Steven Hyland

The Deep Dive

Steven Hyland

2026-07-21 16:25

Recent appearance

Gold Cooled Off, But the Bull Market Isn’t Over. | John-Mark Staude - Riverside Resources

Junior mining capital raising environmentRiverside Resources royalty-generation model

Preview:Interview with John-Mark Staude of Riverside Resources at a conference. Staude argues gold's pullback from ~$5,600 to ~$4,000 is a healthy consolidation, not the end of the bull market. He is personally buying physical gold and sees strong structural demand from central banks and global geopolitical shifts. On Riverside, he highlights the royalty-generation model: shareholders have received spinout shares (Capiton Silver, Blue Jay Gold) worth ~$1.15–$1.20 per share versus Riverside's ~$0.20–$0.25 trading price, representing a hidden ~5–6x value. He's bullish on rare earths, copper, and gold. The conversation is a conference-floor catch-up, light and promotional in tone.

The Deep Dive

Steven Hyland

2026-07-17 13:21

Recent appearance

The Battery Boom Has a China Problem | John Passalacqua - First Phosphate

igneous phosphate for LFP batteriesphosphate market differentiation (fertilizer vs battery grade)First Phosphate capital position and funding runway

Preview:John Passalacqua, CEO of First Phosphate, discusses the company's positioning in the igneous phosphate market for LFP batteries, differentiating it from fertilizer-grade phosphate. He addresses the recent share price decline in the small-cap space, attributing it to macro fears around the Iran-US conflict, oil prices, and interest rates, while emphasizing First Phosphate's strong capital position (~$50M available, 2-3 year runway). He outlines the company's aggressive timeline toward a feasibility study by end-2026 and production by 2029, and notes growing institutional and government backing, including G7 recognition.

The Deep Dive

Steven Hyland

2026-07-16 09:00

Recent appearance

The Best Silver Bull Market in 30 Years? | Bradley Langille - GoGold

Los Ricos South permitting and constructionSilver mining production growth path

Preview:Bradley Langille, CEO of GoGold Resources, sits down at the Rule Symposium to update on the company's progress: the Los Ricos South permit has been received, detailed engineering is at 80%, and dirt-moving begins next month. He outlines GoGold's path from current ~2M oz AgEq/year to ~9M oz when Los Ricos South comes online (first pour ~2028), with eventual expansion to 15-17M oz once Los Ricos North is permitted and built. The company has $284M cash, no debt, and an operating tailings project generating ~$60M free cash flow at spot. Langille calls this the best silver bull market of his career but stays focused on execution — low costs ($12 AISC), high margins, and a simple doré bar operation that gets 99% of spot. The interview is promotional in tone but grounded in tangible permitting and engineering milestones.

The Deep Dive

Steven Hyland

2026-07-15 08:47

The Silver Crash Was Orchestrated - Andy Schectman

COMEX margin requirements and ETF rebalancing

Preview:Andy Schectman of Miles Franklin discusses the "orchestrated" crash in silver and gold in early 2026, attributing it to ETF rebalancing coinciding with massive COMEX margin increases, which forced deleveraging. He details massive physical delivery on COMEX (26M oz silver, 4.1M oz gold in February) and record Chinese silver imports, arguing physical demand is "inelastic" and divorced from paper price. He also covers the new Hong Kong gold exchange as part of a broader BRICS alternative financial infrastructure, dismisses the narrative that war is bearish for gold due to Fed rate expectations, and warns about private credit risks and equity market fragility.

The Deep Dive

Steven Hyland

2026-07-14 10:00

The Biggest Mining Boom Has Barely Started | Craig Parry - Inventa Capital

Junior mining cycle recovery

Preview:Craig Parry of Inventa Capital argues the junior mining boom is in its earliest innings, comparing the current setup to 2006-2007 before the parabolic 2009 move. He believes US retail and institutional investors are just beginning to return and that copper faces a structural supply deficit — needing 70-80 new Mina Justa-scale mines by 2035 with almost none in the pipeline. His primary focus is Vizsla Copper, which he calls "still very very cheap" at ~$100M market cap, with four rigs turning across three projects (Thera porphyry, Woodjam, Palmer) and a stated vision to build a mid-tier copper producer in record time. He also sees tech billionaires (Musk, Gates, Palihapitiya) beginning to invest directly in copper projects, and notes that even the Canadian Liberal government is now funding copper mine development.

The Deep Dive

Steven Hyland

2026-07-14 07:33

$6,500 Gold by 2027? | Rudi Fronk - Seabridge Gold

KSM project economics and NPV sensitivityJoint venture partner process and timeline

Preview:Rudi Fronk, Chairman of Seabridge Gold, explains the recent gold pullback as temporary — driven by countries selling gold reserves to fund energy purchases during war. He reiterates the company's forecast of gold returning to $5,500 by year-end and reaching $6,500 by mid-2027. The conversation centers on the KSM project, the "largest undeveloped gold project in the world," where a JV partner announcement with one preferred major miner is close. At $4,400 gold and $5.75 copper, KSM's after-tax NPV jumps to $33 billion with a 34% IRR. A recent court ruling upheld KSM's "substantially started" designation with a narrow 90-day consultation window for a small First Nations group. Fronk also discusses the Valor Gold spinout of Courageous Lake and expresses confidence that the JV announcement will be the major share-price catalyst.

The Deep Dive

Steven Hyland

2026-07-13 13:59

This Gold Project Works Without Record Gold | Ken Armstrong - Westhaven Gold

Dundee Corporation $85M earn-in and JV structure

Preview:Interview with Westhaven Gold CEO Ken Armstrong discussing the Shovelnose gold project in BC: a ~1M oz low-sulfidation epithermal deposit with a PEA showing ~$450M NPV at $2,400 gold, 43% IRR, and <$200M capex. Armstrong emphasizes the project works without record gold prices. The key catalyst is an $85M earn-in deal with Dundee Corporation (Dundee can earn up to 60% by funding that amount, with a firm $30M initial commitment). The company is fully funded for ~3 years with no dilution risk. A 50,000m drill program is underway (35,000m infill at South Zone, 15,000m exploration). Permitting is just starting; target for permits is early 2030.

The Deep Dive

Steven Hyland

2026-07-13 11:00

The Hybrid Boom Is Bringing Palladium Back | Luis Azevedo - Bravo Mining

hybrid vehicle demand for PGMsBravo Mining project overview

Preview:Luis Azevedo of Bravo Mining makes the case for palladium's resurgence, driven by the global hybrid vehicle boom and China's continued production of conventional and hybrid cars. He then pitches Bravo Mining's palladium-platinum-rhodium project in Brazil's Carajás region, highlighting strong PEA economics ($1.86B NPV vs $700M capex), a rising metal basket price, and upcoming catalysts including a PFS and exploration for copper-gold IOCG.

The Deep Dive

Steven Hyland

2026-07-13 08:53

New Found Gold Is Moving From Discovery to Production | Keith Boyle

Queensway deposit geology and resourceHammerdown / Pine Cove mill acquisition

Preview:Interview with New Found Gold's Keith Boyle, who was brought in 18 months ago with a mandate to get the company to cash flow. He outlines a phased production strategy: Hammerdown delivers 20-25k oz/year within months (first cash flow), Queensway adds ~100k oz by Q4 2027, and a larger onsite mill plus underground takes output to 175-200k oz by 2031. The company raised $220M (debt + equity) in April and is fully funded. Boyle argues the market overhyped the Queensway discovery, missing that 75% of ounces sit in 25% of tons — high-grade veins are narrow but real, and the deposit is buildable. On gold, he sees the current price as consolidation before the next leg up, driven by fiat devaluation.

The Deep Dive

Steven Hyland

2026-07-10 14:00

Everyone's Suddenly Rushing Into Gold Again | Sean Roosen - Osisko Development Corp

Gold mining cost inflation vs gold price

Preview:Sean Roosen, CEO of Osisko Development Corp, gives an interview at a gold conference expressing extreme bullishness on his company and the gold cycle. He reports that his Cariboo Gold project is fully funded (~$1.1B raised in 12 months), permitted, and under construction with first commercial production expected late 2028/early 2029. At $4,100-$4,200 gold, the project generates ~$320M USD/year in free cash flow at AISC of $1,157/oz. He outlines four major catalysts: the mine build, resource conversion drilling, depth extension drilling to 5x the current resource depth, and the Proserpine open-pit target. He notes mining cost inflation of 10-20% but says the gold price has far outpaced it. The overall tone is one of peak operational momentum and exceptional capital access.

The Deep Dive

Steven Hyland

2026-07-10 12:00

This Gold Stock Is Up 300% — And He Says It’s Still Cheap | Dan Wilton - First Mining Gold Corp

Provincial EA and permitting timeline

Preview:Dan Wilton, CEO of First Mining Gold, discusses the major milestone of receiving federal environmental assessment approval for the Springpole gold project after an 8.5-year process. He outlines the path toward a construction decision by early 2028, with provincial EA approval expected by end of summer 2026, a feasibility study by mid-2027, and project financing discussions now underway in earnest. The Springpole project shows remarkably robust economics at $4,000+ gold: 60% after-tax IRR, 1.2-year payback, $3.8B NPV on $1.1B capex. He also updates the Duparquet project in Quebec, where data collection is advancing toward a PFS. Wilton argues First Mining is undervalued at ~$50/oz in the ground versus peers at $150-200/oz, and that Ontario's permitting track record is actually strong despite market perception of jurisdictional risk.

The Deep Dive

Steven Hyland

2026-07-10 10:00

Is the Gold Bull Market Over? | Collin Kettell - Palisades Goldcorp

Junior mining financing conditions

Preview:Collin Kettell of Palisades Goldcorp argues the gold bull market is not over — the recent pullback from ~$5,500 to $4,000 is a normal pause. Palisades has positioned itself as a leveraged play on a junior mining bull market via 1.7 billion warrants accumulated across 450 financings in 330 companies over 18 months. Kettell also outlines two wholly-owned assets (Radio Fuels, Made in America Gold) as additional monetization levers. The interview covers the company's low-cost structure (5 staff, ~1% G&A), high insider ownership (~46%), and the asymmetric upside thesis if junior miners re-rate.

The Deep Dive

Steven Hyland

2026-07-10 07:00

This Gold Company Is About to 12X Production | Richard Young - i-80 Gold

central bank buying

Preview:Richard Young says i-80 Gold is now fully funded and moving from a financing-heavy, multi-asset rebuild into execution. His core thesis is that gold remains constructive, central bank buying is a durable support, and i-80’s Nevada portfolio can scale production from about 50,000 ounces this year to over 600,000 ounces by 2032 if the company executes on phase one and potentially accelerates phase two/three assets.

The Deep Dive

Steven Hyland

2026-07-09 14:25

This Gold Project Got Way More Expensive | Newcore Gold PFS

Pre-feasibility study (PFS)

Preview:Newcore Gold's PFS for the Enchi project in Ghana tripled capex and doubled AISC vs. the 2024 PEA — the company switched from heap leach to carbon-in-leach processing, producing fewer ounces at higher cost. The stock fell ~24% on release and is down to ~30 cents as the market clearly rejects the new strategy. CEO Luke Alexander defended the CIL decision on better recoveries and industry standard practice, but conceded they failed to communicate the cost step-up. The video is sharply critical: the economics appear worse under CIL, and investors were sold a fundamentally different project two years ago.

The Deep Dive

Steven Hyland

2026-07-09 10:00

Is Triple-Digit Silver Coming Back? | Mani Alkhafaji - First Majestic Silver

First Majestic Santa Elena permits and exploration upsideFirst Majestic Jerritt Canyon restart plans

Preview:Interview with Mani Alkhafaji, President of First Majestic Silver, at the 2026 Rick Rule Symposium. Alkhafaji expresses conviction that triple-digit silver is a matter of "when, not if," frames the current pullback as healthy consolidation, and highlights First Majestic's operational catalysts: expedited construction permits at Santa Elena, the restart of Jerritt Canyon (H2 2027 target), the Gatos mine expansion to 4,000 tpd by Q3 2026, and record free cash flow generation (~$250M/quarter) driven by silver price leverage. He also discusses M&A ambitions toward becoming the world's largest silver producer, discovery costs of ~$0.30/oz at Santa Elena vs developer acquisition costs of $2-4/oz, and a $1.2B cash war chest.

The Deep Dive

Steven Hyland

2026-07-09 09:00

First Majestic's Santa Elena Just Keeps Getting Better — Two Discoveries, One Bright Future

Santa Elena mine complexNavidad and Santo Niño discoveries

Preview:First Majestic's Santa Elena mine in Sonora, Mexico has seen two major discoveries in 18 months — Navidad (63M AgEq oz) and Santo Niño (27M AgEq oz) — both adjacent to existing infrastructure. The company has secured construction permits ahead of schedule, committed $12M in additional 2026 funding, and is building portals and underground development at both deposits with production expected in 2-3 years. A mill expansion from 3,200 to 3,500 tpd is underway. Combined with a much higher silver price than 2024, the thesis is that Santa Elena's mine life could extend past 20 years as First Majestic's growth engine.

The Deep Dive

Steven Hyland

2026-07-09 07:00

Why Silver and Gold Are Headed Back to All-Time Highs | Shawn Khunkhun - Contango Silver & Gold

Preview:Shawn Khunkhun, CEO of Contango Silver & Gold, sits down at the Rule Symposium to make a bullish macro case for precious metals, arguing gold is in a bottoming range and silver could return to $50-55. He then pivots to the company story: the merger of Contango Ore and Dolly Varden Silver, the retirement of gold hedges as a confidence signal, a July resource update, an aggressive 40,000m drill program, and 2027 guidance of 75-80k oz at $1,200-1,300 AISC generating ~$200M free cash flow. The valuation pitch centers on closing the gap from 0.3x NAV toward peer average (0.7x), with a longer-term path to silver-producer multiples near 2x NAV.

The Deep Dive

Steven Hyland

2026-07-08 13:18

This Company Is Sitting on $24 Billion in Gold | Hugh Argo - Revival Gold

Preview:Hugh Agro, CEO of Revival Gold, presents the company's two US-based gold development projects: the Mercur project in Utah (past-producing Barrick asset, targeting ~100,000 oz/year with a modest $208M capex) and the Beartrack project in Idaho (4.6M oz resource, exploration ongoing). He argues developers like Revival Gold trade at a steep discount (~$25/oz in-ground) versus producers (~$500/oz) against a $4,000+ gold price, framing this as a value opportunity. Key catalysts over the next 12 months include a PFS by Q1 2027, permitting by end-2027, and a construction decision in early 2028.

The Deep Dive

Steven Hyland

2026-07-08 09:00

We Need 3 New Copper Mines a Year — We're Not Even Close | Marc Bishop Lafleche - Ecora Royalties

Critical minerals royaltiesEcora Royalties corporate transformation

Preview:Marc Bishop Lafleche of Ecora Royalties discusses the structural copper supply deficit, arguing the world needs 1–3 major new copper mines per year for the next 15 years — a near-impossible target that will require significantly higher incentive pricing. He outlines Ecora's transformation from a coal-royalty business to ~90% critical minerals (copper, cobalt, uranium) and highlights key assets including Voisey's Bay, Mantos Blancos, Santo Domingo, Cigar Lake, and NexGen's Patterson Quarter East. The conversation covers competitive dynamics in royalty acquisitions and Ecora's dual-listing on the LSE and TSX.

The Deep Dive

Steven Hyland

2026-07-08 07:00

The Next Financial Crisis Is Already Building | Frank Trotter - Battle Bank

Battle Bank digital bank launchCanadian vs. US banking structureStablecoins and GENIUS Act regulation

Preview:Frank Trotter of Battle Bank discusses the launch of his digital bank targeting self-directed investors with precious metals, foreign currency deposits, and metals-backed credit lines. The conversation then shifts to structural fragilities: stablecoin regulation (the GENIUS Act's no-interest provision and Tether's opaque reserves), the buildup of private credit/private equity zombie companies reminiscent of pre-2008 deterioration, thinly capitalized banks, commercial real estate weakness, and the risk that one of the AI mega-cap names could crater, triggering broader fallout. Trotter argues these pressures are accumulating slowly — exactly how crises historically build — with no clear catalyst but plenty of vulnerable points.

The Deep Dive

Steven Hyland

2026-07-07 15:17

$1 Billion Gold Mine Deal: Inside Canada's Next Top 10 Producer | Jonathan Awde - Hemlo Mining

Bob Quartermain's role in the deal

Preview:Interview with Jonathan Awde, Executive Chairman of Hemlo Mining Corp, discussing the company's acquisition of the Hemlo gold mine from Barrick Gold for over $1 billion. Awde frames gold's ~30% pullback from peak (attributed to US-Iran conflict) as a healthy correction and buying opportunity. The core thesis: Hemlo's mill is running at 38% capacity (~3,800 tpd / 140k oz), and a 130,000m drill program — the largest in Canada — will underpin a 2027 technical study targeting 6,000–10,000 tpd, potentially placing Hemlo among Canada's top 10 gold producers with a +20-year mine life.

The Deep Dive

Steven Hyland

2026-07-07 12:39

Silver Stocks Will Lead the Next Bull Run | Rick Rule

Mining M&A cycle and underinvestment

Preview:Rick Rule, interviewed at his 2026 Rule Symposium, argues the recent 35-40% pullback in quality resource stocks is a gift. He sees M&A as the dominant theme — majors haven't invested in exploration for 15 years and will have to buy growth. He reaffirms his bullish silver-producer thesis: silver stocks discount today's lower prices but will re-rate dramatically when gold momentum resumes and generalist capital floods the tiny silver equity silo. He dismisses gold-standard rumors as political theater and emphasizes deposit quality over jurisdiction.

The Deep Dive

Steven Hyland

2026-07-07 10:00

This Could Be Silver’s Next Monster Mine | AbraSilver Diablillos DFS

Junior mining sector timing and macro headwinds

Preview:AbraSilver released its definitive feasibility study for the Diablillos project in Argentina — a massive open-pit silver-gold operation with Phase 1 targeting 20M+ oz silver-equivalent annually in early years. The study shows strong economics ($4.2B CAD after-tax NPV at 5%, 41.9% IRR, 1.7-year payback at $50 silver / $3,650 gold), but the release landed on a brutal day when silver tanked 5%+. The host contextualizes the DFS, compares peer valuations, and flags that a heap-leach PEA is coming by month-end that could meaningfully expand the project. The macro timing is poor — silver has halved from January highs and gold is off $1,500+ — and financing in this environment will be challenging.

The Deep Dive

Steven Hyland

2026-07-07 07:46

Alamos Gold Has a Young-Davidson Problem

Young-Davidson mine seismic events2026 production guidance cut

Preview:Alamos Gold faces a cascading operational crisis at its Young-Davidson mine, where seismic events, power outages, and lower-than-planned mining rates have forced the company to cut Q2 and full-year 2026 production guidance — halving targeted milling rates from 8,000 to 5,000 tons per day. The stock dropped as much as 20% on the news, compounded by a falling gold price. This follows prior guidance misses in 2025 at both Young-Davidson and Island Gold, raising questions about whether geology or management is the root cause.

The Deep Dive

Steven Hyland

2026-07-06 17:32

He Wasn’t Allowed to Lose Money -- In Mining | Warren Gilman - Queen’s Road Capital

Queen's Road Capital investment strategyConvertible debenture structuring in miningLi Ka-shing's three investment rules

Preview:Warren Gilman, founder of Queen's Road Capital (TSX-listed dividend-paying mining investment company), recounts his decade managing money for Hong Kong billionaire Li Ka-shing (2010–2019) without a single losing investment. He explains the three iron rules Mr. Li imposed — never lose money, pay an annual "Christmas present" check, and deliver stellar returns — and how they shaped Queen's Road's convertible debenture strategy. Gilman details his investment criteria (best-in-sector ore bodies, large concentrated checks), walks through a near-disaster-turned-win with Duluth Metals/Antofagasta, and makes deeply bullish cases for uranium (structural supply deficit, NexGen's Arrow mine, Atha Energy exploration upside) and precious metals (inevitable rise driven by US fiscal deficits).

The Deep Dive

Steven Hyland

2026-07-02 07:00

Gold's Pullback, a Hidden Debt Crisis, and the K-Shaped Economy | Michael Dehn - Total Metals

Sovereign debt crisis and hidden riskK-shaped economy and wealth inequality

Preview:Interview with Total Metals CEO Michael Dehn covers the recent gold pullback (framed as a natural consolidation after euphoric run-up), a K-shaped economy thesis where the rich get richer and buy more gold while the poor are sidelined, and a hidden sovereign debt crisis the world isn't pricing in yet. The second half is a company pitch: Total Metals' Electra Load zinc-copper project in Red Lake, two high-grade gold acquisitions on the Manitoba-Ontario border, and the Pick Lake critical minerals property acquired cheaply. Dehn outlines drill results, exploration plans, First Nations engagement, and the Red Lake district's geological potential rooted in his decades of experience there.

The Deep Dive

Steven Hyland

2026-07-01 14:31

The Debt Crisis Triggers the Next Gold and Silver Bull Run | David Morgan

Preview:David Morgan discusses the recent sharp pullback in silver from $120 to ~$55, framing it as a historically typical post-parabolic correction (analogous to 1980). He argues the structural drivers for precious metals remain intact — government debt, deficits, central bank buying — and the cyclical headwinds (stronger dollar, higher real rates) are temporary. Morgan highlights private credit (~$2-3T) and Japan's bond market as underappreciated systemic risks that could trigger a QE response, reigniting the metals bull run. He advises 10% portfolio allocation to physical metals, recommends accumulating silver below $62-63, and sees mining equities as presenting the best opportunity in some time given their underperformance.

The Deep Dive

Steven Hyland

2026-06-30 12:21

America Is Running Out Of Buyers For Its Debt | Jay Martin

Strait of Hormuz closureFed monetary policy (rate hikes vs money printing)

Preview:Jay Martin joins The Deep Dive to explain how the Strait of Hormuz closure cascades into a US Treasury market crisis. Oil-importing and exporting nations alike face cash crunches from disrupted trade flows and must sell US treasuries to bridge the gap. With foreign buyers disappearing, the Fed faces a brutal choice: raise rates (crushing the domestic economy) or print money to buy its own debt (slow-motion inflation). Martin argues the inflation path is the near-certainty and that swap lines to Gulf states are a disguised bailout of the Treasury market. He draws a historical parallel to the 1956 Suez Crisis as the moment Britain lost reserve-currency hegemony, suggesting America may be facing its own Suez moment. For protection, he recommends owning producers of raw materials — gold, copper, nickel, timber — as hard assets that retain purchasing power.

The Deep Dive

Steven Hyland

2026-06-30 07:00

We’re in the Early Stages of a Critical Metals Bull Market | Kerry Knoll - Generation Mining

mine buildingMarathon project

Preview:Kerry Knoll argues that Generation Mining is close to turning the Marathon project into a real mine, backed by permits, financing progress, and a management team he trusts to build. The interview mixes his personal track record in mine-building with a bullish case for copper and critical metals, while he stays more cautious on silver and palladium, calling them more range-bound or sentiment-driven than copper.

The Deep Dive

Steven Hyland

2026-06-26 10:47

Why Gold Bulls Should Not Fear This Selloff | Rick Rule

US fiscal sustainability and unfunded entitlementsReal inflation versus reported CPI

Preview:Veteran resource investor Rick Rule argues the recent gold selloff is a normal and healthy part of a secular bull market, not a reason to panic. He frames higher nominal US rates and a hawkish Fed as the proximate cause, but insists the structural case for gold — unpayable US debt, $120T in unfunded entitlements, and 8-10% real purchasing power erosion — remains fully intact. Rule sees further summer weakness as a buying opportunity, especially in high-quality gold equities like Franco-Nevada, Wheaton Precious, and Agnico Eagle. He discusses private credit risks, the Iran conflict's fiscal drag, Canadian government bailouts, and his new Battle Bank venture. The overarching message: lower prices are a gift for structural buyers who understand why they own gold.

The Deep Dive

Steven Hyland

2026-06-24 14:00

Silver Could Sink Lower Before the Bull Run Resumes | James Anderson - Guanajuato Silver

AI bubble and capital markets

Preview:James Anderson of Guanajuato Silver argues silver’s uptrend is not over, but the current pullback may still deepen before a bottom forms. He also says AI is becoming a capital-markets bubble that could either over-disrupt labor or prove overhyped and trigger a broad equity correction. On Guanajuato Silver, he says integration of Bolanitos is progressing, Q1 results were record-setting, and the company’s next growth phase is likely more district consolidation in Guanajuato rather than broad expansion.

The Deep Dive

Steven Hyland

2026-06-24 12:05

This LFP Supply Chain Story Just Got G7 Backing | John Passalacqua - First Phosphate

G7 Critical Minerals Resilience and Production AllianceFirst Phosphate corporate milestones and strategyLFP battery supply chain Western onshoring

Preview:First Phosphate CEO John Passalacqua discusses the company's recent G7 spotlight, where Prime Minister Mark Carney named two of its Quebec projects under the Critical Minerals Resilience and Production Alliance. The company secured a $275M Danish ECA guarantee, offtake agreements worth ~$200M USD/year, and LOIs from Italian state entities for its phosphoric acid plant. Passalacqua also covers a 400% increase in indicated resources at the Bayan (Béjaia La Marche) project and targets a feasibility study by late 2026/Q1 2027, with an open-pit mine goal of 2029.

The Deep Dive

Steven Hyland

2026-06-22 08:46

Why the West Still Doesn’t Have an Antimony Plan | Jim Atkinson - Antimony Resources

Antimony market and China processing dominanceBald Hill project drilling and multi-zone expansionMaiden resource estimate timeline

Preview:Jim Atkinson, CEO of Antimony Resources, discusses the antimony market and Bald Hill project progress. Despite antimony fading from headlines, behind-the-scenes interest remains strong as Western nations grapple with the concentration risk of 75% of processing in China. The company has drilled ~35,000m, discovered multiple new high-grade zones (Marcus, South, Center), and expects a maiden resource estimate in late summer/early fall. Permitting and environmental baseline work is underway, with New Brunswick positioning itself as Canada's most pro-mining jurisdiction. Atkinson estimates ~$200M capex for a small underground mine producing 8-9k metric tons/year, with potential for run-of-mine shipping given the high grades. He remains frustrated that comparable companies with less advanced projects command higher market caps.

The Deep Dive

Steven Hyland

2026-06-19 07:00

This Silver Project Looks Great, If Mexico Lets It Happen | Kootenay Silver La Cigarra PEA

Mexican open-pit mining permitting risk

Preview:Kootenay Silver's recently published PEA for the La Cigarra project in Chihuahua, Mexico, shows strong headline economics ($763M after-tax NPV at $50 silver, 41% IRR, sub-2-year payback) and suggests the stock trades at ~0.1x NPV. The host tempers enthusiasm with three major caveats: it's an open-pit project in Mexico (permitting risk), the production plan leans on inferred resources (needs more drilling), and the PEA is light on processing/infrastructure detail. At ~$70 spot silver, economics look compelling on paper, but the Mexican open-pit discount and development-stage unknowns keep it a cautious story.

The Deep Dive

Steven Hyland

2026-06-18 12:56

Gold’s Pullback Doesn’t Fix The Trust Problem | Kai Hoffmann - Soar Financial

SpaceX IPO

Preview:Kai Hoffmann argues the Iran-US deal is still too incomplete to trust, with markets reacting optimistically while oil and gold are sending mixed signals. He also views SpaceX as a historic but extremely crowded valuation story that could drain liquidity from other risk assets, and he says mining/commodities are being slowly re-legitimized by war, energy insecurity, and a broader global wake-up call.

The Deep Dive

Steven Hyland

2026-06-18 08:08

Nobody Wanted Gold Stocks. That Was The Signal | Peter Grandich

Trump administration critique and political disillusionmentUS-Iran war and midterm election implicationsGold and silver mining sentiment extremes and timing

Preview:Peter Grandich, a 42-year market veteran, delivers a wide-ranging interview covering his deep disillusionment with Trump, his thesis that passive investing has created a self-fulfilling stock market bubble primed for a hard crash, and his tactical approach to precious metals and junior miners. He recently sold almost all metals positions near the parabolic top around $5,500 gold, then re-entered after sentiment collapsed to zero bullishness — framing the pullback as a healthy consolidation in a multi-year bull market. He also discusses the SpaceX IPO as a bubble-top signal and argues the US is entering the worst economic, social, and political era in its history.

The Deep Dive

Steven Hyland

2026-06-16 11:52

This New Gold Stock Comes With a Mill, a Camp, and High Grades | Blue Jay Gold

Preview:Blue Jay Gold (TSXV: J) has gone public after a year-long journey from Riverside Resources spinout to Yukon-focused developer. The company acquired the Stellar Project (formerly Skukum) — a brownfield asset with a 270 tpd mill, 50-person camp, underground workings, and the highest-grade gold resource in the Yukon (indicated: 400k oz AuEq at 9.06 g/t). Led by CEO Geordie Mark and chaired by Scott Hicks (Lumina Group), Blue Jay is fully funded for a 16,000m maiden drill program after a $14.7M raise. The episode is a promotional company profile, not a market analysis.

The Deep Dive

Steven Hyland

2026-06-15 12:21

This Gold Project Still Looks Great at $4,000 Gold | Minera Alamos Copperstone PFS

Preview:A deep dive into Minera Alamos' Copperstone Gold Project PFS in Arizona. The host argues the project has standout economics — 108% IRR at $3,500 base-case gold, 131% at $4,000 — with just $58M initial capex, a 1.2-year payback, and $13.14/oz AISC. The company already made its FID and pre-construction is underway, making the PFS largely a formality. The host frames Copperstone as nearly equal to Minera's entire market cap on a standalone basis, with the Pan mine and other assets as effectively free optionality.

The Deep Dive

Steven Hyland

2026-06-11 09:40

We’re in a New Era of Gold Price Discovery | Ryan King - Equinox Gold

de-dollarization

Preview:Ryan King of Equinox Gold argues that gold is in a new price-discovery regime driven by de-dollarization, geopolitical stress, and central-bank behavior, even if the metal is pausing after a sharp run. On the company side, he frames the Equinox-Orla merger as a scale-and-quality step that creates a large North American gold producer with a visible growth pipeline, while acknowledging operational and social risks in Mexico.

The Deep Dive

Steven Hyland

2026-06-10 14:00

First Profitable Quarter | Guanajuato Silver Q1 Earnings

Bolanitos acquisitionprofitability turnaround

Preview:This is a focused earnings-video on Guanajuato Silver (GSVR). The speaker argues Q1 2026 was the company’s cleanest quarter yet: record revenue, record mine operating income, and its first ever quarterly profit as a producer, with the Bolanitos acquisition doing most of the heavy lifting. The tone is bullish on the stock’s upside if integration goes well, but cautious on near-term costs, cash flow, dilution, and legal overhang.

The Deep Dive

Steven Hyland

2026-06-10 12:08

The Canadian Dream Is Leaving Canada | Spencer Gatten

Tim Hortons backlashtemporary foreign workersDunkin Donuts expansion

Preview:Spencer Gatten argues that Canada is suffering from deep structural decay driven by over-immigration, real-estate dependence, weak productivity, and a political class that uses deficit spending to paper over the slowdown. He frames Tim Hortons as a symbol of this decay and says younger Canadians increasingly see the U.S. as the place to build a career or business, not Canada.

The Deep Dive

Steven Hyland

2026-06-09 13:16

Why Silver’s Next Move May Be Built on a Much Stronger Base | Mani Alkhafaji - First Majestic

First Majestic Q1 results

Preview:This is an interview with First Majestic president Manny Alkhafaji about silver’s post-parabolic reset, the company’s record Q1, and a series of operating/growth updates. His core message is that silver’s pullback and choppy consolidation are healthy and are building a stronger base, while First Majestic is benefiting from high realized margins, strong cash flow, a larger dividend, and multiple growth levers at the mint, Jerritt Canyon, Los Gatos, and Santa Elena.

The Deep Dive

Steven Hyland

2026-06-09 08:03

Allied Gold: The Zijin Deal Is On The Rocks

Zijin

Preview:The video argues that Zijin’s planned all-cash acquisition of Allied Gold is delayed because Chinese regulators are reassessing the deal’s economics and risk profile as gold prices and mining equities have fallen. The speaker frames the original premium as much less compelling now than it looked at announcement and suggests Mali-related jurisdictional risk may also be making the transaction harder to bless.

The Deep Dive

Steven Hyland

2026-06-08 11:34

Why Silver’s Drop May Not Mean the Bull Market Is Over | Peter Krauth

capital rotation

Preview:Peter Krauth argues silver’s sharp pullback is a bear trap, not the end of the bull market. He sees a strong base forming in the $70-$80 range, expects inflation to reaccelerate into the second half of the year, and says industrial, investment, and supply-demand forces still favor higher silver prices over the next several years.

The Deep Dive

Steven Hyland

2026-06-04 10:43

The Gold Trade Is Shifting From Margins to Growth | Geordie Mark - Blue Jay Gold

producer marginsfree cash flow

Preview:An interview with Blue Jay Gold’s Jordy Mark about the company’s newly public status, its Stellar project in the Yukon, and the broader gold market. Mark argues the current gold pullback is a consolidation within a still-favorable macro backdrop, while the industry is shifting from margin expansion to a stronger emphasis on production growth, consolidation, and brownfield acquisition.

The Deep Dive

Steven Hyland

2026-06-03 12:02

CopAur Minerals - This PEA Has A Mine Life of What?!

Kinsley Mountain project

Preview:The video argues that CopAur Minerals’ Kinsley Mountain project looks weak on a base-case PEA basis, but becomes much more interesting if gold stays elevated or moves higher. The key takeaway is that the project is small and highly gold-price-sensitive: at $3,200 gold the economics look marginal, while at $4,500 gold the NPV and IRR improve sharply, making it more financeable.

The Deep Dive

Steven Hyland

2026-06-02 09:49

Ontario’s Fast Track to Silver Production Is Starting to Matter | Frank Basa - Nord Precious Metals

Ontario recovery permitCastle East

Preview:Frank Basa argues Nord Precious Metals is moving closer to production in Ontario by using the province’s new recovery permit process to fast-track tailings reprocessing and potentially underground recovery at Castle/Gowganda. He says the newly acquired tailings package is much larger than Nord’s original material, could support a larger operation, and is being evaluated alongside drilling success at Castle East, where he believes additional high-grade structures remain to be found.

The Deep Dive

Steven Hyland

2026-06-02 08:42

Silver at $75, and This Project Has 224 Million Ounces | Michael Williams - Aftermath Silver

junior mining volatilityBarsele project

Preview:Michael Williams of Aftermath Silver argues that the junior silver market is noisy but still constructive, with silver’s secular backdrop—industrial demand, persistent deficits, and monetary-hedge demand—supporting further upside. He is especially focused on Aftermath’s Barsele project, which he says has a very large silver resource, meaningful copper and manganese byproducts, and a development path that could be accelerated if silver remains strong.

The Deep Dive

Steven Hyland

2026-06-01 13:00

This Nevada Gold Mine Could Be Back in Production Next Year | Kimberly Ann - Lahontan Gold

geopolitical volatility

Preview:Kimberly Ann of Lahontan Gold says the gold market is entering an early boom phase, but near-term volatility remains tied to geopolitical uncertainty and an emotional market. Her company pitch is that Lahontan is a Nevada-focused, past-producing mine story with infrastructure already in place, a near-term permit/build timeline, and multiple catalysts this year, including a resource update and a PA update.

The Deep Dive

Steven Hyland

2026-06-01 10:30

The Highest-Grade Copper-PGM Discovery in the World? | Terry Lynch - Power Metallic

Canadian junior marketsbank distribution of retail capital

Preview:Terry Lynch says junior markets in Canada are improving but remain structurally weak because big banks dominate distribution and discourage investors from buying junior securities. He is bullish on gold long term, but thinks recent geopolitical and policy dynamics are creating a few months of headwind before a stronger move next year. The main company update is Power Metallic: Lynch says it believes it has a world-class high-grade copper-PGM discovery, expects an initial MRE in July, a PEA in December, about 40,000 more meters of drilling through year-end, and a Nasdaq listing targeted for Q3.

The Deep Dive

Steven Hyland

2026-06-01 07:00

A Small Gold Explorer With a Big Mexico Hit | Saf Dhillon - Questcorp

Preview:Saf Dhillon of Questcorp Mining argues the company is in the middle of a potentially important drill-driven re-rating story in Mexico. He points to a strong maiden drill result, says the next phase is fully funded, and wants assays out by late summer as the market looks for the next catalyst.

The Deep Dive

Steven Hyland

2026-05-29 07:06

Why More Canadians Are Starting to Think About Leaving | Jesse Day

Canada political declineimmigration and temporary foreign workersTim Hortons and Dunkin Donuts

Preview:Jesse Day argues that Canada’s problems are structural, not cyclical: weak demographics, a bloated entitlement state, immigration incentives, and a political class he views as self-protecting and corrupt. He thinks the recent backlash around Tim Hortons, temporary foreign workers, and even Dunkin’ Donuts hiring locally is a symptom of deeper frustration, but not enough to reverse the country’s decline soon.

The Deep Dive

Steven Hyland

2026-05-29 07:00

SSR Mining Walks Away From a World-Class Gold-Copper Project

Hod MadenCopler mine collapse

Preview:The video argues that SSR Mining got out of Hod Maden as well as it realistically could after the Copler disaster. The speaker frames the transaction as SSR swapping a 20% equity stake and future capital commitments for a 4% NSR royalty, while also stepping away from Turkey and refocusing on the Americas.

The Deep Dive

Steven Hyland

2026-05-26 15:00

Instead of Waiting, This Gold Developer Went Bigger | Kenneth McLeod - Sonoro Gold

Sar Khichia projectMexico environmental permit

Preview:This is a focused interview with Sonoro Gold’s Ken McLeod about financing, drilling expansion, and the path to permitting and construction at the Sar Khichia project in Mexico. The core message is that rather than waiting for the environmental permit, Sonoro is using a stronger gold market to raise capital, expand its concession footprint, and aggressively drill to grow ounces and improve project economics.

The Deep Dive

Steven Hyland

2026-05-26 13:00

Could This Be Canada’s Next Gold Mine? | Roger Rosmus - Goliath Resources

Goliath Resources

Preview:Roger Rosmus says Goliath Resources is still very early but increasingly looks like a future mine in Canada’s Golden Triangle, with the market underpricing it after several months without new assays. He emphasizes a fully funded 50,000 m drill program starting in June, the project’s continued expansion, and the possibility of an MRE later this year or next if the stock stays depressed.

The Deep Dive

Steven Hyland

2026-05-26 10:56

Could This Be Canada’s Next Mid-Tier Gold Producer? | Kevin Bullock - NexGold

Preview:Kevin Bullock argues NexGold is at a transition point where junior gold equities can start outperforming as investor attention moves down the quality ladder, supported by gold strength and company-specific de-risking. He says NexGold’s Goldboro project in Nova Scotia is fully permitted, First Nations-approved, funded enough to proceed, and aimed at a construction decision later this year with first gold near end-2028. He frames Goliath in Ontario as the second stage of a pipeline that can lift NexGold toward a 200k oz/year, then potentially 300k+ oz/year producer over time.

The Deep Dive

Steven Hyland

2026-05-25 14:16

Why This Gold Company Keeps Spinning Out Assets | John Mark Staude - Riverside Resources

gold market outlookseasonality

Preview:John Mark Staude of Riverside Resources says gold has moved from frothy to a more constructive base-building phase, with seasonal summer lull likely before a potential pickup into September. The bigger story, though, is Riverside’s capital-light project-generator model: spin out assets when financing is favorable, then create royalties and optionality rather than trying to compete head-on with large royalty companies.

The Deep Dive

Steven Hyland

2026-05-25 09:56

Silver at $75 and Why U.S. Silver Ounces Are Getting Hard to Find | Galen McNamara - Silver47

silver price rallysilver miner profitabilityU.S. silver scarcity

Preview:Galen McNamara argues Silver47 is a leveraged way to own scarce U.S. silver ounces at a time when silver has already re-rated sharply and mining margins are expanding. He frames the company as a domestic silver ‘bank’ with 247 million silver-equivalent ounces across three projects, plus aggressive drilling, a possible economic study, and a path to re-rate the stock if the resource base keeps growing.

The Deep Dive

Steven Hyland

2026-05-21 15:00

This Gold Junior Is Sitting Next to a 3 Million Ounce Neighbor | Regan Isenor - Sylla Gold

Mali mining jurisdiction

Preview:This is an interview with Sylla Gold CEO Reagan Isenor about a very early-stage Mali gold exploration story. The pitch centers on a project in the Dualeni corridor, about 6 km south of B2Gold’s nearby 2–3 million ounce resource, with prior drilling showing high-grade hits and open mineralization, but the company still needs license renewal and financing before a larger drill program can begin.

The Deep Dive

Steven Hyland

2026-05-21 14:00

This Gold Restart Story Could Be Moving Faster Than Expected | Shaun Heinrichs - 1911

junior mining investor sentiment

Preview:This is an interview with Sean Heinrichs of 1911 Gold about the company’s True North restart plan in Manitoba. His core message is that gold’s long-term bull case remains intact, while 1911 Gold is focused on restarting the mine, upgrading the resource, and moving into production on a funded timeline, with early production expected in 2026 and full production by mid-2027.

The Deep Dive

Steven Hyland

2026-05-21 12:22

Why Copper Needs a Much Higher Price to Fix the Supply Problem | Greg Ferron - PTX Metals

Preview:Greg Ferron of PTX Metals argues copper needs a much higher price to incentivize enough new mine supply, and he presents PTX as a de-risked junior explorer with copper, gold, and uranium exposure in Ontario and Saskatchewan.

The Deep Dive

Steven Hyland

2026-05-21 07:00

A New Gold Giant Is About to Be Born! | Equinox X Orla

Preview:The video argues that the Equinox Gold–Orla Mining combination creates a new North American gold major with scale, growth optionality, and a relatively cheap valuation versus peers. The speaker is broadly bullish on the strategic logic, while noting Mexico-related operational and labor risks that need monitoring.

The Deep Dive

Steven Hyland

2026-05-20 15:02

Higher Gold Prices Are Changing What Counts as a Real Discovery | Mike Bennett - Altamira Gold

Maria Bonita discovery

Preview:Mike Bennett argues that record-high gold prices materially change how juniors think about economics, making lower grades, simpler open-pit style development, and even early small-scale production viable at Altamira Gold’s Maria Bonita/Cajueiro project in Brazil. The interview centers on hole 36, which he says revealed a previously hidden early phase of mineralization and expanded the blue-sky potential well beyond the current resource envelope.

The Deep Dive

Steven Hyland

2026-05-19 07:56

Why Silver Still Hasn’t Seen the Real Mania | Craig Hemke

silvernegative real interest rates

Preview:Craig Hemke argues the precious-metals bull market is being driven by negative real rates, persistent liquidity support, and inflation that central banks cannot fully fight without damaging a weak economy. He says silver’s strength, tight supply, and lack of mainstream enthusiasm for miners suggest the move still has substantial room to run.

The Deep Dive

Steven Hyland

2026-05-15 08:37

Why Copper Could Be Heading to a Price No One Is Ready For | Craig Parry - Vizla

AI/data center demandpermitting delays

Preview:Craig Parry argues copper is in a structural supply crunch and could reach $20–$30/lb over the next few years, driven by mine depletion, permitting delays, and rising demand from AI/data centers and electrification. He uses Vizsla Copper’s Palmer project and other holdings to illustrate the kind of high-grade assets he thinks the market is still underpricing, while also discussing Skeena Gold & Silver’s development progress and the resource-sector rotation he believes is underway.

The Deep Dive

Steven Hyland

2026-05-14 14:48

First Majestic Q1 Earnings - A Bang Up Quarter

First Majestic Q1 2026 earningsfree cash flow and treasury

Preview:The video argues First Majestic delivered a very strong Q1 2026: record revenue, record operating cash flow, sharply higher free cash flow, a much larger treasury balance, and a dividend increase. The host’s core message is that high silver prices are driving a structurally better earnings and cash-flow profile, even though headline cost metrics worsened because of metal-price and mix effects.

