Kitco MINING

GDX vs. gold: Why are gold stocks lagging, and how can investors find the real winners? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Garrett Goggin, founder of Golden Portfolio, at the 2025 Mines and Money Conference in Miami. Goggin shares his insights on the gold cycle, explaining why the GDX often underperforms compared to gold itself. He emphasizes the importance of free cash flow per share for driving gold stock prices and identifies an undervaluation in the mining sector. Goggin also touches on the potential impact of the U.S. Treasury marking its gold reserves to market and the possibility of a new gold standard.

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.

Are rising gold prices translating to increased investor interest? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Josh Goldfarb, Managing Director of Metals & Mining Group at BMO Capital Markets, on the sidelines of the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Goldfarb discusses the renewed sense of optimism in the mining sector. He highlights increasing investor interest, driven by rising copper and gold prices and strong financial results from mining companies. He also touches on the growing importance of M&A activity and capital discipline in the sector, as well as new sources of capital emerging from the Middle East and Europe. Goldfarb emphasizes that smart M&A deals will drive the sector forward in 2025.

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.

Is the mining sector really at the bottom of the cycle? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Rob McEwen, Executive Chair & Chief Owner of McEwen Mining, at the 2025 Mines and Money Conference in Miami. McEwen shares his insights on the current commodity cycle, highlighting that commodities are at a 10-12-year low relative to financial assets and are expected to rise. He also discusses the Los Azules project in Argentina and McEwen Mining's innovative approach to sustainable mining. 

Key Points:
- Commodities are at the bottom of their cycle and are expected to increase.
- Geopolitical tensions and underinvestment are driving commodity prices.
- Los Azules project: Aims for sustainable mining with a focus on community and environmental benefits.
- RIGI regime in Argentina could significantly increase the net present value of Los Azules.
- Mining companies should focus on attracting investors through enthusiasm, dividends, and showcasing technology.

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Introduction: Current State of the Commodity Cycle
00:56 Geopolitical Tensions and Market Drivers
01:25 Consolidation in the Gold and Copper Sectors
02:32 McEwen Mining's Los Azules Project
05:41 Sustainable Mining Practices
07:19 Challenges and Skepticism in the Mining Industry
08:32 Financial Strategies and Market Insights
11:27 Attracting Investors and Modernizing Mining
17:46 Technology and Innovation in Mining

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 

#mining #investing #gold #commodities

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.

Is Nevada still a prime location for gold mining? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Kelly Malcolm, the CEO of Borealis Mining at the 2025 Mines Money Conference in Miami about gold mining in the USA. Borealis Mining went public in August 2024 and is already seeing the positive effects of rising gold prices. Kelly discusses the company's strategy of acquiring undervalued assets like Gold Bull resources and consolidating them into a larger, more financeable entity. Borealis is focused on resuming production at its permitted mine and aims to become a mid-tier miner in Nevada.

Key Points:
- Borealis Mining: An emerging gold producer in Nevada
- Aims to consolidate under-appreciated assets
- Resuming production at a fully permitted mine
- Targeting 100-150,000 ounces per annum

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Introduction: Borealis Mining’s IPO 
00:53 Challenges and Successes in Fundraising
02:14 Youthful Optimism in the Mining Industry
03:15 Building a Strong Board
03:49 Investor Reception and Business Strategy
06:53 Impact of U.S. Policies on Mining
09:33 Borealis Mining's Future Plans

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 

#mining #gold #investing

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.

Investing in mining? Learn the importance of long-term vision and adaptability in a shifting market. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Whitney Kofford from Sorbie Bornholm, at the 2025 Mines and Money Conference in Miami. Kofford discusses mining investment strategies, emphasizing the significance of a company's long-term vision and clear communication. She highlights the firm's focus on micro, small, and mid-cap companies, particularly those involved in the energy transition. Kofford also points out the need for mining companies to improve their marketing by leaning into their unique brand voice to connect with investors on an emotional level. She also touches on how a company's leadership and enthusiasm significantly influence investment decisions.

Key Points:
- Investment focus: Micro, small, and mid-cap companies
- Investment strategy: Focus on long-term vision and clear milestones
- Marketing: Improve communication and brand personality
- Leadership: Passionate and enthusiastic CEOs are key

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Introduction: Overview of Sorbie Bornholm
01:17 Current Mining Investment Landscape
02:02 Challenges of Short-Term Thinking
03:38 Evaluating Management and Vision
07:33 Importance of Clear Communication
09:07 Marketing and Investor Relations
15:02 Financial Results and Market Trends
19:52 CEO Enthusiasm and Passion

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 

#mining #investing #commodities 

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.

What's next for Equinox Gold after the Calibre merger? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Ross Beaty, Chair of Equinox Gold, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Beaty discusses the recent merger of Equinox Gold with Calibre Mining, a CAD$7.7 billion transaction that will create one of the largest gold producers in the Americas. He highlights the synergies between the two companies, the benefits of a zero-premium deal, and the expected positive re-rate for the combined entity. Beaty also touches on the company's strategy for deleveraging and rationalizing its asset portfolio.

Key points:
- Merger of Equinox Gold with Calibre Mining to create a leading gold producer.
- Zero-premium deal and its advantages for shareholders.
- Expected positive re-rate due to increased size and liquidity.
- Focus on deleveraging and enhancing the asset portfolio.
- Anticipated closing of the transaction around May.

Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more. 

00:00 Introduction: Major M&A Announcement: Equinox Gold and Calibri Mining
00:32 Details of the Merger Deal
01:49 Synergies and Management Integration
03:14 Market Impact and Investor Expectations
04:15 Challenges and Opportunities in the Gold Market
05:42 Future Plans and Strategic Goals
13:04 Financial Strategies and Debt Reduction
13:46 Closing Remarks and Future Outlook

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining) 

#mining #investing #gold #commodities

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.

Is the mining industry facing a crisis of investor confidence? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Kevin Murphy, Research Director for Metals and Mining at S&P Global Market Intelligence, at the 2025 Mines and Money Conference in Miami. Murphy discussed the current state of the commodity cycle. He highlights the divergence in commodities, with gold prices flirting with $3,000 an ounce while others like nickel and zinc struggle. Murphy also addresses the difficulties junior mining companies face in securing financing and the impact of past debt and changing investor attitudes. Murphy touches on M&A activity, shareholder returns, and the need for the mining industry to better advocate for itself to attract generalist investors.

Key Points:
- Commodity divergence: Gold and copper perform well, others lag
- Junior financing: Raising capital remains a challenge
- Investor trends: Lack of interest in mining, need for better advocacy
- M&A: Cautious approach expected
- Gold market: Poised for a potential breakout

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Introduction: Understanding S&P Global Market Intelligence
00:57 Current State of the Commodity Cycle
02:21 Trends in Mining Finance
03:21 Challenges for Junior Miners
08:02 Debt and Financing in the Mining Sector
10:02 Mergers and Acquisitions in Mining
12:58 Returns to Shareholders and Industry Challenges
16:01 Future Trends and Predictions for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 

#mining #investing #gold #commodities

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.

Is copper about to explode? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Barry O'Shea, CEO of Highland Copper, at the 2025 Mines and Money Conference in Miami. They discuss the recent surge in copper prices and Highland Copper's project in Michigan. O'Shea highlights the potential impact of the Trump administration's focus on domestic resource independence and the importance of refining capacity in the U.S. Highland Copper aims to reach a construction decision for its Copperwood asset by the end of 2025.

Key Points:
- Copper price surge driven by energy policies and resource independence
- Highland Copper's Copperwood project is fully permitted in Michigan
- U.S. needs to boost refining capacity for copper independence
- Goal: construction decision for Copperwood by end of 2025

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Introduction: Copper Market Trends 
01:39 Highland Copper's Position and Strategy
02:48 Impact of U.S. Policies on Copper Development
05:31 Refining Capacity and Domestic Production
07:48 Highland Copper's Project Plans and Financing
11:09 Challenges and Opportunities for Junior Miners
13:27 Future Outlook 

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 

#mining #copper #investing

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.

Is the stock market due for a correction? See how this could affect your investments in commodities. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, at the Mines and Money Miami conference. McGlone shares his insights on the commodity cycle, with a close watch on crude oil and copper, and discusses the potential impacts of tariffs, especially concerning China's influence on copper demand. McGlone also explores gold's performance, noting its outperformance against the S&P 500 and the influence of central bank buying, while expressing caution about an overvalued U.S. stock market and its potential effects on commodities. McGlone suggests that U.S. Treasury long bonds may be a strong trade.

Key Points:
- Copper's price is closely tied to China's economic trends and is vulnerable to deflationary pressures.
- Gold has been outperforming stocks but may face resistance around $3,000 an ounce.
- A U.S. stock market correction could significantly impact commodity prices.
- Central bank buying is currently supporting gold prices.
- U.S. Treasury long bonds may be a strong trade

Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more. 

00:00 Welcome: Commodity Cycle Overview - Crude Oil and Copper
01:14 Impact of Tariffs on Copper Prices
04:11 Copper's Relationship with Interest Rates and Global Demand
05:18 China's Economic Influence on Copper
14:36 Gold's Meteoric Rise and Market Dynamics
17:59 Speculation and Future Predictions for Gold and Copper
23:12 Key Themes for 2025

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining) 
Follow Mike McGlone on X: @mikemcglone11 (https://x.com/mikemcglone11)

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.

Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Peter Krauth, author of ‘The Great Silver Bull’ and editor of Silver Stock Investor at the Vancouver Resource Investment Conference. They discuss silver's performance in 2024, noting its significant price increase from a low of $22 to $35 per ounce. Krauth highlights the supply deficit in the silver market and the growing industrial demand, especially from the solar sector. He emphasizes the potential impact of investment demand on silver prices, suggesting it could lead to a price spike. Krauth also shares some silver stock picks to watch.

Key Points:
- Silver price performance
- Silver mining supply 
- Investment demand is a wild card 
- M&A activity in the silver sector 
- Silver companies to watch

Special thanks to our sponsor Snowline Gold Corp for making this coverage possible. Visit https://snowlinegold.com/ today.

00:00 Introduction: Silver's Performance in 2024
01:27 Silver Mining Costs and Profit Margins
04:12 Mergers and Acquisitions in the Silver Market
09:21 Future of Silver Supply and Demand
13:12 Investment Demand and Market Dynamics
16:48 Predictions for Silver Prices in 2025
19:49 Top Silver Stocks to Watch

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) 
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining) 

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.