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查看配图：Colorado summit video: Hathaway puts reserves firstSprott Asset Management Managing Partner John Hathaway.
Posted By: Henry Lazenby October 13, 2026
Cash-rich gold producers should put reserve replacement first and avoid diluting shareholders as they invest in growth, Sprott Asset Management Managing Partner John Hathaway says.
Hathaway favours share buybacks when prices weaken, alongside investment in replacing mined reserves. He said excessive share issuance previously weakened investors’ claims on miners’ cash flow and remaining deposits.
“The thing that killed this industry 10 years ago was excessive, maybe gratuitous share issuance,” he told The Northern Miner’s Western Editor, Henry Lazenby, last month at the Precious Metals Summit in Beaver Creek, Colo.
That creates an opening for juniors holding deposits producers could acquire to replenish reserves. Hathaway described the conference as full of potential takeover targets, placing acquisitions alongside reserve replacement and a tighter share count among his priorities for deploying miners’ cash.
Watch the full interview below: