By Penny Langford
The second quarter of 2026 has arrived with a series of geopolitical and economic shifts that have tested the resilience of the global mining supply chain. From the persistent volatility of energy costs to the surging demand for baseload power driven by artificial intelligence, the industry’s leadership is being forced to innovate at a pace rarely seen in previous decades.
This week, the Skillings Weekly Power List highlights five executives who have navigated these complexities through strategic exploration, technical efficiency, and aggressive asset management. Whether it is expanding a multi-million-ounce gold district in the Yukon or securing the energy nexus of the future through uranium, these movers are defining the trajectory of the industry for the remainder of the decade.
1. Scott Berdahl (Snowline Gold): Building the Yukon’s New Golden Age
Scott Berdahl, CEO of Snowline Gold, has officially launched what is being described as the Yukon’s largest-ever field season. The primary focus remains the expansion of the Rogue district, specifically the Valley deposit, which recently updated its resource estimates to a staggering 7.9 million ounces (Moz).
Berdahl’s strategy has been one of aggressive, systematic exploration in a tier-1 jurisdiction. By focusing on a "reduced intrusion-related gold system" (RIRGS), Snowline has managed to de-risk a massive footprint in a region previously thought to be mature. The 2026 season aims not just to infill the known Valley resource but to prove the connectivity of satellite targets across the broader Rogue project.
For investors and operators, Berdahl’s success represents a broader "Yukon Renaissance." At a time when jurisdictional risk is a primary concern for the gold sector, Snowline’s ability to navigate Canadian regulatory frameworks while delivering high-grade results has positioned Berdahl as a pivotal figure in the North American supply chain.
2. Mike Fraser (Gold Fields): Navigating the $100 Oil Shock at Salares Norte
As global crude prices breached the $100-per-barrel mark this month, the operational margins of remote mining sites have come under intense scrutiny. Mike Fraser, CEO of Gold Fields, has emerged as a key figure in the strategic management of this energy-induced margin squeeze.
Fraser’s focus has been centered on Salares Norte in Chile, a high-altitude, cold-climate project that represents one of the most technically challenging gold operations in the world. Despite the "oil shock" increasing the costs of haulage and logistics, Gold Fields has maintained its production guidance through aggressive technical efficiency measures and the integration of hybrid power solutions.
Under Fraser’s leadership, the company has implemented an optimized fleet management system that reduces idle times and maximizes the fuel efficiency of its ultra-class haul trucks. This focus on "technical excellence over volume" is a model for how mid-tier and senior producers can maintain profitability in a high-cost environment.
3. Leandro Garcia (Buenaventura): Leading Peru’s Brownfield Revival
In Peru, Leandro Garcia of Buenaventura has secured a milestone victory for the domestic mining sector. The company recently announced a 16-year life-of-mine extension at San Gabriel, a move that provides long-term stability for one of the country’s most important gold assets.
Garcia has been at the forefront of Peru’s "brownfield revival," a strategy focused on maximizing the value of existing infrastructure rather than navigating the lengthy permitting cycles of greenfield projects. The extension at San Gabriel is not just a win for Buenaventura; it is a signal to the international market that Peru remains a viable, long-term destination for mining capital despite past political turbulence.
The strategy includes the integration of advanced underground sorting technologies and water recycling systems, aligning with the industry's increasing focus on ESG standards. Garcia’s ability to harmonize community relations with aggressive technical expansion has set a new benchmark for Peruvian mining.
4. Clive Johnson (B2Gold): The $200M Q1 Profit Surge and the African Pivot
B2Gold has reported a massive $200 million profit for the first quarter of 2026, a result that Clive Johnson attributes to a successful pivot toward high-yield African assets. While many peers have struggled with rising operational costs, B2Gold’s Fekola complex in Mali and its expanding operations in Namibia have continued to deliver lower-than-average AISC (All-In Sustaining Costs).
Johnson’s leadership style has always been defined by a "go where the gold is" philosophy, and his recent moves have doubled down on West African jurisdictions. By reinvesting Q1 profits into the "Fekola Regional" plan, B2Gold is essentially creating a multi-decade production hub. You can read more about how B2Gold surpassed Q1 expectations here.
This strategic focus on high-yield, high-grade assets in developing regions has allowed B2Gold to outpace its peers in capital returns, even as the broader gold market remains sensitive to interest rate fluctuations.
5. Tim Gitzel (Cameco): The AI-Energy Nexus and Uranium’s $150 Support
Perhaps the most significant long-term mover on this week's list is Tim Gitzel, CEO of Cameco. As the world’s appetite for zero-emission baseload power reaches a fever pitch: driven largely by the energy-intensive needs of artificial intelligence and global data centers: uranium has found a firm support level at $150 per pound.
Gitzel has been a vocal advocate for the "AI-Energy Nexus," positioning Cameco as the primary fuel provider for the next generation of industrial growth. His leadership in securing long-term contracts with utilities, rather than selling into the spot market, has provided Cameco with a robust cash flow profile that is the envy of the sector.
With the uranium forecast for 2026-2030 indicating a structural deficit in supply, Gitzel’s decision to maintain high inventory levels and restart Tier-1 assets like McArthur River has proven to be a masterstroke of market timing.
Market Snapshot: May 11, 2026
| Commodity | Spot Price | 7-Day Change | YTD Change |
|---|---|---|---|
| Gold | $2,485 / oz | +1.2% | +8.4% |
| Copper | $4.95 / lb | -0.5% | +12.1% |
| Uranium (U3O8) | $152 / lb | +0.8% | +22.5% |
| Crude Oil (WTI) | $104 / bbl | +3.4% | +15.7% |
| Lithium (Carbonate) | $18,500 / t | -2.1% | -4.5% |
Data source: Skillings Mining Intelligence Market Desk. For more in-depth pricing, visit our 2026 Lithium Price Forecast.
The Bottom Line
The themes of 2026 are clear: jurisdictional stability, energy efficiency, and the critical mineral/energy nexus. Leaders like Scott Berdahl and Tim Gitzel are not just reacting to market conditions; they are actively shaping the supply chains that will power the global economy through the 2030s. As we move deeper into the decade, the ability to manage technical risk and energy costs will remain the primary differentiator between the industry's leaders and the rest of the pack.
Share This Analysis
LinkedIn Snippet:
? The 2026 Mining Power List is here. From Scott Berdahl’s 7.9Moz Yukon expansion to Tim Gitzel’s mastery of the AI-Energy Nexus, see the 5 movers shaking up the global supply chain this week. How is $100 oil impacting Gold Fields? Why is B2Gold pivoting harder into Africa? Read the full strategic analysis by Penny Langford. #MiningNews #GoldMining #Uranium #SupplyChain #SkillingsIntelligence
X (Twitter) Snippet:
The Skillings Weekly Power List (May 11, 2026):
- Scott Berdahl (Snowline Gold) ??
- Mike Fraser (Gold Fields) ??
- Leandro Garcia (Buenaventura) ??
- Clive Johnson (B2Gold) ?
- Tim Gitzel (Cameco) ⚛️
Uranium holds $150, Gold nears $2.5k. Read the full update: [Link] #Mining #Stocks #AI
