Canadian mining Journal | August 2025

OUR

ANNUAL RANKING OF CANADIAN MINERS

> TOP 40 MINERS RAKED IN $176 BILLION IN 2024

> IAMGOLD: A rising star

CANADA’S CRITICAL ADVANTAGE: A NATURAL RESOURCES SUPERPOWER

PEOPLE OF THE ROCK

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FEATURES

MINING IN CANADA

16 Game on: Ford’s Bill 5 becomes law in Ontario. TOP 40

17 Gold-fueled growth: Top 40 miners raked in $176 billion in 2024.

28 IAMGOLD: A rising star.

32 B2GOLD in Nunavut: Canada’s newest mining friendly territory.

35 How Alamos Gold is building the next Canadian mining giant: Q&A with CEO John A. McCluskey.

38 Canada’s critical advantage: A natural resources superpower.

BATTERY MINERALS

41 Canada makes mark on global lithium stage with two top projects.

TECHNOLOGY AND SUPPLIERS: CONVEYORS, SUSTAINABILITY, MINING TIRES, AND AUTOMATION

43 Conveyor safety and the return on prevention.

47 From idle to ideal: Cutting fleet emissions and risks with smart vehicle technology.

49 Sustainable solutions for end-of-life mining tires.

51 Improving measurement of clays and other parameters in process flows using online automation.

53 Mining a sustainable future: Strategies, equipment, and technology to help foster sustainable yet profitable mining.

MINING EDUCATION, TRAINING, AND WORKFORCE

55 What have you done today that did not involve a mineral? Part 4: Minerals have rights.

HISTORY OF MINING

57 People of the Rock: Inuit miners at Rankin nickel mine.

DEPARTMENTS

4 EDITORIAL | Top 40 mining firms show resilience amid global uncertainty.

6 FAST NEWS | Updates from across the mining ecosystem.

10 ANNOUNCEMENTS | Introducing the Technology & Suppliers Showcase: Your industry, your spotlight

12 LAW AND BUSINESS | Why the rush? What is driving the surge in 2024–2025 mining megadeals.

www.canadianminingjournal.com

45 MIN(E)D YOUR BUSINESS | Deep sea mining takes the international stage. 38

Tamer Elbokl, PhD

CTop 40 mining firms show resilience amid global uncertainty

anada’s top 40 mining companies by revenue remained strong in 2024, hold‑ ing their ground through a year of market volatility and shifting global de‑ mand. The ranking reflects the continued dominance of gold producers, supported by high prices and investor appetite for safe‑haven assets. Base metal and di‑ versified 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 com‑ bination. 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 un‑ certainty, 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, au‑ tomation, 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.

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Canadian Mining Journal provides articles and information of practical use to those who work in the technical, administrative and supervisory aspects of exploration, mining and processing in the Canadian mineral exploration and mining industry. Canadian Mining Journal (ISSN 0008-4492) is published nine times a year by The Northern Miner Group. TNM is located at 69 Yonge St., Ste. 200, Toronto, ON M5E 1K3. Phone (416) 510-6891.

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FAST NEWS

Updates from across the mining ecosystem

• RECORD CLAIMS | Ring of Fire claims have skyrocketed: Environmentalist

Wildlands League – an urban environmentalist group – has documented that the number of mining claims registered in the Ring of Fire has skyrocketed, increasing by 66% since 2022 to over 40,000 today. The group says this is the highest number of mining claims in eight years. The group also contended that the area covered by claims has increased by 67% to cover about 850,091 ha in area. This is equivalent to be about 14 times the size of the City of Toronto or almost three times the size of the City of Greater Sudbury.

Ontario’s Ring of Fire region is one of the most promising mineral development opportunities for critical minerals in the province. It’s located about 500 km northeast of Thunder Bay and covers about 5,000 sq. km. The region has long-term potential to produce chromite, cobalt, nickel, copper, and plati‑ num. Critical minerals like these play a role in the future of low- and zero-emission vehicles and transportation. The Ring of Fire also represents significant potential for jobs, government revenues, and Indigenous partnerships. At present, the challenge is in roads infrastructure in the region and in con‑ sulting with First Nations.

Wildlands League believes this rush to claim lands is part and parcel of the current mineral claims policy as practiced in many jurisdictions, including in Ontario.

At present, Juno corp., a private company, holds the most claims in the Ring of Fire region with over 26,000 claims covering over 498,000 ha. Wyloo, also privately owned, is the second largest holder of claims in the Ring of Fire region.

•

MILESTONE APPROVAL | NexGold receives cabinet approval for Crown land lease at Goldboro

NexGold Mining has received approval from the provincial cabinet and the Government of Nova Scotia has granted the Crown land lease and license for the Goldboro gold project.

The Crown land lease and license is an integral step towards the development of the project and will allow for the potential for infrastructure development on the lands for which it covers and gives the company the ability to build and operate an open pit mine, with the associated processing, tailings management and other associate infrastructure (waste rock storage, overburden storage, etc.). The lease covers an area of 779 ha, and the license covers an additional 97 ha of Crown land.

Kevin Bullock, president and CEO of NexGold, commented: “We are extremely pleased to be receiving our Crown land lease and licence for the Goldboro project and are very proud of the hard work and diligence required to achieve this. The lease includes a land package that covers both the deposit and critical infrastructure for mine development, allowing final permitting to progress. This is a significant project milestone, and a reflection of NexGold’s positive working relationship with the Government of Nova Scotia. We are also pleased that gold has been added to the strategic miner‑ als list by the province of Nova Scotia, indicating their support for the development of project’s like Goldboro in the province and how our project can be of benefit to Nova Scotians.”

• RECORD INVESTMENT | Ontario budget pledges $500M critical minerals processing fund

The Ontario government is launching a new $500 million Critical Minerals Processing Fund to attract and support mineral capacity in Ontario.

Ontario finance minister Peter Bethlenfalvy made the announcement recently as part of the Ontario budget speech. He said: “As the government accelerates the development of critical minerals projects in Ontario, it is also working to attract historic investments to support critical mineral processing capacity here at home, to help ensure that minerals mined in Ontario will be processed in Ontario, by Ontario workers,”

At the budget announcement, Bethlenfalyy continued: “Through the fund, Ontario will provide strategic financial support for projects that will accelerate the province’s critical minerals processing capacity, offering a stable supply of critical minerals mined in Ontario, to be used in the province’s broader manufacturing base, while also capitalizing on growing global demand. The CMPF will capture greater economic value from the province’s mineral resources, by helping to ensure existing mineral processing facilities are fully utilized, as well as supporting the construction of new processing facilities in Ontario.”

He concluded: “Instead of being extracted only to be shipped to other jurisdictions for higher value-added processing, minerals mined in Ontario will be refined in Ontario. This will help create new opportunities for workers in Indigenous communities and Northern hubs such as Thunder Bay, Sault Ste. Marie, Sudbury, North Bay and Timmins. By enhancing Ontario’s processing capacity, the province can attract greater private capital investment and speed up key strategic projects across the critical minerals supply chain. A fully integrated supply chain will improve Ontario’s standing as a global leader in critical minerals, making the province a more attractive jurisdiction for investment, and a secure source of supply of critical minerals.”

The camp at the Eagle’s Nest project in Ontario’s Ring of Fire. (IMAGE COURTESY OF WYLOO)

Gold piece. CREDIT: NEXGOLD

The PAK lithium project in Ontario. CREDIT: FRONTIER LITHIUM

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FAST

• AUTONOMOUS MINING | Komatsu achieves autonomous trolley milestone with battery-ready electric truck

Building on its legacy of inno‑ vation in autonomous mining, Komatsu has accomplished a significant milestone of autonomously operating a power agnostic electric drive truck while connected to a dynamic trolley line.

Komatsu’s trolley assist system is a solution designed to help op‑ erations reduce carbon emissions, extend engine life and support the journey toward a zero-emissions future. By connecting haul trucks to an overhead power line during uphill travel, the system delivers electric power where it’s needed most, improving energy efficiency and enabling trucks to travel on grade faster when compared to standard diesel models. Integrating this with Komatsu’s FrontRunner autonomous haulage system introduces new capabilities in mining automation, enabling further fuel savings and productivity gains.

This achievement marks the first time in the mining industry’s history that power has been transferred to a moving, autonomously operated haul truck via a trolley system. The accom‑ plishment represents a critical step in Komatsu’s commitment to helping mining customers reduce emissions and enhance pro‑ ductivity through advanced electrification and autonomous.

• EXPLORATION START | Powermax commences exploration at Cameron rare earth project

Powermax Minerals (CSE: PMAX) announced the com‑ mencement of its phase 1 exploration work program at its Cameron rare earth el‑ ements (REE) property lo‑ cated in the Kamloops min‑ ing division in British Co‑ lumbia. The field team will mobilize to the property during the first week of May 2025.

The program will include prospecting, geological mapping, soil and rock sampling, and geophysical surveys, following recommendations outlined in the company’s NI 43-101 technical report on the property. These efforts are aimed at refining priority targets for potential future phases of exploration.

Highlights of the program include: Follow-up prospecting, mapping, and sampling in areas of elevated radioactivity and REE concentrations identified through historical and 2023 exploration activities; Ground geophysical surveying focused on three high-priority areas of interest (AOIs), designated T1, T2, and T3, characterized by strong magnetic responses and apparent conductivity within mafic granitic-gneissic rocks; Extension of geophysical surveys to delineate the full extent of the T1-T3 targets; Systematic prospecting and sampling across parallel radiometric anomalies and high-radioactivity zones identified in 2023 airborne surveys, particularly in the eastern and western portions of the property; and geological mapping and sam‑ pling across broad target areas in claims 1102761 and 1102755.

• TECH PARTNERSHIP | Turnkey partners with NORCAT to advance telecom integration in mining

Turnkey Communications – one of Canada’s leading providers of telecommunications infrastructure and sys‑ tems integration – has selected NORCAT to ac‑ celerate the adoption and commercialization of advanced communications technologies across the global mining industry.

As part of NORCAT’s dynamic ecosystem, Turnkey will leverage its deep field experience to help mining companies and technology developers bring cutting‑edge solutions to life. With a track record of deploying complex communications systems in challenging environments, Turnkey brings valuable re‑ al-world insight that will help other companies scale and integrate their innovations effectively.

Terry Joseph, president and CEO of Turnkey Communications, said: “NORCAT has long been recognized as a catalyst for mining innovation, and we’re honoured to be part of that journey. We selected NORCAT because they offer a unique environment to help us, and the broader innovation community, close that gap. Their support, facilities, and global network of mining partners make them an ideal choice.”

Komatsu first to autonomously operate electric drive truck with trolley assist. CREDIT: KOMATSU

Powermax Minerals owns the Cameron rare earth property. CREDIT: POWERMAX.

NORCAT (CNW Group/Turnkey Communications).

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Introducing the Technology & Suppliers Showcase:

Your industry, your spotlight

Built for those who build the industry: Welcome to the Technology & Suppliers Showcase — a newsletter created specifically for companies like yours: the manufacturers, service providers, and digital and AI innovators who keep the mining industry moving.

Why this newsletter?

Because the role of suppliers and equipment manufacturers in the mining sector has never been more critical — or more overlooked.

The mining industry is evolving rapidly — and behind every tonne of ore and ounce of gold are the suppliers, service providers, and contractors who make it all possible. From exploration technology and heavy equipment to environmental services and workforce solutions, the success of mining operations depends on a vast, interconnected network of expertise. That is why we are launching this newsletter.

In an industry where operational efficiency, safety, and sustainability are front and center, your products and services are what turn strategy into reality. Each edition of this newsletter will highlight some of the following topics:

• Product launches and technical innovations

• Profiles of companies and people making an impact

• Recent advances in mining digitalization and the applications of technology, machine learning (ML), and artificial intelligence (AI) in mining

• Tools and insights to help you grow your business

This newsletter will give mining suppliers a stronger voice and a dedicated platform — because you deserve more than a passing mention. Whether you build haul trucks, battery electric vehicles (BEVs), supply advanced sensors, or provide crit‑ ical maintenance services, this is your space to stay informed, stay visible, and stay ahead.

There is a growing need for a focused, reliable source of information about this dynamic segment of the mining economy. Too often, the contributions of suppliers and contractors get buried beneath headlines about commodities and production. We think it is time for a change. If you are part of this supply chain — or rely on it — this newsletter is for you.

Thanks for joining us. Let’s build something valuable together:  Subscribe here: https://www3.canadianminingjournal.com/ newsletter-signup-technology-and-suppliers

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By Leanne C. Krawchuk, KC and Ivana Cescutti

WHY THE RUSH?

What is driving the surge in 2024–2025 mining megadeals

The mining sector is undergoing a dramatic consolidation. From January 2024 to mid-2025, mining companies announced or closed 18 deals over $1 billion each, totalling approximately $47 billion. While mining M&A has always been cyclical, the past 18 months have marked a major shift in both the scale and frequency of large transactions. This boom surpasses the post-super-cycle peak of 2011-2012 and is on track to set a two-decade record. But unlike earlier deal activity driven by op‑ timism about rising commodity prices, this one is being fuelled by sharper pres‑ sures: geopolitical uncertainty, trade disputes, rising costs, supply gaps, strategic urgency, and the accelerating shift to‑ ward clean energy. Companies are not speculating — they are securing future output, cash flow, and critical materials in a world that is changing fast.

