Speaking on the sidelines of the 25,000-attendee-strong event in Toronto last week, the private equity executive said while firms naturally took direction from supply-demand fundamentals, the "mood" of a conference was a key indicator of the macro environment for mining and reflected their ability to initiate and close transactions.
"I'd love to tell you we always managed to buy right at the bottom and sell at the very top but, if that were the case, we wouldn't be at PDAC - we'd already be on a beach somewhere, retired," Donally said.
"When markets are at rock bottom, people get paralysed. They don't want to do deals because they don't want to look like fools when the prices are really low.
"On the flip side, when prices are really high and the mood is over exu...