Kitco MINING

David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down why gold miners can lag even when bullion is strong, and what this week’s deal flow says about risk appetite in the junior space. “These miners have had such incredible moves, and they’re extremely overbought,” Erfle says, while arguing there is still “a lot of money on the sidelines waiting to get in.”

The conversation digs into the biggest PDAC-week transactions, including Hudbay’s all-share deal for Arizona Sonoran announced March 2, 2026, and what it signals for U.S. copper cathode strategy. Erfle also discusses Discovery Silver’s agreement to acquire Glencore’s Kidd Operations in Timmins, and why processing and tailings capacity can be as valuable as ounces in the ground.

Other highlights include Franco-Nevada’s pending $52.2 million purchase of a pre-existing NSR royalty covering the core of Banyan Gold’s AurMac project, and what it implies for Yukon validation. The interview also touches on Highlander Silver’s Bear Creek transaction, which closed in late February, and how silver M&A is evolving as the cycle turns.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:18 - PDAC “Curse” as Miners Slide Despite Strong Metals
01:40 - Hudbay Acquires Arizona Sonoran in $1.5B Copper Deal
03:05 - Cactus-Copper World Synergies and Rival Bid Speculation
04:42 - Discovery Silver Buys Glencore’s Kidd Operations in Timmins
07:30 - Franco-Nevada Purchases $52.2M NSR on Banyan Gold
09:29 - Abra Silver Advances Under Argentina’s RIGI Regime
12:37 - Elemental Royalty Expands $150M Credit Facility
13:06 - PDAC 2026 Floor Sentiment Signals Bull Market

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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Sitka Gold (TSXV: SIG) has outlined more than 5 Moz in total gold resources at its RC Gold project in Yukon’s Tombstone Gold Belt following the maiden 2.25 Moz inferred resource at the Rhosgobel deposit, announced Feb. 25, 2026. The updated resource now totals 1.29 Moz indicated, and 3.83 Moz inferred across the Blackjack, Rhosgobel, and Eiger deposits, highlighting the rapid growth of the district-scale system.

Speaking with Kitco Mining at PDAC 2026, CEO Cor Coe said the project hosts three deposits across 11 gold-bearing intrusions, with significant exploration upside remaining. “Five to 10 million ounces is not uncommon,” Coe said, referring to similar intrusion-related deposits such as Fort Knox and Eagle.

Rhosgobel has emerged as the fastest-growing discovery. “15,000 meters to end up with a couple million ounces of gold,” Coe said. “Just basically four months of drilling.” Sitka has drilled just under 60,000 meters to define the current resource and plans another 60,000 meters in 2026, potentially advancing RC Gold toward a PEA next year.

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.

To learn more about Sitka Gold, visit: https://sitkagoldcorp.com/

01:00 - RC Gold Discovery and Project Origins
02:46 - Intrusion-Related Gold Deposits Explained
03:54 - RC Gold Maiden Resource Breakdown
06:18 - Tungsten Byproduct Potential at Rhosgobel
07:55 - Financing the Discovery and Capital Strategy
09:40 - 2026 Drill Plan and 60,000m Program
11:36 - Next Resource Update and Potential PEA
13:20 - Yukon Mining Policy and First Nations Partnerships
14:46 - 2026 Catalysts and Key Milestones
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris in person at PDAC 2026 in Toronto as markets react to breaking geopolitical news and a surge in major mining transactions.

Following reports of U.S. strikes on Iran over the weekend, Adshead said, “the gold price has already reacted,” noting that 24/7 trading pushed gold above $5,300 per ounce, roughly $100 higher than Friday’s close. He also highlighted record sector profitability, saying, “we've never seen gold miners make the margins that they've been making like they did in Q4 2025.” The discussion explores whether oil could spike, how diesel prices have supported gold miner margins, and how escalating conflict could accelerate demand for critical minerals used in modern defense systems, including tungsten, heavy rare earths, copper and silver.

The conversation also examines a wave of streaming and royalty deals ahead of PDAC, including Wheaton’s $4.3B silver stream with BHP, Lundin and BHP’s large-scale copper development in Argentina, and Faraday Copper’s Arizona asset deal with BHP.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:20 - Breaking News: US Strikes Iran
01:43 - Oil Shock, Strait of Hormuz Risk and Triple-Digit Oil Debate
03:00 - Gold Above $5,300 and Impact on Gold Miner Costs
04:37 - War Demand for Critical Minerals and Military Stockpiles
07:12 - Surge in Streaming and Royalty Deals Ahead of PDAC
08:27 - Wheaton’s Record $4.3B Silver Stream with BHP
10:32 - Lundin and BHP Argentina Mega Copper Project PEA
13:15 - Faraday Copper Arizona Asset Deal with BHP
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down what a packed conference floor may be signaling for the mining cycle, and why rising commodity prices can blur the line between skill and momentum.

Adshead-Bell argues that “we always mistake alpha for beta,” warning that a rising tape can hide weaker execution. She highlights a growing capital allocation debate among gold producers, noting that at least 10 companies now hold $1 billion or more in cash even after increasing shareholder returns. The key question, she says, is whether producers should hold gold instead of dollars, and whether buybacks reflect real conviction that stocks are undervalued based on credible gold price assumptions.

The discussion also addresses questions around Barrick’s strategy ahead of a potential North American IPO and tensions within Nevada Gold Mines, underscoring her view that “Market doesn't like uncertainty.” Adshead-Bell further examines evolving royalty and streaming structures, and how cost of capital advantages are reshaping mining finance.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.

To learn more, visit:
https://www.goldmining.com/
https://www.usgoldmining.us/
https://www.uraniumenergy.com/
https://www.uraniumroyalty.com/

00:19 - PDAC 2026 Cycle Signals and Market Sentiment
01:01 - Alpha vs Beta in Mining Markets
04:42 - Barrick Strategy, Leadership and IPO Questions
08:22 - Newmont Messaging and Nevada Gold Mines Uncertainty
12:26 - Lundin Gold $670M Silver Stream to Luna Royalties
16:31 - Highlander Silver Buys Bear Creek and Corani Asset
20:11 - Junior Mining Marketing Spend and Is the Market Toppy?
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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.

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/

00:30 - $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
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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.

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/

00:40 - 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
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
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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
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold
 
For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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
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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.

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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.