A PERFECT STORM: THE FORCES FUELLING THE DEAL FRENZY

The following three major forces are pushing mining companies to buy rather than build:

1) The energy transition and copper’s critical role: The clean energy transition has made copper the most strategic metal of the decade. According to the International Energy Agency (IEA), the share of total demand for copper and rare earth elements (REEs) will rise significantly over the next two decades to over 40% in a projected scenario that

meets the Paris Agreement goals, driven by copper’s role in clean technologies like electric vehicles and storage, wind turbines, solar PV, electricity networks, and hydropower and bioenergy. But supply is lagging. In 2021, global copper inventories hit a 15-year low, causing prices to steadily rise ever since, hitting an all-time high of US$5.24 per pound, or US$11,552 per metric tonne, on March 26, 2025 — levels that supercharge profits for producers. Compounding the squeeze, the average timeline to open a new copper mine now exceeds 14 years. For many companies, that is simply too long to wait.

2) Rising project costs — but borrowing is relatively attractive: Major miners entered 2024 with record cash reserves. At the same time, falling interest rates reopened the debt market, allowing mining companies to borrow at rates below 5%. That matters because new mining projects are getting much more expensive. Recent brownfield projects in Latin America indicate a capital cost intensity of over US$23,000 per tonne of annual production, a sharp increase compared to historical averages. The result: This makes M&A a faster, less expensive, more certain and lowerrisk way to secure mineral resources than building new mines, and low-cost funding provides the sector with the capacity to do it.

3) Reshaping portfolios for the future: Miners are actively restructuring —

selling off older, carbon-intensive or non‑core assets and reinvesting in future‑facing materials. The result is a frenzied dash for tier-one assets and a parallel wave of divestments to pay for the shopping spree. This is partly about efficiency, but also a hedge against the depletion of high‑quality resources. Investors increasingly want exposure to clean-energy metals without a decade of development risk. Buying a producing asset offers instant and bankable cash flow and, in many cases, ESG alignment. According to EY, 76% of mining executives are making divestments, while 54% are also acquiring — fuelling deal flow on both sides.

GOLD: A SAFE HAVEN IN UNCERTAIN TIMES

Gold, a hedge against economic uncertainty and a proven cash generator, con‑ tinues to dominate global mining M&A activity, accounting for over US$26.54 billion across 62 deals in 2024 — 70% of global mining deal value. The driver is not just a lofty bullion price (averaging US$2,860/oz in Q1 2025), but gold’s unique value as a stable and reliable source of cash flow during times of volatility. Take these examples:

• Orla Mining/Newmont (March 2025): Orla’s US$850 million purchase of Newmont’s Musselwhite gold mine in Ontario vaulted it from single‑asset to mid‑tier producer overnight, unlocking immediate cash flow and accessing a skilled underground workforce. Newmont, in turn, freed up capital to focus on copper as part of its planned divestments to offload non-core assets and optimize its portfolio.

• Gold Fields/Gold Road Resources (announced May 2025): South Africa’s Gold Fields launched a US$2.39 billion acquisition of Australia’s Gold Road Resources, positioning it to eliminate inefficiencies and build critical consolidation in a booming sector.

Sukari gold mine in Egypt. CREDIT: CENTAMIN

LAW AND BUSINESS

Deals like this show that gold remains central to portfolio strength and resil ience, especially when interest rates and markets are unpredictable.

COPPER: THE METAL POWERING THE FUTURE

While gold may bring resilience and balance sheet strength, copper brings relevance and strategic leverage. Every part of the energy

on copper. Yet supply is increasingly con strained. Bloomberg NEF forecasts a 4.5 mil lion tonne global supply gap by 2027. This supply crunch is triggering intense compe tition for mining assets with the following:

• Low carbon intensity (renewable energy, high‑grade minerals).

• Brownfield expansion potential (less regulatory uncertainty).

This prompted a surge in copper mega deals in 2024:

• BHP & Lundin Mining JV (Vicuña) (Chile/ Argentina): US$3 billion to accelerate development of the cross-border Filo del Sol copper project.

• MMG/Cuprous Capital (Botswana): MMG’s US$1.9 billion acquisition of Cuprous, owner of the Khoemacau copper mine, having a 20 year life of mine in an emerging jurisdiction.

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Lundin Mining/SCM Minera Lumina Copper Chile (Chile): Strategic stake increase by Lundin to 70% in the highlife Caserones copper mine.

Even BHP’s ultimately withdrawn US$49 billion bid for Anglo American illus trates the fierce appetite for copper assets.

DIVEST-TO-INVEST: SELLING TO FUND THE PIVOT

Some of the largest mining transactions have been motivated by actual or pro posed strategic exits involving the sale of older or carbon intensive assets to fund critical mineral, future-facing investments: South32/Golden Energy and Resources/M Resources (Aug. 2024): US$1.65 billion divestiture of South32’s Illawarra Metallurgical Coal mine to fund its zinc expansion in Arizona.

Glencore/Teck Resources (July 2024): Glencore acquired 77% of Teck’s Elk Valley Resources steel making coal operations in July 2024 for US$6.93 billion, initially aiming to spin off its coal and carbon steel materials business. However, retention was eventually favoured by shareholders on the basis that it would enhance Glencore’s cash-generating capacity to fund opportunities in its transition metals portfolio (such as its copper growth project pipeline) and that steelmaking coal is expected to play a key role in supporting the infrastructure needed for the energy transition.

GEOGRAPHIES OF GROWTH: LATIN AMERICA AND AFRICA

Latin America remains the epicentre of copper deal-making. S&P Global’s 2024 World Exploration Trends study shows Latin America again attracted the larg est share of global metals-exploration spending — US$3.38 billion, up 2% yearover-year — even when iron ore and

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coal projects are left out. Copper remains the dominant driver of Latin American transactions, with the 2024 BHP & Lundin Mining JV deal in Chile and Argentina serving as the marquee example. But that budget is also resulting in other headline mining M&A leading to Latin America being responsible for 17% of global megadeal value:

• Coeur Mining/SilverCrest Metals (Mexico): Coeur’s C$2.3 billion cash-and-stock takeover of SilverCrest that folds the Las Chis pas low-cost silver-gold mine into Coeur’s portfolio with ex pected significant free cash flow.

• Equinox Gold/Calibre Mining merger (North America and Nicaragua): US$2.5 billion all-share transaction that forms an Americas-focused gold company expected to produce about one million ounces of gold per year.

Meanwhile, Africa is the fastest-rising arena. Supported by government roll-out of the African Green Minerals Strategy and national beneficiation mandates, the continent is quickly emerging as one of the prime targets for the development of new mines to meet the demand for copper, lithium, and other minerals. The 2023-2024 period saw a 32.4% increase in lith ium exploration allocations and a 23.6% increase in copper ex ploration allocations for the continent. Two African gold mine megadeals already added nearly US$3.5 billion to the 20242025 ledger:

• AngloGold Ashanti/Centamin (Egypt): US$2.5 billion cash-andshare acquisition that brings the flagship Sukari gold mine under AngloGold’s control, adding a tier 1 asset to its portfolio and increasing its annual gold production.

• Zijin Mining/Newmont (Ghana): US$1 billion purchase of Newmont’s open-pit Akyem gold mine operation by Zijin, expanding Zijin’s West African footprint in a country with favourable mining policies and convenient access to transportation infrastructure.

The bottom line is that while North America and Australia still log more billion-dollar closings, Latin America offers the deepest copper pipeline, while Africa delivers the fastest growth and fa vourable policy momentum, making both regions pivotal to the next wave of energy-transition mining M&A.

WHY BUILD WHEN YOU CAN BUY?

With mining project costs rising and approvals taking longer, greenfield projects are looking increasingly unappealing. S&P and EY both point to a future capital environment where financ ing is also harder to secure. And even where capital is available for new mine development, ESG requirements, regulatory hur dles, and stakeholder engagement processes introduce addi tional complexity, time, and unpredictability.

Acquiring existing mining assets, especially those already in production, offers a way around these risks — especially for pub lic mining companies that are under pressure to demonstrate near-term growth to their shareholders. As a result, M&A offers a faster, less risky and often more cost-effective and certain path to resource expansion.

JOINT VENTURES: SHARING RISK, SPEEDING UP RESULTS

Where outright acquisitions are not possible or practical, com

panies are teaming up through in-district partnerships. Joint ventures are the rising stars of the megadeal landscape. JV structures enable miners to share infrastructure, split costs, achieve operational efficiencies, access in-country expertise, and navigate tricky regulatory or political environments to gether. Examples include the following:

• BHP & Lundin Mining JV (Vicuña) (closed Jan. 2025): Two neigh bouring copper corridor projects in Chile/Argentina with shared in frastructure resulting in cost savings estimated at US$540 million.

• General Motors/Lithium Americas JV (Thacker Pass) (Dec. 2024): GM’s US$625 million investment in Nevada’s Thacker Pass secured it a future lithium supply and unlocked a US$2.26 billion government loan, lowering execution risk and strengthening the U.S. battery chain.

These structures are gaining traction as companies are look ing to get complex projects off the ground quickly and collab oratively, particularly in regions with underdeveloped infra structure.

NEW MONEY, NEW MODELS: SOVEREIGNS AND ESG-LINKED FINANCING

Even amid tighter capital markets, significant funding continues — especially from mission-driven, long-horizon investors like sovereigns, export credit agencies, and multilateral institutions:

• A sharp increase in sustainability-linked loans, where interest rates are tied to emissions, water, or other ESG targets.

• EY flags capital availability as the top business risk for miners in 2025, often mitigated via ESG-linked financing structures.

• Sovereign and state-backed capital has been instrumental, co-in vesting in several major megadeals, reducing external debt needs and enabling bigger, riskier infrastructure linked transactions. This trend shows a broader shift — financial models are evolving to integrate climate and security objectives, leveraging public sector capital to support strategic mining developments.

CONCLUSION: BUY NOW OR PAY MUCH MORE LATER

The narrative behind 2024-2025’s mining megadeal wave is unmistakable: it is a catch-up cycle driven by visible supply gaps, capital surpluses, and a strategic imperative to secure fu ture-facing commodities now. Mining companies are racing to secure resources before they become scarcer, more expensive, or politically difficult to access. The options are clear: buy ti er-one assets now while financing costs are relatively attrac tive and balance sheets are strong or gamble on greenfield projects that may not deliver in time or on budget. Mining com panies are not hesitating. They are buying — and buying big.

THE MESSAGE IS CLEAR: BUY NOW. THE NEXT CYCLE WILL BE EVEN MORE EXPENSIVE.

Leanne C. Krawchuk, KC is a partner at Dentons Canada’s Edmonton office and the national leader of the corporate group, as well as a member of the firm’s national management committee. She is also a member of the Dentons Canada mining group advisory committee. Ivana Cescutti is a knowledge and legal operations lawyer at Dentons, specializing in supporting the firm’s Canadian corporate and mergers and acquisitions (M&A) groups.

Game on:

Ford’s Bill 5 becomes law in Ontario

Ontario’s truly “Big Beautiful” Bill 5, also called the “Pro tecting Ontario by Unleashing Our Economy Act 2025,” is now law. The government managed to pass the leg islation before the summer recess began on June 9. The bill em powers the government (among other things) to create special economic zones, which will eventually accelerate mining de velopment and create First Nations-led special economic zones such as for the Ring of Fire region north of Lake Superior.

However, environmental groups and some First Nations op posed Bill 5 despite changes by Premier Doug Ford who called it an opportunity of a lifetime. The new legislation aims to at tract investment and strengthen regional economies by acceler ating permitting and offering greater regulatory clarity — par ticularly for critical minerals like nickel, copper, and lithium.

WHY BILL 5

Significant reduction of mining projects’ approval times

Permitting process for a new mine currently takes approx imately 15 years. The new bill aims to cut that time in half, speeding up development of critical mineral projects — start ing with those in the Ring of Fire.

One-project, one-process framework

The legislation establishes a single-window regulatory process across ministries, creating a streamlined pipeline to reduce re dundancy and simplify bureaucratic hurdles and timelines for approvals.

Indigenous consultation is embedded

In response to mounting criticisms that previous processes were overly fragmented and insufficiently respectful of treaty rights and First Nations governance, explicit provisions in the bill require coordinated consultations with Indigenous com munities before proceeding. Embedding structured, prov ince-coordinated consultations can streamline engagement — but consistent and meaningful involvement remains critical.

Protecting economic and trade security

With the U.S. imposing tariffs and sourcing critical miner als aggressively, Ontario views fast-tracked mineral approv als to protect the province and bolster North American supply chains, sending a firm message that the Ring of Fire’s resources will not slip away to global competitors.

Oversight on foreign involvement

The bill also includes stricter controls on foreign (notably Chi nese) investment in critical mineral projects, aiming to ensure that Ontario retains strategic oversight over resources.

www.b2gold.com

A RESPONSIBLE INTERNATIONAL SENIOR GOLD PRODUCER

Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada, and numerous development and exploration projects in various countries including Mali, Colombia and Finland.

THE CRITERIA FOR CHOOSING THE TOP 40

To be eligible for CMJ Canadian miners list, companies must meet two of the following three criteria:

1. Be domiciled in Canada.

2. Trade on a Canadian stock

3. Have a significant share of an operating mine or advanced development in

We have put extra effort into checking the eligibility of all the miners on the current list. However, we remain open to the suggestions of our readers. exchange. Canada.

