Driven by record commodity prices, the mining sector in 2025 recorded its strongest year for mergers and acquisitions (M&A) since the 2010-2012 super-cycle, with 180 transactions totaling $89 billion (accounting only for transactions >$25M). Capital markets mirrored this momentum as 174 companies raised $27.3 billion in capital across 222 public equity offerings and private placements. Transaction volumes and cumulative raise values marked two consecutive years of growth for both M&A deal activity and equity capital market financings.
This report focuses on precious and base metal miners who collectively make up ~70% of the overall M&A and capital raise activity for the sector in 2025. Below we analyze the 2025 strategic drivers behind major deal activity, valuation dynamics, and emerging investor participation with implications for future sector consolidation in 2026.
Market Overview
Gold surged 65% to exceed $4,500/oz in 2025, marking its strongest annual performance since 1979. Silver prices rallied ~142%, also marking its sharpest annual gain since 1979 and breaking a price record that had stood for 45 years. Those commodity tailwinds catalyzed a wave of major mining consolidation, and unlocked capital markets to precious metal miners in the near term.
M&A deal value increased 4% year-over-year to reach $31 billion across 84 transactions, while deal volume surged 42%. The moderation in deal value relative to transaction count is reflective of increased mid-market deal activity. Capital raising activity showed increasing strength, with precious metal miners raising $14.5 billion in 2025, exceeding 2024's $4.6 billion total.
M&A Insights
Major transactions reflected two dominant strategic themes. First, in scale consolidation Coeur Mining Inc.'s (NYSE:CDS) $7.0 billion all-stock acquisition of New Gold Inc. (TSX:NGD) created a new North American major with a $20 billion market capitalization. Gold Fields Ltd. (JSE:GFI) acquired Gold Road Resources (ASX:GOR) for $2.3 billion in cash to consolidate Australian operations, and Equinox Gold Corp. (TSX:EQX) acquired Calibre Mining Corp. (TSX:CXB) for $2.2 billion to build an Americas-focused miner. In silver, Pan American Silver Corp (TSX:PAAS) and MAG Silver Corp. (TSX:MAG) merged for $2.0 billion to strengthen its position in global silver markets.
Second, major producers concurrently executed disciplined portfolio optimization, shedding non-core assets to concentrate capital on tier-one jurisdictions. Leading this trend and executing a strategy widely expected following its transformative 2023 acquisition of Newcrest Mining Ltd, Newmont Corp (NYSE:NEM) completed eight divestiture transactions totaling $3.4 billion. Barrick Mining Corp (TSX:ABX) generated $2.4 billion in deal value by offloading its Donlin Gold project, Hemlo mine, and various African assets. Similarly, Equinox Gold Corp. sold its Brazilian operations for $1 billion to focus on North America, while Alamos Gold Inc. (TSX:AGI) exited Turkey for $470 million to fund its Canadian expansion.
Looking at transactions involving companies with available consensus NAV estimates, gold miners were acquired at an average multiple of 0.73x P/NAV across 13 deals worth $16.1 billion, an improvement from valuation troughs in 2023 where multiples averaged 0.59x P/NAV and slightly below multiples of 0.8x averaged over the last decade across 98 transactions totaling $116.8 billion. This discount may reflect investor conservatism relative to current analyst gold price forecasts.
Equity Capital Market Insights
While the gold mining sector historically is not known for large IPOs, on the back of strong capital markets Zijin Gold raised $3.2 billion in its Hong Kong IPO, the largest gold mining IPO in history. This capital markets resurgence emboldened Barrick Mining Corp. to announce plans in late 2025 to explore a spin-out of its North American assets as a standalone public company, a move that would create additional liquidity access and drive a valuation re-rating for its portfolio of gold production focused on lower-risk jurisdictions and tier-one assets.
Beyond Zijin’s headline IPO, precious metals companies demonstrated exceptional breadth in capital-raising activity throughout the year. Mid-cap and junior precious metals companies executed strategic equity raises to fund project advancement, accelerate development timelines, and strengthen balance sheets for opportunistic M&A positioning.
Perpetua Resources Corp. (NASDAQ:PPTA) raised over $800 million in equity capital across multiple tranches, including a $255 million strategic investment from Agnico Eagle Mines Ltd. (TSX:AEM) and JPMorgan Chase & Co. (NYSE:JPM) in October to advance its Stibnite Gold project. Hycroft Mining Corp. (NASDAQ:HYMC) raised ~$235 million to prepay and eliminate $136M in debt and advance exploration at its Nevada mine. Osisko Development Corp. (TSXV:ODV) raised ~$240 million for the Cariboo Gold Project in British Columbia. Asante Gold Corp. (TSX:ASE) raised ~$285 million for its Bibiani and Chirano mines in Ghana, and Vizsla Silver Corp. (TSX:VZLA) deployed ~$300 million to advance the Panuco Project in Mexico.
Market Overview
In base metals, copper anchored the complex's stellar 2025 performance, surging ~44% to mark its strongest annual return since the 2008 financial crisis. Base metals mining consolidation surged to dominate the broader mining M&A landscape. The sector captured $45.7 billion in total M&A value, a 214% increase from 2024's $14.5 billion total and the highest base metals M&A value since 2011.
Capital-raising activity across the development spectrum was remarkably strong throughout 2025. The sector benefited from robust investor demand for exposure to energy transition metals, with companies executing strategic equity raises to fund both organic development initiatives and position balance sheets for opportunistic M&A. Base metal miners and developers cumulatively raised ~$5.7 billion in 2025, a bump up from the $5.4 billion in 2024, representing a fourth consecutive year of growth.
