Kitco MINING

Highlander Silver (TSXV: HSLV) President and CEO Daniel Earle joins Kitco Mining’s Investment Trends with Paul Harris to break down silver’s explosive move into the end of 2025 and the company’s decision to scale aggressively into the next phase of the cycle. With silver up roughly 170% last year and far outperforming gold, Earle says the move follows the typical structure of precious metals bull markets. “Silver begins to play catch-up and then take over leadership and really start to outperform,” he said.

Earle points to persistent supply deficits, rising demand from solar, electrification, and AI, and tight inventories as key forces shaping the silver market in 2026. He also highlights growing strategic competition for physical silver as China restricts exports and increasingly treats silver as a strategic metal, adding volatility to an already constrained market.

Turning to Highlander Silver, Earle outlines the company’s all-stock acquisition of Bear Creek Mining, valued at about C$130–140 million, which lifted Highlander’s market capitalization to roughly C$730 million. The deal adds the Corani silver development project in Peru, hosting 229 million ounces of silver reserves and more than 400 million ounces of total resources, supported by a 2019 feasibility study outlining average annual production of 9.6 million ounces. Earle says Highlander plans to restart exploration at Corani for the first time in a decade while continuing to advance its San Luis project toward permitting.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:06 – Highlander Silver’s Bear Creek M&A Transaction
00:34 – Silver Price Surge and Market Outlook
03:38 – Structural Supply and Demand Forces in the Silver Market
07:54 – China’s Role in Silver Supply and Price Volatility
11:57 – Highlander Silver Share Price Performance and Scale
15:12 – Corani Silver Project and Bear Creek Deal Details
23:37 – Mercedes Mine Overview and Non-Core Asset Strategy
26:46 – Peru’s Mining Sector and Renewed Investor Interest
29:21 – Highlander Silver’s 2026 Catalysts and Growth Plans
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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

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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: 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.

Collective Mining (TSX: CNL; NYSE American: CNL) Executive Chair Ari Sussman joins Kitco Mining’s Investment Trends with Paul Harris to reflect on a breakout 2025 and outline what could drive the next phase at the Guayabales Project in Colombia. At Apollo, Sussman explains that the discovery of the deeper RAMP zone has reignited growth at depth with higher-grade, bulk-style mineralization after the system appeared to be nearing its limits. “So we’re in growth mode, and this thing’s getting bigger and better,” he said.

Looking ahead, Collective plans to drill up to 100,000 meters in 2026, aiming to deliver a more advanced maiden mineral resource than is typical for early-stage discoveries, with a meaningful portion classified as indicated. The program will also refocus on the Trap target and continue early-stage drilling at San Antonio, where a shallow vein system sits above a deeper porphyry target.

Sussman adds that the company is already thinking like a future builder, with plans to start an exploration drift in the second half of 2026 to improve access, accelerate drilling, and help shorten the path toward future economic studies.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:41 – Collective Mining’s 2025 Discoveries and Share Price Momentum
01:23 – Apollo Deposit Update and RAMP Zone Expansion
02:43 – High-Grade Intercepts, Visible Gold, and Deeper Drilling at Apollo
06:57 – 2026 Drill Program and Maiden Resource Strategy
11:48 – Exploration Access Tunnel, Underground Strategy, and Permitting
14:23 – Colombia’s Political Outlook and Mining Investment Climate
16:09 – Financing, Institutional Support, and Corporate Strategy
22:00 – Key Catalysts, Growth Targets, and Long-Term Outlook
__________________________________________________________________

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: 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.

Gold Royalty (NYSE American: GROY) CEO and Chairman David Garofalo joins Kitco Mining’s Paul Harris to outline why the macro forces driving gold higher remain firmly in place as 2026 begins, and how those dynamics are reshaping the royalty and streaming sector.

Garofalo links gold’s strength to decades of currency debasement, record global debt, and persistently negative real interest rates, arguing policymakers have few options left beyond devaluing fiat currencies. “Gold is the one monetary instrument that can't be debased,” he said, adding that with real yields still negative, there is little opportunity cost to holding gold versus sovereign debt.

Turning to the royalty space, Garofalo says the sector is entering a consolidation phase driven by cost of capital and scale. He outlines Gold Royalty’s evolution from a portfolio-build phase into a free cash flow business, highlighting a debt-free balance sheet, roughly 90% margins, and expectations for approximately 360% growth in attributable gold equivalent ounces over the next five years as key assets ramp up. He also discusses the growing role of new capital providers, including Tether, and why the industry is missing a mid-cap royalty “champion” capable of attracting large institutional investors while still delivering 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.

