G Mining Ventures (TSX: GMIN; OTCQX: GMINF) President and CEO Louis-Pierre Gignac says the company is proving its growth model after a 160% share price increase and a market capitalization of more than C$5 billion. Speaking with Kitco Mining at Mining Forum Americas 2025, he noted, “We’ve been seeing continued improved performance quarter over quarter, and obviously generating great cash flow at these prices.”

At the Tocantinzinho mine in Brazil, production of up to 200,000 ounces per year has generated C$96 million of free cash flow in the first half of 2025, even as the company invested heavily into Oko West in Guyana. Gignac said, “We’re showing this model of where we can start self-funding our growth. So it’s a nice place to be in at the moment.” Oko West is a planned 350,000-ounce-per-year mine with an initial CapEx of US$972 million, 25% of which is already de-risked. First gold is targeted for late 2027, with commercial production scheduled for 2028.

Exploration is also advancing at the recently acquired Gurupi project in Brazil. G Mining lifted an injunction that had stalled the project for nearly a decade and controls 80 kilometers of greenstone belt with 55 kilometers of soil anomalies. A first rig is being mobilized to begin drilling in the coming weeks.

Catalysts ahead include a final investment decision and financing package for Oko West, further drilling results, and ongoing cash generation from Tocantinzinho.

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Midas Touch Consulting Managing Director Florian Grummes says gold’s bull market is being driven by physical demand, led by China, central banks, and even Tether. Speaking with Kitco Mining at Mining Forum Americas 2025, he said, “The price is not really being made at the COMEX anymore and at the LBMA in England, but it is in Dubai, in Shanghai, and in Mumbai.” He added that five and a half decades of paper-based price discovery are now unwinding after years, during which up to 200 paper ounces traded against one physical ounce.

Grummes pointed to money printing and a global bear market in bonds as major drivers pushing institutions into gold, arguing the market, not the Fed, tells policymakers what to do. He said, “We are in a nicely established new uptrend in gold since the third week of August.” Near-term targets are US$3,750, US$4,000, and US$4,300–4,400, with potential toward US$5,000 and even five-digit gold in the long run if money creation accelerates.

Silver has broken above US$40, moving toward US$42–43 per ounce in recent weeks. Grummes called it undervalued, supported by Asian demand, the solar industry, and central bank buying, noting the gold-silver ratio remains far above historic bull market levels. Mining stocks have surged, with majors up over 100% and developers 200–400%, but ETF outflows continue despite higher prices. He expects pullbacks into Q4, with Golden Week in China and seasonal weakness creating buying opportunities before the bull market accelerates again in 2026.

Grummes wraps but with his advice, to hold physical gold and silver, trim positions into strength, and “buy the dips” in what he sees as a secular bull market.

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Pan American Silver (TSX: PAAS; NYSE: PAAS) President and CEO Michael Steinmann believes silver is catching up to gold as investment demand returns on top of strong industrial use. Speaking with Kitco Mining at Mining Forum Americas 2025, he said, “I think we’re going to see all-time highs on the silver side.” Silver recently broke above US$42 per ounce, with about 60% of demand tied to electronics and solar, and roughly 150 million ounces available for investment.

Steinmann pointed to the gold-silver ratio near 86 to 1 versus a historical average of 60 to 1. He said, “The lowest actually I’ve seen was about 30, 35 to one… the worst I’ve seen is probably at the beginning of COVID when we had like 120 to one.” He forecasts silver to close the gap by rising rather than gold falling.

For Pan American, Q2 production was 5.1 million ounces of silver and 179,000 ounces of gold. Shares are up 80% year over year, market value is around US$15.5 billion, cash topped US$1 billion, and free cash flow reached US$233 million. The company raised its dividend by 20% under a net-cash-linked policy that has returned over US$1.1 billion since 2010, including US$103 million in the first half of this year.

Growth is anchored by the Juanicipio mine in Mexico, which will lift silver production by 34% and lower costs, alongside the La Colorada Skarn discovery, where new veins were recently reported, and Jacobina in Brazil, with a mine plan to 2049. Key catalysts include further results at La Colorada, progress at Jacobina, and integration of Juanicipio, with longer-term potential at Escobal in Guatemala and Navidad in Argentina.

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