Kitco MINING

Gold and silver mining stocks remain undervalued despite stronger producer margins and higher metals prices, according to Don Durrett and John Feneck, who see significant upside in mid-tier producers and select junior miners.

Speaking with Kitco Mining's Paul Harris at Precious Metals Summit 2026 in Beaver Creek on September 24, Durrett, author and founder of GoldStockData, and Feneck, founder and CEO of The Feneck Commodities Report, explain why they believe mining equities have yet to reflect the sector's improved cash flow. “I think the stocks right now are unbelievably cheap,” Durrett said. Using $7,000 gold and $200 silver in his valuation models, he sees speculative potential for 20- to 25-fold returns in selected stocks.

Both remain bullish on silver following its sharp correction, identifying $50 as a potential support level. Durrett favors holding miners for long-term gains, while Feneck actively trades around valuations and opportunity costs.

They also discuss recent developments involving Honey Badger Silver and Silver X, alongside takeover risks illustrated by the proposed Artemis Gold acquisition of Vista Gold. “we don't get excited by 20 to 30% premiums,” Feneck said. Both investors explain their approaches to building portfolios across physical metals, ETFs, producers, developers and explorers.

Special thanks to our sponsor, Newcore Gold. To learn more, visit: https://newcoregold.com/

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.

00:31 - Precious Metals Summit 2026: Investor Sentiment
01:08 - Why Don Durrett Sees Gold and Silver Miners as Undervalued
02:49 - Mid-Tier Gold Miners vs. Majors: Where Is the Upside?
04:44 - John Feneck vs. Don Durrett: Trading or Holding Miners
06:39 - Silver Price Outlook: $50 Support and $200 Targets
08:01 - Why Durrett Sees Gold at $10,000 and Silver at $200
11:46 - Mining Deals, Resource Updates and New Project Studies
12:29 - Honey Badger Silver, Silver X and Mining Opportunities
16:02 - Mining Takeovers: Artemis Gold, Vista Gold and Low Premiums
19:18 - Building a Gold and Silver Portfolio: ETFs, Miners and Bullion

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

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

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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.

B2Gold's new President and CEO Mike Cinnamond says delivering on existing investments is key to unlocking stronger free cash flow and addressing the gold producer's valuation discount, as the company works to bring its Goose Mine in Nunavut to full capacity and expand production in Mali.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, Cinnamond outlines his priorities following Clive Johnson's retirement. At Goose, B2Gold is upgrading its crushing circuit to reach 4,000 tonnes per day in the first half of 2027, supporting a medium-term target of approximately 300,000 ounces of annual gold production. Underground exploration could also extend the mine's current nine-year reserve-based life, with management seeing potential for 15 years, while the George deposit offers additional growth opportunities.

In Mali, the Fekola Regional permit clears a major hurdle for an operation expected to ramp up through 2027 and contribute more than 150,000 ounces annually from 2028. B2Gold is also advancing Gramalote in Colombia toward a potential development decision in 2027.

“We're at this inflection point for our company where there's a lot of free cash flow coming in,” Cinnamond said. Following the completion of prepaid gold deliveries and approximately $224 million returned to shareholders in the first half of 2026, he discusses continued buybacks, balance sheet improvements and why execution at Goose and Fekola could help rebuild investor confidence.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.

00:40 - Mike Cinnamond Takes Over as B2Gold CEO
01:35 - Building B2Gold's Next Leadership Team
02:58 - Preserving B2Gold's Entrepreneurial Culture
03:29 - Goose, Fekola and B2Gold's Execution Priorities
04:45 - Goose Mine Crusher Upgrades and 2027 Ramp-Up
06:08 - Goose Underground Exploration and Mine-Life Extension
08:49 - George Deposit and Back River District Growth Potential
10:29 - B2Gold and Agnico Eagle's Nunavut Alliance
11:42 - B2Gold's Rhino Gold Bar and Conservation Legacy
12:14 - Fekola Regional Permit Unlocks 150,000 Oz Production Target
14:15 - Gramalote Permitting and Colombia Development Outlook
17:36 - Free Cash Flow, Debt Reduction and Share Buybacks
19:42 - Why B2Gold Shares Trade at a Valuation Discount
20:49 - Otjikoto, Antelope and Organic Gold Growth 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

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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.

Tiger Gold is targeting annual production exceeding 250,000 ounces at its Quinchía Gold Project in Colombia, as expanding gold discoveries and higher prices reshape plans for a larger mining operation.

