Digging Deep

Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.

Digging Deep is a business podcast hosted by Unknown Host, with 64 episodes on record and a Required Pod Score of 80.

Unknown Host hosts Digging Deep, a business show with 64 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Digging Deep

  Better-Funded Juniors Are Changing the M&A Cycle | David Erfle

  Sep 30, 202625 min

  David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Paul Harris to break down what the latest deals and feasibility studies are revealing about the mining cycle. Erfle says better-funded juniors are under less pressure to sell early, while major producers are becoming more disciplined about how they pursue M&A. He points to Agnico Eagle’s strategy of taking strategic stakes before committing to full acquisitions and weighs Artemis Gold’s acquisition of Vista Gold, which he says some investors view as “more of a take under than a takeover.” He also argues that the bar for project economics has moved higher. At $3,500 gold, Erfle says a 30% to 35% IRR may now look marginal, while “50% and higher” is what he would expect from a strong project. Liberty Gold’s Black Pine stood out to him, with a 69.4% after-tax IRR at the $3,500 gold sensitivity case and $411 million initial CapEx. 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. 01:38 - Why Mining M&A Is Still Quiet 03:00 - Artemis Gold Buys Vista Gold 06:46 - Luca Mining Expands With Cosamin 09:44 - Agnico’s Strategic Investment Strategy 13:23 - Ivanhoe Electric’s Santa Cruz Feasibility Study 15:44 - Which Mining Studies Stand Out? 17:53 - Elemental Royalty’s Latest Deal 19:42 - Why Liberty Gold Stood Out __________________________________________________________________ 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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. 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.

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  Digging Deep

  Newmont Surge Signals Gold Stocks Are Back | David Lotan

  Sep 1, 202640 min

  David Lotan, President of LHI and former Chair of Aurion Resources, joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, the return of leverage in gold equities, Canada-U.S. trade tensions, and the lessons from Agnico Eagle’s consolidation of Aurion, Rupert Resources and B2Gold’s joint venture interest in Finland. Lotan says U.S. debt, elevated borrowing costs and Treasury efforts to manage bond yields are reinforcing the case for gold as central banks reduce exposure to U.S. Treasuries and increase gold holdings. “Long to medium term, I think I’m a permanent gold bull,” he said. He also points to Newmont’s sharp move as a sign that generalist money is returning to gold equities, with miners attracting investors looking for protection if the AI trade breaks. Lotan also reflects on Aurion’s sale, saying the process showed the limits of governance, insider ownership and balance-sheet discipline when markets are focused on drilling and scale. He explains how strategic investments from majors can extend a junior’s runway, but investor-rights agreements may also limit competitive tension in a future takeover. He also discusses Trump’s tariffs on Canada, Agnico’s C$57 million investment in Radisson Mining Resources, unconventional junior M&A, Idaho’s Silver Valley, antimony and U.S. critical-minerals urgency, and Saudi Arabia’s mining push. Recorded August 27, 2026. Subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:32 - Bond Market and U.S. Debt Fears 03:10 - Gold Outlook and Central Banks 04:54 - Gold Stocks Catch Up 06:39 - Newmont Surge and AI Hedge 09:40 - Trump Tariffs and Canada Fallout 13:02 - Agnico, Aurion and Rupert Deal 18:07 - Lessons from Selling Aurion 22:06 - Agnico Stakes and Junior Control 30:10 - Bunker Hill-Silver 47 M&A 35:58 - Saudi Mining Push and Water Risk __________________________________________________________________ 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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. 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.

