take-over premium removedWe follow the gold mining sector very closely and Osisko Mining probably fell because the take-over premium was removed. Canada's two largest gold mining companies (Goldcorp and Barrick) have announced they will not be pursuing any M&A transactions in the foreseeable future. The blockbuster M&A deals in the gold mining sector of the last decade have mostly resulted in abject failure. Barrick Gold's acquisition of Equinox for C$7.3 billion was a balance sheet plunder. Aaron Regent, President and CEO of Barrick said: "The acquisition of Equinox would add a high-quality, long-life asset to our portfolio and is consistent with our strategy of increasing gold and copper reserves through exploration and acquisitions" What a bunch of crock, you over-paid Regent ! Another M&A debacle was Kinross' acquisition of Red Back Mining for US$7.1 billion, eclipsing the company's current market cap of US $4.47 billion. Yamana has also been a dud since their acquisition of the Malarctic deposit. The failure of M&A's is changing how gold mining executives are thinking. We have always been sceptical of engineering growth with paper shuffles. Themes for 2018 are the failure of M&A's and the heightened geo-political risks of operating in less developed nations. Heinz beans will be on the menu for those working in the mining M&A sector. We have not sold any of our Osisko shares but we are not building the position. 2.17% of our portfolio remains allocated to Osisko Mining.