BMO Capital Markets Managing Director and Co-Head of Global Metals and Mining Ilan Bahar says the mining sector is entering 2026 with one of its strongest capital markets backdrops in years. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Bahar said this year’s event drew 650 investors and 300 companies, reflecting what he described as a “very, very healthy” environment for precious metals, financing activity, and elevated M&A discussions. He also pointed to the pace and focus with which the U.S. government is leaning into critical minerals as a notable policy shift.

Copper remains central to that narrative as AI data centers, electrification, and energy transition demand themes collide with a constrained supply pipeline. “Everybody loves copper, right?” Bahar said, citing strong fundamentals alongside permitting and development challenges. He added that investor participation is broadening beyond traditional resource funds to include retail, hedge funds, and generalists reallocating toward materials.

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, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:45 - Key Themes Driving Mining in 2026
01:57 - Copper Demand, AI Electrification, and Supply Constraints
02:54 - Record Attendance and Capital Markets Momentum
04:57 - Equity Financing Converts and Streaming Trends
07:40 - Mining M&A Activity at Multi-Year Highs
09:19 - CEO Transitions and Talent Pipeline Challenges
10:58 - New Leadership and Capital Allocation Discipline
13:31 - Dividends, Buybacks, and Shareholder Returns
15:06 - Precious Metals Strength and 2026 Outlook
16:25 - Critical Minerals Strategy and Investment Risks
__________________________________________________________________

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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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.

Americas Gold and Silver (NYSE American: USAS; TSX: USA) CEO & Chairman Paul Huet says the company is emerging as the only current U.S. source of antimony as it advances a new Idaho processing joint venture aligned with the U.S. government’s $12 billion Project Vault initiative. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Huet said domestic supply remains structurally short as the U.S. looks to secure critical minerals for defense and industrial use.

“We need 50 million pounds of antimony per year,” Huet said, adding that U.S. production must also expand by another 40 million pounds to support allied demand. Through a 51/49 joint venture with U.S. Antimony, the company plans to process concentrate from its Galena complex domestically, targeting roughly 3 million pounds annually as capacity scales. Huet said antimony comes at no incremental mining cost, while nearly $300 million raised over the past year has funded infrastructure upgrades, new mechanized mining methods, and district consolidation, including the Crescent acquisition, as silver output ramps back toward 5 million ounces annually.

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00:30 - $12B Project Vault and US Antimony Strategy
02:11 - Idaho Antimony JV with US Antimony Explained
04:09 - How Galena Antimony Concentrate Flows Today
06:06 - 51 49 JV Structure and Funding Plan
08:51 - Antimony Pricing Risks and Supply Concerns
11:51 - Galena Silver Turnaround to 5Moz Target
12:39 - Mechanized Mining vs Jackleg Production
14:16 - Cash Flow Growth and Exploration Strategy
16:39 - Crescent Mine Acquisition and District Synergies
18:27 - 2026 Production Milestones and Expansion Plans
__________________________________________________________________

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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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.

G2 Goldfields (TSX: GTWO) is advancing its 3+ million ounce Oko gold project in Guyana toward permitting following its December 2025 preliminary economic assessment, while continuing to expand the high-grade system and position the company for potential M&A. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, CEO Daniel Noone highlighted the strength of the nine gram per tonne Oko Main Zone and the project’s robust economics. “There’s no risk that it’s not going to be a mine,” he said.

Since the August 31 cutoff date for the PEA, drilling has extended mineralization to one kilometer depth and expanded a northwest trend now defined over roughly five kilometers, including intercepts of 60 meters at 2.1 grams per tonne. With environmental permitting in Guyana potentially achievable within roughly 15 months, Noone said G2 is advancing three parallel streams in 2026: feasibility and permitting, continued resource growth, and M&A readiness. The company currently trades at approximately 0.3 to 0.4 times NAV, with Noone suggesting valuation could move toward 0.7 to 0.8 times NAV as permitting advances. G2 is also targeting an April 2026 spinout of 87,000 acres into G3 Goldfields with $15 million in cash.

