Stephen Stewart, founder and chairman of Ore Group, joins Kitco Mining’s Ernest Hoffman at Explor 2025 in Montreal to discuss Canada-U.S. relations, government policy, and how Ore Group is positioning for the next phase of the commodities cycle.

“The United States and Canada are brothers and sisters,” Stewart said. “We have probably the most fruitful economic partnership in the history of the world, and I think that's going to continue.”

Stewart argues that new government intervention policies, including floor pricing and strategic equity stakes, could redefine Western mining investment and help North America compete with China’s long-term resource strategy. He calls for renewed focus on productivity and job creation in Canada, saying the country has “dropped the ball” despite its rich mineral endowment. Stewart also highlights Ore Group’s countercyclical philosophy and key milestones, including a 40% IRR on its XXIX copper project in Quebec and expanding copper, uranium, nickel, and gold portfolios across Canada.

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.

Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep as gold drops more than US$400 per ounce from record highs. Ecclestone, who predicted the correction earlier this month, says it reflects the inevitable turn in overheated markets.
“What goes up must come down,” he said. “Eventually, everything corrects in some way or another.”

He links the retreat to easing global tensions and the prospect of “an outbreak of peace,” arguing that much of the gold rally was driven by insecurity tied to ongoing conflicts. Ecclestone also sees long-term risks for the U.S. dollar, warning that its “primacy is being eroded” as global trade shifts toward a more multilateral system.

On policy, he says Trump’s push to revive mining at home marks a lasting shift for U.S. resource strategy, even as he cautions against scattergun funding in critical minerals like rare earths and lithium that could create “too much of everything.”

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.

Exploration geologist Jeff Pontius joins Kitco Mining’s Digging Deep to discuss Nevada discoveries, royalty market premiums, and the outlook for M&A. Pontius, who led Corvus Gold through its C$570 million acquisition by AngloGold Ashanti in 2022, has advanced multiple discoveries across his career and continues to advise and evaluate new opportunities.

On AngloGold’s Nevada build-out, he said, “They’ve done a very good job of advancing that, keeping the locals on side, pushing the permitting forward.” He continued that the company are going to start with the North Bullfrog project, “which is a couple million ounce open pit heap leach project.” He added that the discovery will be a cornerstone asset “for 20 or 30 years into the future.”

Pontius pointed to recent royalty transactions, commenting that, “those transactions are at a premium and it’s impressive.” He expects mid-tiers to lead the next wave of acquisitions, with majors focused only on the largest multi-million-ounce projects. On financing, he noted that bigger raises reduce dilution and show investors are more disciplined than in past cycles.

Looking ahead, Pontius remains bullish, predicting that “we’re in those early phases, and I look for two to three more years of pretty strong move in the commodity price.”

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.