I have had some success holding NST (gaining shares when merged with Saracen) and EVN for the past 10 years or so through this gold bull market. The initial trade was based around the macro debasement idea which has been playing out. I've also played that one with Bitcoin but figure all the boomers love 'real world' things and will head to PGMs before Bitcoin, and the boomers still have all the money. Now the gold bull doesn't seem like stopping, i am thinking to move further down the chain to the smaller explorers/developers and take advantage of M&A and deals as the price of gold keeps going up and the previously unprofitable projects become more profitable.

I have started trying to screen for attractive companies in this space, with a view to take some positions in ASX listed companies. Companies with good transport links for the prospective projects and market cap below $1b. Have put Minerals 260 (MI6), Magnetic Resources (MAU), Gorilla Gold (GG8) and Astral Resources (AAR) on the watchlist so far.

I am a completely unsophisticated investor and generally buy things based on vibes and macro themes like the above and then hold until things come to fruition. It seems to be working the last 5 years or so but maybe its just luck.. im keen to attack this one and wonder if anyone is thinking along the same lines and has ideas more researched or reasons why this wouldn't be a theme that comes to fruition this gold cycle. What makes an exploration company attractive for M&A?

Cheers