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00:40 - 2025 Wins and Oko PEA Highlights
01:13 - PEA Impact and Guyana Permitting Timeline
02:34 - Post PEA Drilling and Resource Expansion
03:44 - M&A Outlook and 0.3x to 0.8x NAV Rerate
05:22 - Why High Grade Deposits Still Win
06:28 - Strategic Process Update After December
07:36 - Exploration Growth and G3 Goldfields Spinout
09:17 - Geology Behind Sands and Northwest Trend
10:08 - G3 Timeline, $15M Capital and Share Terms
11:02 - Next 12 Months Feasibility and Permitting Catalysts
__________________________________________________________________

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
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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.

Discovery Silver (TSX: DSV; OTCQX: DSVSF) CEO Tony Makuch has been named Kitco Mining’s CEO of the Year after leading a rapid turnaround of the Porcupine complex in Ontario and repositioning the former non-core asset into a cash-generating growth platform.

Speaking at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Makuch highlighted 2025 production of 180,000 ounces of gold, net profit of $107 million, and free cash flow of $172 million in the company’s first full year operating the asset. Discovery is accelerating investment, increasing exploration spending to more than $65 million as it works to extend mine life beyond current plans, grow resources at Borden, Hoyle Pond, and Pamour, and ultimately lift production while lowering costs. Makuch said the company is targeting all-in sustaining costs of between $1,250 and $1,500 per ounce over time.

“Shareholder return over the next few years is going to be an investment of capital into the business to improve the value of the equity,” he said.

Makuch also outlined balance sheet strength, a debt-free position, and continued permitting progress at the Cordero project in Mexico as Discovery focuses on reinvesting cash flow to build long-term value.

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, First Majestic Silver. To learn more, visit https://firstmajestic.com

00:33 – Record 2025 Gold Production, Profit & Free Cash Flow
02:30 – Reinvesting Higher Gold Prices Into Growth
03:52 – Porcupine Exploration & Mine Life Expansion
05:58 – Workforce Integration & Culture Shift
07:10 – Debt-Free Balance Sheet & Credit Facility Reset
09:35 – Shareholder Returns Through Reinvestment
11:00 – Cordero Permitting Progress in Mexico
13:45 – Investor Questions at BMO Conference
15:52 – Mid-Tier Gold Sector Outlook & Cycles
18:15 – Kitco Mining CEO of the Year Announcement
__________________________________________________________________

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: 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.

Metalla Royalty & Streaming (NYSE American: MTA; TSXV: MTA) CEO Brett Heath joins Kitco Mining’s Investment Trends at the 35th BMO Metals & Mining Conference as the royalty sector sees a surge in billion-dollar deals.

Following a $4.3 billion copper stream and other large transactions, Heath says the activity reflects structural change tied to higher metal prices and looming supply needs. “We’re entering a period of time right now where there’s going to be a new copper build cycle,” he said, arguing royalties and streams will play a growing role in financing multi-billion-dollar projects.

Heath also discusses Tether’s expanding ownership in the sector, gold-token dividends, and increasing generalist investor interest. After reporting record 2025 revenue of just under $12 million, which he called “a step change,” Metalla is targeting roughly 35% compound annual growth toward 2030 while trading near 0.6x NAV at spot prices.

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.

00:27 – Surge in Billion-Dollar Royalty & Streaming Deals
02:01 – Copper Build Cycle and Mega Project Financing
04:41 – Tether’s Entry into the Royalty Sector
07:57 – Gold-Backed Token Dividends Explained
09:09 – Metalla’s Record 2025 Revenue and Step Change
10:17 – 35% CAGR Growth Drivers Toward 2030
12:31 – Higher Gold Prices Expand Royalties and Mine Life
16:14 – Deal Flow Dynamics in a High-Liquidity Market
18:29 – Mid-Tier Valuation Gap and NAV Discount
__________________________________________________________________

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
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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.

Fortuna Mining (NYSE: FSM; TSX: FVI) CFO Luis D. Ganoza joins Kitco Mining’s Investment Trends with Paul Harris to discuss record 2025 free cash flow and the company’s strategy to return to 500,000 oz per year as it builds a two-region platform across Latin America and West Africa.

