David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Digging Deep with Paul Harris at PDAC 2026 in Toronto to break down why gold miners can lag even when bullion is strong, and what this week’s deal flow says about risk appetite in the junior space. “These miners have had such incredible moves, and they’re extremely overbought,” Erfle says, while arguing there is still “a lot of money on the sidelines waiting to get in.”

The conversation digs into the biggest PDAC-week transactions, including Hudbay’s all-share deal for Arizona Sonoran announced March 2, 2026, and what it signals for U.S. copper cathode strategy. Erfle also discusses Discovery Silver’s agreement to acquire Glencore’s Kidd Operations in Timmins, and why processing and tailings capacity can be as valuable as ounces in the ground.

Other highlights include Franco-Nevada’s pending $52.2 million purchase of a pre-existing NSR royalty covering the core of Banyan Gold’s AurMac project, and what it implies for Yukon validation. The interview also touches on Highlander Silver’s Bear Creek transaction, which closed in late February, and how silver M&A is evolving as the cycle turns.

Don’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.

Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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00:18 - PDAC “Curse” as Miners Slide Despite Strong Metals
01:40 - Hudbay Acquires Arizona Sonoran in $1.5B Copper Deal
03:05 - Cactus-Copper World Synergies and Rival Bid Speculation
04:42 - Discovery Silver Buys Glencore’s Kidd Operations in Timmins
07:30 - Franco-Nevada Purchases $52.2M NSR on Banyan Gold
09:29 - Abra Silver Advances Under Argentina’s RIGI Regime
12:37 - Elemental Royalty Expands $150M Credit Facility
13:06 - PDAC 2026 Floor Sentiment Signals Bull Market

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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.

Copper Consolidation and a Junior Bull Market Signal | David Erfle

Kitco MINING

Copper Consolidation and a Junior Bull Market Signal | David Erfle