תעתיק 🔗
WEBVTT
00:00:00.080 --> 00:00:07.360
Kitco Mining on-site coverage of the Precious Metal Summit is presented by New Core Goal.
00:00:10.560 --> 00:00:11.839
Investing in juniors.
00:00:11.919 --> 00:00:18.399
Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Precious Metal Summit in Beaver Creek, Colorado.
00:00:18.559 --> 00:00:23.359
Joining me now is Willem Middlecoop, who is the founder and CEO of Commodity Discovery Fund.
00:00:23.519 --> 00:00:25.039
Willem, welcome back to Kitco.
00:00:25.440 --> 00:00:28.640
Great to be back, and it's always great to be back in Beaver Creek.
00:00:28.879 --> 00:00:30.480
Definitely, I echo that.
00:00:30.800 --> 00:00:31.760
We're in Beaver Creek.
00:00:31.839 --> 00:00:33.679
We're at the PMS, the Precious Metal Summit.
00:00:33.920 --> 00:00:35.759
What has been the sort of vibe for you this week?
00:00:36.159 --> 00:00:38.159
What are your general impressions of this year's event?
00:00:38.719 --> 00:00:39.759
Too many people.
00:00:40.240 --> 00:00:41.280
Too many meetings.
00:00:41.600 --> 00:00:43.520
We can see it's the start of a new bull market.
00:00:44.399 --> 00:00:46.719
We often get a question what have you found?
00:00:47.039 --> 00:00:47.840
Anything new?
00:00:48.159 --> 00:00:52.640
I always tell them if I need to find anything new at the conference, I haven't done my homework.
00:00:52.799 --> 00:00:55.600
But we're here just to meet up with management teams.
00:00:55.759 --> 00:01:01.600
And I just finished a very interesting uh meeting actually with a new CEO of Hercules Metals.
00:01:02.320 --> 00:01:03.920
You might be aware of that story.
00:01:04.000 --> 00:01:09.280
Uh George Ogilvy, he just sold Arizona Sonorum for two billion to Hud Bay earlier this year.
00:01:09.439 --> 00:01:10.879
We were investors in that one.
00:01:11.040 --> 00:01:13.599
We were large investors in Hercules Metals.
00:01:13.760 --> 00:01:19.359
And when I met George Ogilvy during a conference in Zurich in March this year, I asked him what are you going to do now?
00:01:19.439 --> 00:01:20.239
He said, I don't know.
00:01:20.480 --> 00:01:22.560
Take some holidays, take some time off.
00:01:22.719 --> 00:01:26.000
And I asked him, Have you ever looked at Hercules Metals?
00:01:26.079 --> 00:01:29.280
They have a very strong copper discovery in Idaho.
00:01:29.599 --> 00:01:30.480
He wasn't aware of it.
00:01:30.560 --> 00:01:31.760
I said, please look into it.
00:01:31.840 --> 00:01:33.120
And I sent him some stuff.
00:01:33.280 --> 00:01:37.920
And now he's the new CEO, so very happy with that management team change.
00:01:38.159 --> 00:01:48.079
And it's not just George, the CEO, a lot of the management team from Arizona, Sonora, and Copper have gone in, and I think collectors believe they've invested what almost five million Canadian into the company, too?
00:01:48.719 --> 00:01:58.079
A little scoop, I can tell you, the team of six wanted to invest more, but weren't allowed to invest more of their personal money in this story.
00:01:58.239 --> 00:02:05.040
So Copper now believes, just like us, that this is a new Copper district which is being found in Idaho.
00:02:05.200 --> 00:02:09.520
Was uh found, of course, by Chris Paul, a rather young geologist.
00:02:09.759 --> 00:02:12.080
And he was also the CEO of his medals.
00:02:12.159 --> 00:02:14.639
And we saw him struggling a bit over the last two years.
00:02:14.800 --> 00:02:16.479
He didn't have a very strong ward.
00:02:16.560 --> 00:02:21.599
So first we brought in a new chairman, Macho Bosse, the former right-hand man of Robert Friedland.
00:02:21.919 --> 00:02:29.759
And after a site visit, uh I really noticed that he didn't have the strong uh IR if I person, investor relations person.
00:02:30.080 --> 00:02:35.039
So uh very happy that uh George Ogilvree brings his whole team.
