Everyone in gold investing thinks they know what the scarce asset is: ounces, grade, or jurisdiction. But since about 2018, the real bottleneck in North American gold has quietly shifted. It isn’t geology—it’s permission.

In this episode of Dusty Nuggets by JuniorMining.gold, we break down how gold mills in Canada and Alaska have become strategic infrastructure, much like power plants, data centers, ports, and rail hubs. As permitting timelines stretch, tailings approvals tighten, and capital intensity rises, control of processing capacity—not discoveries—has become the durable competitive advantage.

We explore why operating mills now function as regional hubs, how “hub-and-spoke” milling changes the economics of nearby deposits, and why brownfield restarts and staged expansions are winning over greenfield builds. Using real-world examples from Canadian Malartic, Detour Lake, Côté Gold, Fort Knox, Madsen, and Blackwater, the episode shows how infrastructure—not ounces—drives optionality.

Along the way, we introduce a framework for spotting false optionality early, explain how junior miners can create value without building their own mills, and reveal why certain districts never really die. The takeaway is simple but uncomfortable: in today’s gold market, ore is optional. Permits aren’t.

If you want to understand how gold quietly became an infrastructure business—and how to think differently about value, risk, and longevity in the sector—this episode is for you.

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Disclaimer: This content is for informational purposes only and should not be considered as investment advice. Mining investments carry significant risks, and past performance does not guarantee future results. Subscribers should conduct their own research and consult with qualified financial advisors before making investment decisions.