Orezone Gold Reports Higher Q4 Profit, Revenue; Closes Hecla Quebec Acquisition

Orezone dropping $352 million on Hecla Quebec shows miners are betting big on higher gold prices ahead. These consolidation plays typically happen when companies see their reserves getting more valuable. The timing matters here. We're seeing production costs climb across the sector while physical demand from central banks keeps hitting records. When miners start acquiring instead of just expanding existing operations, it signals they expect sustained higher prices. The market's pricing in scarcity at the mine level. For stackers, this reinforces the supply-side thesis. Physical gold becomes more precious when it costs more to pull from the ground.