00:02:35.199 --> 00:02:50.080
And Chris Paul is actually very happy because he can he will stay with the company, he will be involved as a geologist, as uh let's say the VP exploration, and he's just happy that he has more support now on the management and the board level.
00:02:50.400 --> 00:02:54.639
Well, uh I want to unpick a couple of things there, if I may, William.
00:02:54.960 --> 00:02:57.039
What's your view on geos as CEOs?
00:02:57.120 --> 00:03:06.240
You you mentioned that they, you know, in this particular instance, they perhaps have limited capital markets experience, which is obviously a fundamental part, uh, you know, 50% of a CEO's job.
00:03:06.319 --> 00:03:08.719
So what's your you you look at a lot of companies, what's your view?
00:03:09.039 --> 00:03:16.000
There's some great examples of uh geologists who can be a good CEO as well, but most of the time Exceptions rather than the rule?
00:03:16.159 --> 00:03:18.560
Yeah, yeah, yeah, because it's it's another job.
00:03:18.800 --> 00:03:27.120
And ask the average geologist if he wants to have 40 meetings in three days with investors in hotel resort.
00:03:27.680 --> 00:03:29.599
He hates they hate it, you know.
00:03:29.759 --> 00:03:32.639
They want to kick rocks, they want to be outside.
00:03:32.719 --> 00:03:34.639
So it's a different character.
00:03:34.800 --> 00:03:36.560
So that's why you have professionals.
00:03:36.639 --> 00:03:45.120
And George Ogilvy is a mine engineer, but he's somebody who turned into a great CEO, but he understands the technical part of the business as well.
00:03:45.280 --> 00:03:55.919
He already has uh had uh three successful exits, uh sold to Arizona Sonorum for two billion to Hud Bay, and that's just a perfect character to be a CEO.
00:03:56.000 --> 00:04:01.680
You need to be a salesman as a CEO, but not like a second-heart, second-hand car salesman.
00:04:01.759 --> 00:04:09.599
You need to be um you must like it to tell the story to dozens of investors and keep doing that year after year.
00:04:09.759 --> 00:04:12.000
I'm a bit of a guy like that as well.
00:04:12.159 -->
Load full transcript
00:04:15.039
Uh I'm a fund manager, but I always like to sell.
00:04:15.120 --> 00:04:19.040
I always like to tell the story because I really like this industry.
00:04:19.199 --> 00:04:21.519
I really like the good stories out there.
00:04:21.759 --> 00:04:22.079
Okay.
00:04:22.399 --> 00:04:28.560
Um when I read the news that George and his team were going into Hercules, I was very impressed by that.
00:04:28.639 --> 00:04:30.000
I thought it was a really good move.
00:04:30.240 --> 00:04:39.439
Consequently, a couple of weeks later, a few weeks later, a few weeks ago, I was quite surprised to see that George is becoming the new chair of Barksdale Resources.
00:04:39.680 --> 00:04:40.079
I was surprised.
00:04:40.399 --> 00:04:47.360
Um so I want to ask your opinion or get your views on that because for me, you know, see your CEO job should be a full-time job.
00:04:47.439 --> 00:04:49.759
You've got a lot on your plate, you've got a lot to manage.
00:04:49.920 --> 00:04:53.439
Um, being a chair can be quite a full-time job as well.
00:04:54.079 --> 00:04:55.600
I I was I was surprised.
00:04:55.759 --> 00:04:58.800
Um I I'm not his spokes uh person.
00:04:59.279 --> 00:05:04.319
Uh we didn't we didn't really discuss it in our meeting uh just uh today.
00:05:04.560 --> 00:05:08.160
Um but I think you you can be a chair of another company.
00:05:08.319 --> 00:05:11.680
That's not a full-time he is not an executive chair.
00:05:11.920 --> 00:05:15.759
Um so I I personally don't have a problem with that.
00:05:16.079 --> 00:05:16.399
Okay.
00:05:16.639 --> 00:05:18.399
Uh is there a potential conflict there?
00:05:18.480 --> 00:05:21.519
They're both copper companies, they're both uh copper exploration companies.
00:05:21.680 --> 00:05:27.519
So, you know, if I ask George, I've got fifty thousand dollars to invest in a copper exploration company, which one should I invest in?
00:05:27.759 --> 00:05:31.600
I'll tell you Hercules because he put in a few million of his own money.
00:05:31.759 --> 00:05:33.759
He didn't do that with Barksdale.
