Video News/NBC London CEO Mining Conference 2025

National Bank Capital Markets Managing Director Elian Terner says the mining sector is entering a new phase of activity as stronger metal prices, growing generalist interest, and improved valuations drive both financing and consolidation. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Terner highlighted the shift toward developer-led financings and broader global participation in the sector. “Developers are getting replenished coffers to do their work,” he said, noting that equity markets have moved decisively toward higher-risk opportunities in 2025. Terner added that M&A momentum is building across the industry, supported by stronger balance sheets, higher gold and copper prices, and increased capital flows from institutional, generalist, and nontraditional investors. He pointed to rising activity from Middle Eastern groups and new entrants such as stablecoin companies, as well as the potential for more consolidation in 2026 as valuations normalize and the cycle continues to strengthen.