Gold Mergers Are Heating Up: Which Deals Make Sense?

Gold mergers are heating up! Which gold companies should merge next—and who’s being left behind? At PDAC 2025, Kitco Mining is swiping through potential gold company mergers in our special ‘Tinder for Gold Mergers’ segment. Adrian Day, CEO of Adrian Day Asset Management, and Kitco’s Senior Mining Editor and Anchor Paul Harris break down the biggest deals, including Equinox Gold’s $2.6B acquisition of Calibre Mining. Which mergers make sense, and which ones are fool’s gold? Find out as we explore the shifting landscape of gold mining M&A, cash flow strategies, and jurisdictional challenges. Key points: Gold M&A frenzy: Equinox Gold’s $2.6B all-stock acquisition of Calibre Mining could reshape the mid-tier sector. Regional consolidation: Experts see more potential in mid-tier gold companies merging rather than senior producers consolidating further. Jurisdiction matters: The U.S. is becoming more mining-friendly under new policies, but Mexico’s sentiment remains cautious. Cash flow vs. M&A: With strong cash flow, some gold companies may focus on debt repayment and buybacks instead of acquisitions. Super like merger? Lundin Gold and Dundee Precious Metals could be a powerhouse combo with ultra-low costs. Read Paul Harris’ article – ‘M&A Tinder: Swiping Right on Gold’ https://www.mining-journal.com/miners... Special thanks to our sponsors, GoldMining Inc., UEC & URC for making this coverage possible. To learn more, visit: https://www.goldmining.com/ https://www.uraniumenergy.com/ https://www.uraniumroyalty.com/ 00:00 Introduction: Tinder for Gold Mergers – Concept and Rules 00:56 Equinox Gold and Calibre Merger Discussion 02:49 Potential Mergers and Market Insights 05:59 Mexican Market and M&A Opportunities 10:10 Junior Companies and Consolidation 13:21 The Mining Community's Ego Problem 13:31 Agnico's Expansion and Barrick Gold's Struggles 13:53 Potential Mega-Mergers in the Mining Industry 15:10 Regional Powerhouses and CEO Egos 16:33 Permitting and Mining in the US vs. Canada 17:54 The Impact of Tariffs on Mining Costs 18:47 Mid-Tier Mergers and Regional Strategies 21:08 The Debate on Dividends vs. Share Buybacks 23:42 Super Likes and Ideal Mergers Follow Paul Harris on X: @PaulHarrisGold (https://x.com/paulharrisgold) Follow Kitco Mining on X: @KitcoMining (https://x.com/kitcomining) Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) #mining #mergers #investing __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram -   / kitcomining   LinkedIn -   / kitco-mining   Facebook -   / kitcomining   Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.