Top 40 mining firms show resilience amid global uncertainty

Canada’s top 40 mining companies by revenue remained strong in 2024, holding their ground through a year of market volatility and shifting global demand. The ranking reflects the continued dominance of gold producers, supported by high prices and investor appetite for safe-haven assets. Base metal and diversified miners also performed well, aided by long-term strategies and stable global positioning. The list offers more than just financial insights — it highlights key trends shaping the sector, including consolidation, critical mineral development, and a changing regulatory landscape. As Canada works to expand its role in global supply chains, the performance of these top firms signals the mining industry’s central role in driving the national economy forward. A detailed analysis of the Top 40 companies’ revenue data, financial metrics, and a brief sector outlook can be found on pages 17 to 27 of this August 2025 edition.

Moreover, so far in 2025, the M&A deal that is expected to impact next year’s ranking is the Equinox Gold – Calibre Mining merger that was officially completed on June 17, 2025, finalizing the previously announced US$2.5 billion all-share business combination. The deal, which received shareholder approval in early May 2025, creates an Americas-focused gold producer with flagship Canadian operations at Greenstone (Ontario) and Valentine (Newfoundland and Labrador), and positions the combined company to produce approximately one million oz. of gold annually, with upside potential reaching 1.2 million oz.

Earlier in July, the federal government announced a renewed focus on cutting unnecessary red tape, framing its planned review of all regulations as essential to unlocking Canada’s full economic potential. This objective is closely reflected in the passage of Bill C5 (the Building Canada Act), which introduces a streamlined “one project, one review” framework with legislated timelines for approvals. For Canada’s mining sector, this shift could accelerate the permitting process, reduce regulatory uncertainty, and improve investor confidence — particularly in advancing critical mineral projects central to the energy transition. However, the challenge lies in ensuring that faster approvals do not come at the expense of robust consultation, environmental protection, and long-term social licence. Add Ontario’s new Bill 5 to the mix, and as federal and provincial systems shift toward efficiency-focused review models, mining proponents will need to uphold strong standards of transparency and community engagement to meet regulatory expectations and maintain public trust.

This edition includes interviews with CEOs and senior executives from Top 40 companies, featured on pages 28 to 37, offering insight into recent developments and industry trends. It also contains articles on emerging mining technologies and practices, covering topics such as sustainability, recycling of mining tires, critical minerals, automation, and more. Lastly, readers can enjoy a mining history feature by John Sandlos on page 57.

Looking ahead, the September 2025 edition will highlight notable gold projects across Canada and North America, along with innovative technologies aimed at improving efficiency and sustainability in gold mining. Editorial submissions may be sent to the Editor-in-Chief by Aug. 7, 2025.