Silver usually out-performs gold, but silver starts slower, said Jeff Clark, founder of the TheGoldAdvisor.com. Last week Kitco Mining spoke to Clark. Clark noted that the gold miners, represented by GDX, haven't outperformed gold. As of August 8, both gold prices and the GDX were showing similar returns. Clark expected the gold miners to start to turn around when the miners start showing higher free cash flow in Q2. Mergers and acquisitions are expected to pick up as producers gain more cash, d...
Aug 18, 2024•12 min
Copper and gold work together, said Mark Bristow, CEO of Barrick Gold. On Thursday Bristow spoke to Kitco Mining. Early this week Barrick Gold filed its Q2. Analysts had been following the second quarter results of all the gold miners to see how strongly the companies might perform off record high prices for the metal. Net earnings at Barrick were up 25% and the attributable EBITDA margin was up 17% quarter on quarter to 48%. Gold production was 948,000 ounces in Q2, up 0.8% from the prior quart...
Aug 17, 2024•12 min
Junior resource companies are starved for attention and undervalued, according to institutional advisor Jayant Bhandari. Last week Bhandari spoke to Kitco Mining. Gold has hit several all-time highs in 2024. Despite roaring metal prices, upside for the resource stocks has been limited. As of August 14, the VanEck Junior Gold Miners index is up 20% year to date while physical gold is up 17%. Bhandari said the market fixates on just the large gold miners. "Junior mining companies are not followed ...
Aug 16, 2024•15 min
Copper projects still need a better incentive price, said Matt Geiger, managing partner at MJG Capital. On Tuesday, Geiger spoke to Kitco Mining. MJG Capital is a limited partnership that specializes in long-term natural resource investments. Founded in 2011, the partnership holds a concentrated, long-only portfolio of natural resource equities. Geiger noted that copper-focused investments had increased significantly in his company's portfolio, up to 36%. Despite copper prices trading higher in ...
Jul 26, 2024•18 min
Diversified supply chains are necessary, said Jigar Shah, director of the Loan Programs Office, U.S. Department of Energy. On Tuesday, Shah spoke to Kitco Mining. After the Biden administration passed the Inflation Reduction Act nearly two years ago, Shah's office has been behind notable mine financings, such as $102.1 million to Syrah Technologies LLC to process graphite, and $2.26 billion to Lithium Americas for Thacker Pass. The goal of the IRA is to invest in America's domestic energy produc...
Jul 25, 2024•7 min
Nations Royalty (CVE: NRC) has a first mover advantage, said Kody Penner, VP, corporate development at Nations Royalty. Last week Kitco Mining spoke to Penner and Derrick Pattenden, chief investment officer at Nations Royalty. Nations Royalty is a newly-formed royalty company under-pinned by five Nisga’a Benefits Agreement Royalties with a net asset value of $214 million. According to the company's news release, the company’s vision is to "...unite First Nations and Indigenous groups across Cana...
Jul 24, 2024•11 min
Roaring copper prices are due to speculators, said Gianni Kovacevic, investor and author. On Tuesday Kovacevic spoke to Kitco Mining. Kovacevic is the author of My Electrician Drives a Porsche? Copper has had a great run in 2024, hitting an all-time high of $5.20 pound in May. Although he is a copper bull, Kovacevic said it is too much, too fast. He views the recent run as being driven by speculators. "If any commodity goes up too radically, people just stop buying it," said Kovacevic. "[The spe...
Jul 13, 2024•25 min
The Federal Reserve got ahead of itself earlier this year thinking it had inflation whipped, said James Fishback, co-founder and chief investment officer at Azoria. Fishback spoke to Kitco on Tuesday. Back in December, the market was expecting more rate cuts than it will get this year. Fishback said the Fed and Chair Jerome Powell erred when it had its "mission accomplished December Fed meeting" and the markets priced in several rate cuts in 2024. Hotter-than-expected inflation data squashed low...
Jul 12, 2024•18 min
President and CEO Ammar Al-Joundi is very satisfied with Agnico Eagle Mines' project pipeline. On Thursday Al-Joundi spoke to Kitco Mining. Agnico Eagle Mines (NYSE: AEM) is a Canadian based senior gold mining company. It's the third-largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. Agnico is guiding to 3.35 to 3.55 million ounces of payable gold production in 2024, with total cash costs per ounce and AISC per ounce in 2024 at...
Jul 02, 2024•17 min
Gold miners should be up about double the metal price, but that hasn't happened, noted Ryan McIntyre, a managing partner at Sprott. On Tuesday McIntyre spoke to Kitco Mining. Sprott offers investments in precious metals and critical materials, including gold, silver, platinum and palladium. Sprott was founded in 1981 by Eric Sprott. The company has 250,000 clients and about $29.4 billion in assets under management. Despite gold hitting several all-time highs, the gold miners have still not ralli...
Jun 30, 2024•10 min
Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares. On Tuesday Oliver spoke to Kitco Mining. The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon A...
Jun 29, 2024•18 min
Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares. On Tuesday Oliver spoke to Kitco Mining. The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon A...
Jun 26, 2024•18 min
Declining profits for lab-grown diamonds could push retailers into a natural diamond pivot, said Paul Zimnisky, an independent diamond industry analyst. Last week Zimnisky spoke to Kitco Mining. The diamond market has been in a tough spot due to declining sales. In September Petra Diamonds reported full-year revenue declined 44%. In February Lucara Diamond announced full-year revenue was down 16%, adding that the diamond market is a "volatile environment with market challenges coming from multip...
Jun 26, 2024•10 min
Gold miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at @USGlobalInvestors . In early June, Holmes spoke to Kitco Mining. Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes. Holmes said gold miners are holding less gold on their books, unlike crypto...
Jun 25, 2024•20 min
British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold. In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. @tudorgoldcorp.1829 (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discov...
Jun 23, 2024•13 min
Despite gold hitting several all-time highs in 2024, margins have been a drag on mining equities, said Peter Marrone, chairman and CEO of Allied Gold. In early June, Marrone spoke to Kitco Mining at THE Mining Investment Event of the North. Marrone noted that gold spiked at the start of the decade to around the $2,020 level and then stayed relatively flat until recently. Marrone said that during that time, margins amongst gold miners declined from about $750 to $575. The VanEck Gold Miners ETF (...
Jun 22, 2024•17 min
Investors will return to mining as commodity prices climb, said Sean Roosen, chairman and CEO of Osisko Development. In early June Roosen spoke to Kitco Mining at THE Mining Investment Event of the North. Osisko Development (TSX-V:ODV) is advancing the Cariboo project, an advanced-stage feasibility gold project located in central British Columbia in the historic Wells-Barkerville mining camp. The feasibility study from last year showed an underground operation expected to produce approximately 1...
Jun 21, 2024•22 min
The Madsen project is unusual since a lot of work can be done in parallel, speeding up time to production, said Gwen Preston, vice president of investor relations at West Red Lake Gold Mines. Preston spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City. West Red Lake Gold Mines (TSXV: WRLG) is advancing its Madsen gold mine in the Red Lake gold district of Ontario. The mine was previously owned by defunct PureGold, and Madsen has had over $350 million in...
Jun 20, 2024•14 min
Optionality is a key upside to the royalty and streaming business, said David Cole, president and CEO at EMX Royalty. On Thursday Cole spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. EMX Royalty (TSX-V:EMX, NYSE AMERICAN:EMX) is a precious and base metals royalty company. The company's two flagship operations are Caserones in Chile operated by Lundin Mining, and Timok in Serbia operated by Zijin Mining. In 2024 the company expects to have 11,000 to 14,000 of gol...
Jun 20, 2024•9 min
Funding for critical mineral projects by private companies is taking time to arrive, said Jamie Strauss, founder and CEO of Digbee. Strauss spoke to Kitco Mining on Tuesday at THE Mining Investment Event of the North in Quebec City. Digbee helps companies measure, manage and disclose their ESG ratings. They also offer mining data analysis. Western governments have implemented critical mineral strategies with the goal to reduce reliance on single-source suppliers, particularly those with geopolit...
