M&A Supercycle Continues

OceanaGold announced acquisition of Ausgold for ~$549M. Other deals: Allied Gold/Zijin, G Mining/G2, Orla/Equinox, Evolution/Carnaby, Fortuna/Bambadji. Northern Star/Elliott activist engagement. New: Founders to buy 30% of Antino, with Gold Fields taking a 19.9% strategic stake at C$5.44 — a strong validation for junior developers. Consolidation theme strong across the sector.