A wave of consolidation has swept through the North American mining industry over the past 60 days, with several high-profile acquisitions signaling a new phase of strategic realignment. Driven by record-high gold prices, strong institutional demand, and the growing importance of domestic supply chains, mining companies are aggressively pursuing scale, jurisdictional stability, and diversified portfolios.
The momentum is global. According to Stockhead on November 3, mining services companies across the ASX have posted strong year-to-date gains, and firms like Grant Thornton say the environment is "ripe for M&A." Strengthened balance sheets, rising equity returns, and growing profit-sharing models between juniors and contractors are creating the ideal conditions for further consolidation. As the firm noted, "There's obviously a bit more appetite to do those acquisitions.
This surge in mergers and acquisitions reflects broader sector themes: de-risking operations through geographic focus, enhancing financial flexibility, and preparing for a bullish long-term metals outlook. From gold and silver to copper and critical minerals, recent deals are redrawing the map for mid-tier and senior producers alike. Notable during this period is Coeur Mining's multibillion-dollar merger with New Gold, a transformative move that sets the tone for the current M&A cycle.
The momentum is global. According to Stockhead on November 3, mining services companies across the ASX have posted strong year-to-date gains, and firms like Grant Thornton say the environment is "ripe for M&A." Strengthened balance sheets, rising equity returns, and growing profit-sharing models between juniors and contractors are creating the ideal conditions for further consolidation. As the firm noted, "There's obviously a bit more appetite to do those acquisitions."
Coeur Mining's US$7 Billion Merger with New Gold Forms Precious Metals Powerhouse
On November 3, Coeur Mining Inc. (CDE:NYSE) announced a definitive all-stock agreement to acquire New Gold Inc. (NGD:TSX; NGD:NYSE.MKT) in a landmark US$7 billion transaction that will create one of North America's largest precious metals producers. The deal, which carries a 16% premium to New Gold's October 31 closing price, will unite seven producing operations across the U.S., Canada, and Mexico under a single entity with a projected market capitalization of US$20 billion.
The transaction is expected to close in the first half of 2026, pending shareholder and regulatory approvals. Upon completion, Coeur stockholders will own 62% of the new company, while New Gold shareholders will hold the remaining 38%. The merger is projected to yield 2026 production of 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper, generating approximately US$3 billion in EBITDA and US$2 billion in free cash flow.
According to a joint announcement, the strategic rationale centers on creating a senior North American-focused producer with enhanced operational scale, lower costs, and improved financial flexibility. The new portfolio combines Coeur's existing five operations with New Gold's Rainy River and New Afton mines in Canada, significantly increasing exposure to copper and de-risking jurisdictional risk. The company plans to list on the TSX and maintain New Gold's Canadian offices and community partnerships.
BMO Capital Markets reiterated its Outperform rating on Coeur Mining and increased its target price to US$23.00, reflecting a 26% total return potential from the October 29, 2025, share price of US$18.25. Analyst Kevin O'Halloran cited accelerating free cash flow, improved production guidance, and strong quarterly earnings as drivers behind the upward revision. The report emphasized Coeur's free cash flow inflection point, aided by rising metal prices and successful operational ramp-up at the Rochester expansion. According to BMO, the new target price is based on a blend of valuation metrics: a 10x next-twelve-month cash flow per share (CFPS) multiple and a 1.3x price-to-net asset value (P/NAV) multiple.
On October 30, Cantor Fitzgerald analyst Mike Kozak characterized Coeur Mining's Q3 2025 results as "Neutral," noting that production and cash costs tracked in line with revised guidance, while earnings came in mixed relative to consensus but ahead of Cantor's internal estimates. Consolidated gold production reached 111,400 ounces, a 4% beat on Kozak's forecast, with gold cash costs at US$1,215 per ounce, beating estimates by 10%. Silver production of 4.8 million ounces was slightly below expectations, and silver cash costs of US$14.95 per ounce came in 1% better than forecast but rose 12% quarter-over-quarter. Adjusted EPS of US$0.23 missed consensus but exceeded Cantor's US$0.15 estimate, while cash flow per share of US$0.37 was in line with consensus and well above the firm's US$0.28 projection. Although Kozak raised his target price from US$12.25 to US$16.00, citing a stronger multiple and peer group tracking, he downgraded Coeur to "Hold", stating that the stock appeared "fully/fairly valued" after a 208% year-to-date rally.
Additional third-party commentary from MarketMinute on November 3 praised the move, noting that "the combined entity is projected to achieve 900,000 ounces of gold, 20 million ounces of silver, and 100 million pounds of copper annually by 2026, solidifying Coeur's position as a leading mid-tier producer." Investor reactions have been mixed, with New Gold shares rising over 10% on the announcement and Coeur shares dipping amid short-term integration concerns. According to the report, the merger was a bold strategic leap amid record gold prices and heightened M&A activity in the sector.