GOLD-FUELED GROWTH: TOP 40 MINERS RAKED IN $176 BILLION IN 2024

THE 2024 RANKING OF THE TOP 40 CANADIAN MINING AND METALS COMPANIES BY TOTAL REVENUE (TABLE 1) REVEALS A DYNAMIC YEAR MARKED BY RECOVERY, GROWTH, AND SIGNIFICANT SHIFTS IN FINANCIAL PERFORMANCE ACROSS THE SECTOR. DESPITE GLOBAL ECONOMIC UNCERTAINTIES, GEOPOLITICAL INSTABILITY, AND ONGOING MARKET VOLATILITY, THE INDUSTRY POSTED SOLID FINANCIAL RESULTS.

Magino gold mine’s Phase 3+ expansion shaft in progress in January 2025. CREDIT: ALAMOS GOLD

KEY HIGHLIGHTS AND MOST NOTABLE DYNAMICS IN THE 2024 RANKING

TOP PERFORMER BY REVENUE: Nutrien retained its leading position with total revenues of $34.27 billion, although it experienced a 9.6% year-over-year (YoY) revenue decline and a 44.6% drop in net income, reflecting margin pressures.

STRONG TURNAROUNDS: Newmont and Barrick Gold posted substantial improvements in profitability. Newmont reversed a $3.3 billion loss in 2023 to achieve $4.63 billion in net income, driven by increased cash flow from operating activities (up 134%). Barrick Gold followed suit with a 60.5% increase in net income to $4.23 billion.

THE RISE OF THE MID-TIER PRODUCERS: Alamos Gold and several other mid tier producers demonstrated strong momentum in 2024, as reflected in the 2024 ranking compared to the 2023 ranking. Alamos climbed four positions to #17, driven by strategic growth initiatives and operational performance enhanced by the acquisition of Argonaut Gold and its largest asset: Magino gold mine.

REVENUE GROWTH LEADERS: IAMGOLD was the year’s top climber, rising ten spots, as it surged from #24 in 2023 to #14 position in 2024 ranking with a 68% revenue increase and an impressive 729% increase in net income. Other strong gainers include Alamos Gold (an increase of 33.6% in revenue) and Eldorado Gold (33.1% increase).

UNDERPERFORMERS: Companies like Teck Resources and SSR Mining experienced sharp earnings contractions. Teck’s net income fell by 87.7%, while SSR Mining’s net income sank deeper into the red, from –C$162 million to –C$483 million. It is worth noting that SSR Mining experienced the steepest decline, falling thirteen spots to #27, followed by Franco-Nevada, which slipped from #16 to #25.

The reasons for SSR Mining decline include a catastrophic mine collapse, operational shutdown, legal liabilities, and asset impairments. In February 2024, a serious heap-leach pad col lapse at SSR’s Çöpler gold mine in Türkiye halted operations. This triggered fatalities, environmental damage, regulatory shutdowns, and significant reputational and financial losses.

The Çöpler mine was one of SSR’s largest assets, and its loss sharply curtailed production volumes, revenue, and cash flow.

BREAKING

IN — THE COMPANIES THAT CLIMBED INTO THE 2024 LIST: The 2024 Top 40 list also welcomed three new entrants — Allied Gold, Asante Gold, and K92 Mining — reflecting evolving dynamics in the global mining sector and the emergence of new players in the gold space.

GONE WITH THE

HEAP-LEACH WIND AND OTHER DEPARTURES:

As we expected in last year’s article, Victoria Gold (ranked #38 in 2023) fell out of the 2024 Top 40 ranking primarily because of the midyear heap-leach facility collapse at the Eagle Gold mine, which triggered several severe repercussions, including operational disruption and shutdowns that later led to receivership and financial distress, and increased cleanup and regulatory costs, which eventually resulted in sharp revenue decline and loss

of investor confidence. The catastrophic operational incident, compounded by ensuing legal, environmental, and financial consequences, forced Victoria Gold’s precipitous fall from the 2024 Top 40 revenue ranking.

Other notable departures include Argonaut Gold (#36 in 2023 ranking), Karora Resources (#39 in 2023 ranking), and SouthGobi Resources (#37 in 2023 ranking), while Orezone Gold dropped from #40 in 2023 to #43 in 2024 (officially de parting from the Top 40 but made the runners-up list). The first three companies dropped out of the 2024 Top 40 ranking be cause of a mix of operational and market-driven factors. Argo naut Gold faced significant setbacks, reporting a $333.8 million loss in Q1 2024, driven by impairments exceeding $340 mil lion on its Mexican and Magino assets. Despite initiating pro duction at Magino, revenues remained well below the Top 40 threshold. This led to the unplanned acquisition of Argonaut/ Magino by Alamos Gold during 2024.

Karora Resources delivered strong growth but was edged out as the ranking bar rose, not due to poor performance. Fi nally, SouthGobi was impacted by a downturn in coal prices, which limited revenue growth despite higher volumes and dis qualified it from the Top 40.

In mid-2024, Karora Resources completed a merger with West gold Resources, forming a newly combined Australian gold pro ducer. Under this arrangement, Karora shareholders became ap proximately 49.9% owners of the enlarged entity, while Westgold shareholders held about 50.1%. The merged company operates multiple gold mines under unified management in Western Aus tralia. Thus, while the standalone company “Karora Resources” no longer exists on its own corporate registry (has become inac tive), its core assets and operations continue to function actively as part of the combined Westgold–Karora group.

PROFITABILITY TRENDS: A notable number of companies returned to profitability or reduced losses, indicating improved operational efficiencies. B2Gold and First Quantum still posted net losses in 2024, though First Quantum’s narrowed considerably.

CASH FLOW STRENGTH: Newmont led in operating cash flow with $8.7 billion, reflecting stronger commodity prices and disciplined cost management. Barrick, Agnico Eagle, and Kinross also delivered robust operating cash flows, reinforcing their financial resilience.

THE ANALYSIS

GOLD PRODUCERS CONTINUE TO DOMINATE THE RANKING

Based on the 2024 Top 40 ranking by total revenue (Table 1), gold emerged as the leading primary output, driven by ele vated prices, its continued appeal as a safe haven asset, and strategic expansion by major producers. Copper maintained a significant presence, underpinned by its essential role in global electrification efforts, although profitability varied across com panies. Diversified miners contributed stability to the sector, while silver and uranium secured strong niche positions, sup ported by rising industrial and energy related demand. The dominant primary outputs were as follows:

TABLE 1. TOP 40 RANKING BASED ON TOTAL REVENUE IN 2024.

Headquarters Ticker (TSX) Primary Output

Canada NTR Potash

U.S. NYSE : NEM Gold

Canada ABX Gold

Japan TSE : 5713 Diversified

Canada NYSE : AEM Gold

Canada TECK.B Diversified

Canada K Gold

Canada FM Copper

Canada LUN Copper

Canada PAAS Silver

Canada CCO Uranium

Canada HBM Diversified

Canada BTO Gold

Canada IMG Gold

Canada CS Copper

Canada EQX Gold

Canada AGI Gold

Canada ELD Gold

Canada OGC Gold

Canada WPM Gold/Royalty and Streaming

Canada CG Gold

Canada LUG Gold

Canada TXG Gold

Australia ASX : CIA Iron Ore

Canada FNV Gold/Royalty and Streaming

Canada FVI Silver

U.S. SSRM Gold

Canada NGD Gold

Canada CGG Gold

Canada AAUC Gold

Canada DPM Gold

Canada CXB Gold

Canada AG Silver

Canada ARIS Gold

Canada ERO Copper

Canada TKO Copper

Canada CNSX : ASE Gold

Canada WDO Gold

Canada III Copper

Canada KNT Gold

1) GOLD

Gold was the primary output for 24 of the Top 40 companies in the 2024 ranking, underscoring its dominant position in the sector. This group includes major producers such as Newmont (ranked #2), Barrick (ranked #3), Agnico Eagle (ranked #5), and Kinross (ranked #7), reflecting the strong performance and scale of leading gold focused operations.

WHY GOLD DOMINATED

STRONG MARKET PRICES: Gold prices remained elevated through 2024 because of the persistent economic uncertainty, inflation hedging, and geopolitical tensions. As of December 31, 2023, the gold price closed at approximately US$2,071.80 per oz. By December 31, 2024, it had risen to about US$2,606.72 per oz. This represents a gain of US $534.92, or roughly an increase of 25.8% YoY.

SAFE-HAVEN DEMAND: Gold continues to attract investor interest as a hedge against macroeconomic instability and currency volatility.

INCREASED PRODUCTION AND EFFICIENCY: Many gold companies improved margins via cost optimization and production expansion.

M&A ACTIVITY AND PROJECT RAMP-UPS also boosted revenue (e.g., IAMGOLD’s surge reflects asset consolidation and operational improvements).

2) COPPER

Copper producers in 2024 Top 40 include First Quantum (#8), Lundin Mining (#9), Capstone Copper (#15), Ero Copper (#35), and Taseko Mines (#36).

WHY COPPER RANKED HIGHLY ENERGY TRANSITION TAILWINDS: Demand for copper remained strong owing to its critical role in electric vehicles, power infrastructure, and renewable energy.

SUPPLY TIGHTNESS AND PRICE SUPPORT: Structural deficits in global copper supply supported pricing.

MIXED PROFITABILITY: Some copper firms (e.g., First Quantum) still reported losses because of local disruptions or cost pressures, but others like Capstone saw net income rebound.

3) THE DIVERSIFIED MINERS

Companies such as Sumitomo (#4), Teck Resources (#6), and Hudbay (#12) performed well because of their balanced com modity exposure (e.g., copper, zinc, coal, and gold) that helped buffer against individual commodity volatility. Teck, despite revenue gains, saw profit erosion because of the weaker coal/ zinc prices, higher costs, and the recent sale of its steel-mak ing coal business to the Swiss giant, Glencore. Teck Resources undertook a strategic exit from its steel-making coal business, completing the sale of its remaining 77% stake in Elk Valley Resources (EVR) to Glencore in July 2024 for approximately US$6.9 billion in cash. This transaction followed an earlier No

TABLE 3. CANADIAN OILSANDS PRODUCERS (RANKED BY TOTAL REVENUE IN 2024).

vember 2023 agreement in which Glencore acquired the majority stake at a US$9 billion valuation, with Nippon Steel and POSCO acquiring the remaining 23%. Teck spent much of 2024 restructuring and preparing to spin off its steel-making coal business. This reduced near‑term earnings contributions from a his‑ torically profitable segment and introduced transitional costs.

Building

Smarter Mines and Stronger Communities

At IAMGOLD, we combine innovation and responsibility to build efficient, sustainable operations. By empowering people and partnering with communities, we’re shaping a stronger future together.

4) SILVER AND URANIUM (SMALLER BUT NOTABLE PRESENCE IN THE RANKING)

Notable silver producers among the Top 40 are Pan American Silver (#10), Fortuna (gold and silver; #26), and First Majestic (#33). As for uranium, Cameco ranked #11 (slight improvement from #12 in 2023 ranking) because of the strong revenue and cash flow growth driven by rising uranium prices and revived nuclear interest globally.

iamgold.com

SIGNIFICANT ACQUISITIONS AND DEALS IN 2024

INVOLVING COMPANIES FROM THE TOP 40

The year 2024 was a pivotal year for mining M&A activity. The sec tor saw mega-mergers in gold, significant copper-focused deals, and strategic divestments by tier one producers. These moves re flect industry trends: commodity price strength, portfolio optimi zation, and targeted investments in future-facing metals. In 2024, several companies featured in the Top 40 ranking engaged in notable mergers and acquisitions, signaling strate gic moves that may also reshape future standings. Alamos Gold (#17) completed the acquisition of Argonaut Gold, expanding its reserve base by over 4 million oz. and increasing its annual pro duction guidance by 20%. The deal, driven by Argonaut’s under valued market position and geographic proximity of the assets, added significant value through the partially developed Magino project, which had already seen nearly $1 billion in capital in vestment. Agnico Eagle Mines (#5) continued its consolidation strategy with a $1.67 per share all-cash offer for O3 Mining, rep resenting a 58% premium and strengthening its position in Que bec and Ontario. In the copper space, Lundin Mining (#9) en tered a 50/50 joint venture with BHP to acquire the Filo del Sol copper-gold project in Argentina and Chile through Filo Corp, enhancing Lundin’s long-term growth pipeline in South Amer ica. These strategic acquisitions underscore a broader trend of consolidation among established producers, aiming to scale pro duction, secure high quality assets, and strengthen competitive positioning in an environment of elevated commodity prices.

THE 2024 RUNNERS-UP RANKED BY TOTAL REVENUE

The 2024 runners up list (see Table 2) includes companies ranked just outside the Top 40 based on total revenue, demonstrating strong performance and, in some cases, significant YoY growth. These five companies — Orla Mining, Dynacor Group, Orezone Gold, Santacruz Silver Mining, and Sierra Metals — represent emerging or recovering producers primarily focused on gold and diversified metals.

ORLA MINING saw the strongest growth among runners-up, more than doubling operating cash flow and reversing a prior-year loss. Its advancement positions it as a likely candidate for the Top 40 in 2025.

