Gold M&A has already topped roughly US$7.9 billion across four major deals in 2026 — a clear signal that producers are paying up for scale, district control and safer jurisdictions.

The moves come after gold hit a record high above US$5,300/oz in January, before pulling back and stabilising near historically elevated levels.

And, importantly, as record prices keep margins strong and pressure high, capital is not just chasing more ounces, but ounces in jurisdictions producers can defend.

The deals

In May 2026, Equinox Gold agreed to acquire Orla Mining creating a North American gold producer with an estimated market value of US$5.13 billion (with the combined company is valued at about US$18.5bn) with forecast 2026 production of about 1.1 million ounces from mines across Canada, the US, Mexico and Nicaragua.

Three weeks earlier, Agnico Eagle moved to consolidate northern Finland’s Central Lapland Greenstone Belt, agreeing to acquire Rupert Resources for US$2.12 billion, Aurion Resources for about US$351 million, and B2Gold’s 70% stake in the Fingold joint venture for US$325 million, with potential annual production of around 500,000 ounces from the hub.

Date announced	Buyer	Target / asset	Value, US$	Strategic signal
May 2026	Equinox Gold	Orla Mining	~US$5.1bn	Creates an estimated US$18.5bn North American gold producer with expected 2026 output of ~1.1Moz, reinforcing the push for scale in safer jurisdictions. Reuters
Apr 2026	Agnico Eagle	Rupert Resources	~US$2.1bn	Consolidates the Ikkari project in Finland’s Central Lapland Greenstone Belt, extending Agnico’s district-control strategy around Kittila. Reuters
Apr 2026	Agnico Eagle	Aurion Resources	~US$350mn	Adds nearby ground and removes fragmented ownership in the same Finnish gold district. Reuters
Apr 2026	Agnico Eagle	B2Gold’s 70% Fingold JV stake	US$325mn	Gives Agnico full control of the Fingold asset when combined with Aurion’s 30% interest, simplifying ownership across the district. Reuters
Aug 2024	Gold Fields	Osisko Mining	~US$1.57bn	Moves Gold Fields deeper into Quebec through full control of the Windfall project, a direct signal that high-grade Canadian development assets remain strategic. Reuters
Sep 2024	AngloGold Ashanti	Centamin	~US$2.5bn	Adds Sukari, Egypt’s flagship gold mine, with a reported 36.7% premium, showing producers will pay for established production and long-life ounces. Reuters

The gold price has changed the boardroom math

The gold price move in 2025 reset the sector, but it was the shakeout in 2026 that helped turn price momentum into an M&A window: gold pulled back from record highs, stabilised at levels that still protected margins, to give buyers confidence to start paying for future ounces.

• the LBMA PM gold price set 53 new all-time highs in 2025, yielding an unprecedented value of US$555bn (+45% y/y)
• gold is still trading above US$4,500/oz, after surviving (for now) a near -10% one-day drawdown on January 30, the steepest since 1983
• the price is now supported by renewed investment demand and central bank buying, with 244 tonnes of net central bank purchases in Q1 2026, up 17% quarter-on-quarter and above the five-year average

The resiliance of the gold price is important because gold miners are now generating cash at levels that change acquisition behaviour.

At US$1,800/oz gold, the industry talks about discipline. At US$5,000/oz gold, the best assets become strategic: boards can return capital, fund growth and still pursue M&A.

Scarcity is the real driver

The challenge: the gold mining industry is producing more gold than ever, but not replacing it fast enough.

The World Gold Council  estimates mine production in 2025 at a record 3,672 tonnes, yet total annual gold supply rose only 1%. Recycling increased just 3% despite the sharp rise in price, showing that higher prices are not quickly unlocking enough new supply.

This dynamic creates a gold reserve replacement  problem, especially as large new discoveries are increasingly hard to find, slower to permit and more expensive to build.

• identified gold reserves total approx 59,000 tonnes worldwide, only about 20 years’ worth of mining at current production rates
• no major gold deposit (≥2 million ounces) was discovered worldwide in 2023 or 2024, after large gold miners’ reserves shrank approx 26% from 2012-2017

(see our recent newsletter: “Peak Gold”: Is the world running out of gold? Why explorers are critical as 2050 looms)

So, with tighter exploration pipelines and increasing pressure on ore grades, buying defined, high-grade ounces in established jurisdictions is often the fastest way for producers to replace reserves without taking on years of discovery, permitting and construction risk.