The Deep Dive

Steven Hyland

2026-05-14 09:15

Copper’s Structural Shortage May Be Here to Stay | Colin Joudrie - Selkirk Copper

Minto mine restart

Preview:Colin Joudrie says copper’s supply deficit looks structural, not temporary, and argues Selkirk Copper’s Minto restart is benefiting from a stronger copper tape, a cleaned-up capital structure, and an unusually large drill program that has expanded the known mineralization. Near-term focus is on dewatering, site readiness, permitting, and upcoming resource/PEA work.

The Deep Dive

Steven Hyland

2026-05-13 14:43

Why Barrick’s “Strong” Quarter Wasn’t So Strong | Q1 2026 Earnings

Barrick Q1 2026 earnings

Preview:Barrick’s Q1 2026 looked good versus last year but weak versus the prior quarter, and the video argues the stock’s rally was mostly driven by gold-sector sentiment rather than truly strong fundamentals.

The Deep Dive

Steven Hyland

2026-05-13 10:47

Gold and Silver May Be Ready for Another Run | Shawn Khunkhun - Contango Silver & Gold

gold and silver volatilityprecious metals bull marketContango Silver and Gold merger

Preview:Shawn Khunkhun says the recent pullback in gold and silver is a healthy correction inside a still-strong bull market, and he expects another leg higher if both metals confirm above their 50-day moving averages. He also presents the merged Contango Silver and Gold as a cash-flowing, high-grade North American producer with multiple drill, permitting, and development catalysts.

The Deep Dive

Steven Hyland

2026-05-12 10:07

Silver Is Strong Again, and This Producer Is Ramping Up | Arturo Prestamo - Santacruz Silver

Bolivar mine recovery

Preview:Interview with Santacruz Silver CEO Arturo Prestamo arguing the company is back on track after 2025 disruptions, with Bolivar recovering, Porco kept strategic but small, Caballo Blanco expected to improve after seasonal softness, and 2026 production up roughly 10%. He is also very bullish on silver and says the company will shift reporting to a more investor-friendly byproduct basis.

The Deep Dive

Steven Hyland

2026-05-11 12:00

Gold Giant Agnico Eagle Makes a Critical Minerals Bet | Avenir x Fox River

Agnico EagleFox River Resources

Preview:The video argues that Agnico Eagle’s move into Avenir Minerals and its purchase of Fox River Resources is a signal that gold majors are beginning to deploy cash into critical minerals, with phosphate emerging as a particularly overlooked strategic target.

The Deep Dive

Steven Hyland

2026-05-11 08:02

We’re In for a Long Silver Bull Run! | Glenn Jessome - Silver Tiger

Preview:Glenn Jessome argues that silver and gold are setting up for a major multi-year bull run, driven by an eventual easing of Middle East/oil-driven fear trade and a re-rotation back into precious metals. He also says Silver Tiger is fully funded, building its LT Gray surface mine, and has a clear path to a second underground project and a third expansion area through further drilling.

The Deep Dive

Steven Hyland

2026-05-07 14:06

Agnico Q1 Earnings Results Overshadowed By A Sinking Gold Price

Agnico Eagle Q1 2026 earningsGold price impact on miner equitiesFree cash flow and balance sheet strength

Preview:Agnico Eagle posted record Q1 2026 financials — $1.71B adjusted net income, $3B EBITDA, and a realized gold price of $4,861/oz — but the stock is down ~30% from March highs as gold prices have slipped ~$300/oz since quarter-end. Free cash flow was cut nearly in half to $732M due to a one-time $1.3B tax payment, though pre-working-capital FCF was $1.6B. The company sits on $2.9B net cash with virtually no debt. Despite strong operations and tier-one jurisdiction assets, Agnico trades at historically depressed multiples (~7.7x EV/EBITDA, ~12.5x P/E on 2026 estimates). The speaker argues the market is ignoring fundamental performance because gold-sector excitement has exited.

The Deep Dive

Steven Hyland

2026-05-07 09:46

Why More People Are Starting to Feel Broke | Darrell Thomas - VRIC Media

US fiscal sustainability and debt

Preview:Darrell Thomas of The Money Level Show and VRIC Media shares his journey from social work/education into precious metals investing and YouTube content creation. His core macro thesis centers on US dollar purchasing power erosion, unsustainable government debt ($40T by year-end, $100T+ off-balance-sheet liabilities), and a commodities supercycle. He describes a three-tier investing approach: short-term swing trades on oversold quality companies, mid-term holds in commodity producers, and long-term "deathbed" holdings in royalty/streaming companies like Wheaton Precious Metals. Key influences include Robert Kiyosaki's "Rich Dad Poor Dad" and Rick Rule's mentorship on profit-taking discipline. He views the recent gold/silver pullback as a buying opportunity and believes gold could reach above $10,000 in the next decade.

The Deep Dive

Steven Hyland

2026-05-06 07:01

The Biggest Undeveloped Gold Project Still Needs One Thing | Rudi Fronk - Seabridge

KSM joint ventureCourageous Lake spinout

Preview:This is an interview with Seabridge Gold CEO Rudi Fronk about KSM, Courageous Lake, Snip North, and the company’s push to unlock value through a major JV. The core message is that Seabridge thinks KSM is now close to a partnership announcement, while Courageous Lake is being spun out to surface value and Snip North added materially to the resource base.

The Deep Dive

Steven Hyland

2026-05-04 12:33

Newmont Q1 Earnings A Billion In Free Cash Flow... A Month!

Newmont Q1 earningsrecord free cash flowshareholder returns and buybacks

Preview:A bullish recap of Newmont’s Q1: record free cash flow, strong shareholder returns, and a view that the stock still screens cheap versus peers despite falling production. The speaker argues the production decline is mostly a deliberate portfolio cleanup and that near-term gold consolidation is acceptable as long as the long-term cash-flow engine stays intact.

The Deep Dive

Steven Hyland

2026-05-04 10:42

The Silver Market May Be Closer to Breaking Than It Looks | Andy Schectman

COMEX deliveries

Preview:Andy Schectman argues that recent gold and silver price weakness is a deliberate paper-market move that obscures a much tighter physical market. He points to rising COMEX margins, ETF rebalancing, record China imports, and unusually heavy delivery demand as evidence that large, sophisticated buyers are taking metal off the market while the quoted price is being pushed around.

The Deep Dive

Steven Hyland

2026-05-01 11:01

Canada May Finally Be Backing Its Battery Supply Chain | John Passalacqua - First Phosphate

Canada sovereign wealth fund (Canada Strong Fund)First Phosphate mine-to-market strategyDenmark EKF €170M export credit commitment

Preview:John Passalacqua, CEO of First Phosphate, discusses Canada's proposed sovereign wealth fund and his company's progress toward becoming a fully integrated North American LFP battery materials producer. Key developments include a €170M commitment from Denmark's export credit agency, a $16.7M Canadian government grant, phosphate's addition to Canada's critical minerals A-list, and a successful 40,000m drill campaign at the Bégin-Lamarche property. Passalacqua outlines a timeline targeting feasibility by end-2026, permitting in 2027, and potential mine + processing plant startup by mid-2029.

The Deep Dive

Steven Hyland

2026-05-01 08:58

Jerritt Canyon Is BACK! | First Majestic

Nevada gold mining

Preview:First Majestic Silver has officially announced a restart plan for its Jerritt Canyon gold mine in Nevada after three years of care and maintenance. The company is committing $75M in 2026 capital toward fleet purchases, plant upgrades, and a pre-feasibility study due Q4 2026, with production restart targeted for H2 2027. A massive resource update shows ~8M oz of gold (M&I + inferred), boosted by exploration and higher gold price assumptions. The mine's permitted roaster and existing infrastructure give it a relatively straightforward path back to production in a $4,800/oz gold environment.

The Deep Dive

Steven Hyland

2026-04-29 13:28

This Gold Project Took Years to Matter — Now the Timing Looks Right | Grande Portage PEA

Grande Portage Resources PEADirect ship ore (DSO) mining model

Preview:A single-speaker deep dive on Grande Portage Resources' newly released Preliminary Economic Assessment for their New Amalgam gold project in Alaska. The host explains why the project went quiet for years and why now — with gold at $3,200, a friendly US administration, and normalized direct-ship-ore (DSO) sentiment — the PEA economics look compelling: 56% IRR, 1.3-year payback, $721M NPV at $3,200 gold.

The Deep Dive

Steven Hyland

2026-04-29 11:02

The Forces Driving Gold Higher Are Not Going Away | Stefan Sklepowicz - Kirkland Lake Discoveries

Kirkland Lake Discoveries (KLDC) company overviewKL South / Mirado 2026 drill results

Preview:Interview with Stefan Sklepowicz of Kirkland Lake Discoveries (KLDC). Stefan argues gold's macro setup has never been better — high debt, high spending, high volatility — and pullbacks are buying opportunities in what he sees as the "very early stages of this bull market." On the company, the focus is recent drill results at KL South (Mirado project): two holes hit major intercepts, including one step-out with over 120m of mineralization starting at bedrock. Eight more holes are pending from a 25,000m fully-funded 2026 program. Stefan explains the strategy: keep drilling until they find the resource edges, then do an updated estimate — he doesn't want to be "pegged" by a premature resource. The company controls a 42,000-hectare land package across three properties in the Abitibi, all sitting in the same volcanic belt, at different exploration stages. Stefan emphasizes capital discipline: ~85% of raised funds go into the ground, and transparent communication via the company's "Treasure Hunters" YouTube series.

The Deep Dive

Steven Hyland

2026-04-28 13:00

How to Tell Which Gold Stocks Actually Work | Rod Husband - Epic Gold

Cipher Research five-ratio modelIn-situ metal value

Preview:Rod Husband, CEO of Epic Gold and founder of Cipher Research, explains his framework for evaluating mining equities. His system centers on five ratios derived from engineering studies, with the core test being whether capex runs ~20% of life-of-mine revenue to leave enough margin. He names O3 Mining, Sitka, Borealis, and Viva Gold as companies that passed his screens, and outlines Epic Gold's strategy of acquiring projects with historical resources below the industry cost of discovery (~$20-100/oz).

The Deep Dive

Steven Hyland

2026-04-28 11:29

Why This Mexico Silver Project Still Has Room to Grow | Daniel Rodriguez - Mercado Minerals

Copolito drill programsilver explorationMexico operating risk

Preview:Daniel Rodriguez says Mercado Minerals’ Copolito drilling is still early and designed to prove more strike and depth in known veins rather than test a brand-new theory. He also says lidar, magnetics, and re-assaying have sharpened targets and de-risked the historical data, while safety in Mexico is manageable through precautions and community relations.

The Deep Dive

Steven Hyland

2026-04-27 14:22

The Uranium Supply Gap Is Getting Harder to Ignore | Leigh Curyer

Rook 1 constructionNexGen off-take strategy

Preview:Lee Curyer says NexGen’s Rook 1 uranium project has crossed a major milestone with final federal approval, and the company is moving into construction with a 48-month plan already mapped out. He argues the uranium market has a large supply deficit, NexGen’s contracting is deliberately structured to stay highly leveraged to spot prices, and nearby PCE could become another economic deposit that may later expand the project.

The Deep Dive

Steven Hyland

2026-04-27 11:54

The Next Wave Into Gold Stocks May Be Bigger Than the First | Adrian Day

gold miners valuationAgnico Eagle strategy

Preview:Adrian Day is broadly bullish on precious metals equities, arguing the sector still has room to rerate because the generalist investor has not yet arrived and many miners still screen cheap despite higher gold prices. He also sees M&A premiums rising and says that favors juniors and developers, while preferring operators with proven teams, disciplined capital allocation, and multiple low-risk jurisdictions.

The Deep Dive

Steven Hyland

2026-04-24 07:30

Silver Is in a New Price Regime, and the Market Isn’t Used to It | Keith Neumeyer - First Majestic

industrial demand

Preview:Keith Neumeyer argues silver has entered a new, much higher price regime after its parabolic move and violent correction, and that the market needs time to adjust. He says the current setup is being driven by industrial demand, critical-mineral recognition, hedge-fund participation, and short covering, while First Majestic is using the stronger backdrop to finance juniors, restart Jerritt Canyon, expand mills, and grow reserves.

The Deep Dive

Steven Hyland

2026-04-23 12:41

A Copper-Gold Deposit Caught the White House’s Attention | Rob McLeod - Cambria Gold

US federal government mineral co-ownershipTrump administration critical minerals permitting

Preview:Rob McLeod of Cambria Gold Mines reveals that a legacy copper deposit (Mount Margaret) in Washington State is co-owned by the US federal government, leading to a White House meeting with the critical minerals czar. The company plans to spin it out into a US-domiciled copper entity while keeping its primary focus on restarting the Premier gold mine and developing Red Mountain in British Columbia, aided by a $175M financing and a Q4 2025 feasibility study.

The Deep Dive

Steven Hyland

2026-04-22 11:50

Agnico Just Made a Massive Gold Land Grab

Agnico Eagle M&ACentral Lapland Greenstone Belt consolidationRupert Resources acquisition

Preview:Agnico Eagle announced three definitive agreements to consolidate a large land package (~2,500 km²) in Finland's Central Lapland Greenstone Belt, spending ~$3.8B in cash and shares. The key deal is acquiring Rupert Resources for ~$2.9B in stock for its Ikkari project, plus acquiring Orion Resources for $481M cash and B2Gold's 70% JV interest for $325M. The strategy: build a 500k oz/year multi-asset regional platform within a decade, anchored by the existing Kittilä mine (217k oz/yr) plus Ikkari's planned 227k oz/yr. The host flags nearby juniors Firefox Gold and Valkia Resources as "losers" that didn't get acquired, and notes Canadian developers may see fewer large M&A deals near-term as Agnico focuses on Finland.

The Deep Dive

Steven Hyland

2026-04-22 09:29

Why This Gold Story Still Has Room to Run | Dan Wilton - First Mining Gold

Springpole environmental assessment and permitting timeline

Preview:Dan Wilton, CEO of First Mining Gold, discusses the robust gold price environment (~$4,800) and updates on the company's three key projects: the pending federal environmental assessment decision for Springpole (expected Q2 2026), the recent sale/partnership of the Cameron project to Sèvre Mining, the transfer of the Pickle Crow JV to Battle Vista, and continued drilling success at Duparquet. Wilton argues the stock trades at a steep discount to peers (~$35/oz vs. $200-250/oz for advanced developers) and expects institutional re-rating once permitting milestones are achieved.

The Deep Dive

Steven Hyland

2026-04-21 14:00

Silver May Be the Trade of This Crisis | Michael Oliver

fiat currency debasement

Preview:Michael Oliver argues that an unprecedented, long-running money-printing bubble has made the U.S. stock market and bond market vulnerable to a major break, and that capital will then rotate into monetary metals and commodities. His highest-conviction call is on silver, which he says is still badly underpriced versus gold and could move sharply toward $300–$500 within months.

The Deep Dive

Steven Hyland

2026-04-21 12:30

This Gold Stock Just Doubled — And It Still Looks Cheap | QGold PEA

Preview:A pre-PEA junior gold developer with ~2.5M oz in resources was trading at a $22M market cap (EV ~$9M). Then they released a PEA showing a $1.7B after-tax NPV at base case gold, and the stock doubled in a day. The host walks through the project economics, flags the phase-1 capital-only payback gimmick, and notes that even post-double the valuation metrics still look deeply discounted vs. peers — but leaves the verdict open.

The Deep Dive

Steven Hyland

2026-04-21 11:11

This Copper Junior Just Secured $96 Million | Simon Quick - Canadian Copper

OR Royalties gold-silver stream termsOcean Partners off-take agreement

Preview:Simon Quick, CEO of Canadian Copper, explains the company's $96M financing package with OR Royalties and Ocean Partners, which includes a gold-silver stream, full off-take agreement, and positions the company to complete the Caribou complex acquisition and advance toward production in 2027-2028. He outlines exploration plans for 2026 and frames the company as a rare junior miner that executes on its promises.

The Deep Dive

Steven Hyland

2026-04-20 08:21

Why Discipline Matters in a High Gold Price Market | Darren Hall - Equinox Gold

capital allocationValentine ramp-up

Preview:Darren Hall says Equinox Gold is run for resilience, not for guessing gold prices. He argues the recent gold pullback is likely a consolidation after a strong run, but the bigger banks still see constructive medium-to-longer-term prices, so the company’s job is disciplined capital allocation, debt reduction, and operating execution rather than chasing the metal.

The Deep Dive

Steven Hyland

2026-04-18 10:00

The Fundamental Building Block for the Next Decade of Energy | DD-On-The-Go

First Phosphate vertical integration strategyLFP battery market growth and adoptionIgneous vs sedimentary phosphate geology

Preview:A documentary-style deep dive into First Phosphate, a Quebec-based junior mining company aiming to build a fully vertical LFP battery supply chain — from igneous phosphate rock to cathode material to batteries. The video covers the geology (high-purity, low-deleterious-element igneous deposit), infrastructure (Port of Saguenay, conveyor system, federal port investment), political tailwinds (Bloc Québécois support, federal trade-corridor funding), LFP market growth (10% to ~40% EV share, $83B to $160B+ by 2030), and CEO John Passalacqua's intense, mission-driven leadership style. Recent catalysts include $17M in conditional federal support and a €170M letter of intent from Denmark's export credit agency.

The Deep Dive

Steven Hyland

2026-04-17 09:39

Gold is not done | Saf Dhillon - Questcorp Mining

Junior mining capital cycleQuestcorp Mining corporate overview

Preview:Saf Dhillon of Questcorp Mining joins The Deep Dive to discuss the junior mining cycle, Questcorp's two-project strategy (Vancouver Island copper and the La Union gold-silver-lead-zinc project in Sonora, Mexico), and the 2026 drill plan. Dhillon argues juniors haven't yet seen the trickle-down from $5,500/oz gold, but the supercycle is in early innings. The La Union project — optioned from Riverside Resources — is the flagship, with a maiden 1,600m drill program completed and a Phase 2 campaign planned for summer 2026. Vancouver Island sits adjacent to North Island Copper's 1.2B market-cap success and a former BHP copper mine, giving Questcorp a second, earlier-stage kick at the can.

The Deep Dive

Steven Hyland

2026-04-16 14:37

Treating Heart Disease Behind Sudden Death in Young People | David Elsley - Cardiol Therapeutics

Cardiol Therapeutics clinical pipelineMAVERIC phase III trial in recurrent pericarditisARCHER phase II trial in myocarditis

Preview:Interview with Cardiol Therapeutics CEO David Elsley discussing the company's progress on its phase III MAVERIC trial for recurrent pericarditis, newly published ARCHER phase II data in myocarditis (showing structural heart improvement), and the preclinical once-monthly formulation CRD-38 for heart failure. Elsley frames the recent $31M raise as providing runway through Q4 2027, covering the pivotal readout and NDA filing, and highlights upcoming catalysts including trial enrollment completion and partnership discussions.

The Deep Dive

Steven Hyland

2026-04-16 12:30

This Gold Story Starts With Cash Flow | Gordon Robb - ESGold

Tailings reprocessing

Preview:Interview with ESGold CEO Gordon Robb, who outlines the company's plan to achieve near-term cash flow by reprocessing cyanide-laden tailings piles in Quebec using a closed-circuit Merrill-Crowe system with gravity separation and dolomite neutralization. The company has a 1,000-ton-per-day permitted mill under construction, targeting cash-flow operations by end of 2026. With ~$20M raised, ESGold plans a 5,000m maiden drill campaign starting May 2026 on the broader Montauban project, using the tailings revenue to fund exploration and avoid dilution. Robb is confident in gold's continued rise amid global debt concerns.

The Deep Dive

Steven Hyland

2026-04-16 11:51

Silverco Cusi PEA: Bigger Isn't Always Better

Preview:A monologue-style analysis of Silverco Mining's new PEA for the past-producing Coeur d'Alene silver mine in Mexico. The thesis: small-scale, capital-efficient restart stories can deliver superior risk-adjusted returns compared to mega-projects. At spot silver (~$75/oz), the project shows a 187% IRR, $312M NPV, and sub-6-month payback on just $19.2M net initial capex — with production restart already underway and concentrate output expected later in 2026.

VRIC Media

Steven Hyland

2026-04-16 10:00

Massive Volatility is Creating Huge Opportunities in Small Caps

small-cap miningresource investinghistoric drilling

Preview:An interview with Small Cap Steve about how to evaluate junior mining stocks, why historic drilling and access to capital matter, and why he prefers tier-one producers and royalty names in the current market. He argues that small-cap mining opportunities can be huge, but timing, dilution, debt, and management quality are decisive.

The Deep Dive

Steven Hyland

2026-04-14 11:04

A $3 Billion Gold Deal Just Changed the Market | G Mining - G2 Acquisition

Proximity synergies in mine development

Preview:G Mining Ventures is acquiring G2 Goldfields at a 72% premium (~$3B CAD valuation), creating a tier-one gold hub in Guyana. The core thesis is proximity synergies: G Mining's Oko West (under construction) sits adjacent to G2's Okogani project, potentially saving $850M in capex and $275M in operating costs. G2 shareholders get 0.212 G Mining shares per G2 share plus half a share in SpinCo "G3," which inherits non-core assets, $45M cash, and a $200M contingent value right tied to future gold discoveries.

The Deep Dive

Steven Hyland

2026-04-14 07:58

How to Still Find 10-Bagger Gold and Silver Stocks | Don Durrett

silver thesisbond market fragility

Preview:Don Durrett argues that gold and silver mining stocks remain a leveraged way to express a coming breakdown in the bond market, fiscal discipline, and broader social/economic order. His preferred setup is to own undervalued producers and high-quality developers with strong management, growth, and low red-flag risk, while avoiding most exploration stories in a bull market.

The Deep Dive

Steven Hyland

2026-04-09 17:30

Why Risk Assets May Have Already Peaked | Mike McGlone

Middle East ceasefireinflation outlook

Preview:Mike McGlone argues the recent Middle East ceasefire and oil spike are setting up a broader reversal in risk assets: he expects crude to roll over, inflation to cool, Treasury bonds to outperform, and U.S. stocks and Bitcoin to weaken further. He frames Bitcoin, crypto, and even some metals as having already peaked, with the main near-term risk being a stock-market drawdown that feeds into lower yields and a reset in speculative assets.

The Deep Dive

Steven Hyland

2026-04-09 15:30

Blackrock Silver Lets Be Realistic On This PEA

Tonopah West PEA economicsNPV and discount rate explanation

Preview:A solo host uses the Simpsons' "Homer-designed car" parable to critique retail investors on the Blackrock Silver (BRC) CEO.ca board who misunderstand how PEA-stage valuations work. The host walks through the updated Tonopah West PEA economics — base-case NPV of $437M at $31 silver/$2,700 gold vs. spot-case NPV of $1.6B at ~$67 silver/$4,554 gold — and explains why junior developers at the PEA stage typically trade at 0.2–0.5x P/NAV, not at or above NPV. A buyout premium is unlikely given the PEA stage and an exhausted M&A field. The message: be realistic about valuation multiples.

The Deep Dive

Steven Hyland

2026-04-09 11:06

Wall Street Bought the Ceasefire. Now Oil’s Back Over $100 | Todd Bubba Horwitz

Iran ceasefire fragility and geopolitical risk premium

Preview:Todd "Bubba" Horwitz tells The Deep Dive he expects the Iran ceasefire to fail within days, is short oil, gold, and equities into resistance, and sees a "dead cat bounce" rally driven by short covering. He warns private credit is breaking down, banks are overleveraged, and AI-driven job destruction will eventually fuel stagflation and the next meltdown.

The Deep Dive

Steven Hyland

2026-04-08 12:14

How First Majestic Built a Silver Empire

Silver mining roll-up strategyKeith Neumeyer acquisition philosophy

Preview:A sponsored profile of First Majestic Silver, framing the company as the mining equivalent of a tech roll-up strategy. The video walks through CEO Keith Neumeyer's acquisition-focused approach, the company's four operating mines, its unique in-house mint, and recent financial results — all presented as a bullish silver-exposure thesis with limited critical scrutiny.

The Deep Dive

Steven Hyland

2026-04-06 13:31

Aya Gold Q4 2025: Stock Gets A Lift Despite Guidance Miss

Zgounder grade underperformance and resource model skepticism

Preview:Aya Gold & Silver's Q4 and FY2025 results showed massive revenue growth (700%+ in Q4) driven by silver price doubling and production ramp-up at Zgounder. However, the company missed nearly all guidance metrics — production, grades, cash costs, and exploration spend — as well as analyst EPS/revenue estimates. The stock still rallied 10%+ on the day due to a 6% silver price surge. The host flags persistent grade underperformance at Zgounder and notes that 2026 guidance lacks any grade target, raising investor skepticism.

The Deep Dive

Steven Hyland

2026-04-06 10:03

Agnico Just Picked Its Next Gold Bet

Preview:Agnico Eagle has entered a three-part strategic alliance with tiny Yukon explorer Cascadia Minerals (C$36M market cap), taking a 14% equity stake at a 30% premium, plus earn-in agreements on Cascadia's Catch copper-gold porphyry discovery. The host frames this as a junior-mining "Bachelorette" parable: Agnico bypassed expensive names like Snowline Gold ($2.3B valuation, 8M oz) in favor of an unproven grassroots project, reasoning that even majors are price-conscious and the Yukon has become one of the priciest exploration regions globally post-Snowline.

The Deep Dive

Steven Hyland

2026-04-02 13:08

Why This War Made the Gold Case Stronger | Michael Gentile

mining investing processgeology and drill interpretationinfrastructure and mine economics

Preview:Michael Gentile argues that mining investing works best when the geology is simple, the infrastructure is strong, and the project can plausibly become a mine or takeout target. He is especially bullish on gold because he thinks war, deficits, debt growth, and de-dollarization all reinforce a longer-term precious-metals uptrend.

The Deep Dive

Steven Hyland

2026-04-01 12:17

The Real Trade May Not Be Gold Anymore | Doug Casey

oil and gas

Preview:Doug Casey argues that the real trade has shifted away from gold itself and toward select commodity and resource equities: smaller oil and gas producers, coal, uranium, food commodities, and some mining stocks, while he reduces exposure to the parts of the resource complex that have already run hard. He is also sharply bearish on Trump, U.S. political stability, and the AI/data-center boom, which he views as a bubble that could pressure the whole market.

The Deep Dive

Steven Hyland

2026-03-31 11:36

This Gold Project Still Works in a Bad Market | US GoldMining PEA

Preview:A deep dive on US GoldMining's Whistler PEA in Alaska, evaluating the project's economics amid a turbulent gold market. The host walks through the $1.3B capex open-pit plan, front-loaded high-grade production, 33% IRR at $3,200 gold, and the significance of conservative base-case pricing. The tone is cautious but constructive, noting the project still works in a down market but faces murky next steps.

The Deep Dive

Steven Hyland

2026-03-30 10:55

A Major Copper Mine Just Changed Hands in America | Hudbay x Arizona Sonoran

Preview:A solo-host analysis of Hudbay Minerals' acquisition of Arizona Sonoran Copper for ~$1.48B in shares. The deal consolidates two Arizona copper projects (Copper World and Cactus) into what Hudbay frames as a major US domestic copper hub, sequencing Cactus production after Copper World to leverage shared sulfuric acid supply. The host contextualizes the deal within the Trump administration's critical-minerals push, referencing Robert Friedland's Oval Office appearance advocating for mining. Terms: $9.35/share implied, 30% premium, all-stock, closing Q2 2026. The host views the transaction as strategically solid for both sets of shareholders.

The Deep Dive

Steven Hyland

2026-03-26 12:39

Why Gold Is Falling in a Liquidity Crisis | Peter Grandich

Junior mining financing cycles and survival

Preview:Peter Grandich discusses gold's pullback during the Middle East liquidity crisis, arguing it's a healthy correction in an ongoing bull market — not the end. He emphasizes the importance of junior miners having raised financing before the downturn, warns that AI-driven job destruction is a bigger long-term threat than oil prices, and predicts political gridlock after the 2026 midterms will ultimately benefit gold. He also reveals that physical bullion dealers offered discounts as deep as 25% below spot during the recent parabolic top.

The Deep Dive

Steven Hyland

2026-03-23 08:44

Why Hard Assets May Be Far From Finished | Tavi Costa

US fiscal deficit sustainabilityFed rate policy and financial repressionSecular bull market in hard assets

Preview:Tavi Costa lays out a secular bull case for hard assets — gold, silver, copper, oil, and mining equities — rooted in unsustainable US fiscal deficits that he argues can only be resolved by forcing interest rates lower, which debases the currency. He sees AI's infrastructure build-out as a 10-year demand driver for materials, believes copper is poised for a major near-term move, and expects Latin America to capture a growing share of global mining capital. Costa is launching his own fund focused on metals/mining, energy, and LatAm.

The Deep Dive

Steven Hyland

2026-03-20 08:00

Why the Market May Be Misreading Iran | David Woo

Iran war analysis and market mispricingStrait of Hormuz strategic significanceUS military limitations and Iranian preparedness

Preview:David Woo argues the market is misreading the Iran conflict by pricing it as a short-lived inflation shock that will resolve quickly via either Trump backing down or Iran capitulating. He contends both outcomes are the LEAST likely. Iran is prepared, has degraded US radar systems, and is targeting the Strait of Hormuz—believing it only needs to survive three weeks to claim victory. Trump, now a lame-duck president after the Supreme Court tariff ruling, has shifted to legacy-building and cannot afford to "taco" (back down) on Iran. Woo is positioned long oil (near-month) / short equities in the short term, with a calendar-spread view: long May crude, short December crude.

The Deep Dive

Steven Hyland

2026-03-20 07:13

This Gold Project Looks Great… Until You See Where It Is | Roscan Kandiole PEA

Mali jurisdictional risk

Preview:A review of Roscan Gold's Preliminary Economic Assessment for the Kandiole gold project in Mali. The host argues the project economics are strong (NPV $498M at $3,100 gold, 43% IRR, $219M capex) but the jurisdictional risk — the "Mali discount" — is the dominant issue. While Barrick's well-publicized struggles in Mali (including $17M in stolen gold) cast a shadow, the host notes other operators like B2Gold and Allied Gold have fared better, and Barrick eventually resolved its disputes. Roscan trades below 0.1x NAV versus peers at 0.1x–0.5x, suggesting upside if Mali risk perceptions ease.

The Deep Dive

Steven Hyland

2026-03-18 11:25

Why US Fertilizer Supply Could Matter a Lot More Now | Pat Varas - Sage Potash

US potash supply dependencyCritical mineral price floorsSage Potash exploration plans

Preview:Interview with Pat Varas, interim CEO of Sage Potash, discussing US potash as a critical mineral, the potential for price floors to incentivize domestic production, and Sage Potash's exploration plans in Utah. Varas highlights the strategic timing given tariffs on Canadian potash and supply disruption from Russia/Belarus, outlines his team-building and upcoming drill program (Q2 2025), and draws parallels to his previous Western Potash experience.

The Deep Dive

Steven Hyland

2026-03-18 08:03

This Gold Bull Market Is Getting Too Crowded | Rick Rule

PDAC crowdingmining bull market

Preview:Rick Rule argues the mining sector is still in a broad bull market, but the space is now too crowded and too rich for him to chase most juniors right now. He prefers to wait for volatility, then allocate to better-quality names using NPV, timing, jurisdiction, and financing risk rather than narrative momentum.

The Deep Dive

Steven Hyland

2026-03-18 07:01

The Gold Mine Disaster That Forced a $1.5 Billion Sale | SSR Mining -The Copler Exit

heap leach pad failure and fatalitiesTurkish regulatory and permitting risk

Preview:A narrative account of SSR Mining's forced sale of its Copler gold mine in Turkey following the February 2024 heap leach pad collapse that killed nine workers. The video walks through the aftermath — revoked permits, detained executives, $149M in remediation costs — and the eventual $1.5B cash sale to Turkish conglomerate Cengiz Holdings, which values the 6M oz resource at ~$249/oz. The takeaway: SSR sheds a perpetual liability and refocuses on the Americas, while Cengiz gets infrastructure for free and assumes the permitting risk.

The Deep Dive

Steven Hyland

2026-03-17 13:31

Amazon Demand Changes This Copper Story | Gunnison Copper PEA

Preview:A deep dive on Gunnison Copper following its updated PEA and the company's recent copper supply deal with Amazon via Rio Tinto. The host breaks down the Gunnison project economics — $2B NPV at $4.60/lb copper, 174M lbs/year production, 11% of US domestic output — and frames the investment thesis around a severe structural copper deficit driven by data center buildout, with one hyperscale facility requiring ~50,000 metric tons of copper.

The Deep Dive

Steven Hyland

2026-03-17 11:01

Gold Keeps Getting Revalued, i-80 Moves to Build | Richard Young

Franco-Nevada royalty deal

Preview:Richard Young, CEO of i-80 Gold, discusses the company's recent ~$500M financing package with Franco-Nevada and Macquarie National Bank, which bridges the gap toward the ~$900M–$1B needed for its three-phase growth plan. He outlines the path from <50k oz to >600k oz annual production, the Lone Tree plant refurbishment, and milestones for 2026-2028. Young also comments on the macro gold backdrop: central bank buying driving prices higher with no producer hedging, and a remarkable shift from gold as "barbaric relic" to Wall Street favorite.

The Deep Dive

Steven Hyland

2026-03-17 09:12

Why Antimony Stories Are Starting to Matter | Jim Atkinson, Antimony Resources.

Antimony Resources Bald Hill depositDefinition drilling and maiden resource timelineNorth American antimony refining gap

Preview:Interview with Jim Atkinson, CEO of Antimony Resources (ATMY/ATMYF), discussing the Bald Hill antimony deposit in New Brunswick. The stock has ~10xed from ~$0.30-0.40 to ~$1.00 following high-grade antimony drill results. The company is executing a 10,000m definition drilling program aiming for a maiden inferred resource by end of summer 2026. Key challenge: no North American antimony refinery to sell concentrate to, making economic studies difficult without government price guarantees. New Brunswick is aggressively streamlining mining permits. Multiple new exploration zones (Marcus, South, Central) are being drilled and trenched.

The Deep Dive

Steven Hyland

2026-03-17 08:00

The World’s Biggest Uranium Mine Is Finally Being Built | NexGen CNSC

Rook I uranium mine economicsCanada uranium permitting reform

Preview:NexGen Energy has received final CNSC federal approval to construct the Rook I (Arrow 1) uranium mine in northern Saskatchewan. The company simultaneously announced its final investment decision, and construction is set to begin this summer with a 4-year timeline. Once operational, Rook I is projected to be the world's largest single-source uranium mine, producing up to 30 million pounds annually — over 20% of current global production. The host frames this as a nation-building milestone, positioning Canada to leverage uranium as a foreign-policy tool alongside Cameco, while reflecting on the decade-plus regulatory slog that preceded approval.

The Deep Dive

Steven Hyland

2026-03-13 11:24

Why This Silver Explorer Attracted More Money Than Expected | Daniel Rodriguez - Mercado Minerals

Mexico mining jurisdictionMercado Minerals company overview

Preview:Interview with Daniel Rodriguez of Mercado Minerals, a silver-focused exploration company in Mexico. Rodriguez discusses the company's upcoming 3,000m drill program at Copalito (Sierra Madre), their oversubscribed $6.6M raise that brought in Vizsla Silver as a strategic investor, and addresses the impact of recent tragic events at Vizsla on Mexican mining sentiment. The conversation covers near-term catalysts (drill results, new targets) and the long-term vision of building a resource and expanding the project portfolio.

The Deep Dive

Steven Hyland

2026-03-12 10:47

America May Not Have the Metals to Fight a Long War | John Feneck

tungsten supply chaincritical minerals policy

Preview:John Feneck argues that the gold, silver, and especially critical-mineral/mining complex is still early, with tungsten, antimony, and select junior miners offering the best upside. He sees the current setup as driven by supply constraints, geopolitics, and fresh institutional/government interest, while warning that only the highest-quality names and liquidity access will matter.

The Deep Dive

Steven Hyland

2026-03-12 07:01

How the Gold Sleeping Giant Woke Up | Pascal Hamelin

Sleeping Giant mine operations and ramp-upMill capacity utilization and expansion optionality

Preview:Interview with Pascal Hamelin, CEO of Abcourt Mines, at the Red Cloud conference. Abcourt is a junior gold producer that has begun production at the historic Sleeping Giant mine in Quebec. The company sold 626 oz in January 2025 and is ramping to 30,000 oz/year at a high 8 g/t grade. With gold at elevated prices, all-in costs are ~C$2,000/oz, generating outsized margins. The mill runs at only 40% capacity (320 tpd vs 800 tpd capacity), leaving room to expand to 50-60k oz/year. The company is drilling the nearby Flordin deposit as a potential satellite feed. Hamelin credits the gold price rally for transforming the project economics and making development finance feasible. Directors own 37% of the company.

The Deep Dive

Steven Hyland

2026-03-11 15:00

Why Uranium Companies Want to Be in the United States | Myriad Uranium

Copper Mountain Uranium Project (Wyoming)Red Basin project (New Mexico)

Preview:Thomas Lamb of Myriad Uranium presents the company's two US uranium projects: the flagship Copper Mountain project in Wyoming (potentially the largest uranium project in the US) and the Red Basin project in New Mexico. The interview covers the project's history with Union Pacific, the recent acquisition of the remaining 25% interest to unify ownership, and the strategic rationale for uranium development in the US given domestic supply-chain priorities.

The Deep Dive

Steven Hyland

2026-03-11 10:30

We’ll Need More Copper in 20 Years Than the Last 10,000 | Jonathan Richards

Mine development timelines

Preview:Jonathan Richards, CEO of King Copper Discovery, discusses the bullish copper supply-demand setup and pitches his company's exploration project in Peru. The project, with a large mineralized lithocap and 27,000m of historical shallow drilling, is geologically compared to the Vicuña district (Filo del Sol / Luna Rossa). King Copper is permitting a 35,000m drill program targeting deep porphyries, with drilling expected to start Q2 2026. The company is fully funded (~$30M) with two strategic investors each holding 9.9%.

The Deep Dive

Steven Hyland

2026-03-11 08:26

The Hidden Returns in Junior Mining | John-Mark Staude

Riverside Resources business model

Preview:John-Mark Staude of Riverside Resources discusses investing in junior mining in Mexico amid cartel violence, explains Riverside's business model of spinning out companies (like recent Blue J and past Capiton Silver) as a way to deliver shareholder returns that don't show on Riverside's stock chart, and outlines upcoming catalysts across the Union project (Sonora), the Ariel copper project, and British Columbia rare earths work.

The Deep Dive

Steven Hyland

2026-03-10 11:33

This Project Could Produce 11% of America’s Copper | Craig Hallworth

Johnson Camp Mine restart and Rio Tinto partnership

Preview:Craig Hallworth, CFO of Gunnison Copper, discusses the company's two copper projects in Arizona: the producing Johnson Camp Mine (25M lbs/year, partnered with Rio Tinto, copper sold to Amazon Web Services) and the flagship Gunnison Copper Project (10x larger, $2B NPV, could produce ~11% of US refined copper). He argues copper prices only go up due to electrification and data center demand, and that Gunnison's market cap (~$225M USD) is deeply undervalued relative to its $2B NPV, with key overhangs (secured debt, major shareholder exit) now resolved.

The Deep Dive

Steven Hyland

2026-03-10 08:53

Why Silver’s Supply Crunch Could Last | James Anderson

Preview:James Anderson, CEO of Guanajuato Silver, discusses silver's historic price surge to ~$90, the company's 300% share price rise, and the recent acquisition of the Bolanitos mine from Endeavour Silver. He argues silver's unique supply structure — ~75% comes as byproduct from lead/zinc/copper mining — means traditional supply responses won't materialize, extending the deficit. Anderson also addresses Mexico's deteriorating security situation with unusual candor, calling it a real concern that Canadian mining CEOs should not downplay.

The Deep Dive

Steven Hyland

2026-03-09 16:30

Can Silver’s “Critical Mineral” Status Change the Game? | Ross McElroy

critical mineral designation for silver

Preview:Interview with Apollo Silver's Ross McElroy covering the silver bull market thesis driven by monetary and industrial demand, silver's new US "critical mineral" designation, and updates on the company's two key assets: the Calico project in California and the Cinco de Mayo project in Mexico, where community negotiations are the main bottleneck.

The Deep Dive

Steven Hyland

2026-03-09 15:00

Why Uranium Could Still Have 70% to Run | Jason Barnard

Commodity super-cycle thesis

Preview:Jason Barnard, CEO of Foremost Clean Energy and Rio Grande Resources, gives a brief interview from the Red Cloud Pre-PDAC Conference. He argues the commodity cycle is possibly the best ever, with gold and silver at all-time highs, while uranium still has ~70% upside to reclaim its all-time high. The bulk of the conversation is a pitch for his two companies: Foremost is a uranium exploration play in the Athabasca Basin via a joint venture with Denison Mines, currently drilling at Hatchet Lake; Rio Grande is a high-grade silver-gold past-producing project in New Mexico targeting the Paymaster Fault. Both are pre-revenue exploration stories. The interviewer lobs soft promotional questions with no pushback.

The Deep Dive

Steven Hyland

2026-03-09 13:30

One Gold Producer, Three Growth Stories | Mike McAllister

Portugal VMS permitting and development timeline

Preview:Mike McAllister of Sorado Gold presents the company as a small gold producer (~50-60k oz/year in Argentina) with three growth avenues: extending the Argentine mine life from ~2.5 years toward 6+ via a 50,000m drill program; advancing a polymetallic VMS development project in Portugal through permitting (currently stalled by an unexpected regulatory hurdle); and a longer-dated high-purity iron ore project in Quebec targeting production around 2030. The Portugal permitting issue — where regulators raised new objections after the statutory approval window — is flagged as solvable but a near-term delay. Argentina AISC runs $1,800–2,000/oz with potential to push toward $1,600 through higher throughput and grade.

The Deep Dive

Steven Hyland

2026-03-09 11:21

Why AI Data Centers Need New Copper | Nicola Mining

Preview:Interview with Nicola Mining CEO Peter Espig. He lays out a three-horizon commodity thesis — near-term gold as currency/instability hedge, mid-term silver driven by EV battery packaging and jewelry substitution, long-term copper for AI data center infrastructure. Espig argues AI data centers require 99.9%+ pure virgin copper (recycled wire is insufficient), creating structural demand. Nicola Mining positions itself as a hub-and-spoke consolidator of small BC mining projects, leveraging its permitted Merritt mill. The company is currently producing ~20,000 oz gold/year and plans to reopen its Treasure Mountain silver mine in 2026-2027.

The Deep Dive

Steven Hyland

2026-03-07 13:00

Is Gold Entering a New 15-Year Cycle? | Rod Husband

Preview:Rod Husband of Epic Gold presents a 15-year gold cycle thesis projecting gold to peak between $5,500–$6,500 before resetting near current levels. He discusses Epic Gold's positioning: trading at ~$14M market cap with ~$14M in cash/equivalents (near-zero enterprise value), holding four assets with ~680,000 oz of historical gold. He explains why they sold Newfoundland properties to New Found Gold and outlines plans to use their strong balance sheet to acquire more projects.

The Deep Dive

Steven Hyland

2026-03-05 15:00

PDAC 2026 Day 2: I Asked CEOs What’s Coming Next

junior mining sentiment

Preview:This is a fast-paced PDAC 2026 roundup built around one repeated message: higher gold, silver, copper, lithium and critical-mineral prices are pulling capital back into junior miners and exploration names. Across many CEOs, the tone is broadly upbeat, with several companies highlighting new financing, resource updates, drilling plans, and in a few cases a push toward production or development.

The Deep Dive

Steven Hyland

2026-03-05 13:00

The Hidden Environmental Cost of Fertilizer | Robin Dow

Organic phosphateSedimentary phosphate geologyPhosphate mining environmental issues (phosphogypsum, cadmium, uranium)

Preview:Robin Dow, CEO of Nevada Organic Phosphate, describes his company's unique sedimentary phosphate deposit in Nevada — pure, organic, uncontaminated by cadmium/uranium/thorium, and near surface. The thesis: a 30km contiguous, homogeneous layer that can be mined like coal, micronized, bagged, and sold as direct-application organic fertilizer, with minimal capex. He expects to prove it out with a single-season drill program (~April–October) at a few million dollars total cost, then get acquired by a major looking to offset their environmental liabilities.

