About this episode
Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris in person at PDAC 2026 in Toronto as markets react to breaking geopolitical news and a surge in major mining transactions.Following reports of U.S. strikes on Iran over the weekend, Adshead said, “the gold price has already reacted,” noting that 24/7 trading pushed gold above $5,300 per ounce, roughly $100 higher than Friday’s close. He also highlighted record sector profitability, saying, “we've never seen gold miners make the margins that they've been making like they did in Q4 2025.” The discussion explores whether oil could spike, how diesel prices have supported gold miner margins, and how escalating conflict could accelerate demand for critical minerals used in modern defense systems, including tungsten, heavy rare earths, copper and silver.The conversation also examines a wave of streaming and royalty deals ahead of PDAC, including Wheaton’s $4.3B silver stream with BHP, Lundin and BHP’s large-scale copper development in Argentina, and Faraday Copper’s Arizona asset deal with BHP.Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.To learn more, visit:https://www.goldmining.com/https://www.usgoldmining.us/https://www.uraniumenergy.com/https://www.uraniumroyalty.com/00:20 - Breaking News: US Strikes Iran01:43 - Oil Shock, Strait of Hormuz Risk and Triple-Digit Oil Debate03:00 - Gold Above $5,300 and Impact on Gold Miner Costs04:37 - War Demand for Critical Minerals and Military Stockpiles07:12 - Surge in Streaming and Royalty Deals Ahead of PDAC08:27 - Wheaton’s Record $4.3B Silver Stream with BHP10:32 - Lundin and BHP Argentina Mega Copper Project PEA13:15 - Faraday Copper Arizona Asset Deal with BHP__________________________________________________________________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.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage
