50 Years of Mining Markets: What's Different About This Cycle?

Why are mining stocks struggling to attract institutional capital despite strong gold and copper prices? And could the world's largest mining companies be preparing for a major wave of acquisitions in 2027? Richard Lockwood of Arlington Group joins Trevor Hall on this special long-form edition of Mining Stock Daily, recorded during LME Week in London, for a conversation spanning more than five decades of mining investment history. Lockwood began his career during the Australian mining boom of 1969 and has witnessed multiple commodity bull markets, financial crises, and fundamental changes in how capital flows into the mining industry. He explains why today's mining market is behaving differently from previous cycles, with strong commodity prices failing to generate the same enthusiasm for mining equities among generalist and institutional investors. The conversation examines the changing role of hedge funds, the concentration of investment capital in technology and artificial intelligence, and the growing difficulty of financing major new copper mines. Lockwood also discusses why he expects increased mergers and acquisitions across the mining sector in 2027. With major producers including Rio Tinto, BHP, Glencore, and Newmont holding substantial financial resources, he believes larger companies may increasingly look toward acquisitions rather than funding major exploration programs internally. Other topics include China's influence over rare earth elements and tungsten supply chains, the future of uranium and nuclear energy, the evolution of mining royalty companies, and the opportunities emerging in the United States. The discussion concludes with Lockwood's outlook for base metals, his concerns about the broader global economy, and where he would allocate £500 million if he were launching a new mining investment fund today. ______ Terrahutton empowers junior mining companies to secure investment with immersive, interactive, and visually striking storytelling. Learn more about the Terrahutton platform ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ______ This episode of Mining Stock Daily is brought to you by... ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Revival Gold ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Equinox Gold⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Integra Resources ⁠⁠⁠⁠⁠⁠⁠⁠⁠