10:39 AM EDT, 09/18/2025 (MT Newswires) -- National Bank of Canada Wednesday outlined key takeaways from the Mining Forum Americas Conference in Colorado Springs from Sept. 14-17.

Key themes of the event included the supportive gold price environment driven by declining interest rates, persistent inflation, a declining U.S. dollar, central bank buying and increased adoption of stablecoins backed by precious metals.

The bank said the sector also benefited from an influx of generalist investors given the recent run in gold prices. Achieving operating targets in the near term are imperative to show stability and discipline throughout the sector, the bank said.

During the event, many producers also highlighted cost control and maintaining discipline to preserve margins. Senior producers touted strong free cash flow generation that supports shareholder returns.

National Bank said producers remain well-positioned to outperform royalty companies, noting that at the current stage of the cycle, greater leverage to commodity prices is likely preferred by investors.

As for M&A, National Bank said senior producers seem content to focus on existing portfolios and organic growth for now, leaving mergers of equals among intermediate players or smaller tuck-in acquisitions as the prevailing trend.

The bank cited the merger between DPM Metals ( DPMLF ) and Adriatic Metals, as well as Pan American Silver's ( PAAS ) deal for MAG Silver (MAG.TO) and Equinox Gold's ( EQX ) deal for Calibre Mining (CXB.TO).

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