Analyst Articles

Elemental Altus Royalties Corp. (TSXV: ELE | OTCQX: ELEMF) has signed a definitive agreement to acquire EMX Royalty Corp. (TSXV: EMX | NYSE American: EMX) in an all-share transaction valued at US$456 million. The Elemental EMX merger is expected to close in Q4/2025, subject to shareholder, court, and regulatory approvals. The combined company will operate as Elemental Royalty Corp., holding 16 producing royalties and more than 200 assets globally. Management expects the Elemental EMX merger to support approximately US$80 million in adjusted revenue by 2026. [more]

Desjardins Group has agreed to acquire Guardian Capital Group in an all-cash transaction valued at approximately $1.67 billion. The transaction follows Desjardins’ earlier acquisition of Guardian’s Worldsource businesses and will result in the combined organization managing roughly $280 billion in client assets. Guardian shareholders will receive $68.00 per share, representing a significant premium to recent trading levels. The transaction has been unanimously approved by both boards and is expected to close in the first half of 2026, subject to customary approvals. [more]

Morgan Properties announced on August 21, 2025, that it will acquire Dream Residential REIT in an all-cash deal valued at US$354 million. The purchase price of $10.80 per unit represents a 60% premium to Dream’s February 19 closing price and 18% above the August 20 price. The transaction adds 3,300 units to Morgan’s portfolio. The deal reflects ongoing consolidation in the multifamily sector as REITs face valuation discounts. Dream’s board unanimously approved the agreement, citing value creation for unitholders. Completion is expected in late 2025, pending approvals. [more]

Palo Alto Networks (NASDAQ: PANW) has announced an agreement to acquire CyberArk Software (NASDAQ: CYBR) for approximately US$25 billion, marking its first entry into the identity security market. CyberArk shareholders will receive US$45 in cash and 2.2005 shares of Palo Alto Networks common stock, representing a 26% premium to the prior 10-day VWAP. The transaction implies an enterprise value of approximately US$24.6 billion, or 20.5x revenue, and is expected to be accretive to revenue growth and gross margin immediately, with free cash flow per share accretion projected in F2028. [more]

Torex Gold Resources has agreed to acquire Prime Mining in an all-share transaction valued at approximately $449 million. The transaction implies an enterprise value of roughly US$322 million and values Prime at about US$108 per gold equivalent ounce based on total Indicated and Inferred resources of approximately 3.0 million ounces. Prime shareholders will receive 0.060 Torex shares per share held and will own about 10.7 percent of Torex following closing. The acquisition adds the Los Reyes gold-silver project in Mexico to Torex’s development pipeline and increases its silver exposure. [more]

Royal Gold (NASDAQ: RGLD) will acquire Sandstorm Gold (TSX: SSL | NYSE: SAND) and Horizon Copper (TSXV: HCU) in transactions valued at approximately US$3.5 billion and $196 million, respectively. The deals are expected to close in late 2025 and will significantly expand Royal Gold’s streaming and royalty portfolio to 393 assets, including 80 producing properties. The company anticipates a 26% increase in gold equivalent output and an 87% revenue mix from precious metals. The acquisitions align with a broader trend of consolidation and diversification in the mining royalty space amid rising demand for gold and copper. [more]

Eagle Royalties (CSE: ER) has agreed to a reverse takeover by privately held Summit Royalty , valuing Eagle shares at C$0.18 and implying a 47 percent premium to the prior closing price. Upon completion, Summit shareholders will own approximately 80 percent of the combined entity. The transaction is expected to close in Q4/2025, subject to approvals, and will result in Eagle being renamed Summit Royalty Corp. The merged company will hold more than 40 royalty and streaming interests, primarily in precious metals, positioning it as a new publicly traded participant in the royalty sector. [more]

Edgewater Wireless Systems (TSXV: YFI) developed Spectrum Slicing technology to address growing Wi-Fi congestion caused by the proliferation of connected devices. Its patented approach splits a single Wi-Fi channel into multiple streams, improving capacity, latency, and performance. Backed by successful pilots and strategic partnerships, Edgewater is releasing its next-generation solution and scaling production of its MLX 488 chip, integrating AI to optimize traffic. The Company’s IP value is estimated between $90 to $180 million, far above its current market cap. Positioned as a fabless semiconductor innovator, Edgewater is targeting enterprise, residential, and IIoT markets as Wi-Fi demands increase globally. [more]