TABLE 4. RANKING BY NET PROFIT MARGIN

TABLE

TABLE 6. OPERATING CASH FLOW (OCF) MARGIN (SEE NOTE

Note: Operating cash flow (OCF) margin measures how efficiently a company converts its revenue into cash from operating activities. It indicates the proportion of a company’s revenue that is turned into actual cash — a critical indicator of operational efficiency and cash-generating ability. It is calculated by dividing operating cash flow by total revenue. It helps investors understand if profits are backed by cash, as it is more reliable than net income alone (which can include non-cash items). A typical OCF margin for the mining industry is between 15% and 30%.

DYNACOR GROUP demonstrated steady growth in both revenue and profitability, maintaining its rank while improving operational efficiency.

OREZONE GOLD reported YoY increases in both revenue and net income; however, a decline in operating cash flow may suggest elevated costs or the impact of one-time expenditures. Its modest drop in ranking from #40 to #43 highlights the increased competitiveness among top‑ tier performers.

SANTACRUZ SILVER MINING made a remarkable financial turnaround, posting the highest net income among the group. Its diversified output and improved margins signal renewed strength.

SIERRA METALS returned to profitability with strong cash generation, highlighting successful operational recovery. In conclusion, the 2024 runners-up exhibited strong financial momentum, with all five companies improving revenues and four returning to or strengthening profitability. Orla Mining and Santacruz

Silver Mining stand out for their sharp earnings reversals, while Sierra Metals and Dynacor Group delivered consistent growth. Again, this cohort reflects the growing depth and competitiveness of mid-tier mining firms, several of which are well-positioned to break into the Top 40 in the coming year.

OILSANDS

In 2024, Canada’s oilsands showed overall revenue stability with modest growth among the top producers, but a notice‑ able dip in net profitability (see Table 3):

• Cenovus Energy, Imperial Oil, and Suncor Energy led in total revenue, each generating over $50 billion.

• Despite revenue growth, all major players saw declines in net income, pointing to possible cost pressures or margin compression.

• Baytex Energy and Athabasca Oil made strong financial turnarounds, moving from losses in 2023 to solid profits in 2024.

• Revenue rankings remained unchanged,

Solid Assets. Strong Returns. Sustainable Growth.

Alamos Gold, a leading Canadian-based gold producer, is targeting to achieve one million oz of annual gold production in the long term. This success stems from developing quality assets that fuel our growth while achieving strong free cash flow generation at our low-cost, long-life operations.

signaling a steady competitive land‑ scape, but margin volatility may indi‑ cate shifting operational dynamics.

• These results reflect an industry navigating stable output and pricing but grappling with cost headwinds and efficiency challenges.

ADDITIONAL FINANCIAL DATA

Tables 4 to 7 evaluate the financial performance of the Top 40 Canadian min‑ ers from four complementary angles: net profit margin, net income growth, operating cash flow (OCF) margin, and revenue growth. Notably, the data underscores a divide between companies thriving through efficiency, strategic growth, and robust cash generation — and those struggling with losses, operational disruptions, or declining rev‑ enues. Several mid-tier gold producers emerged as top financial performers in 2024, while former heavyweights like SSR Mining and First Quantum faced major setbacks.

TABLE 7. REVENUE GROWTH RATE

TABLE 4: NET PROFIT MARGIN RANKING

This table ranks companies by net profit margin (net income as a percentage of revenue), offering insight into bottom-line profitability. High-margin companies were typically royalty/streaming firms or efficiently run mid-tier producers. The bottom-tier margins were dragged down by restructuring impairments, cost over runs, or operational incidents.

TOP PERFORMERS: IAMGOLD (52%), FrancoNevada (50%), Wheaton Precious Metals (41%), and Dundee Precious Metals (39%) led the pack, demonstrating strong cost control and profitability. Barrick and Agnico Eagle also ranked high with margins above 20%, despite their much larger revenue bases.

LOW AND NEGATIVE MARGINS: Companies such as First Majestic Silver (–18%), Allied Gold (–16%), and B2Gold (–33%) posted significant losses, pulling overall margins into negative territory.

TABLE 5: RANKING BY ANNUAL NET INCOME GROWTH (% CHANGE FROM 2023)

This table measures YoY percentage change in net income, indicating improve ment or deterioration in financial perfor mance. The most dramatic gains stemmed from companies rebounding from 2023 losses, while those with large declines faced asset-specific or strategic challenges.

HIGHEST INCREASES: Wesdome Gold Mines (+2,290%) and Equinox Gold (+1,092%) led the group, followed closely by IAMGOLD (+729%) and Fortuna (+430%),

all rebounding from previous losses or modest gains. Newmont (+239%) and Franco-Nevada (+220%) reversed large prior-year losses, showcasing major turnarounds.

SHARP DECLINES: B2Gold (–1,630%) and SSR Mining (–198%) suffered the steepest declines, along with Ero Copper (–173%) and Teck Resources (–88%), often because of restructuring, cost spikes for new projects, or operational disruptions.

TABLE 6: OPERATING CASH FLOW (OCF) MARGIN

This table assesses how efficiently companies convert reve nue into cash, a key indicator of operational strength. A typical healthy OCF margin for mining companies ranges from 15% to 30%; most top 20 companies exceeded that threshold, while underperformers face cash flow sustainability concerns.

TOP CASH GENERATORS: Wheaton Precious Metals (80%) and Franco-Nevada (75%) far exceeded the industry norm, reflecting their royalty-based, capital-light business models. Strong OCF margins were also posted by Agnico Eagle (48%), Kinross (48%), Lundin Gold (56%), and Alamos (49%) — indicating high operating leverage and cost control.

LOW MARGINS: SSR Mining (4%) and Asante Gold (13%) were at the lower end, signaling weaker operational efficiency or highcost restructuring.

TABLE 7: TOTAL REVENUE GROWTH RATE (%)

The last table ranks companies based on their YoY revenue growth, revealing expansion or contraction in top-line perfor mance. Growth leaders either started from a smaller base or ex panded operationally, while revenue shrinkage was concentrated among companies dealing with structural or market headwinds.

FASTEST GROWING COMPANIES:

Newcomers Asante Gold (+109%) and K92 Mining (+78%), as well as IAMGOLD (+68%) and Wesdome (+68%) drove growth through new production ramps or acquisitions. Newmont (+61%) and Teck Resources (+40%) saw meaningful growth owing to volume increases and commodity price recoveries.

REVENUE DECLINERS: First Quantum Minerals (–24%), SSR Mining (–29%), and Nutrien (–10%) reported significant revenue declines because of either commodity pricing, asset disruptions, or strategic divestitures.

Finally, the 2024 Top 40 financials highlight an industry recali brating amid shifting market dynamics. While some producers grappled with cost inflation and declining margins, others cap italized on favourable commodity cycles and operational dis cipline. With gold producers showing broad strength and sev eral turnaround stories emerging, the mining sector appears positioned for cautious optimism for the year 2025.

THE FINE PRINT

> We recognize that revenues are an imperfect way of looking at companies, as they discount the value of near-term expansions and development projects. Since the cut-off for our Top 40 can be close, we have also included a runnersup table to highlight other Canadian companies that are generating strong revenues.

> Please see also the criteria for our Top 40 eligibility, which is unchanged from past years.

> Differences in reported revenue figures between this year and last are attributable to different exchange rates used to convert U.S. dollar figures for each year and to some companies having restated prior years’ revenue. Financial results are also impacted by commodity prices and exchange rates.

> All figures in the tables are expressed in thousands of Canadian dollars.

> If needed, we use the Bank of Canada’s average exchange rate when converting U.S. to Canadian dollars: for 2024, the average was US$1.00 for C$1.3698.

> The data sets were extracted (in Canadian dollars), refined, reviewed, and analyzed by the author to the best of his knowledge using the S&P Capital IQ Pro database.

By Marilyn Scales

IAMGOLD: A rising star

With Côté Gold start, IAMGOLD jumps 10 places on Top 40 list

This year, IAMGOLD Corp. made a 10-point jump on CMJ’s Top 40 list to #14 from #24. That is a remarkable achievement for any company. To mark the achieve ment, CMJ interviewed Renaud Adams, the company’s presi dent and chief executive officer.

With over 30 years of global mining experience, Adams has retained his optimism and deep confidence in his employ ees. He has held executive positions at several gold produc ers. Among his successes was the Island Gold mine in Ontario where production doubled, reserves tripled, and operating costs dropped to make it one of the lowest cost underground mines in the Americas.

When asked what the largest contributor to IAMGOLD’s rise among the Top 40 Canadian mining companies is, he did not hesitate. “One of the most important parts of the success of this company is experience.” And he pointed to IAMGOLD’s track record at its Essakane mine in West Africa and recent turn around at its Westwood mine in Quebec.

“Second, is our people,” he added, “they have tremendous fo cus on what needs to be done.” Their strongest asset is the abil ity to plan and find potential in any property they are examin

ing. “And we have developed dedicated partnerships with our Indigenous communities.”

The latest feather in his cap is the successful development of the Côté Gold mine, now one of Canada’s largest.

“Côté is a very exciting story,” Adams told CMJ

Construction began in September 2020, as the Covid 19 pan demic got underway. IAMGOLD eventually spent $3 billion on its development over four years.

“Four years is a long time for development,” he said, “and we might have spent less if we had the normal two-to-three-year development.” But IAMGOLD was ready to move forward at Côté, despite the longer timeline.

But in 2023, when Adams joined the company as president and CEO, he believed the project would reach well beyond its potential. With first gold reported in March 2024, Adams had close watch over the ramp up, and the project reached name plate mill throughput by the end of June 2025.

Today, IAMGOLD has a stable of three producing gold mines — Côté Gold in Ontario, Westwood in Quebec, and Essakane in Burkina Faso. Guidance for this year is up to 820,000 oz. at an all-in sustaining cost (AISC) of between US$1,625 and US$1,800 per oz.

Sunrise at the Côté Gold mine half-way between Timmins and Sudbury in Ontario.

CREDIT: IAMGOLD CORP.

Add to that the company’s growing confidence in its exploration focus on northern Quebec, and even more success is anticipated.

Côté Gold mine, Ontario

The newest producer in IAMGOLD’s portfolio is the Côté Gold mine 125 km southwest of Timmins. It is also one of Canada’s largest gold mines and a model for modern, sustainable opera‑ tions. Guidance for 2025 is 360,000 to 400,000 oz. at an AISC of between US$1,350 and US$1,500 per oz. as operations ramp up.

The property is currently held 70% by IAMGOLD and 30% by Sumitomo Metal Mining.

This KCA unit can produce 200 kg per hour of screened agglomerates of ore or other products, and is available for rental or sale. A two-deck screen and delumper allow complete control of final product size. The unit meets all safety standards, and has a dust collection system for healthy operation.

Surface facilities at the Côté Gold mine. CREDIT: IAMGOLD CORP.

The Côté Gold mine poured its first gold in March 2024. CREDIT: IAMGOLD CORP.

TOP 40: CEO INTERVIEW

IAMGOLD gained control of the property in 2012 with the takeover of Trelawny Mining, and construction began in Sep tember 2020. The open-pit mine and mill were commissioned last year after an investment of US$3 billion over four years. The first gold pour occurred in March 2024, and the project output was 199,000 oz. gold last year. Côté reached its full mill capacity of 36,000 t/d in the last week of June.

The Côté project consists of two primary zones: Côté and Gosselin, which are connected as open pits and both of which are open at depth. Let’s examine them on a 100% basis.

The larger Côté zone has proven and probable (P+P) reserves of 229.2 million tonnes grading 1.00 g/t or 7.3 million contained oz. On a resource basis (which includes reserves), the Côté zone has measured and indicted resources (M+I) of 438.5 mil lion tonnes grading 0.84 g/t or 11.8 million contained oz. The in ferred resource is 60.4 million tonnes at 0.61 g/t or 1.2 million contained oz.

The Gosselin deposit contains an indicated resource of 161.3 million tonnes grading 0.85 g/t or 4.4 million contained oz. The inferred resource is 123.9 million oz. or 3.0 million contained oz. The Gosselin deposit currently is smaller, as it was discov ered later, with an initial resource estimate in the fall of 2021. The company plans diamond drilling at Gosselin this year with the goal of upgrading resources to reserves.

Capital spending this year to operate the mine for IAMGOLD

is estimated to be approximately US$110 million, with an ad ditional US$15 million earmarked by the company to install a new cone crusher to further improve the processing circuit and set the stage for the next expansion phase.

IAMGOLD is currently working on releasing an updated tech nical report next year which will outline the Côté Gold mine as an even larger scale operation, with an increased plant size and targeting the combined resources of Côté and Gosselin. With the scale of Côté, if the processing rate increased to 50,000 t/d it would still have a potential mine life for well beyond 2045.

Westwood complex, Quebec

The wholly owned Westwood gold complex lies 55 km north west of Val d’Or, at the site of the former Doyon gold mine us ing the refurbished mill that once treated ore from the Mouska gold mine. The complex began commercial production in 2014 and is expected to operate through 2032, perhaps beyond. Guidance for 2025 is 125,000 to 140,000 oz. at an AISC of below US$1,825. That number is in line with the 134,000 oz. of gold Westwood produced last year.

