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Uranium prices have climbed to multi-decade highs, but NexGen Energy says they remain too low to incentivize the new production needed to address a growing global supply deficit, even before accounting for rising electricity demand from AI data centers. Speaking with Kitco Mining's Paul Harris on October 15, 2026, NexGen Energy Chief Commercial Officer Travis McPherson says years of underinvestment have constrained supply as nuclear utilities become increasingly concerned about securing future fuel. Despite uranium prices rising roughly fivefold over the past decade, he says global production has remained largely flat. With utilities seeking long-term supply, NexGen is deliberately preserving pricing flexibility ahead of production at its Rook I project. “We don't give away optionality for nothing,” McPherson said. The company favors shorter contracts linked to market prices at delivery rather than committing most of its future output years in advance. In Saskatchewan, construction is advancing at the C$2.2 billion Rook I project, targeting first production around 2030 and annual capacity of up to 30 million pounds of U₃O₈. McPherson discusses upcoming shaft-freezing and sinking milestones, exploration at Patterson Corridor East, and why uranium equities have lagged the commodity despite improving fundamentals. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 01:05 - Why Uranium Prices Are Still Too Low 03:22 - Nuclear Utilities Face Growing Uranium Supply Shortages 05:29 - AI Demand, Geopolitics and Nuclear Energy 07:34 - NexGen's Uranium Contracting Strategy 10:31 - Shorter Contracts and Market-Based Uranium Pricing 13:26 - Physical Uranium ETFs and Price Discovery 15:06 - Why Uranium Stocks Are Lagging Uranium Prices 18:20 - Rook I Construction and the 2030 Production Target 20:51 - C$2.2B Capex, Construction Risks and Timeline 26:46 - Patterson Corridor East and Exploration Upside 30:19 - Shaft Freezing and Upcoming Construction Milestones __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Coeur Mining is shifting from major acquisitions to execution, with its expanded North American portfolio expected to generate approximately $2.3 billion in adjusted EBITDA and $1.5 billion in free cash flow in 2026 following the SilverCrest and New Gold transactions. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Mitch Krebs says the transformation has reshaped Coeur's financial position. After generating negative $300 million in free cash flow in 2023, the company now holds more than $1 billion in cash. “we're now very much in the digestion and delivery mode,” Krebs said, emphasizing that further acquisitions are on hold as management focuses on operating performance. Coeur is balancing organic growth with shareholder returns, including a $750 million share buyback authorization, approximately $220 million repurchased at the time of the interview, and its first dividend in roughly three decades. Krebs says buybacks remain the preferred approach because of their flexibility, while maintaining cash reserves provides protection during weaker commodity cycles. Looking ahead, Coeur is targeting mine-life extensions at Rainy River and New Afton, where K-Zone exploration could support production into the 2040s, while advancing a prefeasibility study at Silvertip. Krebs expects 2027 to be the first full year reflecting the enlarged portfolio. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:33 - Coeur Mining Shifts From M&A to Execution 02:01 - Organic Growth at Rainy River, New Afton and Silvertip 03:26 - SilverCrest and New Gold Transform Coeur's Cash Flow 04:46 - $750M Share Buyback and Capital Allocation 06:19 - Coeur's New Dividend and Buyback Strategy 07:01 - Gold, Silver and Copper Production Mix 08:21 - Why Coeur Is Pausing Further Acquisitions 09:21 - 2026 Guidance, Q4 Outlook and 2027 Growth Catalysts __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Daniel Henao outlines a $25 million expansion at the Hemco operation, increasing processing capacity by more than 40% and targeting an additional 30,000 to 40,000 ounces of annual gold production in 2027. Following the interview, Mineros raised its 2026 consolidated production guidance to 235,000–245,000 ounces, supported by operational improvements in Nicaragua and Colombia. The company is also advancing Porvenir, where an updated prefeasibility study estimates $207 million in initial capital and a 37.9% after-tax IRR. Management is targeting a construction decision in early 2027, subject to remaining permits. Beyond production growth, Mineros has built approximately 40,000 ounces in gold-related treasury holdings, according to Henao, while maintaining dividends and a discretionary $175 million share buyback program. Explaining the strategy, he said “gold is a great way of preserving, uh, the value of, of our treasury.” Henao also discusses La Colosa's development challenges in Colombia, La Pepa in Chile and a potential U.S. listing. