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.

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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
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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.