The Deep Dive

Steven Hyland

2026-03-05 10:30

Is the Gold Boom Still in the “Pre-Party” Phase? | Sean Kingsley

Newfoundland mining jurisdiction

Preview:Sean Kingsley of Gold Hunter Resources discusses his 19-year career in mining, positioning the current gold bull market as still in its "pre-party" phase. He details Gold Hunter's consolidation strategy in Newfoundland — acquiring fragmented claims into a 26,000-hectare project with 493 historic drill holes — and outlines a fully-funded 10,000-meter inaugural drill program. The company exited a prior consolidation play (sold to Firefly Metals) and now targets both resource expansion and regional discovery on a major gold-bearing fault structure.

The Deep Dive

Steven Hyland

2026-03-05 08:30

Can Historic Silver Data Turn Into a New Mine? | Rob Macdonald

resource updatepreliminary economic assessment (PEA)

Preview:Rob Macdonald of Equity Metals (TSXV: EQTY) provides a junior mining exploration update. The company is drilling its flagship Silver Queen polymetallic (Ag-Au-Zn) project in BC, with a resource update due in coming weeks and a PEA targeted for later 2026. A 5,000-6,000m drill program is underway combining validation of historic 1980s data on the No. 3 vein with greenfields targets. The Arlington project's 2025 drilling disappointed but additional targets exist for 2026 surface work and fall drilling.

The Deep Dive

Steven Hyland

2026-03-04 15:00

Are Commodities Entering a Generational Cycle? | Terry Lynch

commodity supercycle thesisCanadian junior mining market dysfunction

Preview:Terry Lynch of Power Metals argues commodities are entering a "generational" or even "millennial" opportunity cycle, driven by decades of underinvestment and a geopolitical supercycle. He discusses his company's polymetallic discovery (nickel, copper, PGMs, gold, silver) in Quebec — the Lion zone — recent met work showing 95% recovery rates, plans to accelerate a PEA, and a strategic pivot on a New York listing. The conversation is heavily promotional for Power Metals and its spin-out Chilean Metals, with repeated claims that the market hasn't yet priced in the company's value.

The Deep Dive

Steven Hyland

2026-03-04 14:00

Could Silver Stay This High? | Joaquín Marias

Preview:Interview with Joaquín Marias of Argenta Silver discussing the El Kiwara silver project in Argentina. Marias argues silver's fundamental supply/demand case remains intact despite a recent correction from $120 to ~$93, and sees further disruption from a shifting global order supporting high prices. He details how Argenta acquired the previously dormant 50M oz silver resource, their 2026 plan to drill 45,000 meters, and early success at the Carmen Target which hit gold-copper mineralization in a separate system — evidence of a multi-pulse mineralizing event across the largely unexplored property.

The Deep Dive

Steven Hyland

2026-03-04 12:31

Why Silver’s Move Is “Scary” to Some Miners | Frank Basa

Cobalt camp Ontario

Preview:Frank Basa, CEO of Nord Precious Metals, sits down for an interview discussing the company's exceptionally high-grade silver resource (260 oz/ton silver-only, ~8,500 g/t), ongoing drill programs, and progress toward near-term production via Ontario's new recovery permit. He shares his view that silver's rapid move is "scariest" he's seen — the near-vertical price action made him uneasy despite being bullish — and reveals that Nord is negotiating to acquire a neighboring property with 400,000+ feet of underground workings and tailings containing ~2.9M oz silver, which could transform the company's production profile.

The Deep Dive

Steven Hyland

2026-03-03 08:00

I Asked Mining CEOs What’s Coming Next | PDAC 2026

PDAC 2026junior miners

Preview:This PDAC 2026 montage is a bullish, sponsor-style walk-and-talk through the mining booth floor. Across multiple miners and market participants, the recurring message is that higher gold/silver/copper prices, renewed generalist interest, and more financing are bringing the sector back to life, even if several speakers think the broader retail crowd is still not fully present.

The Deep Dive

Steven Hyland

2026-03-02 13:00

Is This the Most Overlooked Critical Mineral? (+1000% Move) | Guy Bourassa

scandiumcritical mineralsaluminum alloys

Preview:This is a short interview with Gee Barasa of Scandium Canada about scandium as a strategic mineral, the company’s resource base, and why the stock has run sharply. The core pitch is that scandium is a scarce, high-value additive for aluminum alloys, and Scandium Canada says it controls the only primary scandium source in development, unlike most supply that is only a byproduct. Barasa frames the recent stock move as driven by two things: policy support for critical minerals in Canada and renewed attention from the Sunrise energy project, which caused investors to look for other scandium names. He also says the company is moving from earlier-stage work into prefeasibility engineering and simultaneously trying to commercialize two scandium-aluminum alloys for 3D printing and aerospace applications. No drilling is happening right now; the near-term focus is development work and a summer/fall drilling campaign tied to the future feasibility study. The interviewer pushes on whether the company can secure an offtake partner or even a joint-venture partner, and Barasa says discussions are ongoing, but he thinks a real offtake agreement is hard before prefeasibility numbers are in hand. The tone is optimistic, but the evidence is mostly company-level and sector-based rather than externally verified in the discussion.

The Deep Dive

Steven Hyland

2026-03-02 09:30

A 100,000 Ounce Per Year Gold Plan in Utah | Scott Trebilcock

permitting

Preview:This is a brief interview with Scott Trebilcock of Revival Gold about the company’s Utah gold project and the plan to move it toward production. The core pitch is that Revival Gold has a large gold resource, a low stated market cap relative to NAV, and a clearer permitting path in Utah because the main project sits on private land.

The Deep Dive

Steven Hyland

2026-03-02 08:00

Can Australia Rival the Athabasca for Uranium? | Marnie Finlayson

McArthur BasinAthabasca comparison

Preview:Marnie Finlayson argues DevEx Resources is trying to build a high-quality uranium house around underexplored Northern Territory assets that she compares to Australia's Athabasca Basin. The pitch centers on a large land package in the McArthur Basin/Alligator Rivers Uranium Province, a recent $30 million capital raise, and the view that exploration and development can be done more cheaply and with better logistics than in the Athabasca, while maintaining strong local stakeholder relationships.

The Deep Dive

Steven Hyland

2026-02-26 10:30

The $30,000 Gold Case Just Got Stronger | Simon Marcotte

financial repressionFed and Treasury coordination

Preview:Simon Marcotte argues that gold’s move toward $30,000 is not a headline-grabbing stretch but the logical outcome of a shifting monetary regime: high debt, higher deficits, deglobalization, and a Fed/Treasury setup that increasingly favors negative real rates and financial repression. He links near-term upside to 2026 refinancing pressure and a steepening yield curve, and he sees gold stocks as laggards that should eventually catch up, with IM Gold presented as a favored vehicle.

The Deep Dive

Steven Hyland

2026-02-26 08:01

This Gold Stock Just Boosted Returns 33% | Kinross Q4 2025 Earnings

Kinross earningsdividend growth

Preview:This episode argues that Kinross has been re-rated by stronger gold prices and a bigger shareholder-return policy, even though production was flat to down and costs rose. The host frames Kinross as a steadier, undervalued major that is now returning more capital, with Great Bear and several U.S. projects supporting a longer runway.

The Deep Dive

Steven Hyland

2026-02-25 08:47

Strongest Gold Bull Market in 30 Years — And It’s Global | Michael Dehn

Electrolo project

Preview:Michael Dehn argues that this is the strongest gold bull market he has seen, and that it is likely to persist for at least a couple more years. He frames Total Metals as a multi-asset junior with a high-grade gold focus plus VMS and critical-mineral optionality, and says the company’s near-term focus is drilling, permitting, and resource growth.

The Deep Dive

Steven Hyland

2026-02-24 15:00

Newmont Stock Drops Despite Massive Cash Flow — Here’s Why | Q4 Earnings

Newmont Q4 earningsfree cash flow

Preview:The video argues that Newmont’s Q4 earnings looked strong on cash flow and profits, but the market sold the stock because the forward setup deteriorated: 2026 production is expected to fall, costs are expected to rise, and management disclosed a JV dispute in Nevada. The speaker’s bottom line is mixed: the stock may still be cheap if gold stays elevated, but the near-term optics are poor and the market is reacting to weaker operational guidance rather than last quarter’s cash generation.

The Deep Dive

Steven Hyland

2026-02-24 11:18

Is First Majestic the Best Silver Stock Right Now? | Q4 2025 Earnings

First Majestic earningsfree cash flow

Preview:This video argues that First Majestic just delivered an unusually strong 2025: record revenue, record cash flow, a nearly $1 billion treasury, and a bigger shareholder return policy. The host’s bottom line is that the company is now highly leveraged to silver’s strength and looks like one of the cleaner ways to play a continued silver bull market.

The Deep Dive

Steven Hyland

2026-02-20 13:34

Is Gold Repeating the 2005 Setup Before the Big Run? | Geordie Mark

de-dollarization

Preview:Geordie Mark argues that gold and silver’s pullback is a healthy reset after a big run, and he sees the broader setup as reminiscent of the 2005-2007 cycle with continued de-dollarization supporting precious metals. The interview then pivots to Blue J Gold, where he pitches the company as a high-grade Yukon explorer with infrastructure, a 920,000-ounce gold-equivalent resource, and multiple catalysts from drilling, expansion, and a near-term public listing.

VRIC Media

Steven Hyland

2026-02-20 11:00

Get In Now - Dakota Gold Opportunity

Hemlo exploration upside

Preview:Veteran mining geologist Robert (Dakota Gold / Hemlo) presents his framework for picking junior mining stocks: people, jurisdiction, geology, and capital discipline. He walks through the Lassonde curve, explains why the "trough" phase between discovery and production offers the best entry, and points to his own Dakota Gold project (Homestake District, South Dakota) and the Hemlo revival as examples. He also flags copper-focused porphyry plays in South America as a structural opportunity tied to AI/server-farm demand.

The Deep Dive

Steven Hyland

2026-02-19 16:00

The Smart Money is Doubling Down | Fokus Mining & Gold Candle

Preview:The video argues that the recent Focus Mining acquisition by privately held Gold Candle is a strong sign that the gold/mining cycle is still early and attractive. The host frames the deal as smart-money veterans buying quality ground in Quebec, with the transaction and Gold Candle’s planned IPO/fundraise treated as evidence that experienced operators expect more upside ahead.

The Deep Dive

Steven Hyland

2026-02-19 14:41

The Silver Story That Could Surprise the Market | Dan Earle - Highlander Silver

hard assets allocation

Preview:This interview is a bullish case for Highlander Silver and for silver equities more broadly. Dan Earle argues that a new cycle is underway in hard assets, with silver benefiting from constrained supply, inelastic demand, and a growing recognition of strategic/monetary metals. The near-term focus is on closing the Bear Creek transaction, U.S. listing, index inclusion, and a series of de-risking steps that could re-rate the stock before the project itself reaches construction.

The Deep Dive

Steven Hyland

2026-02-17 14:29

Gold Fueled Agnico Eagle’s Best Year Ever | Q4 Earnings 2025

Agnico Eagle earningsfree cash flow

Preview:This video argues that Agnico Eagle just delivered a record 2025 thanks to exceptionally high gold prices, generating huge cash flow, balance-sheet strength, and shareholder returns. The speaker is bullish near term if gold remains elevated, but warns that production is flat and the growth story is thin until later projects arrive.

The Deep Dive

Steven Hyland

2026-02-17 09:41

Can the World Actually Supply $6 Copper? | Greg Ferron - PTX Metals

copper supplyRing of Fire

Preview:Greg Ferron of PTX Metals argues that chronic underinvestment in mining has tightened supply across metals, helping push gold higher and copper above $6/lb. He frames PTX as a leveraged Ontario exploration story with Ring of Fire proximity, historical drill inventory, and a 2026 work program focused on infill drilling, step-outs, and metallurgy, while also outlining a uranium spinout called Green Canada.

The Deep Dive

Steven Hyland

2026-02-16 09:51

$120 Silver Again This Year? | Peter Krauth

COMEX physical delivery riskETF inflows

Preview:Peter Krauth argues silver remains in a structurally tight market despite the recent blowoff and pullback, and he expects higher prices later this year. His key setup is a persistent physical deficit, strong industrial demand, rising ETF flows, and the possibility of delivery stress or exchange bottlenecks; he also thinks the next major opportunity may be silver miners rather than the metal alone.

The Deep Dive

Steven Hyland

2026-02-13 15:00

DPM Metals Q4 Earnings: Record Cash Flow vs Rising Costs

record cash flow

Preview:This episode reviews DPM Metals’ Q4 and full-year 2025 earnings. The speaker argues the company delivered record financial results largely because gold and copper prices surged, but operationally the picture is mixed: gold production slipped, costs ran well above guidance, and the main reason to stay interested is the growth pipeline from Adriatic/Veris and the Koka Rakita project.

VRIC Media

Steven Hyland

2026-02-13 15:00

How to Find & Evaluate Junior Mining Stocks

relative valuation framework

Preview:Steve Highland, founder of Canaccom Group and The Deep Dive, presents a framework for evaluating junior mining stocks using a "baseball card" analogy — categorizing companies by stage and comparing them on objective metrics to find relative value dislocations. He walks through six categories (royalty/generators, producers, developers, advanced drillers/dormant developers, some-drilling companies, and "moose pasture") and argues that in the current gold bull market, many companies have rerated but pockets of unrecognized value remain, particularly in dormant developers and forgotten drillers. The talk is a methodology pitch rather than a ticker-drop session, delivered at a VRIC conference.

The Deep Dive

Steven Hyland

2026-02-13 10:53

1911 Gold: The Power of a Mine Restart | PEA

mine restart economicsTrue North project

Preview:This video argues that mine restarts are especially attractive in mining because they come with existing infrastructure, shorter timelines, lower capital needs, and less dilution, and uses 1911 Gold’s True North restart plan as the example. The speaker highlights a preliminary economic assessment (PEA) showing strong economics on modest production, with first production targeted for the first half of 2027 and additional upside from zones not yet included in the study.

The Deep Dive

Steven Hyland

2026-02-12 12:01

Orezone Gold Buys Into Canada — 300% Re-Rate Next?

valuation rerating

Preview:The video argues that Orezone Gold’s Quebec acquisition is a strategic attempt to re-rate the company by replacing part of its African jurisdiction exposure with Canadian assets. The speaker points to prior examples where Canadian deals sparked huge share-price gains and says Orezone looks cheap versus peers on EV/EBITDA and P/NAV, implying meaningful upside if the market awards it a higher multiple.

The Deep Dive

Steven Hyland

2026-02-12 08:36

This Could Be the Next Multi-Million Ounce Gold Camp | Mike Bennett

porphyry mineralizationdistrict-scale discovery

Preview:Mike Bennett, CEO of Altameira Gold, argues that the current gold market is unusually supportive for juniors because large producers are generating huge margins and investors are re-rating low-grade mineralization. He says Altameira’s Brazilian district-scale project has grown from one discovery into a cluster of porphyry-style gold bodies, with new drill hits suggesting additional targets and a possible path to a small oxide startup operation.

The Deep Dive

Steven Hyland

2026-02-11 16:00

The Playbook Behind a $5.5 Billion Gold Sale | Peter Marrone

Preview:This interview centers on Peter Marrone explaining Allied Gold’s $5.5 billion sale to Zijin Gold, why he thinks the valuation is fair, and what the deal means for shareholders. He argues the transaction was the result of a broader strategic process, not just a single unsolicited bid, and that an all-cash structure gives investors certainty in a volatile gold market.

The Deep Dive

Steven Hyland

2026-02-11 13:02

What If Morocco Is the Next Big Mining Story? | Matt Lewis - Steadright Critical Minerals

Preview:Steve interviews Matt Lewis, CEO of Steadright Critical Minerals, about the company’s Morocco-focused mining strategy. Lewis argues Morocco is an underappreciated mining jurisdiction with a small peer set, multiple licensed or near-licensed projects, and a path to near-term revenue from production or bulk sampling across several assets. He also says Steadright’s goal is to keep advancing and acquiring properties quickly while minimizing dilution by using exploration and licensing to create value fast.

The Deep Dive

Steven Hyland

2026-02-10 14:24

Back to the Cariboo: Gold Rush History Meets Modern Discovery | Golden Cariboo [DD-on-the-GO]

Cariboo district history

Preview:A promotional mining feature arguing that Golden Cariboo Resources may be early in a potentially large Cariboo District discovery story. The video ties today’s drill results at the Halo zone and nearby Quinnell Gold Quartz project to the historic Barkerville gold rush, while emphasizing that in a market where explorers need “a drill turning and numbers,” Golden Cariboo is actually delivering results.

The Deep Dive

Steven Hyland

2026-02-09 16:00

Gold Is At Records. Barrick Is Printing Cash. The Stock Still Fell. | Q4 Earnings

cash flow

Preview:The video argues that Barrick’s Q4 was excellent operationally and financially, but the stock fell anyway because the market cared more about a slight gold-price wobble and weak-looking forward guidance. The host says Barrick posted record revenue, earnings, cash flow, and shareholder returns, while also announcing plans to IPO its North American gold assets later in 2026.

The Deep Dive

Steven Hyland

2026-02-09 13:00

SSR Mining’s Hod Maden: Incredible Gold Project, Awkward Deal

Hod Madengold-copper project

Preview:The video argues that SSR Mining’s Hod Maden project is economically attractive on paper, but the deal structure is awkward because SSR only owns up to 40% and must still do most of the work to develop it. The presenter walks through the revised technical report, highlighting the fully permitted status, firm capital estimates, low projected costs, and strong NPV/IRR figures, while repeatedly warning that those numbers are highly sensitive to gold prices and ownership dilution.

The Deep Dive

Steven Hyland

2026-02-09 12:05

The Silver Squeeze | Why the Paper Steakhouse Is Running Out of Meat.

COMEX deliveryregistered inventory

Preview:The speaker argues silver is in a fragile squeeze setup because physical delivery demand is rising while registered COMEX inventories are shrinking. He frames the market as a paper-derivative game increasingly disconnected from physical metal, with a key watchpoint around February 27 notice day and March delivery risk.

The Deep Dive

Steven Hyland

2026-02-09 09:59

Platinum and Palladium Are Being Repriced | Nick Smart - Valore Metals

hybrid vehicles

Preview:Nick Smart argues that platinum and palladium are being repriced higher because the old EV-substitution thesis is less relevant than expected, while hybrid vehicles, jewelry substitution, and investment demand are supporting a tighter market. He uses ValOre Metals’ Pedra Brana project in Brazil as the company example, highlighting resource growth, upcoming engineering work, and a 2026 development agenda.

The Deep Dive

Steven Hyland

2026-02-05 15:35

Gold and Silver in Chaos: What Comes After the Pullback?

Preview:The speaker argues the recent gold and silver plunge is a violent but normal flush after a parabolic run, not a break in the larger bullish thesis. He remains broadly bullish because he thinks fiat debasement, distrust in the dollar, central-bank buying, and eventual bond-market policy pressures will drive metals higher over time.

The Deep Dive

Steven Hyland

2026-02-04 15:59

McEwen Buys Golden Lake | A Small Deal With a Big Lesson

mining M&Aclosologyjunior explorers

Preview:The video argues that McEwen’s acquisition of Golden Lake Exploration is a small but meaningful M&A signal for junior miners. The core point is that proximity to existing operations (“closology”) plus prior drill hints can create outsized takeouts, and Golden Lake shareholders are getting a 60% premium in an all-stock deal.

The Deep Dive

Steven Hyland

2026-02-04 14:14

Eldorado Gold - The $3.8 Billion Foran Mining Acquisition

Mavana Bay

Preview:The video argues that Eldorado Gold’s C$3.8 billion acquisition of Foran Mining is a long-term growth and diversification move, but the market’s immediate reaction was negative because the deal offers no premium to Foran holders and comes right after a weak day for gold stocks. The host is skeptical of the optics and the zero-premium structure, yet ultimately thinks the transaction could still make strategic sense because it adds long-life copper-heavy Canadian assets and lifts Eldorado’s production and cash flow profile over time.

The Deep Dive

Steven Hyland

2026-02-04 10:31

Gold X2 Moss Lake PEA | Leverage to $5000 Gold

PEA economics

Preview:The video reviews Gold X2 Mining’s Moss Gold PEA and argues the project is only mediocre under conservative assumptions but becomes much more compelling at today’s much higher gold price. The speaker frames it as a large Canadian gold developer with strong upside leverage to gold, though still burdened by heavy capex and a long development timeline.

The Deep Dive

Steven Hyland

2026-02-03 17:21

Did Gold and Silver Go Too Far Too Fast | Lobo Tiggre

Fed policy

Preview:Lobo Tiggre argues the recent gold and silver pullback is more about a fast, potentially overextended move than a change in the underlying bull case. He remains constructive on the metals on fundamentals—central bank buying, geopolitical risk, institutional rotation, and silver’s industrial demand—but warns the charts may be entering a blowoff-top phase. Near term, he is not chasing miners here and would prefer either a higher-probability pullback or a consolidation before buying again.

The Deep Dive

Steven Hyland

2026-02-02 16:12

Silver Tiger’s $2.35B Silver Blueprint: Two Mines, One Perfect Metals Market | PEA + PFS

silver miningLT Gray projectunderground PEA

Preview:The video argues that Silver Tiger Metals has become a highly leveraged silver developer in a strong precious-metals tape, with two simultaneous studies on its LT Gray project in Sonora, Mexico: an underground PEA and an updated open-pit PFS. The host’s core point is that rising silver prices, permitting progress, and very low modeled costs make the project economically compelling and potentially undervalued versus its NPV.

The Deep Dive

Steven Hyland

2026-01-30 13:14

Is This the End of the Gold and Silver Rally? | Peter Grandich

junior miners

Preview:Peter Grandich argues the gold and silver rally has likely entered a healthy consolidation after a parabolic run, not a major top. He thinks the setup remains bullish longer term, especially because crypto speculation is fading and capital may rotate back toward metals, miners, and juniors; near term, however, he wants a pause rather than another straight-up move.

The Deep Dive

Steven Hyland

2026-01-29 16:11

Canada Loses Another Gold Producer | Zijin’s $4B Takeover of Allied Gold

Zijin Mining

Preview:The video covers Zijin’s all-cash takeover of Allied Gold and argues the deal looks only moderately attractive for Allied shareholders despite the company’s strong growth profile and gold’s huge rally. The speaker is skeptical that the C$44 offer fully reflects Allied’s value in a $5,000 gold environment, while acknowledging the certainty of cash can make early selling sensible.

The Deep Dive

Steven Hyland

2026-01-29 12:22

We’ve Hit a New Evolution in Metals Prices | John Proust - Japan Gold

Mazobe drilling

Preview:John Prrow of Japan Gold argues that gold’s surge reflects a new regime in metals driven by global instability, and says Japan remains a uniquely underexplored, geopolitically attractive gold district. He highlights Japan Gold’s recent Mazobe drill results, the end of its Barrick alliance, and a 2026 plan centered on more drilling, geophysics, and new partners.

The Deep Dive

Steven Hyland

2026-01-23 11:32

Why Gold And Silver Stay High Even After Rate Cuts | Todd Bubba Horwitz

inflation and stagflationdebt and fiscal policy

Preview:Todd Bubba Horwitz argues that the move in gold and silver is being driven by runaway debt, bad monetary policy, and a system that is drifting toward yield-curve control and deeper inflation rather than relief. He thinks precious metals are likely to stay elevated, though with large pullbacks possible, and he cautions that the silver equities have already run a lot and should be de-risked even if the metals thesis remains intact.

The Deep Dive

Steven Hyland

2026-01-22 09:56

Silver Is a Wild Animal, Gold Heads for $6,000 in 2026 | Craig Hemke

fiat debasement

Preview:Craig Hemke argues that gold’s move is fundamentally driven by debasement of fiat currencies and that silver’s recent breakout is being validated by persistent industrial and investment demand against constrained supply. He thinks the precious-metals rally is not just a short squeeze, sees central-bank buying and multipolar geopolitics as supportive, and expects mining equities to rerate more meaningfully once fourth-quarter earnings hit and broader capital starts moving in.

The Deep Dive

Steven Hyland

2026-01-16 11:03

Gold and Silver Are Still in a Bull Market, Even With Pullbacks | Adrian Day

central bank buying

Preview:Adrian Day argues the precious-metals bull market is still intact, with gold and silver supported by the same core drivers that have been in place for three years: central-bank buying, fiscal worries, and a more uncertain global backdrop. He thinks pullbacks are normal inside bull markets and says neither gold nor silver is anywhere near a top yet.

The Deep Dive

Steven Hyland

2026-01-14 14:14

The Gold Project Everyone Will Judge Wrong | Mayfair Fenn Gib PFS

Fen Gibb projectprefeasibility study

Preview:The video argues that Mayfair Gold’s Fen Gibb prefeasibility study should be judged less on headline NPV and more on the company’s strategic choice to prioritize faster permitting and earlier production. The speaker is skeptical at first because the project’s 4.3 million-ounce resource is paired with a relatively modest C$652 million NPV and 64,000 ounces per year, but ultimately frames that as intentional: a smaller 4,800 tpd plant keeps the project under Ontario provincial rules, avoids a federal review, and reduces timeline and execution risk.

The Deep Dive

Steven Hyland

2026-01-14 09:04

What comes after $100 Silver and 5000 Gold? | Mike McGlone

Preview:Mike McGlone argues that precious metals and copper are in stretched parabolic moves, with gold potentially seeing 5,000 and silver 100 before eventually retracing hard. He is also bearish near term on Bitcoin and copper, and says the better tactical posture this year is to be responsive, use stops, and avoid simple buy-and-hold exposure at these extremes.

The Deep Dive

Steven Hyland

2026-01-12 16:00

Moon River Updates Massive BC Moly-Copper-Tungsten Project

Moon River MolyDavidson projectmolybdenum

Preview:The video covers Moon River Moly’s updated preliminary economic assessment for the Davidson molybdenum-copper-tungsten project near Smithers, BC. The speaker argues the revision materially improves the project economics by adding copper and tungsten, raising NPV and IRR, and potentially extending mine life, but notes the investment case is still early because the project must advance through feasibility, environmental work, and First Nations consultation.

The Deep Dive

Steven Hyland

2026-01-12 13:04

Integra Resources Drops Long-Awaited Feasibility Study

feasibility studyDamar project

Preview:The video argues that Integra Resources’ long-delayed feasibility study for the Damar gold-silver project is genuinely constructive in today’s strong precious-metals backdrop, even though the project remains slow to advance and still lacks a construction timeline. The big improvement is economics at much higher assumed metal prices, but the speaker is careful to note that permitting, financing, and execution planning still have to be completed before any construction decision.

The Deep Dive

Steven Hyland

2026-01-12 09:29

When High Gold Prices Create New Risks | Peter Akerley

central-bank buyinggeopolitics

Preview:This is an interview with Peter Akerley of Aird/Erddene Resources about gold, Mongolia, and the company’s transition from developer to producer. His core message is bullish on gold prices and bullish on the company’s setup: gold is being supported by geopolitics, central-bank buying, and lower U.S. rates, while his company is just entering production and is positioned to rerate if it executes on ramp-up and district expansion.

The Deep Dive

Steven Hyland

2026-01-09 13:00

Alta Copper’s $139M Buyout: Why Shareholders Are Furious

ForscQ/Fortiscu controlling shareholderCanario project Peru

Preview:The video argues that Alta Copper shareholders are upset about ForscQ/Fortiscu’s $139 million all-cash buyout because the deal price looks small relative to copper’s recent rally and the long-term value of Alta’s Canario project. The host says the premium is real versus the 30-day VWAP, but emotionally and strategically it feels like a bargain takeover by Alta’s largest shareholder rather than a fair market bid.

The Deep Dive

Steven Hyland

2026-01-09 08:01

Highlander Silver’s Big Bet: Bear Creek Mining Acquired for $141M

precious metals M&A

Preview:The video argues that Highlander Silver’s acquisition of Bear Creek Mining makes strategic sense because Highlander gets a large, permitted silver development asset in Karani, while Bear Creek’s operating Mercedes mine has been weak and financially burdensome. The host frames the deal as a bet on Highlander’s management team—largely the former Solaris Resources team—rather than on Bear Creek’s current operating performance.

The Deep Dive

Steven Hyland

2026-01-08 09:40

Gold Prices Are High, Experience Matters | Rob McLeod

Ascot Resources turnaroundPremier mine mill and infrastructureRed Mountain deposit

Preview:Rob McLeod, newly stepping in as CEO of Ascot Resources, argues the company is being reset around its two Golden Triangle assets: the fully permitted Premier mill/project and the higher-grade Red Mountain deposit. He says Ascot was close to CCAA, but a rescue package, creditor standstill, payables settlement, rights offering, and ongoing financing have cleaned up the balance sheet and set up a 2026 restart focused on road construction, infill drilling, mill upgrades, and an updated feasibility study.

The Deep Dive

Steven Hyland

2026-01-07 12:55

What Changed in the Silver Market | Daniel Rodriguez - Mercado Minerals

Preview:This is a sit-down interview with Daniel Rodriguez of Mercado Minerals about the silver market and the company’s 2026 plan. The core message is that silver has finally started to attract broader attention, and Mercado wants to use that backdrop to drill its Mexican projects, led by Copalito in Sinaloa, with a second high-grade but earlier-stage property, Zamora, also in the mix.

The Deep Dive

Steven Hyland

2026-01-06 15:00

New North American Producer! | Dolly Varden Silver x Contango ORE

Contango ORE mergerdirect-ship ore

Preview:The video covers a merger between Dolly Varden Silver and Contango ORE that the host frames as a rare merger of equals designed to create a larger North American silver-and-gold producer. The main appeal, as presented, is Contango’s existing cash flow from the Manh Choh direct-ship ore operation in Alaska, which could fund development across the combined portfolio, while Dolly contributes a large high-grade silver-gold land position in British Columbia’s Golden Triangle. The host is skeptical that the deal makes perfect sense for every party, but says the liquidity and funding profile are the obvious positives.

The Deep Dive

Steven Hyland

2026-01-06 13:00

Why Gold Is Being Treated Differently This Time | Martino De Ciccio - Montage Gold

Koné constructionoxide circuit startup

Preview:This interview frames gold as being in a structurally strong market and Montage Gold as using that backdrop to advance Koné, add satellite discoveries, and expand through selective M&A and country optionality. Martino De Ciccio says the company is on budget and ahead of schedule at Koné, could bring first oxide production forward to late 2026, and expects a fast ramp to meaningful output in 2027.

The Deep Dive

Steven Hyland

2026-01-06 08:00

Why Silver Needs to Slow Down to Go Higher | Dan Dickson - Endeavour Silver

supply constraints

Preview:This interview centers on Dan Dickson’s view that silver and gold have re-rated because demand has outpaced constrained supply, but he argues the silver move needs to slow down and consolidate before it can keep rising. He also frames Endeavour Silver as a company in transition: selling non-core Balanitos, ramping Terronera, and advancing Pitarrilla toward a 30 million silver-equivalent-ounce target by 2030.

The Deep Dive

Steven Hyland

2026-01-05 13:00

Gold Didn’t Spike, It Reset | David Grondin - TomaGold

Berrian project

Preview:David Grondin of TomaGold says gold’s pullback was a healthy reset, not a structural break, and argues the market is now at a more sustainable level for junior miners and explorers. The interview then focuses on TomaGold’s Berrian project in the Chibougamau/Shabugamo camp, where recent drill results, a new geological model, and regional M&A activity around Northern Superior’s takeover by IAMGOLD all support a stronger exploration case.

The Deep Dive

Steven Hyland

2026-01-05 09:00

How Silver Mining Executives Are Actually Made | First Majestic’s Mani Alkhafaji

career development in miningcross-functional executive training

Preview:This is a career-story interview clip with First Majestic Silver executive Mani Alkhafaji explaining how he got into mining and how his role evolved inside the company. The core message is that mining offered him a fast-moving, transaction-heavy environment early on, and First Majestic deliberately rotated him across finance, operations, supply chain, integration, GM duties, corporate development, investor relations, and ESG so he could learn the business end-to-end.

The Deep Dive

Steven Hyland

2025-12-30 08:00

Silver Dips Are Getting Bought, This Is How Breakouts Start | John Feneck

dollar de-dollarization

Preview:John Feneck argues that the precious-metals bull market is still being driven by persistent dip-buying, a weak-dollar/geopolitical reserve shift, and a fresh wave of capital entering miners and related juniors. He is bullish on gold, silver, select silver equities, a few Nevada/Canada gold explorers, and special situations like Lithium Chile and First Tellurium, but he emphasizes catalysts within 3–12 months rather than long-dated stories.

The Deep Dive

Steven Hyland

2025-12-29 15:00

Why Industrial Demand Is Changing the Silver Market | David Morgan

industrial demandAI data centers

Preview:David Morgan argues that silver’s move into the $60s is being driven less by retail speculation than by industrial users discovering they may need to hold physical inventory for business continuity. He thinks the market has broken through a key supply level, retail holders are taking profits, and the next phase depends on how much real industrial demand—especially from electronics and AI data centers—forces silver into stronger hands. He ties the move to a broader monetary backdrop of deficit spending, currency debasement, and rising distrust in fiat systems, while still acknowledging he didn’t expect silver to reach this level this quickly.

The Deep Dive

Steven Hyland

2025-12-29 08:27

Why $100 Silver Right Now Would Be a Problem | Keith Neumeyer - First Majestic

mining equities lagging metals

Preview:Keith Neumeyer argues silver’s move to the mid-70s is powerful but unstable, and he would rather see it cool off than rush toward $100 now. He thinks the biggest near-term issue is that mining equities are lagging the metal despite strong fundamentals, because generalist money is still flowing into tech and away from mining ETFs and producers.

The Deep Dive

Steven Hyland

2025-12-19 08:01

People Don’t Want Cash. They Want Physical Silver. Glenn Jessome - Silver Tiger

Mexico mining permits

Preview:Glenn Jessome argues Silver Tiger is entering a powerful re-rating phase because silver is surging, physical demand is strong, Mexico has reopened for permits, and the company now has the permits, cash, and team to build its bulk-tonnage open pit first and then the underground. He says the stock still lags the metal, but expects that gap to close as construction, a January underground economic study, and new drill results add value.

The Deep Dive

Steven Hyland

2025-12-18 13:52

When A Shut-Down Mine Starts Making Sense Again | Selkirk Copper

mining restart storiesMento Mine

Preview:The video argues that Selkirk Copper’s Mento Mine is a classic restart story: a previously operating mine with existing infrastructure, a reset capital stack after bankruptcy, and a new plan to rebuild reserves and work toward a restart. The appeal, in the speaker’s view, is that much of the hard and expensive work has already been done, while the main remaining challenge is execution.

The Deep Dive

Steven Hyland

2025-12-17 14:00

A Gold Project Moving Faster Than Expected | Aura Minerals Era Dorada FS

Era Dorada

Preview:The video argues that Aura Minerals has dramatically accelerated development of its Era Dorada project in Guatemala: a PEA released only months ago has already been followed by a feasibility study, with higher early production, stronger economics, and a faster path to first output. The speaker frames this as unusually fast project execution, helped by rising gold prices and an already-licensed, mostly engineered asset.

The Deep Dive

Steven Hyland

2025-12-17 12:01

When A Gold Study Actually Adds Up | Heliostar Cerro del Gallo PFS

Cerro del Galloprefeasibility study

Preview:The video argues that Heliostar Metals’ Cerro del Gallo prefeasibility study is unusually coherent for a gold project: long mine life, modest capex, simple heap-leach processing, and strong modeled economics at $2,300 gold. The speaker frames it as part of Heliostar’s longer-term push toward mid-tier producer status, with Cerro del Gallo likely following Anapola and not getting developed until the second half of 2028.

The Deep Dive

Steven Hyland

2025-12-17 08:00

The Paper Price Is Finally Being Forced To Match Physical Silver | Shawn & Rick [Merger]

solid-state batteries

Preview:The video is an interview about silver’s price breakout and the merger between Dolly Varden and Contango. Sean Kungun argues silver is being forced to reprice toward the physical market as inventories tighten, lease rates rise, and new industrial demand—especially batteries and EVs—adds pressure. Rick Van Nieuwenhuise explains why Contango wants silver exposure, how its direct-shipping model has worked in Alaska, and why the merger creates a larger, better-financed precious-metals vehicle.

The Deep Dive

Steven Hyland

2025-12-13 08:00

Gold and Silver Delivery Is Exposing the Paper Market | Andy Schectman

COMEX-LBMA stress

Preview:Andy Schectman argues that the recent surge in gold and silver deliveries is evidence that the paper precious-metals market is being forced to confront real physical demand. He says central banks, sovereign wealth funds, and other sophisticated buyers are no longer relying on paper claims; they want metal in hand, and that is exposing leverage, rehypothecation, and potential stress in COMEX/LBMA plumbing.

The Deep Dive

Steven Hyland

2025-12-10 08:38

Gold’s Next Move Is Political, Not Technical | Ross Beaty - Equinox Gold

Preview:Ross Beaty argues the gold bull market is now being reflected in gold equities, and Equinox Gold has been a major beneficiary after the Calibre merger. He frames gold as still supported by macro forces like central bank buying, dollar concerns, and geopolitical stress, while Equinox’s near-term focus is on ramping Greenstone and Valentine, resolving Los Filos, and paying down debt before considering dividends or buybacks.

The Deep Dive

Steven Hyland

2025-12-09 12:58

The Court Ruling And What Emerita Still Has In Play | David Gower - Emerita Resources

Spanish tender disputeadministrative courtcriminal acquittal

Preview:This interview covers Emerita Resources’ reaction to the acquittal in the Spanish criminal case tied to the Aznalcóllar public tender and why management says the story is still alive. David Gower argues the criminal decision is a setback, but the administrative court remains the decisive venue and could still overturn the award on tender irregularities. He also emphasizes that Iberian Belt West (IBW) remains the company’s core value driver and continues to advance on drilling, permitting, and financing.

The Deep Dive

Steven Hyland

2025-12-08 10:21

Banks Are Now Talking About $6,000 Gold | Richard Young - i-80 GOLD

emerging-market demand

Preview:Richard Young says i-80 Gold is transitioning from a recapitalization story into an execution story: ramp Granite Creek, build Archimedes and a second underground mine, refurbish the autoclave, and eventually scale toward 600,000+ ounces a year. The interview’s core message is that higher gold prices and stronger bank sentiment have materially improved financing options, with management now seeing multiple term sheets and even banks talking about $6,000 gold.

The Deep Dive

Steven Hyland

2025-12-05 10:57

Thesis Gold Lawyers Ranch PFS: Could Be a Game Changer!

Lawyers Ranch projectprefeasibility study

Preview:The video argues that Thesis Gold’s updated prefeasibility study for the Lawyers Ranch project is strongly positive despite a few less flattering comparisons to the prior PEA. The main message is that higher gold prices materially improved project economics, with the study showing a 54% after-tax IRR, $2.4B after-tax NPV, and a 1.1-year payback at $2,900 gold and $35 silver, though capital intensity and permitting timing still matter.

The Deep Dive

Steven Hyland

2025-12-04 15:00

Soma Gold: A Difficult Quarter | Q3 2025 Earnings

El Bagre strikeQ3 production

Preview:The video argues that Soma Gold had a difficult Q3 2025 because a September strike halted mill operations for 22 days, cutting production, revenue, and margins, and likely making Q4 even worse. The host says the company’s original 2025 guidance is now unattainable, but notes that gold’s rally helped cushion the damage and that 2026 production estimates still appear intact.

The Deep Dive

Steven Hyland

2025-12-04 11:37

The Big Reset: $5,000 Gold Is Just the Start | Roger Rosmus - Goliath Resources

currency debasementcentral bank buying

Preview:Roger Rosmus argues gold’s breakout is being driven by persistent money printing, central-bank buying, and currency debasement, and he thinks $5,000 gold in Q1 2026 is realistic if there isn’t a year-end pullback. The interview then turns to Goliath Resources’ 2025 drill campaign, where he says the company expanded the Shurebed/Gold Digger system, increased confidence in parts of it, and remains fully funded for 2026 after a large no-warrant financing and a strategic Muxco/Mikuan investment.

The Deep Dive

Steven Hyland

2025-12-03 13:40

$100 Silver Is Becoming the Base Case | Gary Thompson & Galen McNamara - Silver47

industrial demand

Preview:This interview is a strongly bullish silver-and-silver-miners pitch. Gary Thompson and Galen McNamara argue silver is in a breakout driven by short covering, low inventories, industrial demand, and a tightening physical market, and they both say $100 silver by end-2026 is plausible.

The Deep Dive

Steven Hyland

2025-12-03 09:23

Guanajuato Silver’s Tough Q3 and the Bold Bet on Bolanitos

Q3 earningsproduction declinecost inflation

Preview:This video reviews Guanajuato Silver’s Q3 earnings and argues that the quarter was operationally weak, but the market is looking past it because silver has rallied sharply and the company has raised fresh capital. The speaker’s core bet is that recent funding, mine upgrades, and the planned Bolanitos acquisition can set up a better 2026 despite ugly near-term metrics.

The Deep Dive

Steven Hyland

2025-12-02 11:01

The Gold Project Crushing Economics at 1900 Gold | DPM Metals Coka Rakita FS

Koka Rakita

Preview:The video argues that DPM Metals’ Koka Rakita gold project in Serbia has unusually strong economics even at $1,900/oz gold, with a 36% IRR, a $782M NPV, and low all-in sustaining costs. The host emphasizes that the project moved from discovery to feasibility in 36 months, is likely internally fundable, and could begin construction in 2027 with first production targeted for 2028 and first concentrate in 2029.

The Deep Dive

Steven Hyland

2025-12-02 08:02

Springpole Gold Project Sees Massive $2B+ Upside in New Study | First Mining Springpole PFS

Springpole PFS updateenvironmental permitting

Preview:The video breaks down First Mining’s updated PFS for the Springpole gold project and argues that, despite higher capital costs and lower mine-life output than the prior study, the project still looks highly economic. The key catalyst is environmental approval: the hosts say the project could be materially derisked once federal and provincial EA decisions arrive in late Q1/early Q2 and late Q2, respectively.

The Deep Dive

Steven Hyland

2025-12-01 11:07

Why Canada Has So Few Projects That Can Be Built Before 2030 | Dan Wilton - First Mining

Preview:Interview with First Mining CEO Dan Wilton covering the Springpole gold project's permitting timeline, updated PFS economics, and the overlooked Duparquet project in Quebec. Wilton expects federal EA decision by late Q1/early Q2 2026, provincial shortly after. Springpole's updated PFS shows $3.2B pre-tax NPV at $3,100/oz gold with AISC of ~$1,000/oz. Duparquet could have an NPV north of $3B at spot gold prices. Wilton argues the real permitting bottleneck in Canada isn't bureaucracy but indigenous consultation capacity, and notes very few Canadian gold projects can realistically break ground before 2030.

The Deep Dive

Steven Hyland

2025-11-29 09:46

The World’s Next Big Gold Rush Is Starting in Japan?! | Japan Gold

Japan gold mining reopeningHishikari mine geology

Preview:A promotional deep-dive on Japan Gold, a junior explorer positioning itself as the dominant player in Japan's newly reopened gold mining sector. The video argues Japan offers a geopolitically stable, underexplored jurisdiction with world-class epithermal gold potential, anchored by the Hishikari mine (30–40 g/t). Japan Gold holds ~3,000 km² of prospective tenements, has backing from Barrick and Newmont, and operates a project-generator model seeking partners to fund exploration across 26 properties.

The Deep Dive

Steven Hyland

2025-11-28 17:00

I Went to See the Highest Grade Silver on Earth | Nord Precious Metals [DD-on-the-GO]

Ontario 80-day tailings recovery permit pathwayGravity concentration and tailings reprocessing economics

Preview:A site-visit documentary on Nord Precious Metals (likely ticker NTH on TSXV), a tiny C$20M market-cap junior sitting on the historic Cobalt, Ontario silver camp. The host tours the company's permitted mill, examines gravity-separated tailings concentrates running to 12,000 oz/ton, and walks the Castle property where drill results have hit bonanza-grade native silver (89,000+ g/t Ag). The core catalyst: Ontario's new 80-day tailings recovery permit pathway, effective July 2025, which could let Nord monetize legacy tailings without years of red tape or massive upfront capital. Significant risks include a ~$4M working capital deficit, unmet flow-through commitments, and a management team with frustrated long-term shareholders. The host, a self-disclosed shareholder, frames the trade as a speculative silver-cycle bet with an execution-dependent catalyst.

