From Boom to Balance: Mining CEOs Signal Smarter Growth Ahead
Opening presentations at the 37th annual Mining Forum Americas revealed how record prices are driving optimism, but tempered by caution, cost control, and lessons learned from past cycles.
The opening day of corporate presentations at Mining Forum Americas 2025 (Stage 1, larger companies) presented a picture of a gold and silver sector entering what many executives described as its strongest position in over a decade. With bullion trading at record nominal and inflation-adjusted levels [Gold: $3,676.82/oz, Silver: $42.58/oz], companies consistently stressed that the higher price environment is finally translating into margins on par with other industries. Leaders from Artemis Gold [ARTG | $23.96 | $5.52B], B2Gold [BTO | $4.40 | $5.82B], Buenaventura [BVN | $20.65 | $5.24B], and Coeur Mining [CDE | $16.93 | $10.88B] framed the current environement as an inflection point: they can now both reinvest in growth and deliver consistent returns to shareholders.
Growth Through Expansion and Acquisition
A recurring storyline was the pursuit of growth by balancing acquisitions with disciplined organic expansion. Discovery Silver [DSV | $3.67 | $2.95B] underscored its transformation through the acquisition of Newmont’s Porcupine complex in Canada, while advancing its world-class Cordero silver project in Mexico. DPM Metals [DPM | $21.46 | $4.76B] highlighted how it has grown from a single-asset Bulgarian producer into a diversified, multi-jurisdictional company, anchored by the high-grade Čoka Rakita discovery in Serbia. Similarly, Torex Gold [TXG | $39.69 | $3.42B] emphasized its pivot into a multi-asset, multi-commodity business, completing the billion-dollar Meduna build and complementing it with targeted acquisitions. These examples reinforced the theme that consolidation and diversification are essential to sustaining momentum in the current cycle.
Exploration as the Cornerstone of Value
Exploration success was presented as the lifeblood of long-term growth. Wesdome [WDO | $14.16 | $2.14B] stressed its “fill-the-mill” strategy, systematically converting resources into reserves from more than 250 identified targets. G Mining Ventures [GMIN | $17.97 | $4.08B] showcased Oko West as the platform for scaling to 500,000 ounces annually, while advancing Gurupi in Brazil. Eldorado Gold [ELD | $28.24 | $5.74B] and Endeavour Mining [EDV | $39.36 | $9.48B] both highlighted multi-rig exploration programs aimed at lengthening mine lives and strengthening reserve bases. The message was clear: the companies that invest in exploration today will be the leaders of tomorrow.
Cost Discipline and Operational Efficiency
Even in a high-price environment, cost discipline remained a dominant theme. Equinox Gold [EQX | $10.84 | $8.47B] and Evolution Mining [EVN | $6.25 | $12.59B] emphasized their ability to remain in the first quartile of the global cost curve. Fresnillo [FRES | $29.87 | $22.01B] and Harmony [HAR | $15.00 | $9.34B] discussed productivity gains and throughput optimization as levers to improve margins without significant new capital outlays. The consistent refrain is that efficiency is as essential as discovery in delivering free cash flow.
ESG, Permitting, and Community Engagement
Another unifying narrative was the central role of ESG, permitting milestones and social license to operate. OceanaGold [OGC | $20.36 | $4.70B] cited recent environmental approvals as catalysts for its North American growth pipeline. Perseus Mining [PRU | $2.80 | $3.78B] stressed its long-standing agreements with local communities in West Africa, and it’s committment to adding women in key roles. Orla Mining [OLA | $12.78 | $4.16B] and Pan American Silver [PAAS | $37.19 | $15.69B] both emphasized the necessity of maintaining strong community relationships in Mexico and Peru. Across jurisdictions, executives framed ESG alignment as a prerequisite to unlocking project value.
Shareholder Returns and Capital Discipline
Finally, investor alignment was woven into nearly every presentation. IAMGOLD [IMG | $11.41 | $6.56B] and New Gold [NGD | $6.72 | $5.32B] positioned themselves as companies transitioning from reinvestment into periods of direct shareholder returns. The royalty and streaming companies — Royal Gold [RGLD | $195.43 | $12.87B], Triple Flag [TFPM | $28.67 | $5.92B], and Osisko Gold Royalties [OR | $36.91 | $6.95B] — contrasted the producers’ growth stories by highlighting stability, predictable cash flows, and consistent dividend strategies. Together, these approaches illustrated a maturing industry that has learned the importance of disciplined capital allocation.
Overall Takeaway
The larger producing companies that presented on Stage 1 at Mining Forum Americas on Monday, September 15, 2025, painted a clear picture: the gold and silver industry is entering an era of expansion with discipline. Elevated prices are enabling ambitious growth, yet management teams emphasized efficiency, ESG credibility, and shareholder alignment as guiding principles. Investors were left with a narrative of companies that are determined to avoid the excesses of past cycles and instead build a cycle defined by sustainable growth, diversification, and returns.