00:05:33.839 --> 00:05:39.360
So I think that these are apples and and and oranges, uh, which can't be compared.
00:05:39.680 --> 00:05:43.040
And um uh so I I don't have any problem with that.
00:05:43.199 --> 00:05:47.120
This guy, he's 59, he has uh tons of energy.
00:05:47.360 --> 00:05:51.040
And uh when I compare to myself, I'm 64.
00:05:51.199 --> 00:05:54.560
I I do a lot of other stuff as well, besides being the fund manager.
00:05:54.720 --> 00:06:00.560
I scale it down, but I I know and understand that sometimes you like to do different things in life as well.
00:06:00.800 --> 00:06:02.399
Okay, that that's was a really good answer.
00:06:02.959 --> 00:06:06.959
And he's a real good, he's a real expert on copper in the US and it shows.
00:06:07.040 --> 00:06:18.800
So for me, it's even better that he's he's evolved with more and more copper projects in the US because he it will make him a better uh partner uh for all the majors looking for new copper projects in the US.
00:06:19.120 --> 00:06:19.439
Okay.
00:06:19.839 --> 00:06:27.600
One of the things I I've picked up on at this year's event, Willem, the the juniors in general seem much more confident.
00:06:27.759 --> 00:06:31.439
The financing window has been open quite wide over the past year or two.
00:06:31.600 --> 00:06:33.439
Companies have been able to raise a lot of money.
00:06:34.000 --> 00:06:35.120
That's the bright side of the story.
00:06:35.519 --> 00:06:37.439
Some serious work, some proper work.
00:06:37.600 --> 00:06:42.959
Um, they are executing, they've been able to put plans in place for you know two or even three years.
00:06:43.040 --> 00:06:45.759
Yeah, it seems to be you know a spring in their step again.
00:06:46.000 --> 00:06:47.839
Yeah, that's that's the bright side of the story.
00:06:48.000 --> 00:06:50.399
That's the bull marked which is starting.
00:06:50.560 --> 00:07:06.639
Uh, but on the other um side of the story, we're here as an investor, uh I'm uh the the founder of the commodity discovery funds to find new discoveries, which companies are making new discoveries, and they're very few actually.
00:07:06.720 --> 00:07:15.600
So, although more money is coming into the the space, which is good, more drills turning, so more different discoveries should be made.
00:07:15.759 --> 00:07:24.480
But I I'm I'm surprised by the lack of the quality of let's say the tier one, tier two discovery.
00:07:24.639 --> 00:07:27.759
So it's very hard for us to find new stories.
00:07:28.079 --> 00:07:28.319
Okay.
00:07:28.399 --> 00:07:34.480
Uh I want to this this may be an extension of your point there, and and referring back to your comment about second-hand car salesmen.
00:07:34.800 --> 00:07:42.639
Because the perhaps in a better point in time, a better moment in the market, there seems to be more second-hand car salesmen here chasing money.
00:07:42.720 --> 00:07:44.959
Yeah, companies that should not be financed.
00:07:45.199 --> 00:07:46.399
Everybody's out rattling the can.
00:07:47.360 --> 00:07:49.439
Okay, but there are a few exceptions.
00:07:49.600 --> 00:08:03.600
I'm just back from a site visit in Minnesota earlier this week where Talon Metals is uh doing a very remarkable world-class uh nickel copper discovery.
00:08:03.680 --> 00:08:14.879
Uh, they had one of these amazing holes over 45 meters of massive sulfides, which graded around 50% copper equivalent.
00:08:15.040 --> 00:08:20.240
And if you look at the size of this system and the London guys, uh the London family is all over now.
00:08:20.319 --> 00:08:26.000
Uh, this this story, uh, you can compare this in size and grade with Norylsk in in Russia.
00:08:26.079 --> 00:08:29.439
Well, you know, that's one of the big beasts out there.
00:08:29.680 --> 00:08:33.039
Yeah, Jack Londin's been putting quite a bit of his personal money in the world.
00:08:33.200 --> 00:08:35.600
Invest visitors and he
visited the site as well.
00:08:35.840 --> 00:08:36.799
Okay, excellent.
00:08:36.960 --> 00:08:42.000
Um, I've picked up the there's less of a buzz about MA this year as well.
00:08:42.240 --> 00:08:52.799
And um, I put that down to the fact that juniors have been able to raise money, so they perhaps no longer need a saviour to put them out of their misery, which they might have done sort of a couple of years ago.