00:34 – David Garofalo on Gold, Debt, and Currency Debasement
03:15 – Geopolitics, Negative Real Rates, and Gold’s Opportunity Cost
05:35 – Royalty Consolidation, Scale, and Cost of Capital
09:07 – Gold Royalty’s Free Cash Flow Profile and 360% Growth Outlook
16:22 – 2026 Outlook, Deal Discipline, and What Comes Next
__________________________________________________________________

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: 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.

Greg Orrell, Portfolio Manager at OCM Gold Fund, joins Kitco Mining’s Paul Harris to break down why the precious metals market enters 2026 in uncharted territory. With gold closing in on $4,500/oz and silver pushing through $80/oz at the time of recording, Orrell highlights how unusual the move has been, noting that “the gold price went up every single month in 2025,” something he says has not happened going back to 1971.

Orrell says the rally reflects a structural shift in demand, led by non-Western buyers and new participants such as Tether, which he says is buying gold on a regular basis. He argues that rising U.S. debt and deficit spending remain the central drivers for gold, while Western investors are still largely on the sidelines. The discussion also explores why silver has entered a new phase, what record margins mean for miners, and why discipline, per-share delivery, and capital returns matter as the cycle evolves.

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.

00:28 – Greg Orrell and the OCM Gold Fund
01:37 – Gold and Silver’s Historic 2025 Run
03:02 – What Drove Gold and Silver Higher
06:33 – Outlook for Gold and Silver in 2026
13:00 – What $4,500 Gold Means for Producers
18:39 – How Orrell Evaluates Gold Stocks
24:35 – M&A Outlook for Gold Miners
27:10 – Risks, Pullbacks, and Key Watchpoints
30:17 – Final Thoughts on the Gold Cycle
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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.

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.

Syntholene Energy (TSXV: ESAF) CEO Dan Sutton says the company’s synthetic jet fuel strategy is built on proven industrial execution, supported by a board with deep mining, uranium, and infrastructure experience. Newly listed on the TSXV, Syntholene is positioning itself as a next-generation fuel producer using geothermal heat to drive high-temperature electrolysis and deliver a major cost advantage. “We build real things, and I think over the course of the next. Six, 12, and 18 months. Investors are gonna see the evidence of that materialized,” he said.

The company expects to deploy its first geothermal to electrolysis demonstration system by the end of next year, following successful prototype work at Idaho National Lab. Sutton says commercial production before 2030 is possible with strategic customers and project financing similar to large-scale mining infrastructure. He added that synthetic fuels can meet the purity and performance standards required for civilian and military turbines, aligning the technology with broader themes of energy security.

Key catalysts include the demonstration build, Iceland deployment, customer discussions, and potential strategic partners.

Don’t forget to subscribe to the Kitco Mining and 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.

In his final interview as CEO of Newmont (NYSE: NEM; TSX: NGT), Tom Palmer joins Kitco Mining’s Paul Harris to reflect on the decade that reshaped the world’s largest gold producer. Palmer steps down on December 31 after steering the company through the Goldcorp integration, the COVID era, cost inflation, and the landmark acquisition of Newcrest. He says the Newmont he is handing to incoming CEO Natasha is fundamentally stronger. “We now have 12 managed operations. Each of them has very long life ore bodies that we can confidently make decisions on a 20 to 30 year timeframe.” 

Palmer explains how Newmont exceeded expectations in its divestiture program, returned more than $2.7 billion to shareholders this year, and built a portfolio designed to generate reliable free cash flow through the price cycle. He also discusses the shift toward generalist investors, the role of discipline as gold trades near record levels, and how consolidation, digital gold, and new buyers like Tether could shape the sector in 2026. As he transitions into an advisory role, Palmer shares what he hopes to see next from the global gold industry. 

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:27 – Tom Palmer’s Tenure and Leadership at Newmont
01:48 – Newmont’s Strength, Portfolio Quality, and Long Life Assets
04:32 – Why Tom Palmer Is Stepping Down as CEO
05:50 – Divestitures, Newcrest Strategy, and Capital Returns
10:21 – Investor Expectations, Guidance, and Free Cash Flow Discipline
17:56 – Gold Industry Trends, Consolidation, and Digital Gold
21:44 – Palmer’s Next Chapter and Life After Newmont
23:56 – Final Reflections and Farewell

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.

Highlander Silver (TSX: HSLV) President and CEO Daniel Earle says the silver cycle remains in the early stages, with the gold-silver ratio still near 80:1. He notes the sector is trending toward a typical halving of that ratio across a full bull market cycle. “It reached a peak of 106/107:1,” Earle said, adding that silver should continue to outperform if global growth accelerates in 2026.

In October, Highlander closed a $95 million bought deal financing that was heavily oversubscribed, with “demand well in excess of $200 million.” Earle says the raise, alongside support from the Lundins, Augusta Group, and Eric Sprott, leaves the company fully funded for its baseline strategy. The 2026 plan includes beginning permits in Q1 for a 350-tonne-per-day starter operation at Yalán, advancing toward potential 2028 production.

