Golden lift: Top 40 revenues surge past $206 billion

Canada’s Top 40 mining and metals companies continued to demonstrate the sector’s resilience in 2025, with gold remaining the dominant force shaping revenue, profitability and movement within the rankings. For the complete data and analysis, read the full Top 40 article on pages 15 to 27 of the August 2026 edition.

Elevated gold prices, production growth and acquisitions supported major producers while creating opportunities for emerging and mid-tier companies. Royalty and streaming companies also demonstrated the strength of their capital-light business models, delivering some of the highest margins among the Top 40.

The 2025 Top 40 generated $206 billion in combined revenue and $49.46 billion in net income. Gold was the primary output for 23 companies, accounting for $117.52 billion, or 57% of revenue. Thirty-four companies were profitable, reflecting broad earnings strength despite pressure among several producers.

Operational performance remained uneven. New production, expanded operations and stronger commodity prices lifted several companies, while asset disruptions, restructuring costs, impairments and jurisdictional challenges weighed on others. These pressures produced sharp differences in profitability, even among companies with similar revenue levels (again, see the full article).

Notably, the proposed $18.5-billion merger of Equinox Gold and Orla Mining is expected to reshape next year’s Top 40. If completed as planned, the combined company would become Canada’s second-largest gold producer, with six operating mines and annual production of more than 1.1 million oz. The transaction should move Equinox significantly higher in the revenue ranking, while Orla would disappear as a separate entry, potentially opening a place for another company near the Top 40 cutoff.

The rankings also reflected an increasingly competitive middle and lower tier, where new entrants and growing producers moved quickly through the list. Overall, the results show that revenue alone does not determine lasting strength. Margins, operational execution, commodity exposure, acquisitions and disciplined expansion remain equally important measures of performance.