00:08:52.879 --> 00:08:59.600
And they think that they can execute, they can do work, they can hold potential acquirers at bay for quite a while longer.
00:08:59.759 --> 00:09:02.799
And uh as an investor, what's your view there?
00:09:03.039 --> 00:09:12.480
Do you want your management teams or the management teams or the companies you've invested in, presumably you want them to do work, execute, add value before a takeover offer comes?
00:09:12.879 --> 00:09:14.320
Yeah, for sure.
00:09:14.559 --> 00:09:32.159
But what I think is interesting to mention that the major companies out there, the major producers out there who have to buy these new projects, they have the same opinion, I think, like we do, that not that many great discoveries out there.
00:09:32.320 --> 00:09:34.720
Most of the best projects have been sold already.
00:09:34.879 --> 00:09:39.360
Rupert has been sold, Reunion has been sold, G2 Goldfees has been sold.
00:09:39.840 --> 00:09:48.399
So um, I was on the UCO mining tour uh in June this year, and it was um great to see that three majors were on that tour as well.
00:09:48.559 --> 00:09:53.360
Normally, you just see fund managers and maybe high net worth investors on that tour.
00:09:53.600 --> 00:09:58.080
But three major companies sent their teams just to look for new projects.
00:09:58.240 --> 00:10:00.480
And I think the majors are struggling.
00:10:00.559 --> 00:10:15.279
Uh, majors are entering um a state like uh Idaho nowadays because they understand that Arizona and Nevada, uh you know, you won't find any new large discoveries probably there in those states.
00:10:15.360 --> 00:10:19.679
But Idaho is a new state and is so is getting opened up to mining.
00:10:19.919 --> 00:10:22.480
So majors are struggling uh as well.
00:10:24.960 --> 00:10:36.879
Again, continuing on from that, uh Willem, some of the majors, it does seem there's an increasing trend for the majors to be making strategic investments in the juniors or the ones they think do have that potential.
00:10:37.039 --> 00:10:41.840
Uh, recently, just this week, Adniko Eagle Mind is going big with scout discoveries.
00:10:42.159 --> 00:11:01.039
Um, that includes a 14.8 million dollar Canadian investment to take a 14.9% stake and the right to earn up to 70% interest in Scouts Elk City and Moldoon projects by funding up to 60 million and 30 million dollars over eight years in exploration in each in those projects.
00:11:01.360 --> 00:11:02.080
Great example.
00:11:02.159 --> 00:11:10.639
Uh, and it shows AcNICO has made several of these uh smaller investments for them small, uh big for the for the juniors involved.
00:11:10.720 --> 00:11:13.679
So AcNICO is clearly building a portfolio.
00:11:13.759 --> 00:11:16.000
Uh Santa Gold has been doing that.
00:11:16.080 --> 00:11:31.039
So I think the majors understand that they need to take positions in juniors to have a foot between the door, uh to understand the project a bit better, to have an advantage uh on their peers when it comes to MA.
00:11:31.200 --> 00:11:38.159
Uh but I don't see a lot of MA coming from the majors.
00:11:38.559 --> 00:11:45.600
So it is it is it it is a healthy sign for our industry, but will it lead to more MA?
00:11:45.759 --> 00:11:46.720
I'm I'm doubtful.
00:11:47.039 --> 00:11:47.360
Okay.
00:11:47.679 --> 00:11:52.799
I want to ask you about a subject that's sort of dear to my heart, and that's the sort of communications aspects.
00:11:52.879 --> 00:11:57.679
Um, I imagine you sit in a lot of presentations here, you sit in a lot of presentations in general.
00:11:57.840 --> 00:12:00.000
You're not a technical person, neither am I.
00:12:00.240 --> 00:12:10.320
So when you're in a presentation, all the companies want to talk to you or show you the drill results, a long section, a cross section, and you know, by and large, that information just goes right over my head.
00:12:10.399 --> 00:12:11.440
I don't understand it.
00:12:11.919 --> 00:12:12.879
I agree totally.
00:12:13.039 --> 00:12:18.720
I would love to have a side business and be a consultant and to teach them how to present.
00:12:18.960 --> 00:12:20.320
Let's do this together.
00:12:20.559 --> 00:12:24.000
And leave and tell them what slides they need to leave out.
00:12:24.159 --> 00:12:28.639
And you might remember we have organized a discovery day in Amsterdam a few years.
