CRDNF - Gold Miners M&A Valuations: Q3 2020

• While M&A activity has slowed down since the first half of 2020, we've seen a massive deal this week with the planned merger of Northern Star and Saracen in Australia.
• Fortunately, for investors, the price paid per ounce has continued to trend up over the past few deals and is now beginning to factor in higher gold prices.
• The one exception is Tier-3 jurisdiction explorers, and high-cost gold producers, which continue to see a price paid per ounce well below the industry average.
• This article examines the price paid per ounce by suitors in deals year-to-date months to better inform the maximum valuation investors should be paying for companies when investing.

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