BMO leads $17.9bn mining M&A surge, Canadian banks dominate
BMO Capital Markets retained its position as the top mining M&A adviser in H1 2026 after a fourfold jump in deal value, underscoring the dominance of Canadian banks in a sector experiencing a wave of large-scale consolidation.
BMO Capital Markets advised on $17.9 billion worth of metals and mining mergers and acquisitions during the first half of 2026, securing the top spot globally by both deal value and volume. The bank worked on 13 separate transactions during the six-month period, according to a league table compiled by data analytics firm GlobalData.
The bank's performance marks a substantial improvement over the same period last year. "BMO Capital Markets was the top adviser by both metrics in H1 2025 and managed to retain its leadership positions in H1 2026 as well," said GlobalData lead analyst Aurojyoti Bose. "It registered year-on-year improvement in terms of deal volume and value, but the growth was more prominent in value, with more than a fourfold jump. In H1 2026, BMO Capital Markets advised on five billion-dollar deals and its involvement in these big-ticket deals helped it register a massive jump in terms of value."
Goldman Sachs captured the second position by value, advising on transactions worth $15 billion. However, the leaderboard further down underscores the heavy reliance of the mining sector on Canadian financial institutions. The Bank of Nova Scotia took third place with $10.8 billion, while RBC Capital Markets and the National Bank of Canada completed deals worth $10.4 billion and $8.4 billion, respectively.
The volume rankings showed a similar dynamic among the top tier. Canaccord Genuity Group secured the second spot by advising on eight deals, followed by Moelis & Company with seven. Goldman Sachs and the Bank of Nova Scotia also featured prominently in the volume tables, completing six and five deals respectively.
For market professionals tracking the sector, the H1 2026 figures confirm a structural shift toward large-scale consolidation in metals and mining. The dominance of Canadian banks in securing these mandates reflects their deep historical ties to the industry and entrenched relationships with North American mining executives.
Furthermore, the surge in billion-dollar transactions indicates that major miners are actively deploying capital to secure critical reserves or achieve operational scale. Investors can interpret this advisory pipeline as a leading indicator of sustained corporate activity, suggesting that the current M&A cycle has significant momentum heading into the second half of the year.
