Precious metal miners are in a great bargaining position with the smelters, said Walter Coles, executive chairman of  @skeenaresources6013 .Last week Coles spoke to Kitco Mining in Vancouver, B.C. Skeena Gold + Silver (TSX: SKE) is advancing its Eskay Creek project, a high-grade volcanogenic massive sulphide deposit that previously operated as an underground mine. “When Eskay Creek was operational in the 1990s and early 2000s, it produced 3.3 million ounces of gold and an astonishing 160 million ounces of silver," said Coles. "That was from an underground mine. We're revitalizing it as an open-pit operation, and we changed the name to highlight the silver still present."In November 2023, Skeena completed a definitive feasibility study on Eskay Creek, revealing reserves of 4.6 million ounces (Moz) of gold equivalent (AuEq) at an average grade of 3.6 g/t AuEq. The study projects an after-tax NPV5% of C$2 billion, a 43% IRR, and a 1.2-year payback period, based on US$1,800/oz gold and US$23/oz silver. Recently, the company changed its name to Skeena Gold & Silver to emphasize the significant silver reserves remaining at Eskay Creek."Exploration is tough," Coles admitted. "There’s an old saying: 'The best place to find a mine is in the shadow of a headframe.' Our strategy was to acquire past-producing mines that were shut down during low points in the commodity cycle, hoping to find untapped resources."The company plans to reopen it as an open-pit mine, with estimated annual production of 450,000 AuEq ounces in the first five years. Coles highlighted that current precious metal prices are favorable for miners, and that there are downstream benefits as well."I believe we're in a good position to negotiate better terms with smelters," said Coles. "With excess global smelter capacity, mines can push for higher payables."Supply constraints are expected to sustain high precious metal prices for years.“One thing that's certain is that commodities are cyclical," said Coles. "During downturns, companies reduce exploration and capital expenditures, which eventually leads to lower future supply. Now, we’re seeing the boomerang effect. Even with capital flowing back into the sector, supply won't rebound for years, creating favorable conditions for miners in the meantime."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.

G Mining Ventures achieved commercial production in September, according to Louis-Pierre Gignac, the company's founder, president, and CEO.Last month, Gignac spoke with Kitco Mining.G Mining Ventures Corp. (TSX: GMIN) aims to grow into a mid-tier precious metals producer. Its flagship operations include the Tocantinzinho Gold Mine in Brazil and the Oko West project in Guyana.In September, the company released a preliminary economic assessment for Oko, highlighting an after-tax NPV5% of $1.4 billion, an IRR of 21%, and a payback period of 3.8 years, based on a $1,950/oz base case for gold. The company plans to submit permit applications by the end of the year and aims to release a feasibility study in the first quarter of 2025.Tocantinzinho reached commercial production in September and is designed for a 10.5-year mine life, with an average annual gold production of 174,700 ounces, increasing to 196,200 ounces for the first five full years.Gignac noted that when Oko operates alongside Tocantinzinho, G Mining Ventures will become an intermediate gold producer."We have set a target of 500,000 ounces of production as the next milestone to achieve intermediate producer status," Gignac said. "The combination of Tocantinzinho and Oko will enable us to reach that goal."