Why One $2.8 Billion Deal Just Repriced the Critical Metals Sector

The critical minerals sector spent the past three years talking about strategic importance. It is now starting to act on it. After years of fragmented development, scattered financing, and policy rhetoric racing ahead of commercial activity, the industry has entered a consolidation phase where companies with advanced-stage assets, secure jurisdictions, and multi-metal exposure are being repriced as strategic.

That inflection point arrived in April, when USA Rare Earth (NASDAQ:USAR) announced a $2.8 billion agreement to acquire Serra Verde Group, creating the only scaled producer of all four magnetic rare earths outside Asia. The transaction formalized what the sector had been signaling for months: the window for quiet accumulation of advanced critical metals projects is closing.

That same framework shapes how investors should evaluate Doubleview Gold Corp. (TSX-Venture:DBG) (OTC-BB:DBLVF), whose 100%-owned Hat Polymetallic Project in British Columbia's Golden Triangle has moved from resource definition into full economic study mode. The company recently filed its independent National Instrument 43-101 Technical Report supporting a positive Preliminary Economic Assessment, outlining an after-tax NPV(5%) of up to C$7.27 billion at consensus pricing and as much as C$14.85 billion using spot-price assumptions, alongside a 25-year mine life built around copper, gold, silver, cobalt, and scandium production.

M&A Appetite Is Returning to Copper-Gold Porphyries

The Hat Project's geological setting, a large alkalic copper-gold porphyry with meaningful critical metals credits, places it directly in the category major producers have been targeting.

BHP Group (NYSE:BHP) demonstrated that appetite through its joint acquisition with Lundin Mining of Filo Corp., an advanced-stage copper developer in Argentina. That C$4.1 billion transaction underscored how quickly majors will move when a junior controls a large, high-quality porphyry system with economic clarity and Tier-1 jurisdictional exposure.

For Doubleview, the parallels are hard to ignore. The Hat Project hosts 609 million tonnes of measured and indicated resources grading 0.43% copper equivalent, containing 5.82 billion pounds of copper equivalent, including 2.42 billion pounds of copper, 3.22 million ounces of gold, 80.1 million pounds of cobalt, and 2,415 tonnes of scandium oxide. An additional 503 million tonnes of inferred resources grade 0.41% copper equivalent. That scale places the project among the largest undeveloped polymetallic deposits in British Columbia.

Strategic Refocus Among Majors Creates Buyers

The consolidation story is not limited to rare earths; it's been gaining steam across the industry.

Teck Resources (NYSE:TECK) completed the sale of its steelmaking coal business to Glencore in 2024, a US$6.9 billion transaction that positioned the company as a more focused base metals and critical minerals operator. Management made it clear the goal was to concentrate capital around copper growth and future-facing resource development.

When majors publicly realign their portfolios around copper and critical minerals, they also create a natural buyer pool for projects that match that mandate.

Doubleview's PEA quantifies economics that fit that conversation. Scenario B, which includes a hydrometallurgical circuit and scandium recovery, delivers an after-tax IRR of 19% at consensus prices and 32% at spot pricing. Average annual production includes 67.6 kilotonnes of copper, 217,000 ounces of gold, 2.5 kilotonnes of cobalt, and 128 tonnes of scandium oxide. Its projected cobalt output alone is estimated to represent roughly 69% of modeled North American mined supply based on current regional production figures.

Gold Majors Are Also Chasing Copper Exposure

The appetite extends beyond traditional base metals producers in recent years.

Newmont Corporation (NYSE:NEM) completed its US$19 billion acquisition of Newcrest Mining, a deal that significantly expanded its copper-gold porphyry exposure. The move reflected a broader recognition that copper is no longer just an industrial metal story. It is increasingly central to electrification, grid expansion, and national critical minerals strategy.

That shift matters for assets like Hat because it broadens the universe of potential strategic interest. Copper-gold porphyries with jurisdictional strength and development visibility are no longer only relevant to copper majors. They sit squarely inside the long-term planning of gold producers as well.

The Doubleview Setup

Doubleview is advancing on multiple fronts. The company completed its largest drill season in 2025 with 13,290 metres across 19 holes, and the deposit remains open laterally and at depth. A 2026 drill program is planned to convert additional inferred resources into higher-confidence categories as the company advances toward a Pre-Feasibility Study. Provincial and federal governments have also committed approximately C$195 million to improve regional road infrastructure, helping reduce one of the traditional development barriers in the Golden Triangle.

Shares of DBG have been rallying into the filing, trading from under C$0.50 last August to C$3.07 recently, with the market cap currently approximately C$716 million. Against a Scenario B NPV of C$7.27 billion, the implied valuation gap reflects the discount the market typically applies to projects at the pre-feasibility stage.

In critical minerals, valuation gaps rarely close gradually. They close when capital decides an asset is no longer optional. As consolidation accelerates across copper, rare earths, and strategic metals, projects with scale, jurisdictional credibility, and economic clarity move from exploration stories to strategic assets. That transition is where re-ratings happen, and it is the stage Doubleview appears to be entering.

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Disclosure and Cautionary Statements:

Information regarding Doubleview Gold Corp. and the Hat Project in this article is based on the Company's public disclosures, including its January 14, 2026 metallurgical update, its February 25, 2026 updated mineral resource estimate for Hat, and its March 2, 2026 Preliminary Economic Assessment, as clarified on March 23, 2026. The Preliminary Economic Assessment for Hat is preliminary in nature and includes inferred mineral resources. Its economic analysis is based on assumptions including metal prices, foreign exchange rates, metallurgical recoveries, and capital and operating cost estimates. Actual results may differ materially from those projected, and readers should not place undue reliance on the PEA or on forward looking information. Scandium disclosure should be read in the context of Doubleview's current technical disclosure. The Company states that the full scandium content has not been taken into economic evaluation at this time because current scandium market pricing lacks sufficient transparency and firmness to support a reliable valuation. Under the current metallurgical design, scandium tonnages used in the economic evaluation reflect 12.5% of the mineralized material expected to be processed through a dedicated scandium recovery circuit. Metallurgical recoveries cited by Doubleview in January 2026 were 85% copper, 89% gold, 78% cobalt, 68% silver, and 75% scandium. Doubleview's March 23, 2026 clarification also updated Scenario B PEA economics related to the scandium recovery circuit and corrected a summary table cobalt grade typo to 78 g/t Co, while stating that the overall conclusions of the PEA did not change. Readers should review Doubleview's full SEDAR+ filings and news releases for the complete technical assumptions, qualifications, and risk factors.