Elections in France and the U.S. should not disrupt carbon compliance markets, said Luke Oliver, managing director and head of climate investments at KraneShares.

On Tuesday Oliver spoke to Kitco Mining.

The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit Index, which covers cap-and-trade carbon allowances. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).

The carbon compliance markets are designed to incentivize pollution reduction. In a report from last year, Reuters valued the markets at over $900 billion.

France, a pillar nation within the EU, is in the middle of an election with the far-right National Rally (RN) leads the polls, according to polls by EuroNews. The National Rally is at 36% while French President Macron's party is at 20%. The U.S. election is in November. Most polls show a tie.

"I think it's possible to see a shift right in the U. S. And I think that a shift right usually sort of correlates with a less climate forward or climate supportive set of policies. But these programs are ...deeply embedded," said Oliver. "We don't foresee any material rolling back of the program."

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.

Declining profits for lab-grown diamonds could push retailers into a natural diamond pivot, said Paul Zimnisky, an independent diamond industry analyst.

Last week Zimnisky spoke to Kitco Mining.

The diamond market has been in a tough spot due to declining sales. In September Petra Diamonds reported full-year revenue declined 44%. In February Lucara Diamond announced full-year revenue was down 16%, adding that the diamond market is a "volatile environment with market challenges coming from multiple areas." Storied diamond company De Beers is being sold off by parent Anglo American, which is restructuring after rebuffing a takeover by BHP.

Demographics and growing market share by lab-grown diamonds are part of the challenge, said Zimnisky, but exclusivity and rarity of natural diamonds could end up helping. Innovations in production have resulted in jewelers cutting the costs of lab-grown diamonds. That may lead jewelers to pivot and prioritize selling natural diamonds over lab grown, said Zimnisky.

"The catalyst could be declining profitability of selling lab-grown diamonds, " he said. "[That] could incentivize retailers to really push natural diamonds again. That has the potential to be a very positive development for the natural diamond industry."

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.

Gold miners could use a little more conviction in the product they sell, said Frank Holmes, CEO and chief investment officer at @USGlobalInvestors .

In early June, Holmes spoke to Kitco Mining.

Gold has been hitting all-time highs in 2024, but the gold mining companies have lagged behind. The GDX, the gold mining index, is only up 12% year-to-date. Some enthusiasm for the metal the miners produce could help, said Holmes.

Holmes said gold miners are holding less gold on their books, unlike cryptocurrency companies.

"I think gold miners—like Bitcoin miners—have to show investors their conviction that they really like the product, and that they're going to own it," said Holmes. "You have many more crypto mining companies [that] actually own Bitcoin."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

British Columbia's northwest is seeing heightened interest from resource companies, said Ken Konkin, CEO and president of Tudor Gold.

In early June Konkin spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

@tudorgoldcorp.1829 (TSX:TUD) is an exploration and development company advancing its Treaty Creek gold and copper project, situated in the Golden Triangle. Treaty Creek project hosts the Goldstorm deposit, which the company says is one of the largest gold discoveries in the last three decades.

The Golden Triangle is seeing renewed focus, says Konkin, due to the infrastructure and safe jurisdiction, as well as the many development projects that are advancing in B.C. The world's largest gold miner, Newmont, has made the region a top priority since taking out Newcrest and acquiring both its Pretium and Red Chris mining operations in the Golden Triangle.

"Clearly, there's blood in the water," said Konkin.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Despite gold hitting several all-time highs in 2024, margins have been a drag on mining equities, said Peter Marrone, chairman and CEO of Allied Gold.

In early June, Marrone spoke to Kitco Mining at THE Mining Investment Event of the North.

Marrone noted that gold spiked at the start of the decade to around the $2,020 level and then stayed relatively flat until recently. Marrone said that during that time, margins amongst gold miners declined from about $750 to $575. The VanEck Gold Miners ETF (GDX) has come anywhere near its highs from the start of the decade.