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 and copper production are increasing at New Gold, noted CEO Patrick Godin. Godin spoke with Kitco Mining last month during the Gold Forum Americas/XPL-DEV 2024 in Colorado.New Gold Inc. (TSX: NGD) is a Canadian-focused intermediate mining company operating the Rainy River gold mine and the New Afton copper-gold mine. The company also holds additional Canadian-focused investments.New Gold is expanding its production. Consolidated gold output is projected to increase by approximately 35% from 2023, reaching 410,000 to 460,000 ounces in 2026 at both Rainy River and New Afton. Copper production is expected to grow by about 60% over the same period, reaching 71 to 81 million pounds by 2026.Godin mentioned that while investors are mostly satisfied with the performance of the gold miners, they are eager for further growth."Shareholders are...asking us: 'Okay, what's next?'," said Godin. "They appreciate that we’re adding value through exploration and organic growth, but the next question is: 'Can you do more?'"Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Use cash to grow gold production, said Jason Simpson, president and CEO of Orla Mining.Last month Simpson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Orla Mining Ltd. (TSX: OLA) operates the Camino Rojo mine in Zacatecas State, Mexico. Camino Rojo is an open-pit, heap leach mine producing gold and silver. The site, 100% owned by Orla, spans over 139,000 hectares and contains both oxide and sulphide mineral resources. Additionally, Orla’s South Railroad project, located on the Carlin trend in Nevada, is a feasibility-stage, open-pit, heap leach gold project.For 2024, Orla’s gold production guidance stands at 120,000 to 130,000 ounces, with all-in sustaining cost guidance improved to $800-$900 per ounce of gold.Simpson noted that recent increases in gold prices have prompted the company to reassess its capital expenditure plans."The rise in gold prices has accelerated some of our capital allocation discussions," said Simpson. "We are accumulating cash at a faster pace than anticipated, which allows us to reconsider the timing of construction while ensuring we can self-fund not only construction but also exploration across all the countries we operate in."When asked if gold miners should hold more precious metals rather than cash, Simpson responded:"Most gold companies, including ours, intentionally grow our pipeline. We use that cash to enhance the value of the business by expanding gold production and making new discoveries."Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Costs in the resource sector appear to be easing, said Steven Dean, chairman and CEO of Artemis Gold. Last month Dean spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Artemis Gold Inc. (TSX-V: ARTG) is developing the Blackwater Mine in central British Columbia, about 160 km southwest of Prince George. Dean expects the first gold pour by the end of this year. The company’s stock has doubled year-to-date, most recently trading at $12.63 per share. With favorable metal prices, Artemis is considering expansion. Phase 2 is projected to produce an average annual gold equivalent of 561,000 ounces and generate average annual after-tax free cash flow of C$544 million between years three and six.Despite gold hitting multiple all-time highs, many miners have not experienced significant gains. Dean attributes this to lingering investor skepticism toward the sector."It's still a 'show me' market," said Dean. "The key to closing that value gap lies in more consistent performance across the sector—meeting guidance, hitting cash flow targets."Dean noted that cost pressures are easing, which should help boost margins."Labor pressures aren’t as tight as they were," he said, adding that other costs are also showing signs of easing. "This should allow us to improve cash flow margins and deliver the kind of cash generation I believe the sector is capable of."The Gold Forum Americas/XPL-DEV 2024 coverage is sponsored by Metalla Royalty.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.

Despite gold's record highs, the miners aren’t celebrating yet, said Tim Wood, executive director of the Denver Gold Group. Last week Wood spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Despite gold hitting several all-time highs in 2024, Wood noted that the miners are still wary. While gold prices have surged to $2,600 per ounce, the enthusiasm seen in previous cycles has yet to materialize, with skepticism still prevalent among investors."I don't think we're at that belief stage," said Wood. "We've heard quite a few keynote speakers saying it's very clear that we are nowhere near even the onset of a euphoria stage. There's still a lot of skepticism."Wood highlighted that, despite the high gold prices, attendance at the Gold Forum has decreased compared to its peak in 2018. The drop is due to broader uncertainties in the commodities markets. However, reduced interest rates in the U.S. usually boost metal prices, noted Wood.Wood also discussed how falling fuel prices and reduced costs for chemical reagents used in mining could expand margins for gold producers in the coming quarters. This could lead to even stronger financial results for gold companies, many of which have already seen significant stock price increases this year. However, Wood believes that more investors will turn to gold stocks once they see consistent, strong quarterly results.In terms of M&A, Wood predicted continued activity, especially among majors looking to maintain production levels. He suggested that the industry may see a "mega deal" in the near future, potentially creating a $100 billion gold company. Additionally, intermediate companies and single-asset producers may also face consolidation pressures.Wood noted that while technology, including AI, is playing a larger role in the exploration and mining sectors, human expertise, particularly from skilled geologists, remains irreplaceable. He expressed skepticism about AI's ability to fully take over certain aspects of the mining process.Looking ahead, Wood expects the rest of the year to be positive for gold producers, with higher metal prices, increased dividends, and strong financial results likely to attract more generalist investors to the sector.Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Maintain perspective in this gold bull market, warned Darren Hall, president and CEO of Calibre Mining. Last week Hall spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Calibre Mining (TSX: CXB) is a Canadian-listed, Americas-focused, mid-tier gold producer with development and exploration projects across Newfoundland and Labrador, Canada, as well as Nevada, Washington, and Nicaragua. Calibre operates the Limon Mine in Nicaragua and recently finalized the acquisition of the Valentine Gold Mine in Newfoundland and Labrador, with initial gold production expected in the first half of 2025.For 2024, Calibre's gold production guidance is between 275,000 and 300,000 ounces. Once Valentine becomes operational, production is expected to rise to 500,000 ounces annually.Hall stressed the importance of diversifying the company’s asset base to mitigate the risks associated with relying solely on production from Nicaragua. The acquisition and development of Valentine in a stable jurisdiction like Newfoundland significantly bolster the company’s profile.Calibre’s growth strategy has often been compared to B2Gold, which also began with assets in Nicaragua and grew through strategic acquisitions to become a million-ounce-per-year producer. While there are similarities, Hall emphasized that Calibre's success is driven by strong management, a dedicated team, and a focus on organic growth and exploration, particularly in Nicaragua and Nevada. The company’s strong balance sheet has allowed it to fund projects like Valentine while continuing exploration.With gold prices around $2,600 per ounce, Hall acknowledged that the additional cash flow provides more financial flexibility but stressed that it doesn’t alter Calibre’s strategy. The company remains focused on organic growth, with exploration at the forefront of its future plans. Despite gold hitting several all-time highs in 2024, Hall urged miners to maintain perspective when making deals.“Higher metal prices don’t make for more intelligent decisions,” Hall cautioned. “You’ve got to take a long-term view on any transaction. Is it durable? I’d take a conservative view on metal prices with respect to acquisitions and investment decisions, and then bank the upside when it comes, rather than require higher metal prices to support the decision.”When evaluating projects, Hall noted that if you “torture the asset long enough, it’ll confess to any answer you want,” warning that committing under such conditions leads to unrealistic expectations.Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Without big backers, most juniors are going to struggle, said Luc ten Have, founder of GoldDiscovery.comLast week ten Have spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. Ten Have speculates that the gold equities may be entering a period of slow, sustained growth, akin to the early 2000s, rather than a rapid spike. He said a slow build would be preferrable. "My impression is that the market is slowly building," said tenHave. "You don't really feel it yet, but it's a bit comparable to 2000 and 2001 where you didn't get that [shooting up] within half a year. All the stocks are up five or six X. 2016 was a year like that. 2020 was a year like that. I think it's better that this time it's going a little bit slower, because you don't get this six-month window and then everybody leaves again."Ten Have noted the difficulty junior mining companies face in raising capital, despite high gold prices. Many smaller companies have not moved significantly, and while some with backing from major investors, like Eric Sprott and Pierre Lassonde, are doing well, others struggle. Ten Have emphasized that access to capital is critical for early-stage explorers, and without it, promising projects may not advance.Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.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.