Mining activities at Westwood involve both underground and open-pit mining, with the underground contributing ap proximately 1,000 t/d to the plant, supplemented with approx imately 2,000 t/d from the Grand Duc open pit. Grand Duc is scheduled to be exhausted by the end of this year, though, at current gold prices, IAMGOLD is examining the potential to ex tend mining at the pit. The mill treats about one million tonnes of ore annually and boasts a gold recovery rate of 95%.

The company estimates capital expenditures this year at Westwood to be US$70 million, the bulk of which is for under ground development, followed by mill and mobile equipment improvements.

The Westwood underground is open at depth, has P+P re serves of 2.6 million tonnes grading 11.44 g/t or 957,000 con tained oz. The Grand Duc open pit has P+P reserves of 1.4 mil lion tonnes of ore grading 1.01 g/t or just over one million con

The Westwood headframe rises above the trees near Val d’Or, Quebec.

CREDIT: IAMGOLD CORP.

tained oz. of gold.

The total M+I resources (including reserves) are 6.9 million tonnes averaging 7.98 g/t gold or 1.7 million contained oz. The total inferred resource totals 4.4 million tonnes grading 12.82 g/t or 1.8 million contained oz.

Essakane gold mine, Burkina Faso

The oldest of IAMGOLD’s operations is the open-pit Essakane mine (one of the largest in West Africa) which started in 2010 and has an expected mine life through 2028. It was also the company’s largest producer last year at 409,000 oz. of gold and an AISC of US$1,625 per oz. The mine is owned 90% by IAM GOLD and 10% by the Burkina Faso government.

Guidance for 2025 is 360,000 to 400,000 oz. at an AISC of less than US$1,825 per oz.

It remains to be seen whether Essakane will remain IAM GOLD’s largest producer or whether it will be overtaken by Côté this year. The guidance for both operations is the same.

Mining is expected to continue through 2028 with production av eraging approximately 400,000 oz. per year over this period. Ore will be mined from the Essakane Main zone and the Lao and Gou rouol satellite pits. With drilling contained within the fence pe rimeter of the project, IAMGOLD believes the mine life can be ex tended to 2033 and is likely to update the mine life plans next year.

The probable reserve at Essakane is 44 million tonnes in the pit, and the proven reserve is 18.9 million tonnes in stockpiles. Together on a 100% basis, the P+P reserves are 62.9 million tonnes grading 1.15 g/t or 2.3 million contained oz.

M+I resources (inclusive of reserves) are 99.9 million tonnes grading 1.24 g/t or 4.0 million contained oz. The remainder is an inferred resource of 12.6 million tonnes grading 1.76 g/t or 713,000 contained oz.

The future is hidden in Quebec

IAMGOLD is intensely interested in the Chibougamau-Chapais area of northern Quebec, which it considers a growing mining district. The area has a long history of gold and copper production going back to the mid-Twentieth Century. Infrastructure is estab lished owing to earlier mining efforts, and competition is heating up for properties in the district.

IAMGOLD’s exploration efforts are divided among the Nelligan, Monster Lake, and Anik properties. Nelligan is the primary target and the focus of current exploration efforts. It is located 45 km southwest of Chibougamau. Fif teen kilometres north of Nelligan is the Mon ster Lake property which offers an important satellite opportunity for high grade gold re sources.

The Nelligan deposit lends itself to open pit mining, and the Monster Lake deposit is suit able for underground development. Together the two projects are estimated to host over 8 million oz. of gold.

The two deposits have an indicated resource of 102.8 mil lion tonnes grading 0.95 g/t or 3.1 million contained oz. The in ferred portion is 166.4 million tonnes grading 0.96 g/t or 5.2 million contained oz.

IAMGOLD has a 13,000-metre drill program to test exten sions on strike at Nelligan and Monster Lake, both of which are wholly owned.

IAMGOLD also has an option to earn 80% of the strategically placed Anik property northeast of Nelligan. The property is 100%-owned by Kintavar Exploration. During the first quarter of 2025, IAMGOLD diamond drilled 2,100 metres, but the re sults were not yet available at press time.

The last word

Adams is confident that IAMGOLD’s exploration programs in Quebec will succeed. “It is growing quite fast,” he said. “I Think the Nelligan-Monster Lake camp has the potential to be the next 15-million-ounce resource. It is open in all directions.”

With Adams’ confidence in his people and Quebec’s resource potential, IAMGOLD will continue to be a company to watch.

Marilyn Scales is a freelance mining writer.

Exploration at the Nelligan-Monster Lake camp in Quebec is a priority.

CREDIT: IAMGOLD CORP.

The heavy equipment workshop at the Essakane mine in Burkina Faso. CREDIT: IAMGOLD CORP.

B2GOLD IN NUNAVUT: Canada’s newest mining friendly territory

An Interview with Randall Chatwin, senior vice-president, legal and corporate communications, at B2Gold

B2Gold continued to have a solid presence on CMJ’s annual Top 40 ranking of Canadian min‑ ers. The company’s ranking for 2024 shifted only slightly to #13 from #11 in 2023 ranking. Recently, I had the opportunity to speak with Randall Chatwin (RC), senior vice-president, legal and corporate communications, at B2Gold, to discuss the latest developments at the Goose project in Nunavut, the company’s operations in Mali, and other key updates.

The Goose Gold Project

With the acquisition of Sabina Gold & Silver in April 2023, B2Gold also acquired Sabina’s 100% owned Back River Gold District located in Nunavut, Canada. The Back River Gold District consisted of eight mineral claim blocks along an 80-km belt, which has now expanded to 11 mineral claim blocks. The most advanced project in the district, the Goose project, has been de-risked with significant infrastructure currently in place. The development of the Goose project opens the Back River Gold District for opportunities yet to be discovered, many of which are the subject of exploration in 2025. All project construction and development activities at the Goose Project have been completed, and on June 30, 2025, B2Gold achieved its first gold pour at the Goose Mine. The company continues to estimate and reiterate its guidance of 120,000 to 150,000

oz. for 2025 and now begin work ramping up to commercial production in the third quarter. The Goose mill has been consistently running at approximately 50% of nameplate capacity during this initial phase, as planned, and the focus during Q3 of 2025 will be to continue steady state operations and increase throughput to full design capacity in the near-term. B2Gold estimates average annual gold production for the initial full six years of operations (2026 to 2031 inclusive) to be approximately 300,000 oz. per year, based only on existing mineral reserves.

CMJ: B2GOLD IS ADVANCING OPERATIONS AT THE GOOSE GOLD PROJECT IN NUNAVUT. HOW IS THE COMPANY LEVERAGING ITS ARCTIC EXPERIENCE TO MOVE THE PROJECT FORWARD EFFICIENTLY?

RC: One of the most significant ways we are leveraging our Arctic experience is through the construction and management of the winter ice road (WIR). In 2024, we had a very successful season — bringing in all the materials needed to com-

Randall Chatwin

Trucks bringing materials from Bathurst Inlet to the Goose site on a 163-km constructed winter ice road (WIR). CREDIT: B2GOLD

B2Gold’s Goose Mine in northern Nunavut.

CREDIT: B2GOLD

plete construction. This year, we were able to start even earlier, on February 18th — three weeks ahead of schedule — thanks to our team’s experience in Northern Russia with Bema Gold and what we have learned in past seasons in Nunavut. The WIR was operational by mid-February 2025 with the transportation of all materials from the MLA to the Goose project site completed one month ahead of schedule in mid-April 2025. Over 4,000 loads and 80 million litres of fuel were transported over the 2025 WIR season.

MARINE LAYDOWN AREA (MLA)

ule, which is certainly attractive to the workforce. This schedule allows for better rest and recovery and has also proven to be a competitive recruitment advantage over the more common twoweek rotation.

CMJ: IT SOUNDS LIKE YOU ARE DEVELOPING BEST PRACTICES FOR ARCTIC OPERATIONS.

RC: Absolutely. We are drawing on a wealth of knowledge from our past proj-

B2Gold’s marine laydown area (MLA) in Bathurst Inlet, Nunavut. Shipments are stored at the MLA during the summer months until the winter ice road construction is completed and the materials can be transported to site. CREDIT: B2GOLD

That early start significantly reduced the risk of delays in transporting essen‑ tial supplies from the marine laydown area to the site. This includes critical in‑ puts like the 80 million litres of fuel re‑ quired to power operations for the next 12 months, upgraded mining equipment, critical spares, and all necessary reagents. Beyond logistics, our Arc‑ tic experience informs how we maintain equipment for cold-weather performance and ensure camp operations run smoothly. We use Arctic corridors between buildings to minimize outdoor exposure, and many employees operate on a three-week rotation sched-

Following the acquisition of Sabina, the MLA, located on Bathurst Inlet, was reorganized to maximize space for the 2023 sealift. Additionally, the fuel tank containment area at the MLA was enlarged to facilitate increased storage. The 2024 sealift was completed on September 30, 2024, with 10 ships and one barge having unloaded 123,000 m3 of dry cargo, ~85 million litres of arctic grade diesel fuel, and 58 additional trucks for the 2025 winter ice road (WIR) campaign. Creating career and employment opportunities in

Nunavut’s growing mineral development sector for youth in the Redfish Arts welding program, Cambridge Bay.

TOP 40: CEO/EXECUTIVE INTERVIEW

ects, including the Bema Gold team days and our experience in Russia. Leaders like Bill (William) Lytle, our senior vice-presi dent and COO, were part of that team, and they are now mento ring the next generation of construction and project managers. That knowledge transfer is vital as many of our senior construc tion leaders start to turn over leadership roles to the next gener ation. The Back River Gold District presents a unique opportunity to preserve and pass on this Arctic expertise.

CMJ: I UNDERSTAND THAT THE CONTINUITY IS ESPECIALLY IMPORTANT GIVEN THE CHALLENGES IN ATTRACTING YOUNG TALENT TO THE MINING WORKFORCE.

RC: Precisely. On the ground, mentorship and real-world train ing is invaluable — particularly with something as essential as building the ice road, which we will have to do annually, and op erating a 4000 t/d mill in the Arctic. Every year, we need to trans port fuel, reagents, critical spares, and mining equipment — ev erything necessary to sustain the mine. So, having both current and future teams equipped with the right skills is critical.

CMJ: CAN YOU TALK TO US ABOUT B2GOLD’S RELATIONSHIP WITH THE KITIKMEOT INUIT ASSOCIATION (KIA) AND HOW YOU ARE COLLABORATING WITH LOCAL COMMUNITIES TO BUILD THE INFRASTRUCTURE?

RC: We have a strong partnership with the Kitikmeot Inuit As sociation (KIA), which is the landholder for the Goose project. We entered into an Inuit Impact and Benefit Agreement (IIBA) with the KIA in 2018, a testament to the excellent work done by the Sabina Gold team, which we have been able to build upon.

The IIBA covers Inuit employment, business development, and community support. The Goose project employed 233 Inuit proj ect personnel in 2024, but we continue to work hard to build on that success. In addition, in 2024 alone, about $205 million in ex penditures were made to 17 Kitikmeot-qualified businesses. We are working with the five communities in the region to expand employment and procurement/contracting opportunities and provide meaningful support on-site to all Inuit project personnel.

We have initiated an Inuit Employee onboarding program to help ease transition of new Inuit employees to life at site. In addition, we provide access to country foods, culturally rel evant programs, celebration of traditions, mental health sup port, and ensuring there are Inuit representatives in camp to provide support. We are working collaboratively with the KIA and communities to identify investment priorities — whether that is housing, healthcare, education, or cultural initiatives.

One example is our partnership with the Red Fish Arts So ciety in Cambridge Bay. At the community’s request, we sup ported their work with at-risk-youth by helping fund welding and art programs. Additionally, we have hosted students at our

site, giving them practical opportunities to apply their skills. It is a powerful way to align training with employment.

CMJ: THAT LEVEL OF ENGAGEMENT TRULY SETS B2GOLD APART. SHIFTING TO MALI, WHERE YOU OPERATE FEKOLA, YOUR LARGEST GOLD MINE — HOW IS THE CURRENT POLITICAL SITUATION AFFECTING OPERATIONS?

RC: Our relationship with the Malian government remains strong and has been consistent throughout the recent negoti ation period. With a Memorandum of Understanding (MoU), signed in September 2024, we reached an agreement that aligns with both the government’s goals and B2Gold and its stakehold ers’ interests. The MoU has given us a stable framework to con tinue operating the Fekola Gold Mine and expand gold produc tion at the Fekola Complex, including the Fekola regional project. We are currently working through the licensing process with the government, and so far, they are fulfilling their com mitments under the MoU, just as we are. It is important to note that the site itself has not been affected by political events, and operations have continued to run unimpeded.

Earlier in 2024, we did work through an operational issue when an excavator tipped over, which set back our stripping work in Phase VII. However, by Q3 2024, we had resolved the issue and were back on track. We have now reached the ex pected ore grade and are meeting or exceeding production budgets for the start of 2025.

CMJ: ACCORDING TO A RECENT YAHOO FINANCE ANALYST REPORT, B2GOLD IS AMONG THE TOP 13 GOLD DIVIDEND STOCKS TO BUY NOW. HOW HAVE YOU ACHIEVED THIS REPUTATION?

RC: It comes down to consistent delivery. Despite the chal lenges in Mali and building the mine at the Goose project, we have continued to meet our targets — both in terms of bud get and timeline. We poured our first gold at the Goose proj ect at the end of June 2025 and are looking forward to achiev ing commercial production at the Goose Gold Mine in Q3 2025.

