Ross Beaty: Why This Gold Bull Market ‘Still Has Legs’ & The Big Problem in Mining

Dec 23, 2025

Ross Beaty, a renowned geologist and mining entrepreneur, dives into the current gold market, emphasizing that even with peaks around $4,300, there’s room for growth. He discusses the anticipated increase in gold mine production between 2025-2027 and the critical factors for successful investments in mining, like geological potential and project quality. Beaty shares insights on the risks miners face and promotes the need for diversification. He also touches on his philanthropic efforts with the Sitka Foundation, highlighting his commitment to conservation.

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INSIGHT

Gold Still Has Fundamental Support

Gold's rally has strong macro and supply-demand backing, so a clear bearish case is hard to make right now.
Ross Beaty expects the bull market to have more legs while noting record highs typically invite pullbacks.

INSIGHT

Price Spikes Ignite Exploration Boom

Exploration and production surge follows price spikes, and drilling activity is now unprecedented across gold companies.
Increased exploration will boost supply and likely raise production from 2025–2027, which may dampen prices later.

ADVICE

Invest As A Long-Term Owner

Think like a long-term owner rather than a short-term trader and buy companies you can hold through cycles.
Be ready to add to positions when prices fall because long-term owners view pullbacks as buying opportunities.

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Stijn Schmitz welcomes Ross Beaty to the show. Ross Beaty is a Renowned Geologist, Serial Mine Builder & Conservation Advocate. Beaty provides a comprehensive overview of the current gold market and mining industry landscape. He suggests that while gold is currently at record highs around $4,300, the market still has potential for growth, driven by strong macro and supply-demand fundamentals. Beaty anticipates a wave of new gold mine production in 2025-2027 that might eventually dampen prices, but remains optimistic about the sector’s near-term prospects.

Drawing from his extensive experience building successful mining companies like Pan American Silver and Equinox Gold, Beaty emphasizes the importance of understanding specific commodity dynamics and investing in projects with significant scale and potential. He highlights the critical factors for successful mining investments, including geological potential, project location, commodity demand-supply fundamentals, and management quality.

Beaty candidly discusses the mining industry’s inherent risks, noting that even well-planned projects can face unexpected challenges from geological complexities, political instability, community tensions, and volatile metal prices. He advocates for diversification and strategic portfolio management, as demonstrated by Equinox Gold’s recent divestment of Brazilian assets to focus on tier-one projects and manage debt. Beyond his mining endeavors, Beaty is deeply committed to environmental conservation through his philanthropic work.

Timestamps:
00:00:00 – Introduction
00:00:58 – Gold Bull Market Phase
00:03:04 – Exploration Under-Investment
00:05:09 – Lessons from Past Cycles
00:06:40 – Investment vs Mining Differences
00:09:49 – Ross’s Company Categories
00:11:40 – Spotting Special Projects
00:13:20 – Project Evaluation Criteria
00:16:28 – Commodity Fundamentals Analysis
00:21:30 – Common Mining Pitfalls
00:23:00 – Growth and Debt Risks
00:24:05 – Industry Dilution Problems
00:26:30 – Equinox Brazil Divestments
00:29:10 – Future Plans Philanthropy
00:30:23 – Concluding Thoughts

Guest Links:
Website: https://www.equinoxgold.com
Foundation: https://sitkafoundation.org

Ross Beaty is a renowned Canadian geologist, mining entrepreneur, and philanthropist with over 50 years of experience in the international minerals and renewable energy sectors. Born in Vancouver in 1951 to a forestry entrepreneur father and a teacher mother, Beaty earned degrees in geology and law from the University of British Columbia, followed by an MSc in geology from Imperial College London. His career began in the 1970s, blending scientific expertise with business acumen to build a legacy of resource innovation.

Beaty founded Pan American Silver Corp in 1994, where he serves as Chair Emeritus, growing it into a global leader in silver production. He is currently Chair of Equinox Gold Corp’s Board of Directors, a position he has held since its inception in 2017. Over four decades, he has founded and divested more than a dozen public companies, including Equinox Resources (sold in the 1990s) and Alterra Power Corp, a clean energy firm, generating an estimated $6 billion in shareholder value. A former President of the Silver Institute in Washington, DC, Beaty is a Fellow of the Geological Association of Canada, Society of Economic Geologists, and Canadian Institute of Mining.

Beyond business, Beaty is a passionate environmental advocate. He co-founded and presides over the Sitka Foundation, focusing on biodiversity conservation in British Columbia through strategic grants and impact investing. He chairs the BC Parks Foundation, serves as a director for Panthera and the Pacific Salmon Foundation, and is Patron of the Beaty Biodiversity Centre at UBC. His accolades include induction into the Canadian Mining Hall of Fame (2018), the Order of Canada (2017), and an honorary Doctor of Laws from UBC (2018).

An optimist at heart, Beaty champions a shift from consumerism to conservation. Married to physician Trisha Beaty, he enjoys beekeeping, cider production, and sea kayaking in Howe Sound. His journey from mining magnate to green evangelist exemplifies resilient entrepreneurship.