Is the U.S. setting itself up for failure in the critical minerals war with China? Gold has soared above $3,300, but geopolitical risks and shifting mining policies are reshaping the global resource landscape. Christopher Ecclestone, Principal and Mining Strategist at Hallgarten & Company, returns to Digging Deep to break down Barrick’s controversial copper pivot, Ghana’s crackdown on illegal Chinese artisanal miners, and Fortuna’s costly exit from Burkina Faso. In a conversation with Kitco’s Senior Mining Editor and Anchor Paul Harris, Ecclestone also weighs in on Argentina’s economic liberalization, Ecuador’s mining future, and why the U.S. may be shooting itself in the foot in the critical minerals war with China. This is a must-watch for investors tracking the future of gold, copper, and geopolitical risk.

Key points:
- Barrick’s rebrand away from gold criticized as premature and superficial
- Ghana clamps down on artisanal gold mining – targets illegal Chinese operations
- Fortuna exits Burkina Faso after major financial loss; warned against straying from Latin America
- Argentina liberalizes FX controls under Milei, opening doors for miners
- Ecclestone warns U.S. critical minerals tariffs may hurt domestic industry more than China

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 does China’s shift from Treasuries to gold mean for the U.S. dollar? Gold surged past $3,200 as geopolitical tensions, tariffs, and market volatility shook investor confidence. In this latest Digging Deep episode, Kitco’s Senior Mining Editor and Anchor Paul Harris interviews David Erfle, founder of JuniorMinerJunky.com, who breaks down why gold and mining stocks are outperforming. Erfle also weighs in on how Trump’s economic moves are reshaping global markets and what the rise in copper and fall in Treasuries signal. He also shares his top positioning strategy for 2025 and why China may be shifting away from U.S. Treasuries to gold. From Barrick’s rebrand to Newmont’s breakout, Erfle dives deep into the mining sector’s pivotal moment.

Key points:
- Gold surges on geopolitical instability and tariff chaos
- China selling Treasuries to buy gold amid rising tensions with the U.S.
- Newmont, Agnico outperform while Barrick pivots to copper
- Junior miners and gold stocks begin long-awaited reversion
- Copper’s price crash and the outlook for stagflation

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.

Can the U.S. mining sector survive without China’s rare earth processing power? In the latest episode of Digging Deep, Nicole Adshead-Bell, Director at Cupel Advisory, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to break down the latest developments in the mining sector amid rising geopolitical tensions and trade wars. From Trump’s sweeping tariffs and China’s dominance in mineral processing to Barrick’s high-risk Reko Diq project and growing M&A activity, Adshead-Bell offers sharp insights on global supply chains, resource nationalism, and the bull case for gold equities. Plus, she discusses the strategic importance of rare earth elements and the critical need for smelting and refining capacity in North America.

Key points:
- Trump’s tariffs risk escalating trade wars and disrupting global supply chains.
- China’s dominance in mineral processing is a major vulnerability for the West.
- Gold equities still undervalued despite strong gold prices; M&A is heating up.
- Barrick’s Reko Diq project carries major security risks despite huge upside.
- Revival Gold, Hot Chili, and others show strategic moves amid shifting investor focus.

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.

Is gold's $3,000 breakout the spark for a new M&A boom in mining? Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco's Senior Mining Editor and Anchor Paul Harris to break down the latest deals, including Gold Fields' bid for Gold Road, and what this means for the gold bull cycle. Adshead also weighs in on Trump's executive order to boost U.S. mineral production and whether it will truly speed up permitting. Plus, reaction to New Found Gold's maiden resource estimate and what it signals for exploration hype.

Key points:
- Gold M&A heats up in Australia; confidence high in mid-tier producers
- Trump's executive order may not fix deep permitting delays in the U.S.
- New Found Gold's resource disappoints after major drilling spend
- Canadian reforms respond to U.S. policy moves, but impact remains unclear
- Copper tariffs could drive U.S. inflation, not domestic production

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.

