BMO: Gold Sector Insight from Brian Quast

Senior producers rely on acquisitions to sustain growth in the gold mining industry

As gold continues to hold investor attention in 2025, Brian Quast, Director and Gold Analyst at BMO, offers perspective on how major players in the gold mining sector are adapting. In a conversation with BTV’s Taylor Thoen, Quast explains that growth in the senior producer space is increasingly fueled by acquisitions rather than grassroots exploration. Emerging producers are either maturing into seniors or becoming attractive targets for those looking to replenish growth pipelines.

Interestingly, Quast highlights a long-term trend: major gold companies have struggled with exploration over the past two decades. While they can fund and develop deposits, they often fall short in discovering them. This has led to a business model shift, where large producers monitor the junior space for promising assets and teams, rather than drilling their own new discoveries. For investors tracking consolidation trends or looking at the growth trajectory of junior gold miners, this insight helps explain the industry's current dynamics.

‍