Mining M&A Set for Major Expansion as Valuations Recover | Elian Terner

Mining M&A and financing activity continue to accelerate, according to Elian Terner, Managing Director and Head of Global Mining and Metals Investment Banking at National Bank Capital Markets. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Terner said, “This year was a record year for us” as developer financing reopened, generalist investors returned to the sector, and large-cap consolidation gained momentum. He said higher commodity prices, stronger institutional engagement and improved liquidity have all contributed to a more active environment across gold, silver and copper.

Terner added that valuations have recovered enough to support a more constructive M&A cycle. Most of this year’s equity activity has come from developers, which he sees as a sign of renewed risk appetite and a healthier pipeline of growth-stage stories. He also pointed to increased developer M&A, including competitive processes around emerging companies, and expects that trend to continue as the cycle strengthens in 2026.

In this interview, Elian Terner also discusses:
 • The evolution and global expansion of the NBF Mining Conference
 • Why generalist investors are returning to gold and copper
 • Major 2025 M&A deals, including New Gold and Pan American
 • The rising importance of dividends and shareholder returns

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https://youtu.be/Zaj1eAh80mU?si=TqZhxW3YI73xNLMk

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.