The gold miners should show some conviction in their product and hold more of it on their balance sheet, said David Baker, managing partner at Baker Steel Capital Managers. Last week Baker spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Baker advocates for gold mining companies to hold onto some of the gold they produce rather than converting it all into cash. He argues that this strategy would better align with the companies' messaging about the long-term value of gold as a hedge against fiat currency depreciation."Holding a bit of gold...send a message to the investors: they've got confidence in the product," said Baker. "Gold is an asset that basically should protect your purchasing power. [We are] already seeing gold starting to outperform inflation...so I think it's a reasonable place to start holding gold."Gold's strong performance this year could trigger a "capital rotation," said Baker. "If the trend continues, it's going to be very hard for investors not to buy gold," said Baker. Baker emphasized the importance of capital management for mining companies, particularly those generating significant cash flow. His focus is on larger companies, typically above mid-cap, that balance growth with capital returns, which he considers the "holy grail" of investments.Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

There is a lack of big discoveries in the mining sector, said Willem Middelkoop, founder and CEO of Commodity Discovery Fund. Last week, Middelkoop spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Middelkoop expressed optimism that the gold price could reach $3,000 before the end of the year, potentially marking the start of a new bull market."Gold could be on the verge of a breakout. This could be a violent move," Middelkoop said. He cited key factors driving the rise in gold prices, including currency debasement, a shortage of significant new discoveries, and heightened geopolitical tensions between the West and the rest of the world. "That's why we see many people fleeing towards gold—even central banks. And I think the last point is the most important reason for this rise in the gold price," he added.Middelkoop explained that bull markets in gold typically begin with the major producers and royalty companies gaining momentum, followed by intermediates and eventually juniors. However, he noted that junior mining companies have remained flat this year despite the increase in gold prices.Despite this price surge, Middelkoop expressed disappointment in the industry's lack of major new gold discoveries. He observed that many companies are simply rebranding old projects rather than finding new deposits, which underscores the need for mergers and acquisitions (M&A) to drive growth within the sector.Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Miners with a sizable ownership stake in their own companies are crucial to ensuring business decisions are aligned with shareholder interests, said Brett Heath, president and CEO of Metalla Royalty & Streaming.Last week, Heath spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.Metalla Royalty & Streaming Ltd. (TSXV: MTA) is a royalty and streaming company with exposure to gold, silver, and copper. The company holds around 100 royalties and streams, with key assets including IAMGOLD’s Côté and Gosselin, G Mining Ventures’ Tocantinzinho, Equinox Gold’s Castle Mountain Mine, and First Quantum Minerals’ Taca Taca.Heath discussed the impact of rising gold prices on the mining sector, noting that gold is reaching all-time highs. He emphasized that unlike previous gold price surges, costs have not significantly increased, meaning gold producers could experience record margins, potentially clearing over $1,000 per ounce in profit. This price increase, combined with stable or declining costs, could lead to significant profits for producers, particularly in Q4 2024.Heath also highlighted the implications for investor interest. Despite the gold price rally, the sector has been underappreciated by generalist investors. However, he believes that as profit margins grow, institutional capital will flow back into gold, potentially driving up the share prices of major producers. Heath noted that global gold ETFs have recently seen inflows, signaling renewed interest in the sector. Some gold company shares have already appreciated 50% to 100% year-to-date, which could attract more attention from outside investors.In terms of capital allocation, Heath expects that much of the new free cash flow from higher gold prices will be directed toward growth, including mergers and acquisitions (M&A), as companies seek to acquire strategic assets. Heath is optimistic about continued gold price increases, predicting that prices could reach between $2,600 and $3,000 per ounce by the end of 2024, driven by central bank purchases and renewed investor interest.Metalla recently adopted a minimum share ownership policy to ensure management's alignment with shareholders. Heath explained that the policy formalized a practice already in place, signaling to investors that management has a vested interest in the company's success.“Look, we’re aligned,” said Heath. “I’ve got the majority of my net worth in this business. It was just a formalization of something that was already there, but it was something we wanted to do as part of the company’s evolution.”Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Reaching an agreement with the Malian government helped propel B2Gold’s stock price, CEO Clive Johnson noted.Last week, Johnson spoke to Kitco Mining at the Gold Forum Americas/XPL-DEV 2024 in Colorado.B2Gold (TSX: BTO) is a senior gold producer headquartered in Vancouver, Canada. Founded in 2007, the company operates gold mines in Mali, Namibia, and the Philippines. The Goose project is under construction in northern Canada. B2Gold forecasts total consolidated gold production of between 800,000 and 870,000 ounces in 2024.In September, the company announced it had reached an agreement with the Malian government, allowing the Fekola Mine to continue operating under the 2012 mining code, while new expansions will follow the 2023 code. Johnson said the agreement removed significant uncertainty surrounding the mine, leading to a 13% rebound in B2Gold’s stock, one of its largest single-day gains since 2009.“We knew that this was going to be a difficult year,” Johnson said, calling the agreement a “huge relief.”Mergers and acquisitions have been heating up in the mining sector.“The best protection for a takeover is your stock price,” Johnson said, noting that concerns about the Goose project and issues in Mali had partly become “poison pills” that prevented the company from becoming a target.“We work for our shareholders. Any reasonable offer is the shareholders’ decision, not ours. We’re open to whatever makes sense going forward,” he said.Johnson noted that investors would like to see more consolidation, but forecasting the gold price remains a challenge.“I think it’s a real dilemma for the industry. Investors want [consolidation]. They want fewer mining companies. They want better-run ones. We’ve seen some of that, but at the end of the day, if you’re looking at M&A today, what gold price do you use? And it’s going to be competitive.”Coverage of the Gold Forum Americas/XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Kazakhstan is far afield, but low costs make it an attractive draw, said Darren Klinck, president of Arras Minerals.Last week Klinck spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.Arras Minerals is advancing a portfolio of copper-gold assets in Kazakhstan. The company is exploring a porphyry belt.Klinck said the country has an all-important cost advantage compared to other jurisdictions. “I think one of the big challenges we have right now is cost structure,” said K. “It's a low cost jurisdiction. It's not only…cheap to drill compared to many other parts of the world—you're at 200 meters above sea level. Your cost to mine…is some of the lowest in the world.”Klinck said the country is well endowed geologically. “We think we have a very good chance of making a new tier one discovery,” said Klinck. Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.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.