Meanwhile in Mali, we have overcome the operational issues in 2024, finalized the MoU, and are now advancing the Fekola re gional expansion. The key is that we continue to deliver on our promises quarter after quarter. That builds credibility — and it is being recognized in the market. We also believe the stock remains undervalued, and as we de-risk the Goose project and bring in re gional ore at Fekola, we expect to see further positive momentum.

CMJ: GOLD HAD A STANDOUT YEAR IN 2024 — THE BEST RUN IN OVER A DECADE. WHAT IS YOUR OUTLOOK FOR THE REMAINDER OF 2025?

RC: We see ongoing strength in the gold price, largely driven by global geopolitical uncertainty. Gold continues to be a reli able safe haven investment.

That said, we take a conservative approach in our budgeting — we do not plan based on spot prices — but we certainly wel come the strong price environment and will continue manag ing our business prudently.

B2Gold’s Fekola mine in Mali, where the site generates approximately 30% of its electricity with solar power, reducing overall operating costs and lowering the mine’s carbon footprint. CREDIT: B2GOLD

By Tamer Elbokl,

Young-Davidson is a low-cost, long-life operation and one of Canada’s largest underground gold mines. CREDIT:

How Alamos Gold is building the next Canadian mining giant

Q&A with John A. McCluskey, CEO of Alamos Gold

Q: ALAMOS GOLD’S RANKING IN OUR ANNUAL TOP 40 CANADIAN MINERS IMPROVED FROM #21 IN 2023 TO #17 IN 2024, WITH ALMOST $0.5 BILLION INCREASE IN TOTAL REVENUE. WHAT FACTORS CONTRIBUTED TO ALAMOS GOLD’S TERRIFIC PERFORMANCE IN 2024?

A: Last year’s success was driven by careful planning and consistent performance. In July 2024, we completed the acquisition of Argonaut Gold, integrating the Magino Mine into our new Island Gold District. The Mulatos District also exceeded

John A. McCluskey,

CEO of Alamos Gold

expectations with production coming in above the top end of the guidance range. Our production increased 7% to 567,000 oz., and we delivered record operation and financial performance with record revenue, cash flow from operations, and free cash flow. We also expanded into Quebec through the acquisition of the highly pro‑ spective Qiqavik project. Overall, it was a year of meaningful growth underpinned by the values that make Alamos Gold a company that we are proud of.

Q: THE 2024 ACQUISITION OF ARGONAUT/MAGINO ADDED 4 MILLION OZ. OF RESERVES. HOW ARE THE PROJECTED US$515 MILLION IN SYNERGIES BEING REALIZED, AND WILL ACQUISITIONS REMAIN A PILLAR OF ALAMOS’S STRATEGY?

A: Alamos has had a long track record of creating value by fol‑ lowing a strategic approach that has included M&A; however, this is in addition to our consistent focus on exploration success and expanding and optimizing our long-life assets to make them more productive and profitable. Acquiring the Magino Mine was the right approach, as it will allow us to transform the Island Gold District into one of the largest operations in Canada with annual production of more than 400,000 oz. at first quartile costs once the Phase 3+ Expansion is complete. We are on track with our organic growth profile but will keep an eye out for any good opportunities.

In terms of synergies, a large portion of the capital syner‑ gies related to the original mill expansion and tailing lift at Island Gold were immediate, since we will be utilizing the much larger Magino mill and tailings. Processing costs synergies will be realized once we start processing Island Gold ore at

TOP 40: CEO INTERVIEW

the Magino mill later this quarter. Connec tion to grid power in the second half of 2026 will surface more synergies and reduce unit costs. On the procurement side we are also seeing synergies on consumables, camp ser vices, and transportation.

Q: WITH LYNN LAKE CONSTRUCTION UNDERWAY AND C$290 MILLION IN CASH ON HAND, HOW ARE YOU BALANCING CAPITAL ALLOCATION BETWEEN NEW BUILDS, SUSTAINING EXISTING ASSETS, AND SHAREHOLDER RETURNS?

A: Alamos is currently in a growth phase, and with our strong cash balance and pos itive free cash flow generation in the cur rent gold price environment, we can selffund that growth. Our Phase 3+ Expansion will transform the Island Gold District and is on track for completion in the sec ond half of 2026. One year later, we expect that our Puerte Del Aire (PDA) project in Mexico will commence and ultimately tri ple the mine life of Mulatos. The Lynn Lake Project is a longlife, low-cost project in Canada with excellent exploration up side, anticipated for completion in 2028.

In June 2025, the Island Gold District Base Case Life of Mine Plan was announced, integrating Island Gold and Magino as one consolidated long-life operation that is expected to become

lowest-cost, and most profitable gold mines in Canada.

Our free cash flow generation will start to grow consider ably with completion of the Phase 3+ Expansion. Our long-term capital allocation strategy is to dedicate one third to growth, a third to strengthening the balance sheet, and a third to return ing capital to shareholders. Currently, our focus is primarily on growth, but this will shift over the next few years.

Q: WITH A RECORD US$72 MILLION EXPLORATION BUDGET IN 2025 AND IMPRESSIVE DRILLING SUCCESS AT ISLAND GOLD, HOW DO YOU SEE RESOURCE UPSIDE TRANSLATING TO LONGTERM PRODUCTION?

A: Exploration success is a key driver of our value creation. Over the past six years, we have increased our mineral reserve base by 44% to 14 million oz., net of more than 3.5 million oz. of depletion. Over that time frame, we have discovered eight mil lion oz. at an average cost of $30 per oz. This growth is support ing the development of new projects, as is the case with PDA and Lynn Lake, and the expansion of current operations like the Island Gold District.

At Island Gold, we have a very impressive track record of converting over 90% of Inferred ounces to reserves, and we expect that trend to continue. In addition, the Island Gold underground deposit remains open laterally and at depth, with grades increasing as we go deeper.

Q: MEXICO HAS INTRODUCED TIGHTER CONTROLS ON MINING CONCESSIONS AND PERMITTING IN

of the

RECENT YEARS. HOW IS ALAMOS NAVIGATING THIS REGULATORY SHIFT, PARTICULARLY WITH THE ONGOING DEVELOPMENT OF THE PDA PROJECT NEAR MULATOS?

A: Alamos has operated in Mexico since 2005 with great suc cess, and we expect this to continue. In January, the Mexican government approved our amended environmental impact as sessment, which was required for us to begin construction on the PDA project. This is an underground mine located within the Mulatos District with a small environmental footprint, and furthermore, Mulatos has had long standing community, state, and federal government support. These are important factors that supported this important permitting milestone.

Q: YOU DESCRIBED GOLD AS BEING IN A “VERY STRONG BULL PHASE” LAST YEAR — WHAT IS YOUR CURRENT OUTLOOK FOR GOLD PRICES OVER THE NEXT 12–24 MONTHS? ALSO, AMID GOLD’S CURRENT RALLY, WHAT SPECIFIC GOLD PRICE DO YOU FORECAST BY THE END OF 2026? AND HOW WOULD THAT SUPPORT ALAMOS HITTING ONE MILLION OZ. ANNUAL PRODUCTION?

A: There is no question that there is a supportive environment for gold, and this outlook is expected to continue based on the factors that have contributed to its rise: growing global debt, ongoing deficits, rising debt service costs, strong central bank demand and elevated geopolitical risk. Our ability to reach our annual production target of one million oz. per year is inde pendent from a strong gold price, in fact, we are able to self fund our growth at gold prices well-below current levels.

Q: WITH GLOBAL MONETARY POLICY UNCERTAINTY AND INFLATIONARY CONCERNS, HOW DOES ALAMOS POSITION ITSELF TO BENEFIT FROM GOLD’S ROLE AS A SAFE-HAVEN ASSET?

A: Gold’s role as a safe haven asset and inflation hedge pro

one

largest,

CREDIT: ALAMOS GOLD

vides support for the gold price. However, further to my last point, Alamos is not only doing well as a gold producer, but rather we are doing well compared to any business. We are a growth company with consistent execution and a strong team. We have been successful creating value across our asset base with strong margins, generating free cash flow, with declining costs which matters in the scenario of price volatility. This is of course underpinned by a strong outlook for gold.

Q: GIVEN YOUR EXPANSION PLANS, ARE THERE REGIONS OR JURISDICTIONS YOU ARE ACTIVELY EVALUATING THAT OFFER A MORE STABLE GEOPOLITICAL ENVIRONMENT FOR NEW DEVELOPMENT?

A: We are already anchored in one of the most politically sta ble jurisdictions in the world, which is Canada. Our growth and most of our current production is coming from this country. In fact, nearly 90% of our net asset value is supported by our long-life assets in Canada, which carry average mine lives of 20 years.

tions, our priority focus is safety and creating work environ ments in which our employees can thrive. It is also a priority for Alamos to be a responsible and valued member of the com munities in which we operate and to integrate environmental considerations at every stage of our mining activities.

Q: SUSTAINABILITY AND INDIGENOUS PARTNERSHIPS ARE CENTRAL TO YOUR OPERATIONS — HOW ARE THESE INITIATIVES EVOLVING ACROSS THE ISLAND GOLD DISTRICT, YOUNG-DAVIDSON, AND LYNN LAKE?

A: The Island Gold District, Young-Davidson, and the Lynn Lake Project are located within traditional Indigenous terri tories. We believe that building respectful, collaborative part nerships with Indigenous communities is essential to our longterm success. Across these sites, Alamos Gold has formal par ticipation agreements with 11 Indigenous Nations. These agreements define how we work together, covering areas such as benefit-sharing, environmental oversight, business develop ment, employment, and ongoing engagement. We support the creation of Indigenous joint-venture partnerships, which help advance economic reconciliation by building capac ity and generating long term opportunities.

Q: DO YOU HAVE A GOLD PRICE THRESHOLD AT WHICH YOU WOULD PAUSE HIGH-COST DEVELOPMENT PROJECTS, OR IS YOUR LONG-TERM VIEW SUFFICIENTLY ALIGNED EVEN IF PRICES DIP?

A: Given our low-cost structure, our strategy is still intact at gold prices well below current levels.

Q: REFLECTING ON ALAMOS’S GROWTH FROM SUB $1 MILLION MARKET CAP AT IPO IN 1996 TO OVER C$12 B, WHAT GUIDING PRINCIPLES HAVE GROUNDED YOUR LEADERSHIP PHILOSOPHY?

A: Alamos Gold’s growth has been significantly supported by our operational excellence and strategy approach. However, our success is also grounded in our core values, which are safety, teamwork, environmental sustainability, integrity, and commitment. Our employees are our most valued assets, and we are fortunate to have top-tier talent. At each of our opera

Q: LOOKING AHEAD TO 2035 AND BEYOND, WHAT ARE YOUR ASPIRATIONS FOR PRODUCTION, MARKET POSITIONING, AND SHAREHOLDER RETURN METRICS AT ALAMOS?

A: Our outlook has never been stronger, with one of best growth profiles in the sector; it is lower cost; it is all fully funded and permitted; and it is going to drive significant free cash flow growth in the years ahead. By the end of the decade, we expect to be deliv ering an annual production of one million oz., with long mine lives at all our operations, located in polit ically safe jurisdictions.

Once we complete the Phase 3+ Expansion in the second half of 2026, our free cash flow will start to grow con siderably, and it will grow further upon completion of PDA and Lynn Lake. Alamos Gold has a consistent history of returning value to shareholders through dividends and share buybacks, and that track record will continue.

Q: FINALLY, HOW WOULD YOU CHARACTERIZE THE GEOPOLITICAL RISK LANDSCAPE FOR MID-TIER GOLD PRODUCERS TODAY — AND WHAT DISTINGUISHES ALAMOS’S APPROACH TO MANAGING THAT RISK?

A: Alamos is a good business to invest in because we have sig nificant long-term mineral inventory (gold reserves), we can sustain our production for decades to come, and we are low cost. We operate in safe jurisdictions, and this has been a key part of our strategic approach. As mentioned earlier, 90% of Al amos’ valuation is in Canada, which is a safe and attractive ju risdiction, providing a predictable environment for long term investments.

The Mulatos District is comprised of the La Yaqui Grande mine (pictured here) and the Puerta Del Aire (PDA) development project. CREDIT: ALAMOS GOLD

Canada’s mining industry, and particularly its critical minerals sector, was a focus of the 2025 federal elec tion, as each of the primary contenders for the office of Prime Minister homed in on issues related to Canada’s eco nomic security and energy security. The role of critical miner als was again highlighted at the recent G7 meeting hosted by Canada, where the leaders of G7 countries recognized the need to increase investment in critical minerals projects including through “immediate and scaled investment… to secure future supply chains and ensure promising mining and processing projects overcome barriers such as delays in permitting and approval processes.”

In a recent speech, Tim Hodgson, Minister of Energy and Natural Resources said, “No more asking, Why build? The real question is How do we get it done?” Gleaning what we can from statements made by government officials, the platform of the Liberal Party of Canada laid out during the 2025 federal elec tion, and statements from the G7 summit, we explore what the path forward might look like for the mining sector, if the gov ernment truly prioritizes its promise of turning Canada into an energy and natural resources superpower, and how this gov ernment may get it done.