Speaking with Kitco Mining's Paul Harris on October 5, 2026, President and CEO Robert Vallis explains the company's shift from the previously permitted Miraflores underground mine toward a proposed integrated development incorporating Tesorito and Ceibal. Tiger's 2025 preliminary economic assessment outlined approximately 140,000 ounces of annual gold production during its first five years, but Vallis says management is now targeting a scale “north of 250,000 ounces a year.”

At Ceibal, Tiger is pursuing a maiden mineral resource that Vallis believes could eventually rival Tesorito's approximately 1.57 million ounces of inferred gold resources. Following completion of 12,124 metres of drilling at Tesorito, all three rigs are focused on Ceibal as the company works to expand Quinchía's resource base.

Higher gold prices are also reshaping the project's economics. The published PEA estimates an after-tax NPV of US$534 million at 2,650gold,risingtoapproximatelyUS1.19 billion at $3,700 gold, with the IRR increasing from 21.3% to 36.5%.

Vallis also discusses the additional engineering and permitting required for a larger open-pit operation. Tiger is targeting updated mineral resources and a revised PEA by the end of Q1 2027, while its expanded production ambitions remain subject to further studies and approvals.

To learn more about Tiger Gold, visit: https://tigergoldco.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:20 - Colombia's Mining Outlook and Gold Investment Climate
01:59 - How Tiger Gold Acquired the Quinchía Gold Project
04:37 - Gold Price Leverage and Quinchía's PEA Economics
06:31 - Tesorito and Ceibal Drilling Results and Resource Growth
09:06 - From Miraflores Underground Mine to Larger Gold Development
11:55 - Tiger Gold Targets Over 250,000 Oz of Annual Production
13:52 - Aris Mining, Collective Mining and Mid-Cauca Gold Potential
17:03 - Permitting an Expanded Quinchía Gold Project
18:39 - Colombia's Open-Pit Mining Approvals and Challenges
20:36 - Copper, Molybdenum and Deeper Exploration Potential
22:07 - 2027 Catalysts: Resource Updates and Revised PEA
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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.

Scotia Metals is preparing its first lithium drilling program in Nova Scotia as CEO Rodrigo Roso sees signs of a recovery in spodumene prices and growing interest in developing North America's critical minerals supply chain.

Speaking with Kitco Mining's Paul Harris on October 5, 2026, Roso outlines the company's Acadia Lithium Project, covering approximately 372 square kilometres along an 80-kilometre prospective pegmatite trend near the Brazil Lake lithium deposit. He says existing roads, nearby power and access to deepwater ports could provide important advantages for future mine development.

At Green Wolf, Scotia has identified five spodumene-bearing boulder trains, with historical samples grading up to 3.40% lithium oxide. Recent sampling expanded one boulder cluster from 13 to 38, with 20 samples exceeding 1% Li₂O. “what we're doing right now is being smart about where we'll drill,” Roso said, describing the company's use of till sampling and geophysics to locate potential bedrock targets.

Scotia is planning an initial 1,500-metre scout drilling program for early 2027, with first results targeted for Q1 and a potential 7,500-metre follow-up campaign. Roso discusses the project's geological similarities to Brazilian lithium districts and why infrastructure could improve future development economics. Acadia remains at an early exploration stage, without an established mineral resource.

To learn more about Scotia Metals, visit: https://scotiametals.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:30 - Lithium Price Volatility and Global Demand
01:48 - Spodumene Price Recovery and the Lithium Market Outlook
03:45 - Spodumene Concentrate Prices and Mining Economics
04:47 - Canada's Critical Minerals Strategy and Lithium Supply Chains
06:35 - Scotia Metals' Founding Team and Lithium Experience
09:25 - Why Nova Scotia? Acadia Lithium and Infrastructure Advantages
12:36 - Brazil Lake Deposit and Acadia's Exploration Potential
13:39 - Green Wolf Lithium Results and 2027 Drilling Plans
16:11 - First 1,500m Drill Program and Exploration Targets
18:36 - Pegmatite Grades, Mine Economics and Development Costs

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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.

Sinda is targeting more than 20 million ounces of annual silver production as it advances Mexico's Guanajuato Sur district toward a proposed 2031 startup, backed by $331 million raised through its IPO and related placements, including a $95 million investment from Fresnillo.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, Executive Chairman Daniel Muñiz Quintanilla outlines a resource base of approximately 385 million silver-equivalent ounces in indicated and inferred categories, alongside 452 million to 484 million ounces of additional conceptual exploration targets. “We're just scratching the surface,” he said, pointing to extensive undrilled potential and high-grade discoveries across the district.

