Gold Miners Are Leaving Value on the Table in M&A | Warren Irwin

Warren Irwin, President & Chief Investment Officer of Rosseau Asset Management, joins Kitco Mining’s Paul Harris at the 2026 Precious Metals Summit in Beaver Creek to discuss gold’s long-term outlook, why mining equities continue to lag, and where stronger gold prices may be masking risk across the sector.

Irwin says it is “pretty easy to call 10,000 gold” over the long term as government spending and currency debasement continue, although he makes no prediction on timing. He argues gold equities remain dependent on fund flows and could benefit if capital eventually rotates away from crowded technology trades and back toward real assets, particularly if higher bond yields begin putting more pressure on the broader equity market.

But Irwin warns that a stronger gold price can also cover mistakes. He says a 30% project IRR is now close to the minimum he would accept given gold-price volatility, rising CapEx and operating costs, and cautions that every strong cycle produces mines that “should never be built.” On M&A, Irwin argues major miners often wait too long to acquire development projects, allowing juniors to capture much of the value created during construction while exposing buyers to greater build risk later.

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00:27 - Why Irwin Sees $10,000 Gold Long Term
02:25 - Why Gold Equities Still Lag
04:26 - Is a 30% IRR Still Good Enough?
07:38 - Rising Costs Can Break Project Economics
08:29 - Why Majors May Be Waiting Too Long to Buy
09:52 - Build Risk: Majors vs. Junior Developers
15:03 - Cash-Rich Miners and “Lazy Balance Sheets”
19:57 - How Irwin Would Build a Precious Metals Portfolio
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.