With the

price of gold

still trading at stratospheric levels,

Iamgold Corp.

was identified as a top candidate for takeover in 2026, a new TD Cowen survey says.

Nearly 20 per cent of respondents to TD’s survey of 58 institutional investors and mining executives, released on Feb. 10,  flagged Toronto-based Iamgold (IMG:TSX) as a leading target, followed by Artemis Gold Inc. (ARTG:TSX) at 11 per cent and Arizona Sonoran Copper Co. Inc. at seven per cent.

“There is strong alignment among respondents on M&A expectations with the majority expecting more corporate M&A activity in

gold, silver and copper

in 2026 versus 2025,” a note from analysts led by Derick Ma said.

Nearly 100 per cent of respondents expect more gold and silver M&A in 2026 compared with 2025, while just under 80 per cent of institutional investors said they expect M&A activity in the copper sector to increase. A slightly larger share of mining executives expect the same.

Gold miner M&As from last year include Coeur Mining Inc.’s acquisition of New Gold Inc. and the merger of Equinox Gold Corp. and Calibre Mining Corp.

Just last week,

Eldorado Gold Corp.

announced a deal to acquire Foran Mining Corp.

The majority of investors and executives are calling for spot gold prices to remain elevated for 2026.

Just under 45 per cent of mining executives, the largest share of C-suite respondents, think gold prices will range between US$5,501 and US$6,000, while 35 per cent of corporate investors called for gold to range between US$5,001 and US$5,500.

During the period the survey was conducted — Jan. 12 to 30 — the price of gold flirted with US$5,600 an ounce. Wednesday it was trading just above US$5,000.

In a further sign that investors have bought into the gold rush, nearly eight in 10 respondents said they were “overweight” gold compared with 2025 when half reported the same.

Many investors also indicated they are expecting excess cash to come their way this year as 44 per cent favoured capital returns to shareholders.

Nearly a third said they favoured capital being directed to production, while 19 per cent said it should be allocated to mergers and acquisitions.

Operational worries were identified as the biggest sector concern by 44 per cent of investors.

TD also found that investors underestimated inflation pressures, pegging them at three per cent to seven per cent. TD recently estimated it at approximately 15 per cent.

One of the biggest threats to a miner’s success can be the countries or country they operate in.

  • This TSX top gainer is up 56% this year, with even ‘more meaningful upside,’ analysts say
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Survey respondents named Mexico the most improved jurisdiction, overtaking Argentina. This occurred prior to the January abduction of 10 employees of Vizsla Silver Corp. (VZLA:TSX) in the Mexican state of Sinaloa. Three were

confirmed dead

, according to Mexican authorities.

Canadian miners with the most exposure to Mexico include Torex Gold Resources Inc., (TXG:TSX) at just under 100 per cent, First Majestic Silver Corp. (AG:TSX) at just over 90 per cent and Endeavour Silver Corp. (EDR:TSX) at just over 70 per cent.

• Email: gmvsuhanic@postmedia.com