Jurisdiction matters

If we take a closer look at the recent M&A, it’s not just the numbers that stand out, but the location.

Equinox-Orla is about scale in North America; Agnico-Rupert-Aurion is about district control; Gold Fields’ 2024 acquisition of Osisko Mining gave it 100% of the Windfall project in Quebec; AngloGold Ashanti’s $2.5 billion Centamin deal added Sukari, one of the world’s major gold mines, in Egypt.

Barrick is also reportedly pursuing a US$3 billion buyback while also reviewing riskier African and non-controlling assets, with plans to progress a North American Barrick structure around key assets including Nevada Gold Mines and Pueblo Viejo.

The market is not rewarding ounces equally. It is rewarding ounces that can be permitted, financed, built and defended. 

Amex Exploration’s Perron Gold Project 

This is where projects such as AMEX Exploration Inc. (TSXV: AMX)‘s Perron Gold project in Canada’s Quebec province are positioned.

Perron’s latest project-wide resource stands at 1.615Moz measured and indicated at 6.14 g/t gold, plus 698koz inferred at 4.31 g/t gold, with the high-grade Champagne Zone hosting 831koz M&I at 16.20 g/t gold and 128koz inferred at 9.83 g/t gold.

Amex moves from PEA story to feasibility-stage development story.

The most important update is Amex’s April 2026 feasibility study for Phase 1 development at Perron, based on underground mining and toll milling of the high-grade Champagne Zone.

The company said Phase 1 would use a toll milling gold project  approach to reduce risk, lower capital intensity, simplify permitting and target revenue in 2028.

The feasibility study outlines a five-year, 1,100 ore tonnes per day contract mining and toll-milling operation in the Abitibi region. It estimates average annual production of 147,000 ounces of gold, all-in sustaining costs of US$910/oz, and an average diluted head grade of 12.0 g/t gold for 770,000 ounces recovered.

Initial capital is estimated at C$193.9 million, with C$68.1 million of revenue generated during pre-production that could offset some capital requirements. The feasibility study gives Perron an after-tax NPV of C$1.127 billion, after-tax IRR of 114.6%, and an after-tax payback period of 0.5 years, using a gold price assumption of US$3,500/oz.

Quebec jurisdiction

Perron is also located in the prolific Abitibi region of Quebec, Canada, one of the world’s most mining-friendly jurisdictions — with key infrastructure, skilled labour, and permitting advantages.

Perron is no longer just a high-grade exploration asset with an economic study. It now has a feasibility-stage Phase 1 plan built around near-term production, toll milling and high margins, all in a secure jurisdiction.

Why discipline still matters

Gold M&A is pro-cyclical. When prices rise fast, buyers can overpay, assume today’s margins will last and stretch balance sheets for assets that still require years of development. A higher gold price improves project economics, but it does not remove permitting risk, capex inflation, metallurgy risk, labour shortages or execution risk.

There is also no guarantee that every high-grade project in a strong jurisdiction attracts a bid. Buyers are still selective. They want defined ounces, but they also want scale, infrastructure, clean ownership, a credible development plan and a price they can defend to shareholders.

That means the M&A thesis is strongest where scarcity, grade and jurisdiction overlap.

Conclusion

Gold M&A is being driven by a simple problem: producers need ounces, but new quality ounces are hard to find.

That is why capital is moving toward advanced projects in safer jurisdictions. It is why Equinox is buying Orla. It is why Agnico is consolidating Finland. It is why North America matters.

Inventory is now everything.

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Q&A: Gold M&A

Why is gold M&A accelerating?

Because the math has changed. Record gold prices are keeping margins strong, while the reserve-replacement problem is getting harder to ignore. Producers can drill, build or buy. In this cycle, more are buying.

What are buyers looking for?

Not all ounces are equal. Capital is moving toward high-grade, defined resources in jurisdictions that can be permitted, financed, built and defended. The market is paying for scale, district control and lower execution risk.

Why does Quebec matter?

Jurisdiction is now part of the valuation. Quebec’s Abitibi region offers infrastructure, skilled labour, power, roads and regional processing capacity — exactly the kind of mining ecosystem that can make development assets easier to model and easier to own.

Where does Amex Exploration fit?

Perron already has the scale and grade buyers screen for: a high-grade Quebec resource, a feasibility-stage Phase 1 plan, toll-milling optionality and a stated path to revenue in 2028. In this market, that makes it more than an exploration story. It is potential inventory.

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