The Financial Post reports in its Thursday edition that gold miners look set to extend a deal spree after notching deals worth a record $30.5-billion in 2019, the biggest M&A binge since prices peaked ten years ago (all figures U.S.). The Post's Jeff Lewis and Zandi Shabalala write that this year has seen 348 deals worth more than $30.5-billion, including net debt. That is up from $10.8-billion last year and surpasses a previous high of $25.7-billion set in 2010. Gold topped $1,900 per ounce in 2011 and currently trades near $1,484, after hitting a six-year high in September. The 2011 gold boom prompted buyers to overspend on acquisitions, leading to billions in impairments when prices crashed. This time, investors say acquirers are being more cautious. CQS Natural Resources manager Rob Crayfourd says, "Nobody is able to go and pay the lofty premiums that we have seen in prior cycles because their own shareholders won't sanction it." Sprott boss Peter Grosskopf says mid-tier miners face pressure from activist investors to lower costs and financing constraints. The Post cites unnamed "industry sources" that say Pretium Resources, Pure Gold Mining, Roxgold and Silvercrest Metals are possible targets.