Fortuna generated $330 million in free cash flow in 2025, produced about 371,000 oz of gold equivalent, and ended the year with roughly $380 million in cash. Ganoza said full-year free cash flow represented “between 35 and 38%” of sales, with more than 60% EBITDA conversion into free cash flow. He also outlined a “clear path to get back to 500,000 ounces” annually through development at Diamba Sud and potential expansion at Séguéla toward 200,000 oz per year.

Beyond production growth, Ganoza explains how Fortuna approaches M&A in West Africa and Latin America, why the company continues to stress-test projects at lower gold prices, and how capital allocation decisions, including dividend timing, are being weighed as cash balances grow in a stronger price environment.

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.

00:27 – $330M Record Free Cash Flow and 2025 Results
02:05 – Fortuna’s LatAm and West Africa Strategy Explained
05:04 – HPGR Downtime and Path Back to 500,000 oz
07:53 – Half-Million-Ounce Production Plan
09:07 – Argentina Outlook and M&A Discipline
10:50 – West Africa Growth Pipeline and Exploration
14:22 – Growth Challenges and Asset Valuation Discipline
16:09 – IRR Hurdles and Cost Curve Strategy
18:19 – Capital Allocation, Cash Build and Dividend Timing
20:49 – 2026 Milestones: Diamba and Séguéla Expansion
__________________________________________________________________

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
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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.

Wesdome Gold Mines (TSX: WDO) President and CEO Anthea Bath says the company is entering 2026 as a debt-free, high-margin gold producer after delivering record 2025 production of 185,000 ounces and ending the year with $356 million in cash and zero debt. Speaking with Kitco Mining at the 2026 BMO Metals Mining & Critical Minerals Conference, Bath said Wesdome generated about $250 million in free cash flow in 2025 and expects to generate roughly $350 million in 2026 at budget assumptions below $4,000 gold. “Wes generated about $250 million in free cash last year,” she said.

With mill utilization currently running between 30% and 60% at Eagle River and Kiena, Wesdome is advancing a “fill the mill” strategy aimed at increasing throughput, extending mine life, and lowering unit costs through fixed-cost leverage without significant new mill capital. The company completed about 200 kilometers of drilling in 2025 and plans about 270 kilometers in 2026 across 250 exploration targets, with updated resource disclosures expected in June and technical reports expected in the second half of 2026. Bath said Wesdome is targeting mid-tier scale of 400,000 to 500,000 ounces annually while maintaining disciplined capital allocation and evaluating high-quality acquisition opportunities.

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, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:19 - “Fill the Mill” Strategy and 30–60% Utilization
02:04 - Gold Price Leverage and Resource Expansion
03:52 - 270km Drill Program and June Resource Update
04:53 - Capital Requirements and Infrastructure Readiness
05:30 - $250M Free Cash Flow and Share Buybacks
06:49 - Path to 400–500k oz Mid-Tier Scale
07:33 - M&A Criteria and Tier-One Jurisdiction Focus
09:17 - Takeover Risk and Gold Sector Discipline
10:30 - Investor Feedback and Capital Returns
__________________________________________________________________

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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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.

Marimaca Copper (TSX: MARI) CEO Hayden Locke says the company is advancing its Marimaca oxide project in Chile toward a potential final investment decision by the end of 2026, positioning it as a near-term copper producer during what he describes as an infrastructure-led demand cycle. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Locke said the company continues to anchor its planning assumptions well below current spot prices. “We’re running everything, all of our decision making at 4.50,” he said, referring to a $4.50 per pound long-term copper price despite copper trading near $6.

The Marimaca oxide deposit is expected to produce roughly 50,000 tonnes of copper cathode annually, with initial capital of about $600 million. Following a C$409 million financing, the company holds more than $160 million in cash to advance engineering, secure debt financing, and expand drilling at the nearby Pampa Medina discovery, which Locke said has potential to become a tier-one opportunity. Marimaca also plans to use recycled seawater sourced from local thermoelectric facilities, while targeting credit-approved debt term sheets by the third quarter and expanding its drill budget to $30–50 million over the next 12–18 months.