One project, one review

During the election campaign, discussion of cooperation agree ments with the provinces was heralded as a new way forward, allowing the provinces to complete their own reviews on be half of both levels of government. This was something the gov

Canada’s critical advantage: A natural resources superpower

ernment of Canada had been trying to accomplish under the Trudeau government, and so far, B.C. has been the only prov ince to enter into an agreement to allow this type of coopera tion.

Beyond the use of provincial reviews to approve projects, the Liberal Party platform includes the concept of a Major Federal Project Office, which is intended to simplify review processes for large projects, such as resource or infrastructure projects, and would operate with a two-year timeline for completion of the review. Minister Hodgson stated that his ministry through the Major Federal Project Office “will identify and fast-track projects of national interest.”

On June 6, 2025, the Building Canada Act was introduced, which provides the legislative framework for these national in terest projects, with the Governor In Council (consisting of the Governor General and Privy Council, though under convention effectively means the Cabinet, which advises as to the use of the powers of the Privy Council) to define “national interest” by order within 15 days of coming into force of the Act, failing which the minister must table a report outlining the reasons for the delay and the timeline for issuing the order. The legisla tion provides a non exhaustive list of considerations, which in cludes whether the project

1. strengthens Canada’s autonomy resilience, and security;

2. provides economic or other benefits;

3. has a high likelihood of success;

4. advances the interests of Indigenous peoples; and

Prime Minister Mark Carney. CREDIT: REUTERS.

5. contributes to clean growth and to meet Canada’s objectives with respect to climate change.

Our expectation is that in the short term, an emphasis will be placed on projects in the mining sector that are either enabling infrastructure, e.g., transmission lines, or nearing production in the critical minerals space, as well as processing and refin ing — the value-adds to the raw mineral. The category of pro cessing and refining is under particular focus as supply chains for these minerals throughout the world have been disrupted because of the international trade wars and uncertainty, and many such minerals are used in the defense industry.

This process related to national interest projects appears to be intended to include all decisions under federal legislation, which for mining projects specifically can include a variety of regulations to navigate, including the Fisheries Act, the Species at Risk Act, the Navigable Waters Act, and other requirements, and would assign one minister and one department as respon sible for the review. That responsible minister would coordi nate with all departments of the government and consult with Indigenous peoples with constitutional rights that may be ad versely affected. Presumably to accomplish this, increased staffing and funding would be needed to allow for a speedier review time than currently is the case.

Of note, the Building Canada Act exempts national interest projects from the planning phases of the Impact Assessment Act

(IAA) and automatically deems such projects as requiring impact assessments and subject to presumably the streamlined process.

Transportation and infrastructure

The Liberal Party platform further identified a need to build new trade infrastructure that connects Canada, by establishing ports, railways, airports, highways, and any other infrastruc ture needed through a Trade Diversification Corridors Fund, that was to be a new $5 billion fund established by the govern ment. It further identified a need for a First and Last Mile Fund as filling a gap related to infrastructure for mining projects en gaged in production, by supporting getting mineral products to transportation routes.

During an election where interprovincial trade and access to ports for international shipping to countries with whom Can ada does not share a border were common topics, infrastruc ture was promoted as being the next step that is needed after a project gets off the ground — specifically, its product needs to be transported. In tandem with the new funds discussed, the Liberal Party platform promised to double the Indigenous Loan Guarantee Program, in a manner that appears designed to align Indigenous community interests with the projects on their territory through an ownership stake. This program has allowed access to loans as capital buy ins for First Nations around projects such as the Enbridge Natural Gas Pipeline Sys tem in B.C., announced in May 2025.

TOP 40: CANADA’S MINING INDUSTRY

Driving investment

The Liberal Party platform prioritized critical minerals as op posed to the mining sector generally, couching this support in the language of promoting a clean economy and Canada’s en ergy security. Concurrently, there was a recognition that the list of critical minerals would need to be expanded; however, details around which minerals or metals specifically would be considered “critical” were not forthcoming. Unsurprisingly, there was a focus on trying to promote investment into mining projects at different stages.

One of the stated goals is an acceleration of exploration, in cluding through investments in prospecting and increasing recovery of minerals found in existing mine waste. The driv ers of these investments however appear to be limited to tax incentives, which largely exist, and a generalized statement that the Canada Growth Fund could be utilized to promote in vestment. With respect to the critical minerals’ exploration tax credit, it would be expanded to a broader list of miner als and further expanded by allowing eligible activities for exploration expenses, to include costs of technical studies, which are listed as being “engineering, economic, and feasi bility studies.” It is currently uncertain whether a technical report, for example under NI 43-101, would qualify if it did not have engineering or economic components. Early stage exploration companies would not produce reports with eco nomic analysis or feasibility studies, and may not even have resources identified, but would benefit from flow through fi nancings in a more meaningful way than a company operat ing an advanced project whose underlying economics can be demonstrated to a prospective investor base.

In addition, projects will apparently be able to utilize the Clean Technology Manufacturing Investment Tax Credit (CT MITC) to include development expenses, including process ing equipment. Beyond producers of minerals, and specifically critical minerals who are expressly listed as qualifying for CT MITC, the credit would be of great benefit to brownfields proj ects, as it would reduce costs when bringing older projects back to life using modern processes. The Liberal Party plat form noted that they would expand the categories of qualified properties for the CTMITC and expanding the minerals that qualify at the exploitation and processing stage as well, in rec ognition of the need to include minerals involved in enumer ated categories, being defense, semiconductors, energy, and clean technologies.

Additionally, the vision for the Canada Growth Fund, a $15 billion investment fund operating at arm’s length from the Ca nadian Government, has among its priorities capitalizing on Canada’s natural resources, and strengthening supply chains related to economic and environmental well-being. While the Canada Growth Fund has not to date been a major contributor to mining activity, with a renewed national importance of the industry, combined with government impetus to open more mines as Projects of National Interest, perhaps it could be.

Looking forward

What could happen, if the government implements each of the above measures, and if they work as intended, and what will happen in Canada’s mining landscape will likely not perfectly align. However, Canada has a generational opportunity to de velop our natural resources in a way that will ensure jobs in the present day, and a strong economy in the future. The measures of success will be the amount of cash flowing from investors to mining companies, the number of shovels in the ground, and how much product is either shipped or refined. With the abil ity to look at these hard metrics, the industry can keep the gov ernment accountable, and the government can gauge whether its measures are worthwhile. We would encourage the govern ment to consider collaborating with the industry, listening to its needs, and making decisions soberly, based on data, and pivot if needed. Specifically, we have the following recommen dations:

Without discounting the need for efficient infrastructure, there is a lack of clarity as to what information was being used to identify the specific instances of funding needed, or what framework would be used in the future. We encourage the fed eral government to conduct an analysis related to what the in frastructure capacity is for Canada currently to know how to prioritize our financial resources. The primary issue impacting Canada’s competitiveness may be, and our expectation is that it is, with output even more than infrastructure.

We must strengthen our exploration industry by strength ening Canada’s capital markets, which the exploration indus try relies on for financing. Promoting investment through tax incentives such as flow through share offerings is helpful but targets the same subset of investors who participate in pri vate placements more generally, specifically being accredited investors who are typically high net worth individuals. Cre ating incentives to instead invest in operating Canadian min ing companies at any stage of operation for all categories of in vestors, from retail investors to institutions to pension funds, would promote Canada’s growth through redirecting funds from foreign companies that are heavily prioritized because of the rates of return, by reducing or eliminating the gap on an after-tax basis.

Finally, we call on the federal government to support the mining industry generally, and not just today’s critical miner als over other activity in a way that jeopardizes our ability to get projects off the ground fast. What is critical can change, and mines that may target precious metals such as gold for exam ple may also have byproducts that would still be considered “critical.” By strengthening the industry generally, we as a na tion can avoid being reactive when global needs shift or alter natives to specific minerals are found.

Sasa Jarvis is a partner, capital markets and securities at McMillan LLP. Cory Kent is a partner, capital markets and securities, and an office management partner in Vancouver at McMillan LLP.

Canada has secured a strong foothold in the global lith‑ ium supply chain, with two projects — Galaxy and North American Lithium (NAL) — ranking among the top 15 lithium producers worldwide at the end of 2024. The Galaxy project, located in northern Quebec and owned by Rio Tinto Group, ranked eighth globally with an estimated 57,621 tonnes of lithium carbonate equivalent (LCE) in forecasted production, valued at approximately $977 million. The NAL project, operated jointly by Sayona Mining and Piedmont Lithium, ranked 13th, with an estimated production of roughly 31,078 tonnes of LCE, valued at $527 million.

These rankings place Canada in a competitive position alongside global leaders such as Australia, Chile, and China. Australia’s Greenbushes and Chile’s Salar de Atacama continue to dominate production, but Canada’s emergence signals its growing importance in the international race for battery-grade lithium. The combined contribution of the two Canadian projects represents nearly 7% of global LCE among the top 15 sites. As the global push for electrification and clean technology accelerates, these Canadian assets are expected to play a critical role in meeting long‑term demand for lithium, a key compo‑ nent in electric vehicle batteries.

The data shown in Table 1 reflects the forecasted or estimated production levels for each lithium project, as of the end of 2024. In some cases, output is projected rather than actual, particularly for operations still in the preproduction or expansion stages. These estimates are compiled from industry dis‑ closures, company guidance, and analyst forecasts, and are in‑ tended to provide a comparative snapshot of each project’s expected performance in the global lithium market.

Galaxy lithium project

The Galaxy lithium project, also known as the James Bay or Cyr deposit, is an open-pit mine site located in northern Quebec. Now fully owned by Rio Tinto Group, the project is in the preproduction phase. The mine is projected to operate until 2042, producing lithium concentrate for electric vehicle batter‑ ies and other technologies. As of December 2024, the site con‑ tained an estimated 1.4 million tonnes of lithium, placing it

Canada makes mark on global lithium stage with two top projects

among the top 10 global deposits. The total in-situ value is estimated at $18.7 billion.

Development of the property has advanced steadily over the past two decades. In December 2023, Rio Tinto signed an Impact and Benefit Agreement with the Grand Council of the Crees. The project has also received final environmental and social approval from Quebec’s COMEX review board. Recent drilling results confirmed strong lithium grades, including 74.7 metres at 1.52% lithium and 20.9 metres at 1.82%. With key permits secured and stakeholder agreements in place, Galaxy is positioned to support Canada’s critical minerals strategy and contribute to global battery supply chains.

Ownership rollercoaster

The Galaxy lithium project has changed hands several times over the past decade, with Rio Tinto taking full ownership in March 2025. The company acquired the project through its US$6.7-billion purchase of Arcadium Lithium, which was formed in Jan. 2024 from the merger of Allkem and Livent. Before the deal, Allkem held full ownership after acquiring control through a series of transactions beginning in August 2021, when Orocobre Ltd. merged with Galaxy Resources. Galaxy had previously controlled the asset since 2011, either directly or through its Canadian subsidiary, Galaxy Lithium (Ontario) Inc.

The project is also subject to several net smelter return (NSR) royalties held by groups such as Lithium Royalty Corp., Ridgeline Royalties Inc., and Quebec’s Société de développement de la Baie-James. Some areas, particularly within the James Bay region, remain linked to legacy agreements from Galaxy’s early development efforts. Rio Tinto now holds 100 per cent equity and control, making it the sole operator of the project. The acquisition is part of the company’s broader strategy to expand its critical minerals portfolio in North America as demand grows for battery-grade lithium.

North American Lithium (NAL)

The NAL project, also known as La Corne or Quebec Lithium, is a producing lithium mine located in Quebec. Operated as a joint venture between Sayona Mining (75%) and Piedmont Lithium

A haul truck at the North American Lithium (NAL) mine in Quebec. CREDIT: SAYONA MINING

NOTES:

1. * Lithium commodity production is in lithium carbonate equivalent (LCE).

2. ** E: Indicates the data point is an estimate.

3. *** F: Indicates the data point is a forecast.

4. Estimated volumes are derived by S&P Global Market Intelligence analysts when a company does not report actual or forecast property production figures.

(25%), the site includes both open-pit and underground components. NAL is no longer in pre-production. It is a fully active mine, supplying significant volumes of battery-grade lithium for North American and global markets. It is fully operational as of early 2023.

As of August 2024, the project contained an estimated 988,000 tonnes of lithium, placing it among the world’s top-producing assets. In the 12 months ending June 2024, the mine produced more than 155,000 tonnes of spodumene concentrate with an average grade of 5.4% lithium oxide. Forecasted annual production is approximately 31,000 tonnes of LCE. By Q1 2025, operations remained on track to meet full‑year guidance of

5. The data set was extracted (in Canadian dollars), refined, reviewed, and analyzed by the author to the best of his knowledge using the S&P Capital IQ Pro database.

190,000–210,000 dry metric tonne (dmt) of concentrate, underscoring sustained, active production.

The site has a long development history, with exploration dating back to the 1940s and intermittent production under different ownership groups. After a period of inactivity, the current operators have revitalized the asset with new drilling, engineering upgrades, and infrastructure improvements. In 2024, Sayona and Piedmont commissioned a new ore dome and re-feed system to support long-term output. With an estimated in-situ value of more than $13 billion, NAL is positioned as a strategic source of battery‑grade material for electric vehi‑ cle supply chains in Canada and abroad.