The Deep Dive

Steven Hyland

2025-11-28 14:19

Mako Mining’s Q3: A Transitional Quarter With Big Growth Ahead

San Albino mine operations and gradesMoss mine ramp-up and cost structure

Preview:Mako Mining's Q3 2025 was a transitional quarter marked by low-grade ore at San Albino and early-stage ramp-up at the Moss mine after a 12-month hiatus. Despite higher costs and lower sequential production (7,800 oz vs. ~9,000+ oz in prior quarters), revenue rose 76% YoY to $28M, gross profit doubled, and the company remained profitable. Post-quarter, Mako raised $55M, repaid its debt, and sits on $66M cash with no debt. Q4 is expected to deliver record results as high-grade mining resumes at San Albino and Moss ramps toward steady-state production by late Q1 2026, with the Mount Hamilton acquisition closing imminently.

The Deep Dive

Steven Hyland

2025-11-28 10:29

Why Copper Is Heading to $30 and Silver to $200 | Craig Parry

Palmer VMS project

Preview:Craig Perry argues that copper and silver are entering a major new commodity boom, with Visla Copper’s newly acquired Palmer VMS project in Alaska and Visla Silver’s Panuko project in Mexico as the main vehicles. He says the market has finally improved enough for him to raise large amounts of capital, drill aggressively, and potentially unlock world-class deposits that could re-rate materially if the drilling confirms his thesis.

The Deep Dive

Steven Hyland

2025-11-26 08:34

Why the World’s Biggest Gold Deposits Are Stuck | Rudi Fronk - Seabridge

Canadian mining regulation and Major Projects OfficeBC Supreme Court substantially-started designation ruling

Preview:Interview with Seabridge Gold CEO Rudi Fronk discussing the KSM project — the world's largest undeveloped gold deposit. Topics include Canadian regulatory bottlenecks, the new Major Projects Office under Mark Carney, ongoing litigation with Tudor Gold and First Nations petitioners, promising drill results at the Iskut property, a $4.4M CRA tax refund, and most critically, an imminent partnership announcement expected "in the not too distant future" from three finalists that could unlock significant share price value.

The Deep Dive

Steven Hyland

2025-11-25 08:00

The Fed Cannot Let the Everything Bubble Burst | Simon Marcotte [IAMGOLD Deal]

AI bubbleFed policy

Preview:Simon Marcotte argues that gold is still early in a powerful bull market driven by falling real rates, persistent deficits, and currency devaluation, while the AI/everything bubble may be unstable but is likely to be reflated by the Fed before it bursts. He also frames the Northern Superior–IAMGOLD deal as part of a broader consolidation theme in Quebec and says gold equities could eventually attract the same kind of retail and institutional attention that big tech gets now.

The Deep Dive

Steven Hyland

2025-11-21 13:00

Artemis Gold Delivers Big First Full Quarter And Expansion Plans Heat Up | Q3 Earnings

Blackwater mine production and costsGold mining cash costs and AISC margins

Preview:Artemis Gold posted a strong Q3 2025 — its first full quarter of commercial production at Blackwater — with revenue of $308M (+33% QoQ), 61K oz produced, and cash costs of $661/oz placing it among the lowest-cost producers. Guidance was narrowed to the lower end (190K–230K oz) due to mill downtime and lower recoveries, and AISC guidance was raised. Phase 1A expansion (33% throughput boost to 8Mtpa) is underway, while Phase 2 (12–15Mtpa) engineering advances with an investment decision expected by year-end. The tone is bullish on the long-life asset despite near-term operational kinks.

The Deep Dive

Steven Hyland

2025-11-21 11:41

B2Gold Q3 Results Strong Quarter Overshadowed by Goose Mine Problems

Goose Mine production guidance cut and cost blowout

Preview:B2Gold's Q3 2024 results show strong year-over-year revenue growth (+75%) and improved production, but the story was overshadowed by major cost blowouts and production guidance cuts at the Goose Mine. The gold prepaid facility continues to drag on realized prices ($2,177/oz vs. spot ~$3,133). Near-term pain at Goose — with AISC guidance raised to an eye-watering $3,290–$3,350/oz — is clouding near-term sentiment despite long-term production growth potential.

The Deep Dive

Steven Hyland

2025-11-21 10:05

Have Metals Peaked? The Rotation Is Already Underway. | Brayden Sutton

energy sector rotation

Preview:Braden Sutton argues that the precious-metals move is mature near term: gold around $4,000 and silver around $50 may be a new floor, but the easy upside is largely gone and he is starting to rotate toward energy and best-in-class miners. He is still bullish on gold, silver, Bitcoin, and select producers over a longer horizon, but he repeatedly frames the current moment as a sector-rotation phase rather than a fresh entry for physical metals.

The Deep Dive

Steven Hyland

2025-11-19 10:00

IAMGOLD’s Breakout Quarter and What’s Driving the Turnaround | Q3 Earnings

Gold miner cash flow and deleveraging

Preview:IAMGOLD reported a record-breaking Q3 2025, driven by the ramp-up of its Côté mine. Revenue surged 61% YoY to $771M on higher gold sales volumes and a realized price of ~$2,492/oz. Adjusted EBITDA rose 62% and free cash flow hit $292M. Costs rose meaningfully (cash costs up 36% YoY), and the company trails guidance on production and costs heading into Q4. Post-quarter, IAMGOLD announced the acquisition of Northern Superior and two other assets to consolidate Quebec's Shabugamu region, plus a 10% share buyback program. The market has rewarded the stock with a 26% gain since results.

The Deep Dive

Steven Hyland

2025-11-19 08:00

Canada Risks Becoming the Next Argentina | Jay Martin

Canadian economyMark Carneymining policy

Preview:Jay Martin argues Canada has been mismanaged for years but is somewhat improving under Mark Carney, especially if the state now actively supports mining and other resource projects. He is broadly bullish on commodity investors and precious metals, saying government intervention, fiscal expansion, and devaluation are increasingly pushing capital toward hard assets, though he still sees Canada as uncertain and remains personally hedged.

The Deep Dive

Steven Hyland

2025-11-18 08:07

This Gold Producer Is Quietly Becoming a Money Machine | G Mining Q3 2025 Earnings

TZ mine production ramp

Preview:G Mining Ventures (GMIN) posted strong Q3 2025 results with revenue of $162M, net income of $124M (55c/share), and free cash flow of $96M — a 409% YoY improvement. AISC dropped to $1,046/oz from $1,355/oz in Q2 while gold production rose 9% to 46,900 oz. The company reaffirmed 2025 production guidance of 175-200k oz, though cash costs remain above guidance. Development at OKO West is on budget with construction underway, and G Mining is positioned as a growing, lower-cost producer with a second major asset in development.

The Deep Dive

Steven Hyland

2025-11-17 14:40

Endeavour Silver Turns a Corner After a Brutal Quarter | Q3 Financials

Terronera mine commercial production

Preview:Endeavour Silver's Q3 headline net loss of $42 million was driven almost entirely by non-cash derivative losses on a gold forward swap tied to Terronera construction financing. Underlying operational metrics show strong growth: revenue doubled YoY, silver equivalent production rose 88%, and Terronera declared commercial production. The gold swap has 64,000 ounces remaining through mid-2027, so paper losses continue as long as gold stays above $2,311.

The Deep Dive

Steven Hyland

2025-11-17 08:00

Equinox Gold Surges After Blockbuster Q3 Results!

gold mining production rampGreenstone mine performance

Preview:Equinox Gold posted blockbuster Q3 results with revenue up 91% YoY to $819M, record production of 236,382 ounces, and improved costs across the board. The stock surged 17% on the release. Greenstone continues to ramp with mining rates now exceeding 205,000 tons/day and grades improving, while the newly acquired Valentine mine poured first gold ahead of schedule. The company repaid $139M in debt, reduced net debt to $1.3B, and appears on track to slightly exceed the midpoint of 2025 production guidance with a strong setup for 2026.

The Deep Dive

Steven Hyland

2025-11-13 15:00

Aya Q3 Earning: Record Numbers, Real Concerns?

Zgounder expansion ramp-up

Preview:Aya Gold & Silver's Q3 2025 results show record revenue ($54M, +393% YoY), record production, and record net income — but operational metrics are falling short of feasibility-study expectations and 2025 guidance. Processed grades (146 g/t) are far below the 257 g/t forecast from the Zgounder expansion feasibility study, cash costs ($2,079/oz) are nowhere near the $736/oz target, and the company may miss its 5-5.3M oz production guidance. The host calls it a "mixed bag" and notes the stock sold off ~2% on the day.

The Deep Dive

Steven Hyland

2025-11-13 10:30

Canada Should Be as Rich as Saudi Arabia: But It's Not! | Michael Gentile

Preview:Michael Gentile argues the gold bull market is still early and is being reinforced by fiscal profligacy, central-bank buying, and a widening investor base. He also makes a strong case that Canadian mining capital formation is often done badly, and that Canada’s broader economic problem is too much government dependence and too little resource development.

The Deep Dive

Steven Hyland

2025-11-13 08:16

Aya Gold & Silver’s Boumadine PEA: Billion-Dollar Dream or Overhyped Reality?

Mining project economics and feasibility skepticismMetallurgical recovery: headline vs. payable discrepancies

Preview:A critical walkthrough of Aya Gold & Silver's Boumadine PEA, questioning the realism of its $1.5B NPV and 47% IRR. The host highlights an atrocious 21:1 strip ratio, misleading metallurgical recovery figures (96% headline vs. 69% payable gold recovery), and wildly inflated upside scenarios using $17,000/oz gold. The overall message: the PEA appears heavily optimized and faces significant execution risks, with commercial production not expected until Q4 2030 at the earliest.

The Deep Dive

Steven Hyland

2025-11-12 12:00

Kinross Gold Smashes Q3 Expectations with Record Cash Flow

Free cash flow and balance sheet strength

Preview:Kinross Gold posted a massive Q3 2025 beat: revenue of $1.8B (vs $1.6B expected), adjusted EPS of $0.44 (vs $0.33 expected, a 33% beat), and record attributable free cash flow of $687M. The company moved to a net cash position of $485M, announced early redemption of $500M in senior notes, and is ramping shareholder returns via buybacks ($180M in Q3) and a dividend hike. Production was down ~10.7% YoY as planned, but elevated gold prices more than compensated. The speaker characterizes Kinross as "the adult in the room" — a reliable operator delivering consistent results.

The Deep Dive

Steven Hyland

2025-11-12 10:30

Wheaton Precious Metals Posts Record Quarter as Gold and Silver Prices Soar [Q3 2025]

Preview:Wheaton Precious Metals reported record Q3 2025 results with revenue of $476M (+55% YoY), net earnings of $367M ($0.81/share), and cash operating margins that now exceed the prior year's sales prices for most metals. Gold production rose 15%, silver 32%, and cobalt 52%. The company has $1.22B cash, no debt, and a $2B undrawn credit facility. Production guidance was maintained with 40% growth expected to ~870K GEOs by 2029. The host noted the irony of massive results generating almost no social media buzz.

The Deep Dive

Steven Hyland

2025-11-12 08:56

Barrick Mining: Record Cash Flow, CEO Fired, and a 25% Dividend Hike — What’s Really Going On?

CEO termination and leadership transition

Preview:Barrick Gold's Q3 2024 results present a mixed picture: record revenue ($4.2B), operating cash flow ($2.44B), and free cash flow ($1.5B) alongside a 25% dividend hike and $500M expanded buyback — all achieved despite gold production falling 12% year-over-year and missing analyst estimates on both revenue and EPS. The CEO was fired September 29, one day before quarter-end, making this effectively the last "Bristow quarter." Cost guidance is off track on the gold side, with year-to-date metrics above the full-year range even after adjusting for higher gold prices. Copper performed better operationally. The new interim CEO Mark Hill has launched a performance review focused on safety and operational improvement.

The Deep Dive

Steven Hyland

2025-11-10 12:00

First Majestic Silver’s Record Quarter: Why The Market Still Doesn’t Get It [Q3 Earnings]

Cost performance: cash costs and AISC

Preview:First Majestic Silver posted a record-breaking Q3 2025 with 10 new operational and financial records, including $285M revenue (up 95% YoY), $0.29/share operating cash flow, and 3.9M oz silver production. Despite the blowout quarter, AG stock fell 7.6% — likely due to a pending Mexican tax reassessment court decision rather than fundamental weakness. The host argues the market is mispricing the stock and that First Majestic's position as the purest silver-revenue play among peers will reward long-term shareholders.

The Deep Dive

Steven Hyland

2025-11-07 15:00

Coeur Mining to Acquire New Gold: Building a $3B Free Cash Flow Powerhouse

Deal terms and premium analysis

Preview:Coeur Mining (CDE) is acquiring New Gold (NGD) in an all-stock deal valued at ~$7 billion enterprise value, with New Gold shareholders receiving 0.5 CDE shares per NGD share. The combined entity projects $2B in free cash flow and $3B in EBITDA for 2026 across seven North American operations. The implied premium is thin (~2.3% post-CDE selloff), and the deal includes commitments to Canadian operations to satisfy regulatory review. The thesis centers on creating a top-10 precious metals producer with Rainy River's FCF ramp and copper byproduct credits driving AISC down to $400–500/oz by 2027.

The Deep Dive

Steven Hyland

2025-11-07 12:00

Probe Gold’s $780M Sale to Fresnillo: Smart Exit or Investors Getting Short-Changed?

M&A precedent comparisons (Great Bear, Osisko, O3 Mining)

Preview:Analysis of Fresnillo's $780M all-cash acquisition of Probe Gold, examining why retail investors feel short-changed. The host walks through Probe's Novador project resources (~10M oz gold across multiple deposits), compares the deal price to precedent transactions (particularly Kinross/Great Bear at ~$272/oz vs Probe at ~$78/oz), discusses the two natural acquirers that didn't bid (Agnico Eagle, Eldorado Gold), and ultimately argues the 39% premium and 111% YTD gain are reasonable despite the optics of a low per-ounce valuation.

The Deep Dive

Steven Hyland

2025-11-07 11:42

The Real Move Begins When They Cut Rates | Peter Krauth

Canadian fiscal policy and deficit spendingInflation dynamics and central bank rate cuts

Preview:Peter Krauth discusses Canadian fiscal deterioration, inflation dynamics, and the silver/gold bull market with host Steve. Krauth argues the rate-cutting cycle combined with persistent inflation is a game-changing setup for precious metals, targeting silver above $80. He sees the recent junior mining correction as healthy and expects M&A to cascade down the market-cap ladder. The conversation also critiques government intervention in critical minerals and proposes a gold-streaming sovereign fund to rebuild Canada's reserves.

The Deep Dive

Steven Hyland

2025-11-07 08:00

Is Altamira Gold Sitting on Brazil’s Next Big Gold Discovery?

Porphyry gold mineralization model

Preview:Altamira Gold controls a large, consolidated land package in Brazil's under-explored Alta Floresta belt and has hit a major intercept at its Maria Bonita target — 395m of 0.4 g/t gold. The thesis: this is a district-scale porphyry system where prior alluvial mining points to an undiscovered primary source, and the company is the first mover doing systematic hard-rock exploration across a 15km corridor with multiple untested targets.

The Deep Dive

Steven Hyland

2025-11-06 15:00

Alamos Gold’s Record Quarter Gets Rocked! What Investors Need to Know | Q3 Earnings

Preview:Alamos Gold posted a record revenue quarter ($462M) and record free cash flow ($130M), but production declined 6.7% YoY and a post-quarter seismic event at the Island Gold mine forced a 2025 production guidance cut. The host frames these setbacks as temporary "blips" against a backdrop of improving cash flows, asset sales bolstering the balance sheet ($470M Turkish sale), and expectations for strong Q4 production and significant free cash flow growth in 2026.

The Deep Dive

Steven Hyland

2025-11-06 13:48

Gold Isn’t In A Bubble, Currency Is. - Doug Casey

Preview:Doug Casey argues Western governments are driving their countries toward bankruptcy through debt and money printing, with Canada's new $2B critical-minerals sovereign wealth fund as a prime example of "criminally insane" policy. He sees gold's rise to ~$4,000 as driven by central bank buying — not retail or institutional demand — and believes a speculative mania in gold stocks will eventually follow, potentially delivering 100x–1,000x returns in nano-cap names. He positions in smaller producers and explorers run by entrepreneurs rather than "suits" at majors. The conversation also devotes significant time to Casey's thesis that college is a "cesspool of bad ideas" and his book The Preparation.

The Deep Dive

Steven Hyland

2025-11-04 14:01

Copper’s Perfect Storm Has Been Building for a Decade | Colin Joudrie - Selkirk Copper

bankruptcy restart value thesis

Preview:Interview with Colin Joudrie of Selkirk Copper, a TSX-V listed company that acquired a past-producing copper-gold-silver mine in the Yukon out of bankruptcy. Joudrie explains the value proposition: a fully built ~$320M mill and infrastructure acquired at distressed prices, a clean balance sheet post-bankruptcy, a 48% increase in contained metal from recent drilling, and a landmark partnership with the Selkirk First Nation — creating what would be Canada's first majority Indigenous-owned mining company. The restart plan is deliberately paced over 18-24 months to avoid the rushed execution that doomed prior operators. Copper macro backdrop described as a "perfect storm" of supply disruptions and electrification demand.

The Deep Dive

Steven Hyland

2025-11-04 09:49

Gold Isn’t a Trade. It’s Insurance Against What Comes Next. - Rick Rule

generational productivity

Preview:Rick Rule argues gold is not a short-term trade but insurance against a long-duration loss of purchasing power and institutional misallocation. He is constructive on gold over the next decade, prefers high-quality senior miners if gold stays high or rises, and says the most important edge is understanding business quality, margins, and capital discipline rather than blindly buying names. He also says he has been reducing junior exposure and rotating some capital into physical gold, senior royalty/streaming names, Agnico Eagle, and hated oil-and-gas opportunities.

The Deep Dive

Steven Hyland

2025-11-03 14:30

New Gold Just Crushed Q3 — Record Cash Flow, Record Production, Huge Rally

gold mining productionfree cash flow record

Preview:New Gold reported Q3 2025 results with record free cash flow ($205M, nearly 4x YoY), record gold production (115K oz), and a 276% net earnings increase. Revenue of $463M beat analyst estimates of $417M. Cash costs fell to $639/oz and AISC to $966/oz, driven by strong Rainy River output. The company repaid $260M in debt including the New Afton credit facility. The stock rallied ~15% on the release. 2025 guidance remains on track with back-half-weighted production; 2026 is expected to be even stronger with production ramping at both mines.

The Deep Dive

Steven Hyland

2025-11-03 13:10

Agnico Eagle Posted $1B Profit — Market Shrugged | Q3 Earnings

Agnico Eagle Q3 2025 earningsCost inflation and royalty pressures

Preview:Agnico Eagle delivered a blowout Q3 2025: $3.06B revenue (+42% YoY), $1.1B net income, record adjusted EPS of $2.16 vs. $1.91 estimated, and $1.2B free cash flow. The stock rose only ~3%, shrugged off by markets accustomed to beats from the sector's best operator. Production was flattish at 867k oz; the revenue jump was mostly gold-price driven (realized price up 39.5% to $3,476/oz). Costs crept higher on royalties. The under-reported headline: Agnico is spinning up a critical-minerals subsidiary, Avenir Minerals, with an $80M portfolio and $50M cash, signalling a strategic pivot beyond gold.

The Deep Dive

Steven Hyland

2025-10-31 14:12

Gold Is Not Rising. Confidence Is Collapsing | Todd "Bubba" Horwitz

K-shaped economy and middle-class collapse

Preview:Todd "Bubba" Horwitz argues gold's recent pullback from ~$4,400 is a healthy consolidation within a secular bull market, not a top. He sees a K-shaped economy where the wealthy flourish while the middle class collapses under inflation and debt, and believes gold is signaling eroding confidence in fiat currency. He targets gold at $5,500–$6,000 and silver at $60+ within 6–12 months, advocates 10% portfolio allocation to physical metals, and warns of an eventual 40–60% equity market crash — but cautions against premature shorting. The conversation weaves macro pessimism, political commentary, and trading advice with a brief sports diversion.

The Deep Dive

Steven Hyland

2025-10-28 14:00

Newmont Q3 Earnings: $1.6B Cash Flow But Gold King Slips on Guidance

Newmont Q3 2025 earningsGold mining production trendsFree cash flow analysis

Preview:Newmont reported Q3 2025 revenue of $5.5B (up 20% YoY), net income of $1.8B, and free cash flow of $1.6B at an average realized gold price of $3,539/oz. Despite strong absolute numbers, free cash flow declined from Q2's $1.7B, production slipped to 1.44M ounces (worst operational quarter), and forward guidance disappointed — 2026 production is expected at the lower end of 2025's range with costs potentially offset by higher royalties and taxes if gold stays elevated. The market sold off on the guidance, and the host argues the reaction was justified given the declining production trend and cost uncertainty.

The Deep Dive

Steven Hyland

2025-10-28 11:01

The Decade Gold Miners Have Been Waiting For. | Frank Callaghan - Golden Cariboo

Junior mining sector valuation progression in gold bull markets

Preview:Interview with Frank Callaghan, CEO of Golden Cariboo Resources, discussing the company's gold exploration project in British Columbia. Callaghan lays out a bull case for the junior miner thesis: the stock trades at a ~$5M market cap despite massive drill intercepts (up to 452m of gold mineralization), sits in a proven mining camp near multi-million-ounce deposits, and follows a historical pattern where exploration-stage companies reprice last during gold bull markets. He argues the next decade will be the best for mining and believes a couple more drill holes could catalyze a re-rating. Results expected within weeks.

The Deep Dive

Steven Hyland

2025-10-28 09:51

Freeport Q3 Earnings: Grasberg Disaster Hits Gold & Copper Outlook

Freeport-McMoRan Q3 2025 earningsGrasberg mine disaster and operational halt

Preview:Freeport-McMoRan's Q3 2025 results show solid headline beats, but the numbers are propped up by higher metals prices masking severe production declines from the Grasberg mine disaster. The September 8 mud rush killed seven workers, halted operations, and there's still no clear path to restart. Q4 guidance was slashed dramatically, and 2026 output could be cut by 35%. The speaker flags political risk as the real overhang: reopening after a fatal accident is politically toxic in Indonesia, and the "if" matters more than the "when."

The Deep Dive

Steven Hyland

2025-10-27 15:00

The Uranium Supply Cliff

uranium supply cliffKazatomprom production declineCameco mine life and Cigar Lake extension

Preview:A deep dive into the uranium supply cliff facing the industry by the early-to-mid 2030s. The world's two largest producers — Kazatomprom and Cameco — are both warning of a structural deficit while simultaneously cutting their own near-term production. Key mines face end-of-life around 2031, and replacement supply from developers like Denison Mines and NextGen Energy may not arrive in time. The speaker argues the supply cliff is real but notes there is still a five-to-six-year runway to address it — provided producers invest aggressively in exploration, restarts, and M&A.

The Deep Dive

Steven Hyland

2025-10-27 13:00

Why Teck’s $100B Merger Overshadows a Strong Quarter | Q3

Teck Resources Q3 2025 earningsAnglo-American merger / Anglo-Tech creation

Preview:A recap of Teck Resources' Q3 2025 earnings: revenue up 18% YoY to $3.4B, adjusted net profit of $372M ($0.76/share), and operating cash flow surging 383%. However, the quarter is overshadowed by Teck's pending "merger of equals" with Anglo-American, which will create Anglo-Tech — a top-five global copper producer. The host argues that Teck's valuation is now tied to the merger outcome, making quarterly results secondary.

The Deep Dive

Steven Hyland

2025-10-27 11:01

We Don’t Need $5,000 Gold Yet | Sean Roosen - Osisko Development

dollar debasementCariboo project

Preview:Sean Roosen argues gold’s move is being driven less by a normal commodity cycle and more by a broader dollar-debasement and reserve-currency shift. He says Osisko Development is unusually well positioned because Cariboo is fully permitted, fully financed, and already under construction, with production targeted for 2027 and a full year in 2028.

The Deep Dive

Steven Hyland

2025-10-23 12:30

The Best News for Gold Was the Drop! - Peter Grandich

junior mining M&A

Preview:Peter Grandich argues that the sharp gold pullback was healthy rather than alarming, especially because it coincided with a major junior-mining M&A deal. He frames the drop as a likely setup for consolidation, more liquidity, and further acquisitions, while saying the long-term gold thesis remains intact and that juniors have become more attractive on leverage and infrastructure.

The Deep Dive

Steven Hyland

2025-10-23 12:09

PMET Resources Lithium Feasibility Study Sees Economics Tumble

PMET Resources feasibility studyShagai Shawan / Corvette lithium projectLithium sector economics and spot pricing

Preview:PMET Resources (formerly Patriot Battery Metals) released a feasibility study for its Shagai Shawan (Corvette) lithium project in Quebec, and the economics deteriorated sharply versus the 2024 PEA. The speaker walks through the specifics — higher capex, lower NPV, extended timelines — then pivots to argue the project's real path forward depends on Canadian government stepping in with serious funding, similar to how China pushes projects through regardless of spot economics.

The Deep Dive

Steven Hyland

2025-10-22 15:06

BUILDING A GOLD GIANT: IAMGOLD Buying Spree

Northern Superior Resources acquisition terms and strategyMines d'Or Orbec acquisition and Muse project

Preview:IAMGOLD announced two simultaneous acquisitions — Northern Superior Resources and Mines d'Or Orbec — consolidating the Shabugamu region of Quebec into a new Nelligan Mining Complex. The combined assets hold 3.8M oz M&amp;I and 8.7M oz inferred gold resources. The deals validate a deliberate consolidation strategy by Northern Superior CEO Simon Marcotte, who assembled land packages bordering IAMGOLD's existing Monster Lake and Nelligan properties. Northern Superior shareholders receive C$2.05/share (45% premium), while Orbec shareholders get ~C$0.13/share (25% premium), plus a spin-out of Onold Resources shares for SUP holders.

The Deep Dive

Steven Hyland

2025-10-22 13:00

This Is Why the Gold Run Is Not Done! | Peter Marrone - Allied Gold

Preview:Peter Marrone says the recent gold pullback is a healthy correction, not a thesis break, and argues the sector still has substantial upside because mining equities are not reflecting the current gold price. He frames Allied Gold as a growing mid-cap producer with major production and cash-flow expansion ahead, while also highlighting a small speculative position in Sendero Resources as a copper-gold exploration story.

The Deep Dive

Steven Hyland

2025-10-22 09:15

Big Copper, Bigger Costs? [Los Azules Feasibility Study]

Los Azules feasibility studyPEA vs feasibility cost escalation

Preview:A walkthrough of the Los Azules copper project feasibility study (McEwen Copper, 46% owned by McEwen Mining/MUX). The feasibility shows underwhelming economics vs the prior PEA: higher capex ($3.2B vs $2.5B), higher costs (C1 $1.71/lb, AISC $2.11/lb), and NPV only marginally higher ($2.9B at $4.35 Cu) despite using a higher copper price assumption. The bright side is spot copper above $5/lb, which lifts NPV to $4.5B. Funding remains the key hurdle with only ~$1.1B in indicative proposals secured against $3.2B needed.

The Deep Dive

Steven Hyland

2025-10-21 10:10

A Gold District Hidden in Plain Sight!? | Michael Bennett - Altamira Gold

Maria Bonita deposit and drill hole 32 results

Preview:Interview with Altamira Gold CEO Michael Bennett discussing the company's Cajueiro gold project in Brazil. Bennett outlines the discovery of the Maria Bonita porphyry deposit, which has grown to 720,000 oz in resource, and a recent deep drill hole (395.5m of 0.4 g/t gold) that suggests significant resource expansion potential. He frames Cajueiro as an emerging porphyry district with 11 untested targets across 28,000 hectares, 100% owned, with excellent infrastructure and metallurgy. Crescat Capital is a major shareholder, and the next 6 months will be an intensive drill campaign.

The Deep Dive

Steven Hyland

2025-10-20 08:19

$4,300 Gold Is Topping, Bitcoin Will Spark the Next Recession!? - Mike McGlone

recession risk

Preview:Mike McGlone argues gold’s powerful run is a warning sign, not a buy signal: he thinks gold is extremely stretched, crypto is acting as an early recession/deflation indicator, and a risk-off reversal in equities could hit by year-end. He leans bearish on Bitcoin and most cryptos, cautious on gold at current levels, and says the main thing to watch is whether stock-market weakness starts to pull everything else down.

The Deep Dive

Steven Hyland

2025-10-17 12:35

Silver at $100? This Time It Might Stay There. - David Morgan

Preview:David Morgan (The Morgan Report) discusses silver's approach to the $50 psychological barrier — a level that has capped the metal for 50 years. He argues we're in the accelerating third leg of a 25-year bull market, with $100+ silver likely within 14 months. Key thesis: once $50 becomes support rather than resistance, a genuine paradigm shift occurs. He highlights gold's anomalous negative correlation with stocks as a warning signal, advises position-sizing across large/mid-tier/junior miners, and names specific companies including Hecla, Royal Gold, Franco-Nevada, Osisko, Outcrop Silver, and Electric Royalties.

The Deep Dive

Steven Hyland

2025-10-16 15:00

200 Grams of Gold and 21% Copper — That’s Not Normal | Matt Wilson - Sterling Metals

junior mining reratingretail speculation vs real exploration

Preview:This is an interview with Matt Wilson of Sterling Metals focused on the recent drill hole, the broader junior mining market, and how investors should distinguish real exploration stories from promotional names. Wilson argues the junior mining sector is in a genuine repricing phase, but says the best opportunities still come from teams with geological credibility, money behind them, and a target big enough to matter. On Sterling, he says the latest hole is significant because it intersected very high-grade copper with an unexpected gold component, reinforcing the view that the system is large and special.

The Deep Dive

Steven Hyland

2025-10-16 11:00

This Isn’t a Gold Rally. It’s a Warning! - Adrian Day

Central bank diversification from USDUS dollar reserve currency status erosion

Preview:Adrian Day, a veteran gold investor, argues the gold rally is far from over because the structural drivers — central bank diversification away from the dollar, fiscal profligacy, and the absence of retail/public participation — remain fully intact. He sees gold's resilience as a warning of unsustainable US deficits and dollar dominance erosion. For mining investors, he recommends sticking with quality large-cap names (like Agnico Eagle, Newmont, Barrick) that will still deliver solid returns at lower risk, rather than chasing speculative juniors where poor management can destroy value.

The Deep Dive

Steven Hyland

2025-10-15 12:00

Critical minerals are rerating! | John Passalacqua - First Phosphate

First Phosphate corporate updateLFP battery technology and North American supply chainChina rare-earth and LFP technology export ban

Preview:Interview with First Phosphate CEO John Passalacqua. The stock has run from ~30 cents to above 90 cents over six months amid a broad critical-minerals re-rating. Passalacqua attributes the move to: (1) producing the first North American LFP batteries from critical minerals sourced at the company's Bégin-Lamarche property, (2) G7-backed partnerships including Preon (world's largest phosphoric acid producer), and (3) a recent China ban on LFP technology/component exports that spotlighted First Phosphate as the leading North American alternative. He frames the company as "mining tech" spanning mine-to-battery, with an NPV of C$2.1B and IRR of 37%—trading at just 4-5% of NPV. Near-term catalysts: feasibility study, metallurgical sampling, environmental studies, and final drilling.

The Deep Dive

Steven Hyland

2025-10-15 10:01

BACKED BY GIANTS: This Copper Junior's Time Is Coming - Sendero Resources Opportunity

Sendero ResourcesVicuña district geology

Preview:A single-speaker promotional deep dive on Sendero Resources (TSX-V copper junior), arguing the stock has not yet had its "big move" despite being in a prolific Argentine copper-gold belt surrounded by Lundin/BHP/Ngex discoveries. The pitch leans heavily on the involvement of Peter (founder of Yamana Gold, now Allied Gold) and financier Pat DiCapo as "smart money" backers, tight share structure (~19.7M shares), and upcoming 3,600m drill program. The host discloses a personal open-market position and states Sendero is not a paying client.

The Deep Dive

Steven Hyland

2025-10-15 08:23

The Yukon’s $82 Million Gold Hole Everyone’s Talking About

Preview:Prospector Metals (PPP) made a major Yukon gold-copper-silver discovery at its ML property, with hole ML25-31 returning standout intercepts (13.79 g/t Au, 38.1 g/t Ag, 1.84% Cu over 44m). The stock surged 284%, adding $82M in market cap in a single day. CEO Rob Carpenter — who previously led Kaminak Resources to a $520M buyout for the Coffee project — calls it the best gold and copper hole he's ever drilled. The discovery is very early-stage: only 12 of 39 holes have assays back, the Test Zone remains open in all directions, and weather limits drilling to May–September. Major investor B2Gold is involved on-site, adding a strategic dimension given its history with Snowline Gold.

The Deep Dive

Steven Hyland

2025-10-14 10:44

The U.S. Just Put Real Money Behind Critical Minerals | Simon Clarke - American Critical Minerals

U.S. potash importsLithium Americas equity stake

Preview:This interview argues that U.S. critical-minerals policy is now directly helping domestic potash and lithium developers. Simon Clarke says American Critical Minerals is set up to benefit because its Utah project combines potash and lithium, and he points to recent government funding and equity moves as evidence the sector is being re-rated.

The Deep Dive

Steven Hyland

2025-10-14 07:00

$4,000 Gold Just Changed Everything | P2 Gold PEA Update

Gold price at $4,000/oz and impact on mining economicsMetallurgical recovery improvements (oxide heap-leach)

Preview:P2 Gold released an updated PEA for its Gabbs gold-copper project in Nevada, now using $2,350/oz gold (base case) and a spot-price scenario at $3,885/oz. The key non-price improvement: metallurgical recoveries rose materially (gold +9%, silver +33%, copper +24%). The spot-case NPV hits $2.25B with a 77.5% IRR. The host notes this is impressive but warns that nearly every new mining study in this environment will produce similarly eye-popping numbers, and actual producers — not developers — capture the near-term benefit of rising gold.

The Deep Dive

Steven Hyland

2025-10-09 10:00

When 4% of Global Copper Disappears Overnight | David Gower - Emerita Resources

Aznalcóllar criminal trial verdictEmerita Resources catalysts

Preview:David Gower, CEO of Emerita Resources, discusses the copper market setup — highlighting supply shocks at Grasberg (4% of global production offline) and Codelco's challenges as structural tailwinds for copper prices — and provides updates on Emerita's key catalysts: the imminent Aznalcóllar criminal trial verdict (expected October–November 2025), recent strategic claim acquisitions in Spain's Iberian Pyrite Belt, and drill results at the El Cura deposit showing wide, high-grade copper-gold-zinc intercepts.

The Deep Dive

Steven Hyland

2025-10-08 10:00

Silver’s Finally Breaking the System | Keith Neumeyer - First Majestic [Jerritt Canyon]

Preview:Keith Neumeyer argues silver is in a fundamentally different bull market than 2011: this move is being driven by real end-user and institutional buying, not just short covering, and he thinks $50 silver is close while $100 is a multi-year possibility rather than a near-term target. He also says First Majestic is benefiting from strong exploration results, a record cash position, and ongoing optionality at Jerritt Canyon, while the broader silver supply picture remains tight because few meaningful new mines are coming online.

The Deep Dive

Steven Hyland

2025-10-08 07:53

Are Lithium Studies Still Realistic at $24,000 a Tonne? - NOA Lithium PEA

Lithium PEA price assumptions vs spot price disconnectNOA Lithium Rio Grande project economicsEvaporation pond vs DLE extraction methods

Preview:A critical review of NOA Lithium's Preliminary Economic Assessment for the Rio Grande brine project in Argentina. The host argues that using a $24,000/tonne lithium price assumption when spot lithium trades below $10,000/tonne makes the study's economics unrealistic — analogous to pricing a gold mine study at $8,000/oz. The PEA shows strong numbers on paper ($1.3B NPV, 22.6% IRR), but management appears uncertain about key project parameters including extraction method, end product, and production scale.

The Deep Dive

Steven Hyland

2025-10-07 13:07

Atlas Salt: The Updated Feasibility Study

Atlas Salt updated feasibility studyGreat Atlantic Salt project economicsMine plan revision (production doubled, mine life cut)

Preview:Atlas Salt released an updated feasibility study for its Great Atlantic Salt project in Newfoundland. The revised plan nearly doubles annual production to 4M tons but cuts mine life from 34 to 24 years. While after-tax NPV jumped from $553M to $920M and IRR improved to 21.3%, the equity didn't rally — likely because the 2023 expansion-case scenario had suggested even better economics (pre-tax NPV of $2B at 28% IRR), leaving the current 4Mtpa plan looking less lucrative than originally envisioned. The project is shovel-ready with environmental approval in hand; the key gating item is now project financing.

The Deep Dive

Steven Hyland

2025-10-07 08:43

Another Gold Belt Tie-Up in Ontario: GoldX2 Expands Near Moss Lake

Preview:GoldX2 Mining (formerly Goldshore Resources) is acquiring Kessle Run Resources in a small cash-and-stock deal that consolidates the contiguous Heronian project with the Moss Lake deposit in Ontario's emerging Greenstone gold belt. The transaction gives Kessle Run shareholders an ~87% premium and a path toward production via Moss Lake's 6.7M oz gold resource, though the deal is unlikely to move the needle for GoldX2, whose focus remains on advancing Moss Lake toward development.

The Deep Dive

Steven Hyland

2025-10-06 08:31

They Said Oil Was Dead. They Were Wrong. | Michael Judson - Record Resources

Record Resources joint venture structureRecon Africa partnership and carried interest deal

Preview:Interview with Michael Judson, CEO of Record Resources (a Canadian nano-cap), about a joint-venture oil deal in Gabon. Record originated rights to an offshore block near existing production, then brought in Recon Africa as the technical/financial partner covering all costs for the first four-year phase (~$20M USD) in exchange for 55% ownership, leaving Record with a 20% carried interest. Judson's oil thesis is "evergreen" — oil always bounces back, the world needs it for another 15-20 years. He teases additional Gabon deals in the pipeline. No near-term production; first well drilling is ~12-18 months out, with 6 months of seismic reprocessing first.

The Deep Dive

Steven Hyland

2025-10-03 13:36

When $3,800 Gold Makes Even Small Projects Huge! - Fortune Bay Goldfields PEA

Permitting advantages and regulatory strategy

Preview:A solo-host segment analyzing Fortune Bay's Gold Fields project PEA in Saskatchewan. The speaker highlights how $3,650/oz spot gold transforms a small 64K oz/year project into a $1.25B NPV with sub-one-year payback. The thesis: sky-high gold prices are reviving long-dormant development projects with existing permits, creating outsized economics even for small-scale operations. Fortune Bay's 17-year-old EIS and past-producing status give it an accelerated path to production, though execution risk remains.

The Deep Dive

Steven Hyland

2025-10-01 13:00

The New Way to Play Gold? - Vox Acquires Asset Package

Vox Royalty asset acquisitionRoyalty vs. offtake agreements — structural differences

Preview:Vox Royalty is acquiring a portfolio of 10 gold offtake and royalty assets from Detera Royalties for up to $60M. The deal is heavily offtake-based (8 of 10 assets), not traditional royalties, with margins dependent on gold price volatility during short quotation periods. Revenue is transformational (~200% growth on a Q2 basis), but capital requirements rise sharply to fund offtake purchases, and margins are thin at ~$6,310/oz in H1 2025. The deal should enable GDXJ index inclusion in 2026.

The Deep Dive

Steven Hyland

2025-10-01 09:30

Uranium Is Back on America’s Radar | Corey Dias - Anfield Energy

Trump administration mining/energy policyAnfield Energy production roadmap

Preview:Corey Dias of Anfield Energy discusses the uranium market crossing $80/lb, the Trump administration's pro-domestic-mining stance, Anfield's NASDAQ uplisting, the expedited permitting of the Velvet Woods uranium-vanadium mine, and the company's hub-and-spoke production roadmap targeting mill restart in 2027. He also addresses UEC's 32% ownership stake and improving generalist investor sentiment.

The Deep Dive

Steven Hyland

2025-10-01 07:00

Why Uranium Prices Are Rising While Producers Struggle.

Cameco MacArthur River guidance cut and Q2 call analysisUranium producer margin analysis (Cameco, Energy Fuels, Paladin, Encore, UEC)Purchased vs. produced pound economics

Preview:A detailed sector analysis triggered by Cameco's MacArthur River guidance cut. The host argues that despite rising uranium spot prices (~$78.50/lb), many producers are struggling because they over-committed on delivery contracts relative to actual production, forcing them to buy pounds on the open market at a loss. The piece walks through margins for Cameco, Energy Fuels, Paladin, Encore, and UEC, contrasting them with developer projects (Denison's Wheeler River, NexGen's Rook One) that promise 83-90% margins. The core thesis: the real bottleneck is poor operator execution and balance-sheet damage from covering production shortfalls, not just physical supply scarcity.

The Deep Dive

Steven Hyland

2025-09-30 14:48

GOLD Leadership Shakeup Among Majors [Barrick Mining & Newmont]

Newmont CEO Tom Palmer retirement

Preview:On the same day gold breached $3,800/oz, both Barrick and Newmont announced CEO departures within hours of each other. The host examines the pattern: Barrick fired Mark Bristow (effective immediately), Newmont's Tom Palmer is retiring (end of year). Barrick has been quietly exiting exploration and selling non-core assets, mirroring Newmont's tier-one focus. The host speculates this simultaneous leadership clearing could set the stage for a Barrick-Newmont merger, especially with looming capital commitments to their Nevada Gold Mines joint venture — but frames this as pattern recognition, not insider knowledge.

The Deep Dive

Steven Hyland

2025-09-29 10:17

Japan Gold Enters New Chapter as Barrick Alliance Concludes - John Proust

Junior mining company strategy and partnership model

Preview:Japan Gold's five-year Barrick alliance has concluded mutually, with Barrick's exploration team returning 100% ownership of all projects and ~$23M in exploration data to the company. CEO John Proust frames the separation as bittersweet — losing a major partner but gaining full control of a de-risked portfolio with priority targets already identified for drilling, with first results due November 2025.

The Deep Dive

Steven Hyland

2025-09-26 16:16

The Global Conflict Has Already Started! | Bryan Cunningham

Social media polarization and algorithmic rage economicsJimmy Kimmel suspension and FCC First Amendment overreachTikTok, ByteDance divestiture, and CCP narrative control

Preview:Bryan Cunningham (Liberty Defense) discusses the Charlie Kirk assassination and social-media-driven polarization, the Jimmy Kimmel suspension as a free-speech flashpoint, TikTok/CCP influence and the bot problem, China EV tariffs and national security, NATO's response to Russian drone incursions into Poland, and why he believes the West is already in a lukewarm global conflict with the autocracies. He is bullish on Ukraine's eventual military success but worried about the geopolitical endgame.

The Deep Dive

Steven Hyland

2025-09-26 10:32

Why Sage Potash Could Be America’s Next Fertilizer Powerhouse

Sage Potash PEA resultsUS potash import dependence and critical minerals listSolution mining vs conventional potash extraction

Preview:A sponsored deep dive on Sage Potash and its Sage Plains project in Utah's Paradox Basin. The host argues that potash's recent addition to the US critical minerals list, combined with 95% import dependence (mostly from Canada), creates a compelling setup for a domestic producer. The PEA shows 300K tons/year KCL production, $155M capex, $143/ton OPEX, 39% IRR, with a $110-$150/ton transport cost advantage over Canadian imports. The thesis leans heavily on permitting tailwinds from critical mineral status and a USDA grant that already covers ~10% of capex.

The Deep Dive

Steven Hyland

2025-09-25 07:01

Is This the Start of a New Gold Rush | Russell Ashton - Juggernaut Exploration

Junior mining discovery storyPolymetallic vein systems

Preview:Russell Ashton of Juggernaut Exploration presents the company's early-stage exploration story at Beaver Creek. The Big One property in BC's Golden Triangle has identified over 500 polymetallic veins on surface over ~30 days of fieldwork, with grades up to 8.3 oz/ton gold and silver up to 3,000 g/t. No drilling yet — inaugural drill program targeted for 2026. The technical team overlaps with Goliath Resources' Surebet discovery team. Key catalysts: drill permit expected within two weeks, multi-element and silver assays in ~4 weeks, and 3D modeling ahead of drill targeting.

