{"podcast":{"title":"Mining Stock Education","slug":"mining-stock-education-1396689","podcast_index_feed_id":1396689,"rss_url":"https://www.spreaker.com/show/3015499/episodes/feed","website_url":"https://www.spreaker.com/podcast/mining-stock-education--3015499","image_url":"https://d3wo5wojvuv7l.cloudfront.net/t_rss_itunes_square_1400/images.spreaker.com/original/638cf2a289de27cda7931bad6feb8aff.jpg","author":"Bill Powers","episode_count":920,"summary":"Profit from resource and precious metals investing as you learn from the best in the industry and discover quality mining investment opportunities with the Mining Stock Education podcast.","last_synced_at":"2026-07-24T22:20:16.182919+00:00","page_url":"https://stenobird.com/podcast/mining-stock-education-1396689"},"episode":{"title":"Newmont’s Stellar Q1, Arizona Capex Blowouts & Trump’s Project Vault with Analyst Joe Mazumdar","slug":"newmont-s-stellar-q1-arizona-capex-blowouts-trump-s-project-vault-with-analyst-joe-mazumdar","published_at":"2026-05-05T09:54:21+00:00","page_url":"https://stenobird.com/podcast/mining-stock-education-1396689/newmont-s-stellar-q1-arizona-capex-blowouts-trump-s-project-vault-with-analyst-joe-mazumdar","show_page_url":"https://stenobird.com/podcast/mining-stock-education-1396689","url":"https://www.spreaker.com/episode/newmont-s-stellar-q1-arizona-capex-blowouts-trump-s-project-vault-with-analyst-joe-mazumdar--71873769","audio_url":"https://api.spreaker.com/download/episode/71873769/2314930361_miningstockeducation_newmonts_stellar_q1_arizona.mp3","summary":"Bill Powers interviews Joe Mazumdar of Exploration Insights about Q1 2026 results from major gold miners, focusing on Newmont’s 16% year-over-year production decline alongside a much higher realized gold price, modestly higher AISC, expanding EBITDA margins, and sharply higher free cash flow that is being directed to dividends and buybacks rather than major growth CapEx. Mazumdar argues reserve growth has relied on mega-mergers while organic reserve replacement and new-project spending remain limited, supporting higher commodity prices. The discussion then shifts to capital-cost blowouts at South32’s Hermosa/Taylor project and the negative-NPV PEA from Arizona Metals, emphasizing recurring risks in underground projects and how majors can absorb overruns unlike juniors. They cover Kodiak/Teck’s Arizona copper SpinCo concept, Trump’s proposed critical minerals “project vault” and price floors, and criminal fraud charges tied to altered assays at a junior, concluding with board oversight and compensation incentives. 00:00 Intro 00:16 Newmont Q1 Results Breakdown 01:16 Margins Surge on Gold Price 03:35 Cash Returns vs Reserve Growth 05:54 Do Majors Still Explore 08:48 Why Divest Small Mines 12:21 Incentives Drive Strategy 16:00 South32 Hermosa Capex Blowout 23:13 Arizona Metals PEA Shock 27:31 Underground Project Pitfalls 28:54 Supply Crunch and M&A 30:57 Arizona Copper Spinco 34:37 Founder Shares Concerns 36:32 Critical Metals Project Vault 41:14 Assay Fraud and Enforcement 45:00 Board Pay and Incentives 48:58 Newsletter and Site Visits Joe Mazumdar’s website: https://www.explorationinsights.com/ Follow Joe on Twitter: https://twitter.com/JoeMazumdar Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.c…","meta_description":"Bill Powers interviews Joe Mazumdar of Exploration Insights about Q1 2026 results from major gold miners, focusing on Newmont’s 16% year-over-year product…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3201,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/mining-stock-education-1396689/episodes/newmont-s-stellar-q1-arizona-capex-blowouts-trump-s-project-vault-with-analyst-joe-mazumdar/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/mining-stock-education-1396689/newmont-s-stellar-q1-arizona-capex-blowouts-trump-s-project-vault-with-analyst-joe-mazumdar.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}