Mergers and acquisitions in the gold space are not likely to heat up until one to two quarters have passed, said Adam Lundin, CEO of Josemaria Resources (TSE:JOSE).  

On Friday Lundin recorded Kitco Roundtable podcast with correspondent Paul Harris; editor Neils Christensen; and mining audiences manager, Michael McCrae.

Aside from running Josemaria, Lundin is also chair of Filo Mining, Africa Energy, and a director of the Lundin Foundation.

The panel noted that the precious metal miners are filing some spectacular numbers with gold holding above $1,900 for most of the last quarter. This past week Barrick Gold (NYSE:GOLD) reported in its Q3 that it generated US$1.3 billion in free cash flow--a record high. Kinross Gold also reported that it was sitting on $1B in cash.

Lundin notes that the seniors are still being conservative, and dividends are still relatively low.  

"I'm not sure there's too many with a yield of more than 3%. So I think you'll continue to see an increase in dividends, but then everybody will look to grow," said Lundin.  

"So in the first six months, dividend increases are steady as it goes. And then maybe you see some development acquisition take place." 

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