Durin’s Bane

“An evil, ancient and powerful, has returned,” Durin IV (Owain Arthur) intones. We actually didn’t get to follow up with the dwarves at the climax of season one, where Galadriel learned that Halbrand was secretly Sauron all along. So is Durin talking about the Dark Lord here, as the editing wants to imply, or something else… something, perhaps, lingering deep in the bowels below Khazad-dûm, awakened by Durin’s attempts to get his fellow dwarves to embrace mining mithril?