Equinox-Orla Deal Signals Gold M&A Push | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week dominated by gold M&A, copper supply stress, and rising investor interest in large-scale mining stories.

Recorded on May 13, 2026, the discussion covers Equinox Gold’s planned all-stock acquisition of Orla Mining, a transaction announced the same day to create a roughly 1.1-million-ounce-per-year North American gold producer. Adshead says the deal reflects the push for scale among mid-tier producers, with larger companies better positioned to attract bigger investors and stronger index demand.

The conversation turns to copper, where Freeport-McMoRan’s revised Grasberg timeline adds pressure to an already tight market. “It is difficult out there for these major miners to keep up,” Adshead said, citing aging mines, falling grades, and recurring production slippage. He also discusses First Quantum’s La Granja project in Peru, Hudbay’s Arizona copper strategy, Lumina Metals’ copper-silver IPO, Barrick Mining’s Reko Diq delay, Nevada Gold Mines speculation, and San Lorenzo Gold’s Chile discovery.

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00:20 - Equinox Gold to Buy Orla Mining
03:01 - Copper Price Surges Toward $6.25/lb
05:53 - First Quantum Updates La Granja Resource
08:15 - La Granja Project Design and Slurry Pipeline
09:32 - Arsenic Penalties in Copper Concentrates
11:03 - Arizona Copper Deals and Hudbay’s Strategy
13:33 - Lumina Metals IPO and Copper-Silver Demand
15:51 - Ross Beaty’s Big Week in Mining
18:32 - Nevada Gold Mines JV Shakeup Talk
25:53 - San Lorenzo Gold’s Chile Drill Discovery
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Transcript

SPEAKER_00 0:00

Kitco Mining Digging Deep with Paul Harris.

SPEAKER_02 0:04

Hello and welcome back to Kitco Mining's Digging Deep with me, Paul Harris, in which we take a closer look at some of the most interesting news items in the mining space. Today is Wednesday, the 13th of May, and joining me is Neil Adshead, consultant analyst at the Commodity Discovery Fund. Neil, welcome back to Kitco.

SPEAKER_01 0:22

Thanks, Paul. Great to be here again.

SPEAKER_02 0:24

Great to see you, Neil. We have a copper-rich show today, but before we get to that, big MA news in the gold space announced this morning. So we'll touch that first. Equinox Gold is to acquire all the mining and an at-the-market all-stock transaction that will create a 1.1 million ounce per year gold producer focused on North America with a market capitalisation expected to be around 18 or 19 billion US dollars and with a development pipeline up to 1.9 million ounces a year. Neil, uh, what's your initial reaction to this deal when you saw it this morning?

SPEAKER_01 0:59

Um it kind of makes sense just to make a you know two modest-sized mid-tier gold producers um slightly bigger. Um I think making the companies, you know, making two companies into a bigger company, it's more likely to attract uh bigger investors. So you're more likely to sort of get a bigger weighting in indices. Uh it will just attract some buying. Now there's not a huge amount of synergy. You know, that there'll be some sort of head office synergy. It's kind of like two Canadians merging to create a bigger Canadian. Um, but overall, yeah, I'd say slightly positive. You know, it's not it's not adding any extra gold to the to the world, so to speak. Um, it's but it's just more um, I think they're going to attract uh bigger investors onto the register, which should result in the um in the market valuation uh increasing.

SPEAKER_02 1:46

Okay, the the zeitgeist seems to be right for this kind of deal, given that we are in an environment in which Barrack mining is looking to IPO its North American asset. So there's clearly demand for a large uh large North American-focused gold companies. Um it does seem that uh Equinox has read the tea leaves well with this transaction, Neil.

SPEAKER_01 2:09

Yeah, I'd say so. Yeah, you know, the the the Barrack move uh to separate like that, they probably will, you know, they weren't they are looking to attract uh investors that maybe don't understand the geopolitical concerns in certain parts of the world. Obviously, there's lots of news of wars in you know in Ukraine and the Middle East at the moment. Uh it's probably scaring a few investors, and I think there's a lot of the investors out there probably prefer the the sort of the pure North American exposure, let's call it. And uh that's really what Equinox is is providing. So they're probably gonna attract um some of those investors who maybe don't want to go to Africa or or Latin America or parts of Asia.