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  Digging Deep

  Gold Breakout Signals ‘Rocket Fuel’ Setup for Metals | David Erfle

  Aug 25, 202625 min

  David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris to break down gold’s renewed surge, silver’s upside, mining M&A, strategic investments in juniors, and whether producers are returning too much cash instead of funding future growth. Erfle says gold’s breakout was driven by a weaker U.S. dollar, falling long-term yields, Treasury debt-buyback moves, and markets positioning ahead of the Fed’s Jackson Hole symposium. With oil back above US$90 per barrel, U.S. debt topping US$40 trillion, inflation still elevated, and growth slowing, Erfle says the Fed is trapped between supporting the economy and reviving inflation. “This is basically the road towards stagflation, and that is rocket fuel for precious metals,” he said. Erfle also compares the latest gold and silver correction with the 2008 setup, outlining a scenario for much higher metals prices by 2029. He explains why late-stage developer ounces could attract more M&A into year-end, how Beaver Creek and Denver Gold Forum could become dealmaking catalysts, and why strategic investments from majors can validate juniors while setting up potential bidding wars. He also discusses OceanaGold’s US$549 million Ausgold deal, Canada’s mining and permitting response to U.S. tariffs, producer buybacks and dividends, bullion on balance sheets, and critical minerals valuations. Recorded August 20, 2026. 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. 00:00 - Welcome and Market Setup 00:26 - Iran Conflict and Oil Risk 01:11 - Gold Surge Explained 05:51 - Debt, Buybacks and the Fed Trap 09:36 - OceanaGold Buys Ausgold 11:18 - M&A Cycle and Conference Catalysts 12:08 - Majors Funding Junior Explorers 17:20 - Producer Cash Returns Versus Growth 20:17 - Dividends and Gold on Balance Sheets 21:33 - Critical Minerals Valuations __________________________________________________________________ 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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. 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.

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  Digging Deep

  Jeff Pontius Explains Comstock Gold Bet as Mackay Drills Nevada

  Aug 13, 202640 min

  Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep with Paul Harris to discuss gold’s renewed momentum, Mackay Gold & Silver’s Comstock district opportunity in Nevada, major financings for explorers, the Barrick-Newmont Nevada agreement, African mining policy, and how the U.S. can rebuild domestic mining capacity. Pontius says a US$4,000 gold base would be “exceptionally good” for producers and developers, especially with many companies producing around US$2,000 per ounce or lower. He says the recent pullback created a buying opportunity, while a less aggressive Fed and stronger broader market could support further gains into year-end. “I think we’ve got a good runway to go on,” he said. Pontius also explains why he came out of pseudo-retirement to chair Mackay, comparing the consolidated Comstock district near Reno to Cripple Creek before modern district-wide exploration. He discusses Mackay’s 20,000-meter drill program, large oxide targets at surface, and why strong treasuries let explorers drill faster, test bigger ideas, and balance dilution against discovery speed. Pontius also weighs government ownership in African mining projects, spinouts, research funding, permitting reform, and flow-through-style tax incentives for U.S. exploration. Recorded August 13, 2026. 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. 00:26 - Gold Finds a US$4,000 Floor 02:12 - Road to US$5,000 Gold 03:18 - Summer Volatility and Gold Pullback 05:17 - Why Jeff Pontius Joined Mackay 10:09 - Comstock Drill Plan and Targets 13:14 - Barrick-Newmont Nevada Deal 17:38 - Africa Gold Deals and Permits 18:28 - Government Ownership Debate 25:51 - Big Raises for Gold Explorers 28:58 - Treasury Size Versus Dilution 32:28 - Spinouts Done Right 35:40 - U.S. Mining Schools and Policy __________________________________________________________________ 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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. 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.

  ListenShow Notes
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  Digging Deep

  Barrick-Newmont Deal Puts Fourmile Valuation in Focus | Neil Adshead

  Aug 13, 202633 min

  Neil Adshead, Consulting Geologist at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down U.S. critical minerals policy, the Barrick-Newmont Nevada Gold Mines agreement, gold-sector capital returns, and AI’s growing push into mining. Adshead says U.S. support for critical minerals can help bring attention and talent back to the sector, but he questions whether taxpayer money should be used to pick company winners. He says broader tax incentives and stronger mining schools would do more to rebuild long-term capacity. “I’d rather see the free market determine where the capital goes,” he said. Newmont’s US$1.95 billion payment to Barrick under the Nevada Gold Mines agreement raises fresh questions about Fourmile’s valuation and Barrick’s planned IPO of its North American gold assets. Adshead says the deal could prove a long-term win-win, while major producers continue to return billions through buybacks and dividends. He also weighs whether Newmont and Barrick sold key assets too soon, Hercules Metals’ new leadership team in Idaho, and Mariana Minerals’ US$310 million raise as a software-first critical minerals company. Recorded August 11, 2026. 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. 00:00 - Welcome and Headlines 00:31 - Trump Critical Minerals Push 01:28 - Picking Winners vs Free Markets 04:24 - Funding U.S. Mining Schools 08:51 - Barrick-Newmont JV Deal 09:53 - Fourmile Valuation Debate 14:08 - Buybacks and Capital Returns 17:36 - Did Majors Sell Too Soon? 21:01 - Gold Sector Health Check 23:58 - Hercules Metals’ New Team 26:43 - Mariana’s AI Mining Bet __________________________________________________________________ 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: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. 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.

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