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:55 - Mineros' Turnaround and Record Financial Performance 03:10 - How Sun Valley Investments Took Control 04:52 - $25M Investment to Expand Gold Production 06:48 - Nicaragua Expansion Toward 200,000 Oz 09:06 - Porvenir's $207M Development and Permitting 10:42 - Colombia Mining Outlook and Nechí Growth 12:22 - La Colosa Gold Project and Community Support 14:29 - La Pepa Expansion and Potential U.S. Listing 17:37 - Dividends and $175M Share Buyback Program 20:47 - Building a 40,000 Oz Gold Treasury __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Franco-Nevada is preparing to deploy substantial capital into new mining deals, with $4.3 billion in available capital and a growing pipeline of opportunities as royalty and streaming finance gains traction across the industry. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026 on September 29, President and CEO Paul Brink expects significant investment activity ahead, saying, “In the next six to 12 months we will deploy a good amount of that capital.” At Cobre Panamá, Brink says Franco-Nevada has received its first payment from renewed stockpile processing, while discussions over the mine's future continue. The company is also tracking toward the upper half of its 2026 production guidance, supported by anticipated Cobre Panamá deliveries and stronger energy royalty revenue. Beyond traditional streams and royalties, Franco-Nevada is increasingly combining debt and equity financing to back experienced mine-building teams, including partnerships with i-80 Gold and Minerals 260. Brink also discusses BHP's $4.3 billion Antamina silver stream as a major endorsement of the sector and why increasingly expensive copper projects could drive further demand for alternative financing. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:25 - 2026 Production Guidance and Growth Outlook 01:08 - Cobre Panamá Stockpile Processing and Payments 01:48 - Cobre Panamá Restart and Government Negotiations 04:18 - Côté Gold Royalty and IAMGOLD Buyback Option 05:34 - Syndicating Larger Streaming Deals 06:46 - Managing Deal Size and Jurisdictional Risk 08:17 - BHP’s $4.3B Antamina Silver Stream 10:37 - Copper Mining Costs and Streaming Opportunities 11:49 - Franco-Nevada’s Debt, Equity and Royalty Strategy 16:36 - $4.3B Available Capital and New Deal Pipeline 18:31 - Energy Royalties and Higher Oil Prices __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Pan American Silver is targeting up to $1 billion in shareholder returns in 2026 while advancing a $1.9 billion expansion at La Colorada in Mexico, balancing dividends and buybacks with a major investment in future silver production. Speaking with Kitco Mining's Paul Harris at Mining Forum Americas 2026, President and CEO Michael Steinmann says strong cash flow and more than $3 billion in liquidity give Pan American room to pursue both priorities. The La Colorada Skarn project could lift the expanded mine's annual silver output to approximately 19 million ounces during its peak five years, with an estimated 37-year mine life. Steinmann also sees further upside for silver as industrial demand grows and supply struggles to respond. He said he would not be surprised to see “a jump like that to 150 or $200 over the next few years,” while cautioning that sharp rallies can reverse. Beyond metal prices, Steinmann argues that a shortage of experienced mine-building teams could accelerate industry consolidation. He also discusses Pan American's disciplined approach to acquisitions, operating costs, and plans for an economic assessment of its Timmins assets. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:31 - Silver’s Volatile Rally and Price Outlook 01:25 - Industrial Demand and Silver Supply Constraints 02:43 - Could Silver Reach $150, $200 or $500? 04:09 - Pan American’s $1B Shareholder Return Target 05:42 - How Byproduct Credits Lower Silver Mining Costs 07:33 - Production, Inflation and Weather Risks 09:55 - Balance Sheet, Liquidity and Shareholder Returns 11:52 - Pan American’s M&A and Growth Strategy 15:42 - Why Building Large Silver Mines Is Getting Harder 19:12 - La Colorada Skarn Expansion and Timmins PEA __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Equinox Gold has finished building scale through major transactions. Now the focus is on proving the enlarged company can deliver. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and incoming CEO Jason Simpson said Equinox is shifting from merger-driven growth to execution after combining with Calibre Mining and Orla Mining. “We don't need anything else. We just need to focus on delivering,” Simpson said. The combined portfolio has annual production capacity of roughly 1.1 million ounces, with an organic growth pipeline that could take Equinox toward 2 million ounces. Simpson said the projects have been deliberately sequenced so they are not competing for capital, with the next major growth phase centered on the U.S. before further expansion opportunities in Mexico and Canada. Simpson said more than 50% of Equinox’s NAV is currently in Canada, while future U.S. growth could lift the combined Canada-U.S. share to about 70%. Near-term catalysts include the Greenstone and Valentine ramp-ups, early works at South Railroad in Nevada toward 2028 production, and progress at Castle Mountain. Equinox also plans to fund growth internally while reducing debt, buying back shares and returning capital through dividends. Simpson said delivering 2026 guidance is the immediate test of the company’s new senior-scale platform. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:34 - How the Equinox-Orla Merger Came Together 02:10 - Jason Simpson’s Leadership Transition 03:36 - Why Investors Backed the Combination 05:11 - Sequencing Growth Toward 2M Oz 08:04 - Building a North American Gold Platform 09:24 - Nicaragua Risk, Reward and Portfolio Fit 12:55 - Self-Funding Growth, Debt Reduction and Returns 15:31 - 2026 Guidance and the Execution Test 17:06 - Greenstone, Valentine, South Railroad and Castle Mountain __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Gold miners are generating near-record earnings and stronger free cash flow, yet their valuations remain depressed despite a decade of improved financial discipline. Sprott Asset Management argues investors may still be judging the sector by the costly mistakes of the previous gold bull market. Speaking with Kitco Mining's Paul Harris on October 21, 2026, Kenny Zhu, Director of Research and Investment Strategy at Sprott Asset Management, says forward EV/EBITDA multiples for gold miners stood at 5.7 times in September, down from 9.9 times in June 2014. “Investors are still valuing gold miners based on the mistakes of the past cycle,” Zhu said, citing debt-funded expansion and value-destructive acquisitions. Today's miners are prioritizing cash flow, stronger balance sheets and shareholder returns over production growth at any cost. But Zhu identifies another risk: “the industry is facing a real danger of longer-term depletion.” Declining ore grades, fewer major discoveries and mine development timelines approaching 18 years raise questions about future gold supply. Zhu also examines central bank gold demand, real interest rates and AI-related economic risks, while addressing criticism that miners should invest more in new production rather than prioritize share buybacks. Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:38 - Gold's Two Markets: Dollar Debasement, Inflation and Rates 03:45 - U.S. Midterms, Real Yields and Gold's Outlook 07:56 - Why Gold Mining Stocks Remain Undervalued 10:53 - How Gold Miners Rebuilt Cash Flow and Balance Sheets 14:16 - Will Gold Mining Valuations Catch Up With Earnings? 18:52 - Declining Ore Grades and the Gold Supply Challenge 21:44 - Why Miners Are Keeping Conservative Gold Reserve Prices 23:31 - Share Buybacks vs. Investing in New Gold Mines __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Less than a year after its launch as a public company, LunR Royalties is already looking to compete for much larger precious-metals deals after establishing its first major cash-flowing asset at Fruta del Norte. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, CEO Adam Lundin said LunR is prepared to evaluate transactions ranging from $50 million to as much as $1.5 billion. The company’s approximately $670 million Fruta del Norte silver stream has already started generating revenue, while a $150 million credit facility gives LunR additional capacity to pursue future deals. “Try and punch above our weight,” Lundin said, while stressing that growth must remain disciplined. LunR is also looking beyond Lundin Group companies for future royalties and streams, including overlooked precious-metal byproducts at major producing mines. Lundin said that even without another acquisition, continued growth at Fruta del Norte and the eventual development of Lunahuasi and Los Helados could potentially triple current cash flow over time. The company is also open to partnering with larger royalty groups on major transactions where a syndicated approach makes sense, with Lundin saying shareholder returns remain the ultimate measure of success. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:53 - Building LunR’s Royalty and Streaming Team 01:34 - Targeting $50M to $1.5B Deals 02:46 - Cash Flow, Credit Capacity and Cost of Capital 04:09 - How the Lundin Name Helps Win Deals 05:38 - Fruta del Norte Silver Stream Upside 08:02 - Managing Conflicts and Independent Deal Review 10:04 - Expanding Beyond Lundin Group Companies 11:24 - Discipline, Cash Flow and Shareholder Returns 12:47 - Lunahuasi, Los Helados and Future Growth 15:30 - Syndicating Larger Royalty Deals and Next Catalysts __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Mining companies have more cash, stronger metals prices and broader investor interest, but Tim Wood says the sector is still showing restraint rather than repeating the excesses of the last cycle. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, the Denver Gold Group executive director said capital discipline remained a consistent message across company presentations, with miners continuing to prioritize shareholder returns and stronger balance sheets. “I think we've turned a corner in the way companies are approaching the cycle,” Wood said. Wood also described a “sea change” in the investor base, with hedge funds, private equity and generalist investors playing a larger role alongside traditional mining specialists. “So the, the generalists are here,” he said. That broader interest was reflected at MFA, where about 1,270 attendees checked in and roughly 5,080 investor meetings were scheduled. He also pointed to a shift in industry priorities, with ESG becoming less prominent while companies focus more directly on social license and community support. At the same time, Wood expects M&A activity to increase, but says management teams remain wary of overpaying. Wood also announced Denver Gold Group’s expansion into Australia, with a new Sydney conference launching in October 2027 after what he described as strong demand from the Australian market. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:41 - Mining Forum Americas 2026: Key Takeaways 01:29 - 1,270 Attendees and 5,080 Investor Meetings 02:41 - Friedland, Fishman and the Keynote Themes 05:46 - Canada Taxes, Tariffs and Competitiveness 07:06 - ESG Fades as Social License Takes Priority 08:38 - Shareholder Returns, Capital Discipline and M&A 12:53 - Generalist Investors Return to Mining 15:18 - Denver Gold Group Launches Sydney Conference __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Solaris Resources says the Warintza copper-gold-molybdenum project in Ecuador is moving into a critical de-risking phase, with updated guidance targeting full permitting by the end of H1 2027 and a final investment decision in the back half of 2027. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and CEO Matthew Rowlinson said Solaris expects roughly $100 million of liquidity to carry the company through to FID, including an additional $50 million tranche tied to its Royal Gold agreement. The November 2025 PFS outlined approximately $3.7 billion in initial capital for a 160,000-tonne-per-day operation, supported by near-surface mineralization, a low strip ratio and gold and molybdenum byproduct credits. Solaris is also keeping both partnership and standalone development paths open. “We've got to do what's right for shareholders,” Rowlinson said, adding that the company has seen significant interest from potential partners while continuing to evaluate streaming, senior debt, EPC or EPCM-linked financing, and government or other nontraditional capital. Beyond Warintza Central, Solaris is advancing additional porphyry targets across the broader district while continuing to de-risk the core project toward a 2027 development decision. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:19 - Copper and Critical Minerals Take Center Stage 00:52 - Copper Supply Tightness and the Warintza Opportunity 02:38 - Gold and Moly Byproducts Support Warintza Economics 04:03 - H1 2027 Permitting and Late-2027 FID Target 05:35 - Water, Power and the 250 MW Energy Plan 07:19 - $3.7B Capex and Warintza Project Economics 10:18 - ~$100M Liquidity to Carry Solaris Through FID 10:46 - Partner, Build or Finance Warintza Alone? 12:13 - Streaming, Debt and the Ideal Financing Stack 16:17 - Warintza District Exploration and Next Catalysts __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Sunshine Silver Mining & Refining is targeting a late-2028 return to production at Idaho’s historic Sunshine Mine, while designing a larger operation and evaluating a return to integrated silver and antimony refining. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, CEO Heather White said Sunshine’s June IPO raised about $310 million gross, providing the runway to complete key development work ahead of a targeted Q2 2027 feasibility study. The company is now evaluating a 2,000-tonne-per-day mill, double the roughly 1,000-tonne-per-day base case, as it plans for higher future throughput and resource growth. Sunshine hosts about 104 million ounces of indicated silver resources at 1,022 g/t and another 160 million ounces inferred at 776 g/t. White said the mine’s ultra-high grade supports a low-cost operating profile, with additional copper, antimony and lead byproducts providing further potential credits. The company is also evaluating whether to restart its silver-copper refinery and develop a new antimony plant. If advanced, Sunshine says the antimony facility could produce up to 34.5 million lb annually, potentially supplying as much as 60% of annual U.S. demand. Beyond the restart, Sunshine expanded its Silver Valley land position by 60% to roughly 38,000 acres in September and launched a 45,000-meter district-scale exploration program as management evaluates broader multi-mine potential. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:19 - $310M IPO Funds Sunshine’s Next Development Phase 00:59 - 1,000 g/t Silver Grades and Low-Cost Potential 04:01 - Targeting a Late-2028 Return to Production 05:42 - Funding Runway, Capex and the Next Financing Decision 07:12 - Sell Concentrates or Restart Refining? 08:17 - Why Sunshine Is Planning a 2,000 TPD Mill 10:09 - Permits, Safety and Environmental Track Record 11:30 - Silver, Antimony and U.S. Critical Minerals 15:10 - 38,000 Acres, 45,000m Drilling and Multi-Mine Potential __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

U.S. Gold Corp is approaching a major decision point at the fully permitted CK Gold Project in Wyoming, with financing advancing while unsolicited strategic interest continues to test the case for building versus selling. Speaking with Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas, President and CEO George Bee said the company’s March 2026 feasibility study outlined initial capital of about $394 million, and U.S. Gold is evaluating debt, equity, offtake-linked financing, and a potential silver stream. “We've got term sheets on the table,” he said, with financing now one of the key steps before construction moves forward. At the same time, U.S. Gold has received unsolicited strategic interest, with NDAs in place and project visits underway. “We have to recognize that there's a strategic interest in our company,” Bee said. Protecting existing shareholders from excessive dilution remains a key consideration as management weighs building CK Gold against a potential transaction. Bee also said the current feasibility study does not capture all of the project’s potential, with additional resources outside the existing reserve shell and further drilling planned. “We see so much more value than we have, uh, described in the feasibility study,” he said. Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:15 - CK Gold Fully Permitted and Ready to Advance 00:57 - Debt, Offtake and Silver Stream Financing Options 03:01 - Protecting Shareholders From Dilution 04:08 - Strategic Interest and the Build-or-Sell Decision 06:46 - Upside Beyond the Current Feasibility Study 08:23 - Development Risks, Tariffs and Execution 09:28 - Expanding Resources Beyond the Reserve Shell 11:23 - U.S. Copper Policy and Potential Funding Support 12:43 - Term Sheets, EPCM and the Next 12 Months __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Ari Sussman, Executive Chair of Collective Mining, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas in Colorado Springs to discuss how Apollo’s maiden resource is accelerating the Guayabales Project toward permitting and development in Colombia. Collective announced Apollo’s first mineral resource on September 8, totaling about 5.4 million gold-equivalent ounces in indicated and inferred resources. The open-pit portion includes about 1.5 million indicated ounces at 2.06 g/t AuEq with a modeled 3.4:1 strip ratio. “This is a maiden starting point, and we're growing in all directions, so very excited by it,” Sussman said. The company is targeting submission of its environmental license application in H2 2027. Sussman said he expects a decision roughly 11–12 months after ANLA receives the application, potentially putting a final decision in the second half of 2028. He also expects the next resource update, targeted around Q4 2027 or Q1 2028, could reach 7–8 million gold-equivalent ounces after substantial additional drilling. Looking further ahead, Sussman said Collective is currently contemplating a 15,000-tonne-per-day operation and believes a future Apollo mine could produce more than 400,000 ounces annually, subject to further drilling and economic studies. He also described the current market as a “builder's market,” while saying stronger industry cash flow could make M&A more attractive over the next year. With 13 rigs operating and 90 holes awaiting assays at the time of the interview, Sussman said the immediate focus remains: “drill, baby, drill.” Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/ Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:17 - Apollo’s 5.4 Moz Maiden Resource 01:29 - Open-Pit Upside and High-Grade Ramp Zones 03:42 - Why Tungsten Matters at Apollo 05:02 - Targeting 7–8 Moz in the Next Resource 05:39 - Mid-2027 Permit Filing and 2028 Decision Target 06:12 - Colombia’s Changing Mining and Permitting Climate 09:21 - Investor Sentiment and the Colombia Discount 13:15 - Builder’s Market Today, M&A Tomorrow? 14:30 - 15,000 TPD Mine Plan and 400K+ Oz Potential 16:27 - 13 Rigs, 90 Assays and “Drill, Baby, Drill” __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Jamie Beck, President and CEO of Lundin Gold, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas in Colorado Springs to discuss how exploration success is extending the growth profile of Fruta del Norte in Ecuador. FDN began mining in 2019 with about 5 million ounces of reserves. Since then, Lundin Gold has produced more than 3 million ounces and still holds roughly 6 million ounces in reserves. “This whole sort of structural district continues to surprise, and surprise to the upside,” Beck said. Lundin holds a roughly 65,000-hectare land package, with exploration historically concentrated around the approximately 6,500-hectare La Zarza concession. The company is also studying an expansion from around 5,500 tonnes per day to 6,500–7,000 tonnes per day, aimed at sustaining roughly 500,000 ounces of annual production as grades normalize, with full operation targeted for 2028. Beck also addressed the Sept. 8 sovereign adjustment assessment from Ecuador, characterizing the issue as a disagreement over the calculation and reaffirming Lundin’s commitment to investing in the country. Beyond gold, Lundin expects an inaugural mineral resource for the Sandia copper-gold discovery around Q1 2027, adding another potential leg to its organic growth pipeline. Special thanks to our sponsor, Metalla Royalty & Streaming Ltd, for making this coverage possible. To learn more, visit https://metallaroyalty.com Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:42 - Corrada Dorada and FDN South Discovery Upside 02:03 - Three Exploration Goals at Fruta del Norte 03:34 - Funding Exploration While Returning Cash 04:31 - Reserve Growth and the Path Into the Mine Plan 06:00 - Expanding FDN From 5,500 to 6,500–7,000 TPD 06:26 - Costs, Power and Operating in Ecuador 08:50 - El Niño Risk and Backup Power 10:07 - Ecuador Sovereign Adjustment Dispute 12:37 - Copper Growth, Sandia Resource and M&A Optionality __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Robert Quartermain, Co-Chair of Dakota Gold, joins Kitco Mining’s Paul Harris at the 2026 Mining Forum Americas to discuss the company’s plan to advance the Richmond Hill Gold Project in South Dakota toward production as soon as 2029. Speaking on September 29, Quartermain said Dakota Gold had about $99 million on its balance sheet as of June, which management believes can carry the company through to a shovel-ready stage. “So that sees us what we consider all the way through to being shovel-ready,” he said. Richmond Hill’s pre-feasibility study is targeted for Q4 2026, with a full feasibility study expected mid-2027. Quartermain said ongoing drilling and metallurgical work could support a larger operation than previously contemplated, while Dakota has already begun placing deposits on long-lead equipment to protect its development timeline. The company expects an approximately 18-month permitting process and is targeting permits by the end of 2028. Quartermain also made clear that Dakota’s current strategy is to build Richmond Hill rather than sell at feasibility. “We've got the team to build it, we have the access to the capital to build it, and we'll move forward doing that,” he said. To learn more about Dakota Gold, visit: https://dakotagoldcorp.com/ Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice. 00:21 - Richmond Hill Targets 2029 Production 01:25 - $99M Balance Sheet and Path to Shovel-Ready 02:39 - Drilling, Metallurgy and Higher Recovery Zones 03:32 - Could Richmond Hill Scale to 60,000 TPD? 06:47 - Long-Lead Equipment Ordered Early 08:13 - Jack Henris Takes Over as CEO 09:35 - 18-Month Permitting Roadmap 11:51 - Silver Stream, Forward Sales and Debt Financing 13:10 - Maitland High-Grade Growth Potential 15:08 - Why Dakota Gold Wants to Build, Not Sell 17:15 - Q4 PFS, Mid-2027 FS and Key Catalysts __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold   For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc. Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.