Kitco MINING

Kiran Patankar, CEO and President of Maple Gold Mines, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to make the case that now is the time to invest in junior miners like Maple Gold. They also discuss Agnico’s increased stake, the company’s winter drilling program, and the opportunities for M&A in the sector.

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.

Stephen Stewart, CEO and Director of QC Copper & Gold, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the company’s recent acquisition of Cuprum and plans to launch the combined XXIX company in December. They also discuss miners’ valuations, the M&A cycle, and copper’s place in the commodity supercycle.

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.

Jean-Felix Lepage, VP Projects at O3 Mining, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the impact of the gold price rally on miners’ reserve statements and valuations. They also discuss the company’s Q4 and 2025 goals and the M&A environment.

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.

Peter Krauth, publisher of SilverStockInvestor and author of The Great Silver Bull, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to examine the state of the silver market and where the price action is likely headed in 2025. They also break down the latest supply and demand data and review some of the strongest potential investments in silver equities.

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.

Matt Manson, President and CEO of Radisson Mining Resources, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the high-profile additions to the leadership team and the recent $7 million raised in equity financing. They also discuss the latest results of the drilling program at the O'Brien project, the new MOU with IAMGOLD, and Radisson’s goals for 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.

Robert Wares, President and CEO of Osisko Metals, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to discuss the outlook for copper, including the burgeoning demand from electrification and the constrained supply picture. They also discuss Osisko Metals’ Gaspé Copper project and the company’s goals for 2025 and beyond.

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.

Michael Gentile, co-founder of Bastion Asset Management and longtime mining equities investor, joins Ernest Hoffman of Kitco News at Xplor 2024 in Montreal to explain where we are in the precious metals bull cycle and where the value is in mining equities. They also discuss different drivers for gold and silver prices, how much upside is left in the metals, and the next phase of M&A activity in the mining sector.

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.

Rising gold demand will favor development companies, said Morgan Lekstrom, president and director, NexGold.

 On Thursday Lekstrom spoke to Kitco Mining. He was in the studio on the same day NexGold Mining Corp. (TSXV: NEXG) and Signal Gold Inc. (TSX:SGNL) announced plans to merge. Joining the companies will combine two assets: NexGold's Goliath, located in Ontario, and Signal Gold's asset in Nova Scotia. Goliath is currently undergoing provincial permitting and is expected to receive approvals next year. Construction is estimated to start in 2026.

Signal's Goldboro project in Nova Scotia has its provincial environmental assessment approval.When combined, the company expects to attain production of over 200,000 ounces per year. Between both companies, the two will have 4.7 million gold ounces of measured and indicated mineral resources and 1.3 million gold ounces of inferred mineral resources.

Dual asset companies are significantly de-risked, said Lekstrom, which was a key rationale for doing the deal.

"Look, as a single asset company, any one thing can go wrong and boom, you're done," said Lekstrom.

NexGold also announced a non-brokered private placement financing for up to $11.5 million that coincided with the merger.

In this market, Lekstrom said being a gold development company is ideal. Gold has hit successive all-time highs in 2024. Gold miners are mostly up, but development and exploration companies are still lagging.

"What do you think is going to happen to development stage gold companies that are on a track to get to construction or production? They're going to go insane," said Lekstrom. "You can't hold an industry down that has such pent-up demand. I'm 39. I'm all in. This is wild." 

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.

[EDITOR'S NOTE: SOME SWEARING IN VIDEO]

Precious metals are not slowing down, said Lawrence Lepard, founder of Equity Management Associates. 

On Thursday, Lepard spoke to Kitco Mining. 

Lepard is a long-time gold bull. He is surprised by the pace and strength of the gold price breakout, which he attributes to various macroeconomic factors, including increased demand from Asia and central banks. Lepard argues that gold’s bullish trend is real, driven by a combination of factors such as U.S. fiscal irresponsibility, rising deficits, and expectations of monetary debasement. He highlights the growing awareness among global investors that the U.S. is "fiscally trapped," leading to continued inflation and a weakening U.S. dollar, which he believes will further bolster gold prices in the years to come.

"I think people who [believe] the gold price will be $2,050 or $2,100 in four or five years...are delusional," said Lepard. 

Despite gold’s rise, mining stocks have not kept pace, reflecting skepticism about the sustainability of the price increases. Lepard believes there will be a rotation into the miners when the rest of the stock market stops working. 

"The very best gold stock bull markets take place when the other markets aren't working," he said. "[The] stock market is not obviously sick yet. I think it's in the process of getting sick and I think it could be very sick in a year or two as the economy slows down, but that hasn't really entirely happened yet."

Lepard is a big silver believer. Metal demand is from both monetary and industrial uses. 

"That's going to increase the demand for silver," he said. "If you look at silver on a technical basis, you can see this enormous cup with a handle and we're right on the cusp of breaking out."

Lepard believes silver will "blow through" $50 ounce and head to $75 or $100 in next few years, and with miners all-in sustaining cost in the $12 to $22 range, the margins will be substantial.   

"Do the math at $70 ounce. I mean it gets just crazy," said Lepard. "And some of [the silver miners] are selling at modest multiples of today's earnings. You're going to have a large number of silver companies that do 10 baggers or more. I'm incredibly bullish on silver and we've got, we are overweight silver in the portfolio."  

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 Canadian government needs should stop picking winners and losers in the resource sector, said Stewart Muir, founder and CEO of Resource Works. 

On Thursday Muir spoke to Kitco Mining. 

Muir said the resource sector is challenged by regulations. He points out the growing regulatory burdens, referring to the "pancaking effect" where new regulations continuously pile on top of existing ones, complicating the project approval process. He emphasizes that streamlining and harmonizing regulations are essential to keeping projects feasible.

Regarding critical mineral strategies adopted by governments, Muir wishes governments would be less selective. 

"You've got an ice rink, and you've got teams that play there," said Muir "One wins, one loses. But you're not going to have a good game unless a Zamboni driver has gotten out there and cleaned that ice. We have a tendency for governments to pick the winners and losers."

Asked to pick a key milestone over the next 12 months, Muir pointed to the LNG plant in Kitimat. 

"I think that the day that the first ship sails from the port of Kitimat sometime, probably in 2025, with a load of Canadian LNG for wherever it's going, that will be a historic moment," said Muir. "It will also be a boatload of money. it's such a huge win. The people who should have been out celebrating it—those in government—they didn't want to take the win on that. They deserve credit for it. But they didn't want to take it, which is a sad comment on, on perceptions of the public sentiment on these issues." 

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.