"Together, Coeur and New Gold will become a free cash machine," Chen Lin wrote in What is Chen Buying? What is Chen Selling? on November 4. "I am intrigued. I see it will potentially create an attractive target for big gold funds and index funds."
On November 6, ROTH Capital Partners analyst Joe Reagor reported that this deal is expected to close by the end of Q1 2026. According to Reagor, the acquisition is heavily weighted toward near-term performance metrics such as free cash flow per share and appears accretive on that basis. However, he cautioned that both of New Gold's mines have relatively short mine lives, making the long-term impact of the deal uncertain. Despite these unknowns, ROTH maintained its Buy rating on Coeur with a US$20 price target, implying a potential 32% upside from the current share price. Reagor also noted parallels with Coeur's earlier acquisition of SilverCrest Metals, highlighting similar near-term production strengths and longer-term expansion potential, though he confirmed the firm is excluding the deal from forward estimates until it receives shareholder approval.
1 Insiders own about 1% of Coeur Mining, institutions hold about 18% and retail investors own the rest. The Top 3 shareholders overall are Van Eck Associates Corp. with 10.27%, The Vanguard Group Inc. with 9.79% and BlackRock Institutional Trust Co. N.A. with 7.3%.
The U.S.-based precious metals producer has 642.22 million outstanding shares. Its market cap is US$9.7B. Its 52-week range is US$4.58–23.62 per share.
IAMGOLD Consolidates Québec Gold District with Dual Acquisitions
On October 20, IAMGOLD Corp. (IMG:TSX; IAG:NYSE) announced two strategic acquisitions aimed at consolidating a dominant position in Québec's Chibougamau district. The company will acquire Northern Superior Resources Corp (SUP:TSX.V) in a cash-and-stock deal valued at CA$267.4 million, alongside a separate all-share transaction to acquire Mines d'Or Orbec Inc. (BLUE:TSXV) for CA$17.2 million. Together, the transactions more than double IAMGOLD's landholding in the region, creating what it calls the Nelligan Mining Complex, a pre-production gold camp totaling over 109,000 hectares.
The Northern Superior deal carries a 27.4% premium based on the 20-day volume-weighted average prices of both companies' shares. It will combine IAMGOLD's existing Nelligan and Monster Lake projects with Northern Superior's Philibert, Chevrier, and Croteau deposits. The newly formed complex hosts 3.75 million ounces of Measured and Indicated gold resources and 8.65 million ounces Inferred, making it one of Canada's largest undeveloped gold camps. IAMGOLD plans to pursue a central processing strategy, with ore from all deposits located within a 17-kilometer radius.
A day earlier, IAMGOLD agreed to acquire Mines d'Or Orbec for a 25% premium to its October 17 close. The deal adds the 24,979-hectare Muus project to IAMGOLD's regional portfolio, located between the company's existing holdings and viewed as a geological bridge. Orbec shareholders will receive 0.125 IAMGOLD shares per share, with IAMGOLD issuing approximately 369,000 new shares to complete the transaction.
Commenting on the acquisitions, IAMGOLD President and CEO Renaud Adams said, "This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Québec where we have maintained a longstanding presence." He added that the newly combined assets complement the company's flagship Côté Gold Mine and future expansion plans.
The market responded favorably to the Northern Superior acquisition, with shares of SUP surging more than 50% on the announcement and marking a gain of over 300% since May. On October 20, industry commentator Robert Sinn, who had identified Northern Superior as his top pick at the 2025 Beaver Creek conference, called the transaction a "fantastic outcome for shareholders." He noted that investors wishing to maintain exposure to the Chibougamau Gold Camp could do so through the IAMGOLD shares they will receive upon closing. Sinn also praised the leadership team — CEO Simon Marcotte, Chairman Victor Cantore, and Director Michael Gentile — for delivering significant value through the deal.
FinancialContent noted on October 24 that the Northern Superior acquisition "is set to establish the ‘Nelligan Mining Complex' in Quebec's highly prospective Chibougamau district, immediately creating what is envisioned as Canada's premier pre-production gold mining complex."
Both transactions are expected to close in late 2025 or early 2026, pending shareholder, court, and regulatory approvals. IAMGOLD shareholders will own approximately 97% of the pro forma entity, with Northern Superior shareholders holding the remaining 3%. These moves significantly strengthen IAMGOLD's development pipeline and affirm Québec's rising profile as a hub for long-life, low-risk gold projects.
175.32% of IAMGOLD is held by Institutions. Of those, Van Eck Associates holds 6.66%, Donald Smith & Company holds 4.68%, and BlackRock Investment Management holds 4.07%. Management and Insiders hold 0.18%. The rest is retail.