SPEAKER_02 2:48

Yeah, and I think uh it's a continuation of a trend because we've seen other large gold miners increasingly focusing on North America, Angler Gold Ashanti with silicon or Arthur as it's called now in in Nevada, and of course goldfields with uh windfall in uh in Canada. Um, let's move on to copper. We've got a lot to talk about about copper. The copper price has risen to $6.25 US dollars per pound, that's approaching $14,000 a ton. In part, that's uh this last move has been driven by Freeport Matmaran announcing that it's going to delay the full restart at its massive Grasburg mine in Indonesia to early 2028. Neil, to what extent was this delay a surprise? Do you think Freeport was perhaps overly optimistic about restarting operations following the deadly madslide last year?

SPEAKER_01 3:40

I mean, I I suspect Freeport, like any company, would provide an estimate as soon as they could after after they had the incident. Um, you know, that they their shareholders would like them to provide some kind of guidance. So they would have, let's say, somewhat rushed to get an estimate out. And then once they really got into the weeds and sharpened their pencils and worked out uh what really needed to be done and how long it would take, and you know, how they can access all the labour and equipment they need, then you know, reality set in a little bit and the time schedules slip somewhat. And so I'm not really surprised. You know, often we're seeing now with major CapEx projects, whether they be uh new mine builds or expansions, we do see the the original timeline slip somewhat.

SPEAKER_02 4:28

Now I mentioned how the the price has ticked up after this news. Um, what other implications do you think there may be on what is already a tight copper market?

SPEAKER_01 4:39

Oh, I mean, we're seeing, I think we've just seen all the quarterlies reported by by the by the big boys, uh, all the big copper producers. And uh I saw a study there that suggested that to actually for all the collectively for them to meet their guidance for this year, you know, they all needed to step up to some degree, let's say, by about five percent over what they produced. This is collectively, over Q1. So, you know, we're already seeing a little bit of slippage here already from from other other major copper producers. So it is difficult out there for for these major miners to keep up these you know 100,000 plus all the way up to a million tons a year of copper output from these slowly aging mines. It's very, very difficult to maintain, even just maintain the production level, never mind, never mind increase it. So I actually think it's just natural that it's difficult for these companies to maintain their production levels. Um, if everything goes swimmingly and they attain it, great. But yeah, I'm not surprised we see these five to ten percent drops every year, every year in output from some of the big older mines. Some of these mines are now you know decades old and the grades are dropping.

SPEAKER_02 5:48

I think a lot of the copper analysts factor in sort of five percent outages or or or disruption to their annual copper production predictions, anyway. Um, a lot of talk is obviously about where new copper supply is coming from, and First Quantum Minerals um put its ore into the the pond this week as it released an updated resource for its La Granja copper project in Cajamarca in Peru, which contains an MI resource of 4.83 billion tonnes, grading 0.48% copper containing 23 million tonnes of copper. The company is looking at developing a 500,000 tonne per year mine there. And importantly, it said it has improved its geological understanding of the distribution of arsenic, which it said is uh is structurally controlled. Um, several things to talk about here, I think, Neil. Um Neil, first off, Le Granga was marginal grade, but now that 0.48% is bang on production grade in Latin America. Um, it does seem there's a factor here of all good things coming to those that wait.

SPEAKER_01 6:50

Yeah, sure. If the mine was operating today, uh uh, you know, 4 to 0.5% copper, it'd be making quite a nice margin. I think the challenge with a big mine like this is that there probably isn't, as far as I'm aware, there isn't like a super sweet starter pit on it. So they're gonna have to mine for for many years, you know, that the CapEx bill will be several billion dollars, and they're gonna have to mine for many years before they can attain uh payback. So you you do see lots of these projects with current, you know, the 0.4, 0.5% copper, uh, you know, multi, very, very large uh contained copper. But a big concern for the companies is the actual time it takes to get their capital out of the mine. And unless they've kind of got a sweetener, say 0.7, 0.8 super gene open pit at the start, it's a much harder decision to decide to build the mine and invest the you know five to ten billion dollars of capital, which something like uh La Granja would require. Um, yeah, so they would be making money today. I just think as an economic proposition, even at six dollar copper, it's actually going to be a difficult one for the boards of the companies to actually commit the huge amount of capital required.

