With over 60 countries heading to the polls and nearly half of the world’s population voting, 2024 stood out as a historic year of elections. The air is thick with uncertainty, as new administrations recalculate their approach to Canadian mining companies operating on their soil and Canada braces for a potential trade war with its closest ally, the US.

On the other hand, this uncertainty has contributed to record-breaking gold prices, as investors rush to invest in gold to hedge against mounting concerns over global economic stability. This has been a massive boon for Ontario, as around half of its active mines primarily produce gold. Moreover, two new large mines, Côté Gold and Greenstone Gold, reached commercial production last year, and a wave of expansion projects is sweeping across the province as majors rush to take advantage of sky-high gold prices.

Ontario’s push to become a leader in critical minerals is moving forward despite a dip in battery metals prices. In addition, the rapidly changing geopolitical landscape has seen changes to the Investment Canada Act, which has clamped down on Chinese involvement in Canada’s domestic critical mineral space at a time when many project developers need all the funding they can get. Nevertheless, the provincial government remains committed to its Critical Minerals Strategy, investing millions in subsidies and grants to support exploration, infrastructure and downstream development. As Canada turns away from China, new doors have opened and Ontario has brokered agreements with South Korea and Japan, paving the way for partnerships between miners and OEMs to bring much needed critical mineral projects to fruition.

GBR’s Ontario Mining and Toronto’s Global Reach 2025 takes an in-depth look at the sector through insights from over 130 industry leaders, offering a platform for executives, government officials and investors to discuss the future of Ontario’s mining sector and highlight its greatest success stories.

We want to thank everyone who contributed their expertise and insights to this report. A special thank you goes to our partners at the Toronto Stock Exchange and TSX Venture Exchange (TMX Group), the Ontario Mining Association (OMA), and the Prospectors & Developers Association of Canada (PDAC) for their continued support.