The Deep Dive

Steven Hyland

2025-09-24 13:05

Barrick Mining’s Fourmile PEA: Hype or Reality?

Preview:A critical analysis of Barrick Mining's updated PEA for the Fourmile gold project in Nevada. The speaker argues that the economics are built largely on "exploration upside" ounces that haven't been confirmed to even inferred resource status, producing a claimed 25+ year mine life versus ~10 years from the current resource. Key financial metrics like NPV, IRR, and payback period were notably absent from Barrick's disclosure, raising transparency concerns despite the project's genuine geological potential.

The Deep Dive

Steven Hyland

2025-09-24 08:38

The Russell Will Lead the Next Market Crash!? | John Feneck

gold equitiessmall-cap minersFed cuts

Preview:John Feneck argues the precious-metals trade is still early, with gold and gold equities continuing to benefit from loose fiscal/monetary policy and growing institutional interest. He says the strongest opportunity is in micro/small-cap miners and developers, while some stretched positions should be trimmed as RSI and valuation get extended.

The Deep Dive

Steven Hyland

2025-09-23 14:05

Gold Bulls Run Faster Than New Mines?! | Thomas Mumford - Scottie Resources

Scottie Resources corporate overviewGolden Triangle BC mining jurisdictionDirect-ship-ore (DSO) mine development model

Preview:Thomas Mumford, representing Scottie Resources, gives a company update at a gold conference. He outlines Scottie's transition from explorer to near-term producer in BC's Golden Triangle, highlighting a direct-ship-ore model, a newly closed $16.8M financing (half from offtake partner Ocean Partners), a high-grade infill drill result (~30 g/t gold over 24m), a bulk sample set to ship by October 2025 with revenue expected by year-end, a PEA due in October, and a production target of 2028 with permitting taking 2-2.5 years.

The Deep Dive

Steven Hyland

2025-09-22 14:00

Silver still at 90:1, What If It Snaps Back to 15:1? | Glenn Jessome - Silver Tiger

US critical minerals list and silver strategic reclassification

Preview:Glenn Jessome of Silver Tiger Metals discusses the silver bull market, noting the gold-silver ratio remains near 90:1 despite silver hitting a 14-year high. He highlights silver's recent addition to the US critical minerals list, the Saudi Wealth Fund's first major silver purchases, and improving mining permitting in Mexico. For Silver Tiger specifically, he outlines the open-pit economics (86M capex, 580M NPV at spot, payback 1.2 years), the imminent permit amendment, upcoming underground PEA, and a district-scale exploration plan across 25km of the Sierra Madre trend. He intends to build the mine into production and is not looking to sell.

The Deep Dive

Steven Hyland

2025-09-22 11:00

America Uses More Copper Than It Makes!? | Simon Quick - Canadian Copper

US copper supply deficit and critical minerals policyOcean Partners as strategic financing partner

Preview:Interview with Simon Quick, CEO of Canadian Copper, discussing the company's $10M financing at a market premium led by Ocean Partners (80% of the book), the path toward a 2027 construction decision for the Murray Brook deposit in New Brunswick, and the broader context of US critical minerals policy potentially benefiting Canadian copper producers. Quick outlines a clear de-risking timeline: baseline permitting completion by end-2025, EIA submission in Q1 2026, and targeted concentrate production ~36 months from a go decision.

The Deep Dive

Steven Hyland

2025-09-20 10:37

Could This Be Canada's Next Major Gold Find? Goliath Resources [DD on the Go Episode 4]

drill results

Preview:This episode argues that Goliath Resources may be building one of Canada’s most promising gold discoveries in BC’s Golden Triangle. The hosts emphasize the scale, grade, and drill consistency at the Surebet/Sherbet discovery, while framing Kitsault’s infrastructure and the current 60,000 m drill program as key advantages that could eventually appeal to a major miner.

The Deep Dive

Steven Hyland

2025-09-18 15:00

The Silver Game-Changer! | First Majestic's Los Gatos

Los Gatos mineSilver mining economics

Preview:A detailed technical overview of First Majestic Silver's Los Gatos (Los Gatau) mine in Chihuahua, Mexico — acquired via the Gatau Silver all-stock deal in January 2025. The host walks through production metrics, cost structure, reserve/resource estimates, geology, exploration upside, and NPV economics at various silver prices. The thesis: Los Gatos is the lowest-cost, highest-margin asset in First Majestic's portfolio, with a 10-year mine life and significant district-scale exploration potential on only ~5% of the 103,000-hectare land package drilled so far.

The Deep Dive

Steven Hyland

2025-09-18 14:00

Chaos Pushes Gold Higher, But Can Governments Hold It Down? | John-Mark Staude - Riverside Resources

Preview:John-Mark Staude of Riverside Resources joins The Deep Dive at Beaver Creek to discuss the gold market and Riverside's project portfolio. He sees gold as "warm" but not yet toppy, driven by geopolitical chaos, de-dollarization, and momentum, with governments as the only real counterforce. On the junior mining sector, he notes a structural shift from long-only funds to hedge funds but sees early signs of new private investment groups forming. He then walks through Riverside's active drill program at the Leon project (optioned to Quest Corp/QQQ) and the spinout of Blue J, a Yukon-focused gold explorer with assets near Greenstone Gold. Staude flags four key catalysts for Riverside over the next year: Leon drill results, new BC gold projects, royalty streams, and further spinouts.

The Deep Dive

Steven Hyland

2025-09-18 11:38

Gold Exposes What Money Printing Did to the Middle Class | Luke Norman - US Gold Corp

fiat debasementmiddle-class purchasing power

Preview:Luke Norman argues gold is still early in a long revaluation versus fiat money after decades of “paper printing,” and he ties that to middle-class erosion, housing inflation, and central-bank buying. He also gives a company update on US Gold Corp: a US-listed junior miner with a permitted Wyoming project, a feasibility study targeted for late Q4, and a financing path that depends on that next study.

The Deep Dive

Steven Hyland

2025-09-18 09:19

$5,000 Gold Next Year in Now Realistic?! | Ryan Snow - i 80 Gold Corp

Archimedes underground permit and development timeline

Preview:Interview with Ryan Snow of i-80 Gold at the Beaver Creek precious metals conference. Snow reports bullish conference sentiment with attendees discussing $4,000-$5,000 gold within 12 months. He outlines i-80 Gold's three-phase development plan in Nevada targeting 600,000 oz/year production, reviews recent Q2 results ($28M revenue), the Archimedes underground permit milestone, and a catalyst-rich 2026 roadmap including feasibility studies and the Lone Tree autoclave refurbishment study.

The Deep Dive

Steven Hyland

2025-09-17 15:00

$42 Silver is just the beginning?! | Nathan Harte - Avino Silver

La Preciosa asset and growth strategy

Preview:Nathan Harte of Avino Silver & Gold Mines, interviewed at a precious metals conference, argues silver's run is just beginning. He outlines Avino's growth story: a junior Mexican silver producer (~2.5-3M AgEq oz/year) aiming for 8-10M oz by 2029, with the La Preciosa asset as the key growth engine. Recent catalysts include royalty buyback, strong drill results, and permitting success. The tone is promotional but grounded in concrete operational milestones.

The Deep Dive

Steven Hyland

2025-09-17 14:00

Why Japan Could Shock the Gold Market?! | John Proust - Japan Gold

Japan gold mining sector reopening

Preview:John Proust, CEO of Japan Gold, pitches the company as a first-mover in Japan's recently reopened gold mining sector. He highlights Japan's geopolitical safety, underexplored epithermal districts analogous to Sumitomo's Hishikari mine (30-40 g/t gold, ~$500/oz AISC), and validation from major partners Barrick and Newmont. Drilling has commenced at the Mizobe project with initial results expected November 2025. He also notes antimony as a potential strategic by-product and the possibility of bringing in additional joint-venture partners to unlock further district-scale opportunities.

The Deep Dive

Steven Hyland

2025-09-17 11:30

The Next Gold Fortune Won’t Be in Canada?! | Anthony Milewski - The Oregon Group

US dollar decline and weaponization

Preview:Anthony Milewski of The Oregon Group discusses the macro drivers behind gold's rally to new highs — central bank buying, dollar weaponization, and US dollar decline. He's bullish on gold via GDX/GDXJ and select developers, but sees the next big opportunity in overlooked gold projects in Africa and the Congo rather than repriced Canadian names. He also flags critical minerals (rhenium, tungsten, antimony) as interesting but overshadowed by the gold tape, with a refining bottleneck tied to China.

The Deep Dive

Steven Hyland

2025-09-17 09:44

Gold’s New Paradigm! | Shaun Heinrichs - 1911 Gold

Preview:An interview with 1911 Gold CEO Shaun Heinrichs. Gold is in the early stages of a sustainable, long-term bull run, resetting to a $3,000+ floor. Heinrichs lays out 1911 Gold's catalyst-rich 12-month timeline: underground drilling starts within weeks, a PEA by Q1 2026, bulk sample/test mining in 2026, a resource update targeting 30-40% growth, and production restart by early 2027. The True North complex has a permitted mill, 1.1M oz resource, and distinct advantages vs. prior failed operators.

The Deep Dive

Steven Hyland

2025-09-16 12:01

Gold’s Rise Isn’t About Inflation..... It’s About Power! | Florian Grummes - Midas Touch

Preview:Florian Grummes (Midas Touch) lays out the four macro drivers behind gold's rally: central bank buying to de-dollarize, relentless Chinese physical demand, global M2 money supply expansion, and the secular bear market in bonds pushing institutional capital toward gold. He frames the move not as an inflation trade but as a geopolitical unwind of five decades of paper-gold dominance. On mining equities, he emphasizes management track record, jurisdiction, and the discipline to buy dips rather than chase spikes, while acknowledging that quality names that haven't already moved are hard to find.

The Deep Dive

Steven Hyland

2025-09-16 10:19

Barrick Mining Sells Their LAST Canadian Mine

Preview:Barrick Mining has sold its last operating Canadian asset, the Hemlo gold mine in Ontario, for up to $1.1 billion to shell company Carcetti Capital Corp. (to be renamed Hemlo Mining Corp). The deal is backed by a $1 billion financing package involving Wheaton Precious Metals ($400M gold stream), Orion Mine Finance ($100M), and Scotia Bank ($225M debt). A seasoned management team led by Jason Casix and including Hemlo's original discoverer Robert Quartermain will run the new entity. A prefeasibility study shows 14 years of mine life remaining with 2.3M oz probable reserves, NPV of $1.1B at $2,780 gold — essentially the purchase price. The speaker views the new entity as a potential investable mid-tier gold producer but notes Barrick's Canadian exit isn't exactly positive.

The Deep Dive

Steven Hyland

2025-09-16 07:01

Why Gold Royalties Could Soar in This Cycle!? | Derrick Pattenden - Nations Royalty

Nations Royalty business model and indigenous royalty aggregation

Preview:An interview with Nations Royalty CEO Derrick Pattenden at the Beaver Creek conference. Gold sentiment is enthusiastic, with many believing a new bull market is starting. Nations Royalty is Canada's first majority indigenous-owned royalty company, focused on aggregating royalties from Impact and Benefit Agreements (IBAs) that indigenous groups hold with miners. The portfolio includes five royalties in BC's Golden Triangle, headlined by the massive KSM deposit (47M oz gold, 7B lbs copper). Currently generating ~C$1-1.2M/year from the Brucejack mine, with catalysts being a KSM partner announcement and a new indigenous royalty deal. Pattenden addresses the "crystallizing and re-demanding" risk head-on.

The Deep Dive

Steven Hyland

2025-09-15 13:00

Gold at Record Highs Validates the Cycle | Tara Christie - Banyan Gold Corp

resource estimate and geological model

Preview:Tara Christie, CEO of Banyan Gold, discusses gold's record highs as validation for developing the AurMac deposit in the Yukon. She attributes Banyan's 300% stock rally to the updated resource estimate (6.2M oz), a new geological model showing a coherent high-grade core, resolution of a receiverhip overhang, and drill results demonstrating 1g+ intercepts. The company is upsizing its 2025 drill program from 30,000m to 40-45,000m, targeting 5M oz of 1g+ material for a mine plan, with a PEA pushed to 2026. Christie highlights Banyan's valuation at ~$34/oz versus a peer at ~$100/oz and notes a new analyst target of C$1.70 from Paradigm Capital.

The Deep Dive

Steven Hyland

2025-09-15 11:23

Majors Don’t Want to Be Left Out of This Gold Run | Mike Bennett - Altamira Gold Corp

Preview:Mike Bennett, CEO of Altamira Gold Corp, presents the company's gold exploration story in the Alta Floresta gold belt in central Brazil. With a combined resource of ~1.4M ounces across two deposits (Central and Maria Bonita) and nine newly identified regional targets, Bennett argues the project is evolving from a small gold deposit into a porphyry district. Recent drilling (Hole 32) doubled the depth of known mineralized rock to 546m. A recent financing was heavily oversubscribed. Bennett hints that major mining companies are showing interest, driven by the large-tonnage, low-grade porphyry potential that majors seek. Key shareholders include Crescat Capital (16%), Aura Minerals (11%), and management/family (~10%).

The Deep Dive

Steven Hyland

2025-09-15 09:26

Gold Isn’t Slowing Down Anytime Soon!? | Terry Lynch - Power Metallic

Canadian capital markets dysfunctionShort market exempt rule

Preview:Terry Lynch of Power Metallic joins The Deep Dive to discuss Canadian capital market dysfunction, the broken short-selling regime, and why gold's macro tailwinds are unlikely to fade. He argues that Canada is bleeding risk capital — down to $20B annually — and that fixing the capital markets by ending the "short market exempt" loophole is the fastest way to restore jobs, taxes, and affordability. The conversation ties geopolitical turmoil to gold's robustness, updates Power Metallic's drilling progress (~20,000m, assays coming, NY listing imminent), and frames the US listing as a defense against predatory Canadian short-selling.

The Deep Dive

Steven Hyland

2025-09-15 07:30

Tether bites deeper into gold! | Elemental Altus x EMX Royalty

Royalty sector M&A consolidationElemental Altus x EMX Royalty merger termsTether Investments gold strategy

Preview:Elemental Altus and EMX Royalty are merging in an all-stock transaction to form Elemental Royalty Corp, a ~$933M market cap mid-tier royalty company. The deal is backed by Tether Investments, which holds a 38% stake in Elemental Altus and is investing an additional ~$100M. The combined entity will have 16 producing royalties, four cornerstone assets, and a portfolio of ~200 royalties heavily weighted toward precious metals. The host frames Tether's deepening gold exposure as a potential signal that capital is rotating from crypto back into precious metals.

The Deep Dive

Steven Hyland

2025-09-12 17:00

Pure Silver Play Delivers 700% in a Gold Bull Market! | Arturo Préstamo - Santacruz Silver

700% one-year stock performanceBalance sheet cleanup and Glenco debt payoff

Preview:Interview with Arturo Préstamo, CEO of Santacruz Silver, at a junior mining conference. The company is up ~700% over the past year, driven by a clean balance sheet (debt/streaming/royalties now fully paid off), strong free cash flow (~$80-90M on a ~$110-120M budget), and a Bolivian currency devaluation that lowered operating costs. He signals organic growth plans coming soon and explicitly rules out an equity raise. The conversation is promotional but grounded in delivered operational metrics.

The Deep Dive

Steven Hyland

2025-09-12 15:30

Why This Gold Run Could Be Bigger? | Roger Rosmus - Goliath Resources

Goliath Resources Surebet discovery100% drill hit rate and stacked-vein geology

Preview:Roger Rosmus of Goliath Resources discusses the gold macro backdrop (potentially $3,700–$4,000/oz), Goliath's 100% drill hit rate at the Surebet discovery in BC's Golden Triangle, a 60,000m drill program with only 14 of ~115 holes reported so far, progress toward defining a high-grade 300x300m pod (targeting ~1M oz), a re-logging program that revealed previously overlooked gold in calc-silicate breccia, and a strong balance sheet boosted by a ~$9M unrealized gain on held stock. The interview is a company-level update with a bullish gold overlay.

The Deep Dive

Steven Hyland

2025-09-12 13:47

Why This Silver Run Is Different?! | Mani Alkhafaji - First Majestic

First Majestic earningscapital allocation

Preview:Interview with First Majestic CEO/representative Manny Alkhafaji on the silver breakout and the company’s operating leverage to higher prices. He says silver’s move is being driven by fundamentals, especially supply-demand tightness, and that First Majestic is responding with record financial results, continued cost control, more exploration, and selective capital spending across Santa Elena, San Dimas, Los Gatos, and Jerritt Canyon.

The Deep Dive

Steven Hyland

2025-09-12 13:25

It’s a Great Time to Be Building a Gold Project | Martino De Ciccio - Montage Gold

Koné project construction progress and timelineExploration results and resource growth at KonéWheaton stream structure and its implications for new discoveries

Preview:Interview with Montage Gold CEO Martino De Ciccio at Beaver Creek. He outlines the Koné project in Côte d'Ivoire: construction on track for Q2 2027 first gold, with an oxide-circuit scenario pulling it forward to late 2026. The company has $950M in funding, major shareholders Lundin (20%) and Zijin (~10%), and a $625M Wheaton stream. Exploration has grown resources from ~5Moz to 6Moz+ across 15 deposits (9 at resource stage, 6 pre-resource), with new deposits grading 60-180% higher than Koné. Strategic investments in Sanu (Guinea), African Gold, and Oram add optionality. Near-term catalysts: updated resource estimates, ball-mill delivery Q1 2026, and index-inclusion flows (MSCI already).

The Deep Dive

Steven Hyland

2025-09-12 08:50

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway - Rackla Metals

Preview:Interview with Simon Ridgway, CEO of Rackla Metals, discussing the company's exploration program in the Tombstone Gold Belt (NWT). Ridgway explains they made a surface gold discovery on an untested mountain and have completed ~4,600m of drilling across 10 holes, with first assay results due in 2-3 weeks. He draws analogies to nearby Snowline Gold's multi-million-ounce discovery and notes that major shareholders (Crescat Capital, the Gubbins family) see similar potential. The conversation also touches briefly on gold's macro drivers — currency debasement, geopolitical instability, and the weaponization of the US dollar — though Ridgway admits macro isn't his focus.

The Deep Dive

Steven Hyland

2025-09-11 13:24

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Antimony Resources Baldill projectPhase 1 and Phase 2 drill programsAntimony grade and deposit quality claims

Preview:Interview with Jim Atkinson of Antimony Resources discussing the Baldill project in New Brunswick, which he claims holds the highest-grade antimony deposit in North America. The company recently completed a 3,150m Phase 1 drill program hitting high-grade antimony in 70% of holes, with widths of 4-5m at 5-7% Sb. A 6,500m Phase 2 drill program is starting mid-September, alongside trenching across a 2km soil anomaly. Atkinson expresses frustration that the market cap remains low relative to results, attributing it to competitors using grab samples rather than drill intercepts. The company is progressing toward a maiden resource estimate, potentially by early 2026, and has structured its option agreement with Globex such that financing is not a near-term concern.

The Deep Dive

Steven Hyland

2025-09-11 12:01

This Gold Market Is Fueling Big Swings - Rory Quinn - Yukon Metals Corp

Gold price environment and junior mining capital flowsBirch copper porphyry and skarn mineralization

Preview:Rory Quinn, CEO of Yukon Metals Corp, discusses the company's 2025 exploration program across three Yukon projects (Star River, Birch, AZ), the favorable gold price environment, and the thesis that seniors-to-juniors capital trickle-down is underway. The company is backed by the Berdahl family (founders of Snowline Gold) and is targeting large-scale copper-gold-silver systems with ~6,000m of drilling. Quinn emphasizes that assays through year-end into January are the key catalyst for investors.

The Deep Dive

Steven Hyland

2025-09-11 10:15

Why This Gold Run Isn’t Over Yet! | Scott Hicks - Prime Mining

Deal structure and shareholder value proposition

Preview:Scott Hicks, CEO of Prime Mining, discusses the acquisition of Prime by Torex Gold in the context of record gold prices. He remains bullish on gold due to fundamental drivers and argues the deal gives Prime shareholders leveraged exposure to gold via Torex's producing operations plus retained upside in the Los Reyes project. Key points include the deal structure (10.7% pro forma ownership for Prime shareholders), exploration methodology focused on high-margin ounces, the paused PEA now in Torex's hands, and a candid discussion of Mexico jurisdictional risk including security-related drilling pauses. The shareholder vote is set for September 29, with closing expected in H2 2025.

The Deep Dive

Steven Hyland

2025-09-11 08:47

This Debt Cycle Ends With Gold? | Allan Candelario - STLLR Gold

Preview:Interview with Allan Candelario of STLLR Gold at a gold conference. Candelario frames record gold prices as a response to global currency debasement and unsustainable sovereign debt, driving a flight to safe havens. He outlines STLLR's three assets: the Tower Gold flagship in Timmins (large-scale, ~300k oz/yr PEA), the Colomac project in NWT (exploration upside), and the Hollinger tailings project, which benefits from Ontario's new expedited mining act and could reach cash flow faster. The nearest catalyst is the Hollinger resource estimate and metallurgical results due in H2 2025.

The Deep Dive

Steven Hyland

2025-09-11 07:01

Why Silver Lags Even at $41? | Dan Dickson - Endeavor Silver Corp

Terronera mine commissioning and ramp-upColpa mine acquisition and integration

Preview:Dan Dickson, CEO of Endeavour Silver, discusses the company's growth path from ~8M to ~20M silver equivalent ounces annually by 2026, the commissioning of the Terronera mine (near commercial production), integration of the Colpa mine in Peru, recent Q2 earnings headwinds from mark-to-market gold hedges and commissioning expenses, and the next catalyst — advancing the Pitarrilla project toward a feasibility study and construction decision within 12 months.

The Deep Dive

Steven Hyland

2025-09-10 15:00

Why $10K Gold No Longer Sounds Crazy. | Dan Wilton - First Mining Gold

US fiscal deficits and debt unsustainability

Preview:First Mining Gold CEO Dan Wilton discusses the macro case for $10,000+ gold — driven by US fiscal unsustainability, geopolitical instability, and central bank de-dollarization — alongside his company's two large Canadian development projects (Springpole, 5M oz; Duparquet, 3.5M oz M&I). The thesis leans on the extreme NPV leverage these assets offer at higher gold prices relative to a sub-C$300M market cap, with EA approval at Springpole (expected H1 2026) as the key de-risking catalyst.

The Deep Dive

Steven Hyland

2025-09-10 14:25

The Pure Silver Set Up! | Joaquin Marias - Argenta Silver Corp

Recent drill results including record high-grade intercepts

Preview:Joaquin Marias, CEO of Argenta Silver, presents the company's pure silver story: a high-grade silver project in Argentina (El Quevar) with an existing 45.3M oz indicated resource at 482 g/t Ag, strong infrastructure, and recent spectacular drill results including a record intercept of 1m at 18,467 g/t silver. With C$24M in treasury, no debt, and 15,000m of drilling planned, Marias emphasizes lean capital deployment and continuous news flow as the near-term catalyst path.

The Deep Dive

Steven Hyland

2025-09-10 13:00

Why $30,000 Gold Isn’t Crazy! | Simon Marcotte - Northern Superior

Chinese QE unwind via tariffs

Preview:Simon Marcotte of Northern Superior presents a structural bull case for gold, arguing tariffs are reversing 25 years of Chinese QE that inflated asset bubbles. He maintains his $30,000/oz gold target, frames Tether's gold buying as a bridge from crypto to gold, and outlines Northern Superior's strategy of consolidating the Chibougamau gold camp, with a resource update on Filibbert potentially coming by year-end.

The Deep Dive

Steven Hyland

2025-09-10 12:17

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King - Equinox Gold

Greenstone mine ramp-up challenges and progress

Preview:Ryan King, VP of Investor Relations at Equinox Gold, discusses the gold bull market, the merger between Caliber Mining and Equinox Gold, and the company's key growth assets (Greenstone and Valentine mines). He frames the gold rally as driven by central bank de-dollarization post-2022 Russia sanctions, argues the merger was value-accretive despite initial skepticism, and outlines a 2026 production target of 900k-1.1M ounces with strong free cash flow generation as both Canadian assets ramp to nameplate capacity.

The Deep Dive

Steven Hyland

2025-09-09 14:00

New Found Gold Buys Maritime | Fast-Tracks to Production

Preview:New Found Gold (NFG) has entered a definitive agreement to acquire Maritime Resources, bringing forward NFG's path to production by securing Maritime's fully-permitted Hammerdown mine and its Pine Cove Mill / Nugget Pond processing infrastructure. The deal values Maritime at ~$292M (0.75 NFG shares per Maritime share), with the market reacting negatively — both names traded down ~5%. The speaker views the deal as strategically prudent for NFG (derisking Queensway's development and gaining near-term cash flow) but notes Maritime shareholders got a thin premium, likely because news leaked ahead of the announcement.

The Deep Dive

Steven Hyland

2025-09-09 13:23

$1.8B Gold Study in Quebec | Amex Drops New PEA

Amex Exploration revised PEAphased mine development and toll milling

Preview:A walkthrough of Amex Exploration's revised Preliminary Economic Assessment (PEA) for the Peron gold project in Quebec's Abitibi region. The updated plan lowers initial capex from $229M to $78M via a phased approach (toll milling first, then on-site mill), extends mine life to 17.5 years, and shows an after-tax NPV of $1B at $2,500/oz gold with a 70% IRR. At spot gold (~$3,500/oz), the NPV jumps to $1.8B with a 108% IRR and 5-month payback. The host suggests the project is an attractive takeout target for a major.

The Deep Dive

Steven Hyland

2025-09-08 12:43

Low Costs, Big Gold — Soto Norte’s Billion-Dollar Math | Aris Mining PFS

Capex reduction and mine plan optimization

Preview:A detailed walkthrough of Aris Mining's prefeasibility study for the 51%-owned Soto Norte gold/silver/copper project in Colombia. The revised plan halves processing capacity to 3,500 tpd (with 750 tpd reserved for artisanal miners), extends mine life to 22 years, and slashes initial capex from $1.2B to $625M. At $2,600/oz gold, the after-tax NPV is $2.7B with a 35.4% IRR and 2.3-year payback. At $3,200/oz, NPV jumps to $3.6B. AISC of $534/oz makes it one of the lowest-cost producers globally.

The Deep Dive

Steven Hyland

2025-09-06 07:00

Gold Hits All-Time High and Fury Drops a $1B PEA

Toll milling vs. standalone processing

Preview:A solo analysis of Fury Gold Mines' preliminary economic assessment (PEA) for its Oaklair project in Quebec, released just as gold hit all-time highs above $3,500/oz. The study outlines three processing scenarios (base case standalone, hybrid, and full toll milling) with NPVs ranging from $554M to $639M at $2,400/oz gold — and jumping above $1B at $3,360/oz. The speaker sees Fury as well-positioned with a prudent CEO and strong project optionality in a ripping gold market.

The Deep Dive

Steven Hyland

2025-09-05 13:00

Gold Output Drops, Can Soma Bounce Back in H2? | Q2 Earnings

grade decline and recovery rates

Preview:Soma Gold's Q2 2025 results were mixed — revenue of $23M was roughly flat YoY but down sharply QoQ, reflecting a production drop to 5,300 oz of gold vs. 6,600 oz in Q1. Lower grades and resolved mechanical issues at the El Bagre Mill drove the shortfall. Higher realized gold prices ($3,269/oz) cushioned the blow. The company remains well short of its ~32,000 oz annual production target but projects a much stronger H2 as the Limón Mill ramps and leach capacity improvements lift recoveries toward 90%.

The Deep Dive

Steven Hyland

2025-09-05 12:00

New Copper Giant in the Making? | Marimaca’s DFS

Hub and spoke mining development strategy

Preview:A detailed walkthrough of Marimaca Copper's newly released Definitive Feasibility Study (DFS) for its oxide deposit in Antofagasta, Chile. The study outlines 50,000 tonnes/year copper cathode production with a $587M initial capex, $1.45/lb C1 costs over the first five years, and a post-tax NPV of ~$790M at $4.30/lb copper. The presenter emphasizes the project's "hub and spoke" growth strategy, oversized infrastructure designed for expansion, and advanced permitting — positioning Marimaca as a potential new copper producer before decade-end.

The Deep Dive

Steven Hyland

2025-09-05 10:09

Silver Revenue Surges as Avino Builds Momentum | Q2 Earnings

Mine operating income and cost trends

Preview:Avino Silver and Gold Mines (ASM) posted Q2 2025 revenue of $22M (+47% YoY), driven by higher silver-equivalent ounce sales and a realized silver price of $33.85/oz. Mine operating income exceeded $10M for the third straight quarter. Production was modestly higher YoY at 646K AgEq ounces, though grades and recoveries declined as the company processed lower-grade sections of the mine plan — offset by record mill throughput (+36% YoY). The company remains on track for 2025 guidance of 2.5–2.8M AgEq ounces and is advancing its second mine (La Preciosa) with blasting/decline construction underway. Cost containment at this scale is a highlighted positive. The tone is consistently bullish on execution but acknowledges Q2 was softer than Q1's record figures.

The Deep Dive

Steven Hyland

2025-09-03 08:32

Electric Metals Pushes US Manganese Project With Bold PEA

Manganese critical mineral thesisUS domestic critical mineral supply chain

Preview:A rundown of Electric Metals' preliminary economic assessment (PEA) for its Northstar manganese project in Minnesota. The host walks through the project's specs — 25-year life, $475M capex, 43.5% IRR — and flags that the PEA's $2,500/ton price assumption is about 3x the current ~$740/ton spot price. The bullish thesis hinges on manganese being a critical mineral with zero US domestic production, which could attract government price support similar to what MP Materials received for rare earths.

The Deep Dive

Steven Hyland

2025-09-03 08:18

Guanajuato Silver Q2 Earnings | Output Drops as Costs Climb

Cost inflation in silver mining

Preview:Guanajuato Silver's Q2 2025 results showed broad declines — revenue down 13% QoQ to $19M, production down 11% to 659K AgEq oz (worst quarter in 2+ years), and costs rising to $21.67/oz cash cost. The company posted a net loss of $3.7M. Bright spots included a fifth consecutive quarter of positive mine operating income and adjusted EBITDA. Management's new strategy emphasizes grade over tons, but the speaker views this as reactive and remains skeptical about whether it will improve performance.

The Deep Dive

Steven Hyland

2025-09-03 08:07

MEG Energy: Cenovus Comes In With $7.9 BILLION Buyout Offer

Strathcona Resources hostile bidCanadian oil sands consolidation

Preview:A detailed walkthrough of the C$7.9 billion Cenovus Energy agreement to acquire MEG Energy, set against the backdrop of a hostile C$5.9 billion bid from Strathcona Resources. The host frames it as a rare Canadian junior-market bidding war, contrasting the two offers and concluding that MEG shareholders are the clear winners with a 33% premium from Cenovus vs Strathcona's initial 9.3% premium.

The Deep Dive

Steven Hyland

2025-08-25 13:58

Orla Gold Q2 Boosted by Musselwhite but Cuts Guidance

Musselwhite mine acquisition impactCamino Rojo pit wall collapse

Preview:Orla Mining's Q2 2025 results reflect the transformative impact of its $850M Musselwhite acquisition from Newmont, with revenue soaring 211% YoY to $264M. However, a pit wall collapse at Camino Rojo in Mexico on July 23 forced a guidance cut, reducing 2025 production estimates from 110-120k oz to 95-105k oz and raising cost guidance. The video is a straightforward earnings recap — no macro commentary or broader thesis.

The Deep Dive

Steven Hyland

2025-08-25 12:58

Silver Sales Up but Losses Continue | Endeavour Silver Q2 Earnings

Terronera mine commissioning delays and recovery shortfallsCulpa mine acquisition and production contribution

Preview:Endeavour Silver's Q2 2025 results show a mixed picture: revenue jumped 46% YoY to $85M on higher silver/gold prices and the new Culpa mine acquisition, but the company still posted a $20.5M net loss. Terronera's commissioning has exceeded its 90-day ramp-up window, with recovery rates (71% silver, 67% gold) well below design specs. Excluding Culpa, legacy production actually declined. The balance sheet weakened with working capital turning negative. The takeaway: Endeavour is in a messy growth phase where costs are running ahead of benefits, but the speaker sees a path to improvement once Terronera reaches commercial production.

The Deep Dive

Steven Hyland

2025-08-21 14:00

Sandstorm Gold Fades Into Royal Gold Merger | Q2 Earnings

Preview:Sandstorm Gold Royalties posted record Q2 2025 revenue of $51M (+24% YoY) driven by surging gold prices, but gold-equivalent ounce sales hit a two-year low and production dropped sharply QoQ. The results are largely academic: Royal Gold is acquiring Sandstorm for ~$3.5B, expected to close in Q4 2025, with shareholders receiving 0.0625 RGLD shares per SAND share. The host frames the quarter as "good enough" — not a bomb, so the deal stays intact.

The Deep Dive

Steven Hyland

2025-08-21 12:54

What Happens If Silver Finally Breaks $50? | Gary Thompson - Silver47

Red Mountain project

Preview:Gary Thompson, Chairman of Silver47, discusses the silver market outlook — expecting a breakout above $40 toward $50 — and provides a post-merger update on Silver47's operational strategy, asset rotation across Alaska, New Mexico, and Nevada, drill plans, critical minerals upside, and share structure.

The Deep Dive

Steven Hyland

2025-08-21 09:13

Silver Output Slips as Costs Climb | Aya Gold & Silver Q2 Earnings

Silver mining grades and dilutionProduction miss vs guidance

Preview:Aya Gold & Silver's Q2 2025 results show record revenue of ~$39M (up 182% YoY) but deteriorating grades, rising costs, and production that fell quarter-over-quarter despite higher throughput. The company is significantly off pace for its 5-5.3M oz annual guidance, with year-to-date costs well above the $15-17.50/oz target range. Management insists guidance is achievable and cites July production above 400,000 oz, but at least one analyst (SCP) forecasts a sub-5M oz year. The core issue is mining dilution from aggressive expansion that degraded ore quality.

The Deep Dive

Steven Hyland

2025-08-20 10:00

$10,000 Gold Is Just a Question of Time | Florian Grummes

Fiat debasement and central bank policy

Preview:Florian Grummes of Midas Touch Consulting lays out a bull case for gold, arguing that the current four-month consolidation near $3,300–$3,400 is healthy after a ~100% rally from the $1,615 triple low. He sees $4,000 and $5,000 as near-term round-number targets once $3,500 breaks, and ultimately calls $10,000 gold "just a question of time." The core driver is ongoing fiat debasement by governments and central banks globally, with physical Asian buying, Western ETF inflows still early, and mining equities just beginning to attract generalist capital. He flags a true blow-off top — vertical silver, gold doubling in weeks, the gold/silver ratio collapsing to 15–30, and cab drivers talking about it — as the eventual exit signal, noting that none of these are anywhere close yet.

The Deep Dive

Steven Hyland

2025-08-20 09:30

i-80 Gold Boosts Cash but Still Bleeding | Q2 Earnings

Recapitalization and balance sheet turnaroundMulti-mine development strategy vs single-asset approach

Preview:A review of i-80 Gold's Q2 2025 results: revenue surged 287% YoY to $28M on higher gold prices and production, but the company still posted a $30M net loss. The key development was a $186M recapitalization that boosted cash to $134M, funding five-project development through mid-2026. Near-term production (~8,400 oz sold) is below guidance pace, but the speaker argues results don't matter much — the real story is balance-sheet survival and whether management can fund the multi-mine strategy to completion.

The Deep Dive

Steven Hyland

2025-08-20 08:10

Gold Costs Surge After Record Quarter | G Mining Q2 Earnings

AISC analysis and margin compression

Preview:G Mining Ventures (GMIN) posted record Q2 revenue of $130M and free cash flow of $60M on higher gold prices and throughput, but all-in sustaining costs (AISC) surged 41% QoQ to $1,355/oz — stripping the company of its low-cost-producer status. Production, cash cost, and AISC guidance were all raised (i.e., worsened), and the company is currently behind on all three metrics year-to-date. The quarter was a mixed bag: strong financials marred by cost inflation that cooled investor enthusiasm.

The Deep Dive

Steven Hyland

2025-08-19 09:37

Equinox Gold Back on Track with Rising Output | Q2 Earnings

Greenstone mine performance and grade decline

Preview:A digestible walkthrough of Equinox Gold's Q2 2025 earnings, highlighting a strong operational turnaround: revenue up 78% YoY, production up 23% YoY, cash costs down to $1,478/oz, and AISC below $2,000/oz. The host notes these improvements came largely from Equinox's own operations, not just the newly acquired Calibre assets. Net debt hit a record $1.4B, and the host mentions the Nevada asset sale ($115M) as a potential deleveraging tool. The tone is positive but grounded in the numbers.

The Deep Dive

Steven Hyland

2025-08-18 13:45

Silver Giant Posts Record Results | First Majestic Q2 Earnings

Silver mining production and costsGatos acquisition impact

Preview:First Majestic Silver posted its second consecutive quarter of record revenue ($264M), EBITDA, free cash flow, and treasury position in Q2 2025. Production guidance was raised 7% and cost guidance lowered, driven by the Gatos acquisition and improved operations. Despite strong results, the stock fell on the day as silver dipped below $38 on PPI data — a move the host dismisses as temporary macro noise.

The Deep Dive

Steven Hyland

2025-08-18 12:30

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

potash market concentrationU.S. potash importscritical minerals policy

Preview:This interview argues that potash is a highly concentrated, strategically important fertilizer market and that Sage Potash is trying to enter it through a smaller, incremental, solution-mining approach. The guests emphasize U.S. domestic supply, lower logistics costs, critical-mineral status, and an upcoming PEA as the main near-term catalysts.

The Deep Dive

Steven Hyland

2025-08-18 11:51

A New Gold Mine Just Crushed Expectations | Artemis Q2 Earnings

Blackwater mine production rampGold mining cost structure and AISC comparison

Preview:Artemis Gold posted a massive Q2 2025 earnings beat — $0.43 EPS vs $0.25 expected — on revenue of $231M from just two months of commercial production at its Blackwater mine. Production of 50,600 oz beat estimates of 42,000 oz, with all-in sustaining costs of just $851/oz, among the lowest in the industry. The company is refinancing debt via a $700M revolving credit facility and has maintained full-year guidance of 190,000-230,000 oz. The key risk flagged: gold recoveries at 84% are below plan, and throughput/recovery improvements are needed to hit the back-half ramp.

The Deep Dive

Steven Hyland

2025-08-15 09:00

Gold Output Drops | Barrick Q2 Earnings

Preview:A solo recap of Barrick Mining's Q2 2025 earnings. Revenue met expectations at $3.68B (+16% YoY), adjusted EPS of $0.47 matched consensus, and the balance sheet flipped to a slight net cash position. But gold production fell 16% YoY (and is still below the pace needed for full-year guidance), while costs rose above the guided range. The speaker argues Barrick is leaning on high gold prices to mask operational slippage, placing it in the "bad operator" bucket despite decent financials.

The Deep Dive

Steven Hyland

2025-08-15 07:11

Gold Prices Just Made Agnico a Money Machine | Q2 Earnings

Agnico Eagle Q2 2025 earningsGold mining sector earnings cycleGold price impact on miner profitability

Preview:Agnico Eagle Mines posted record Q2 2025 results driven by surging gold prices, with revenue up 36% YoY to $2.8B, net income up 127% to $1.07B ($2.13/share), and free cash flow more than doubling to $1.3B. The company repaid $550M in debt, flipped to a net cash position of $963M, and repurchased $100M in shares. Production was slightly down YoY and costs rose modestly due to higher royalties, but guidance remains unchanged. The host frames Agnico as a quality-over-quantity operator vying with Newmont for the top gold-sector market cap, with a pipeline that could close the gap.

The Deep Dive

Steven Hyland

2025-08-13 11:00

Kinross Q2 Earnings | Gold Profits Soar!

Gold miner cost discipline and margins

Preview:Kinross Gold delivered a standout Q2 2025: revenue of $1.7B (vs $1.3B expected), adjusted EPS of $0.44 (vs $0.33 expected), and attributable free cash flow of $647M — all driven by a 40% YoY increase in realized gold prices to $3,285/oz. Margins hit $2,204/oz. Production slipped 2.4% YoY to 508K ounces, but the company held costs relatively steady and reaffirmed full-year guidance of 2M ounces at ~$1,120/oz cost of sales and ~$1,500/oz AISC. The Great Bear project continues to advance as the key development catalyst. The speaker frames Kinross as the disciplined "adult in the room" among gold majors.

The Deep Dive

Steven Hyland

2025-08-13 08:50

Why Grade Beats Size in Silver Mining | Frank Basa - Nord Precious Metals

permitted millAgnico Eagle analogy

Preview:Frank Basa argues Nord Precious Metals is a rare silver story because it already controls a permitted, rebuilt mill and has exceptionally high grades, so the path to cash flow is more about moving small tonnages than building a huge operation. He repeatedly compares Nord’s model to Agnico Eagle’s old camp economics: low capex, high grade, simple processing, and the potential for custom milling and byproduct value from cobalt/nickel/copper.

The Deep Dive

Steven Hyland

2025-08-13 06:58

Gold Mine Deal Sparks Investor Selloff | Minera Buy Equinox Assets

Preview:Equinox Gold sold its non-core Nevada assets (Pan mine, Gold Rock, and Alapa) to Minera Alamos for $90M cash + $25M equity. The deal makes strategic sense for Equinox — Pan was too small at 30-40koz/yr — but crushed Minera shareholders, who face massive dilution from a $110M CAD bought deal at a 26% discount, sending the stock down ~25%. The speaker frames this as a smart housekeeping move for Equinox and an unclear-at-best deal for Minera, with the market voting decisively "no."

The Deep Dive

Steven Hyland

2025-08-12 14:03

A Medical Breakthrough the Market Overlooked | David Elsley - Cardiol Therapeutics

Cardiol Therapeutics clinical pipelineARCHER Phase 2 trial results in acute myocarditisLV mass reduction as cardiac biomarker

Preview:Interview with Cardiol Therapeutics CEO David Elsley discussing the Phase 2 ARCHER trial results for Cardiol RX in acute myocarditis. The drug missed statistical significance on its primary endpoint (extracellular volume) but showed a significant reduction in LV mass — a finding the company frames as unexpectedly positive and supportive of broader development into heart failure. The market did not react favorably, which Elsley struggles to understand. The company's primary focus remains the Phase 3 MAVERICK trial in recurrent pericarditis. Elsley signals intent to partner with large pharma for heart failure development.

The Deep Dive

Steven Hyland

2025-08-12 13:42

Eldorado Q2: Higher Gold Sales, Lower Free Cash Flow

Gold miner free cash flow vs. growth capex trade-off

Preview:Eldorado Gold's Q2 2025 results: revenue up 51% YoY on higher gold prices and sales, but free cash flow fell deeper into negative territory (-$62M) due to heavy spending on the Skouries copper-gold project. Excluding Skouries, free cash flow improved to $62M. The company remains on track for production guidance but cost guidance has been raised. First production at Skouries is expected in Q1 2026, with the host arguing the growth-over-cash-flow strategy is prudent at this stage of the gold cycle.

The Deep Dive

Steven Hyland

2025-08-12 09:09

Are Investors Missing the Start of the Next Commodity Supercycle? | Morgan Lekstrom - NexMetals

commodity supercyclejunior mining investor psychologycopper-nickel-cobalt mining

Preview:Interview with Morgan Lekstrom of NexMetals (formerly Premium Nickel) discussing the company's turnaround of past-producing copper-nickel-cobalt mines in Botswana. Lekstrom argues the junior mining space is entering a commodity bull market but investors remain psychologically scarred from 2021-2023 losses. The company has restructured its share register, raised $46M, and has multiple catalysts (drill results, metallurgy, potential partnerships) coming in weeks/months. He also briefly mentions co-founding a separate gold-tokenization venture.

