Episode Details

Greg Kofford, Founder and CEO of Sorbie Bornholm, says geopolitical uncertainty continues to underpin precious metals. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Kofford said, “Precious metals respond to angst, fear consternation in the marketplace,” adding that silver’s recent strength followed a long period of underperformance relative to gold. He warned that a sharp reduction in political uncertainty could pressure prices.

Kofford outlined Sorbie Bornholm’s differentiated investment model, which provides additional capital as share prices perform without shareholder dilution. “We actually have a structure that gives companies more money as their stock price performs without them issuing additional shares,” he said, noting that elevated prices have made capital easier to raise across the sector.

On mining equities, Kofford said valuations have yet to fully catch up with metals prices. “Most of the companies are undervalued relative to historic valuations on an ounce in the ground versus an ounce out of the ground,” he said, adding that the transition from exploration to production remains the key valuation inflection point.

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00:17 – Sorbie Bornholm’s Non-Dilutive Investment Model
01:17 – Precious Metals, Market Angst, and Silver’s Catch-Up
02:37 – Geopolitics, Political Risk, and Metals Pricing
06:40 – Gold Stocks, Valuations, and the Path to Production
08:51 – How Mining Companies Should Communicate With Investors
11:56 – 2026 Outlook: Policy, Permitting, and Mining Momentum
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