying Spree 18:32 - Liberty Gold’s Black Pine Project 23:24 - Government Strategies to Increase Exploration __________________________________________________________________ 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 -   / kitcomining   LinkedIn -   / kitco-mining   Facebook -   / 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.