Deals Continue to Flow in Q1
Uncertainty caused by the Iran war could slow M&A in the near term
After a busy year in 2025 for deal-making in the precious metals and copper space, consolidation has continued so far in 2026.
The first deal, and still the largest to date, so far this year was Zijin Gold International Company’s (HK: 2259) C$5.5 billion cash takeover of Canada’s Allied Gold Corporation (TSX/NYSE: AAUC).
Allied shareholders are due to vote on the transaction in Toronto on Tuesday and if approved, the deal will close by the end of April.
In mid-February, Genesis Minerals (ASX: GMD) announced it would acquire Magnetic Resources (ASX: MAU) in a cash and scrip deal worth A$639 million.
The deal continues Genesis’ consolidation of the Leonora-Laverton district of Western Australia, with the company planning to process ore from Magnetic’s 2.2 million ounce Lady Julie project through its operating Laverton mill, 20km away.
Also in Australia, Pan African Resources (LSE: PAF) this month announced the friendly acquisition of its Tennant Creek joint venture partner Emmerson Resources (ASX: ERM) in a scrip deal that valued Emmerson at A$311 million.
With a focus on Mexico, Goldgroup Mining Inc (TSXV: GGA) announced a merger with Gold Resource Corporation (NYSE American: GORO) to combine GRC’s producing Don David gold mine and Goldgroup’s Cerro Prieto mine and recently acquired San Francisco mine.
The scrip deal values GRC at US$2.25 per share, or US$372 million, a 39% premium.
In Africa, unlisted Côte d’Ivoire miner Mansa Resource agreed to acquire Liberia-focused Pasofino Gold (TSXV: VEIN) in an all-cash deal valuing Pasofino at C$141.6 million.
McEwen Inc (NYSE/TSX: MUX) agreed to acquire Golden Lake Exploration Inc (CSE: GLM) in an all-stock deal worth around US$12 million to consolidate the Jewel Ridge property into McEwen’s Gold Bar mine complex in Nevada.
Coeur Mining (NYSE: CDE) last week closed its US$7 billion scrip acquisition of New Gold and updated its 2026 guidance to 680,000-815,000oz of gold, 18.7-21.9Moz of silver and 50-65 million pounds of copper.
Also this quarter, Fresnillo (LSE: FRES) completed the C$770 million acquisition of Probe Gold Inc, marking its entry into Canada.
Copper consolidation
In early February, Eldorado Gold Corporation (TSX: ELD) announced the US$3.8 billion cash and scrip acquisition of copper developer Foran Mining Corporation (TSX: FOM).
The deadline for proxy votes is this Thursday, with the deal receiving mixed reactions.
Proxy advisory firm Institutional Shareholder Services recommended Eldorado shareholders vote in favour of the transaction, while Glass Lewis has recommended against it.
The Globe and Mail reported that Australian investor L1 Capital was also opposing the deal.
Fairfax Financial Holdings, a 17.6% shareholder of Foran, has entered into a voting support agreement.
Both companies’ shareholders are due to vote on April 7.
Earlier this month, Hudbay Minerals Inc (TSX/NYSE: HBM) announced it would acquire Arizona Sonoran Copper Company Inc (TSX: ASCU) in a scrip deal valuing Arizona Sonoran at US$1.48 billion.
Hudbay plans to integrate Arizona Sonoran’s Cactus project into its advanced Copper World project in Arizona.
In Australia, Aeris Resources (ASX: AIS) agreed to acquire Peel Mining (ASX: PEX) in a friendly scrip deal valuing Peel at A$214 million.
The deal will combine Aeris’ Tritton operations with Peel’s Mallee Bull and Wirlong copper projects in New South Wales’ Cobar Basin, while Peel’s remaining Cobar Basin assets will be demerged into a new listed entity.
Asset-level deals
The March quarter was also a busy period for buying and selling mines.
The biggest buyer of the quarter was Türkiye’s Cengiz Holding.
The conglomerate agreed to pay US$1.5 billion in cash for SSR Mining Inc’s (TSX: SSRM) 80% stake in the Çöpler mine in Türkiye, a deal which is expected to close in the third quarter.
Days later, Cengiz agreed to buy First Quantum Minerals’ (TSX: FM) Çayeli copper-zinc mine in Türkiye to US$340 million cash.
Hecla Mining Company (NYSE: HL) sold its Casa Berardi operation in Quebec to Orezone Gold Corporation (TSX/ASX: ORE) for up to US$593 million in total consideration, comprising US$160 million cash on closing, US$112 million in Orezone shares, deferred cash consideration of US$80 million and contingent consideration of up to US$241 million.
The deal marked Orezone’s diversification into Canada and confirmed Hecla’s focus on its silver assets.
Perseus Mining (ASX/TSX: PRU) agreed to sell its 70% stake in the Meyas Sand gold project in Sudan to Hong Kong Matrix Golden Fortune Mining for US$260 million.
Perseus acquired the stake via the C$215 million takeover of Orca Gold Inc in 2022 but put the project under review due to civil war in Sudan.
Agnico Eagle Mines (TSX: AEM) sold its 55% stake in the Barsele gold project in Sweden to its joint venture partner Goldsky Resources Corp (TSXV: GSKR).
Consideration for the stake was US$20 million in cash and roughly C$200 million worth of Goldsky shares, giving Agnico a 32.5% stake in Goldsky, as well as a 2% NSR royalty.
Bellavista Resources (ASX: BVR) agreed to acquire sister company FireFly Metals’ (ASX/TSX: FFM) 70% stake in the Pickle Crow gold project in Newfoundland for total scrip consideration of up to A$86.1 million and exercise an option to increase its interest to 80% by paying minority holder First Mining Gold Corp (TSX: FF) for C$3 million.
