Scale, Quality and the Premium Multiple

What does it take to create billions in value – and reshape an industry? In this episode, industry veteran Mick McMullen shares lessons from the front lines of major deals and corporate strategy, with insights from his roles at Stillwater, Detour, and MAC Copper. With more than $10B in transactions under his belt, Mick discusses what drives successful mergers, what makes copper a battleground for value, and why some deals get done while others stall. We also get candid about shareholder activism – the art of pushing for change inside miner’s – and dig into the week’s biggest stories: Palliser urging Rio to bid for Teck Coeur’s “top of the market” move for New Gold Fresnillo’s cash play for Probe Gold This was recorded on 6.11.2025.

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TIMESTAMPS  

(00:00) Gold's Greatest Irony (0:00) - Introduction & Guest Background
(2:10) - Activist Investing & Shareholder Value
(7:10) - Building and Selling Mac Copper
(13:20) - Cap Structure & Operational Challenges
(18:10) - Harmony Acquisition & Deal Process
(22:50) - Reflections on Missed Deals & M&A
(29:30) - Synergies, Cobar, and Regional Assets
(36:40) - Fast Turnarounds & Notable Transactions
(43:50) - Activist Campaigns & Board Dynamics
(50:30) - Capital, Private Equity, & US Mining
(56:40) - Industry Trends, Commodities, and Final Thoughts
(1:02:00) - Book Recommendations & Episode Wrap-Up

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