Adshead-Bell Says M&A Wave Shifts to Gold Developers as Market Re-Rates the Sector

Nicole Adshead-Bell, Director at Cupel Advisory and a veteran in the mining finance world, joins Kitco Mining's Digging Deep to give an unfiltered assessment of what’s really happening beneath the surface of the current gold rush. After back-to-back meetings with key players and high-level panels, she shares her insider view: this isn’t a bubble yet—but the early signals are flashing green.

From institutional money doing its homework to M&A action moving down the food chain, Adshead-Bell breaks down what the smart money is watching right now. Boards are starting to chase scale, competition for assets is rising, and exploration budgets are expanding fast.

She sounds the alarm on high-premium deals and manufactured transactions, and points to true free cash flow as the ultimate valuation metric. Adshead-Bell also critiques the World Gold Council’s Elton John “Touched by Gold” campaign, calling for sharper PR strategies to reach younger, digitally native investors.

If you want a pulse check on where the metals sector is heading—and what signs to watch for before the next breakout—this is the conversation you don’t want to miss.

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