Digging Deep

Gold miners face shrinking margins as bullion prices retreat and operating costs rise, while labor shortages and permitting delays threaten to make new mines more expensive to build, according to Joe Mazumdar, Editor of Exploration Insights.

Speaking with Kitco Mining's Paul Harris on October 30, 2026, Mazumdar examines the Federal Reserve's decision to hold interest rates at 3.75% to 4% and the outlook for gold. He warns that “margins will decline” as energy and labor costs rise, although producers could remain free-cash-flow positive.

Mazumdar also highlights the industry's shortage of experienced workers, warning that “there's a sort of lost generation of technical people in the mining industry.” The challenge is evident at West Red Lake Gold's Madsen Mine, where lower grades and labor constraints have accompanied a reduction in 2026 production guidance.

In British Columbia, he assesses whether the Conservative election victory could accelerate mining permits and infrastructure development. He also examines Boroo's proposed C$140 million acquisition of Yukon's Eagle Gold Mine, including its restart costs and environmental obligations.

The discussion concludes with growing mining investment in Idaho, Hercules Metals' C$45 million financing announcement, and the implications of AI-driven demand for copper and critical minerals.

00:00 - Introduction: Halloween Edition of Digging Deep
00:28 - Fed Holds Rates: Gold Price Reaction and Outlook
02:43 - Gold Miners Face Shrinking Margins and Higher Costs
04:12 - Rio Tinto CEO Pay and Mining's Labor Shortage
08:25 - Middle East Politics and Oil Price Volatility
10:40 - Inflation, the Petrodollar and Copper Supply Risks
13:53 - B.C. Election: Mining Permits and Infrastructure
18:13 - AI Bubble Risks and Critical Minerals Demand
22:01 - Eagle Gold Mine: C$140M Sale and Restart Risks
24:45 - Madsen Mine Restart: Lower Grades and Rising Costs
28:13 - Idaho Mining Boom: Perpetua and Hercules Metals
31:03 - Hercules Metals: C$45M Financing and Growth Plans
33:54 - Closing Remarks
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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
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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.

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.
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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
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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.

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
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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.

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
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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.

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

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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
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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.

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.

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.

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.

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.

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
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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.