Gold Rush 2.0: Billions in Mining Mergers Ignite North America's Next Boom

The market responded favorably to the Northern Superior acquisition, with shares of SUP surging more than 50% on the announcement and marking a gain of over 300% since May. On October 20, industry commentator Robert Sinn, who had identified Northern Superior as his top pick at the 2025 Beaver Creek conference, called the transaction a “fantastic outcome for shareholders.” He noted that investors wishing to maintain exposure to the Chibougamau Gold Camp could do so through the IAMGOLD shares they will receive upon closing. Sinn also praised the leadership team — CEO Simon Marcotte, Chairman Victor Cantore, and Director Michael Gentile — for delivering significant value through the deal.

FinancialContent noted on October 24 that the Northern Superior acquisition “is set to establish the ‘Nelligan Mining Complex’ in Quebec’s highly prospective Chibougamau district, immediately creating what is envisioned as Canada’s premier pre-production gold mining complex.”

Both transactions are expected to close in late 2025 or early 2026, pending shareholder, court, and regulatory approvals. IAMGOLD shareholders will own approximately 97% of the pro forma entity, with Northern Superior shareholders holding the remaining 3%. These moves significantly strengthen IAMGOLD’s development pipeline and affirm Québec’s rising profile as a hub for long-life, low-risk gold projects.

¹75.32% of IAMGOLD is held by Institutions. Of those, Van Eck Associates holds 6.66%, Donald Smith & Company holds 4.68%, and BlackRock Investment Management holds 4.07%. Management and Insiders hold 0.18%. The rest is retail.

As of November 12, 2025, IAMGOLD Corporation has an estimated free float of approximately 574.4 million shares and a market capitalization in the range of US$7.8 billion. The company’s 52‑week trading range spans from US$4.89 to US$14.67.

Fresnillo Enters Canada with CA$780 Million Probe Gold Acquisition

On October 31, Fresnillo Plc (FNLPF:OTCMKTS:FRES:LSE) , the world’s largest silver producer and one of Mexico’s leading gold miners, announced a definitive agreement to acquire Probe Gold Inc. (PRB:TSX) in an all-cash deal valued at CA$780 million. The transaction marks Fresnillo’s first entry into Canada and delivers a 39% premium to Probe’s last closing price, or 24% above its 30-day average as of October 30. [OWNERSHIP_CHART-689]

Under the terms of the agreement, Fresnillo will pay CA$3.65 per share, securing access to 10 million ounces of gold reserves, including 8 million ounces at Probe’s flagship Novador project in Québec’s prolific Val-d’Or Mining Camp. The acquisition also includes Probe’s early-stage Detour Gold Québec property, which Fresnillo identified as a potential long-term exploration asset.

The deal reflects a strategic expansion for Fresnillo, which has surged more than 250% in share value this year, driven by soaring precious metals prices. Gold rose above US$4,030 per ounce and silver touched US$49.04 per ounce as of the transaction date. Fresnillo shares rose 1.7% on the news.

Fresnillo CEO Octavio Alvídrez said the move aligns with the company’s disciplined M&A approach and focus on early-stage assets that complement its core operations. “Probe’s assets meaningfully strengthen our project pipeline,” he said, while affirming that Mexico remains central to the company’s long-term growth strategy.

Probe Gold CEO David Palmer noted that, after nearly a decade of advancing Novador, the timing was right to transition the project to a company with permitting and construction expertise. Novador is expected to produce more than 200,000 ounces of gold per year for over a decade.

According to MINING.com, the transaction gives Fresnillo an immediate foothold in Canada’s premier gold mining jurisdiction. The addition of Novador enhances the company’s long-term production profile while diversifying its geographic exposure beyond Latin America. All Probe directors, officers, and 12% shareholder Eldorado Gold Corp. (ELD:TSX; EGO:NYSE) have agreed to support the deal, which is subject to regulatory and shareholder approvals. Completion is expected in early 2026.

¹Approximately 75% of Fresnillo plc is held by Industrias Peñoles S.A.B. de C.V., its parent company. 15.79% of the company is held by institutional investors, including firms such as BlackRock and Capital Group. Insider ownership accounts for less than 1%, with the remainder held by retail investors.

As of November 12, 2025, Fresnillo plc has an estimated 736.9 million shares outstanding and a market capitalization of approximately US$22.7 billion. The company’s 52-week trading range spans from US$7.65 to US$35.97.

Additional Notable Moves in the Sector

Beyond Coeur, IAMGOLD, and Fresnillo, other heavyweights have joined the wave of consolidation sweeping the mining space. On the copper front, Anglo American Plc (AAUK:OTCQX; AAL:LSE) and Teck Resources Ltd. (TECK:TSX; TECK:NYSE) announced a proposed US$53 billion merger to create Anglo Teck, a global copper powerhouse. The combined entity would rank among the world’s top five copper producers, anchored by Teck’s Quebrada Blanca project in Chile. The deal, currently under regulatory review, is expected to generate up to US$1.4 billion in synergies while strengthening both companies’ exposure to the clean energy transition.

Meanwhile, gold-focused producers have also made bold moves. AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) completed its acquisition of Augusta Gold Corp. (G:TSX.V: AUGG:OTCQB), adding the Bullfrog project in Nevada to its portfolio and reinforcing its commitment to U.S.-based growth. Torex Gold Resources Inc. (TXG:TSX) finalized its takeover of Prime Mining Corp. (PRYM:TSX.V), bringing the advanced-stage Los Reyes gold-silver project in Sinaloa, Mexico into the fold. With 1.5Moz of gold and 54Moz of silver in Indicated Resources and exploration upside to come Los Reyes positions Torex for long-term development beyond its flagship Morelos complex.

In the royalty and streaming space, Royal Gold Inc. (RGLD:NASDAQ) completed dual acquisitions of Sandstorm Gold Ltd. (SSL:TSX; SAND:NYSE.MKT) and Horizon Copper, dramatically increasing its scale and diversification. The deals added a suite of high-quality assets across gold, silver, and copper while preserving Royal Gold’s historically disciplined financial profile. CEO Bill Heissenbuttel said the transactions firmly position the company as a leading North American streaming and royalty firm with “a global portfolio of precious metals interests that is unmatched in terms of diversification, development and organic growth potential.”

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