The geopolitical nature of the energy transition, where access to various minerals has become of strategic importance, and the continuing post-pandemic reshoring trend have led Ontario to identify the opportunity for developing a home-grown electric vehicle supply chain. Global events in 2023, such as the coup in Niger and a slew of sanctions against Russia, only reinforce Ontario’s already strong hand: Ontario offers stable government, a rich ecosystem of service providers, and an abundance of renewable hydropower – all of which make it stand out as one of the world’s top mining destinations.

The last year has been transformational for the mining industry in Ontario, with the passing of the Building More Mines Act, 2023, a proposed amendment to the alternative minimum tax (AMT), and the Supreme Court ruling that federal impact assessments are unconstitutional. These changes are likely to shape Ontario’s mining sector for the coming decades in ways that are not yet fully clear.

Gold, the backbone of Ontario’s mining sector, has continued its bull run to reach all-time highs, just as Ontario has seen new major mines pour their first gold, and with more to come online throughout 2024. However, Ontario’s prospectors and miners have faced challenges, some self-imposed and others due to the cyclical nature of mining. The mining sector’s persistent labor shortages continue, hindering Ontario’s efforts to pursue its Critical Minerals Strategy. Additionally, juniors in particular have been squeezed by escalating costs and dwindling investor appetite, despite many minerals commanding high prices.

GBR’s Ontario Mining and Toronto’s Global Reach 2024 report offers a comprehensive analysis, encompassing more than 100 interviews with mining leaders. We provide a voice to the key players as they share their insights and thoughts on the challenges and opportunities that the industry is undergoing, as well as outlining their projects and ambitions.

We would like to thank all those who contributed to this report, and express particular gratitude to our partners at the Toronto Stock Exchange and TSX Venture Exchange (TMX Group), the Ontario Mining Association (OMA) and Prospectors & Developers Association of Canada (PDAC) for their support.