Video News/Digging Deep

Nicole Adshead-Bell, director of Cupel Advisory, says mining companies are entering a new phase of the cycle defined by record margins and a capital allocation challenge few producers have faced before. Speaking with Kitco Mining’s Digging Deep at the Vancouver Resource Investment Conference 2026, Adshead-Bell said, “we are generating so much cash, what do we do with that cash?” She pointed to strong metal prices, limited cost inflation, and widening margins as producers prepare to report full-year results. Adshead-Bell argued that valuation frameworks and reference prices are lagging market reality, distorting strategic decisions across the sector. She said reserve pricing and consensus assumptions remain far below spot levels, while merger and acquisition activity is only beginning to reflect the new environment. Despite the sharp move in metals, Adshead-Bell said broader participation remains limited, noting that “the generalists are not yet in the sector,” a dynamic she views as consistent with an early-stage bull market rather than a late-cycle peak.