With approximately 300,000 metres drilled, Sinda is preparing a nine-kilometre underground exploration decline at Caracol. Management plans updated resource estimates and a preliminary economic assessment through 2027, followed by targeted mine construction in 2030 and first production in 2031. Muñiz also discusses preliminary metallurgical results, a proposed 6,000-tonne-per-day operation and the potential for Don Diego exploration to connect Caracol and Agaves.

Muñiz explains Fresnillo's 5% investment and technical cooperation with Sinda, while emphasizing that the neighboring companies are pursuing separate developments.

To learn more about Sinda, visit: https://sinda.mx/en/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

01:04 - Sinda's Guanajuato Sur Silver District and Resource Potential
02:55 - How the High-Grade Silver Discovery Was Made
05:12 - Silver Grades, Drill Results and Exploration Upside
06:33 - Sinda's $331M Financing and June 2026 IPO
08:37 - Sinda's Roadmap to Silver Production in 2031
09:59 - Metallurgical Recoveries and 20M Oz Production Ambition
11:48 - Fresnillo's $95M Investment and Technical Partnership
14:34 - Permitting Progress and Sinda's Development Strategy
16:14 - Nine-Kilometre Decline and Underground Mining Plans
17:32 - Resource Updates, Drilling and 2027 PEA 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.

Coeur Mining is shifting from major acquisitions to execution, with its expanded North American portfolio expected to generate approximately $2.3 billion in adjusted EBITDA and $1.5 billion in free cash flow in 2026 following the SilverCrest and New Gold transactions.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Mitch Krebs says the transformation has reshaped Coeur's financial position. After generating negative $300 million in free cash flow in 2023, the company now holds more than $1 billion in cash. “we're now very much in the digestion and delivery mode,” Krebs said, emphasizing that further acquisitions are on hold as management focuses on operating performance.

Coeur is balancing organic growth with shareholder returns, including a $750 million share buyback authorization, approximately $220 million repurchased at the time of the interview, and its first dividend in roughly three decades. Krebs says buybacks remain the preferred approach because of their flexibility, while maintaining cash reserves provides protection during weaker commodity cycles.

Looking ahead, Coeur is targeting mine-life extensions at Rainy River and New Afton, where K-Zone exploration could support production into the 2040s, while advancing a prefeasibility study at Silvertip. Krebs expects 2027 to be the first full year reflecting the enlarged portfolio.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.

00:33 - Coeur Mining Shifts From M&A to Execution
02:01 - Organic Growth at Rainy River, New Afton and Silvertip
03:26 - SilverCrest and New Gold Transform Coeur's Cash Flow
04:46 - $750M Share Buyback and Capital Allocation
06:19 - Coeur's New Dividend and Buyback Strategy
07:01 - Gold, Silver and Copper Production Mix
08:21 - Why Coeur Is Pausing Further Acquisitions
09:21 - 2026 Guidance, Q4 Outlook and 2027 Growth 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.

Uranium prices have climbed to multi-decade highs, but NexGen Energy says they remain too low to incentivize the new production needed to address a growing global supply deficit, even before accounting for rising electricity demand from AI data centers.

Speaking with Kitco Mining's Paul Harris on October 15, 2026, NexGen Energy Chief Commercial Officer Travis McPherson says years of underinvestment have constrained supply as nuclear utilities become increasingly concerned about securing future fuel. Despite uranium prices rising roughly fivefold over the past decade, he says global production has remained largely flat.

With utilities seeking long-term supply, NexGen is deliberately preserving pricing flexibility ahead of production at its Rook I project. “We don't give away optionality for nothing,” McPherson said. The company favors shorter contracts linked to market prices at delivery rather than committing most of its future output years in advance.

In Saskatchewan, construction is advancing at the C$2.2 billion Rook I project, targeting first production around 2030 and annual capacity of up to 30 million pounds of U₃O₈. McPherson discusses upcoming shaft-freezing and sinking milestones, exploration at Patterson Corridor East, and why uranium equities have lagged the commodity despite improving fundamentals.

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.

