Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down mining M&A, gold equity weakness, producer cash piles, copper dividends, lithium delays, and Ecuador’s gold sector.

Ecclestone takes a skeptical view of G Mining’s deal to acquire G2 Goldfields and the creation of G3 Goldfields, questioning whether repeated spinouts and recombinations create lasting value. He is more direct on Zijin Gold’s failed C$5.5 billion bid for Allied Gold, saying weaker gold prices and falling miner valuations changed the deal math.

Ecclestone says the Feb. 28 escalation in the Iran conflict disrupted a developing institutional rotation into mining, sending capital back toward AI and data centers instead. He also weighs cash versus bullion on producer balance sheets, dividends versus buybacks, Codelco and Rio Tinto’s delayed Maricunga lithium project, and Lundin Gold’s exploration success in Ecuador. With cheaper assets available, he says acquirers may not need to rush. “We've not seen the worst yet,” he said.

Recorded July 30, 2026.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:00 - Welcome and 100th Episode
00:32 - Guyana Deal Breakdown
06:47 - Zijin Walks From Allied
10:54 - Investor Lessons From Bust Deal
14:07 - Geopolitics Hits Metals
17:14 - Q2 Results and Cash Piles
19:58 - Gold on Balance Sheets
21:29 - Copper Dividends and Storms
24:34 - Chile Lithium Delay Debate
29:22 - Lundin Gold Ecuador Upside
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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
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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.

John Feneck, Founder and CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep with Paul Harris to break down a volatile stretch for mining equities, precious metals and critical minerals.

Feneck says gold, silver and copper remain in a bull framework, but mining stocks are still being pressured by summer trading volumes, the Iran conflict, Fed uncertainty and capital crowding into tech and AI. With the HUI down sharply since March 1 and many juniors hit even harder, he says investors need to separate broken charts from painful corrections in a sector where metal prices are still holding key levels.

The mining news cycle is also turning back toward supply security. Feneck calls new U.S. defense restrictions on tungsten from China, Russia, North Korea and Iran “super bullish” for U.S. tungsten equities, arguing that the country remains far behind China in rebuilding domestic supply. He also weighs the U.S. processing bottleneck, Donlin Gold, Barrick’s investment in Kingfisher Metals, New Pacific’s Carangas PEA in Bolivia, and why majors may need to pay real premiums to secure junior assets.

Learn more about John Feneck’s conference here: https://topshelf-partners.com/

Recorded July 23, 2026.

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.

Joe Mazumdar, Editor & Analyst at Exploration Insights, joins Kitco Mining’s Digging Deep from the Rule Symposium 2026 to explain why mining M&A is becoming more competitive as quality production assets become harder to find.

Mazumdar says the competing bids for Vault Minerals show that buyers are willing to pay up for scarce producing assets rather than take on permitting delays, capital escalation, and labor risk. “They would rather pay a premium on production,” he said. But he is also watching whether the next wave of deals moves into development-stage assets with the highest probability of becoming mines.

Copper is part of the same scarcity trade. Mazumdar says Chinese buyers remain active in Peru as smelters compete for limited concentrate and major mine disruptions tighten supply. In Yukon, Talamore Mining’s C$588 million Coffee financing shows how stranded assets can be revived in a stronger market. In Arizona, South32’s Hermosa has cleared a key U.S. permitting hurdle, though capital intensity remains the bigger test.

Recorded July 09, 2026.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:00 - Welcome and Setup
00:26 - Gold M&A Bidding War
01:32 - Shift to Development Deals
02:27 - Peru Copper Sale to China
04:04 - China Smelters and Supply Crunch
05:26 - Coffee Project Financing Revival
07:42 - Hermosa Permitting and Fast 41
09:37 - Rule Symposium Takeaways
11:01 - Closing and Subscribe
__________________________________________________________________

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.