On the exploration front, Highlander is preparing to integrate new geophysics, expand drilling at Bonita, and advance district-scale targets, including the Cerro Colorado porphyry, the Daniella porphyry system, and high-priority replacement potential at depth.

Highlander expects to release its 2026 drill plan early next year and continues to monitor potential index inclusion, starting with SILJ.

Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

https://youtu.be/BwXVZ6e8nKk?si=yKbTpL45j-hpA2Ws

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.

Foran Mining (TSX: FOM; OTCQX: FMCXF) is preparing to bring Canada’s next copper mine online. Executive Chair Dan Myerson joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to give an update on the McIlvenna Bay build in Saskatchewan. Phase one carries an $800 million capital cost and is set to produce 65 million pounds of copper per year starting February 2026. Despite port closures, airline strikes, tariff shocks, and wildfire evacuations, Myerson says the team “overcame a significant amount of adversity” and the project “has gone incredibly well.”

Foran is the only new copper mine coming online in Canada as several long-running operations close, positioning the company at the centre of a tightening supply picture. Saskatchewan’s geology continues the historic VMS belt from Manitoba, giving the Foran district-scale potential beyond first production. And with high-quality mid-tier copper assets “as rare as hen’s teeth,” Myerson sees a strong strategic window ahead.

In this interview, Dan Myerson also discusses:
• Phase two and future district expansion
• Tesla Zone exploration and the upcoming maiden resource
• Government backing, permitting efficiency, and national priority status
• Creative financing options in a high-price metals environment
• How Agnico Eagle’s technical depth supports Foran’s ramp-up
• Copper, zinc, gold, and silver market dynamics heading into 2026

Don’t forget to subscribe to follow all of Kitco Mining’s coverage from the 2025 NBF CEO Mining Conference in London.

Special thanks to our sponsor, Agnico Eagle, for making this coverage possible.
 Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/IZimaCPIh1Q?si=G_i8w_qUPkqARtwO

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.

First Majestic Silver (NYSE: AG; TSX: FR) President and CEO Keith Neumeyer joins Kitco Mining at the 2025 NBF CEO Mining Conference in London to discuss how the acquisition of Gatos Silver has transformed the company. With silver near $50 per ounce, First Majestic expects to produce about 32 million silver equivalent ounces in 2025, making this its strongest balance sheet in 22 years. Neumeyer says the timing of the deal “couldn’t have been much better,” as higher prices lift margins, free cash flow, and strategic flexibility.

With silver added to the U.S. critical minerals list and multi-year deficits reshaping global supply, Neumeyer outlines how First Majestic is increasing exploration, expanding mills at Santa Elena and Los Gatos, and positioning for further organic growth. Strengthening permitting conditions in Mexico and renewed investor interest across the sector are also helping shape the company’s outlook for 2026.

In this interview, Keith Neumeyer also discusses:
 • First Majestic’s dividend and buyback strategy through its 1 percent revenue return policy
 • How the Gatos Silver acquisition adds one-third to company-wide production
 • Why structural silver deficits could support higher prices ahead
 • Improving financing conditions for juniors and implications for future M&A
 • Mexico’s permitting turnaround and what it means for new development
 • Outlook for production, cash flow, and capital priorities in 2026

Don’t forget to subscribe to Kitco Mining to follow every interview from the 2025 NBF CEO Mining Conference.

 Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/qDa9wDWAzgk?si=CDGo1e0jSEHN2QcE

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 M&A and financing activity continue to accelerate, according to Elian Terner, Managing Director and Head of Global Mining and Metals Investment Banking at National Bank Capital Markets. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Terner said, “This year was a record year for us” as developer financing reopened, generalist investors returned to the sector, and large-cap consolidation gained momentum. He said higher commodity prices, stronger institutional engagement and improved liquidity have all contributed to a more active environment across gold, silver and copper.

Terner added that valuations have recovered enough to support a more constructive M&A cycle. Most of this year’s equity activity has come from developers, which he sees as a sign of renewed risk appetite and a healthier pipeline of growth-stage stories. He also pointed to increased developer M&A, including competitive processes around emerging companies, and expects that trend to continue as the cycle strengthens in 2026.

In this interview, Elian Terner also discusses:
 • The evolution and global expansion of the NBF Mining Conference
 • Why generalist investors are returning to gold and copper
 • Major 2025 M&A deals, including New Gold and Pan American
 • The rising importance of dividends and shareholder returns

Don’t forget to subscribe to Kitco Mining for full coverage of the NBF CEO Mining Conference in London.

 Special thanks to our sponsor, Agnico Eagle, for making this coverage possible. Visit https://agnicoeagle.com/ to learn more.

https://youtu.be/Zaj1eAh80mU?si=TqZhxW3YI73xNLMk

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.