01:05 - Why Uranium Prices Are Still Too Low
03:22 - Nuclear Utilities Face Growing Uranium Supply Shortages
05:29 - AI Demand, Geopolitics and Nuclear Energy
07:34 - NexGen's Uranium Contracting Strategy
10:31 - Shorter Contracts and Market-Based Uranium Pricing
13:26 - Physical Uranium ETFs and Price Discovery
15:06 - Why Uranium Stocks Are Lagging Uranium Prices
18:20 - Rook I Construction and the 2030 Production Target
20:51 - C$2.2B Capex, Construction Risks and Timeline
26:46 - Patterson Corridor East and Exploration Upside
30:19 - Shaft Freezing and Upcoming Construction 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.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Daniel Henao outlines a $25 million expansion at the Hemco operation, increasing processing capacity by more than 40% and targeting an additional 30,000 to 40,000 ounces of annual gold production in 2027. Following the interview, Mineros raised its 2026 consolidated production guidance to 235,000–245,000 ounces, supported by operational improvements in Nicaragua and Colombia.

The company is also advancing Porvenir, where an updated prefeasibility study estimates $207 million in initial capital and a 37.9% after-tax IRR. Management is targeting a construction decision in early 2027, subject to remaining permits.

Beyond production growth, Mineros has built approximately 40,000 ounces in gold-related treasury holdings, according to Henao, while maintaining dividends and a discretionary $175 million share buyback program. Explaining the strategy, he said “gold is a great way of preserving, uh, the value of, of our treasury.”

Henao also discusses La Colosa's development challenges in Colombia, La Pepa in Chile and a potential U.S. listing.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.
00:55 - Mineros' Turnaround and Record Financial Performance
03:10 - How Sun Valley Investments Took Control
04:52 - $25M Investment to Expand Gold Production
06:48 - Nicaragua Expansion Toward 200,000 Oz
09:06 - Porvenir's $207M Development and Permitting
10:42 - Colombia Mining Outlook and Nechí Growth
12:22 - La Colosa Gold Project and Community Support
14:29 - La Pepa Expansion and Potential U.S. Listing
17:37 - Dividends and $175M Share Buyback Program
20:47 - Building a 40,000 Oz Gold Treasury
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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.

Franco-Nevada is preparing to deploy substantial capital into new mining deals, with $4.3 billion in available capital and a growing pipeline of opportunities as royalty and streaming finance gains traction across the industry.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026 on September 29, President and CEO Paul Brink expects significant investment activity ahead, saying, “In the next six to 12 months we will deploy a good amount of that capital.”

At Cobre Panamá, Brink says Franco-Nevada has received its first payment from renewed stockpile processing, while discussions over the mine's future continue. The company is also tracking toward the upper half of its 2026 production guidance, supported by anticipated Cobre Panamá deliveries and stronger energy royalty revenue.

Beyond traditional streams and royalties, Franco-Nevada is increasingly combining debt and equity financing to back experienced mine-building teams, including partnerships with i-80 Gold and Minerals 260. Brink also discusses BHP's $4.3 billion Antamina silver stream as a major endorsement of the sector and why increasingly expensive copper projects could drive further demand for alternative financing.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.

00:25 - 2026 Production Guidance and Growth Outlook
01:08 - Cobre Panamá Stockpile Processing and Payments
01:48 - Cobre Panamá Restart and Government Negotiations
04:18 - Côté Gold Royalty and IAMGOLD Buyback Option
05:34 - Syndicating Larger Streaming Deals
06:46 - Managing Deal Size and Jurisdictional Risk
08:17 - BHP’s $4.3B Antamina Silver Stream
10:37 - Copper Mining Costs and Streaming Opportunities
11:49 - Franco-Nevada’s Debt, Equity and Royalty Strategy
16:36 - $4.3B Available Capital and New Deal Pipeline
18:31 - Energy Royalties and Higher Oil Prices
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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.

Gold miners are generating near-record earnings and stronger free cash flow, yet their valuations remain depressed despite a decade of improved financial discipline. Sprott Asset Management argues investors may still be judging the sector by the costly mistakes of the previous gold bull market.

Speaking with Kitco Mining's Paul Harris on October 21, 2026, Kenny Zhu, Director of Research and Investment Strategy at Sprott Asset Management, says forward EV/EBITDA multiples for gold miners stood at 5.7 times in September, down from 9.9 times in June 2014. “Investors are still valuing gold miners based on the mistakes of the past cycle,” Zhu said, citing debt-funded expansion and value-destructive acquisitions.