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, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:46 - $4.3B Streaming Deal and Copper Byproduct Monetization
03:13 - C$409M Financing and Greenstone Exit
04:36 - New Share Register and Liquidity Shift
05:40 - Strategic Interest and Board Transition
07:02 - Environmental Approval and 2026 FID Timeline
08:10 - Project Economics at $4.50 Copper Planning Price
10:20 - Recycled Seawater and Chile Water Strategy
11:24 - Pampa Medina Tier One Discovery Potential
13:14 - 50kt Base, 75kt Growth Ambition
15:26 - 2026 Catalysts and $30–50M Drill Program
__________________________________________________________________

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: 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.

Allied Gold (TSX: AAUC; OTCQX: AAUCF) Chairman & CEO Peter Marrone says the company’s C$5.5 billion all-cash sale to Zijin Mining secures what he views as full and fair value, less than two years after Allied’s September 2023 IPO at an approximate C$970 million valuation. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Marrone said the board set a clear pricing threshold during negotiations. “It has to be in the mid forties,” he said, referring to the per-share level required to support a transaction.

Allied rose more than 300% last year on the Toronto Stock Exchange, with the offer coming at a premium to an all-time high. Marrone pointed to recent gold price volatility, noting realized prices in the $3,400–$3,800 range before spot briefly moved above $5,000 per ounce. “There’s a lot of air in between,” he said, describing the risk of sharp swings and the rationale for locking in a cash floor. Allied’s portfolio is anchored by the Sadiola mine in Mali, with more than 10 million ounces of resources, and the Kurmuk project in Ethiopia, expected to produce close to 300,000 ounces annually at roughly $950 per ounce AISC. Shareholders vote in March, with closing anticipated in April.
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, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:43 - C$5.5B Allied Gold Takeover Overview
02:25 - Why the All-Cash Offer Locks in Value
04:19 - Strategic Process and Asian Buyer Engagement
07:24 - Deal Timeline and “Mid Forties” Price Target
09:06 - Gold Price Volatility and Risk Management
11:20 - Jurisdiction Risk and Tier 1 Asset Reality
15:14 - Dividend Discipline and Share Buybacks
17:24 - Shareholder Vote in March, Closing in April
__________________________________________________________________

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: 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.

Equinox Gold (TSX: EQX; NYSE American: EQX) CEO Darren Hall says the company has reset its balance sheet and is now focused on disciplined execution as it advances toward becoming a 1 million oz per year producer. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Hall said Equinox reduced net debt from more than $1.4 billion at the end of June 2025 to less than $100 million at the end of January 2026, alongside launching an inaugural dividend and applying for an NCIB. “I think it’s more creating a boring business,” he said, describing a strategy centered on quarter-on-quarter delivery and rebuilding credibility with investors.

Equinox produced 923,000 oz in 2025, up 48% year over year, and Hall highlighted operational momentum at Greenstone and Valentine, where throughput reached 110% of nameplate month to date in February after winter-related challenges in January. He outlined an organic growth pipeline including Valentine Phase 2, Castle Mountain, and Los Filos expansion, supported by a $70–$80 million exploration budget and a target to drive total all-in costs below $2,500 per oz, excluding major growth capital.

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, First Majestic Silver. To learn more, visit https://firstmajestic.com/

00:27 - Equinox Calibre Merger And CEO Transition
01:21 - 2025 Balance Sheet Reset And Dividend Launch
03:13 - Path Toward 1 Million Ounces Per Year
04:46 - Brazil Asset Sale Legal Challenge Explained
06:04 - Greenstone And Valentine Operational Update
07:53 - Cost Discipline And Sub $2,500 All In Target
10:27 - Net Debt Reduction And Liquidity Position
12:29 - AI Discovery At Valentine And $70M–$80M Exploration Budget
16:02 - Targeting Top Quartile Peer Valuation
18:25 - Castle Mountain And Los Filos Capital Priorities
19:58 - M And A Speculation And Organic Growth Focus
20:41 - Investor Meetings And Shareholder Base Shift At BMO
__________________________________________________________________

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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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.