00:12:28.720 --> 00:12:31.279
We stopped doing that because it's not our core business.
00:12:31.440 --> 00:12:45.200
But we always coach the presenters, leave out all the technical stuff you tell during the uh investor conferences in North America because our audience in Europe is not interested in this, they won't understand it.
00:12:45.360 --> 00:12:50.240
So just focus on the supply and demand of the metals, tell them some great stories.
00:12:50.480 --> 00:12:53.120
So uh we could start a business there.
00:12:53.360 --> 00:13:02.080
Okay, uh, I I interviewed uh John Hatworth brought asset management, and he basically said the same thing the companies do a terrible job of presenting themselves.
00:13:02.240 --> 00:13:05.440
Okay, um, as we sort of move towards the end of our conversation, Willem.
00:13:05.759 --> 00:13:08.000
Aside from you, you're always smiling.
00:13:08.159 --> 00:13:10.720
Investors uh the investors are never happy.
00:13:10.799 --> 00:13:13.679
Yeah, they always want more, they always want a different strategy.
00:13:13.840 --> 00:13:18.879
Um, what do you want from companies that you're investing in today or potentially investing in today?
00:13:19.120 --> 00:13:24.320
Well, I I want to hear the honest story, and I I stopped taking a many meetings actually.
00:13:24.399 --> 00:13:26.399
You said that I I'm in many meetings.
00:13:26.480 --> 00:13:35.840
I only do five, six meetings a day because I stopped listening to all these dozens of stories, all these companies predicting uh they will do a discovery.
00:13:35.919 --> 00:13:45.919
We we wait uh and we'll speak to them after the discovery, and then we go in big time and we spend a lot of uh time to to do due diligence.
00:13:46.320 --> 00:14:07.120
Um and I find it harder and harder to come up with real great stories, real new investments we want to do, so we become more and more selective, and also to the brokers who are reaching out to us to plug their private placements.
00:14:07.279 --> 00:14:15.919
We we say um we say uh we have to say no uh many times a day, actually.
00:14:16.000 --> 00:14:26.639
And and fortunately we can hide now by telling them we just do the tier one and tier two projects only, and most of it what you see as tier three, tier four, or even tier five.
00:14:26.960 --> 00:14:28.399
So they get offended by that.
00:14:28.480 --> 00:14:30.879
They they think they're advancing you a tier one or tier two opportunity.
00:14:31.120 --> 00:14:32.799
But actually, we think this is tier three or four.
00:14:33.039 --> 00:14:38.320
And they always ask me what's tier one, and I always say, What at least ten million uh ounces of gold.
00:14:38.559 --> 00:14:41.360
Well, then you end up with the snow lines, they're very few.
00:14:41.440 --> 00:14:42.399
And then what's tier two?
00:14:42.559 --> 00:14:44.480
I'd say at least five million ounce.
00:14:44.720 --> 00:14:48.480
And then, you know, 95, 98 out of 100.
00:14:50.080 --> 00:15:02.480
Okay, now you've you've obviously got the commodity discovery fund, but if you were to construct a precious metals portfolio today, how would you allocate amongst physical royalty companies, producers, developers, explorers, and so on?
00:15:02.799 --> 00:15:10.639
I I can tell you the changes we have made within our uh funds, and that has been a steep learning curve over the last 18 years.
00:15:10.960 --> 00:15:15.840
Um we started at the Golden Discovery Fund, we were very oriented on precious metals.
00:15:16.000 --> 00:15:19.440
Um now we're more critical metals fund.
00:15:19.759 --> 00:15:27.120
And uh you know, um there's always a new name where the battery metals, now it's all critical metals.
00:15:27.200 --> 00:15:31.440
But if you look at the critical metals, what's real critical and what what has size?
00:15:31.600 --> 00:15:32.559
We need to have size.
00:15:32.720 --> 00:15:38.639
Our fund has grown to over 400 million Canadian now, so we need sizable projects.
00:15:38.879 --> 00:15:42.080
And uh you find size in gold, in copper.
00:15:42.240 --> 00:15:47.039
Uh, lithium is getting quite a sizable industry now as well.
00:15:47.279 --> 00:15:56.240
Um, uranium is
still a bit small, but if you have the big investments like or the big discoveries, the big stores like chemical and exe and energy, we like them.
