M&A behaviour across the cycle

Where are we in the mining cycle? That’s the question we look to answer today. 

Hedley Widdup joins us to discuss his views on the current mining boom, which is slowly revealing itself, as well as a raft of other topics, including: 

• Whether juniors or producers are next to run 

• The buy vs build debate 

• What the IPO market is telling us  

• How the majors can reinvent themselves 

We hope you enjoy the yarn! 

Stocks covered: GBR, STN, BTR, AZY, MM8, RMS, BHP, RIO, ALL.L, TECK.TO 

This was recorded on 29.11.2025.   

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TIMESTAMPS  

(0:00) Intro & Gold Price Overview

(1:10) Central Banks & Gold Buying

(6:00) Gold Bull Markets History

(13:20) Supply, Demand & Production Trends

(21:00) Investor Demand & Gold Price Drivers

(26:10) US Dollar & Global Currencies

(33:40) Mining Boom & Market Cycles

(44:50) IPO Trends & Market Liquidity

(54:10) Portfolio Companies & Final Thoughts

(1:05:00) Outro & Thanks

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