Reprinted from the Katusa’s Investment Insights newsletter

I’ve been warning you about this for months, and now it’s finally happening. The feeding frenzy we predicted just erupted. Over $1 billion in gold acquisitions announced in a single week. Premium takeovers surging as high as 71% above market price.

Both companies were published in my premium research letter at much lower prices – Katusa’s Resource Opportunities. (Full disclosure: My only regret is not holding them for longer for a bigger gain). But as I learned long ago, you can never lose by locking in a profit.

What I expect next is the most aggressive buying of top-tier assets in my 20+ years covering the sector.

Gold-miner margins are at record highs. And it’s inevitable that bigger producers will buy out quality gold assets at an accelerating pace. And they’re not waiting for your permission. As one corporate insider just told me, “When everyone realizes what’s happening, the best assets will already be gone.”

More importantly, gold is not viewed as a critical metal in Canada, so there shouldn’t be any government restrictions on the sales. Further proof, the Bank of Canada sold all its gold almost a decade ago, so the government of Canada shouldn’t have a say regardless from their own actions.

Why this matters now

With gold hovering above $3,300 per ounce, the acquisition math has fundamentally changed. Projects that struggled at $1,600 gold now generate extraordinary margins. And gold majors are on a buying spree.

Triple Flag just announced they’re buying Orogen Royalties for $303.8 million. I first wrote about Orogen at $0.61 per share. Triple Flag is paying $1.44 per share – a 38% premium to market and a 135% gain from our original entry point.

Why such a rich premium? Simple: Orogen’s 1% royalty on AngloGold Ashanti’s Expanded Silicon project in Nevada. With 16+ million ounces (and growing), it’s the largest new gold discovery in the United States in over a decade. It’s a world-class deposit, but only miners would come up with a name like “Expanded Silicon”. Ugh.

That’s not all. China’s CMOC announced they’re acquiring Lumina Gold for $419.3 million. That deal happened at a 71% premium to Lumina’s 20-day average price. After 10+ years developing the Cangrejos project from nothing into one of the largest gold projects globally, Lumina’s management team cashed in big. And they’re not alone.

Let me be crystal clear: This is exactly what the beginning of a sector-wide consolidation wave looks like.

With gold holding strong above $3,400, the economics of these projects are simply too compelling for major players to ignore. The math has fundamentally changed. Projects that barely made sense at $1,800 gold now generate cash flow that makes corporate treasuries salivate. And they’re not waiting around for prices to drop.

I’m seeing very specific patterns in these acquisitions:

• Premium valuations (38-71% above market price)
• District-scale assets with significant exploration upside
• Safe jurisdictions (Nevada, Ecuador)
• All-cash deals with no financing contingencies

Meanwhile, the mainstream financial media remains fixated on a handful of tech stocks while completely missing the wealth creation happening right now in the gold sector.

The NASDAQ-to-gold ratio is falling fast, a clear sign that money is moving out of tech and into gold.
A falling ratio shows money rotating out of tech and into gold — a classic signal of sector reversal and defensive positioning.

Every acquisition removes another potential target from the board. That’s why I’ve spent the last two months analyzing which gold companies match the exact acquisition criteria we’re seeing in these deals.

Each controls district-scale assets in safe jurisdictions with strong economics at current gold prices. More importantly, they check all the boxes that major acquirers are looking for right now.

Is gold $3,400 too late to get in?

Money is pushing the majors to all-time highs right now. The next flow of capital will hit the midcaps (already starting) and then the permitted developers. And near the end, the small caps and juniors could surge.

If you’re serious about positioning yourself for what’s coming next in this gold bull market, the research I’m putting together in Katusa’s Resource Opportunities is essential reading.

The window for asymmetric returns is closing fast. These are the types of markets where many stocks still trade near their lows – and the slightest bit of buying can move them 100%-300% quick. It’s high-risk investing and speculation, and certainly not for anyone risk-averse.

The moves are clear: Billions in acquisition capital are now hunting a shrinking pool of quality assets. This is a fundamental recalibration of asset values driven by sustained higher gold prices and diminishing discovery rates.

Who’s next?

I think I have a pretty good idea. And you can unlock the full takeover target list now. In fact, I have personally purchased over $1 million worth in the open market at the same price as I stated in my KRO newsletter.

I will be doing a full update on the company with a detailed analysis on why I think this company is taken out in 2025 at a significant premium to what it currently trades at in the open market.