00:15:56.639 --> 00:16:02.080
In nickel, there are very few stories which are which have size, talometals is one.
00:16:02.240 --> 00:16:08.799
Um and we stopped doing the rare earth elements and all these specialty metals because it's just a too small market.
00:16:09.120 --> 00:16:10.879
Who will be the buyer of all those projects?
00:16:11.039 --> 00:16:16.720
There are only one or two producers uh in the market who can produce these uh rare earth elements.
00:16:16.879 --> 00:16:29.200
And if we look at uh what part uh you send to the real junior miners and what part you send to the producers, we learned uh that you shouldn't uh invest all your money in junior mining because it's just too volatile.
00:16:29.360 --> 00:16:48.799
So we put like let's say 50-6% in the real juniors, the the largest discoveries out there, the top 40 worldwide, and then the rest of the portfolio uh are uh producers, and we make them market neutral to have some hedging option strategies around them, so we have less volatility in our funds.
00:16:48.879 --> 00:16:59.200
So that's a strategy, and we keep quite a bit of cash because you always have these nasty drawdowns and corrections or even crashes, and then you have the cash which you can uh well put at work.
00:16:59.519 --> 00:17:03.679
Okay, it's uh 2026 has been a very interesting year so far.
00:17:03.840 --> 00:17:07.039
Uh what what what's your outlook for the rest of the year, William?
00:17:07.920 --> 00:17:09.920
Well, of course, last year was wonderful.
00:17:10.000 --> 00:17:12.000
Uh we had 71% return.
00:17:12.240 --> 00:17:18.400
Um this year's this year started uh quite nice in January, but then we get uh got this nasty correction.
00:17:18.640 --> 00:17:21.119
Uh gold equities down 40%.
00:17:22.000 --> 00:17:24.880
Uh we were down 20% during that correction.
00:17:25.039 --> 00:17:28.720
Um we are up this year like 15% year to date.
00:17:28.799 --> 00:17:39.279
I think the correction is almost finished, and I I expect a very strong recovery in the last, let's say, two, three months this year.
00:17:39.599 --> 00:18:00.079
I think this year will end quite strong, but as one caution, uh we see the interest rates going up worldwide, and I'm quite nervous that it could cause some volatility and even a larger correction somewhere next year, or even the start of a new financial crisis.
00:18:00.240 --> 00:18:06.960
So you should be a bit deep should be a bit defensive as well, and that's what we try to do within our front.
00:18:07.279 --> 00:18:07.599
Okay.
00:18:07.680 --> 00:18:16.160
Uh within the last week we've seen uh some of the mid-tier producers and silver companies hitting 52 week highs for some of those all-time highs.
00:18:16.559 --> 00:18:24.079
Um does that suggest to you that as you say, the this pullback, this uh consolidation is is coming to an end and the next leg up is is beginning.
00:18:24.319 --> 00:18:27.519
And that's why we focus a bit more on the producers as well.
00:18:28.079 --> 00:18:33.359
Because the producers now, especially in precious metals, but also in the copper space, they have a license to print money.
00:18:33.519 --> 00:18:35.759
Look at the uh at the prices out there.
00:18:36.000 --> 00:18:41.680
Um gold has gone back to towards$5,000 uh rather soon.
00:18:41.759 --> 00:18:50.960
I expect silver to go back to at least$100 silver uh$100 per ounce uh also later this year or early next year.
00:18:51.119 --> 00:19:00.400
And I think the copper market will be very, very strong because of the fundamental strong demand out there because of the AI in the data centers.
00:19:00.720 --> 00:19:01.119
Excellent.
00:19:01.279 --> 00:19:03.200
Well, Willem, it's been a pleasure speaking with you.
00:19:03.279 --> 00:19:05.920
Thank you for sharing me with me your your insights and your thoughts.
00:19:06.079 --> 00:19:07.920
Willem Middle Coop, thank you for joining me today.
00:19:08.079 --> 00:19:08.640
Thank you.
00:19:08.880 --> 00:19:14.000
And we have a lot more to come from the 2026 Precious Metal Summit here in Beaver Creek in Colorado.
00:19:14.079 --> 00:19:16.559
So stay tuned and hit that subscribe button.
00:19:16.720 --> 00:19:19.279
I'm Paul Harris, and this is Kitco Mining.
00:19:19.519 --> 00:19:26.799
Kitco Mining on site coverage of the Precious Metal Summit is presented by Newcore Gold.