SPEAKER_02 8:00

Now, um, a partner there is Rio Ginto, they're the minority partner. I think they've got a 45% stake. The project has a 2024 preliminary economic assessment, which estimated a capital cost of I think $2.6 billion. Be interesting to see what that capital increases to when the pre-feasibility study comes out. Interestingly, the company's development concept is to mill the ore near the pit and then push it through a pipeline to the coast uh of Peru at much lower elevation for the flotations, tailing storage, etc., and having a concentrate um shipment uh wharf there. Uh, Neil, this seems to be a good move to minimize potential community impacts close to the mine.

SPEAKER_01 8:44

Yeah, no, you uh the engineers would have looked at multiple sites, you know, from a permitting point of view, from a community relations point of view, uh just from a pure topographic point of view and an economic point of view, you know, where where is the best place for that processing plant? Um, and we've seen lots of slurry pipelines used around the world in in big mines. It's you know it's a great way to move material as long as sort of topography and um you know access to water, etc., is in your favour. So yeah, it makes a lot of sense. And I would trust their engineers have done months and months of study on this, and it's probably the the uh the best solution on given all the different factors they have to consider.

SPEAKER_02 9:24

And I think one important factor there, Neil, is the fact that it means there won't be lots and lots of trucks moving around all the time creating a lot of dust, which has been an issue at some of the other copper mines in Peru in the high Andes. Um, I mentioned the the company's got a handle on the distribution of the arsenic throughout the deposit. How important is that for its future development, Neil? And and why is arsenic, why has that been an issue there at La Granga?

SPEAKER_01 9:51

You know, that they will want to know where the arsenic is so that when they do grey control, maybe they'll find little pockets of arsenic-rich copper mineralization, which which, because the arsenic is so high, they may even decide that that mineralization is waste and it's better taking it to the waste dump than trying to uh process it. Because commonly, when you process arsenic bearing copper mineralization, you will concentrate the arsenic in the concentrate, in the concentration process, and then when you come to sell it, the arsenic, if it's above a certain concentration level in the in the concentrate, will actually be a penalty element. So ideally, you want to, you know, so if you if you know where the pockets of high-grade arsenic are in your mineralization, you may well not process that even though it's got copper in it, and you'll send it to the waste dump. And ultimately, it's all it's ultimately driven by the economic return and the margin that you get from selling as clean a concentrate as as what you want. You know, there are some very high arsenic copper ores in the world that that geologically the the deposit looks very good, but the arsenic can have such a high penalty that it greatly diminishes the the value of the of the uh of the copper payable in the concentrate.

SPEAKER_02 11:00

Now, First Quantum said that uh it does expect that its concentrate will attract penalties, but those would be manageable. Um, let's move on to Arizona, where Arizona Sonoran shareholders agreed to be acquired by Hudbeay Mining in a $1.5 billion US transaction at a 30% premium with the transaction to close later this quarter. Meanwhile, Arizona Sonoran's neighbour, Ivanhoe Electric, they've bought a tunnel boring machine to develop a decline into their Santa Cruz project on the other side of the West Maricopa Casa Grande Highway. Hudbe is looking at creating a district in Arizona pairing uh Arizona Sonoran's Cactus uh deposit and project with its Copper World Development Project. Ivanhoe Electric doesn't look interested in participating in something bigger there despite the proximity to cactus. Um, Neil, Arizona is becoming uh sort of deal central for copper in the US. How do you see future copper development in Arizona unfolding? Is more cooperation necessary or required?

SPEAKER_01 12:03

I think it would be beneficial. I mean, Arizona is clearly the the big the big copper producing state of the United States. It has been for has been for uh decades there. Now, a lot of the big deposits are gone, you know, that they've been mined out. There are still some big ones to go that are a bit more engineering challenges, such as you know, resolution, the the big deep one that Rio and BHP own. Um, but there are lots of let's call them tier two, tier three uh copper assets in Arizona, especially that southeast corner that have been known about for a long time. And you know, for years I I even remember when the copper price was 60 cents, you know, so to now see it at $6.60 a pound is um is pretty amazing. So all of a sudden, especially with the the push in the US to bring on homegrown production, especially copper, yeah, there's a lot of spotlight on on Arizona and there is a lot of potential in the in the state. But because a lot of these projects are say a little bit on the on the modest size, let's call them, compared to some of the Andean copper projects, we may see a bit more of a hub and spoke type um development scenario evolving over time. It'll be interesting to see how it plays out in Arizona, but there is a lot of potential, a lot of prospectivity in in that part of the world, and it's been known about for a long time. It's just almost been metal price dependent, and now we're sitting with this very high copper price or relatively high copper price. There's a lot of will to bring a lot of these projects on, so it's uh it's great for the state.

