Q1 mining financing and M&A worth $43.8b

March-quarter global mining and metals financing topped US$22 billion, with more than 31% of equity, debt and stream funding activity focused on the gold sector, according to the latest Mining Beacon review of industry data.

Mining Beacon tracked 226 financing and merger and acquisition transactions worth $43.78 billion in the three months to March 31.

The total included 182 equity, debt and stream financings, and 44 corporate and asset-level acquisitions worth a reported $21.63 billion.

Q1 M&A activity included $10.6 billion (49%) of gold-focused deals and $8.77 billion (40.5%) of copper-heavy M&A.

Copper-focused transactions accounted for 7.4% of March-quarter financing, overshadowed by silver-co financings (21.4%, or $4.73 billion) and lithium backing (14%, or $3.01 billion).

Silver M&A ($142 million) and financing was dominated by BHP’s landmark $4.3 billion Antamina silver streaming deal with Wheaton Precious Metals. Outside of that, Mexico was the focus of $151.3 million of silver finance raised and $40 million of M&A; $79 million of silver financing was earmarked for US projects; and Canadian projects and companies were the focus of $109.7 million of financing and M&A.

As well as the lithium financing, $1.54 billion of which was aimed at US projects and $1.2 billion targeting Argentina, there was $391.5 million of M&A. Australian projects and companies were the focus of $295 million of that.

Rare earth deal levels continued to pick up in Q1, led by USA Rare Earth’s $1.6 billion US Government funding boost for its proposed Texas mine and Oklahoma magnet production venture. Elsewhere, the geographic focus of rare earth public financing and M&A in March-quarter announcements was Brazil ($665 million of financing) and Australia ($468 million of M&A/financing).

All up, seven RE transactions had a combined $2.51 billion value.

Nickel also drew $222 million of financing and $440 million of M&A, with the latter focused on assets in Indonesia and Canada.

Canadian uranium plays attracted 77.5% of the $194.5 million raised in that market segment in Q1.

Gold (still) shines brightest

Gold-related deals made up 40.1% ($17.56 billion) of overall global mining and metals financing and M&A in the first three months of 2026. That included 69 financings of $10 million or more, totalling $6.95 billion.

China’s Zijin Mining Group dominated the sector with $8.2 billion of financing and M&A – 46.7% of Q1 gold transaction value – and is an increasingly ascendent entity in the global mining and metals space. The circa-$125 billion company recently booked a $7.4 billion net attributable profit for 2025, up 62% year-on-year, on annual revenue of $49.7 billion.

In the March quarter Zijin Mining raised $1.5 billion of convertible bond finance for construction of the La Arena gold mine in Peru, agreed to outlay $2.65 billion for a controlling stake in Chifeng Jilong Gold Mining and made a $4.05 billion takeover bid for TSX-listed Allied Gold Corporation.

In terms of where gold-sector funding is being directed, 33.8% of total March-quarter transaction dollars were aimed at assets and/or companies in Canada, Australia and USA.

Canada accounted for $2.89 billion of the total; Australia $1.34 billion; and the US $842.5 million.

Follow the money

Nearly 60% (135) of Q1 mining and metals transactions directed investor-capital flows to Canada (13.45% of the $43.78 billion total), USA (12.85%) and Australia (8.82%).

Capital raised or deployed in the sector in the March quarter was aimed at 40 countries.

Peru, with 13.67% or $5.99 billion, got a sugar, or silver, hit from BHP’s landmark $4.3 billion Antamina silver streaming deal with Wheaton Precious Metals.

Other primary targets of capital flows announced in the quarter were:

• Brazil (4.51%)
• Argentina (2.97%)
• Chile (1.75%)
• Mexico (1.5%)

In February, London-based BMI forecast a rising global mining and metals M&A tide in 2026.

“We expect robust M&A momentum across the metals and mining sector to continue in 2026, fuelled by the accelerated race for critical minerals, with industry players prioritising opportunities that strengthen their exposure to minerals essential for the energy transition,” BMI commodities analyst Amelia Haines said.