Video News/PDAC 2026

Mining consolidation is still in its early stages, according to Rick Rule, President and CEO of Rule Investment Media. Speaking with Kitco News at PDAC 2026 on March 02, 2026, Rule said, “M&A is going to be a big theme the next five years. People say it's heated up, but it has nowhere near run its course.” He argued that single-asset producers remain vulnerable to takeovers and that royalty and streaming companies could also see further consolidation as valuation gaps close. Rule also discussed his recent decision to sell physical silver after a major rally, stating, “I bought silver some years ago because it was hated,” adding, “I was wrong. It quadrupled.” He said he redeployed capital into silver stocks and expects the next phase of opportunity to come from discoveries, noting, “We’re coming into a very, very, very exciting period throughout the value chain and mining,” and that when a real deposit is found, “it will be bought for eye-popping multiples.”