SPEAKER_02 13:33

Yes, it does seem that all systems are go uh for the developers there. Um, news, let's go back to some news from another major copper mining district. Um, we mentioned on Digging Deep a couple of weeks ago about Ross Beattie's IPO of luminar metals on the TSX with an initial market capitalization of more than $1.3 billion based around the Noir Sul Copper Silver project in the Cooper Schiefer belt there, which has the potential to produce 290,000 tons per year of copper and 28 million ounces a year of silver. Um, this was a very successful IPO, Neil. Um I understand it was about three times oversubscribed. Um, to what extent do you think that this appetite reflects more people's interest in investing in copper stories or people's interest investing in silver stories? Because at 28 million ounces a year, it will become one of the largest silver mines in the world.

SPEAKER_01 14:28

Yeah, I would say it's a touch of both. You know, it's as significant, would be a significant copper producer as KGHM is in in Poland already. So it's kind of a proven mineral field. Uh KGHM is one of the biggest uh silver producers in the world as well. Last time I looked, it was about 40 million ounces a year, so you know it's huge. Um, obviously, there's an element of uh Ross Beatty here and the sort of Lumina group behind this story. I believe Lumina Metals, if I'm not mistaken, has been around for 15 to 20 years as a private company working hard bringing this story forward. Uh reminds me a little bit of Robert Friedland with with Ivanplatz there back in the day, which was a private company for almost 20 years before it listed. But given the size of the project, uh the backing, the management, uh, you know, the potential output that the really nice silver copper mix, it's in the EU. You know, the EU is a bit under supply on its own uh its own materials, and that there's lots of EU directives that are really pushing to increase the output of various metals in the European Union. So, you know, the the stars have aligned here, and uh, credit to to Ross and his team. They raised, I think it was over 400 million Canadian. Um and that will last that will allow them to do a lot of drilling, a lot more drilling, a lot of economic studies. Yeah, it's just gonna be fascinating to see how this how this develops because it is a proven copper-silver district basically in the heart of Europe.

SPEAKER_02 15:55

Yes, I think uh Ross put this together in 2011 to underline your point there, Neil. Um it's been quite a week for Ross Beattie. Ross Beattie is chair of Equinox Gold. He'll be stepping down when that merger with Orla uh happens. So uh probably got the biggest smile in mining at the moment, I would have thought, Neil.

SPEAKER_01 16:13

Sure. Yeah, yeah, no, he deserves it. He's been uh you know decades of hard work, and sometimes um things all all arrive in the same week. Yeah, it's funny how it works.

SPEAKER_02 16:22

Yeah. Absolutely. Now, copper has made or is making some companies, but it could be destroying others, which brings us back to Barrack Mining, who beat analysts' expectations when they announced their first quarter results this week, and they announced a $3 billion share buyback, although production was down. Some interesting comments during the conference call from CEO Mark Hill, including contract issues at its record copper development project in Pakistan, being a key reason for the company to suspend work there for at least 12 months. Uh Neil, presumably foreign contractors, EPCM, uh the EPCM contractor there is fluor. Presumably, foreign contractors do not want to fly into Baluchistan, where the number of terrorist attacks has almost quadrupled since 2022.

SPEAKER_01 17:09

Yeah, sure. No, I mean I uh you've got to ask yourself, would you go? You know, I I personally even if I was offered a nice site visit in a helicopter, I'm I'm not sure I'd actually go to uh to recordick at the moment, given the security situation. But as well as foreign contractors, I suspect. And if you understand anything about the Baluchistan conflict, I think a lot of Pakistani contractors won't want to go either because a lot of the Baluchistan attacks have actually been against uh Pakistani nationals as well, because it's like a secessionist fight. So yeah, I think they'd be very, very challenging to get uh let's call them good quality contractors who have alternative um employment options to go to uh Repo Dick at the moment. So, you know, and if you're spending a lot of money and you actually want a good quality product and it's just not real really working for you because you can't get the contractors, the best thing to do would be to put it on hold and wait for the situation to quiet down.

