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 argued that companies are often forced to make capital allocation and portfolio decisions using conservative reference prices that no longer reflect market realities, increasing the risk of poor asset sales and mispriced transactions.
She also said rising cash balances and changing management incentives are accelerating consolidation, as boards and executives become less entrenched and more willing to transact. Adshead-Bell pointed to growing all-cash deals, increased activity from royalty and streaming companies, and interest from non-Western buyers as signs that competitive tension is building, even as broader investor participation has yet to fully return.
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00:29 - Gold, Silver, and Copper Market Overview
01:30 - Conference Season, Cash Generation, and Investor Sentiment
02:21 - Capital Allocation Challenges in a Bull Market
03:05 - Why Consensus Pricing Is Breaking Down
04:32 - Mergers and Acquisitions Accelerate in Mining
07:55 - Major Mining Transactions and Deal Activity
14:41 - Role of Royalty and Streaming Companies in M&A
17:15 - Why Big Diversified Miners Are Consolidating
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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.
