Bain says such transactions highlight how strategic M&A is becoming a critical tool for competitiveness and capital efficiency as the sector positions for a new commodity supercycle. Canada focusCanada’s total M&A deal value rose 30% to $178 billion last year, outperforming the US on strategic transactions even as it lagged the 40% increase globally. Strategic M&A value jumped 57% year over year in Canada, compared with 54% growth south of the border. Energy and natural resources led Canadian strategic dealmaking, with deal value rising 133% in 2025, while advanced manufacturing and services declined 21%. Beyond Canada, Bain highlights Evolution Mining (ASX: EVN) as an example of repeatable, strategic M&A done well.