Newmont’s Stellar Q1, Arizona Capex Blowouts & Trump’s Project Vault with Analyst Joe Mazumdar

Mazumdar argues that major gold miners are returning free cash flow to shareholders via dividends and buybacks rather than funding major growth projects, constraining future supply.

Recurring capital cost overruns at underground projects like South32's Hermosa highlight that majors can absorb financial blows, while similar blowouts can be fatal for junior miners.

Trump's proposed critical minerals price floors and project vault could incentivize domestic mine development, though Mazumdar questions the mechanics of government intervention in commodity markets.