Jun 18, 2024•16 min
Developing critical mineral resiliency is absolutely critical, said Gary Stanley, founder and managing director of Global Mineral Strategies. In early June Stanley spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. He was joined by the CEO of @firstphosphate , John Passalacqua. Stanley is also on the advisory board of First Phosphate. The shine has come off critical minerals compared to the start of the decade. Lithium prices traded up 10x before crashing. Electric...
Jun 17, 2024•14 min
Investors are not placing much value in resource companies despite the jump in metal prices, said Richard Carleton, CEO of the Canadian Securities Exchange (CSE). Carleton spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City. The @CSETV has offices in Vancouver and Toronto. The company has over 800 listings. Gold has hit several all-time highs in 2024, but resource companies are not seeing much of a lift, noted Carleton. "The index of gold exploration co...
Jun 16, 2024•11 min
Gold miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at @USGlobalInvestors . In early June, Holmes spoke to Kitco Mining. Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes. Holmes said gold miners are holding less gold on their books, unlike crypto...
Jun 15, 2024•20 min
British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold. In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City. @tudorgoldcorp.1829 (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discov...
Jun 14, 2024•13 min
Greenstone Mine is very rare asset, said Greg Smith, president and CEO of Equinox Gold. On Thursday Smith spoke to Kitco Mining. Equinox Gold (TSX: EQX) is a Canadian mining company with seven operating mines. The company is forecasting 780,000 ounces of gold production in 2024 at an all-in sustaining cost between $1,565 to $1,675 per ounce. This month the company announced first pour at Greenstone Mine, what the company calls its flagship asset. When operating at capacity, the Greenstone Mine i...
Jun 03, 2024•7 min
Minera Alamos will see a big step up in production over the next handful of years, said Doug Ramshaw, the company's director and president. On Tuesday Ramshaw spoke to Kitco Mining. Minera Alamos (TSX.V: MAI) is a Mexican-focused gold miner. The company's expertise is in heap leach operations. Its Santana operation will produce 2,000 ounces this year. The company's two other projects, Cerro De Oro and La Fortuna, are scheduled to start production over the next few years. The company expects to b...
May 23, 2024•14 min
As more money comes into mining, this will push dollars down to the juniors, said David Garofalo, chair and CEO of GoldRoyalty. Garofalo has a multi-decade career leading large mining companies. He was CEO of Goldcorp prior to its sale to Newmont for about $10 billion in 2019. He was also CEO of Hudbay Minerals. Garofalo is now at GoldRoyalty (NYSE:GROY), a streaming and royalty company. Some of its key assets are the Odyssey Mine, the Cote gold project and the Borborema project. The company for...
May 23, 2024•17 min
Gold has hit several all-time highs this year, but the metal has further to go, said Simon Marcotte, president and CEO of Northern Superior Resources. Last week Marcotte spoke to Kitco Mining. Marcotte attributes the recent rise in gold prices to central bank buying and increased demand from Asia, particularly due to the weakening yen. He predicts that as real rates decline, gold will gain further momentum, leading to increased equity valuations in the sector. "I don't even think this is the fir...
May 19, 2024•20 min
Big mining deals are going to bring needed attention to the mining sector and build more enthusiasm, noted Adam Lundin, chair of Lundin Group. This week Adam spoke to Kitco Mining. Earlier this month BHP Group announced a surprise takeover bid for Anglo American valued at over $31 billion. "When you see blockbuster news like that, it's hard not to get excited," said Lundin. "I think M&A can be good for the sector, and I think it [brings] a lot of attention to the space and gets more eyeballs...
May 18, 2024•26 min
Copper projects pose substantial hurdles for development, said Alistair Waddell, president and CEO of Inflection Resources. In early May Waddell spoke to Kitco Mining at Deutsche Goldmesse in Frankfurt, Germany. Inflection Resources (CSE:AUCU) is a copper and gold company focused on eastern Australia. It is exploring Macquarie Arc in New South Wales. The company also has an Anglogold Ashanti partnership. Waddell said spurring copper project development is challenging. There's a lack of funding f...
May 17, 2024•19 min