Today's miners are prioritizing cash flow, stronger balance sheets and shareholder returns over production growth at any cost. But Zhu identifies another risk: “the industry is facing a real danger of longer-term depletion.” Declining ore grades, fewer major discoveries and mine development timelines approaching 18 years raise questions about future gold supply.

Zhu also examines central bank gold demand, real interest rates and AI-related economic risks, while addressing criticism that miners should invest more in new production rather than prioritize share buybacks.

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.

00:38 - Gold's Two Markets: Dollar Debasement, Inflation and Rates
03:45 - U.S. Midterms, Real Yields and Gold's Outlook
07:56 - Why Gold Mining Stocks Remain Undervalued
10:53 - How Gold Miners Rebuilt Cash Flow and Balance Sheets
14:16 - Will Gold Mining Valuations Catch Up With Earnings?
18:52 - Declining Ore Grades and the Gold Supply Challenge
21:44 - Why Miners Are Keeping Conservative Gold Reserve Prices
23:31 - Share Buybacks vs. Investing in New Gold Mines
__________________________________________________________________

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.

Equinox Gold has finished building scale through major transactions. Now the focus is on proving the enlarged company can deliver.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and incoming CEO Jason Simpson said Equinox is shifting from merger-driven growth to execution after combining with Calibre Mining and Orla Mining. “We don't need anything else. We just need to focus on delivering,” Simpson said.

The combined portfolio has annual production capacity of roughly 1.1 million ounces, with an organic growth pipeline that could take Equinox toward 2 million ounces. Simpson said the projects have been deliberately sequenced so they are not competing for capital, with the next major growth phase centered on the U.S. before further expansion opportunities in Mexico and Canada.

Simpson said more than 50% of Equinox’s NAV is currently in Canada, while future U.S. growth could lift the combined Canada-U.S. share to about 70%. Near-term catalysts include the Greenstone and Valentine ramp-ups, early works at South Railroad in Nevada toward 2028 production, and progress at Castle Mountain.

Equinox also plans to fund growth internally while reducing debt, buying back shares and returning capital through dividends. Simpson said delivering 2026 guidance is the immediate test of the company’s new senior-scale platform.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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00:34 - How the Equinox-Orla Merger Came Together
02:10 - Jason Simpson’s Leadership Transition
03:36 - Why Investors Backed the Combination
05:11 - Sequencing Growth Toward 2M Oz
08:04 - Building a North American Gold Platform
09:24 - Nicaragua Risk, Reward and Portfolio Fit
12:55 - Self-Funding Growth, Debt Reduction and Returns
15:31 - 2026 Guidance and the Execution Test
17:06 - Greenstone, Valentine, South Railroad and Castle Mountain
__________________________________________________________________

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.

Pan American Silver is targeting up to $1 billion in shareholder returns in 2026 while advancing a $1.9 billion expansion at La Colorada in Mexico, balancing dividends and buybacks with a major investment in future silver production.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Michael Steinmann says strong cash flow and more than $3 billion in liquidity give Pan American room to pursue both priorities. The La Colorada Skarn project could lift the expanded mine's annual silver output to approximately 19 million ounces during its peak five years, with an estimated 37-year mine life.

Steinmann also sees further upside for silver as industrial demand grows and supply struggles to respond. He said he would not be surprised to see “a jump like that to 150 or $200 over the next few years,” while cautioning that sharp rallies can reverse.

Beyond metal prices, Steinmann argues that a shortage of experienced mine-building teams could accelerate industry consolidation. He also discusses Pan American's disciplined approach to acquisitions, operating costs, and plans for an economic assessment of its Timmins assets.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.

00:31 - Silver’s Volatile Rally and Price Outlook
01:25 - Industrial Demand and Silver Supply Constraints
02:43 - Could Silver Reach $150, $200 or $500?
04:09 - Pan American’s $1B Shareholder Return Target
05:42 - How Byproduct Credits Lower Silver Mining Costs
07:33 - Production, Inflation and Weather Risks
09:55 - Balance Sheet, Liquidity and Shareholder Returns
11:52 - Pan American’s M&A and Growth Strategy
15:42 - Why Building Large Silver Mines Is Getting Harder
19:12 - La Colorada Skarn Expansion and Timmins PEA
__________________________________________________________________

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.

Mining companies have more cash, stronger metals prices and broader investor interest, but Tim Wood says the sector is still showing restraint rather than repeating the excesses of the last cycle.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, the Denver Gold Group executive director said capital discipline remained a consistent message across company presentations, with miners continuing to prioritize shareholder returns and stronger balance sheets. “I think we've turned a corner in the way companies are approaching the cycle,” Wood said.

