M&A Heats Up in Copper and Gold: The Race for Junior Assets

Sponsored by: Canterra Minerals. Download the company’s latest investor overview.

Copper and gold M&A activity is tracking at its highest levels since 2018–2019, fueled by energy-transition demand and producer consolidation, potentially placing the 2016–2025 period on par with the last major mining cycle.

#Mining M&A Is Heating Up As Copper And Gold Demand Surges

Mining giants have been aggressively acquiring assets focused on copper and gold, signaling a strategic shift to secure future supply and scale up operations. Over the past few years, major transactions have ramped up, with 2025 already seeing over $60 billion in announced deals. For retail investors, this points to a powerful trend of consolidation that could affect valuations, dividend strategies, and long-term growth potential.

Source: Official Filings

#Why Mining M&A Is Important For Retail Investors

• May help surface undervalued mining stocks that could attract acquisition interest

• Reflects broader demand drivers for strategic metals like copper and gold

• Could impact supply chains and cost structures that shape margins

• Consolidation may lead to improved financial stability and dividend capacity

• Offers insight into which companies are positioning for long-term growth

#2025 Signals A Breakout Year For Mega Deals

Anglo American’s proposed $53 billion acquisition of Teck Resources is the largest mining deal announced in over a decade and marks a major bet on copper. With copper demand accelerating, driven by electrification, renewable infrastructure, and global grid upgrades, this move reflects where institutional capital may be placing its long-term confidence.

It is not an isolated move. Coeur Mining’s $7 billion offer for New Gold appears aimed at expanding its gold and copper exposure, while Northern Star’s $3.2 billion acquisition of De Grey Mining shows how larger producers may be willing to pay up to secure high-quality gold assets.

These headline deals are more than just scale plays. They can trigger sector-wide repricing, especially among smaller-cap names with attractive projects. As majors make moves, the market often begins scanning for the next likely targets.

For investors focused on early-stage growth, this wave of M&A could re-rate undervalued juniors and attract capital to exploration-stage names that had previously been overlooked.

#Copper Is Driving the Action

Copper-focused deals dominate the list, particularly from 2022 onward. Rio Tinto’s $3.2 billion acquisition of Turquoise Hill and BHP’s $6.4 billion deal for OZ Minerals were early signs. More recently, Lundin Mining has been methodically increasing its stake in Caserones, underscoring what may be a longer-term strategy to secure long-life, copper-rich assets.

This isn’t just thematic. Copper’s role in grid expansion, EVs, and decarbonization has moved it from cyclical metal to structural growth story. The supply side, meanwhile, remains constrained by permitting delays, rising costs, and grade deterioration.

This supply-demand imbalance may be creating a window for mid-cap producers and well-positioned juniors. For retail investors, copper names with scalable assets, solid jurisdictions, and upcoming catalysts could stand out. M&A in this environment may not just validate copper’s outlook, it could spotlight who might be next.

#Gold Consolidation is Still in Play

While copper headlines dominate, gold continues to see strategic consolidation. The $16.8 to $19 billion Newmont–Newcrest merger in 2023 followed Newmont’s $10 billion acquisition of Goldcorp in 2019 and Barrick’s all-share deal with Randgold in 2018.

These transactions appear focused on extending reserve life, enhancing margins, and tightening control over operating costs, particularly as new gold discoveries grow more expensive and harder to develop.

Investors may want to monitor how these mergers affect efficiencies, reserve profiles, and production visibility. Larger producers often gain access to capital and wider geographic exposure. As these companies scale, smaller players with strong balance sheets and high-grade assets could become attractive takeout candidates or benefit from speculative inflows.

Consolidation in gold seems less about market share and more about staying cost-competitive and flexible in a tight-margin business.

#What Retail Investors Should Watch Next

As capital continues moving into critical metals, the hunt for the next acquisition targets is underway. Companies with robust reserves, low-cost profiles, straightforward permitting, and projects in stable jurisdictions remain well-positioned.

All-share deals are another useful signal. They often indicate management’s belief in long-term value creation and willingness to tie their equity to the outcome.

This environment may give experienced retail investors an edge. High-conviction opportunities often appear before larger players act. For those tracking overlooked juniors or producers that check the right boxes, this could be the right time to refine your watchlist.

#Canterra Launches Drilling in Newfoundland Gold Belt

Canterra Minerals Corp. (TSX-V: CTM) (OTCQB: CTMCF) reported strong high-grade results from its 2025 drill program at the 100% owned Buchans Project in Central Newfoundland. Step-out holes are extending both length and grade beyond current limits, highlighting upside at the Lundberg deposit and nearby targets. It also announced that drilling is underway at its Wilding Gold Project in central Newfoundland, following the identification of new high-grade gold targets during its 2025 summer program, which returned samples up to 535 g/t Au.The Wilding Project extends 55 km along the same gold-bearing corridor that hosts Equinox Gold’s producing Valentine Mine, immediately adjacent to Canterra’s property.

Lundberg Resource Initial Drill Highlights Include:

• 7.73% CuEq over 4.45 metres (1.11% Cu, 11.38% Zn, 7.02% Pb, 125.5 g/t Ag & 1.24 g/t Au)

• 1.85% CuEq over 26.0 metres (0.84% Cu, 2.13% Zn, 1.30% Pb, 8.2 g/t Ag & 0.08 g/t Au), extending the Lundberg stockwork zone 80m beyond the current Lundberg Resource. At depth, the hole reached mineralization of 1.72% CuEq over 6m (0.28% Cu, 3.36% Zn, 1.55% Pb, 8.6 g/t Ag & 0.12 g/t Au)

• Two Level Zone mineralized footprint now expanded to approximately 200m x 50m

Read our clear Q&A on the results, covering what happened and why it matters.

Wilding Gold Project Highlights include:

• 1,200 m of large diameter (HQ) core drilling is planned across 15 drill holes.

• Drilling will target new areas of gold-bearing quartz veins along known structures that have not been tested by previous drilling.

• The targets have been defined by summer 2025 field work and prospecting results as well as targets derived from newly re-interpreted IP geophysics and historical work.

• The Company now believes the highest-grade gold lies in veins running parallel to earlier drill holes, revealing a new structural model for the project.

• Advanced imaging and detailed mapping, including new downhole camera surveys and drone-based photos, have refined Canterra’s understanding of the geology and strengthened confidence in its targets.

Read our Q&A on what’s being tested, why it matters, and what could come next.

Canterra’s position in this emerging district places it early in the exploration cycle, as Newfoundland experiences renewed interest driven by recent high-grade gold discoveries. With backing from known mineral investors Eric Sprott and Michael Gentile, Canterra Minerals is consolidating Newfoundland’s copper-gold potential.