David Erfle: “Shareholders Shouldn’t Be Happy” with Coeur–New Gold Deal

M&A is heating up across the mining sector, with two major deals stirring strong reactions from investors. Coeur Mining plans to acquire New Gold in a US$7 billion all-share deal, creating a US$20 billion North American precious metals company. But not everyone is impressed. Speaking with Kitco Mining’s Digging Deep, Junior Miner Junkie founder David Erfle says the market’s response is telling. “If I were a shareholder of either Coeur or New Gold, I wouldn’t be happy with this deal at all,” he said, arguing that it reflects a familiar pattern of growth through dilution and no dividend return for investors. Erfle also weighs in on Fresnillo’s C$780 million bid for Probe Gold, calling it “a criminally low price” that could spark a bidding war from Agnico Eagle or Kinross. He explains why Probe’s 10 million ounce deposit in Quebec’s Abitibi region deserves far more attention, and why larger producers could be incentivized to act. The discussion broadens to strategic investments by majors like Gold Fields and B2Gold, the copper supply crunch, and the wave of feasibility studies now emerging from late-stage copper developers. Erfle outlines how miners are positioning for the next cycle as long-term supply risks deepen. Turning to recent Q3 results, he highlights record cash flow, rising dividends, and aggressive share buybacks across the gold sector. Erfle says the pullback from recent highs looks like a healthy pause in an ongoing bull market, not the end of one. “This has been par for the course as far as the correction on the downside,” he said. And while gold has had a strong year, he notes that general investors still have not fully returned to the space, suggesting there is more upside ahead as capital continues to rotate into mining. Subscribe to Kitco Mining’s Digging Deep for more expert interviews, market insights, and analysis on the companies and trends shaping global mining. 00:19 - Coeur Mining’s Acquisition of New Gold 01:10 - Equinox Gold and Calibre Merger Insights 02:22 - Market Reactions and Shareholder Sentiment 06:19 - Fresnillo’s Surprise Bid for Probe Gold 15:35 - Strategic Investments in Junior Miners 17:51 - Copper Market and M&A Developments 21:33 - Q3 Results, Dividends, and Gold Market Outlook __________________________________________________________________ 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.