Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down mining M&A, gold equity weakness, producer cash piles, copper dividends, lithium delays, and Ecuador’s gold sector.

Ecclestone takes a skeptical view of G Mining’s deal to acquire G2 Goldfields and the creation of G3 Goldfields, questioning whether repeated spinouts and recombinations create lasting value. He is more direct on Zijin Gold’s failed C$5.5 billion bid for Allied Gold, saying weaker gold prices and falling miner valuations changed the deal math.

Ecclestone says the Feb. 28 escalation in the Iran conflict disrupted a developing institutional rotation into mining, sending capital back toward AI and data centers instead. He also weighs cash versus bullion on producer balance sheets, dividends versus buybacks, Codelco and Rio Tinto’s delayed Maricunga lithium project, and Lundin Gold’s exploration success in Ecuador. With cheaper assets available, he says acquirers may not need to rush. “We've not seen the worst yet,” he said.

Recorded July 30, 2026.

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.

00:00 - Welcome and 100th Episode
00:32 - Guyana Deal Breakdown
06:47 - Zijin Walks From Allied
10:54 - Investor Lessons From Bust Deal
14:07 - Geopolitics Hits Metals
17:14 - Q2 Results and Cash Piles
19:58 - Gold on Balance Sheets
21:29 - Copper Dividends and Storms
24:34 - Chile Lithium Delay Debate
29:22 - Lundin Gold Ecuador Upside
__________________________________________________________________

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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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.

John Feneck, Founder and CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep with Paul Harris to break down a volatile stretch for mining equities, precious metals and critical minerals.

Feneck says gold, silver and copper remain in a bull framework, but mining stocks are still being pressured by summer trading volumes, the Iran conflict, Fed uncertainty and capital crowding into tech and AI. With the HUI down sharply since March 1 and many juniors hit even harder, he says investors need to separate broken charts from painful corrections in a sector where metal prices are still holding key levels.

The mining news cycle is also turning back toward supply security. Feneck calls new U.S. defense restrictions on tungsten from China, Russia, North Korea and Iran “super bullish” for U.S. tungsten equities, arguing that the country remains far behind China in rebuilding domestic supply. He also weighs the U.S. processing bottleneck, Donlin Gold, Barrick’s investment in Kingfisher Metals, New Pacific’s Carangas PEA in Bolivia, and why majors may need to pay real premiums to secure junior assets.

Learn more about John Feneck’s conference here: https://topshelf-partners.com/

Recorded July 23, 2026.

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.

Joe Mazumdar, Editor & Analyst at Exploration Insights, joins Kitco Mining’s Digging Deep from the Rule Symposium 2026 to explain why mining M&A is becoming more competitive as quality production assets become harder to find.

Mazumdar says the competing bids for Vault Minerals show that buyers are willing to pay up for scarce producing assets rather than take on permitting delays, capital escalation, and labor risk. “They would rather pay a premium on production,” he said. But he is also watching whether the next wave of deals moves into development-stage assets with the highest probability of becoming mines.

Copper is part of the same scarcity trade. Mazumdar says Chinese buyers remain active in Peru as smelters compete for limited concentrate and major mine disruptions tighten supply. In Yukon, Talamore Mining’s C$588 million Coffee financing shows how stranded assets can be revived in a stronger market. In Arizona, South32’s Hermosa has cleared a key U.S. permitting hurdle, though capital intensity remains the bigger test.

Recorded July 09, 2026.

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.

00:00 - Welcome and Setup
00:26 - Gold M&A Bidding War
01:32 - Shift to Development Deals
02:27 - Peru Copper Sale to China
04:04 - China Smelters and Supply Crunch
05:26 - Coffee Project Financing Revival
07:42 - Hermosa Permitting and Fast 41
09:37 - Rule Symposium Takeaways
11:01 - Closing and Subscribe
__________________________________________________________________

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.

Ahead of the July 4th weekend, Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris for a U.S.-focused look at the critical minerals race, the tungsten boom, new silver listings on U.S. markets, and the projects testing whether governments are serious about supply security.

Adshead-Bell says Washington is right to focus on processing as China dominates critical mineral supply chains, noting, “It’s not just the mines that we need; it’s the downstream processing.”

She also warns investors not to chase every hot tungsten story. “Watch out for the ambulance chasers,” Adshead-Bell said, arguing that real projects need strong geology, credible recoveries, saleable concentrates, infrastructure, and the right people.

The discussion also covers illegal gold mining in Latin America, why she would not bet against a Cobre Panama restart, new silver listings on the NYSE, AbraSilver’s Diablillos project in Argentina, and renewed exploration momentum in Nevada.

Recorded July 2, 2026.

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 - U.S. Critical Minerals Push and Processing
03:14 - China Supply Chains, Permitting, and Copper
08:16 - Tungsten Spotlight: Nevada and Strategic Metals
09:48 - How to Invest in Tungsten Stocks
14:27 - Latin America Politics and Mining Stability
17:21 - Illegal Gold Mining and Security Risks
20:59 - Cobre Panama Restart Debate
24:07 - New U.S. Silver IPOs and Retail Demand
27:04 - Argentina’s Mega Silver Project
30:51 - Nevada Gold, Silver and Comstock Revival
__________________________________________________________________

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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week dominated by gold M&A, copper supply stress, and rising investor interest in large-scale mining stories.

Recorded on May 13, 2026, the discussion covers Equinox Gold’s planned all-stock acquisition of Orla Mining, a transaction announced the same day to create a roughly 1.1-million-ounce-per-year North American gold producer. Adshead says the deal reflects the push for scale among mid-tier producers, with larger companies better positioned to attract bigger investors and stronger index demand.

The conversation turns to copper, where Freeport-McMoRan’s revised Grasberg timeline adds pressure to an already tight market. “It is difficult out there for these major miners to keep up,” Adshead said, citing aging mines, falling grades, and recurring production slippage. He also discusses First Quantum’s La Granja project in Peru, Hudbay’s Arizona copper strategy, Lumina Metals’ copper-silver IPO, Barrick Mining’s Reko Diq delay, Nevada Gold Mines speculation, and San Lorenzo Gold’s Chile discovery.

Don’t forget to subscribe to the Kitco Mining YouTube channels to stay up to date on the latest industry news and interviews.

00:20 - Equinox Gold to Buy Orla Mining
03:01 - Copper Price Surges Toward $6.25/lb
05:53 - First Quantum Updates La Granja Resource
08:15 - La Granja Project Design and Slurry Pipeline
09:32 - Arsenic Penalties in Copper Concentrates
11:03 - Arizona Copper Deals and Hudbay’s Strategy
13:33 - Lumina Metals IPO and Copper-Silver Demand
15:51 - Ross Beaty’s Big Week in Mining
18:32 - Nevada Gold Mines JV Shakeup Talk
25:53 - San Lorenzo Gold’s Chile Drill Discovery
__________________________________________________________________

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.

Joe Mazumdar, editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to unpack a record-setting earnings season for gold producers, where higher margins, stronger free cash flow, and rising shareholder returns are reshaping the sector.

Mazumdar highlights Newmont and Lundin Gold as standout performers, but says the bigger issue is that organic production growth remains constrained despite higher gold prices. With producers trading at a premium to the assets they are acquiring, he argues M&A may be more attractive than building new mines in a high-cost environment. “Why take the permitting risk? Why take the capital escalation risk that we're seeing in some of these underground projects when you could just get a producing asset that you like?”

The discussion also covers exploration spending discipline, risks behind aggressive junior drilling programs, assay delays, rising drilling costs, Cameco’s downstream nuclear strategy, and why companies are packaging non-core assets into more focused vehicles.

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.

Recorded May 07, 2026

00:24 - Q1 Gold Earnings Surge and Record Margins
03:41 - Cost Pressures, Streams, and Weak Performers
06:08 - Divestments, Debt Paydown, and Project Builds
08:05 - Growth Constraints and Exploration Spending
11:57 - Why M&A Is Cheaper Than Building Mines
15:50 - Junior Drilling Boom and Execution Risks
19:23 - Rigs, Labor Shortages, and Assay Delays
22:28 - Australia Gold Deal and Reporting Differences
27:12 - Uranium Momentum and Cameco Strategy
31:45 - Spinouts and the Non-Core Asset Shift
__________________________________________________________________

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.

John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep as gold and mining equities pull back amid ongoing geopolitical tension in the Middle East. Speaking with Paul Harris, Feneck said the recent weakness does not signal a breakdown in the trend, but a buying opportunity within a broader bull market. “This is a buying opportunity,” he said.

Feneck highlighted a growing disconnect across the sector, with major producers like Newmont and Kinross generating record free cash flow, while many junior gold stocks are down 25% to 40% since early March. He said that gap, combined with constrained global gold production, could drive increased M&A activity as majors look to secure new ounces. At the same time, some major banks continue to forecast gold in the $5,300 to $6,000 range over the next 9 to 12 months, while larger-scale deposits are increasingly required to attract serious interest.

The discussion also covers silver supply deficits, China’s growing role in critical minerals, and the return of capital to the sector through major financings and IPOs.

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.

00:23 - Geopolitics and Gold Pullback
01:48 - Record Producer Cash Flow Surge
03:54 - Flat Supply and Rising M&A Pressure
05:15 - Yukon Turnaround and Undervalued Juniors
07:52 - Why 5Moz Is the New Benchmark
09:09 - Permitting Risks and PEA Pitfalls
12:14 - Ross Beaty IPO and Capital Return
15:04 - Nickel Market Rebound and Supply Shifts
17:56 - Rare Earth Deal and Strategic Demand
__________________________________________________________________

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.

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks.

Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions.

In this interview, Rick Rule also discusses:
• Why energy markets could reprice sharply if real shortages emerge
• Uranium’s advantage in a shifting global energy system
• Resource nationalism and government pressure on mining assets
• G Mining’s $3B deal and why consolidation can still be accretive
• Rare earth supply chains and rising government-backed capital

Recorded April 22, 2026

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.

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.