Cost containment is key, so investors benefit from high gold prices, said Ammar Al-Joundi, president and CEO of Agnico Eagle Mines. Last week,  Al-Joundi spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian based gold mining company. It is the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico.With gold hitting several all-time highs in 2024, the company is reporting good financial results. “We love the gold price and in particular we love all the cash flow we're generating for our owners,” said Al-Joundi. “This is a good time to be in this space. Our mines are running well. I've been in this business for 25 years. I've been in this business for 25 years. This is the strongest pipeline I've ever seen.”Al-Joundi said cost control is critical. “For us, it's essential…that when the gold price goes up, that money accrues to our shareholders,” said Al-Joundi. Al-Joundi said he is not betting on copper or gold. The quality of the asset is all that matters. “We're not setting a target,” said Al-Joundi. “Whatever position we have in copper is going to be driven by the opportunity to make money.”Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.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.

There are more opportunities for consolidation in the gold sector, said Mike Fraser, CEO of Gold Fields. This week Fraser spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.Headquartered in South Africa, Gold Fields is a 918,000 ounce gold producer. In 2022 Gold Fields tried to acquire Yamana Gold. Agnico Eagle Mines prevailed after Gold Fields' investors soured on the deal. Gold Fields CEO Chris Griffith left the company. Fraser took over in October 2023. Fraser discussed Gold Fields other purchase, Osisko Mining's Windfall in Quebec. Gold Fields had initially acquired a 50% stake in the project 18 months ago. Recently Gold Fields completed the acquisition by purchasing the remaining 50% for C$2.16 billion. Fraser explained that the two-phased acquisition allowed the company to gradually familiarize itself with the Quebec jurisdiction and operational conditions before fully committing. "I think the way it's played out has really been the best way possible for Goldfields to enter into 100 percent of that asset," said Fraser.The Windfall project, which holds 7.4 million ounces of gold reserves, is seen as a strategic move by Gold Fields. Despite a 55% premium on the second tranche, Fraser highlighted that the acquisition came with several financial benefits, such as cash already on hand and relief from funding further exploration. He described the acquisition price as fair, considering the future value it will generate. "M& A is only one leg of our strategy to grow and improve the quality of our portfolio," said Fraser. "We also have a very strong brownfields program where we explore around our existing projects, but ...[these] bolt-on acquisitions are really going to be opportunities to move forward. The gold sector is highly fragmented...compared to other industries, and there definitely are opportunities for further consolidation."Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.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.

The broader markets won't be able to ignore the gains the miners are making, said Rob McEwen, chair and chief owner of McEwen Mining. Last week McEwen spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. With gold hitting record highs, McEwen believes investor interest will grow, particularly as investors realize the rapid price increase and potential gains in the sector. However, he noted that while the price surge has benefited senior and intermediate miners, junior miners have yet to experience the same enthusiasm.McEwen Mining also holds a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. Despite the copper project, McEwen still likes gold. "I've never deserted gold and it's very much in my blood," said McEwen. McEwen emphasized that investors are likely to focus on undervalued junior miners as gold prices continue to rise. He expressed confidence that now is an excellent time to invest, particularly in companies with significant resources or those nearing production but undervalued due to a lengthy permitting process."There are certain times when the market gets overheated," said McEwen. "We're not in an overheated market right now."Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 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.

Cost containment and productivity gains are a priority at Newmont, said Natascha Viljoen, Executive VP and COO of the company.This week, Viljoen spoke to Kitco Mining at the Gold Forum Americas / XPL-DEV 2024 in Colorado.Newmont is the world's largest gold producer by output. It also produces copper, zinc, lead, and silver. Over the past year, the company has been active in mergers and acquisitions (M&A). In 2023, it acquired the world’s fifth-largest gold miner, Newcrest, for $17.4 billion. The company is now in the process of divesting some of its assets. This month, Newmont announced plans to sell its Telfer and Havieron stake to Greatland Gold for $475 million.Gold has reached several all-time highs in 2024. With high metal prices, the company has room to take a long-term view of its cost structure, Viljoen said."It’s absolutely a focus with this portfolio of assets that we have today," Viljoen said. "The current work underway is to reevaluate productivity, mine design, and the fundamentals of mining to address challenges."Viljoen emphasized that the company is not speculating on the long-term outlook for any particular metal."[We are] not specifically focused on copper or gold," Viljoen said. "We are focused on value generation."On the topic of investing in more junior companies, Viljoen stated that the primary focus remains on Newmont's existing pipeline."If there’s capital allocation that will truly generate value, I think that would present an opportunity," Viljoen said. "But we would be hard-pressed to look beyond the value we need to generate from our existing, newly expanded portfolio."Coverage of the Gold Forum Americas / XPL-DEV 2024 is sponsored by Metalla Royalty.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.