The Deep Dive

Steven Hyland

2025-08-11 13:44

SSR Mining’s $100M Deal That’s Now Printing Cash!

Creek asset acquisition performanceÇöpler mine tailings disaster and remediation

Preview:SSR Mining reported strong Q2 2025 results with revenue up 119% YoY to $460M, driven largely by the newly acquired Creek asset (bought for $100M upfront). Adjusted EPS of $0.51 crushed the $0.23 consensus. The Çöpler mine remains a drag — no restart timeline, remediation costs now estimated at $313M (above prior $250-300M range). The speaker frames the Creek acquisition as a brilliant capital-allocation decision that is already "printing cash," while noting SSR still faces elevated all-in sustaining costs and uncertainty at Çöpler.

The Deep Dive

Steven Hyland

2025-08-07 08:19

The Japanese GOLD MINING Advantage you need to know! | John Proust - Japan Gold

Preview:John Proust, CEO of Japan Gold, discusses the macro backdrop for gold (bullish, driven by global instability) and details Japan Gold's unique structural advantage: proximity to Japanese copper smelters that can take silica-rich gold ore directly as flux, slashing all-in sustaining costs. He outlines the Barrick alliance drill programs at Ebino (southern Japan, near the Hishikari mine) and a Hokkaido project, plus upcoming company-operated drilling at the Mazobe project starting September, with assay results expected within weeks.

The Deep Dive

Steven Hyland

2025-08-06 08:40

How The Government Will Quietly End The Dollar Using Gold?! | Andy Schectman

equity insider selling

Preview:Andy Schectman argues that the precious-metals market is flashing a major contrarian signal: insiders and sophisticated money are selling equities and taking delivery of physical gold and silver, while the public remains underexposed. He extends that into a broader macro thesis that the U.S. will try to manage its debt and deindustrialization by devaluing the dollar, possibly revaluing gold, and eventually backing long-duration Treasuries with gold.

The Deep Dive

Steven Hyland

2025-08-05 07:38

Gold’s Next 12 Months Will Be the Trade of a Lifetime | Simon Marcotte - Northern Superior

US fiscal policy and deficit spending as bailout mechanismTariff impact on GDP components (trade, investment, consumer)

Preview:Simon Marcotte of Northern Superior Resources lays out an extremely bullish gold thesis centered on fiscal dominance, impending Fed politicization, and dollar weakness over the next 12-18 months. He argues the US economy is already deteriorating under tariffs, leaving government deficit spending as the only remaining anchor — setting up a cycle of serial bailouts that will drive gold dramatically higher. The interview also covers Northern Superior's recent high-grade drill results at Filibar (including 101 g/t over 1 meter) and the company's consolidation of three new properties in the Shabamu gold camp.

The Deep Dive

Steven Hyland

2025-08-01 12:00

New Found Gold PEA | Falls Short — High Costs and Gold Price Gamble

Exploration capital efficiency

Preview:A critical review of New Found Gold's preliminary economic assessment (PEA) for the Queensway project. The speaker argues the PEA is underwhelming given the massive $357M spent on exploration yielding only 2M ounces of gold — roughly $137/oz discovered versus Great Bear's ~$13/oz. The proposed two-stage mine plan is described as convoluted, with misleading payback metrics that ignore the fact Phase 1 cash flow must fund Phase 2-3 construction. At the base-case $2,500 gold, the project shows $743M NPV and 56% IRR, but the economics are heavily dependent on gold prices rising.

The Deep Dive

Steven Hyland

2025-07-31 14:10

Newmont Q2 Earnings: Gold Prices Soar But Production Drops, Here’s What That Means!

Newmont Q2 2025 earningsGold mining sector earnings seasonGold price and miner profitability

Preview:A rapid-fire walkthrough of Newmont's Q2 2025 earnings. Revenue of $5.4B beat estimates by ~$550M on the back of gold averaging $3,320/oz. Production fell to 1.48M oz (worst since Q3 2023) but still beat estimates. Free cash flow hit a record $1.7B, and year-to-date FCF of $2.915B nearly equals all of 2024's $2.916B. The balance sheet strengthened to $6.2B cash even amid $1B in shareholder returns and a new $3B buyback authorization. The host argues the production decline reflects a deliberate tier-one asset strategy that should attract institutional capital, and that the financial results speak for themselves.

The Deep Dive

Steven Hyland

2025-07-31 09:01

Dollar Will Collapse Gold and Silver Are the Only Safe Havens?! | Jim Rogers

Trump tariff policy and unpredictabilityCommodities vs. US equities relative value

Preview:Jim Rogers warns of a severe market reckoning within the next 1-2 years, driven by the longest bull run in US history (since 2008-09), soaring US debt, and an unpredictable Trump presidency. He advocates owning physical gold and silver as insurance, notes silver is historically cheap relative to gold, and sees better opportunities in commodities than US equities. He believes China is on the rise again and advises young people to learn Mandarin and study Asia. On the dollar, he holds a lot now but expects to sell it during the next crisis — though he doesn't know what to rotate into.

The Deep Dive

Steven Hyland

2025-07-31 06:34

Court Ruling Set to Change Spain’s Mining Landscape: Aznalcóllar | David Gower - Emerita Resources

Aznalcóllar criminal trial verdict timing and processSpanish public-tender law and bid disqualificationEmerita Resources as only remaining bidder for Aznalcóllar

Preview:David Gower, CEO of Emerita Resources, provides an update on the just-concluded criminal trial in Spain concerning the Aznalcóllar (Aznalcóllar) mining complex. The trial phase ran from March to July 2025, with a written verdict expected in the fall (October-November). Gower expresses high confidence that convictions will follow, which under Spanish law would disqualify the current bid holder (rivals accused of embezzlement, fraud, bribery, and prevarication) and compel the administrative court to award the public tender to Emerita as the only other bidder. He also provides brief drilling and permitting updates on the IBW project.

The Deep Dive

Steven Hyland

2025-07-29 13:02

New Gold Q2 Earnings | Profiting While Stocks Drop!

Gold mining margins at elevated gold pricesRainy River production ramp and back-half weighting

Preview:New Gold (NGD) reported Q2 2025 results with strong headline beats — revenue of $338M (+41% YoY), adjusted EPS of $0.11 vs $0.09 estimate, and record free cash flow of $63M — yet the stock sold off ~5% on the day, likely due to gold price weakness. The host walks through segment-level results: New Afton already at 49% of copper guidance and 54% of gold guidance with negative cash costs; Rainy River lagged at 34% of annual gold guidance but hit a monthly production record in June. The company also repurchased a 19.9% free cash flow interest in New Afton from Ontario Teachers' for $300M. The host's core thesis: at current gold prices, these miners were built for much lower price environments and should be profitable; if you can't perform now, you never will.

The Deep Dive

Steven Hyland

2025-07-29 10:01

Highest Grade Antimony Mine in the World!? | James Atkinson - Antimony Resources

antimony supply crisisChina export restrictionsBald Hill antimony project

Preview:Interview with Jim Atkinson, CEO of Antimony Resources, discussing the Bald Hill antimony project in New Brunswick. China's antimony exports dropped 88% in June while they continue importing raw material — signaling their own production is strained. Atkinson claims Bald Hill is the highest-grade pure antimony deposit in North America (4.14% Sb over 7.4m) with 96-98% recovery rates, contrasting sharply with Perpetua's gold-dominated ~0.47% antimony byproduct. The company is confirming historic drilling, stepping out beyond the known footprint, and planning a follow-up drill program starting September, with assays flowing over the next 4-6 weeks and a potential resource estimate by year-end.

The Deep Dive

Steven Hyland

2025-07-29 07:01

$40 Silver Will Be the New Floor!? | Arturo Elizondo - Santacruz Silver

Glencore asset acquisition and debt restructuring terms

Preview:Arturo Elizondo of Santacruz Silver discusses the company's turnaround since acquiring Bolivian assets from Glencore in 2022, a recent debt restructuring, record quarterly results, and a clean balance sheet. He is bullish on silver, calling for $40 to become a floor. The interview covers mine operations, share structure, Mexico mining policy, and upcoming catalysts including debt payoff, a buyback program, and potential TSX/OTC uplisting.

The Deep Dive

Steven Hyland

2025-07-28 10:12

Rule Symposium Vibe and Investors Sentiments

Rule Symposium 2025 sentimentjunior mining capital flows

Preview:The speaker reports back from the Rule Symposium 2025, describing dramatically improved sentiment in the junior mining space compared to prior years. He argues that generalist investors are now entering the precious metals sector, evidenced by oversubscribed financings and wealthy individuals doing due diligence. The core thesis: gold's sustained mid-$3,000 range is attracting capital that will eventually cause junior mining stocks to "pop," and we are still early in the bull cycle. The structural driver is fiscal recklessness — deficits tripling from $700B to $2T — which he ties back to the Fed's post-2008 embrace of quantitative easing as a permanent backstop. The episode is a conference debrief with a single speaker narrating his experience and investment rationale.

The Deep Dive

Steven Hyland

2025-07-25 07:00

The Real Forces Behind Silver’s Surge

Preview:A solo monologue making a fervently bullish case for silver, centered on the psychological importance of the $40/oz level. The speaker argues that a decisive breach above $40 would trigger a cascade of fund-manager buying, industrial hedging panic, and retail/social-media frenzy — transforming silver from a niche play into a mainstream must-have asset. Gold's rally, driven by political uncertainty and fear, is the lead horse, while silver's smaller market size, dual industrial/monetary demand, and historically wide gold-silver ratio (~80) give it leveraged catch-up potential.

The Deep Dive

Steven Hyland

2025-07-24 10:30

HE SAID $300 DOLLAR SILVER!? | Peter Krauth

technical breakout levelsindustrial demand

Preview:Peter Krauth argues silver is in the early stage of a powerful bull market, with momentum, ETF inflows, industrial demand, and tightening above-ground inventories driving prices higher. He expects $40 in the second half of 2025, $45 possible this year, $50 likely in early 2026, and says a long-run mania target of $300 silver is plausible.

The Deep Dive

Steven Hyland

2025-07-23 09:01

STLLR Gold: The Tower Gold PEA

G Mining Services cost estimation credibility

Preview:A solo host breaks down STLLR Gold's Tower Gold PEA in Ontario — a 19-year, 273k oz/year operation with $1.87B initial capex and a 13.4% after-tax IRR at $2,500 gold. The host argues the middling economics are actually a feature, not a bug, because STLLR hired G Mining Services (known for realistic cost estimates rather than rosy promotion). The real near-term priority is the Hollinger tailings reprocessing project, which could fund Tower's eventual development. At spot gold prices the project looks developable; at $2,400 it's less compelling.

The Deep Dive

Steven Hyland

2025-07-23 07:01

Gold/Silver: People can still lose money in this Bull Market!? | Rick Rule

Rule Symposium 2025 sentimentabsolute valuation

Preview:Rick Rule argues that precious-metals investors are better off than they were a year ago, but that a bull market can still hurt people who become overconfident and stop applying valuation discipline. He emphasizes absolute valuation, management quality, jurisdictional fit, and waiting for the right probabilistic setup rather than chasing narrative-driven optionality.

The Deep Dive

Steven Hyland

2025-07-22 12:06

AngloGold Buys Another Gold Junior!

Reward project feasibility study and economics

Preview:AngloGold Ashanti is acquiring Augusta Gold for $197M CAD enterprise value in an all-cash deal at $1.70/share, a 28% premium. The transaction consolidates AngloGold's position in Nevada's Beatty District, adding the permitted Reward project and the Bullfrog deposit. The deal was widely expected given AngloGold's history of regional consolidation and Augusta's strategic review process.

The Deep Dive

Steven Hyland

2025-07-22 08:07

Get to know First Majestic Silver's Keith Neumeyer!

Keith Neumeyer biography and career path

Preview:A personal-background interview with First Majestic Silver founder/CEO Keith Neumeyer, hosted by Steve from The Deep Dive. Neumeyer traces his path from floor trader to building First Quantum Minerals and then First Majestic Silver, explains why he chose silver over gold, reflects on how mining fundraising has deteriorated with the loss of specialist investors and the rise of passive ETFs, and discusses his involvement in Snowline Gold, Yukon Metals, and First Mining Gold. Light on market calls; heavy on biography, philosophy, and people-first investing criteria.

The Deep Dive

Steven Hyland

2025-07-21 11:42

Tariffs Spark New Race for Critical Metals | Rob McEwen

commodities cycle

Preview:Rob McEwen of McEwen Mining discusses the impact of Trump's proposed 50% copper tariffs, arguing they spotlight a structural copper supply shortage and will spur domestic US exploration. He outlines McEwen Mining's operational pivot at the Fox Complex (moving production to the Stock property, dropping a burdensome gold stream), and lays out a path to 175,000 oz gold production by 2030 with ~$350M free cash flow. The conversation also touches on Canada's need to embrace mining, the commodity-to-equities ratio at a 55-year low, and McEwen's exploration pipeline in Nevada including the intriguing Seven Troughs property.

The Deep Dive

Steven Hyland

2025-07-21 09:03

Antimony Resources vs. Perpetua: Is Bald Hill the Next Big Discovery?

Antimony supply chain crisisChina antimony export banPerpetua Resources Stibnite project analysis

Preview:A deep dive into Antimony Resources' Bald Hill project in New Brunswick, contrasting it with Perpetua Resources' Stibnite Gold project in Idaho. The host argues that Perpetua, while government-backed, is primarily a gold mine whose antimony output covers barely two years of US demand over a 15-year mine life. Bald Hill, though early-stage, has delivered the highest-grade antimony drill results ever seen in North America (28.8% Sb within a 7.4m intercept) and is led by a CEO with rare operational antimony experience from the historic Lake George mine. The thesis: the West desperately needs new antimony supply outside China, and Bald Hill is a compelling early-stage contender.

The Deep Dive

Steven Hyland

2025-07-17 12:53

Another GOLD DEAL! Aris Sells Assets To McFarlane

Preview:Aris Mining is selling its non-core Juby Gold project in Ontario to junior explorer McFarlane Lake Mining for $22M USD (cash + shares). The sale reflects a strategy shift: Aris is refocusing entirely on Latin America as it aims to build a leading gold miner there. Juby, acquired in 2020 when Aris was Calis Gold, holds ~2.26M oz gold in indicated + inferred resources but no longer fits the portfolio. The host is skeptical the deal closes — McFarlane's ~$12M USD market cap makes the required $10M concurrent financing a significant dilution risk for existing shareholders.

The Deep Dive

Steven Hyland

2025-07-17 09:55

Why Gold’s Bull Run May Just Be Getting Started! | Peter Grandich

Fed independence and Trump's attempt to fire PowellTrump's eroding political capital (Epstein files, trade deals, MAGA backlash)

Preview:Peter Grandich joins The Deep Dive's host to discuss how Trump's threats to fire Fed Chair Powell, the Epstein files controversy, escalating geopolitical tensions, and trade policy missteps are collectively weakening Trump's political capital — and why all of this is extremely bullish for gold. Grandich argues the bond market is the real signal, that BRICS' quiet progress toward a gold-backed settlement system is accelerating, and that a coming private equity/derivatives crisis could be the next 2008-style event. The junior mining sector is seeing early generalist interest, which he views as a precursor to a major rally.

The Deep Dive

Steven Hyland

2025-07-16 13:31

The Gold Bull Market Just Got Real! | Alexandra Woodyer Sherron - Empress Royalty

Royalty and streaming business modelEmpress Royalty portfolio overview

Preview:Empress Royalty CEO Alexandra Woodyer Sherron argues gold has entered a full bull market, driven by geopolitical instability and rising allocations from central banks and Asian HNWIs. She pitches Empress Royalty as a differentiated streaming/royalty company focused on direct structured investments into junior producers, with four cash-flowing assets, a ~5x price-to-cash-flow multiple vs. the sector's ~25x, and a forecast to double 2024's ~$8M revenue in 2025. The company just turned cash-flow positive and is funding new deals from operating cash flow.

The Deep Dive

Steven Hyland

2025-07-16 12:32

Real Gold Bull Market Energy Is Back | Matthew Roma - Golden Cross

Preview:Matthew Roma of Golden Cross Resources pitches his junior gold explorer, listed April 2025. The company holds 345 sq km north of Southern Cross's Sunday Creek project (which has a 3.6M oz inferred resource at 10.6 g/t Au). Golden Cross is drilling 10 km north along the same mineralized trend. With a ~$33M market cap, $5M just raised, two rigs turning, and 20,000+ meters of drilling planned through December 2026, Roma frames this as a "drill punt with a lot of blue sky." The broader gold backdrop is described as the first real bull market of his career. Substantive detail on geology, specific drill targets, or independent validation of the historical results is thin — the interview is a company pitch, not an analytical discussion.

The Deep Dive

Steven Hyland

2025-07-16 11:00

This Is What $3,300 Gold Unlocks | Tara Christie - Banyan Gold

PEA expectations and timeline

Preview:Tara Christie, CEO of Banyan Gold, discusses the company's updated mineral resource estimate (MRE) showing a 10% increase to 2.27M oz indicated at 0.63 g/t and 5.34M oz inferred. She highlights the emergence of high-grade zones (~1 g/t) at lower cutoffs, the upcoming Preliminary Economic Assessment (PEA) expected in Q4 2025, and Banyan's infrastructure advantages (highway, hydro power, fiber optic) in the Yukon. She addresses how higher gold prices ($3,000+) improve project economics and lower cutoffs, distances Banyan from the Victoria Gold heap-leach incident, and outlines a 30,000m fully-funded drill program focused on high-grade zones at AurMac.

The Deep Dive

Steven Hyland

2025-07-16 09:27

This Is Why Copper Could Explode Next | Ian Harris - Copper Giant

tariffs and supply chainsMakoa exploration target

Preview:Ian Harris of Copper Giant argues copper is entering a rare setup: tariff talk, supply-chain reshoring, fast-rising demand, and weak new discoveries are all drawing attention to a market he says has been ignored for years. He says the company’s new target at Makoa could materially expand the resource base, and the recent $5 million financing is meant to fund a 14,000-meter drill program and set up a rerating if results and a new resource estimate deliver.

The Deep Dive

Steven Hyland

2025-07-16 07:30

Gold Demand Is Real This Time | John-Mark Staude - Riverside Resources

Preview:John-Mark Staude says the gold sector feels materially stronger than the last cycle because of broader political and financial instability, demand for physical metal, and Basel III’s treatment of gold as a tier-one asset. He also frames Riverside Resources as a value-creation machine that spins out projects into new companies, with Blue Jay and Capitan cited as examples, while Union and BC/rare-earth work provide the next pipeline of catalysts.

The Deep Dive

Steven Hyland

2025-07-14 15:30

Gold’s Run Isn’t Over — It’s Just Getting Ignored | Tim Smith - US GoldMining

Preview:Tim Smith of US GoldMining discusses the gold equity market's lag behind surging gold prices, arguing there's still significant runway for gold itself given continued central bank and BRICS buying. He presents the Whistler copper-gold project in Alaska as well-positioned due to state infrastructure tailwinds and the Trump administration's resource-development push. Key catalysts: a preliminary economic assessment due by year-end and exploration target prioritization from 25 identified geophysical targets.

The Deep Dive

Steven Hyland

2025-07-14 14:23

Uranium Supply Crisis: Miners Won’t Meet What’s Coming | Dev Randhawa - F3 Uranium

Preview:Dev Randhawa of F3 Uranium discusses the uranium supply-demand imbalance, arguing that current low sentiment is a contrarian buying opportunity. He points to AI-driven power demand from companies like Meta and Amazon, the inelastic nature of uranium, and the massive uncontracted requirements (~3 billion pounds by 2035). He provides updates on F3's new discovery (2.5% U₃O₈ over 1m), the F4 spin-out, and sets a 50-million-pound resource target as a 12-month success benchmark.

The Deep Dive

Steven Hyland

2025-07-14 09:47

They Laughed at $3,000 Gold, Now We’re Headed for $4,000! | Sean Roosen - Osisko Development Corp.

Global sovereign debt and currency devaluation

Preview:Sean Roosen of Osisko Development Corp discusses the macro case for gold, arguing the precious metal is in the early stages of the next leg of its bull market with $4,000 as the next target. He ties gold's strength to global debt exceeding $100 trillion, US dollar devaluation needs, quantitative easing, and a rotation out of crypto. The conversation then pivots to Osisko's Cariboo gold project in BC, where a revised feasibility study shows strong economics — $2 billion NPV, 38% IRR at spot gold, and a fully permitted, construction-ready asset with a $650M capex and 19-month payback.

The Deep Dive

Steven Hyland

2025-07-11 13:00

Gold Enters a ‘Stronger for Longer’ Phase | Richard Young - i-80 Gold

Autoclave refractory processing in Nevada

Preview:Interview with i-80 Gold CEO Richard Young at the Rule Symposium 2025. Young lays out a bullish but non-specific gold macro thesis—central bank buying, geopolitical risk, gold overtaking yen/euro as reserve asset—and pitches i-80 Gold as a multi-phase Nevada developer targeting 600-700k oz/year by early 2030s. The company recently raised $173M equity and plans no further dilution; Young projects a ~$6/share NAV-based target at $2,900 gold with ~1B shares.

The Deep Dive

Steven Hyland

2025-07-11 11:00

Why Silver’s True Price Could Be Much Higher | Joaquín Marias - Argenta Silver

Preview:Joaquín Marias, CEO of Argenta Silver, argues that silver is dramatically undervalued relative to gold based on historical ratios (12:1 Roman, 25:1 500-year average vs. ~90-100:1 today). He attributes recent silver demand to industrial deficits, safe-haven buying, and currency debasement. The bulk of the interview pitches Argenta Silver — a newly formed (Oct 2024) pure silver exploration company with a 45.3M oz indicated resource at 480 g/t in Argentina's Salta province, ~$75M market cap, $11M cash, and only 1% of its property explored. Near-term catalysts: 4,000m of winter drilling, followed by a summer campaign of at least 10,000m.

The Deep Dive

Steven Hyland

2025-07-11 09:37

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille - GoGold Resources

Preview:GoGold Resources CEO Bradley Langille sits with The Deep Dive for a wide-ranging interview covering his bullish macro outlook for gold and silver (potential $3,800–$4,000 gold, $50 silver), an operational update on the company's Mexican assets, the $86M financing raised in April 2025, and his read on Mexico's mining permit landscape under President Claudia Sheinbaum. Langille frames GoGold as a derisked producer with $135M cash, no debt, strong institutional backing, and a clear growth path from 2M to 9M to 15–16M silver-equivalent ounces annually.

The Deep Dive

Steven Hyland

2025-07-11 06:31

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams - West Red Lake

Madsen mine ramp-up

Preview:Shane Williams, CEO of West Red Lake Gold, sits down at the Rule Symposium 2025. He forecasts gold north of $4,000 within 12 months. His company has transitioned from developer to producer in one year — now producing ~2,000 oz/month at the Madsen mine in Ontario, ramping toward 800 tons/day and 60-65,000 oz/year. He outlines a growth story: the Rowan satellite deposit (10 g/t early-stage grade) will feed the Madsen mill at low capex, and the company aims to build a platform reaching 400,000 oz/year within 4-5 years through additional acquisitions.

The Deep Dive

Steven Hyland

2025-07-10 14:43

Are We Entering a New 10-Year Silver Supercycle? | Keith Neumeyer - First Majestic Silver

price breakout levels

Preview:Keith Neumeyer argues silver is still in the early innings of a larger bull market because fundamentals are tightening while investor attention is only now rotating from gold into silver. He is especially focused on the $38 area as the key breakout level, with $50 as the next major upside reference if silver can hold above it on a consistent basis.

The Deep Dive

Steven Hyland

2025-07-10 11:01

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun - Dolly Varden Silver

Preview:Dolly Varden Silver CEO Shawn Khunkhun discusses the silver market at the Rule Symposium 2025. Silver is near all-time highs (~$36/oz) with a five-year supply deficit. The number of primary silver producers has shrunk from 13 to 10 via M&A, while quality silver projects are scarce — far rarer than comparable gold projects. Dolly Varden has grown from a $20M to $400M company through consolidation in B.C.'s Golden Triangle, now holding 100,000 hectares, five past-producing mines, $50M in the treasury, and four drill rigs turning. A new mineral resource estimate and preliminary economic assessment are planned post-2025 drill program.

The Deep Dive

Steven Hyland

2025-07-10 09:30

Why the World Faces a Uranium Supply Shock, Sooner Than You Think | Scott Melbye - Uranium Royalty

Preview:Scott Melbye of Uranium Royalty discusses the uranium supply deficit, growing demand from nuclear energy revival (AI data centers, electrification), and the company's royalty/streaming model. He highlights a current 50M lb deficit growing to a cumulative 1.7B lbs over 10-15 years, the need for 6-8 new mines by 2030, and Uranium Royalty's position as the only streaming/royalty company in the uranium space with royalties on premier assets like Cigar Lake and MacArthur River.

The Deep Dive

Steven Hyland

2025-07-10 08:03

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday - Hot Chili

Costa Fuego project

Preview:An interview with Hot Chili's Christian Easterday recorded minutes after Trump announced 50% copper tariffs, sending copper to ~$5.55/lb. Easterday frames this as vindication of his tight-market thesis and walks through Hot Chili's Costa Fuego PFS, the La Verde discovery, optimization toward a bankable feasibility study, and the active M&A/strategic-partner landscape for copper developers. He emphasizes Hot Chili's high leverage to copper price, dismisses a near-term buyout at a modest premium, and outlines the 12-month roadmap: bankable study underway, funding partner secured, and EIA submission.

The Deep Dive

Steven Hyland

2025-07-09 14:00

Why Silver’s Rally Might Just Be Getting Started | Benoit La Salle - Aya Gold & Silver

momentum breakout

Preview:Benoit La Salle argues silver’s rally is still early because price action has turned from range-bound to momentum-driven while physical demand remains strong and financial buyers have not yet joined in. He also lays out Aya Gold & Silver’s execution plan: fast-tracking the Boumadin project in Morocco with permitting, financing, and a growing resource base already in place, while Sounder is ramping up in production.

The Deep Dive

Steven Hyland

2025-07-09 10:55

Why the Biggest Players Are Desperate for New Gold & Copper, And Fast | Rudi Fronk - Seabridge

Substantially started designation and permittingJoint venture and strategic partner expectations

Preview:Seabridge Gold CEO Rudi Fronk discusses the KSM project's "substantially started" designation that locks in permits for life, a $100M raise including a $20M strategic investor, nuisance legal challenges from two small First Nation bands, exploration at Iskut targeting a maiden Snip North resource, and his expectation of a named joint-venture partner this year — driven by major miners' need to replenish reserves and deploy record cash flows from higher gold and copper prices.

The Deep Dive

Steven Hyland

2025-07-08 14:28

Royal Gold Goes Big | $3.5 Billion Sandstorm Acquisition!

Royalty and streaming sector consolidation

Preview:Royal Gold announces a $3.5 billion all-share acquisition of Sandstorm Gold Royalties, plus a ~$196 million all-cash deal for Horizon Copper. The combined entity will double its cash-flowing assets from 40 to 80, add 65–80K GEOs of production, and remain heavily precious-metals-focused at 87% of portfolio. The deal is expected to close Q4 2025, pending approvals.

The Deep Dive

Steven Hyland

2025-07-07 14:02

Mergers Set the Stage for Uranium’s Growth Cycle | Forum - Baselode Merger

Uranium mining sector M&AAthabasca Basin uranium exploration

Preview:Interview with James (Baselode Energy CEO) and Rebecca Hunter (incoming CEO of Geiger Energy) discussing the all-share merger between Baselode Energy and Forum Energy Metals. The deal creates a 55/45 split, includes a 5:1 rollback, and rebrands to Geiger Energy. The flagship shifts from Baselode's Hook to Forum's Aberdeen project in the Athabasca Basin, which management argues has tier-one district potential. A 2025 drill program (~20 shallow holes, 7,000m) is already mobilized with first results expected by late July. Both speakers are structurally bullish on uranium but acknowledge small-cap funding headwinds over the last 12 months.

The Deep Dive

Steven Hyland

2025-07-05 08:57

Why They Collapsed Overnight | Arizona Metals MRE

Kay copper-zinc projectinitial mineral resource estimate vs expectations

Preview:Arizona Metals (AMC) crashed 28-34% on Monday after releasing an initial mineral resource estimate (MRE) for its Kay copper-zinc mine that dramatically undershot investor expectations. The MRE came in at 10.1 million tons total — far below the 12-25 million ton range analysts and retail investors had anticipated based on historical Exxon data, drill results, and prior analyst commentary. The disappointment was compounded by a chaotic AGM where three directors failed to secure reelection. The equity faces a tougher path to fund future exploration.

The Deep Dive

Steven Hyland

2025-07-04 11:40

Snowline Gold: The Multi Billion Dollar Valley PEA

Yukon mining permitting and regulatory risk

Preview:Snowline Gold released its long-awaited PEA for the Valley deposit (Rogue Project, Yukon), showing standout economics: after-tax NPV of C$3.4B at $2,150 gold, 25% IRR, and first-5-year AISC of just $569/oz. The presenter is bullish but flags Yukon permitting headwinds post-Victoria Gold and skepticism around the ultra-low cost estimates. A new nearby discovery (Celesteic) adds upside, and buyout speculation is widespread — though some think majors will wait for Snowline to de-risk further.

The Deep Dive

Steven Hyland

2025-07-04 08:45

Romania’s Next Gold Giant? | Euro Sun's Rovina Funding

Trafigura prepayment facility

Preview:A concise overview of Euro Sun Mining's Rovina Valley copper-gold project in Romania, covering the resource base (~9.9M oz AuEq M&I), DFS economics (NPV $512M at $1,675 gold), and a newly announced $200M copper concentrate prepayment facility with Trafigura. The speaker notes ~66% of the updated $528M capex is now funded, with ~18 months of permitting ahead before construction financing must be secured. Key unknowns include the offtake discount terms and the actual age of the $528M capex figure.

The Deep Dive

Steven Hyland

2025-07-03 10:39

The Goal is Gold Production as Soon as Possible! | Gordon Robb - ESGOLD Corp.

Tailings reprocessing as cash-flow-first strategy

Preview:Interview with Gordon Robb, newly appointed CEO of ES Gold Corp (CSE: ESAU, OTCQB: ESAUF). Robb outlines his bullish gold thesis — gold up $900 since rates peaked at 5.5%, now at all-time highs with no signs of slowing. ES Gold's differentiated model is cash-flow-first: processing historical tailings at the fully-permitted Montauban project (80km west of Quebec City) rather than the traditional explore-drill-sell model. The company needs ~$6M to reach production on a 6–8 month timeline, targeting first gold pour in early 2026. Near-term catalysts include an updated PEA within the next month and an ANT survey for drill targets. Recently raised $3M for plant upgrades from 16,000 to 20,000 sq ft.

The Deep Dive

Steven Hyland

2025-07-02 12:56

Torex Gold Acquires Reyna Silver For CASH!

All-cash deal structure and shareholder dilution

Preview:Torex Gold is acquiring Reyna Silver in an all-cash deal valued at US$26 million (~C$0.13/share). The host frames this as an anomaly: a producer paying cash for an early-stage explorer with no resource estimate, prioritizing no shareholder dilution. Reyna brings four properties — two in Mexico (Batopilas and Gigi, with historic silver districts) and two in Nevada (Griffin and Medicine Springs, prospective for CRD and Carlin-type mineralization). The deal is expected to close after an August shareholder meeting, with Torex committing US$1.1M in pre-closing financing. The broader lens: gold consolidation and silver strength are driving M&A activity in precious metals.

The Deep Dive

Steven Hyland

2025-06-30 07:00

San Dimas: First Majestic Silver’s Sleeper Asset

San Dimas minesilver mining

Preview:A focused overview of First Majestic Silver's San Dimas mine — an underappreciated flagship asset in Durango, Mexico that has been producing precious metals since 1757. The host details the mine's production metrics, cost profile, geological characteristics, ownership history, and reserve/resource base, arguing that despite centuries of extraction, the 72,000-hectare land package still holds substantial undiscovered mineralization.

The Deep Dive

Steven Hyland

2025-06-27 11:23

The Aznalcollar Trial

1998 Los Frailes tailings dam disaster2014-2015 public tender corruption allegations

Preview:A single-narrator deep dive into the Aznalcóllar mining tender corruption trial in Spain, detailing the history of the mine, the 1998 tailings disaster, the contested 2014-2015 bidding process between Emerita Resources and Minorbis/Magtel Group, the criminal charges against former regional official Vincente Fernandez Guerrero (who faces 19 years in prison), and the implications for Canadian-listed Emerita Resources (EMO.V). The trial's oral hearing phase is expected to conclude by mid-July 2025, with a verdict following in the weeks after. Under Spanish law, if corruption is proven, the contract goes to the next highest qualified bidder — Emerita.

The Deep Dive

Steven Hyland

2025-06-27 09:30

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus - Goliath Resources

Goliath Resources 2025 drill program (60,000 meters)Relogging program and reduced intrusive dike discovery

Preview:Interview with Roger Rosmus, CEO of Goliath Resources, discussing the company's upsized 60,000-meter drill program at the Surebet discovery in BC's Golden Triangle, recent relogging results confirming a reduced-intrusion-related gold system, and a $27M financing. Rosmus outlines plans to expand known horizons, drill into the causative intrusive body, tighten drill spacing at Bonanza, and advance toward an adit/bulk sample. He expresses a bullish gold outlook (~$3,400–4,000 by next year) and frames Goliath as an early-stage discovery that "gets bigger every year."

The Deep Dive

Steven Hyland

2025-06-27 07:01

Canada’s Next Uranium Powerhouse? Baselode & Forum Merge to Form Geiger Energy

Uranium mining M&A

Preview:Baselode Energy and Forum Energy Metals are merging in an all-stock deal to form Geiger Energy, creating one of Canada's largest uranium exploration portfolios. The transaction values Forum at ~$13.1M, with Baselode shareholders owning 55% of the combined entity. Forum's Aberdeen project (Thelon Basin) becomes the flagship, while Baselode's Hook project (Athabasca Basin) moves to the back burner. The host is candid that both assets remain early-stage greenfield exploration — Aberdeen lacks a resource estimate despite two named deposits, and Hook's recent drilling delivered underwhelming results.

The Deep Dive

Steven Hyland

2025-06-26 13:25

Why This “Unknown Metal” is Suddenly Essential for Defense and Tech | Antimony Resources

Antimony market and supply chain crisisAntimony Resources - Bald Hill project (New Brunswick)

Preview:Interview with Jim Atkinson, CEO of Antimony Resources, discussing the antimony market and the company's Bald Hill project in New Brunswick. Antimony is positioned as a critical defense metal with supply chains cut off by Chinese export restrictions and Russian sanctions. The company's project is a pure antimony deposit (not a gold byproduct) with grades around 3.5-4%, roughly 10x Perpetua Resources' Stibnite project. A 2,700m drill program is underway with results expected soon. The macro thesis rests on US DoD requiring North American antimony sources and no current domestic production.

The Deep Dive

Steven Hyland

2025-06-26 11:49

GOLD ACQUISITION! Dundee Goes Big: Acquires Adriatic, Adds 50% to Gold Output

Mining M&A

Preview:Dundee Precious Metals is acquiring Adriatic Metals in a $1.3B deal, adding the freshly built Vares silver-lead-zinc mine in Bosnia to its Balkan portfolio. The acquisition boosts Dundee's gold-equivalent production by ~168K oz/year, pushing it to mid-tier producer status with a path toward 628K oz/year once the Coka Rakita development comes online. The deal is structured with 75/25 post-transaction ownership, expected to close by year-end 2025. The host flags an open question: whether Dundee will pursue Adriatic's pre-deal expansion study from 800K to 1.3M tonnes/year — management did not respond to that inquiry.

The Deep Dive

Steven Hyland

2025-06-24 16:00

Premier American Uranium Grabs Nuclear Fuels in $100M US Uranium Merger

Preview:Premier American Uranium is acquiring Nuclear Fuels in an all-stock deal valued at approximately $102M CAD. The merger creates a US-focused pure-play uranium explorer with 12 projects across 104,000 acres, anchored by the Seboletta project in New Mexico. The host breaks down the asset portfolio, deal terms (54% premium, 0.33x exchange ratio), major shareholders, and management's history of consolidation plays (Mega Uranium, Consolidated Uranium). The host expresses measured skepticism about rollup strategies that accumulate assets without moving them into production.

The Deep Dive

Steven Hyland

2025-06-24 15:00

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

prefeasibility study (PFS) update

Preview:TriStar Gold has released an updated prefeasibility study for its Castelo de Sonhos gold project in Brazil, with the main change being cost updates reflecting inflation and a revised gold price assumption of $2,200/oz (up from $1,550). After-tax NPV5 jumped from $320M to $603M, IRR from 28% to 40%, and payback dropped from 2.8 to 2 years. The permitting saga involving a federal prosecutor challenge appears resolved, and the company estimates ~3.5 years to production, seeking a partner with mine-building expertise.

The Deep Dive

Steven Hyland

2025-06-24 12:54

Silver Set to Hit 70:1 Against Gold This Year? | David Morgan

junior mining financingsgold miner valuations

Preview:David Morgan argues that precious metals are still early in a broader revaluation, with silver likely to outperform gold from here and a silver/gold ratio around 70:1 possible by year-end. He thinks the real confirmation of a bull market is already showing up in junior mining financings and argues the biggest opportunity is in hard assets and well-chosen mining equities, especially top-tier cash-rich operators.

The Deep Dive

Steven Hyland

2025-06-24 08:59

Silver Profits Surge as Santacruz Slashes Costs & Debt: Q1 Earnings

silver mining costsGlencore debt repayment

Preview:Santacruz Silver (SCZ) reported Q1 2025 revenue of $70M (up 34% YoY), driven by a 37% surge in realized silver prices to $31.85/oz. Cash costs fell sharply — down 16% YoY and 20% QoQ to $17.84/oz — aided by an accounting change to market-based FX rates in Bolivia and better metallurgical performance. The company is aggressively paying down remaining Glencore debt, and management expressed confidence they can settle it from operating cash flow. The presenter views the quarter as solid with "not a lot to complain about."

The Deep Dive

Steven Hyland

2025-06-20 08:23

Tudor Gold x American Creek: Consolidating A MASSIVE Gold Project

Preview:Tudor Gold is acquiring American Creek Resources in an all-share deal to consolidate its ownership of the Treaty Creek project from 60% to 80%. The transcript walks through the terms ($57M implied, ~$8.50/oz gold equivalent), the project's massive 34M-ounce gold-equivalent resource in BC's Golden Triangle, and the strategic rationale: simplified decision-making, better positioning for strategic partners or a future takeover, and a path toward full consolidation.

The Deep Dive

Steven Hyland

2025-06-19 08:48

Surge’s $9B Lithium Dream vs Market Reality | Nevada North PEA

Lithium price assumptions and sensitivity analysisComparison to Lithium Americas Thacker Pass

Preview:A critical analysis of Surge Battery Metals' Preliminary Economic Assessment for the Nevada North lithium project. The host argues the PEA is built on unrealistic assumptions — specifically a $24,000/ton lithium price that is 3x current spot — and that the $9.2B NPV and 22.8% IRR headline numbers collapse at the study's own downside case. Comparisons to Lithium Americas' Thacker Pass highlight that one project has automaker backing and a feasibility study while the other remains a PEA with very limited drilling.

The Deep Dive

Steven Hyland

2025-06-19 07:01

Silver Will Hit $50 This Year! - Todd Bubba Horwitz

fiscal deficitsFederal Reservemoney printing

Preview:Todd Bubba Horwitz argues that US deficits, easy money, and banking system distortions continue to support precious metals, especially silver. He thinks gold can keep trending higher despite near-term overbought conditions, but silver has the bigger upside and could hit $50 this year if momentum and short-covering accelerate.

The Deep Dive

Steven Hyland

2025-06-17 14:00

$264M to Build, $800M Upside? Aura Minerals’ Era Dorada PEA

underground vs open-pit resource conversion

Preview:A review of Aura Minerals' preliminary economic assessment (PEA) for the Era Dorada gold project in Guatemala, acquired via the Bluestone Resources takeover. The PEA outlines a 17-year underground mine with $264M initial capex, $485M NPV at $2,410 gold, and 24% IRR. The host notes the news release was light on details — no AISC, no processing specifics, no clear next steps — and got a boilerplate response from the company. Overall, the project adds a growth option on Aura's path toward mid-tier producer status targeting 450koz/year.

The Deep Dive

Steven Hyland

2025-06-17 11:34

Gold is Up 30%, But the Real Bull Market is Only Starting NOW! - SILVER NOT YET!? | Adrian Day

Preview:Adrian Day argues gold's real bull market is only beginning because the traditional macro drivers (rate cuts, weak dollar, slowing economy) are just now turning favorable. The past three years were driven by central bank buying and geopolitical concerns, while Western investors stayed away. Now, with capital returning to the junior mining sector (evidenced by surging financings) and investment advisors still absent from gold stocks, he sees a multi-year runway. For risk-averse investors, he recommends royalty companies (Franco-Nevada, Wheaton) over ETFs or individual miners. On silver, he is cautious about calling the recent move a sustained breakout since it started with futures rather than physical buying.

The Deep Dive

Steven Hyland

2025-06-16 11:00

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet - Americas Gold and Silver

antimony scarcity

Preview:Paul Andre Huet argues that silver is being driven by a tight supply-demand setup, macro fear, and ETF inflows, and that Americas Gold and Silver is positioned to benefit materially as it ramps production. He also makes a strong case that antimony is an underappreciated strategic byproduct for the company because the U.S. produces none, China dominates supply, and historic production at their mine was never properly paid or even assayed.

The Deep Dive

Steven Hyland

2025-06-13 14:30

Simply Solventless or Simply Insolvent? Q4 Results Hit a New Low

Simply Solventless Q4 2024 resultsRevenue de-recognition and audit issuesCannabis micro-cap investing risks

Preview:Simply Solventless (HASH) missed Q4 2024 guidance dramatically — gross revenue was $6M vs. $11.8M guided after a $4.3M tolling-revenue de-recognition forced by auditors. Gross profit flipped negative, adjusted EBITDA turned negative, and the stock dropped 55%+. The company raised $6M in convertible debt after issuing guidance but before results were published. CEO commentary was vaguely optimistic but Q1 results are delayed and prior guidance was not reiterated.

The Deep Dive

Steven Hyland

2025-06-13 12:59

Equinox Gold Slashes Guidance, Costs Soar After Tough Q1

Greenstone mine ramp-up problems

Preview:Equinox Gold cut 2025 production guidance across the board following a rough Q1, with the midpoint falling from 948k oz to 850k oz, while cash costs and AISC jumped sharply — AISC at Greenstone surged 60%. The cuts extend beyond the troubled Greenstone mine in Canada to Brazil and Mesquite operations, though Calibre's legacy guidance remains unchanged. The Valentine project, due online in Q3, is the one potential bright spot.

The Deep Dive

Steven Hyland

2025-06-12 13:29

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

S&P 500 correlation

Preview:Mike McGlone argues gold is the cleanest signal in the interview: a powerful bull market that is now so extended that it may be pricing in a softer S&P 500, deflationary forces, and a coming pullback in U.S. equities. He is bullish gold, bearish Bitcoin at current levels, and cautious on copper, all on the same macro frame: U.S. stock-market strength is doing most of the work holding the system together, while tariffs, dollar weakness, and global deflationary pressure raise the odds of a drawdown.

The Deep Dive

Steven Hyland

2025-06-12 13:00

Monument Mining Q3 Earnings | Doubles Cash Flow as Gold Output Surges

Recovery rate improvements (filter press, reagents)

Preview:Monument Mining's fiscal Q3 2025 results show a 33% revenue increase to $19.8M and nearly doubled operating cash flow to $11.3M, driven by sharply higher gold production (9,500 oz vs 5,500 oz) and improved recoveries at its Selinsing mine in Malaysia. Cash position grew to $30M with $39M in working capital. The company is also evaluating a restart of its Murchison project in Western Australia and seeking disciplined acquisition opportunities.

The Deep Dive

Steven Hyland

2025-06-11 16:00

NuRan Q1 Earnings: Big Gains, Bigger Hurdles

NuRan Wireless Q1 2025 earningstelecom network-as-a-service (NAS) modelAfrica telecom infrastructure (Cameroon, DRC)

Preview:NuRan Wireless (a telecom-as-a-service company operating in Africa) reported Q1 2025 revenue of $2.2M, up 285% YoY with gross margins improving to 86%, but the company still posted a $1.7M net loss. The core tension: the underlying site-deployment model looks profitable (10-month payback per site), but a crippling balance sheet — $1.6M in quarterly interest charges, negative working capital, and repeated site-deployment guidance misses — means the company must urgently restructure its short-term debt into long-term financing to survive and grow.

The Deep Dive

Steven Hyland

2025-06-11 13:00

GOLD: Mako Mining Q1 Earnings | Revenue Soars, Expenses Too

Moss mine acquisition and restart

Preview:Mako Mining's Q1 2025 earnings show record revenue of $31.8M on 10,800 oz gold sold at $2,915/oz realized. Net income rose 76% YoY to $9.4M ($0.12/sh). Costs jumped — AISC rose 35% to $1,411/oz — driven partly by the Moss mine acquisition in Arizona, which added ~$200/oz in recognized purchase costs. The company expects Moss to deliver ~65% contribution margins once mining resumes (starting later this month, ramping over six months). Management says Moss's historical bankruptcy issues were operational, not metallurgical, and believes tighter contractor oversight can save ~$18M/year. The narrative is a growth story: Moss restart plus the Guyana development project, with execution now the key watchpoint.

The Deep Dive

Steven Hyland

2025-06-11 12:37

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong - Westhaven Gold

gold bull market trickle-down to junior miners

Preview:Interview with Ken Armstrong, newly appointed CEO of Westhaven Gold, discussing the Shovelnose gold project in BC. Armstrong argues the gold bull market hasn't yet trickled down to junior developers and positions Westhaven as a derisked, buildable project with unusually low capex (~$150M USD) for 56k oz/year production. He emphasizes infrastructure advantages, management team experience, and exploration upside as the key differentiators.

The Deep Dive

Steven Hyland

2025-06-11 11:53

Gold Output Steady, Margins Surge | Cerrado Q1 Earnings

Gold miner cost structure and margins

Preview:Cerrado Gold's Q1 2025 earnings recap: revenue rose to $28.8M on 11,500 oz AuEq sold at ~$2,520/oz. Mining ops turned positive ($2.3M income vs prior losses), but a stream obligation charge pushed net loss to $4.2M. Cash costs improved to $1,902/oz, realized margins surged to $618/oz (+43% QoQ), and the company locked in $3,100–$3,250/oz hedges for May–Dec. Working capital remains negative and recovery was pushed back. Full-year AISC guidance of $1,500–$1,700/oz looks back-weighted.

The Deep Dive

Steven Hyland

2025-06-09 13:34

Was Peter Schiff Right All Along?

US debt default risk

Preview:A narrated monologue examining whether gold bugs like Peter Schiff and Doug Casey are finally being vindicated as mainstream media begins discussing the possibility of a US debt default. The piece traces the gold-bug thesis, explains central bank reserves and the circular nature of sovereign debt, frames Trump's tariff chaos as a catalyst, and notes that China and Japan are underweight gold relative to other major central banks. The conclusion: Schiff and Casey aren't right yet, but they're closer than ever — the debt-default idea is getting more real, and gold's break above $3,000 may be permanent.

The Deep Dive

Steven Hyland

2025-06-09 11:01

Bear Creek Q1 Earnings: Faces Losses and Strategic Review

Q1 earningsoperating underperformanceliquidity stress

Preview:Bear Creek Mining’s Q1 was weak operationally and financially: revenue, ounces sold, grades, cash costs, and AISC all deteriorated, while liquidity remained strained enough to trigger an expedited strategic review. The speaker sees the company’s survival as uncertain, but briefly shifts to a broader bullish view on the junior mining sector, saying capital is flowing and the sector looks like it has broken out.

The Deep Dive

Steven Hyland

2025-06-09 08:00

Soma Gold Q1: Doubles Earnings as Gold Prices Surge

production inconsistency and operational fixes

Preview:A Q1 2025 earnings recap for Soma Gold, a small-scale Colombian gold producer. Revenue surged 44% YoY to $27.9M on a 39% jump in realized gold prices ($2,087 → $2,903/oz), despite slight declines in production volumes. Net income flipped from a -$200K loss to +$3.2M; EBITDA doubled. The company paid down $2.5M in long-term debt and expects ~17,000 oz of H2 production as new diesel generators and the Lyman mill come online to address downtime issues.

The Deep Dive

Steven Hyland

2025-06-09 07:01

Gold is now Smart Money's END GAME! | Doug Casey

US fiscal deficit trajectory and DOGE failure

Preview:Doug Casey sits down with The Deep Dive's host to argue that gold is now the "endgame" for smart money. He sees the $2T+ US deficit as structurally irreversible, expects deficits to balloon to $3-5T as the economy weakens, and believes the Fed will be forced to monetize the debt — all bullish for gold. He thinks gold above $3,000 is the new baseline, with a speculative case for $30,000-$40,000 if the dollar is ever re-pegged. Gold miners are historically cheap and could "10-to-1" from here. He's also bullish on uranium. On macro, he's pessimistic on both the US and China, calling Trump's tariff/chaos approach counterproductive and Canada (outside Alberta) a basket case.

The Deep Dive

Steven Hyland

2025-06-06 12:28

Gold Project Shovel Ready, Just Needs Funding | Osisko Cariboo project.

Feasibility study optimization 2023 vs 2025Mining production profile and grade dilution trade-offs

Preview:A solo breakdown of Osisko Development's April 2025 optimized feasibility study for the Cariboo Gold Project in BC. The speaker walks through the key changes from the 2023 study: a shift to full-scale production from day one (4,900 tpd), higher average output (190k oz/yr vs 164k), improved recoveries with a gravity circuit producing 46% of gold as doré, and dramatically higher upfront capex ($881M vs $137M). Despite a lower IRR (22.1% vs 29.7%), NPV nearly doubles to $943M, and the payback period drops from 5.9 to 2.8 years. At spot gold, the economics look even better. The company is now hunting for a financing partner; construction is expected to follow quickly thereafter.

The Deep Dive

Steven Hyland

2025-06-05 12:00

Santacruz Silver Turns a Profit as Silver Prices Surge : Q4 Earnings

Mining cost inflation and AISC trends

Preview:A breakdown of Santacruz Silver's Q4 and full-year 2024 financial results, showing a dramatic profitability turnaround driven by higher realized silver prices despite a slight decline in production. The host walks through revenue ($82M Q4, up 42% YoY), gross profit swings, net income improvements, and balance-sheet strengthening, while noting the company doesn't provide guidance and that an interview with CEO Arturo Presto may be forthcoming.

The Deep Dive

Steven Hyland

2025-06-05 11:01

Big Gold Miners Don’t Trust $3,300 Gold, Do They See a Crash Ahead? | Rob McEwen

Preview:Rob McEwen, founder of McEwen Mining, argues gold is in the early stages of a bull market and expects much higher prices, especially for junior explorers. He criticizes major gold producers for selling assets at what he sees as undervalued prices, suggesting they don't actually believe $3,300+ gold is sustainable. He also discusses Canada's anti-mining regulatory environment, contrasts it with pro-mining jurisdictions like Saudi Arabia and Argentina, and updates on McEwen Copper's planned IPO later this year.

The Deep Dive

Steven Hyland

2025-06-05 10:39

GUANAJUATO SILVER Q1 EARNINGS: Strong Silver Sales, But Still in the Red?

Preview:Guanajuato Silver's Q1 2025 earnings recap: record revenue of $21.3M (+12% QoQ) on flat silver-equivalent sales, mine-level operating income up 82%, but a net loss of $2.3M persisted due to non-cash derivative losses on a gold credit facility with Ocean Partners. Adjusted EBITDA jumped 135% QoQ. Working capital deteriorated to -$7.1M. Management aims to boost production 10-15% to fix the balance sheet. Two of four mines (VMC, San Ignacio) lag on costs; fleet maintenance is the focus. Overall a decent quarter if you look through the paper loss.

The Deep Dive

Steven Hyland

2025-06-05 08:43

Aznalcóllar Corruption Case Nears Conclusion | David Gower - Emerita Resources

Aznalcóllar corruption trialSpanish public tender lawEmerita Resources catalyst

Preview:This interview is about Emerita Resources’ view that the Aznalcóllar corruption trial is nearing conclusion and could force the project award to move to Emerita if the current bid is disqualified. David Gower says the testimony and prior court rulings have consistently supported corruption findings, while a recent operating permit for the current awardee looks politically timed but should not change the legal process. He also discusses improved metallurgy, stronger local government support, and a busy 2025 drilling and study pipeline at IBW and other Spanish targets.

The Deep Dive

Steven Hyland

2025-06-05 08:16

GOLD: Franco Nevada & IAMGOLD Shake Up Cote Mine Royalties

Franco-Nevada royalty acquisitionGross margin royalty vs NSR royalty mechanics

Preview:Franco-Nevada acquired an existing 7.5% gross margin royalty on IAMGOLD's Côté Gold Mine for ~$1 billion in cash from an unnamed third party (likely Treelon Group). Unlike typical royalty deals, Franco leveraged its size to renegotiate the agreement for improved audit and information rights — in exchange granting IAMGOLD/Sumitomo buy-down options that could halve the royalty to 3.75% at modest IRRs. The deal is cash-flowing immediately, with an implied ~15.5-year payback against an 18-year mine life, though mill expansion potential could improve economics.

The Deep Dive

Steven Hyland

2025-06-03 09:02

What You Don’t Know About Early GOLD Bull Markets | Rick Rule

DOGE failure and government spending cutsGold miner high-grading dynamics and margin expectations

Preview:Rick Rule discusses why DOGE failed to cut government spending, his gold bull market thesis including the conditions under which he'd sell gold, the high-grading phenomenon masking gold miner margins, critiques of Barrick's strategy and praise for Newmont's asset sales, and his stringent criteria for evaluating junior exploration companies. He also promotes his Rule Symposium in Boca Raton.

The Deep Dive

Steven Hyland

2025-06-02 12:03

Silvercorp Q4 Earnings: Surging Cash Flow and Sets Stage for 2026 Growth

Q4 fiscal 2025 financial resultsProduction guidance miss and head grades

Preview:Covers Silvercorp Metals' Q4 and full-year fiscal 2025 earnings. Revenue surged 76% YoY in Q4 to $75M, and full-year revenue rose 39% to $299M. Cash flow from operations jumped 200% in Q4 and ~51% for the year. Despite strong operational cash generation, net income swung to a loss in Q4 due to non-cash items. Production guidance was missed on gold, lead, and zinc (only silver hit). FY2026 guidance calls for production increases across all metals. The host flags the El Domo project in Ecuador as a key diversification catalyst, expected online by end of 2026.

The Deep Dive

Steven Hyland

2025-06-02 07:01

High Grade Gold and Silver Discovery at Santo Nino | First Majestic

Navidad vein system expansionSanta Elena district-scale potential

Preview:First Majestic Silver has made a second major discovery in 12 months at its Santa Elena complex in Sonora, Mexico. The new Santo Niño vein — a near-surface epithermal gold-silver system traced over 1 km of strike — sits just 900 meters from the processing plant. Meanwhile, the Navidad discovery (announced last year) continues to expand eastward with some of the highest-grade intercepts ever seen at Santa Elena. The complex now hosts four major deposits, and large portions of the concession remain unexplored, suggesting significant district-scale potential.

The Deep Dive

Steven Hyland

2025-05-30 08:30

GOLD Could Easily DOUBLE Again in This Run!? | Dan Wilton - First Mining Gold

deficits and debt monetizationinflation outlook

Preview:Dan Wilton argues gold is being driven higher by unsustainable government deficits, debt monetization, and inflationary pressure, and he believes the cycle can still extend much further. He also pitches First Mining Gold as an undervalued developer with two large Canadian assets — Springpole and Duparquet — that could rerate sharply if permitting milestones keep advancing and gold stays strong.

The Deep Dive

Steven Hyland

2025-05-29 14:01

Can You Grow a Gold Mine With No Debt? TRX Gold - Buckreef PEA

open-pit to underground transition

Preview:TRX Gold released a PEA for expanding its Buckreef Gold Mine in Tanzania from a 2,000 tpd open-pit operation to a 3,000 tpd underground mine, targeting 62,000 oz/year average over an 18-year mine life. Uniquely, the expansion is funded entirely from internal cash flow with no upfront debt, so no IRR is calculated. The NPV is $442M at a stepped-down gold price deck (~$2,700 to $2,245) or $766M at a flat $3,000/oz. The host appreciates the bootstrap approach but critiques the "nil initial capital" framing as misleading since $89M in growth capex is still required over the first four years.

The Deep Dive

Steven Hyland

2025-05-29 13:23

$3300 GOLD: Every $100 Rise in Gold Means Pure Profit | Ross Beaty - Equinox Gold

Calibre merger

Preview:Ross Beaty argues gold’s rally is being driven by geopolitical and currency turmoil, and that higher gold prices are now translating directly into cash flow for producers. The interview centers on Equinox Gold’s strategy: merging with Calibre to get bigger, lower costs, and build a more durable senior producer while acknowledging execution issues at Greenstone and Los Filos.

The Deep Dive

Steven Hyland

2025-05-27 12:57

Is Silver Entering a New Era of Mergers? | Silver47 x Summa Silver Merger

Junior mining M&A and sector consolidation

Preview:Silver47 and Summa Silver are merging in an at-market, no-premium deal to create a larger US-focused high-grade silver explorer. The combined entity holds ~246M oz AgEq in resources, roughly one-quarter of Silver47's stated 1B oz AgEq target. The rationale is scale for better capital access, index/ETF inclusion potential, and North American jurisdiction appeal. An accompanying $5M best-efforts financing will fund 2025 drill programs, with a Red Mountain resource update due Q1 2026.

The Deep Dive

Steven Hyland

2025-05-26 14:30

Solaris Locks In $200M Stream for Warintza Project

Solaris Resources Warintza project financing

Preview:Solaris Resources has secured a $200M non-dilutive financing package with Royal Gold to fund development of the Warintza copper-gold project through to a final investment decision in late 2026. The package consists of a gold stream (20 oz per 1M lbs copper produced, with Royal Gold paying 20% of spot for the first 90,000 oz then 60% thereafter) and a 0.3% NSR royalty escalating to ~0.45% by expected production in 2030. The deal already paid off senior debt owed to Orion, and terms include ROFO rights for Royal Gold on future project financing while keeping competitive tension intact.

The Deep Dive

Steven Hyland

2025-05-26 13:16

$8,900 Gold? Why Silver and Miners Could Outperform | Ronald-Peter Stöferle

Trump administration monetary policy and weak-dollar strategyMar-a-Lago Accord and Plaza Accord historical parallel

Preview:Ronald-Peter Stöferle, author of the annual "In Gold We Trust" report, discusses the gold bull market with host Steve. He argues gold's refusal to correct signals strong dip-buying from Western investors who missed the rally. He frames the "Trump shock" as a deliberate weak-dollar policy realignment akin to the Plaza Accord, which positions gold as a neutral monetary reserve asset. His base-case gold target is $4,800 by 2030 (on track), with an inflationary scenario reaching $8,900. Key near-term conviction: the second half of this "golden decade" will see silver, mining stocks, and commodities outperform gold itself.

The Deep Dive

Steven Hyland

2025-05-26 13:12

Wesdome GOLD Q1 Earnings: CASH FLOW IS KING!

Kiena mine production volatility and mining method change

Preview:A rapid-fire walkthrough of Wesdome Gold Mines' Q1 2025 earnings, driven by overwhelming viewer demand. Revenue surged 86% YoY to C$188M, net income jumped 483% to C$62.5M, and free cash flow hit a record C$47.5M. Kiena's production dropped QoQ due to mine sequencing, but the company is switching from longhole to cut-and-fill mining to stabilize grades. The host flags Kiena's 60% back-half-weighted guidance as a watchpoint but concludes the quarter was strong overall.

The Deep Dive

Steven Hyland

2025-05-23 14:00

Avino Silver Q1 Earnings: The Record Streak Continues!

Silver mining production and costsLa Preciosa mine development

Preview:Avino Silver reported Q1 2025 results with record net income of $5.6M ($0.04/share), revenue of $18.8M (up 52% YoY), and adjusted EBITDA of $9.7M. Production was 678K AgEq ounces, down 8% QoQ due to jaw crusher downtime but up 8% YoY. Costs improved dramatically — cash costs fell to $12.62/oz AgEq. Guidance of 2.5–2.8M AgEq ounces for 2025 is on track, with La Preciosa mine expected online in H2 2025 and meaningful production contributions starting in 2026.

The Deep Dive

Steven Hyland

2025-05-23 12:39

Aya Gold & Silver Q1 Earnings: From Kitchen Sink to Record Results

Zgounder mine expansion and commercial production

Preview:Aya Gold & Silver (AYA) posted its strongest quarter ever in Q1 2025, with record revenue of $33.8M (+566% YoY), 1.1M oz silver production, and a swing to net income of $6.9M. After a brutal 2024 capped by a "kitchen sink" Q4, the new plant at Zgounder is now in commercial production. Management guided 5-5.3M oz for FY2025 with production ramping quarterly toward 1.5M oz in Q4 and cash costs declining from ~$19 toward $13-14/oz. Balance sheet tightened but a $25M credit facility and post-quarter receivable collections ease liquidity concerns. The Boumadine development project is ~4 years out.

The Deep Dive

Steven Hyland

2025-05-23 08:01

We’re at the Start of a Great Silver Boom! | Ross McElroy & Andy Bowering - Apollo Silver Corp

Calico project expansion

Preview:This interview argues that Apollo Silver is positioned for a potential rerating because silver looks like it is still basing while Apollo owns unusually large, high-quality silver assets in the U.S. and Mexico. Andy Bowering and Ross McElroy frame the company around management quality, domestic supply reshoring, and advancing projects that already have scale and optionality, while acknowledging that community relations at Cinco de Mayo and the timing of capital flow into juniors remain key execution risks.

The Deep Dive

Steven Hyland

2025-05-23 07:16

Cerrado Gold Q4 Earnings: The Turnaround is Working

Argentina inflationary cost pressures

Preview:A review of Cerrado Gold's Q4 2024 financials: revenue down but adjusted EBITDA and operating cash flow improved significantly. Production declined year-over-year in Q4 due to lower feed grades, though heap leach operations hit record levels. The 2025 outlook was revised upward to 55-60k GEOs but at higher AISC of $1,500-$1,700, reflecting Argentine inflation and underground mining costs. The company is positioned as a turnaround story with improving working capital, no planned new debt, a secondary crusher installed in April, and the recent Ascendant Resources acquisition adding a Portugal VMS project.

The Deep Dive

Steven Hyland

2025-05-22 10:01

How a Single Deal Turned 2 ‘Dead’ Mines into a $2B Project | Canadian Copper PEA - Simon Quick

Murray Brook and Caribou combined project

Preview:Interview with Simon Quick, CEO of Canadian Copper, discussing the company's newly released Preliminary Economic Assessment (PEA) for a combined Murray Brook–Caribou polymetallic project in New Brunswick. The PEA shows a low-capex (~C$70M) project with a 13-year mine life, $172M NPV, ~36% IRR after tax, and less than 2-year payback. Quick also provides his medium-to-long-term bullish copper/zinc/lead thesis centered on supply constraints and falling smelter treatment charges, and discusses how US tariffs disproportionately affect New Brunswick given its heavy export dependence.

The Deep Dive

Steven Hyland

2025-05-22 08:15

Canadian Copper PEA: This Isn’t Just Hype, It’s Happening!?

Murray Brook depositCaribou processing complex

Preview:A deep-dive analysis of Canadian Copper's newly released Preliminary Economic Assessment (PEA) for its combined Murray Brook deposit and Caribou processing complex in New Brunswick. The host walks through the mine plan, production metrics, financial economics, and permitting pathway, highlighting a low initial capex of $64M, 36% IRR, and 2-year payback. The video is bullish on the company and notes the market cap trades at a deep discount to NPV.

The Deep Dive

Steven Hyland

2025-05-21 15:02

Endeavour Silver Q1 Earnings: Numbers are rough, future’s on Terronera.

Terronera mine commissioning and ramp-up timeline

Preview:Endeavour Silver's Q1 2025 financials were rough: revenue slightly declined year-over-year, a $31.9M derivatives loss (Mexican peso and gold hedges) blew out the bottom line to a $32.9M net loss, production fell ~17-18%, and costs rose 14-28%. The cash position halved to $64.7M, prompting a $50M bought-deal financing. The bull case rests entirely on Terronera — the new flagship mine now in wet commissioning with a 90-day ramp-up to full production, plus the recently acquired Culpa operation, together targeting a path to 20M silver-equivalent ounces annually.

The Deep Dive

Steven Hyland

2025-05-21 14:39

$75 Silver Now More Likely Than $6,000 Gold? | Michael Williams - Aftermath Silver

Precious metals miner cycle staging (producer → developer → boom)

Preview:Michael Williams of Aftermath Silver argues that precious metals miners are in the early innings of a bull cycle — producers are showing strong earnings, generalist funds are starting to move in, and developers/juniors are next. On silver specifically, he contends that $75 silver is more probable than gold doubling to $6,000, citing silver's historical lag-leverage pattern and the current gold/silver ratio setup. He then presents Aftermath Silver's Peru-based polymetallic project (silver, copper, manganese) and a catalyst-rich news flow calendar for 2025.

The Deep Dive

Steven Hyland

2025-05-20 15:00

Gold Nears $3,300: So Where's All the Money? | Luke Norman - US Gold Corp

Preview:Interview with Luke Norman, Chairman of US Gold Corp, discussing the company's two key projects: the fully-permitted Copper King gold-copper project in Wyoming (shovel-ready, ~$300M build cost) and the Keystone exploration project in Nevada near Barrick's Cortez complex. Norman makes a macro case for gold based on government money printing and expresses surprise that gold equities haven't yet attracted capital inflows despite gold nearing $3,300. The company is pursuing low-dilution debt financing and expects to complete a bankable feasibility study within three months, with an 18-month construction timeline to production.

The Deep Dive

Steven Hyland

2025-05-20 13:00

Alamos Gold Q1 Earnings: Lower Production, Higher Costs, Still Profitable?

Gold mining production costs and AISCShare-based compensation impact on mining financials

Preview:Alamos Gold's Q1 2025 was a messy quarter: production fell to 125K oz (below the 136K oz YoY), all-in sustaining costs spiked to $1,805/oz, and free cash flow swung to negative $20M. The host argues the underperformance is explainable — a drill breakdown at Young-Davidson, lower grades at Mulatos, an inherited Argonaut hedge depressing realized gold prices, and a large non-cash share-based comp hit from the rising stock. Guidance is unchanged and Q2 is expected to rebound. The thesis: keep calm and carry on — but the market has priced "unquestionable excellence," and mining is volatile.

The Deep Dive

Steven Hyland

2025-05-20 10:54

B2GOLD Q1 Earnings: Revenue Up, Production and Cash Flow Decline.

Goose Project development timeline

Preview:B2Gold's Q1 2025 results: revenue up 15% to $532M on higher gold prices despite 17% lower sales volumes. Production fell 10% YoY to 193K oz, with Fekola in Mali the main drag. Operating cash flow cratered 75%, though adjusted for Q1 2024's $500M prepaid sales, the decline was ~15%. All eyes on the Goose Project in Nunavut, expected to pour first gold in Q2 and produce 120-150K oz this year. The host sees the quarter as weak but survivable, with Goose as the catalyst that could turn sentiment.

The Deep Dive

Steven Hyland

2025-05-20 07:00

Silver Catch-Up Time: Why the 7:1 Gold-Silver Ratio Matters [Summa-Silver47 Merger]

Preview:Interview with Gary Thompson (CEO, Silver47) and Galen McNamara (CEO, Summa Silver) discussing their merger, the silver market outlook, the gold-silver ratio, and why silver has lagged gold despite a strong macro backdrop. Key themes: silver's catch-up potential, industrial demand drivers (solar, Samsung battery), chronic supply deficit, and the junior mining capital drought.

The Deep Dive

Steven Hyland

2025-05-17 07:01

$3200 Gold & the Miners Still Lagging!? | Cliff Hale-Sanders - Cerrado Gold

Minera Don Nicolás mine (Argentina)Lagoa Salgada VMS project (Portugal) via Ascendant Resources acquisition

Preview:Cerrado Gold CEO Cliff Hale-Sanders discusses the company's producing Minera Don Nicolás mine in Argentina (55-60k oz Au/year), the pending Ascendant Resources acquisition (Lagoa Salgada VMS project in Portugal), and the long-term Monte Sorcier iron ore option in Quebec. He addresses the valuation disconnect — $73M market cap with ~$21M cash, ~$50M EBITDA, and $25M free cash flow at $2,100 gold — and outlines a path to 300k+ AuEq oz and ~$500M EBITDA within 5-6 years without requiring equity dilution. Macro backdrop: tariffs are a short-term stressor but structurally bullish for commodities given lack of new production.

The Deep Dive

Steven Hyland

2025-05-16 13:00

GOLD | G Mining Q1 Earnings: Bumps in the Road, But Still on Track

Gold production and operational headwindsTocantinzinho mine performance

Preview:G Mining Ventures reported Q1 2025 results showing a production and revenue dip vs. Q4 2024, driven by heavy rainfall, a SAG mill liner replacement, and higher strip ratios. Revenue fell 4% to $98M, production dropped 11% to 35,500 oz, and cash costs rose to $689/oz. Despite the operational hiccups, net income improved, the balance sheet strengthened, and management indicated May operations are running at 108% of nameplate capacity with H2 expected to be stronger.

The Deep Dive

Steven Hyland

2025-05-16 11:01

SILVER outperforms GOLD in the Later parts of a Bull Cycle | John Miniotis - AbraSilver

M&A activity in silver mining (SilverCrest, Mag Silver, Gatos Silver)

Preview:John Miniotis of AbraSilver argues that silver is poised to outperform gold in the later stages of this bull cycle, citing a structural 200M oz/year deficit, its dual monetary/industrial role, and historical pattern of silver catching up. He highlights AbraSilver's Diablillos project as one of the lowest-cost primary silver development projects globally, with key catalysts including an upcoming resource estimate, environmental permit (late 2025), and definitive feasibility study plus Argentina's RIGI incentive approval (Q1 2026). Recent M&A in the silver space (Gatos Silver, SilverCrest, Mag Silver) signals majors are positioning for a bull market.

The Deep Dive

Steven Hyland

2025-05-16 07:00

Gold Mining set for a $160 B CASH HAUL by 2026!? | Terry Lynch - Power Metallic

Gold mining industry cash flow & M&A cyclePower Metallic / NISK orthomagmatic discoveryUS-China tariffs and macro uncertainty

Preview:Terry Lynch, CEO of Power Metallic, discusses the improving macro environment for gold (US-China tariff reduction, gold reclassification as cash on bank balance sheets), the massive $160B projected cash flow for the gold mining industry, and the bullish setup for NISK — an orthomagmatic nickel-copper-PGE discovery he argues could become world-class. He also delivers an impassioned critique of Canadian capital markets and the short-market exemption, which he is trying to litigate through Save Canadian Mining.

The Deep Dive

Steven Hyland

2025-05-15 07:00

Why Precious Metals Crashed on Trump’s Trade Deals? | Jesse Day

Trump tariff policy and inflation outlookJesse Day background and Commodity Culture origin

Preview:Jesse Day (Commodity Culture) sits down with The Deep Dive to discuss the gold/silver selloff on the opaque US-UK trade deal, arguing it is a temporary move and that the tariff-driven inflation double-whammy is ultimately bullish for precious metals. The bulk of the conversation centers on uranium — Day outlines his developer-and-producer-focused approach, names NextGen and Energy Fuels as key plays, explains why he sold Global Atomic post-coup, and frames the eventual institutional inflow and SMR adoption as the long-term bull case. He also pitches a beaten-down oil thesis, citing Permian decline rates, ESG-driven underinvestment, and names Whitecap Resources, Surge Energy, and Africa Oil as his Canadian picks with high dividend yields.

The Deep Dive

Steven Hyland

2025-05-14 14:47

SILVER M&A: MAG Silver Acquired By Pan American

Silver mining M&AJuanicipio joint venture

Preview:Pan American Silver is acquiring MAG Silver in a US$2.1 billion deal, adding MAG's 44% stake in the Juanicipio joint venture (operated by Fresnillo) to its portfolio. MAG shareholders get $20.54/share — a 21% premium — with the option of cash or Pan American stock (0.755 shares per MAG share). The deal derisks MAG's single-asset exposure and gives Pan American a production boost alongside the world's largest silver producer. The host finds the transaction unsurprising given Juanicipio's low-cost, high-margin profile but questions why Fresnillo didn't acquire MAG instead.

The Deep Dive

Steven Hyland

2025-05-13 07:56

Equinox Gold Q1 Earnings: Revenue Falls, Costs Surge, Investors Concerned

Greenstone mine operational issues

Preview:Equinox Gold's Q1 2025 results showed sharp sequential deterioration across every key metric — revenue, production, costs, and cash flow all worsened materially versus Q4 2024, despite year-over-year improvements. Greenstone's ramp-down (not ramp-up), across-the-board production declines, and the Los Filos care-and-maintenance shutdown painted a grim picture. The host argues the Caliber Mining merger is effectively a smokescreen for these weak results, though maintains the long-term story is intact.

The Deep Dive

Steven Hyland

2025-05-12 14:01

Gold $4000, Silver $40: Smart Money is FLOODING the JUNIORS! | Glenn Jessome

Capital flows into junior miners and institutional smart money

Preview:Glenn Jessome, CEO of Silver Tiger, discusses the surging precious metals market, arguing gold at $3,400 and a 100:1 gold-silver ratio signal more upside — potentially $4,000 gold and $40 silver near-term. He details how smart institutional money (Eric Sprott, Franklin Templeton, Merc) has already poured $100M into his group's companies via no-warrant bought deals, signaling capital is flowing to de-risked developers first before trickling down to true juniors. Jessome provides an extensive update on Silver Tiger's El Tigre project: a high-margin open pit with $750M CAD NPV, 70% IRR, and 1.3-year payback, plus an underground PEA due soon. He also reports a dramatic pro-mining shift under President Sheinbaum, with Mexico now actively courting exploration and issuing modification permits — a sentiment reversal he calls "better than we could have hoped for."

The Deep Dive

Steven Hyland

2025-05-12 10:39

How To Profit From $3300 Gold? Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

Preview:Interview with Montage Gold CEO Martino De Ciccio covering the company's Kone gold project in Côte d'Ivoire — one of the largest gold projects currently in construction worldwide. De Ciccio discusses the bullish gold price environment driven by central bank buying, geopolitical tensions, and constrained supply. He provides a detailed construction update (ahead of schedule on all key workstreams), explains the hedging strategy (400k oz puts at $2,500 to protect margins while maintaining upside exposure), outlines aggressive exploration targeting 1M oz at 50% better grades before production begins, and describes strategic partnerships with African Gold and Sanu Gold as part of a long-term vision to build a premier multi-asset African gold producer.

The Deep Dive

Steven Hyland

2025-05-09 15:56

SILVER | First Majestic Q1 Earnings: BREAKS 6 RECORDS - Market PUZZLED as Revenue & Production SOAR

Silver miner production and cost metrics

Preview:A single-speaker recap of First Majestic Silver's Q1 2025 earnings. The host runs through six company records (revenue, mine operating earnings, cash flow from operations, cash position, EBITDA, and silver production), details the Gatos Silver acquisition's contribution, notes cost declines, and frames the quarter as a strong start to the year despite the market's lukewarm reaction to a slight EPS miss versus analyst expectations. The thesis: First Majestic is well-positioned for an anticipated capital-flow frenzy into miners as precious metals enter a bull market.

The Deep Dive

Steven Hyland

2025-05-09 14:00

GOLD - Calibre Mining Q1 Reports 2025: Delays, Rising Costs, and a Big Merger

Preview:Calibre Mining's Q1 2025 results show strong operational performance from existing Nicaragua and Nevada operations — beating production and cost guidance — but are overshadowed by another delay at the Valentine Gold Mine (first gold pushed to late Q3) and an $80M cost overrun blamed on poor productivity. The host notes the merger with Equinox Gold looms in the background.

The Deep Dive

Steven Hyland

2025-05-09 10:50

GOLD | Kinross Q1 2025 Earnings: Solid Growth with Strong Cash Flow

Gold miner production and cost analysisGreat Bear development project

Preview:Kinross Gold posted a solid but uneventful Q1 2025 — revenue of $1.5B (+38% YoY), operating earnings up 195%, free cash flow more than doubled to $371M, and net earnings per share tripled to $0.30. Production was flat YoY with attributable ounces slightly down. Costs ticked higher (AISC $1,355/oz vs $1,310) partly due to higher gold prices inflating per-ounce cash payouts. The company paid off a $200M term loan, declared a $0.03 dividend, and resumed buybacks with $500M planned for 2025. Great Bear and other development projects continue on track. The speaker characterizes Kinross as a boring-but-reliable "adult in the room" operator that hits guidance without drama.

The Deep Dive

Steven Hyland

2025-05-09 08:12

$1 Billion Revenue for 2025!? | First Majestic Record High Q1 - Keith Neumeyer

Preview:Keith Neumeyer, CEO of First Majestic Silver, discusses a record Q1 2025 with $240M+ revenue, 7.7M AgEq ounces production, and $450M+ cash on hand. He's content to hoard cash through 2025, sees no compelling M&A targets, and is struck by how major miners still use $1,600 gold for valuations. He reiterates his long-standing triple-digit silver thesis but notes institutional capital hasn't yet flowed into the sector. The Gatos Silver integration is exceeding expectations; San Dimas has turned around. A $1B revenue year is plausible if metals hold.

The Deep Dive

Steven Hyland

2025-05-08 15:30

Gold Gains vs. Rising Costs: SSR Mining Q1 Earnings

Preview:SSR Mining posted Q1 2025 revenue of $317M (+37% YoY), driven almost entirely by higher gold prices ($2,935/oz realized vs $2,061/oz). Production was essentially flat (~104K GEOs) while costs deteriorated — AISC jumped 26% YoY to $1,972/oz ($1,749/oz excluding Çöpler). The company returned to profitability with adjusted EPS of $0.29, but the beat was against a disaster-distorted comparable quarter. The takeaway: SSR is a marginal beneficiary of gold's rally, but cost inflation is eating into operating leverage.

The Deep Dive

Steven Hyland

2025-05-08 13:00

Toronto’s 2027 Condo Time Bomb: Financial Ruin for Pre-Construction Buyers | Mark Morris

Toronto condo marketpre-construction riskpower of sales

Preview:Mark Morris argues that Toronto’s condo market is moving from a speculative bubble into a forced-deleveraging phase, with pre-construction failures to close, power-of-sale activity, and rental oversupply feeding into one another. He says the 2020–2022 condo boom will continue to work through the system into 2027, and that the broader Canadian economy is vulnerable because housing has absorbed capital that might otherwise have gone into productive business formation.

The Deep Dive

Steven Hyland

2025-05-08 11:22

Barrick Gold's $3 Billion Quarter – But What’s Missing? | Barrick Q1 Earnings

Preview:A critical review of Barrick Mining's Q1 2025 earnings. Despite gold's record price rally, Barrick posted sharp sequential declines in revenue (-14% QoQ), production (-31% QoQ), and earnings (-52% QoQ), while all-in sustaining costs ballooned 22% YoY to $1,775/oz. Production shortfalls were concentrated at Nevada Gold Mines and the suspended Loulo-Gounkoto operation. The host argues Barrick is deflecting from operational problems by emphasizing distant growth projects and a corporate name change, and questions whether full-year guidance is still credible.

The Deep Dive

Steven Hyland

2025-05-08 08:34

Sandstorm Gold Q1 2025 Earnings: Record Revenue Despite Challenges

Preview:Sandstorm Gold posted Q1 2025 record revenue of $50M (+17% YoY) despite slightly lower attributable production (18,492 oz vs 20,316 oz). Higher gold prices masked declining ounces, while cash costs jumped 33% to $371/oz. Cash flow from operations hit $40.7M — best since Q2 2023. The company maintained 2025 guidance of 65-80k GEO, midpoint below 2024's ~73k. Key growth projects: Greenstone ramp-up mid-2025, Hod Madden (2028), and the MEA stream option in Argentina (2029+). Debt paydown continues with $328M outstanding.

The Deep Dive

Steven Hyland

2025-05-07 13:00

A Billion-Dollar NPV: EV Nickel Carlang A PEA

EV Nickel Carlang A PEATimmins nickel districtCanada Nickel Crawford comparison

Preview:A walkthrough of EV Nickel's updated Preliminary Economic Assessment for the Carlang A nickel deposit in Ontario's Timmins region. The PEA projects a $1 billion (US) after-tax NPV, 14% IRR, and 6-year payback on a 20-year open-pit mine. The host compares EV Nickel to Canada Nickel's Crawford project and notes the reality that these are effectively iron mines packaged as nickel plays. The tone is cautiously optimistic about the management team's execution but acknowledges the early-stage nature of the project and the challenging nickel market.

The Deep Dive

Steven Hyland

2025-05-07 10:53

Gold Price Surge vs Mounting Losses: I80 Gold Q1 Earnings

Gold miner profitability vs gold priceWorking capital and balance sheet stress

Preview:A scathing review of I80 Gold's Q1 2025 results, highlighting the paradox of rising gold prices alongside ballooning losses. Revenue rose to $14M on stronger gold prices, but net loss doubled to $41.2M. The company ended the quarter with a $40.8M working capital shortfall and resorted to borrowing from National Bank to pay Orion. Production transparency is poor, and all-in costs are estimated at $2,174/oz. The recapitalization plan drags into mid-2026 with no clear resolution yet.

The Deep Dive

Steven Hyland

2025-05-06 09:30

MASSIVE COPPER DISCOVERY: Lundin & BHP's Vicuna Project Unveiled

Vicuña copper-gold-silver districtFilo del Sol resource updateJosé María deposit

Preview:The Vicuña Project — a 50/50 joint venture between Lundin Mining and BHP combining the Filo del Sol and José María deposits in Argentina — has released its first combined resource estimate. The numbers are staggering: 3.6 billion tons M&I containing 12.8 Mt copper, 32.2 Moz gold, and 659 Moz silver, with an additional 7.9 billion tons inferred. Combined across all categories, the district holds 38 Mt copper, 80.9 Moz gold, and 1.5 billion oz silver. Vicuña ranks as the 6th largest copper resource globally, the largest greenfield copper discovery in 30 years, and hosts one of the world's top gold and silver resources. Lundin plans an integrated technical report by Q1 2026.

The Deep Dive

Steven Hyland

2025-05-06 09:19

$30,000 GOLD: How Trump's Policies Could Trigger The Next Price Explosion | Simon Marcotte

Project 2025 and bank reserve interest policySteven Miran economic blueprint and Mar-a-Lago Accord

Preview:Simon Marcotte of Northern Superior Resources presents a bull thesis for gold reaching $30,000/oz, driven by his expectation that Trump administration policies will force negative real rates. He points to Project 2025's proposal to stop paying interest on bank reserves and Steven Miran's economic blueprint as signals that the US will devalue the dollar, impose user fees on Treasury holders, and induce "wartime financial conditions" to remanufacture the economy. He also discusses Northern Superior's consolidation play in the Shibugamu Gold Camp, where the company and partner IAMGOLD control 12.4M ounces with mill-feed economics from nearby deposits.

The Deep Dive

Steven Hyland

2025-05-05 13:35

300% RETURNS! The Junior Mining Stocks About To Explode In This Gold Bull Market | John Feneck

Fed and Powelltariffs and macro uncertainty

Preview:This is an interview with gold/mining investor John Feneck. His core view is that gold’s breakout is being validated by price action, by major-bank target hikes, and by macro uncertainty around tariffs and Fed politics, with silver and junior miners still lagging but potentially next in line. He is constructive on select producers and a short list of junior names, while stressing position discipline and risk/reward rather than blind buying.

The Deep Dive

Steven Hyland

2025-05-05 11:51

Eldorado Gold Q1 Earnings: Growth Strategy vs Cash Flow

Free cash flow vs growth investment tradeoffSkouries project development and timeline

Preview:Eldorado Gold posted Q1 results with strong revenue (+38% YoY) and net earnings (+115%) driven entirely by higher gold prices, but generated negative free cash flow (-$21.8M) as it continues pouring capital into the Skouries project in Greece. The market punished the stock, dropping it as much as 3.4%. Olympias mine had unplanned maintenance issues cutting production 37%, though other operations largely offset the shortfall. The company reaffirmed full-year guidance of 460-500K oz with Skouries expected to reach commercial production by mid-2026. The speaker views the FCF-negative position as acceptable given the near-term growth payoff, but notes FCF will likely stay negative through 2025 barring a further gold price surge.

The Deep Dive

Steven Hyland

2025-05-02 10:04

Gold Producer Delivers Stellar Results: Endeavor Mining Q1 Earnings

Preview:Endeavor Mining posted blowout Q1 2025 results with revenue of $1B (+121% YoY), adjusted net earnings of $219M (+434% YoY), and free cash flow swinging from -$132M to +$49M. Production was 341K oz at AISC of $1,129/oz, down from $1,186/oz a year ago. The company is now in a high free-cash-flow generative phase after completing its growth capex cycle, with shareholder returns (dividends + buybacks) expected at minimum $277M in 2025. Despite the strong numbers, the stock only rose ~2% on the day, which the host views as market indecision.

The Deep Dive

Steven Hyland

2025-05-01 11:00

G Mining Oko West Feasibility: Rapid Path from Acquisition to Construction

Oko West feasibility study

Preview:G Mining Ventures released a feasibility study for the Oko West gold project in Guyana, acquired just ~10 months ago via the Reunion Gold merger. The study shows strong economics: $2.2B NPV (5%, $2,500/oz gold), 27% IRR, 2.9-year payback, with AISC of $1,123/oz (one of the lowest in the industry). Early works construction began in March 2025. The host frames G Mining as an outlier — a management team that moves unusually fast (PEA within 2 months of acquisition, feasibility study 7 months later) while still producing solid results, already having brought its first mine (Tocantinzinho) to commercial production just 7 months ago.

The Deep Dive

Steven Hyland

2025-05-01 08:00

New Gold Q1 Earnings: What's Behind The Market's Surprising Reaction?

Rainy River mine costs and waste strippingNew Afton mine production and OTPP buyback

Preview:New Gold reported Q1 2025 results with a net loss of $17M but saw its stock surge 17%. Revenue rose 9% YoY to $29M on higher copper sales and much higher realized gold/copper prices, despite gold production falling 26%. Free cash flow swung from -$15M to +$25M. Key catalysts: the buyback of OTPP's 19.9% free cash flow interest in New Afton, a $400M note issuance to clean up 2027 debt, and the thesis that production dips are temporary as waste stripping finishes and underground development ramps up. All-in sustaining costs were alarmingly high — especially $2,758/oz at Rainy River — but the host argues the company is still making money and the trajectory matters more than the quarter.

The Deep Dive

Steven Hyland

2025-05-01 06:43

Why the Government Actually WANTS Gold Prices to Explode Higher | Tavi Costa

Sovereign debt, deficits, and interest rate trajectory

Preview:Tavi Costa of Crescat Capital argues gold's rally is not a technical-trade story but a structural monetary realignment driven by sovereign debt burdens. He contends the US Treasury is actually incentivized to see gold rise — via revaluation of its reserves to expand the TGA account and buy back Treasuries. Silver and junior miners remain deeply undervalued relative to gold, and he sees history suggesting gold could reach $20,000+/oz if reserves returned to 1940s–70s ratios relative to debt. On China, he takes a contrarian view: their gold buying is real but constrained by currency pressures. The interview also touches on Trump's tariff strategy and the likelihood of a prolonged US-China standoff.