"That run-up in gold price is quite dramatic, and I think it will continue," said Marrone. "And now, as an industry will we be able to demonstrate that we can deliver improvements to margins, increase in EBITDA, increase in cash flow? And that's where the rubber hits the road because, at that point, I think that's where the multiples begin to come back."

Allied Gold (TSX:AAUC) has both producing and development stage properties in Africa, including countries such as Mali, Côte d’Ivoire and Ethiopia. The company is targeting about 800,000 gold production by 2029.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Investors will return to mining as commodity prices climb, said Sean Roosen, chairman and CEO of Osisko Development.

In early June Roosen spoke to Kitco Mining at THE Mining Investment Event of the North.

Osisko Development (TSX-V:ODV) is advancing the Cariboo project, an advanced-stage feasibility gold project located in central British Columbia in the historic Wells-Barkerville mining camp. The feasibility study from last year showed an underground operation expected to produce approximately 1.87 million ounces of gold over a 12-year mine life, with an after-tax NPV5% of C$502 million and 20.7% IRR at a US$1,700/oz gold price.

An environmental assessment certificate for Cariboo was received in the fall of 2023. The company said it expects to receive its permits this year.

When Cariboo is built, Roosen said the mine will utilize a lot of high tech.

"We expect this mine to operate at about 80% on green power," said Roosen. "We're currently underground mining [at Cariboo] with a road header, which is a fully electric machine. It's a relatively new technology in the gold-mining sector for Canada."

Roosen noted that investors are still not actively invested in the resource sector, despite a yawning gap between where governments want to get for critical minerals and what's needed.

"The pendulum needs to swing back, and I think it is," said Roosen. "It will be led by higher commodity prices.

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

The Madsen project is unusual since a lot of work can be done in parallel, speeding up time to production, said Gwen Preston, vice president of investor relations at West Red Lake Gold Mines.

Preston spoke to Kitco Mining in early June at THE Mining Investment Event of the North in Quebec City.

West Red Lake Gold Mines (TSXV: WRLG) is advancing its Madsen gold mine in the Red Lake gold district of Ontario. The mine was previously owned by defunct PureGold, and Madsen has had over $350 million in investment. Infrastructure includes a brand-new mill that can 800 tonnes per day with a tailings facility that has capacity. There are two ramp portals and a 1,275m shaft. The mill was constructed and commissioned in 2020.

Madsen is located in a storied mining district. The Red Lake gold district of Northwest Ontario has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

Preston said the company has attracted a lot of mine builders, such as Anthony Makuch and Duncan Middlemiss​. The company’s CEO is Shane Williams.

"Our goal is to have this mine turned on in the second half of next year," said Preston. "To get there, there's the usual path to turning a mine on, which is resource studies, permitting, feasibility study, engineering, financing, start construction, and then turn it on.”

“We're doing things all in parallel, and that's because a huge amount of this mine is already built."

Coverage of THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.

Optionality is a key upside to the royalty and streaming business, said David Cole, president and CEO at EMX Royalty.

On Thursday Cole spoke to Kitco Mining at THE Mining Investment Event of the North in Quebec City.

EMX Royalty (TSX-V:EMX, NYSE AMERICAN:EMX) is a precious and base metals royalty company. The company's two flagship operations are Caserones in Chile operated by Lundin Mining, and Timok in Serbia operated by Zijin Mining. In 2024 the company expects to have 11,000 to 14,000 of gold equivalent ounces and between $22,000,000 to $27,500,000 in revenue.

"I've said for years that we're going to become a cash cow. We have actually done that, and it's great to see the assets populating and moving up towards the top of the pyramid and establishing that recurring cash flow," said Cole.

Cole said exposure to quality assets gives the company upside.

"Royalties are phenomenal financial instruments," said Cole. "It's because of their embedded optionality. We all want to be exposed to commodity price optionality.

Cole said the biggest driver of optionality upside is exploration and discovery.

"If you own a royalty on a deposit, and it's getting near the end of its life, and [the operator] find a whole other deposit of equal size or greater, you know you're in the money, and that happens repeatedly throughout the world."

Coverage of the THE Mining Investment Event of the North is sponsored by EMX Royalty.

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.