Gold has passed yet another milestone in one of its best years in decades. The yellow metal has exceeded $4,200 per ounce on the spot market on Wednesday morning. At these levels, it is unsurprising to see merger and acquisition activity accelerating.

Institutional expectations for rally continuation remain positive, as seen in the latest Bank of America (BofA) note.

“Looking into 2026, a 14% increase in investment demand, similar to what we’ve seen this year, could lift gold to $5,000, “BofA Research said. The bank cited robust investment demand and structural supply constraints, although noting short-term correction risks.

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Despite institutions willing to be creditors for hefty gold capex in this market, seasoned executives find opportunities beyond such expenses. On Tuesday, McEwen Inc. (NYSE:MUX) announced the acquisition of Canadian Gold Corp (OTC:STRRF), the owner of the past-producing Tartan Lake mine in Manitoba. McEwen has had a great year so far, with stock rallying over 160%.

With this acquisition, the firm adds a quality asset in its backyard, while avoiding the heavy capex burden of a greenfield build. The offer, at 0.60 Canadian dollar per share, represents a 96.7% premium to the latest close price.

Canadian Gold shareholders will receive 0.0225 McEwen shares per share held, resulting in McEwen shareholders holding 92% of the combined entity. The court-approved plan of arrangement should close in early 2026.

Meanwhile, New York-based Flagship Gold Corp has signed a partnership with Mali’s state-owned miner. The firm is targeting Morila mine, once one of the continent’s premier producers under Barrick (NYSE:B) and AngloGold Ashanti (NYSE:AU). 

Despite resource depletion, Morila still holds at least 2.5 million ounces in reserves. Following Firefinch’s exit in 2022, the mine came under state control.

The agreement, Mali’s first under its 2023 mining code, comes at heightened geopolitical risk and tighter state control. Bamako remains entitled to up to 30% stakes in the new project. Still, with existing infrastructure and at record prices, Flagship has a potential high-reward entry point into one of Africa’s richest resource belts.

Africa’s resources remain lucrative to China’s ambitions as well. Chengtun Mining Group has struck a 261 million Canadian dollar ($185 million) all-cash deal to acquire Loncor Gold (OTC:LONCF). The acquisition gives the firm control of the Imbo project and Adumbi deposit in the Democratic Republic of Congo. Situated in the Ngayu greenstone belt, these assets have nearly 4 million ounces.

Loncor shareholders – including Resolute Mining, which holds 18% – have backed the transaction. The deal is expected to close in early 2026.

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