Why are gold stocks finally catching fire – and what took so long? Gold has surged to $3,000/oz, sparking breakouts in mining stocks and renewed investor interest. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews John Feneck, CEO of the Feneck Commodities Report. In this latest Digging Deep episode, Feneck breaks down the market’s reaction, discusses the latest M&A moves, and why copper is finally getting its moment. He also shares insights on navigating junior mining stocks and gives a sneak peek into his upcoming investor conferences.

Key points:
- Gold hits $3,000 as markets lose $5 trillion in value
- GDX and GDXJ break resistance, miners gaining momentum
- M&A heats up with deals in Australia, Guyana, and Finland
- Copper sees breakout rally after Trump tariff talk
- Feneck previews boutique investor conferences in Florida and Atlanta

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 does the Equinox Gold and Calibre Mining mega-merger mean for your gold investments? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Joe Mazumdar, Editor of Exploration Insights, at the 2025 PDAC conference in Toronto, Canada. In this episode of Digging Deep Mazumdar shares his recent experiences in Africa, discussing resource nationalism in West Africa and promising developments elsewhere. The interview also delves into the recent Equinox Gold and Calibre Mining merger, analyzing its implications for the gold sector. Finally, Mazumdar provides his expert perspective on the potential impact of US tariffs on copper and the broader mining industry.

Key points:
- Concerns over resource nationalism and security risks in West Africa are making other regions more attractive for investment.
- The Equinox Gold and Calibre Mining merger is a significant scaling move with both potential benefits and risks for shareholders.
- Potential US tariffs on copper could benefit domestic cathode producers but might increase overall mining costs due to tariffs on steel and Chinese equipment.
- Geopolitical risks and potential tariff impacts are creating uncertainty in the base and industrial metals markets.
- The current sentiment at PDAC is more industry-focused, with increased M&A and exploration alliances expected.

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.

Are mining companies finally delivering the returns investors have been waiting for? Discover how margin expansion in the gold sector is changing the game. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Nicole Adshead-Bell, Director at Cupel Advisory, about the 2024 financial results for mining companies. They discuss Agnico Eagle Mines' record margins and Newmont's all-in sustaining costs decreasing. Adshead-Bell shares insights on shareholder returns, M&A activity in the gold and copper spaces, and challenges in the copper developer space. She also touches on Barrick Gold potentially re-domiciling and financings in the mining sector.

Key Points:
- Gold sector margin expansion is reigniting investor interest.
- Companies are increasing returns to shareholders through dividends and buybacks.
- M&A activity is expected to continue in the gold and copper sectors.
- Copper developers are currently undervalued.
- Canadian government criticized for its stance on Chinese investment in the resource sector.

00:00 Introduction: Financial Results Overview
00:59 Gold Sector Performance and Investor Interest
02:30 Company Highlights and Shareholder Returns
05:09 Copper Market Insights and M&A Activity
09:38 Challenges in the Mining Sector
19:09 Upcoming Conferences

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining(https://x.com/kitcomining)

#mining #investing #gold #copper #stocks

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’s copper's real story and what are the forces driving the market? In this episode of Digging Deep, Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Christopher Ecclestone, Principal and Mining Strategist at Hallgarten & Company, about the factors influencing gold prices. Ecclestone shares his insights on taking profits in gold and the importance of dividends from gold companies. They also discuss copper's supply and demand dynamics, the potential of tungsten and antimony as critical metals, and Almonte's position as a tungsten producer. Finally, they touch on McEwen Copper project in Argentina and the country's large investment incentive regime.

Key points:
- Gold market: Evaluating current prices and profit-taking strategies.
- Copper outlook: Supply, demand, and breaking free from energy transition narratives.
- Tungsten and antimony: China's influence and growing interest in niche metals.
- Mining company strategies: Dividends, share buybacks, and capital allocation.
- Argentina's mining sector: Investment incentives and project developments.

Special thanks to our sponsor, Revival Gold, for making this coverage possible. Visit https://revival-gold.com/ to learn more.

00:00 Introduction: Gold Market Analysis
03:56 Gold Producers' Performance
05:07 Challenges in the Mining Industry
13:14 Copper Market and Argentina's Investment
26:56 Specialty Metals: Tungsten and Antimony

Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold)
Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining)

#mining #gold #investing #copper

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.