M&A Insights
The headline transaction for the year was the Anglo American PLC (LON:AAL) and Teck Resources Ltd. (TSX:TECK.B) merger-of-equals deal, which valued Teck at ~$23.5B when announced in September 2025. It exemplified the overall strategic imperative to achieve scale in copper production amongst the large-cap miners. This all-stock merger would create a top‑five global copper producer with a deep pipeline of brownfield and greenfield growth projects across the Americas and Africa.
Beneath this flagship merger, the mid-tier was active. The DPM Metals Inc. (TSX:DPM) acquisition of Adriatic Metals PLC (ASX:ADT) leveraged DPM's strong balance sheet to secure the high‑grade Vareš silver‑zinc‑lead mine, adding a long‑life asset with immediate free cash flow and near‑term production growth in a tier‑one European jurisdiction. Similarly, Harmony Gold Mining Co.'s (JSE:HAR) $1 billion purchase of MAC Copper Ltd. (ASX:MAC) continues to diversify its portfolio beyond gold by acquiring the high‑grade CSA copper mine in Australia.
Harmony’s Gold’s purchase of MAC Copper also underscores a longer-term trend where acquirers within the Australian market pay stronger premiums for base metal assets. Its acquisition of MAC Copper valued the company at 1.26x P/NAV, compared to the 1.22x P/NAV valuation Anglo American PLC proposed for Teck Resources. These were the highest valuations we have observed since BHP group Ltd. (ASX:BHP) acquired Oz Minerals for 1.5x P/NAV, announced in 2022.
Beyond these mid-tier consolidations, Chinese and Japanese strategic buyers also pursued global copper optionality through targeted deals. China Minmetals Group Co. (Private), Jiangxi Copper Company (HKEX:358), and Baiyin Nonferrous Group Co Ltd. (SSE:601212) each expanded their pipelines by adding the Khushuut copper-gold project, Cascabel copper-gold project, and the Serrote copper mine to their respective portfolios. Mitsubishi Corp. (TSE:8058) agreed to acquire a 30% joint-venture interest in the Hudbay Minerals Inc. (TSX:HBM) Copper World project in Arizona for $600 million, including $420 million of equity and a $180 million matched development contribution, securing critical offtake in a U.S. jurisdiction.
Looking ahead, the transformative Anglo Teck merger is tracking toward completion within 12 to 18 months of its September 2025 announcement. The firms have since secured Canadian regulatory approval in December 2025.
This landmark combination has re-rated the strategic value of scale, catalyzing renewed consolidation dialogue across the sector as reports of ‘GlenTinto’ (a merger of mining giants Rio Tinto Ltd (ASX:RIO) and Glencore PLC (LON:GLEN)) have resurfaced to start 2026. While definitive offer terms have not been made available, both companies have confirmed they have been engaged in discussion. Below we rank the largest global copper producers, if both mega-mergers were successfully complete, based on forecasted 2026 production.
Note: Production figures represent consolidated output (100% basis for operated or controlled assets) and do not account for equity ownership percentages, minority interests, or joint venture adjustments. Figures for non-operated joint ventures are included on an equity-share basis where applicable by company reporting standards.
1. Forecasted copper production figures for these pro-forma entities represent the combined consensus forecast values for each company pre-merger.
2. Forecasted copper production figures for these entities represent the mid-point of 2026 guidance figures, due to unavailable consensus values.
Equity Capital Market Insights
Base metals issuers raised $3.9 billion across 50 transactions >$25M in 2025, but the headline figure belies a structural shift in capital formation: the emergence of sovereign wealth funds and state-backed entities as anchors for critical mineral development. While traditional deal value moderated 33% year-over-year, transaction volume rose 52%, driven by strong mid-market activity.
The year’s marquee transaction was Ivanhoe Mines Ltd.’s (TSX:IVN) September agreement with the Qatar Investment Authority (QIA). QIA invested $500 million for a ~4% stake in Ivanhoe, gaining exposure to its tier-one African portfolio. The signing of a concurrent collaboration memorandum of understanding signaled a shift from simple ownership to active, long-term alliances.
Similarly, Foran Mining Corp.’s (TSX:FOM) $252 million financing for McIlvenna Bay illustrated how government vehicles can catalyze private capital. Canada Growth Fund led the round (~$112 million), joined by Agnico Eagle Mines (~$60 million) and Fairfax Financial Holdings Ltd. (TSX:FFH) (~$54 million), creating a blueprint for combining state strategic interests with private sector investment.
Looking ahead, for precious metals the current market environment signals a continued divergence. Major producers will likely leverage their record free cash flow to acquire development-stage ounces in investor-friendly jurisdictions, while mid-tier gold miners consolidate to achieve relevance in an increasingly generalist-dominated market. Inevitably, this drive for scale will yield to a phase of portfolio rationalization, as producers divest non-core assets to refine their newly expanded footprints. Spin-off strategies and equity financings of targeted asset acquisitions are expected to support equity capital market activity levels.
Meanwhile, the base metals sector faces an intensifying race for scale, critical mineral access, and strategic partnerships. Pending mega-mergers are reshaping the competitive landscape, while the emergence of government-backed investment is catalyzing capital flows. With permitting timelines lengthening and capital costs remaining elevated, the premium on existing, high-quality production likely will persist.
This dynamic favors M&A over greenfield construction, suggesting the 2025 consolidation wave is far from reaching its peak. Regional supply chain risks should continue to unlock sovereign wealth funding for the sector that align critical mineral projects with national strategic interests. Meanwhile major industrial end-users are increasingly likely to pursue vertical integration to secure their own upstream supply chains.
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All monetary references are in USD, converted from CAD source data.
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