Glencore (LSE: GLEN) offloaded a couple of non-core assets.
It sold agreed to sell the Kidd operations in Ontario to Discovery Silver Corp (TSX: DSV) for US$10 million in shares, an offtake agreement, a 1% net smelter return royalty on minerals produced outside of the existing Kidd Creek operations and a deferred payment of up to US$75 million.
Austral Resources Australia (ASX:AR1) entered into an agreement with Glencore to acquire the Lady Loretta copper mine in Queensland.
Glencore paid Austral US$40 million, with approximately US$9.6 million applied to cash-back the existing rehabilitation bond.
Liberty Gold Corp (TSX: LGD) also offloaded another two non-core assets this month.
Last week, it agreed to sell its Goldstrike project in Utah to Heliostar Metals (TSXV: HSTR) for US$72.5 million, comprising US$10 million in cash and US$2.5 million of Heliostar shares on closing, US$20 million in cash within 18 months of closing, and a further US$40 million in cash on achievement of certain project milestones within five years.
Liberty also agreed to sell its Gage critical minerals project in Utah to Blue Moon Metals Inc (TSXV: MOON) for around US$2 million in shares and a 2% NSR royalty.
Faraday Copper Corp (TSX: FDY) signed an agreement with BHP (ASX: BHP) to acquire the San Manuel property in Arizona in exchange for a 30% stake in Faraday.
BHP also agreed invest US$20 million in Faraday’s C$100 million capital raising.
This month, Australian mid-tier producer Westgold Resources (ASX/TSX: WGX) demerged its non-core Reedy and Comet projects in Western Australia into new float Valiant Gold (ASX: VAL).
Valiant listed on the ASX last week, following an oversubscribed A$75 million initial public offering, with Westgold retaining a 44% stake.
In December, it announced the sale of its Mt Henry-Selene gold project in WA to Alicanto Minerals (ASX: AQI) in a scrip deal worth A$64.6 million at the time.
At the time of closing in mid-February, Westgold’s 19.9% stake in Alicanto had increased to A$110 million.
Corporate manoeuvring
While the conflict in the Middle East and ongoing uncertainty has likely stymied some near-term deals, there’s still been plenty of positioning.
In January, La Mancha Resource Capital sold a 3.5% stake in Endeavour Mining (LSE/TSX: EDV) for C$605 million.
It then paid US$313 million this month to increase its stake in G Mining Ventures Corp (TSX: GMIN) from 16.7% to 19.9%.
In January, Andrew Forrest’s Wyloo exercised its option to acquire Newmont Corporation’s (NYSE: NEM) remaining 9.9% interest in gold producer Greatland Resources (ASX/AIM: GGP), paying A$200 million to increase its interest in Greatland to 18.13%.
Franco-Nevada Corporation (TSX: FNV) paid A$50 million for a 4.9% stake in Minerals 260 (ASX: MI6) as part of a broader royalty financing deal.
Paulson & Co invested US$40 million in Alaksa-focused gold developer International Tower Hill Mines (TSX: ITH) in January as part of a broader US$114.8 million raising.
Thesis Gold & Silver Inc (TSXV: TAU) attracted a C$38.6 million investment from AngloGold Ashanti (NYSE: AU) in February, while Centerra Gold Inc (TSX: CG) acquired C$5.7 million worth of shares to maintain its 9.9% stake.
Last week, Centerra agreed to invest C$10 million in Nevada King Gold Corp (TSXV: NKG) for 9.9% of the company.
Neil Adshead will offer insight into Centerra’s equity investment strategy in a keynote address at Mining Forum Europe in Zürich on April 15.
Days after selling its Meyas Sand project, Perseus paid A$23.69 million last week for a 9.9% stake in Aurum Resources (ASX: AUE), which owns the Boundiali gold project, along strike of Perseus’s Sissingué gold mine in Côte d’Ivoire.
Prolific mining investor Eric Sprott paid C$23 million last week for a 9.9% stake in American Eagle Gold Corp (TSXV: AE).
Sprott also acquired or increased stakes in Hycroft Mining (NASDAQ: HYMC), American Eagle Gold (TSXV: AE), Silver One Resources (TSXV: SVE), Highlander Silver (TSX: HSLV), Chesapeake Gold Corp (TSXV: CKG), Blackrock Silver Corp (TSXV: BRC), Apollo Silver Corp (TSXV: APGO) Freegold Ventures (TSX: FVL) and Aftermath Silver (TSXV: AAG).
On Monday, Agnico Eagle announced it would invest C$5 million in Cascadia Minerals (TSXV: CAM) via a non-brokered private placement, as well as acquiring 10 million units from several sellers for C$2.6 million.
Agnico Eagle is expected to own 14.2% of Cascadia on a non-diluted basis and approximately 19.9% on a partially diluted basis.
Agnico Eagle and Cascadia also entered into an earn-in agreement which gives Agnico Eagle the right to earn a 51% interest in the Catch property in Yukon.
Last month, Agnico Eagle also paid C$1.6 million for shares in Maple Gold Mines (TSXV: MGM) to increase its stake from 12.9% to just under 13%.
Also in February, Eldorado invested C$2.4 million in newly listed Gemdale Gold Inc (TSXV: GEMG), giving it a 9.5% stake.
On Friday, Jon Christian Evensen’s Eucalyptus Resources Opportunities Fund 1 paid C$1.45 million to increase its stake in TNR Gold Corp (TSXV: TNR) from 8.8% to 12.6% and said it intended to acquire further shares.
“The acquiror has acquired the shares for investment purposes and in consideration of seeking to achieve or influence changes to the TNR’s current board and/or management,” Eucalyptus said.