Gold Mergers Are Heating Up: Which Deals Make Sense?

03/18/25 • 26 min

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/news-analysis/4409830/tinder-swiping-gold
*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/

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Previous Episode

Record Cash Flow for Kinross Gold: How They Did It & What's Next

How did Kinross Gold achieve a 123% share price increase in just one year? Kitco’s Senior Mining Editor and Anchor Paul Harris interviews Paul Rollinson, CEO of Kinross Gold, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference. Rollinson discusses how Kinross Gold achieved a strong 2024 with 2 million ounces of production, record free cash flow, and a surging share price. Rollinson shares their strategy of meeting production guidance and holding the line on costs, leading to significant margin expansion. Looking ahead, he highlights their robust growth pipeline, including the Great Bear project, and the potential for future return of capital to shareholders after a strong balance sheet is maintained.
Key points:
- Kinross Gold had a very successful 2024 with high production and cash flow.
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- Kinross is prioritizing internal growth projects like Great Bear while also considering shareholder returns.
- The company sees potential for reactivating share buybacks in the future.
*Special thanks to our sponsor, First Majestic, for making this coverage possible. Visit https://www.firstmajestic.com/ to learn more.*

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Why Agnico Eagle is Betting Big on Collective Mining

What makes the Apollo discovery so unique? Collective Mining continues to make big discoveries in Colombia. Ari Sussman, Executive Chair of Collective Mining, sits down with Kitco’s Senior Mining Editor and Anchor Paul Harris at PDAC 2025 to discuss the latest results from the Guayabales project, including the high-grade Apollo discovery and the newly identified Ramp Zone. With aggressive drilling, strategic investments, and a strong financial position, could this be a future multi-million-ounce gold camp? Watch now for the latest updates on Collective Mining’s exploration and what’s next for the company.
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*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/