Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep, to break down a pivotal stretch for mining as copper consolidation stalls, major producers downgrade output, and gold trades above $5,000 per ounce.

On Rio Tinto walking away from Glencore, Mazumdar says, “It’s almost cheaper to merge and generate more copper for the combined entity than it is to build a new project,” highlighting how capital intensity and permitting delays are reshaping the copper growth playbook. He explains why lower grades, aging infrastructure, and technical constraints are pressuring guidance across the sector.

Turning to gold, Mazumdar cautions that price alone does not fix structural problems, noting that “the gold price may not change” if there’s a fatal flaw, pointing to metallurgy, permitting, and security risk as factors that can override a bull market.

Mazumdar also discusses:
- Reserve price decks averaging about $1,660 per ounce, and the valuation gap versus spot gold
- Why producers are preserving leverage by avoiding streams and royalties in a bull market
- The strategic positioning around Barrick’s planned North American IPO
- How higher commodity prices can elevate security and extortion risk

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 on February 12, 2026

00:18 - Rio Tinto, Glencore, and Copper M&A Strategy
06:53 - Copper Production Downgrades and Supply Constraints
09:44 - Nevada Gold Mines, Four Mile, and Barrick IPO Strategy
21:08 - Critical Minerals Processing and Antimony Supply Chains
29:12 - Gold Reserve Price Decks vs $5,000 Spot Gold
36:52 - Mexico Security Risk and Investor Repricing
41:08 - PDAC 2026 and Mining Sector Sentiment
__________________________________________________________________

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: 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 examine how new US policy initiatives and price volatility are shaping mining and critical minerals in 2026. Discussing the Trump administration’s $12 billion “Project Vault” initiative and Vice President JD Vance’s proposal for enforceable price floors, Adshead explains how smaller commodity markets can experience extreme price swings that complicate financing decisions.

Adshead also discusses why higher gold prices are prompting producers to reassess mine plans, expansions, and reserve assumptions, while new supply remains slow to respond. Pointing to World Gold Council data, he said there is “a significant multi-year lag to bring new production on.” The conversation also touches on permitting progress in Canada, expansion studies at producing mines, and how new technologies are being used to improve exploration targeting.

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.

01:01 – Trump’s Strategic Mineral Reserve and Project Vault Explained
01:37 – Critical Minerals Preferential Trade Zone and Price Floor Proposal
02:34 – US Mineral Stockpiles, Refining Gaps, and Processing Bottlenecks
06:51 – Commodity Pricing, Volatility, and Financing New Mining Projects
09:53 – Company Updates: Skeena Eskay Creek Permits and Alamos Gold Expansion
19:19 – Eldorado Gold Deal and Gold Miners’ Copper Exposure
22:25 – AI in Mineral Exploration and Equinox Gold’s Valentine Discovery
26:41 – Barrick Mining Full-Year Results and North American IPO Plans
__________________________________________________________________

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

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

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: 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 & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain.

Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector.

In this interview, Rick Rule also discusses:
- Why debt, deficits, and unfunded liabilities continue to erode purchasing power
- Why inflation, not default, is the most likely path governments use to manage obligations
- The widening gap between metal prices and mining equity valuations
- How royalty and streaming companies may prioritize growth over dividends

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.

00:52 — Macroeconomic Risks and the Case for Gold and Silver
03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook
11:47 — Producer Earnings, Margins, and Analyst Assumptions
15:41 — Risk Management, Silver Stocks, and Investment Strategy
32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation
41:30 — Final Thoughts on Precious Metals and the Cycle Ahead
__________________________________________________________________

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: 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 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.