Why High Prices Are Creating New Problems for Mining Companies
Nicole Adshead-Bell, director of Cupel Advisory, says the precious metals bull market is still in its early stages, with generalist investors largely absent despite sharply higher prices. Speaking with Kitco Mining’s Digging Deep at the VRIC 2026, Adshead-Bell said, “we are generating so much cash, what do we do with that cash?” as gold producers prepare to report sharply stronger margins and free cash flow.
Adshead-Bell said valuation frameworks across the sector remain structurally broken, with consensus pricing and reserve assumptions lagging well behind spot and forward markets. She…
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