Wood also described a “sea change” in the investor base, with hedge funds, private equity and generalist investors playing a larger role alongside traditional mining specialists. “So the, the generalists are here,” he said. That broader interest was reflected at MFA, where about 1,270 attendees checked in and roughly 5,080 investor meetings were scheduled.

He also pointed to a shift in industry priorities, with ESG becoming less prominent while companies focus more directly on social license and community support. At the same time, Wood expects M&A activity to increase, but says management teams remain wary of overpaying.

Wood also announced Denver Gold Group’s expansion into Australia, with a new Sydney conference launching in October 2027 after what he described as strong demand from the Australian market.

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00:41 - Mining Forum Americas 2026: Key Takeaways
01:29 - 1,270 Attendees and 5,080 Investor Meetings
02:41 - Friedland, Fishman and the Keynote Themes
05:46 - Canada Taxes, Tariffs and Competitiveness
07:06 - ESG Fades as Social License Takes Priority
08:38 - Shareholder Returns, Capital Discipline and M&A
12:53 - Generalist Investors Return to Mining
15:18 - Denver Gold Group Launches Sydney Conference
__________________________________________________________________

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.

Less than a year after its launch as a public company, LunR Royalties is already looking to compete for much larger precious-metals deals after establishing its first major cash-flowing asset at Fruta del Norte.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, CEO Adam Lundin said LunR is prepared to evaluate transactions ranging from $50 million to as much as $1.5 billion. The company’s approximately $670 million Fruta del Norte silver stream has already started generating revenue, while a $150 million credit facility gives LunR additional capacity to pursue future deals. “Try and punch above our weight,” Lundin said, while stressing that growth must remain disciplined.

LunR is also looking beyond Lundin Group companies for future royalties and streams, including overlooked precious-metal byproducts at major producing mines. Lundin said that even without another acquisition, continued growth at Fruta del Norte and the eventual development of Lunahuasi and Los Helados could potentially triple current cash flow over time.

The company is also open to partnering with larger royalty groups on major transactions where a syndicated approach makes sense, with Lundin saying shareholder returns remain the ultimate measure of success.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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00:53 - Building LunR’s Royalty and Streaming Team
01:34 - Targeting $50M to $1.5B Deals
02:46 - Cash Flow, Credit Capacity and Cost of Capital
04:09 - How the Lundin Name Helps Win Deals
05:38 - Fruta del Norte Silver Stream Upside
08:02 - Managing Conflicts and Independent Deal Review
10:04 - Expanding Beyond Lundin Group Companies
11:24 - Discipline, Cash Flow and Shareholder Returns
12:47 - Lunahuasi, Los Helados and Future Growth
15:30 - Syndicating Larger Royalty Deals and Next 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.

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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.

Solaris Resources says the Warintza copper-gold-molybdenum project in Ecuador is moving into a critical de-risking phase, with updated guidance targeting full permitting by the end of H1 2027 and a final investment decision in the back half of 2027.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and CEO Matthew Rowlinson said Solaris expects roughly $100 million of liquidity to carry the company through to FID, including an additional $50 million tranche tied to its Royal Gold agreement. The November 2025 PFS outlined approximately $3.7 billion in initial capital for a 160,000-tonne-per-day operation, supported by near-surface mineralization, a low strip ratio and gold and molybdenum byproduct credits.

Solaris is also keeping both partnership and standalone development paths open. “We've got to do what's right for shareholders,” Rowlinson said, adding that the company has seen significant interest from potential partners while continuing to evaluate streaming, senior debt, EPC or EPCM-linked financing, and government or other nontraditional capital.

Beyond Warintza Central, Solaris is advancing additional porphyry targets across the broader district while continuing to de-risk the core project toward a 2027 development decision.

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00:19 - Copper and Critical Minerals Take Center Stage
00:52 - Copper Supply Tightness and the Warintza Opportunity
02:38 - Gold and Moly Byproducts Support Warintza Economics
04:03 - H1 2027 Permitting and Late-2027 FID Target
05:35 - Water, Power and the 250 MW Energy Plan
07:19 - $3.7B Capex and Warintza Project Economics
10:18 - ~$100M Liquidity to Carry Solaris Through FID
10:46 - Partner, Build or Finance Warintza Alone?
12:13 - Streaming, Debt and the Ideal Financing Stack
16:17 - Warintza District Exploration and Next 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.

