Video News/Digging Deep

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, says recent US policy initiatives aimed at securing critical minerals highlight the challenges governments face in accelerating new mine supply. Speaking with Kitco Mining’s Digging Deep, Adshead discussed the Trump administration’s $12 billion Project Vault initiative and proposals for enforceable price floors, noting that while such measures may help stabilize markets, they do not resolve deeper constraints around financing, permitting, processing, and long development timelines. He emphasized that supply responses in mining remain slow, particularly for niche and strategic commodities prone to extreme price volatility. Adshead also examined how higher gold prices are influencing producer behavior, prompting companies to reassess mine plans, expansion opportunities, and reserve assumptions. He questioned whether conservative reserve pricing contributes to persistent valuation discounts across the sector, even as margins improve. The conversation also covered recent company developments, including permitting progress in Canada, expansion studies at producing mines, increased copper exposure among gold producers, the growing role of AI in exploration, and Barrick Mining’s full-year results and plans to list its North American assets.