How will President Trump's policies specifically affect the mining industry, and which companies are best positioned to capitalize on these changes? In this episode of Kitco Mining's Digging Deep, John Feneck, founder and CEO of the Feneck Commodities Report, discusses the current state of the mining and commodities markets. Feneck speaks with Kitco Senior Mining Editor and Anchor Paul Harris to share his insights on how President Trump's policies are impacting the mining sector, particularly regarding critical minerals and domestic production. The discussion also covers gold's potential, the disconnect between gold prices and gold stocks, and the possibility of increased M&A activity in the mining sector. Feneck also touches on the tech market and its potential impact on the broader economy and investment landscape.

Key Points:
- Trump's Pro-Mining Stance: The new administration's focus on increasing domestic energy and critical mineral production through executive orders
- Critical Mineral Focus: The importance of companies producing defense minerals like antimony and tungsten
- Gold Market Dynamics: Despite gold prices nearing $2,800 per ounce, many gold stocks are struggling to keep pace
- M&A Potential: With Newmont completing its mine divestiture program, there are numerous companies seeking assets
- Importance of Communication & Planning: The need for junior mining companies to clearly communicate their business plans

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Is the mining industry on the verge of a new M&A cycle? Nicole Adshead-Bell, Director of Cupel Advisory, speaks with Kitco Senior Mining Editor and Anchor Paul Harris on the sidelines of the Vancouver Resource Investment Conference (VRIC). They delve into the latest trends in the mining and exploration sector, discussing everything from global investment shifts to specific company strategies. Nicole shares her insights on the challenges faced by junior mining companies, the importance of long-term investment horizons, and the potential for mergers and acquisitions in the mining sector. They also discuss the impact of government policies, permitting issues, and the significance of a company's cost profile on its share price. Tune in for an in-depth conversation about the current state of the mining industry and what to expect in the year ahead.

Key Topics:
- Shifting Investment Landscape: The mining world is seeing a potential move towards Saudi Arabia and the Middle East, with investors showing interest in longer-term investments.
- Challenges for Junior Miners: Despite high commodity prices, junior mining companies are finding it difficult to raise capital.
- M&A and Growth: The industry is entering a phase where investors are seeking growth, which will likely lead to increased mergers and acquisitions (M&A) activity.
- Permitting and Government Influence: The permitting process in many countries can be challenging due to bureaucracy, and governments can greatly impact the investability of a region.
- Importance of Mining Expertise on Boards: There is a need for more mining industry experience on the boards of mining companies to have robust strategic discussions

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

With gold prices at record levels, the September quarter will post the highest average quarterly gold price ever, and “significant margin expansion,” said Neil Adshead, consultant analyst at the Commodities Discovery Fund.

This week Kitco correspondent Paul Harris recorded Digging Deep with Adshead.

“It'll be great to see two or three gold mining companies far exceed the expectations of what the sell-side analysts are projecting. There'll be some bumper profits and that will definitely draw some investors into the sector. Normally, during the happy days, the maximum margins you see are in the 40% range. If we start to see a few of the higher-grade producers generating +50% margins, that would be spectacular,” said Adshead.

Investors are starting to warm to the gold equities again with the GDX index fund up 35% year-to-date. However, with most companies still trading at less than 1x their net asset value (NAV), Adshead believes there is more share price growth to come.

“When I first started as an investment analyst, some of the hot producers of the day were trading at 2.5x NAV. To see those multiples again would be remarkable. There is certainly a lot of room for some of these producers to trade up,” said Adshead.

Adshead also spoke of he would like to see gold companies allocate the additional funds they are earning to mine expansions, building new mines and acquiring new projects to build.

While a number of large financings have been announced, Adshead said it is still a selective market. The sector is not yet frothy enough to be writing checks carte blanche to juniors.

“We are actually in a pretty good market for financing, but it is not like every junior can raise whatever dollars they want," said Adshead. "I quite like that as in a peak bull market is when you also get peak capital misallocation: when a lot of companies get money that shouldn't be getting money in the first place, or companies take far too much money than what they really need and end up wasting it,” he said.

Adshead also commented on the Guyana Shield as a hot exploration region, Iceberg’s shorting report on Newfound Gold’s Queensway orogenic gold deposit in Newfoundland, Canada, NGEx Minerals plan for its largest ever drill program at its Lunawasi copper discovery in San Juan, Argentina, a new president in Mexico and the outlook for uranium.

Digging Deep is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.