Despite gold hitting several all-time highs, the mood in the junior sector is subdued, said Matt Geiger, managing partner at MJG Capital.Last week Geiger spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.Geiger highlighted several major mergers and acquisitions (M&A) over the past six weeks, noting that these deals have generated significant activity in what is typically a quiet period. Major transactions included Filo $4.1 billion acquisition by BHP and Lundin Mining, Gold Fields' $2.1-billion cash bid for Osisko Mining, and First Majestic Silver's acquisition of Gatos Silver for $970 million. All these deals show that the mining sector outlook is improving. Geiger said there was about C$11.5 billion in deals made over the past six weeks, a time of the year that is usually pretty quiet."I can only imagine that there's more deals being hatched right now as we speak," said Geiger. "We're really in a hot and heavy...M&A cycle at the moment."  Despite the high metal prices, Geiger noted that the show participants were subdued. Juniors are not seeing much of a lift yet. He did note that there is more money in the sector now."I'd say the space...is actually pretty well cashed up," said Geiger. "I think that's one of the arguments in favor of mining stocks, at least over the next six to nine months: they're more cashed up than they've been in many years."He said that means less financing and more news flow."All things equal, those two factors result in higher and higher share prices."Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold. 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.

What will it take to get generalist investors to exit their current portfolios and add some gold equities, asked Warren Irwin, president and CIO of Rosseau Asset Management. Last week Iriwin spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado. Rosseau is a money management firm based in Toronto. Irwin noted the subdued atmosphere at the summit, despite gold reaching record highs. He said the lack of enthusiasm stems from capital flow challenges, as many investors are still more inclined toward safer, high-performing sectors like Vanguard ETFs, making it difficult to attract investment into mining stocks.“The mood here is not exactly super exciting and people aren't rolling in money,” noted Irwin. “They're not all jacked about what's ahead of us.”Irwin said the generalist investor needs a reason to be driven out of their existing investments and embrace gold. “Gold equities haven't moved [much], but gold has,” noted Irwin. “There's a reason to invest in gold, but we also need a reason to drive people out of the market…such as an interim market crash where people see the valuations are a bit stretched in the S&P and look at getting into something a little bit more defensive, like maybe buying some gold equities.” While Irwin likes gold, he doesn’t see much promise in critical minerals. He criticized the unpredictability of battery metal compositions and the lengthy process of mining development, making it hard to justify investments. “I think battery metals and the whole battery metals theme is possibly the stupidest thing I've ever seen in the mining sector,” said Irwin. “How on earth can you run a battery metals fund when you have no idea what metals are going to go into batteries? They're changing every three to six months.” “And that whole EV nonsense—any copper company I'm involved in, I say, ‘whatever you do, please don't put a stupid EV in your presentation,’” said Irwin. Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.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.

While M&A is heating up due to good gold prices, there is not a lot to acquire, said Ari Sussman, executive chair of Collective Mining.This week Sussman spoke to Kitco Mining at the 2024 Precious Metals Summit Beaver Creek in Colorado.Collective Mining Ltd. (NYSE: CNL) is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines. Collective’s management team was formerly at Continental Gold Inc., which was sold to Zijin Mining for approximately $2 billion.Collective Mining’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The company says it has strong insider ownership at 45%. With gold hitting several all-time highs, Sussman said M&A is heating up. “I can tell you from my experience, I've never seen the cupboards this bare with quality projects,” said Sussman. ”I suspect we're going to see M&A turn aggressive very quickly.”Sussman said it is an opportune time for the big gold producers to start acquiring. “If you're a gold producer and you're not active in M&A, I think you need to fire yourself as management, because you're trading at decent multiples, and the…multiples of non-producers are a fraction of yours. So effectively right now, just about any transaction is accretive.” Sussman admitted that mining in Colombia is challenging, but the government system helps investment. “Well, I don't want to get up here and say it's gone amazing, because I think the government's been horribly disorganized,” said Sussman. “But what has come out of this is very positive. The most important thing is the government system is set up the same as the United States, meaning there's strong check and balances…and the constitutional court in Columbia is actually very independent.”Sussman said some of the more challenging mining laws have been “properly thwarted by either the Congress or the constitutional courts. Coverage of the 2024 Precious Metals Summit Beaver Creek in Colorado is sponsored by Newcore Gold.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.