Kitco MINING
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Kitco MINING
Gold’s Cash Pile Problem, Barrick’s Crossroads and a Cycle Warning | Nicole Adshead-Bell
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Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down what a packed conference floor may be signaling for the mining cycle, and why rising commodity prices can blur the line between skill and momentum.
Adshead-Bell argues that “we always mistake alpha for beta,” warning that a rising tape can hide weaker execution. She highlights a growing capital allocation debate among gold producers, noting that at least 10 companies now hold $1 billion or more in cash even after increasing shareholder returns. The key question, she says, is whether producers should hold gold instead of dollars, and whether buybacks reflect real conviction that stocks are undervalued based on credible gold price assumptions.
The discussion also addresses questions around Barrick’s strategy ahead of a potential North American IPO and tensions within Nevada Gold Mines, underscoring her view that “Market doesn't like uncertainty.” Adshead-Bell further examines evolving royalty and streaming structures, and how cost of capital advantages are reshaping mining finance.
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Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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00:19 - PDAC 2026 Cycle Signals and Market Sentiment
01:01 - Alpha vs Beta in Mining Markets
04:42 - Barrick Strategy, Leadership and IPO Questions
08:22 - Newmont Messaging and Nevada Gold Mines Uncertainty
12:26 - Lundin Gold $670M Silver Stream to Luna Royalties
16:31 - Highlander Silver Buys Bear Creek and Corani Asset
20:11 - Junior Mining Marketing Spend and Is the Market Toppy?
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.
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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.
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.