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/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.