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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.

U.S. Gold Corp is approaching a major decision point at the fully permitted CK Gold Project in Wyoming, with financing advancing while unsolicited strategic interest continues to test the case for building versus selling.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and CEO George Bee said the company’s March 2026 feasibility study outlined initial capital of about $394 million, and U.S. Gold is evaluating debt, equity, offtake-linked financing, and a potential silver stream. “We've got term sheets on the table,” he said, with financing now one of the key steps before construction moves forward.

At the same time, U.S. Gold has received unsolicited strategic interest, with NDAs in place and project visits underway. “We have to recognize that there's a strategic interest in our company,” Bee said. Protecting existing shareholders from excessive dilution remains a key consideration as management weighs building CK Gold against a potential transaction.

Bee also said the current feasibility study does not capture all of the project’s potential, with additional resources outside the existing reserve shell and further drilling planned. “We see so much more value than we have, uh, described in the feasibility study,” he said.

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00:15 - CK Gold Fully Permitted and Ready to Advance
00:57 - Debt, Offtake and Silver Stream Financing Options
03:01 - Protecting Shareholders From Dilution
04:08 - Strategic Interest and the Build-or-Sell Decision
06:46 - Upside Beyond the Current Feasibility Study
08:23 - Development Risks, Tariffs and Execution
09:28 - Expanding Resources Beyond the Reserve Shell
11:23 - U.S. Copper Policy and Potential Funding Support
12:43 - Term Sheets, EPCM and the Next 12 Months
__________________________________________________________________

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.

Sunshine Silver Mining & Refining is targeting a late-2028 return to production at Idaho’s historic Sunshine Mine, while designing a larger operation and evaluating a return to integrated silver and antimony refining.

Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, CEO Heather White said Sunshine’s June IPO raised about $310 million gross, providing the runway to complete key development work ahead of a targeted Q2 2027 feasibility study. The company is now evaluating a 2,000-tonne-per-day mill, double the roughly 1,000-tonne-per-day base case, as it plans for higher future throughput and resource growth.

Sunshine hosts about 104 million ounces of indicated silver resources at 1,022 g/t and another 160 million ounces inferred at 776 g/t. White said the mine’s ultra-high grade supports a low-cost operating profile, with additional copper, antimony and lead byproducts providing further potential credits.

The company is also evaluating whether to restart its silver-copper refinery and develop a new antimony plant. If advanced, Sunshine says the antimony facility could produce up to 34.5 million lb annually, potentially supplying as much as 60% of annual U.S. demand.

Beyond the restart, Sunshine expanded its Silver Valley land position by 60% to roughly 38,000 acres in September and launched a 45,000-meter district-scale exploration program as management evaluates broader multi-mine potential.

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00:19 - $310M IPO Funds Sunshine’s Next Development Phase
00:59 - 1,000 g/t Silver Grades and Low-Cost Potential
04:01 - Targeting a Late-2028 Return to Production
05:42 - Funding Runway, Capex and the Next Financing Decision
07:12 - Sell Concentrates or Restart Refining?
08:17 - Why Sunshine Is Planning a 2,000 TPD Mill
10:09 - Permits, Safety and Environmental Track Record
11:30 - Silver, Antimony and U.S. Critical Minerals
15:10 - 38,000 Acres, 45,000m Drilling and Multi-Mine Potential
__________________________________________________________________

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.

Robert Quartermain, Co-Chair of Dakota Gold, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas to discuss the company’s plan to advance the Richmond Hill Gold Project in South Dakota toward production as soon as 2029.

Speaking on September 29, Quartermain said Dakota Gold had about $99 million on its balance sheet as of June, which management believes can carry the company through to a shovel-ready stage. “So that sees us what we consider all the way through to being shovel-ready,” he said.

Richmond Hill’s pre-feasibility study is targeted for Q4 2026, with a full feasibility study expected mid-2027. Quartermain said ongoing drilling and metallurgical work could support a larger operation than previously contemplated, while Dakota has already begun placing deposits on long-lead equipment to protect its development timeline.

The company expects an approximately 18-month permitting process and is targeting permits by the end of 2028. Quartermain also made clear that Dakota’s current strategy is to build Richmond Hill rather than sell at feasibility. “We've got the team to build it, we have the access to the capital to build it, and we'll move forward doing that,” he said.

To learn more about Dakota Gold, visit: https://dakotagoldcorp.com/

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.