As of November 12, 2025, IAMGOLD Corporation has an estimated free float of approximately 574.4 million shares and a market capitalization in the range of US$7.8 billion. The company's 52‑week trading range spans from US$4.89 to US$14.67.
Fresnillo Enters Canada with CA$780 Million Probe Gold Acquisition
On October 31, Fresnillo Plc (FNLPF:OTCMKTS:FRES:LSE) , the world's largest silver producer and one of Mexico's leading gold miners, announced a definitive agreement to acquire Probe Gold Inc. (PRB:TSX) in an all-cash deal valued at CA$780 million. The transaction marks Fresnillo's first entry into Canada and delivers a 39% premium to Probe's last closing price, or 24% above its 30-day average as of October 30.
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Fresnillo Plc (FNLPF:OTCMKTS:FRES:LSE)
Under the terms of the agreement, Fresnillo will pay CA$3.65 per share, securing access to 10 million ounces of gold reserves, including 8 million ounces at Probe's flagship Novador project in Québec's prolific Val-d'Or Mining Camp. The acquisition also includes Probe's early-stage Detour Gold Québec property, which Fresnillo identified as a potential long-term exploration asset.
The deal reflects a strategic expansion for Fresnillo, which has surged more than 250% in share value this year, driven by soaring precious metals prices. Gold rose above US$4,030 per ounce and silver touched US$49.04 per ounce as of the transaction date. Fresnillo shares rose 1.7% on the news.
Fresnillo CEO Octavio Alvídrez said the move aligns with the company's disciplined M&A approach and focus on early-stage assets that complement its core operations. "Probe's assets meaningfully strengthen our project pipeline," he said, while affirming that Mexico remains central to the company's long-term growth strategy.
Probe Gold CEO David Palmer noted that, after nearly a decade of advancing Novador, the timing was right to transition the project to a company with permitting and construction expertise. Novador is expected to produce more than 200,000 ounces of gold per year for over a decade.
According to MINING.com, the transaction gives Fresnillo an immediate foothold in Canada's premier gold mining jurisdiction. The addition of Novador enhances the company's long-term production profile while diversifying its geographic exposure beyond Latin America. All Probe directors, officers, and 12% shareholder Eldorado Gold Corp. (ELD:TSX; EGO:NYSE) have agreed to support the deal, which is subject to regulatory and shareholder approvals. Completion is expected in early 2026.
1Approximately 75% of Fresnillo plc is held by Industrias Peñoles S.A.B. de C.V., its parent company. 15.79% of the company is held by institutional investors, including firms such as BlackRock and Capital Group. Insider ownership accounts for less than 1%, with the remainder held by retail investors.
As of November 12, 2025, Fresnillo plc has an estimated 736.9 million shares outstanding and a market capitalization of approximately US$22.7 billion. The company's 52-week trading range spans from US$7.65 to US$35.97.
Additional Notable Moves in the Sector
Beyond Coeur, IAMGOLD, and Fresnillo, other heavyweights have joined the wave of consolidation sweeping the mining space. On the copper front, Anglo American Plc (AAUK:OTCQX; AAL:LSE) and Teck Resources Ltd. (TECK:TSX; TECK:NYSE) announced a proposed US$53 billion merger to create Anglo Teck, a global copper powerhouse. The combined entity would rank among the world's top five copper producers, anchored by Teck's Quebrada Blanca project in Chile. The deal, currently under regulatory review, is expected to generate up to US$1.4 billion in synergies while strengthening both companies' exposure to the clean energy transition.
Meanwhile, gold-focused producers have also made bold moves. AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) completed its acquisition of Augusta Gold Corp. (G:TSX.V: AUGG:OTCQB), adding the Bullfrog project in Nevada to its portfolio and reinforcing its commitment to U.S.-based growth. Torex Gold Resources Inc. (TXG:TSX) finalized its takeover of Prime Mining Corp. (PRYM:TSX.V), bringing the advanced-stage Los Reyes gold-silver project in Sinaloa, Mexico into the fold. With 1.5Moz of gold and 54Moz of silver in Indicated Resources and exploration upside to come Los Reyes positions Torex for long-term development beyond its flagship Morelos complex.
In the royalty and streaming space, Royal Gold Inc. (RGLD:NASDAQ) completed dual acquisitions of Sandstorm Gold Ltd. (SSL:TSX; SAND:NYSE.MKT) and Horizon Copper, dramatically increasing its scale and diversification. The deals added a suite of high-quality assets across gold, silver, and copper while preserving Royal Gold's historically disciplined financial profile. CEO Bill Heissenbuttel said the transactions firmly position the company as a leading North American streaming and royalty firm with "a global portfolio of precious metals interests that is unmatched in terms of diversification, development and organic growth potential."
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- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
