John Feneck, Founder and CEO of the Feneck Commodities Report, joins Kitco Mining’s Digging Deep to break down one of the strongest years yet for precious metals. He says the December 10 Fed rate cut reflects rising concern about the labor market, while the political shift underway in 2025 may ultimately shape the direction of rate policy more than Powell’s guidance.

Silver led the reaction to the announcement, breaking above US$62 and now trading near US$63 as the gold-to-silver ratio tightens. Feneck has long argued that the metal was overdue for a reprice, noting in today’s discussion that “silver has to catch up with gold.” He explains why he remains overweight in silver equities, highlights developers and explorers he believes are still undervalued, and outlines how AI, data centers, and solar installations are becoming increasingly important to the silver demand narrative.

Feneck also sees a major shift underway in 2025, with capital finally returning to junior miners after years of neglect, creating what he believes may be a multiyear window for outsized equity performance. The conversation also covers tungsten’s tightening supply, AngloGold’s permitting setback in Colombia, and what record metal prices could mean for M&A heading into 2026.
Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on 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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep to unpack the three forces that will shape the mining sector in 2026. He warns that copper is heading into a structural supply crunch as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost blowouts, long paybacks, and permitting challenges have created what he calls a global “decision moat,” leaving the next generation of large copper mines stalled across key jurisdictions.

Adshead also breaks down the growing tension between Barrick, Newmont, and Elliott Management. A potential Barrick breakup, combined with decisions surrounding the Nevada Gold Mines joint venture and the Four Mile put-option, could redefine the world’s largest gold producers. “There are so many different permutations here,” he says, noting that 2026 may bring long-awaited restructuring across the majors.

He adds that geopolitics is now shaping who will own future copper supply, with Chinese bids increasingly blocked in the Americas and Western capital stepping in to fill the gap.

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

Stephen Stewart, founder and chairman of Ore Group, joins Kitco Mining’s Ernest Hoffman at Explor 2025 in Montreal to discuss Canada-U.S. relations, government policy, and how Ore Group is positioning for the next phase of the commodities cycle.

“The United States and Canada are brothers and sisters,” Stewart said. “We have probably the most fruitful economic partnership in the history of the world, and I think that's going to continue.”

Stewart argues that new government intervention policies, including floor pricing and strategic equity stakes, could redefine Western mining investment and help North America compete with China’s long-term resource strategy. He calls for renewed focus on productivity and job creation in Canada, saying the country has “dropped the ball” despite its rich mineral endowment. Stewart also highlights Ore Group’s countercyclical philosophy and key milestones, including a 40% IRR on its XXIX copper project in Quebec and expanding copper, uranium, nickel, and gold portfolios across Canada.

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.

Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep as gold drops more than US$400 per ounce from record highs. Ecclestone, who predicted the correction earlier this month, says it reflects the inevitable turn in overheated markets.
“What goes up must come down,” he said. “Eventually, everything corrects in some way or another.”

He links the retreat to easing global tensions and the prospect of “an outbreak of peace,” arguing that much of the gold rally was driven by insecurity tied to ongoing conflicts. Ecclestone also sees long-term risks for the U.S. dollar, warning that its “primacy is being eroded” as global trade shifts toward a more multilateral system.

On policy, he says Trump’s push to revive mining at home marks a lasting shift for U.S. resource strategy, even as he cautions against scattergun funding in critical minerals like rare earths and lithium that could create “too much of everything.”

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.

Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep to discuss Nevada discoveries, royalty market premiums, and the outlook for M&A. Pontius, who led Corvus Gold through its C$570 million acquisition by AngloGold Ashanti in 2022, has advanced multiple discoveries across his career and continues to advise and evaluate new opportunities.

On AngloGold’s Nevada build-out, he said, “They’ve done a very good job of advancing that, keeping the locals on side, pushing the permitting forward.” He continued that the company are going to start with the North Bullfrog project, “which is a couple million ounce open pit heap leach project.” He added that the discovery will be a cornerstone asset “for 20 or 30 years into the future.”

Pontius pointed to recent royalty transactions, commenting that, “those transactions are at a premium and it’s impressive.” He expects mid-tiers to lead the next wave of acquisitions, with majors focused only on the largest multi-million-ounce projects. On financing, he noted that bigger raises reduce dilution and show investors are more disciplined than in past cycles.

Looking ahead, Pontius remains bullish, predicting that “we’re in those early phases, and I look for two to three more years of pretty strong move in the commodity price.”

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 Commodity Discovery Fund, joins Kitco Mining’s Digging Deep as gold pushes past US$3,700 per ounce and silver hits 14-year highs. In the discussion, he points to central banks as the marginal buyers driving bullion higher, noting “The marginal buyer is these central banks,” and that nations across Asia and Europe are steadily adding gold to reserves.

Adshead explains silver’s dual role, with nearly 60% of demand coming from solar, electrification, and other industrial uses, even as investors continue to treat it as a store of value. He also highlights a shift among producers, who are pivoting from buybacks and dividends to growth strategies through exploration and M&A, reflecting confidence in the bull market for equities.

In copper, Adshead discusses Freeport’s Grasberg mine and the major setback faced after a mudslide dumped 800,000 tons underground. “This is not going to be a quick fix. This is going to take many months to rectify,” Adshead said, adding that output may not recover until 2027. The disruption pushed copper above US$10,000 per tonne, or roughly US$4.55 per pound, on the Grasberg news, supporting developers like Atex, which recently unveiled a multibillion-pound copper-gold resource in Chile.

Adshead weighs in on U.S. critical minerals policy, from the DOE’s proposed 10% stake in Lithium Americas’ Thacker Pass project to fresh G7 and EU proposals for rare earth price floors. He argues that direct government backing will remain a defining feature of supply security, even if it risks capital misallocation.

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

Nicole Adshead-Bell, Director at Cupel Advisory, joins Kitco Mining’s Digging Deep to unpack what the current bull market looks like on the ground after two intense weeks of meetings and panels. “We are definitely in a bull market, but we are not yet seeing the crazy bubble-like behavior.” From financing windows reopening to packed investor schedules, she lays out the signals that matter.

After running a well-attended Mining 101 short course aimed at non-specialists, Adshead-Bell says interest is rising, but the rotation is still early: “Generalists are definitely doing their homework. I don't think they're in the sector in a material way yet, but we will start to see more of those marginal inflows, which of course, drive share prices higher.” She adds that what normally happens is, “FOMO drives boards and management teams. And that's when you start seeing above precedent, transaction premiums paid, and also competition for assets.”

Capital allocation is also shifting, with companies talking growth, boosting exploration budgets, and taking M&A down the food chain as boards look for multi-asset scale and pipeline depth. On valuation discipline, Adshead-Bell is clear: “I think the best arbiter is true free cash flow, and then obviously free cash flow per share.” She also flags how reserve price assumptions may trend higher, why manufactured transactions and royalty financing are shaping deal flow, and how new pools of capital, including Middle East sovereign wealth, are impacting metals exposure.

The conversation also touches on the World Gold Council’s new campaign, “Touched by Gold,” a documentary featuring Elton John that links gold to culture and its roles in medicine and technology, including pacemakers and HIV detection. Adshead-Bell is skeptical of the approach: “I do not think this is an effective way to message gold,” and she argues for sharper PR and digital outreach that reaches younger investors with clear, accessible content.

Adshead-Bell makes the case for better corporate messaging and transparency so investors can do the work quickly, while cautioning against classic top signals like 100% bid premiums and a stampede of generalists.

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.

JuniorMinerJunky.com founder David Erfle joins Kitco Mining’s Digging Deep to unpack a pivotal week for gold, silver, copper, and mining equities. “Gold futures hit $3,700 and silver now is back over $42 in the futures market as we’re speaking right now,” he says. With money flowing and juniors hitting 52-week and all-time highs, sentiment has flipped. “It’s really nice to see a lot of those frowns from the last couple of years turned upside down.”

Speaking at Precious Metals Summit Beaver Creek, Erfle breaks down the proposed $53 billion Anglo Teck copper mega-merger, calling it a major positive for the sector and noting the 12 to 18-month timeline could invite rival bids from giants like Glencore or Rio. He also points to a new wave of juniors securing producing mines for cash flow, citing Integra, Discovery, and Heliostar as examples.
On royalties, Erfle highlights the $450 million Elemental Altus EMX merger into a $1 billion mid-tier, alongside Tether’s $100 million investment as crypto capital moves into mining.

Erfle says bargains are harder to find and a correction is likely, but he remains bullish on fund flows and sector momentum.

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.