SPEAKER_02 18:06

I think your point about the successionist movement in Balochistan uh and Pakistan is is a pertinent one, Neil, because uh a big infrastructure development project like that, for better or worse, will be seen by the by the rebels as a representation of the state of Pakistan and therefore perhaps a legitimate target.

SPEAKER_01 18:24

Definitely. Yeah, 100%. Yeah. I can understand why Barracks made the decision and made it.

SPEAKER_02 18:29

And Barrack also said it's spending about 20 million US dollars a month on care and maintenance there at Recodic. On the positive side of the ledger, excuse me, Hill said that the relationship with Newmont has changed, and presumably that means it is less antagonistic than what it was under Mark Bristow. With the company, with Barrack now sharing data and the financial model for its four-mile deposit, that will at some point be vended into the Nevada Gold Mines joint venture that it has with Newmont. Um, Neil, is this New sorry, is this Barrack being a good joint venture partner? Or is there an aspect to this of Barrack trying to get Newmont to drop its default process against it for what it says was has been mismanagement of the Nevada gold mines joint venture?

SPEAKER_01 19:15

Yeah, I mean obviously I'm I'm not sure exactly of what the detail what the detail is there. I mean, it makes a lot of sense for both parties to, if they've got any sort of conflict, obviously to somehow mediate that conflict away, to make that conflict go away. They've never had a bit of gold market right now. They're in a an amazing jurisdiction. I think if they I think somehow if this if this JV could be collapsed and you end up with this um either Newmont survives with the North American assets or it or the the the Nevada gold mine JV somehow gets collapsed and you end up with um you know the JV goes away and you just end up with one owner. I think if you talk to any mining company, they prefer not to be in any kind of JV. It does create or it can create uh various stresses between the two parties. Um but I think at some point maybe that's what we're ultimately going to see here. Again, I'm just guessing uh maybe ultimately this is leading up to this this JV ultimately being collapsed. And again, I I don't know what that would look like, who survives, uh, and what the what the survivor company looks like, but I think that ideally would be the would be the best outcome for both sets of shareholders.

SPEAKER_02 20:25

Now, my understanding is that as things stand, Barrack has a put option on four-mile into Nevada gold mines once it delivers a feasibility study, which I believe that's for 2029-2030. During the conference call, Mark Hill said that if there is an opportunity to put it in earlier, that Newmont agrees with, they would take that. Um that could well be when a pre-feasibility study is completed in 27-28. Um, Neil, um, following up on your point there and the potential consolidation of everything, with Barrack pushing ahead with its IPO plans for its North American operations. Uh, if if you were a betting man, would you see perhaps Newmont putting its interests, its joint venture interests into Nevada gold mines and and Pueblo Viejo into the IPO and IPOing them all as one single coherent package?

SPEAKER_01 21:19

Or alternatively, Newmont makes Barrack an offer and just buys the whole of what was going to be listed as North American North American Barrack. That would be a lot cleaner. Um, you know, a lot of these, as you know, we are seeing a lot of MA at the moment, but the MA's, I would argue a lot of the MA is quite almost a bit timid. You know, it's people buying that it's groups buying their neighbours, it's buying obvious uh bolton acquisitions. Um this obviously would be one of the most obvious bolt on acquisitions for for somebody like Newmont would be to just take the remainder uh sort of just to take control of the of the JV. Uh but then again, that's a big move for Barrick. You know, what is what about Barack? shareholders left with after that but I suppose it depends on always comes down the price um at some point I have to think this JV is going to get collapsed they tend not to JVs tend not to last for for decades um again I just today I I can't really predict which way it's going to go but I'd suspect I would I would think maybe Newmont as the bigger company uh might end up um being the being the champion here the the winner so to speak uh in terms of owning 100% of the of the Nevada complex going forward I mean that would really put the cat amongst the printings isn't it because the you know one of the purposes of the the barrack spin out is to separate you know good bunny bannock from bad bunny barrack and if Newmont buys it the barrack shareholders are left with you know pure political country risk yeah no 100% but maybe the best outcome and sometimes best outcome for a company with say 10 mines is for the for the companies to be broken up you know as in somebody might want to buy the assets in Congo and the assets in Papua New Guinea and and and elsewhere and in in Latin America and that might ultimately be the best outcome for Barrett Shell there's it's quite it's kind of impossible for me to say that. But in a rising market that a lot of the major mining companies and the Yazidians of the world and various other major mining companies are generating lots and lots of cash they're they're looking for growth in their backyard and maybe the best outcome is that Barrack does ultimately get broken up. Again I I I'm just speculating here 100% but it'd be interesting to see how it how it plays out whether whether North American Barrack listing separately actually stays as a listed company very long well it's definitely an interesting thing to to speculate on and there are many threads to this.

