David Erfle, Founder and Editor of JuniorMinerJunky.com, joins Kitco Mining’s Paul Harris to break down what the latest deals and feasibility studies are revealing about the mining cycle.

Erfle says better-funded juniors are under less pressure to sell early, while major producers are becoming more disciplined about how they pursue M&A. He points to Agnico Eagle’s strategy of taking strategic stakes before committing to full acquisitions and weighs Artemis Gold’s acquisition of Vista Gold, which he says some investors view as “more of a take under than a takeover.”

He also argues that the bar for project economics has moved higher. At $3,500 gold, Erfle says a 30% to 35% IRR may now look marginal, while “50% and higher” is what he would expect from a strong project. Liberty Gold’s Black Pine stood out to him, with a 69.4% after-tax IRR at the $3,500 gold sensitivity case and $411 million initial CapEx.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

01:38 - Why Mining M&A Is Still Quiet
03:00 - Artemis Gold Buys Vista Gold
06:46 - Luca Mining Expands With Cosamin
09:44 - Agnico’s Strategic Investment Strategy
13:23 - Ivanhoe Electric’s Santa Cruz Feasibility Study
15:44 - Which Mining Studies Stand Out?
17:53 - Elemental Royalty’s Latest Deal
19:42 - Why Liberty Gold Stood Out

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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

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.