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Brien Lundin - Gold Sector Rebound: Where’s The M&A, What Characteristics Actually Matter?

The KE Report Sep 18, 2026 24:35

Summary

Widely expected Fed rate hikes can mark gold bottoms: shorts exit once the hike is a fait accompli, echoing the December 2015 low.

Rising bond yields now signal repayment risk, not opportunity, an environment where both rate paths, hiking or cutting, ultimately support gold.

M&A is slow because majors hoard cash and buy 9.9 to 19.9 percent strategic stakes instead, gaining optionality without paying full takeover premiums.

Juniors now flatten the Lassonde Curve (the value dip during lengthy development), advancing straight into small, high-margin production to fund exploration without dilution.

Premier takeover targets combine extraordinary economics, de-risked studies, and remaining exploration upside; featured names include 1911 Gold, Banyan, Delta, Gladiator, Luca, and Meridian.

Key points on Luca Mining

  • The guest says Luca Mining had a big acquisition announced the day of the interview, and that he loves the play and has bet on it.
  • The guest argues Javier and his team are busily trying to make the next mid-tier gold producer; the hosts expect the company on the show to detail the acquisition.

Key points on 1911 Gold

  • The guest says 1911 Gold has a big head start with infrastructure and is advancing.
  • The guest notes the stock had a big run that made his portfolio a lot of money, pulled back, and is now resurging.
  • The guest argues the company is just scratching the surface of its extended land position around the True North complex.

Key points on Banyan Gold Corp

  • The guest keeps coming back to Banyan, calling it the premier deposit in its area with every risk box being checked off one after another.
  • The guest expects Banyan to become the foundational project for a roll-up play in that area at some point.

Brien Lundin's takeaways

  • Top takeaway Argues the post-Fed rebound mirrors December 2015, when a widely expected rate hike marked gold's bottom as shorts exited.
  • Holds that rising bond yields reflect repayment risk, leaving gold supported whether the Fed hikes or is forced to cut.
  • Expects at most one more hike for credibility, saying extraordinary debt-service costs rule out a sustained hiking campaign.
  • Says majors are hoarding cash and preferring 9.9-19.9% strategic stakes over full takeouts, keeping sector M&A slow.
  • Argues juniors flatten the Lassonde curve by advancing straight into small-scale production, using cash flow to fund exploration without dilution.