Mining M&A is picking up, with Eldorado (ELD) announcing its $3.8B acquisition of Foran (FOM) - a deal that increases its exposure to Canadian copper…

… and comes at an interesting time, with both companies bringing cornerstone assets to commercial production in H2’26. So, near-term execution risk - but serious financial upside if they can stick the landing…

… which could drive the re-rate management is looking for.