SPEAKER_02 23:43

Now in terms of um Barrack's competitive position Barrack reported record free cash flow but it's still lagging Newmont and Agniko Eagle Minds on many many metrics.

SPEAKER_01 23:54

Neil how do you see the competitive positions of what are the three leading North American gold companies how do you see them and how do you see them evolving um I mean AgNico obviously has done very well they've they've sort of focused themselves essentially in in Canada I mean they have assets in in Finland and and Mexico as well and you know but they've they've got these two big mines now that are doing very well I know their their corporate development team has been uh splashing a lot of money around the the sort of the smaller companies I believe they have at least 70 investments in various uh mining companies which is which is fascinating to see you know Newmont has done very well it's sold all the assets uh people sold a lot of the assets sorry uh that that were non-core after the Newcrest acquisition you can look at that now and wonder whether they sold them a bit too cheap uh because everyone who bought those assets has done generally very well out of them um but yeah Newmont seems to be in a great place I think we we have to see some of these these big boys I mean Agnico as well doing some big acquisitions going forward we did see Agniko uh basically do that three-way deal in um in Finland sort of consolidating an area there which is which is which made a lot of sense again kind of a bit bit of a timid move because they're already in northern finland you know nobody's sort of making a big splash in a in a remote jurisdiction maybe we're gonna see that it'd be interesting when that wave of MA MA happens uh as you said Barrack is kind of seems like it's more focused on fixing its own house before it's doing too much MA but maybe while it's doing that it could actually become a a victim by one or two of the of the big boys who maybe are looking to to to break it up we will see I have no inside information I'm just speculating here but it is going to be fascinating and most MA comes out of left field and I would never have predicted it was going to happen.

SPEAKER_02 25:50

Well I think that's worth repeating we are just speculating here we don't have any more knowledge or information than anybody else um neil let's end with some exploration success last week San Lorenzo gold stock their stock jumped 60% after it reported a drilling intercept of 102.3 meters grading 1.33 grams per tonne gold at the Arco de Oro target at its Salvador project in Chile um Neil what was so impressive about this intercept what's been interesting junior to to follow they've they've drilled some um really just IP targets they had on a on a gold property I think it's south of um I can't remember the name of the big mine there there's there's a big mine in Chile they're about 15 kilometers south of it uh near Kopiopo and they've had great success just drilling these chargeability highs and the reason this hole really caught the attention was I think I think the step out was about uh three three and a half kilometers to the northwest again drilling another one of these uh chargeability highs and yet again they they drilled a very interesting gold oxide interval not too far from the surface and I believe they've only drilled about 15 to 20 holes over you know over several years and now the stock's gone from I I looked at it a couple of years ago it's like five cents and it was like five dollars when I looked at it on Friday.

SPEAKER_01 27:14

So an amazing move and now's the perfect time you know I think they raised 20 million not too long ago maybe they should be raising 50 million right now and getting 10 rigs out there and you know drilling hard on the on the various prospects they've got because it looks like there's a huge amount of upside on that property.

SPEAKER_02 27:28

So it's going to be fascinating one to watch um one to watch in the in the coming months uh yeah but it just goes to show that uh some well placed drill holes some some good geology some good geophysics and they've made a brand new discovery and um you know created a huge amount of value excellent uh congratulations there to San Lorenzo Gold it's good to have an exploration drill hit to to discuss once again it's been a good few weeks if not months since we've done that um and that's it for this week Neil Ad said many thanks for joining me again today. Many thanks Paul always a pleasure bye bye and of course to our viewers if you like what you see don't forget to hit that subscribe button. I'm Paul Harris digging deep in Kitco Mining.

SPEAKER_00 28:11

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