North American Precious Metals: MFA 2026 wrap: strong free cash flow meets prudent capital allocation

This report summarizes the 38th annual Mining Forum Americas (MFA), hosted by BofA Securities in Colorado Springs, CO (27-30 Sep 2026), covering the North American precious metals industry. Despite recent gold price volatility, the sector remains confident. Key themes from the 2026 MFA include: (1) most presenting companies highlighted strong free cash flow generation and (2) strong balance sheets; (3) most pursue balanced capital allocation between growing and sustaining the business and capital return; (4) organic growth is an increasing focus, with brownfield opportunities most frequently discussed to limit capital intensity; (5) disciplined M&A was a consistent message, with only the most compelling opportunities considered; (6) most expressed that cost inflation, while persistent, is under control; (7) a smaller number see copper exposure as strategic;