The Deep Dive

Steven Hyland

2025-04-29 16:06

This Gold Merger Isn’t What It Seems | Mandalay x Alkane Merger

Mandalay–Alkane merger terms and structureGDXJ index re-rating mechanicsASX 300 inclusion thesis

Preview:The Deep Dive analyzes the proposed Mandalay Resources–Alkane Resources merger, framed as a "merger of equals" but delivering Mandalay shareholders only a ~2% headline premium (a 6% discount on a 20-day VWAP basis). The core pitch is a market-cap-driven re-rating: a bigger combined entity (~C$898M) could attract larger GDXJ index weighting and potentially ASX 300 inclusion. The host is skeptical, arguing the deal is "premised on big market cap makes stock go up" with no meaningful operating synergies — not the kind of payout M&A investors typically expect.

The Deep Dive

Steven Hyland

2025-04-28 09:31

Copper Giant Beats Estimates Despite Production Drop: Freeport Q1 Earnings

Freeport-McMoRan Q1 2025 earnings recap

Preview:Freeport-McMoRan (FCX) reported Q1 2025 results: revenue of $5.7B beat estimates by 6% but fell 9% YoY. Copper sales dropped from 1.1B lbs to 872M lbs and gold from 568K oz to 128K oz due to planned maintenance in Indonesia. EPS of $0.24 met expectations despite the YoY decline. Operating cash flow tumbled 44% to $1.1B. The company reiterated full-year 2025 guidance of 4B lbs copper and 1.6M oz gold, with Q2 expected to show recovery. Freeport stands to benefit from potential copper tariffs as it accounts for 70% of US domestic production, with US pricing running ~6% above LME.

The Deep Dive

Steven Hyland

2025-04-25 14:00

Gold Soars Past $3,500: Why Nevada's Walker Lane is the Next Big Gold Rush

Comstock Lode history

Preview:A solo monologue on Nevada's Walker Lane gold trend, framing it as a beneficiary of $3,500+ gold, a weak dollar, and Trump-era domestic-mining tailwinds. The speaker tours the region's history (Comstock Lode), current producers (Kinross, Coeur, SSR, AngloGold), and junior explorers/royalty plays (Blackrock Silver, West Point Gold, Triple Flag/Origin, Altius), ending with a bullish structural thesis on US-based gold projects.

The Deep Dive

Steven Hyland

2025-04-25 12:30

Defying Copper Industry Weakness: Teck Resources Q1 Earnings

Teck Resources Q1 2025 earningsQB (Quebrada Blanca) mine operations

Preview:Teck Resources posted strong Q1 2025 results with revenue up 41% YoY to $2.3B, swinging from a year-ago loss to $370M in profit from continuing operations. The narrator frames Teck as an outperformer in a challenged copper industry, contrasting it with First Quantum's weaker results. Key operational details: copper production up 7% YoY to 106k tons, costs improving, though QB mine output dropped sequentially due to planned and unplanned shutdowns. The cash flow headline was negative $515M but included a one-time $630M tax payment on the steelmaking coal divestiture.

The Deep Dive

Steven Hyland

2025-04-25 12:00

Equinox Gold Ups Calibre Mining Offer

Preview:Equinox Gold and Calibre Mining revised their acquisition terms after failing to secure enough shareholder votes. The original deal (0.31 EQX shares per Calibre share) was effectively at a discount to Calibre's pre-announcement market price. The revised terms bump this to 0.35 EQX shares — a 10% premium to the Feb 21 close — but gold has rallied ~12% since while the implied offer value has declined ~4%. Key headwinds include the suspension of Equinox's Los Filos mine (27% of 2024 production) and Calibre's Valentine mine delay. The vote is now pushed to May 1. The speaker is skeptical the revised terms will win over dissenting shareholders.

The Deep Dive

Steven Hyland

2025-04-25 11:20

Gold Major CRUSHES Earnings: Agnico Eagle Q1 Earnings

Agnico Eagle Q1 2025 earningsGold miner cost performance (AISC, cash costs)Gold price impact on miner margins

Preview:Agnico Eagle reported Q1 2025 results that beat analyst estimates across revenue ($2.5B vs $2.4B est.), earnings ($1.53/sh vs $1.26 est.), and saw all-in sustaining costs actually decline year-over-year to $1,183/oz despite gold prices surging 40%. The host frames Agnico as the efficiency leader among gold majors, contrasting its cost discipline with Newmont's rising costs, and highlights production updates across several key mine projects.

The Deep Dive

Steven Hyland

2025-04-25 07:30

Gold @ $3500: All We Need Is $700 To Break Even! | Brad Kitchen - ESGOLD Corp.

Montabon tailings reprocessing projectProduction-first junior mining strategy

Preview:An interview with Brad Kitchen, President of ESGOLD Corp (ESAUF), a junior mining company that plans to go into gold/silver production from tailings at its fully-permitted Montabon project in Quebec BEFORE doing exploration — an unusual playbook for a junior. Construction starts April 28, 2025, with a pilot plant targeting Q3 2025 production. The company claims a break-even gold price of $700/oz vs. spot ~$3,500, and expects ~$30M in first-year revenue from the pilot plant. Kitchen emphasizes the tight capital structure (60% insider-held), the 10x market-cap appreciation over 8 months, and the plan to use cash flow to fund district-scale exploration without returning to equity markets.

The Deep Dive

Steven Hyland

2025-04-24 12:00

Copper Major Still Bleeding Cash: First Quantum Q1 Earnings

Cobre Panama mine suspension and restart prospects

Preview:First Quantum Minerals Q1 2025 earnings review: the copper major remains underwater, posting a $23M net loss. Revenue improved YoY but fell QoQ. Cobre Panama's suspension continues to weigh on results; reopening remains distant. Copper production flat YoY, down 11% QoQ. Gold production a bright spot. Net debt rose to $5.8B. The takeaway: until copper prices re-rate and Panama resolves, there's little reason for optimism.

The Deep Dive

Steven Hyland

2025-04-24 10:52

Gold Boom Masks Newmont's Production Problems | Newmont Q1 Earnings

Newmont Q1 2025 earningsGold mining production declineAISC cost inflation

Preview:Newmont's Q1 2025 earnings showed a headline beat on revenue ($5B vs $4.74B expected) and adjusted EPS ($1.25 vs $0.90 expected), but production fell to its worst levels in some time. Gold production dropped across nearly all mines — only 3 of 14 tier-1 operations improved quarter-over-quarter. Rising costs (AISC up $188/oz while realized gold price rose only $31/oz) and the Nevada JV's 23% production decline signal operational problems that the surging gold price is masking. The company insists it's on track for full-year 2025 guidance of 5.9M ounces, but Q2 production is forecast flat with Q1's weak levels.

The Deep Dive

Steven Hyland

2025-04-23 15:30

GOLD: Barrick's $1 Billion Donlin Gold Sale: Why Everyone Agrees It's a Win

Preview:Barrick Gold is selling its 50% stake in the massive but undeveloped Donlin Gold project in Alaska for $1 billion. The buyers are NovaGold Resources (increasing to 60%) and John Paulson's firm (taking 40%). The project has been stuck in development for decades, requires ~$7.4 billion in initial capex, and sits in extremely remote Alaskan terrain. Market consensus views this as a clear win for Barrick — shedding a capital-intensive "never-never" project — while NovaGold now faces the burden of proving they weren't the dumb money.

The Deep Dive

Steven Hyland

2025-04-23 14:37

Junior Mining Bull Market Brewing? Triple Flag's $421M Acquisition of Orogen!

Junior mining M&A

Preview:Triple Flag Precious Metals is acquiring Orogen Royalties for $421 million in a mixed cash-and-stock deal — but the real target is a single 1% NSR royalty on AngloGold Ashanti's expanded Silicon project in Nevada, which hosts 12.1M oz Au inferred at Merlin. The rest of Orogen's assets (27 exploration royalties, led by the 2% Hermitano royalty) will be spun into a new entity, Orogen Spinco, run by the same management team. The host frames this as the second major junior mining transaction in as many days, suggesting the long-awaited junior mining bull market may be beginning — with M&A cash cascading down into smaller names.

The Deep Dive

Steven Hyland

2025-04-22 16:00

How $3300 Gold Rescued a Missed Production Target: Elemental Altus Q4 Earnings

Elemental Altus Q4 2024 earningsroyalty business modelgold price impact on miners

Preview:A quarterly earnings review of royalty company Elemental Altus (ELEF). The company missed its original and revised 2024 production guidance, but surging gold prices masked the operational shortfall. Revenue grew 39% YoY to a record $16.3M, debt was nearly eliminated, and a $50M credit facility plus strong metals prices position the company for potential M&A in 2025. 2025 guidance calls for a ~38% production increase and $30-34M in adjusted revenue, based on conservative $2,600/oz gold.

The Deep Dive

Steven Hyland

2025-04-22 13:00

Lumina Gold's $581M Buyout: The Start of a Junior Mining M&A Wave?

Preview:Lumina Gold agreed to an all-cash buyout at $581M by COC Singapore (a subsidiary of China Molybdenum/COC Group), representing a ~71% premium to the 20-day VWAP. The deal targets the Cangrejos gold-copper project in Ecuador, a tier-one-scale undeveloped deposit with 11.56M oz Au in reserves and economics originally modeled at $1,650/oz gold — less than half today's price. The speaker views the deal as a potential kickoff to a junior mining M&A cycle but flags that the ~$18/oz in-ground valuation is low for an asset of this scale, suggesting it may not be the best benchmark for the sector.

The Deep Dive

Steven Hyland

2025-04-22 12:03

How One Mining Stock Delivered 3,200% Returns | Wojtek Wodzicki - NGEX Minerals

Lunawasi high-grade copper-gold-silver project

Preview:Interview with Wojtek Wodzicki, CEO of NGEx Minerals, covering the company's remarkable 3,200%+ return story, discovery of the high-grade Lunawasi copper-gold-silver deposit, Argentina's improving investment climate under Milei, the strategic value of the Los Helados project in Chile, and what retail investors should look for in junior exploration companies.

The Deep Dive

Steven Hyland

2025-04-22 11:42

GOLD PRICE EXPLOSION: Small Mining Projects See MASSIVE Value Surge | Westhaven Gold PEA

gold price rally impact on junior minersmining project economics and NPV

Preview:Westhaven Gold's updated PEA for its Shovelnose gold project in BC shows dramatically improved economics driven by soaring gold prices, with after-tax NPV rising from $222M to $454M at base case ($2,400/oz gold) and $634M at spot prices (~$2,900/oz). The speaker argues this illustrates a broader sweet spot for junior developers: gold has surged but extraction costs haven't risen proportionally yet, creating enormous margins (~$2,000-$2,300/oz) and setting the stage for an M&A wave and valuation reset across the junior mining sector.

The Deep Dive

Steven Hyland

2025-04-17 13:30

A Heart Disease Cure for Pericarditis? Phase 3 Trial Advances | David Elsley - Cardiol Therapeutics

Phase 3 MAVERICK trial enrollmentRecurrent pericarditis treatment landscapeCardiolRx oral drug mechanism and Phase 2 results

Preview:Interview with Cardiol Therapeutics CEO David Elsley on enrolling the first patient in the pivotal Phase 3 MAVERICK trial for recurrent pericarditis. The trial will enroll 110 patients across top US, European, and Canadian cardiovascular centers, with topline data potentially by mid-2026. Elsley also recaps strong Phase 2 results (significant pain reduction, C-reactive protein normalization, reduced relapse episodes) and notes upcoming ARCHER trial data for myocarditis, a related condition with no approved treatments.

The Deep Dive

Steven Hyland

2025-04-17 12:30

GOLD: Newmont Completes Asset Sales

Newmont divestiture program

Preview:A recap of Newmont's now-completed $4.3B non-core asset divestiture program, which sold six operating mines and shed ~1.2M oz/year of production to focus exclusively on Tier 1 assets following the Newcrest acquisition. The program generated more than double its original $2B target, though one development property (Coffee, in the Yukon) remains unsold despite Newmont declaring the program "complete."

The Deep Dive

Steven Hyland

2025-04-17 10:11

$4000 GOLD, and we're just getting started! | Peter Grandich

BRICS and de-dollarizationtariffs and trade war

Preview:Peter Grandich argues the tariff/trade-war backdrop is accelerating de-dollarization, strengthening the BRICS narrative, and keeping him bullish on gold, silver, copper, and select juniors. He says the majors are already benefiting from higher gold prices and lower costs, and he sees juniors finally starting to get volume and attention as capital trickles down from larger producers and generalist investors.

The Deep Dive

Steven Hyland

2025-04-16 14:57

Cleveland Cliffs' Tariff Nightmare: When Protectionism Backfires

Cleveland Cliffs stock collapsesteel tariffs and protectionismauto industry demand shock

Preview:The video narrates Cleveland Cliffs' ironic downfall: the steelmaker aggressively lobbied for tariffs to protect American steel, but when Trump's 25% steel tariff arrived in March 2025 alongside broader trade levies, the policy backfired spectacularly. Auto customers — 66% of Cliffs' business — got spooked by rising costs and slashed orders. Within weeks, Cliffs idled its Dearborn plant and two iron ore mines, laying off ~1,200 workers. The stock crashed 65% to a 52-week low near $7. The core lesson: tariffs are a blunt tool that can hammer the very industries they're meant to shield.

The Deep Dive

Steven Hyland

2025-04-16 13:57

This Potash Project Is Critical for Global Food Security | Mayo Schmidt - Brazil Potash

Brazil potash market and import dependenceBrazil Potash Corp Autazes project investment thesisPotash tariffs and food security geopolitics

Preview:Interview with Mayo Schmidt, Chairman of Brazil Potash Corp and former CEO/Chairman of Nutrien. Schmidt makes the case for Brazil Potash's Autazes project — a potash basin discovered in Brazil that would serve the world's largest potash importer with in-country production, eliminating long logistics chains. He cites 98% import dependence, already-secured 550K-ton take-or-pay contracts with farmers, and a 2029 production target. The interview covers tariff implications on potash markets, why retail investors overlook the sector, and the dilution risk for the ~C$100M market cap company projecting ~$1B in annual EBITDA.

The Deep Dive

Steven Hyland

2025-04-16 09:56

GOLD: Kinross Has A Fire

Tasiast mine operations

Preview:Kinross Gold's Tasiast mine in Mauritania suffered a mill fire, halting milling operations. Despite no timeline, cost estimates, or cause known, KGC shares traded up on the day — a reflection of extreme gold-market bullish sentiment. The speaker compares this fire to a much worse 2021 Tasiast mill fire and concludes the current incident appears minor, though Tasiast is now Kinross's largest and most profitable mine, making any prolonged downtime more impactful than in the past.

The Deep Dive

Steven Hyland

2025-04-15 13:48

Gold, Risk, and Geopolitics: Fortuna Mining Exits Burkina Faso

Yaramoko mine sale to Solale Resources

Preview:Fortuna Mining is selling its Burkina Faso assets — the Yaramoko mine and exploration permits — to local private operator Solale Resources for ~$130M. The speaker frames this as a geopolitical exit driven by Burkina Faso's deteriorating business climate and mining code revisions, not poor asset performance. Yaramoko has about 1.5 years of reserves left, and the deal lets Fortuna avoid ~$20M in closure liabilities.

The Deep Dive

Steven Hyland

2025-04-15 07:31

Why Global Tariffs Are CRUSHING Markets & BOOSTING SILVER | Dan Dickson - Endeavor Silver

Terronera mine construction and commissioningCopa mine acquisition in Peru

Preview:Endeavor Silver CEO Dan Dickson discusses how global tariffs are driving volatility in currency markets and precious metals, with the gold-to-silver ratio near 100:1 suggesting significant silver upside. He details Endeavor's Q1 production (1.9M AgEq oz, on track), the near-complete Terronera construction (wet commissioning expected late April, commercial production by July/August 2025), and the Copa mine acquisition in Peru. Dickson lays out a five-year growth path targeting ~30M AgEq oz annually across four assets.

The Deep Dive

Steven Hyland

2025-04-14 14:02

Gold Boosts Mako's Revenue: Q4 Earnings

Cash costs and AISC analysis

Preview:Mako Mining's Q4 earnings showed record revenue of $28.9M driven by higher gold prices despite a 19% drop in ounces sold. Net income fell 51% due to rising taxes and expenses, masking the top-line improvement. The company also closed on the acquisition of the Moss Gold Mine in Arizona. The host flags concerns around rising costs, lack of guidance, and the Moss Mine's troubled history but remains cautiously optimistic given the gold price tailwind.

The Deep Dive

Steven Hyland

2025-04-14 07:30

What They Found 350 Meters Below This Mexican Silver Mine Changed Everything | First Majestic Silver

Santa Elena mine complex history and operations

Preview:A scripted company profile on First Majestic Silver's Santa Elena mine complex in Mexico. The video recaps the mine's history (acquired via SilverCrest Mines in 2016), its conversion from open-pit to underground, the 2024 Navidad vein discovery that nearly doubled inferred resources, and current reserves of ~38.7M AgEq ounces. Production guidance for 2025 is 7.7-8.6M AgEq ounces. The tone is promotional — highlighting past outperformance and exploration upside — without critical scrutiny or an interview.

The Deep Dive

Steven Hyland

2025-04-12 07:31

China’s 25,000 Ton Gold Stash: Preparing to Kill the Dollar? | Craig Hemke

US-China tariff escalation and trade war dynamics

Preview:Craig Hemke (TF Metals Report) joins host Steve for a wide-ranging interview. Hemke argues Trump's tariff escalation with China is dangerously simplistic game theory — hubris that ignores how prepared China may be. He floats the idea that China holds ~25,000 metric tons of gold (vs. the ~2,000 it reports), positioning for a potential dollar-alternative system. On the COMEX, a headline-grabbing 106,000-contract open interest for April gold delivery was likely a data error, though physical tightness is real and meaningful. Hemke sees current gold weakness as hedge-fund liquidation during margin calls, not a thesis break, and expects the gold bull trend to resume after a multi-week consolidation similar to Nov-Dec 2024. His 2025 outlook: central bank buying provides a floor, gold likely already got above $3,100 as he predicted, and further upside by year-end depends on unfolding macro chaos.

The Deep Dive

Steven Hyland

2025-04-11 15:13

Patriot Battery Metals Discovers.. Cesium?

Shaakichiuwaanaan / CV13 and CV5 pegmatitesGlobal cesium supply chain and Chinese monopoly

Preview:Patriot Battery Metals has confirmed a significant cesium discovery at its Shaakichiuwaanaan (formerly Corvette) property in Quebec, with two high-grade zones at the CV13 pegmatite and additional mineralization at CV5. The discovery is notable because global cesium production is controlled by a single Chinese company, giving Patriot's Canadian deposit strategic value. While lithium remains the primary focus, cesium could serve as a valuable byproduct and help secure government funding for mine construction.

The Deep Dive

Steven Hyland

2025-04-10 13:30

The $3,000 Gold Reality | Freeman Gold Lemhi Project PEA

Preview:Freeman Gold released a revised PEA for its Lemhi Gold Project in Idaho, updating a 2023 study done at $1,750/oz gold to $2,200/oz. The speaker walks through how inflation raised capex (~13%) and AISC (~15%), but the surging gold price more than compensates: margins jumped from $793/oz to $1,799/oz at $2,900 spot, pushing the after-tax NPV from $297M to $648M and IRR to 45.9%. The core point: rising gold is positive, but inflation eats some of the gain — and Freeman is one of the first juniors to publish updated numbers showing the net effect.

The Deep Dive

Steven Hyland

2025-04-10 09:28

The $40 BILLION GOLD COMEX Delivery 'Error' That Wasn't An Error! | Peter Krauth

stagflation thesis

Preview:Peter Krauth argues the stock market was in a bubble that needed popping, and Trump's tariff chaos is the pin. He sees stagflation returning — higher inflation, negative real rates, struggling GDP — creating the perfect environment for precious metals. He believes the COMEX "error" of a $40B gold delivery order was no error at all, but reflects real physical tightness as inventories drain from London to New York. His base case: gold and silver return to all-time highs by year-end, with silver's key hurdles at $35-37 then $50, after which it enters "uncharted waters."

The Deep Dive

Steven Hyland

2025-04-09 14:45

Tilray Brands Q3 Earnings Analysis: Behind the CEO's "Robust" Claims

Tilray Q3 FY2025 earningsCannabis sector declineBeverage alcohol segment

Preview:A critical breakdown of Tilray Brands' Q3 FY2025 earnings, arguing the CEO's "robust" characterization masks a disastrous quarter: $794M net loss driven by a $699M impairment, declining cannabis revenue, a guidance cut from $950M-$1B to $850-$900M, and operating expenses that still exceed gross profits even after backing out non-cash items.

The Deep Dive

Steven Hyland

2025-04-09 07:31

The Alaska Billion Oz. Target Silver Play That Raised 3X What They Asked For!| Silver47

Red Mountain VMS project resource and exploration upsideJunior mining capital structure and financing

Preview:A sponsored/promotional overview of Silver47 Exploration, a junior explorer targeting a billion-ounce silver-equivalent resource in Alaska. The company recently raised ~C$10M (3x the $3M sought), holds a 168.6M oz AgEq inferred resource at Red Mountain with a conceptual exploration target of 500-900M oz, and counts Crescat Capital and Eric Sprott as major shareholders. Two secondary projects in BC and Yukon round out the portfolio.

The Deep Dive

Steven Hyland

2025-04-08 15:30

Gold: WESDOME ACQUIRES ANGUS GOLD - THE CLOSEOLOGY STRATEGY

closeology exploration strategy

Preview:Wesdome Gold Mines is acquiring Angus Gold—a textbook "closeology" junior explorer that spent ~$20M exploring claims surrounding Wesdome's Eagle River complex in Ontario—for ~$40M enterprise value in a mostly-cash deal at a 59% premium. Angus holds no resource estimate yet but has drilled promising intercepts (including 48.7 g/t gold near the Eagle River mine boundary) across the Dorset, BIF, and Eagle River Splay zones. Wesdome already secured ~47% of votes via its own 10.6% stake, management's 28%, and a lockup with New Gold (8%), making the deal likely to close by end of Q2 2025.

The Deep Dive

Steven Hyland

2025-04-04 10:00

The Commodity Supercycle Returns: This Time It's Different? | David Gower - Emerita Resources

Commodity supercycle thesisMining underinvestment and supply depletionAznacoya criminal trial and asset award process

Preview:David Gower, CEO of Emerita Resources, lays out his bullish case for a decade-long commodity supercycle driven by decades of mining underinvestment, depletion of major deposits, and fiat currency weakness against hard assets. He then dives into Emerita's two key Spanish assets: the ongoing Aznacoya criminal trial (where Emerita is the next qualified bidder and recent testimony appears favorable) and the IBW project (recent resource estimate, improved gold recoveries, and a fast-tracked permitting process in Andalusia).

The Deep Dive

Steven Hyland

2025-04-04 08:08

Sierra Metals: The Hostile Takeover Attempt

hostile takeover

Preview:A breakdown of Alpana SACE's renewed hostile takeover bid for Sierra Metals at $1.11/share — a 41% premium to Wednesday's close. The host walks through Sierra's two mines (Yauricocha in Peru, Bolivar in Mexico), its negative working capital, high production costs, recent financial restatements, and Alpana's motivations, concluding the deal looks compelling for shareholders despite the board's resistance.

The Deep Dive

Steven Hyland

2025-04-03 15:00

GOLD: Wallbridge Mining Fenelon PEA, disappoints despite Gold record prices

Preliminary Economic Assessment (PEA)

Preview:Wallbridge Mining's updated PEA for the Fenelon gold project came in worse than the 2023 version despite using a much higher gold price ($2,200 vs $1,750/oz). Annual production was halved from 212k to 107k ounces, NPV dropped from $721M to $76M, and cash/AISC costs rose. The speaker argues investors are right to be upset — the project has spun its wheels for two years with little to show, and the economics look harder to justify at current $3,100 gold.

The Deep Dive

Steven Hyland

2025-04-03 12:30

Food Prices Are About to Be Unaffordable | Matt Simpson - Brazil Potash

US tariffs on Canadian potashPotash transportation economics and global supply chainsBrazil Potash project overview and mine economics

Preview:Interview with Matt Simpson, CEO of Brazil Potash, discussing how US tariffs on Canadian potash will raise grocery prices for Americans, and pitching Brazil Potash's project as a geopolitically advantaged, low-cost potash mine in Brazil. The company trades at ~$100M market cap but projects ~$1B/year EBITDA, with Franco-Nevada as an anchor investor and Mayo Schmidt (ex-Nutrien) as executive chairman.

The Deep Dive

Steven Hyland

2025-04-03 10:50

i-80 Gold Q4 Earnings Breakdown

Cash burn and liquidity crisisGranite Creek water problems and operational challenges

Preview:i-80 Gold's Q4 and full-year 2024 results are described as a "mess" — the company is burning cash almost as fast as it comes in, with cost of sales exceeding revenue on an annual basis, net losses of $122M, and only $19M cash on hand. Production is declining, costs are rising at key assets, and Granite Creek is plagued by ongoing water problems requiring further capex. The company is scrambling to stay alive via a recapitalization plan, recently avoiding default on an Orion Mine Finance facility by entering a new prepay arrangement with National Bank. The path to their ambitious 400-500koz/year target looks unclear and substantially unfunded.

The Deep Dive

Steven Hyland

2025-04-01 13:15

GOLD | G Mining Q4 Earnings: Impressive Gold Production & Record-Low Costs

Toka Tenino mine operations

Preview:G Mining Ventures reported its first full quarter of commercial production with impressive results: 40,000 oz gold produced at $577/oz cash costs and $811/oz AISC, generating $48M net income and $53M free cash flow. The company may be the lowest-cost producer in the industry. 2025 guidance calls for 175-200k oz with continued aggressive growth via the Oko West development, largely funded by existing free cash flow. The host characterizes this as a new producer that is "doing great" with a clean operational story.

The Deep Dive

Steven Hyland

2025-03-31 12:03

Aya Gold & Silver Q4 Earnings: A Kitchen Sink Year

Zgounder expansion and production ramp

Preview:Aya Gold & Silver's Q4 2024 results disappointed again: revenue fell 16% YoY to $9.3M despite higher silver prices, a $27.4M impairment on the Tirarat asset drove a $30M net loss, and the stock dropped 15% on Friday. Production actually rose 9% but only 337K of the 491K ounces produced were sold. Full-year saw a 16% production decline and 74% higher cash costs. The company is guiding for a dramatic ramp in 2025 — 5.0-5.3M oz production (triple 2024) post-Zgounder expansion, with lower cash costs of $15-17.50/oz. The host frames 2024 as a "kitchen sink" year that sets up a better 2025.

The Deep Dive

Steven Hyland

2025-03-31 08:11

ALLIED GOLD Q4 Earnings: Production delays, but strong future potential.

Mali export delays and jurisdictional riskProduction guidance miss and mine sequencing

Preview:Allied Gold reported mixed Q4 2024 results: revenue declined YoY to $171M on lower gold sales (65K oz vs 93K oz), with ~49K oz stuck due to export delays in Mali. Full-year production missed guidance badly (358K oz vs 375-400K oz target), and all-in sustaining costs overshot guidance. However, the company generated positive operating cash flow, ended with $225M cash, and has a major transformation ahead — the Kurmuk mine (mid-2026) and Sadiola expansion (Q4 2025) are on track to nearly double annual output. A NYSE listing under ticker AAU is expected in Q3 2025.

The Deep Dive

Steven Hyland

2025-03-28 11:10

Gold's Historic Breakout Signals $5,000 Target Within 18 Months | Jordan Roy Byrne

1960s historical analogueSecular bond bear market

Preview:Jordan Roy-Byrne of The Daily Gold lays out a bullish gold thesis anchored in a historical analogue to the mid-1960s. He argues gold has broken out of a 13-year cup-and-handle pattern, the secular bull market in bonds has ended, and gold recently broke out against both the S&P 500 and a 60/40 portfolio — a signal that has only occurred in 1930, 1971, 2001, and now. His price targets: $3,000 already hit (measured move), $4,000 in 6–12 months (log target), and $5,000–$6,000 possible within 12–18 months. For silver, $35–$37 is the key resistance; a break above $37 opens a path to $50 and then $100.

The Deep Dive

Steven Hyland

2025-03-26 10:01

Montage Gold: Strategic Moves in Ivory Coast

Didievi project Ivory Coast

Preview:Montage Gold has struck a zero-upfront-capital strategic partnership with ASX-listed African Gold Corp, taking over as operator of the Didievi project in Ivory Coast while acquiring a 19.9% equity stake via a share swap. The deal gives Montage board representation, preemptive rights for up to 20% at the project level, and a right of first refusal — effectively a slow-rolling takeover contingent on exploration success. Didievi hosts a 452,000 oz inferred resource at 2.9 g/t with multi-million-ounce potential, and Montage needs a new exploration vehicle as its flagship Koné project moves toward a 2027 production target.

The Deep Dive

Steven Hyland

2025-03-26 07:30

The REAL Reason Gold Will 4X While Your Savings Get DECIMATED | Rick Rule

Canadian federal election 2025 (Carney vs. Poilievre)US fiscal insolvency and unfunded liabilities

Preview:Rick Rule discusses Canadian politics (Mark Carney vs. Pierre Poilievre), US fiscal insolvency ($130T in total liabilities), and the case for gold as an inflation hedge. He argues both Trump and Carney are populists running on rhetoric, and that the only way out of the US debt spiral is dollar debasement — which historically benefits gold. He also analyzes two Golden Triangle mining equities: Seabridge Gold (KSM project, high optionality on gold price) and Goliath Resources (interesting drill results but not yet a defined deposit).

The Deep Dive

Steven Hyland

2025-03-25 13:21

MAG Silver Q4 Earnings: Dividends On The Way

Dividend program initiationJuanicipio mine operational metrics

Preview:Mag Silver reported strong Q4 2024 financial results, with net income growing 60% YoY to $78 million and adjusted EBITDA doubling to $187 million. The headline announcement is a new two-component dividend program: a fixed $0.02/share quarterly dividend plus a cash-flow-linked floating component. The inaugural payout totals $0.18/share, payable April 21st. The Juanicipio mine (44%-owned, operated by Fresnillo) saw revenue climb 42% to $627 million, with all-in sustaining costs dropping sharply to $5.54/oz silver. 2025 production guidance is 14.7–16.7 million ounces, though full cost guidance won't come until Q1 results.

The Deep Dive

Steven Hyland

2025-03-25 09:05

New Found Gold, Initial Resource: WHERE'S THE GOLD?!

Queensway project economics and mineabilityHigh-grade vs. bulk-tonnage resource dichotomy

Preview:New Found Gold released its long-awaited maiden resource estimate for the Queensway project — 5+ years and $269M in exploration spending yielding just 2M ounces of gold. The speaker rips into the result: 32 pit outlines across 23 mineralization zones suggest a scattered, uneconomic deposit; management has been quietly exiting since January; and the stock was already down ~40% in the six months leading up to the release. The high-grade starter-pit subset (~1M oz at 7.16 g/t indicated) is the only real bright spot, with a PEA due late Q2 2025.

The Deep Dive

Steven Hyland

2025-03-24 12:15

Galiano Gold Q4 Earnings: It Could of Been Worse!

Preview:A solo earnings recap of Galiano Gold's Q4 2024 results. The host walks through revenue, production, and cost metrics for the quarter and full year, highlighting the impact of the company's March 2024 acquisition of Gold Fields' 45% stake in the Asanko gold mine. Despite being one of the highest-cost producers in the sector, Galiano remained profitable, and 2025 guidance points to production growth of ~22% at lower AISC, with a 5-year outlook calling for 75% production growth and costs falling to $1,100-$1,400/oz.

The Deep Dive

Steven Hyland

2025-03-22 11:23

Gold Royalty Q4 Earnings: Market Hates The Results

Revenue growth vs. G&A cost burdenProduction guidance disappointment for 2025

Preview:Gold Royalty Corp. posted record Q4 and full-year 2024 revenue and hit production guidance, but the stock sold off 11%. The core problem: G&A expenses ($10.6M annually) still exceed what the business brings in, keeping the company loss-making despite the gold boom. 2025 guidance was wide and unimpressive at the low end, and investors are demanding more from royalty names in this gold price environment.

The Deep Dive

Steven Hyland

2025-03-20 11:55

GOLD: Andean Precious Metals Q4 Earnings

Preview:Andean Precious Metals reported Q4 2024 earnings with revenue up 49% YoY to $73M and record free cash flow of $17.9M, but the stock dropped ~5%. The selloff was attributed to production missing guidance (Golden Queen hit 54K vs 60K GEO guidance) and higher-than-expected all-in sustaining costs ($2,015/oz vs $1,750 guidance). Despite cost headwinds, the company is generating strong cash flow at current gold prices and guided for mild production growth in 2025. The host frames the market reaction as overly punitive given the favorable gold price environment.

The Deep Dive

Steven Hyland

2025-03-20 07:45

Sonoro Gold: One Of Mexico's Next Gold Producers?

Lassonde curve mining investment lifecycleCerro Caliche project economics

Preview:A promotional deep dive into Sonoro Gold (TSXV: SGO), a Mexico-focused junior developer nearing the end of the Lassonde curve. The video lays out the Cerro Caliche project's economics — a low-capex ($15.5M), open-pit heap-leach gold-silver operation in Sonora awaiting imminent permits — and argues the stock trades at a steep discount to peers on both an in-ground and per-ounce-of-production basis. Management pedigree, insider alignment (24% ownership, $4.2M in loans), and a perceived pro-mining shift under Mexico's new administration form the bullish thesis. The video is a paid/promotional piece and should be read as such.

The Deep Dive

Steven Hyland

2025-03-19 13:00

GOLD: K92 Mining Q4 Earnings: Making Money Hand Over Fist

Preview:K92 Mining posted record Q4 and full-year 2024 financials, with net earnings up 178% YoY in Q4 and 235% for the full year. Production hit records, cash costs beat guidance dramatically, and all-in sustaining costs dropped to industry-leading lows. With gold crossing $3,000/oz, the company is generating roughly $2,000/oz margins. 2025 guidance calls for ~15% production growth via a new Stage 3 processing plant.

The Deep Dive

Steven Hyland

2025-03-19 09:25

McEwen Mining Q4 Earnings: LOTS of Room For Improvement

AISC and cash cost trends

Preview:McEwen Mining (MUX) reported weak Q4 2024 results: revenue fell 43% YoY to $34M, production dropped 35%, and costs surged across all assets. Despite a net loss of $8.2M and poor operational metrics, the stock rose ~6%. The host expresses genuine confusion about the market's positive reaction, highlighting MUX as one of the highest-cost public gold producers with costs still climbing even as gold hits all-time highs.

The Deep Dive

Steven Hyland

2025-03-18 15:15

Aris Mining Q4 Earnings: Always Read The Fine Print

Selective disclosure and earnings presentation

Preview:Aris Mining's Q4 earnings show a company benefiting from record gold prices but masking declining production volumes and rising costs. The host details how the company selectively presents figures — omitting 2023 comparables and excluding cost metrics for its Maramatú mine — to paint a rosier picture. Despite the spin, Aris is profitable, has $253M in cash, and is advancing two expansion projects. The key lesson: read the fine print.

The Deep Dive

Steven Hyland

2025-03-17 16:30

GOLD: Meridian Mining Cabacal PFS - One of Gold's Lowest Production Costs!

all-in sustaining costs benchmarking

Preview:A rundown of Meridian Mining's pre-feasibility study for its Cabaçal gold-copper-silver deposit in Brazil, highlighting best-in-class all-in sustaining costs of $742/oz, strong IRR (61% base case, 80% at spot), fast payback (12-17 months), and the path toward a 2026 feasibility study and final investment decision.

The Deep Dive

Steven Hyland

2025-03-17 12:07

Wheaton Q4 Earnings: What's Not To Like?

Voisey's Bay cobalt stream impairment

Preview:A solo host reviews Wheaton Precious Metals' Q4 2024 earnings, highlighting record revenue of $381M, record adjusted net earnings of $199M (44 cents/share), and record operating cash flow of $320M — all up significantly YoY. A $109M impairment on the Voisey's Bay cobalt stream dragged GAAP net earnings down 48%. The host walks through production beats across gold and silver, reiterates 2025 guidance (flat to +10% at midpoint), and points to a long-term growth runway to 870k GEOs by 2029 and 950k+ into 2033-2034. The tone is bullish: "I'm not sure what's not to like."

The Deep Dive

Steven Hyland

2025-03-15 10:00

Avino Silver Q4 Earnings: RECORD Performance In The Fourth Quarter

Silver mining production metricsJunior miner cost structure

Preview:Avino Silver & Gold reported record Q4 2024 financials: $24.4M revenue (+95% YoY), $5.1M net income, and all-time high cash of $27.3M. Production rose across silver (+26%), copper (+35%), and gold (+76%) while costs declined. 2025 guidance is maintained at 2.5–2.8M AgEq ounces with La Preciosa material coming online in Q2. Higher capex of $13–18M is budgeted for growth.

The Deep Dive

Steven Hyland

2025-03-13 08:00

Endeavour Silver Q4 Earnings: Market LOVES The Results!

Guanaceví ball mill failure and production impactSilver and gold price tailwinds for miners

Preview:Endeavour Silver's Q4 2024 results were mixed: revenue fell 16% YoY to $42M on sharply lower silver ounces sold (-51%), but mine operating earnings rose 45% thanks to higher precious metals prices. Full-year adjusted EBITDA improved 12% to $53M, though net earnings swung to a -$32M loss due to a $31M derivative loss. The stock rallied ~20% on the day, likely boosted as much by a 2% jump in spot silver as by the results themselves. 2025 guidance points to slightly lower production and higher costs as mines age, but the upcoming Terronera mine is expected to double company production once commissioned.

The Deep Dive

Steven Hyland

2025-03-12 12:57

Inside First Majestic’s Silver Mine: The Operation Investors Never See! | DD-On-The-Go [Episode 3]

First Majestic vertical integration and mint economics

Preview:A site-visit documentary to First Majestic's Santa Elena silver mine in Sonora, Mexico, and its Las Vegas mint. The hosts tour the full production chain — underground mining, milling, leaching, doré bar pouring, and minting into retail bullion — while discussing silver's supply deficit (fourth year running, driven by solar panel demand), the gold-to-silver ratio suggesting upside, the company's vertical integration via its own mint (capturing $3-5/oz premium over spot), and the social-license/ESG investments that keep the mine operating. The episode frames First Majestic as the most liquid, widely held silver stock (80,000+ shareholders) best positioned to attract capital if silver continues its run.

The Deep Dive

Steven Hyland

2025-03-11 16:16

Franco-Nevada Q4 Earnings: Good Not Great

Franco-Nevada Q4 2024 earningsCobre Panama shutdown impact

Preview:Franco-Nevada's Q4 2024 earnings hit consensus on revenue ($321M, +6% YoY) and adjusted EPS ($0.95 vs $0.92 expected), a decent result after a terrible year. Full-year figures remain ugly — revenue fell 9%, GEO sales dropped 26% — all driven by the Cobre Panama shutdown. Excluding Cobre, revenue rose 15% for the full year. The company guided 2025 GEO sales of 465K–525K ounces (7% midpoint growth) based on $2,800 gold, with long-term targets of 505K–565K by 2028, not including any Cobre restart. The speaker was on vacation and recorded this as a requested earnings recap.

The Deep Dive

Steven Hyland

2025-03-11 07:30

Buy Silver When Gold Ratio Hits 90 - It Works Every Time? | John Feneck

tariffsgold/silver ratio

Preview:John Feneck argues the tariff shock is real, that it is pressuring broad U.S. equities, and that precious metals — especially silver and select miners — are the cleaner trade. He is constructive on gold above $3,000 and very focused on tight-share-structure junior miners, tungsten, and Mexico exposure, while warning that many mining names will still need time before capital rotates in.

The Deep Dive

Steven Hyland

2025-03-10 17:02

GOLD: Is aggressive shareholder return masking deeper issues? | Endeavour Mining Q4 Earnings

Sabodala-Massawa underperformance

Preview:A solo breakdown of Endeavour Mining's Q4 2024 earnings. Revenue and free cash flow hit records, but the company missed production guidance due to severe underperformance at Sabodala-Massawa, posted a net loss, and guides 2025 costs using an unrealistically low $2,000/oz gold price. The host argues aggressive shareholder returns mask deeper operational issues.

The Deep Dive

Steven Hyland

2025-03-10 13:00

What It's Like to Be at the Biggest Mining Event | PDAC 2025

PDAC 2025junior mining sentimentgold equities

Preview:This video is a field-report style walkthrough of PDAC 2025 and the surrounding pre-events, with the hosts and guests repeatedly describing the conference as busy, optimistic, and highly network-driven. The main market tone is that gold sentiment is improving, uranium has been frustrating despite supportive fundamentals, and several junior/resource names are using PDAC to showcase drill results, financings, spinouts, and partnership news.

The Deep Dive

Steven Hyland

2025-03-07 15:00

i-80 Gold Granite Creek Open Pit PEA

Granite Creek open pit PEA economicsGold mining project development in Nevada

Preview:A review of i-80 Gold's preliminary economic assessment (PEA) for the Granite Creek open pit project in Nevada. The host notes the company has released five PEAs in roughly a month — an unprecedented pace — while simultaneously navigating severe financial distress and an ongoing recapitalization plan. The Granite Creek open pit PEA shows strong headline economics ($421M NPV at $2,175 gold, 30% IRR), but the host highlights highly variable year-to-year production, reliance on a generous 5% discount rate, and the bigger question of whether the company survives in its current form to build the project. Coverage is factual and skeptical, not promotional.

The Deep Dive

Steven Hyland

2025-03-07 12:32

Nuclear Power's Future: The Case for Uranium in North America | Nick Luksha - Mustang Energy

DeepSeek AI selloff and power demand implications

Preview:Nick Luksha of Mustang Energy discusses the uranium market pullback as a buying opportunity before a demand surge driven by big tech (Google, Amazon, Microsoft/Gates) entering the nuclear power conversation. He frames the recent weakness, including the DeepSeek-related selloff, as a "head fake" that doesn't change the structural need for baseload power in North America. The bulk of the conversation is a company pitch: Mustang Energy is a newly listed (June 2024) Athabasca Basin explorer with 77,000 hectares, a team led by geologist Lindy Gillium (formerly of Axiom, Denison), and an insider-heavy share structure. Plans for 2025 center on airborne surveys, target generation, and a maiden drill program.

The Deep Dive

Steven Hyland

2025-03-07 08:01

160m Oz Silver Eq: Building Ounces towards a Mining Scenario. | Todd Williams - Unico Silver

Santa Cruz Argentina mining district

Preview:Todd Williams, representing Unico Silver (ASX-listed), presents the company's investment thesis: a 160M oz silver-equivalent resource in Santa Cruz, Argentina, built through consolidation of five projects. The company is fully funded for a 50,000m drill program with a Q3 2025 resource update ahead. Williams argues the stock trades cheaply at A$0.35/resource ounce versus a potential A$3.00 if they demonstrate scale, grade, and mineability.

The Deep Dive

Steven Hyland

2025-03-06 18:30

Copper: The Silent Winner In America's Trade War | Ken Engquist - Intrepid Metals

Arizona copper mining

Preview:Ken Engquist, CEO of Intrepid Metals, discusses the company's Corral copper project in Arizona. He highlights tailwinds from Trump-era tariffs favoring domestic copper supply, strong historic drill results (50,000m historical, with recent twin holes returning 7-1.5% copper near-surface), and active strategic discussions with major copper companies — including more than half a dozen signed NDAs and draft term sheets circulating. Majors Rio Tinto and BHP have been staking ground adjacent to the project, which Engquist frames as validation. Despite the positive narrative, the stock has underperformed (down ~24% YoY), which he attributes to the copper market downturn and a financing overhang. A 10,000-15,000m drill program is planned for 2025, with a potential maiden resource by next year.

The Deep Dive

Steven Hyland

2025-03-06 16:30

Mining Gold with Just $10M! No Mill, No Tailings, No Problem | J. Malcolm Bell - Nova Pacific

Optical ore sorting as low-capex mining solutionVMS polymetallic deposit geology

Preview:Nova Pacific CEO Malcolm Bell presents his company's brownfields polymetallic (gold/silver) project on Vancouver Island. The pitch centers on a low-capex (~$10M) path to production using an optical ore sorter to bypass the need for a mill, tailings pond, or concentrator. The company has a tiny ~$8M market cap against ~$30M of historical drilling (58,000m). A 10,000m confirmation drill program is expected to start soon pending a permit, with a new mineral resource estimate targeted by September 2025.