00:21 - Richmond Hill Targets 2029 Production
01:25 - $99M Balance Sheet and Path to Shovel-Ready
02:39 - Drilling, Metallurgy and Higher Recovery Zones
03:32 - Could Richmond Hill Scale to 60,000 TPD?
06:47 - Long-Lead Equipment Ordered Early
08:13 - Jack Henris Takes Over as CEO
09:35 - 18-Month Permitting Roadmap
11:51 - Silver Stream, Forward Sales and Debt Financing
13:10 - Maitland High-Grade Growth Potential
15:08 - Why Dakota Gold Wants to Build, Not Sell
17:15 - Q4 PFS, Mid-2027 FS and Key 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.

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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.

Jamie Beck, President and CEO of Lundin Gold, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas in Colorado Springs to discuss how exploration success is extending the growth profile of Fruta del Norte in Ecuador.

FDN began mining in 2019 with about 5 million ounces of reserves. Since then, Lundin Gold has produced more than 3 million ounces and still holds roughly 6 million ounces in reserves. “This whole sort of structural district continues to surprise, and surprise to the upside,” Beck said.

Lundin holds a roughly 65,000-hectare land package, with exploration historically concentrated around the approximately 6,500-hectare La Zarza concession. The company is also studying an expansion from around 5,500 tonnes per day to 6,500–7,000 tonnes per day, aimed at sustaining roughly 500,000 ounces of annual production as grades normalize, with full operation targeted for 2028.

Beck also addressed the Sept. 8 sovereign adjustment assessment from Ecuador, characterizing the issue as a disagreement over the calculation and reaffirming Lundin’s commitment to investing in the country.

Beyond gold, Lundin expects an inaugural mineral resource for the Sandia copper-gold discovery around Q1 2027, adding another potential leg to its organic growth pipeline.

Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible. To learn more, visit https://metallaroyalty.com

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.

00:42 - Corrada Dorada and FDN South Discovery Upside
02:03 - Three Exploration Goals at Fruta del Norte
03:34 - Funding Exploration While Returning Cash
04:31 - Reserve Growth and the Path Into the Mine Plan
06:00 - Expanding FDN From 5,500 to 6,500–7,000 TPD
06:26 - Costs, Power and Operating in Ecuador
08:50 - El Niño Risk and Backup Power
10:07 - Ecuador Sovereign Adjustment Dispute
12:37 - Copper Growth, Sandia Resource and M&A Optionality
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

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

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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: 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.

Ari Sussman, Executive Chair of Collective Mining, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas in Colorado Springs to discuss how Apollo’s maiden resource is accelerating the Guayabales Project toward permitting and development in Colombia.

Collective announced Apollo’s first mineral resource on September 8, totaling about 5.4 million gold-equivalent ounces in indicated and inferred resources. The open-pit portion includes about 1.5 million indicated ounces at 2.06 g/t AuEq with a modeled 3.4:1 strip ratio. “This is a maiden starting point, and we're growing in all directions, so very excited by it,” Sussman said.

The company is targeting submission of its environmental license application in H2 2027. Sussman said he expects a decision roughly 11–12 months after ANLA receives the application, potentially putting a final decision in the second half of 2028. He also expects the next resource update, targeted around Q4 2027 or Q1 2028, could reach 7–8 million gold-equivalent ounces after substantial additional drilling.

Looking further ahead, Sussman said Collective is currently contemplating a 15,000-tonne-per-day operation and believes a future Apollo mine could produce more than 400,000 ounces annually, subject to further drilling and economic studies. He also described the current market as a “builder's market,” while saying stronger industry cash flow could make M&A more attractive over the next year.

With 13 rigs operating and 90 holes awaiting assays at the time of the interview, Sussman said the immediate focus remains: “drill, baby, drill.”

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

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.

00:17 - Apollo’s 5.4 Moz Maiden Resource
01:29 - Open-Pit Upside and High-Grade Ramp Zones
03:42 - Why Tungsten Matters at Apollo
05:02 - Targeting 7–8 Moz in the Next Resource
05:39 - Mid-2027 Permit Filing and 2028 Decision Target
06:12 - Colombia’s Changing Mining and Permitting Climate
09:21 - Investor Sentiment and the Colombia Discount
13:15 - Builder’s Market Today, M&A Tomorrow?
14:30 - 15,000 TPD Mine Plan and 400K+ Oz Potential
16:27 - 13 Rigs, 90 Assays and “Drill, Baby, Drill”
__________________________________________________________________

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.