Are Gold Miners Leaving Value Undisclosed? | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to examine how new US policy initiatives and price volatility are shaping mining and critical minerals in 2026. Discussing the Trump administration’s $12 billion “Project Vault” initiative and Vice President JD Vance’s proposal for enforceable price floors, Adshead explains how smaller commodity markets can experience extreme price swings that complicate financing decisions.

Adshead also discusses why higher gold prices are prompting producers to reassess mine plans, expansions, and reserve assumptions, while new supply remains slow to respond. Pointing to World Gold Council data, he said there is “a significant multi-year lag to bring new production on.” The conversation also touches on permitting progress in Canada, expansion studies at producing mines, and how new technologies are being used to improve exploration targeting.

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01:01 – Trump’s Strategic Mineral Reserve and Project Vault Explained
01:37 – Critical Minerals Preferential Trade Zone and Price Floor Proposal
02:34 – US Mineral Stockpiles, Refining Gaps, and Processing Bottlenecks
06:51 – Commodity Pricing, Volatility, and Financing New Mining Projects
09:53 – Company Updates: Skeena Eskay Creek Permits and Alamos Gold Expansion
19:19 – Eldorado Gold Deal and Gold Miners’ Copper Exposure
22:25 – AI in Mineral Exploration and Equinox Gold’s Valentine Discovery
26:41 – Barrick Mining Full-Year Results and North American IPO Plans
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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.