Gold Developers Could Be the Mining Sector’s Next Takeover Targets
Joe Mazumdar explains why advanced projects with permits, strong metallurgy and realistic capital requirements could attract the next wave of acquisitions.
Free 17-minute YouTube Interview
Talking with Joe Mazumdar is always fun because he approaches mining companies as a geologist - not a promoter.
Joe studies geology, metallurgy, engineering, permitting, jurisdiction and project economics to determine whether a deposit can realistically become a profitable mine. That perspective has helped him identify opportunities before they become obvious to the broader market.
During our conversation at the Rule Symposium 2026, we discussed gold, silver, copper and nickel, along with takeover potential, permitting risk and the importance of understanding what strategic buyers actually want.
Let’s dive in.
Gold Developers Could Become the Next Takeover Wave
Most recent mining mergers and acquisitions have focused on producing assets. Producers offer immediate cash flow and allow buyers to avoid permitting, construction and financing risk.
Joe believes that opportunity set is becoming increasingly limited.
“With gold, we’ve seen more M&A, but most of the M&A has been in production. So, what I’m looking for is more M&A on the development plays.” ~ Joe Mazumdar
The next wave of acquisitions could therefore move toward advanced development projects.
Joe looks for deposits that can realistically be permitted, use sensible mining methods, deliver credible metallurgical recoveries and be built without excessive capital requirements.
He is not necessarily searching for the largest deposit. Joe said a project containing roughly three to five million ounces may be large enough to matter to an intermediate producer while remaining manageable enough to finance and construct.
Development-stage companies can also trade at significant discounts because investors assign heavy risk to permitting, financing, labor and construction. A larger producer may be able to absorb those risks more easily, creating an opportunity to acquire the project before it enters production.
Silver: Joe is Looking Outside of Mexico
Silver is often misunderstood because much of the world’s production comes as a byproduct of copper, lead or zinc mining. That makes truly silver-dominant projects difficult to find.
Joe prefers projects where silver represents a meaningful portion of the economics rather than deposits promoted using silver-equivalent figures that are mostly based on lead or zinc.
Although Mexico remains an important silver-producing jurisdiction, Joe pointed to security concerns, permitting uncertainty, concentrate transportation risks and limited grassroots exploration. Instead, he searches for advanced silver projects outside Mexico.
That dramatically reduces the number of available opportunities, but it also helps eliminate risks that can delay a project for years (GoGold comes to mind).
Copper Investing Means Thinking Like the Buyer
Joe’s copper strategy begins with a simple question: “Who would want to own this project?”
He discussed Arizona Sonoran as an example. The company’s project offered domestic copper cathode production, an open pit mine plan and favorable permitting conditions on private land.
It also fit naturally with Hudbay’s existing presence in Arizona.
Joe had a clearer view of the potential buyer because Hudbay already had a strategic investment in the company. The eventual acquisition was not based only on the size of the resource. It was based on strategic fit.
Nickel’s Opportunity May Be in Processing
Nickel has been deeply out of favor, but Joe believes conditions may be beginning to turn as production is curtailed and Indonesia reassesses some of the environmental impact associated with laterite mining.
His interest is not limited to new nickel mines. Joe is also studying companies that can process scrap material into products such as nickel sulfate, copper cathode and silver powder. He like the bet because battery and industrial manufacturers need refined materials - not simply ore in the ground.
A processor capable of converting existing scrap into usable nickel sulfate may play an important role in the critical-minerals supply chain without needing to develop a traditional mine.
Final Word
I always enjoy talking with Joe because he brings a geologist’s perspective to every investment. He is also our Geologist in the Rule Classroom, where his monthly presentations help us better understand what is really happening beneath the ground.
I remember asking him about a project once, and his response was essentially, “That place is in the middle of nowhere. Don’t waste your time.”
That is Joe. He is frank, direct and willing to say when something does not make sense. He does not rely only on company presentations or technical reports. When he has questions that cannot be answered on paper, he visits the project and walks the site himself.
Having someone who worked in the mining industry - and now spends all his time evaluating these projects - is a real asset in the Classroom and to us here.
Coming up …
In the Premium interview, Joe gives his candid assessment of seven companies from the Symposium that he follows or has owned, highlighting both the catalysts that could create value and the risks that could prevent them from succeeding.
Banyan Gold, Mundoro Capital, Aldebaran Resources, Orogen Royalties, Bravo Mining, New Found Gold, and Meteoric Resources.
We also explore opportunities in the Yukon and what Joe thinks of Argentina as a jurisdiction.
Watch the Premium Episode with Joe Mazumdar Here
Thank you for being here. My team and I are grateful for your support. Have a wonderful day and happy trading!
-Steve Barton and Team
DISCLAIMER:
I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These newsletters are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet come with the risk that your capital could go to zero.