Table 1. Global ranking of lithium projects — 2024.

Conveyor safety and the return on prevention

Protecting workers should be the top priority for any employer, especially those on the front line of materials processing. Beyond the substantial financial consequences of a workplace injury or fatality, the impacts are felt profoundly by an employee’s family, their coworkers, and the wider community.

Thus, investing in safe, well-engi neered equipment and prevention fo cused training that helps protect work ers from injury or illness is essentially investing in people, company culture, and the community. Martin Engineer ing’s technicians are increasingly ap plying their expertise to help operators control maintenance risks by sharing their knowledge and installing equip ment that improves safety.

Although return on investment (ROI) is a common calculation when installing new conveyor accessories, some safety experts emphasize the return on pre vention (ROP). This long-term strategy prioritizes equipment with safety en gineered into the design, allowing for

more ergonomic servicing, faster and easier access, and other improvements that make maintenance less dangerous and more desirable to do.

Although safer equipment is typ ically a larger ini tial capital invest ment, the whole life return is in faster mainte nance with less downtime, longer equipment life, and, importantly, a considerably lower chance of an incident, re ducing the over all cost of oper ation.

The real costs of ROI Calculating ROI on conveyor

safety is specific to each operation, but in general, they can be broken down into “direct costs” and “indirect costs.”

DIRECT COSTS are explicitly associated with an accident or illness. In general, these include fines, medical bills, insurance premiums, indemnity payments, and temporary disability payments.

INDIRECT COSTS include a variety of other expenses resulting from the incident. These include the following:

• Cleanup time and product loss.

• Equipment repair/replacement.

• Purchase/installation of safety com ponents.

• Overtime to fill in for the missing worker.

• Cost of hiring, training, and equipping new employees.

• Legal fees and litigation costs.

• Increased insurance premiums.

• Production delays and missed ship ment targets.

• Reduced employee morale and greater absenteeism.

• Negative publicity.

• Increased scrutiny by regulators.

The price of recovering from an accident To demonstrate the benefits of safety to a company’s bot tom line, the Occupational Safety and Health Administration (OSHA) in the U.S. created the online tool, “$afety Pays,” which uses company-specific economic information to assess the po

tential economic impact of occupational injuries on that firm’s profitability. The program estimates direct costs (claim cost es timates provided by the National Council on Compensation In surance) and indirect costs (provided by the Stanford Univer sity Department of Civil Engineering) and weighs them against financial details supplied by the company.

Return on prevention (ROP)

The commonly used ROI model calculates the time frame in which the capital expenditure on new equipment is recaptured through the im provements. If a proposed project meets budget expectations and has a payback period of less than one year, plant man agement usually approves it.

Working with abstract numbers im plicitly creates pushback, making it more difficult for safety-conscious managers to obtain approval for their proposals. However, the hard costs of worker injuries and fatalities are very real. The ROP model illustrates the di rection and strength of occupational safety and health programs in helping to achieve company goals.

BRAKE SYSTEMS INC

Conclusion

BRAKE SYSTEMS INC.

BRAKE SYSTEMS INC

The death or serious injury of a worker is always tragic and can have long-term impacts for all those involved. Investiga tions usually reveal that incidents could have been prevented with the right knowledge and behaviours, combined with prac tical and cost-effective safety improvements. The ROP on dura ble, well-designed conveyor accessories and professional train ing makes good financial sense and can lead to a safety culture that ripples throughout the company’s balance sheet.

Jerad Heitzler is training manager at Martin Engineering.

OSHA $afety Pays tool example. CREDIT: MARTIN ENGINEERING

Deep sea mining takes the international stage

Deep sea mining was once again thrust into the spot light in late April 2025 when President Trump signed an executive order aimed at jump-starting the indus try and boosting U.S. access to critical minerals. As deep sea mining continues to be a contentious topic globally, the move has been hotly debated and raises important questions about the laws governing deep sea mining beyond national borders. It also highlights fast developing issues that deep sea miners, investors, and other stakeholders need to consider.

Efforts to mine the seabed on a commercial-scale are far from new — but what is new is the rapidly growing commer

cial interest driven by advancements in technology and the in creased demand for critical minerals.

The international position

The International Seabed Authority (ISA) is an autonomous in ternational organization established under the U.N. Conven tion on the Law of the Sea (UNCLOS) and the 1994 Agreement relating to the Implementation of Part XI of the UNCLOS (1994 Agreement). The 1994 Agreement has 169 member states plus the E.U. Canada ratified UNCLOS in 2003. While the U.S. has not ratified UNCLOS, it has supported the ISA as an observer.

The Metals Company (TMC) subsidiary NORI and its partner Allseas spent over six months at sea in 2022 testing the pilot nodule collection system at 4-km depths to validate the system and gather key data on environmental impacts.

Under UNCLOS, all rights to resources in the deep sea protected areas in inter national waters are vested in human kind as a whole, as they are the common heritage of humankind. To date, the ISA has only issued exploration contracts to assess the potential of deep sea min eral resources. However, commercial exploitation has yet to be approved by the ISA, as the development of compre hensive regulations governing deep sea mining is still under negotiation.

On January 1, 2025, the new Secretary General of the ISA, Leticia Reis de Car valho, took office. In recent statements, Carvalho has reiterated the position that the ISA is the only regulatory body with a legal mandate to govern mineral activ ities in the seabed beyond national ju risdictions. Carvalho has also stated that the ISA’s role is to enable responsible progress in deep sea mining, while pro tecting the environment.

Canada’s position on deep sea mining Canada does not currently have a do mestic legal framework that would per mit seabed mining. In February 2023, the federal government confirmed it would not authorize seabed mining in areas under its jurisdiction until such time as a rigorous and comprehensive regulatory structure can be put in place

to effectively protect the marine envi ronment through a science backed ap proach focused on precautionary mea sures, preservation, and effective com pliance and inspection mechanics. In areas beyond national jurisdiction, Can ada continues to uphold UNCLOS.

Recent developments

On April 24, 2025, President Trump is sued an Executive Order titled, “Un leashing America’s Offshore Critical Minerals and Resources.” The Executive Order instructs federal officials from multiple agencies to expedite current policies and procedures to support the development of deep sea mining in the oceans adjacent to the U.S., as well as re search, including mapping resource ar eas and identifying commercial oppor tunities.

Following President Trump’s Ex ecutive Order, The Metals Company (TMC), a Vancouver based company, applied for U.S. licenses to extract min erals from the Clarion-Clipperton Zone, a massive region in the Pacific that stretches from Hawaii to Mexico.

In early June 2025, at the Third United Nations Ocean Conference held in France, French President Emman uel Macron and other world leaders re newed their calls for global rules gov

MINE CONSTRUCTION AND MAINTENANCE

erning deep sea mining and a mora torium on deep sea mining until such rules are established.

In July 2025, the ISA is holding its 30th session, which will include contin ued discussions on the development of a global mining code to regulate deep sea mining.

Additionally, in the last several years, shareholder activism has been increas ingly focused on the impacts of deep sea mining. In 2021, Google, BMW, AB Volvo Group, and Samsung SDI became the first global companies to sign up to a call for a moratorium on deep sea mining. In February 2025, shareholder activism re sulted in First Solar, a U.S. solar manu facturer, committing to excluding min erals mined from deep sea production and supply chains because of environ mental concerns. General Motors and Tesla also faced shareholder proposals in 2024 and 2025 to commit to a mora torium on sourcing minerals from deep sea mining.

What is next

The development and adoption of a global mining code by the ISA, the Trump administration’s next steps, as well as responses by companies, inves tors, and other stakeholders will be im portant milestones to watch for in the coming years and will shape what is to come in deep sea mining.

Abbas Ali Khan (Toronto/Vancouver) and Bosa Kosoric (Vancouver) are both partners at Bennett Jones.

Abbas practises in the areas of securities and corporate commercial law, including corporate finance, M&A transactions, and structured financial products, with a focus on mining and critical minerals.

Bosa practises in the areas of securities and corporate commercial law. She advises clients on capital market transactions, M&A, securities regulation, and corporate governance across a wide range of industries, with a focus on mining.

By

From idle to ideal: Cutting fleet emissions and risks with smart vehicle technology

Most mining and construction companies face a commonly over looked logistical prob lem that can, when ignored, under mine their environmental and health and safety performance, as well as their operating efficiency. While miners nat urally focus most of their attention on mine sites and ore recovery, they and their sub contractors oversee large and far-flung fleets of light duty trucks that deserve, but often do not get, the same kind of operational attention as heavy quarrying equipment.

In our experience, these vehicles, mainly pick up trucks, are often left idling when not in use, and may be driven in ways that stress their brak ing and transmission systems. We also know that miners face steadily increas ing scrutiny from investors and custom ers that want to drive down emissions

and improve other ESG-related metrics, including accident free days. And one important way to achieve these goals is for miners and their subs to take a more active stance in ensuring that these vehi cles do not waste fuel, are driven safely, and maintained proactively to prevent breakdowns in remote locales.

To help miners manage these parts of their operations, Geothentic developed a patented GPS/telematics system, named Orca, that enables our clients to limit un necessary idling by remotely turning off the engine and unsafe driving with a ve hicle-based technology linked via APIs to centralized software tools.

Our Canadian-manufactured box is in stalled in the vehicles themselves but is controlled remotely by fleet managers who set parameters for individual vehi cles. It can distinguish between a vehicle that is idling and one waiting in traffic, for instance, and has been engineered to prevent operators from disabling the de vice. The on board functionality includes a sensor based system designed to detect deterioration in drive train components that will require maintenance.

The idea behind Geothentic traces

back to an irritation of mine. In univer sity, I noticed that a lot of trucks and com mercial vehicles were left idling. They spewed fumes and used up fuel unnec essarily, and I could not understand why their operators did not turn them off. Af ter graduating, in 2006, Geothentic was co-founded by me and my brother Pascal, who had the software and programming expertise to build a platform that could remotely control unnecessary idling. It is a bad habit. The drivers let the vehicles idle to ensure they are sufficiently warm or cold, depending on the season. But the employees are not paying for gas.

Our goal was to create a customizable product that would serve fleet managers in all sorts of industries. As we built out the offering, we added features beyond idling control in response to customer needs, which, in recent years, have been driven by steadily rising vehicle costs and the importance of extending the lifespan of existing fleets.

Two years after we set up the com pany, we secured a deal with a Que bec-based miner to do a pilot project with their fleet. It was a good selling point to do a pilot project, because prospective clients can have real data to be able to decide about deploying the system. The results proved the concept: when we in stalled the first units, we saw that the ve hicles were always running at idle and only turning off the engine when they needed to re-fuel. In other words, these vehicles were logging maybe five or 10 km per day, but the engine was running almost 24/7. That made it easy for us to build the business case.

At the time, there were not many firms

Guillaume Poudrier, president of Geothentic, standing in front of a Caterpillar 793C, a type of off-highway haul truck primarily used in large-scale mining operations. This truck would host Geothentic’s ORCA technology. CREDIT: GEOTHENTIC

Geothentic has developed ORCA, a GPS locator and fleet manager that tracks vehicles and trucks.

offering telemetry-based services to mining fleets, which operated in remote locations and often extreme temperatures. Managing a fleet of urban delivery vehicles is not like dealing with a fleet of light trucks operating on rough roads around very large mine sites.

We have therefore sought to specialize in mining fleets, which operate on private roads. Our solution allows our clients to specify the speed limit for their vehicles. We can set up an alarm for the driver, and a maximum authorized speed. There is no automatic override, so if the driver reaches the maximum speed, they are going to hear an alarm in the cab. But the sys‑ tem also notifies the fleet manager, thus allowing firms to work with their drivers to improve safe and fuel-efficient practices.

We recently launched a new speaker function, where customers can manage their own notifications and create personalized alerts to their drivers. For example, we can use the voice of Arnold Schwarzenegger to say, “Reduce your speed!” It is a more light-hearted way to provide that prompt to the driver to improve their behaviour. In some cases, we have found our clients’ drivers are ask‑

Through GPS sensors, the ORCA device collects data, which is linked after being decoded, to a fleet management software application that the end user can access from a desktop or even a smartphone.

CREDIT: GEOTHENTIC

ing for these tools to help improve their own safety records. Last June, we also acquired an innovative Quebec fleet management software firm, Sinexo, and this deal will enable us to add to our technology stack by providing more tailored solu‑ tions to our customers.

Two important features further differentiate Geothentic from other players in this market. First, because our hardware is installed in the vehicle and then communicates only with our proprietary platform, Geothentic’s system is entirely separate from our clients’ enterprise resource planning (ERPs), thus providing them with a layer of additional cyber-security. Second, we make it our practice to provide our clients with free access to all their fleet data. Other firms insist on owning and retaining all that sensitive operational information, but in our experience, we understand that our clients use it to improve their fleet management practices. Moreover, this solution provides mining clients with the ability to manage their entire vehicle fleet. A growing number of original equipment manufacturers (OEMs), such as Caterpil‑ lar and Ford, now provide vehicle-based data and hardware tools, but each has its own back end, which means the client must integrate several software platforms, each geared to the various brands within its fleet. Our theory is that mining companies and other fleet operators prefer to have one technology and one platform instead of six or seven different ones.

One of our newest customers, Blais Industries, a construction firm located in Rouyn-Noranda, Quebec, that serves mining companies around the world, uses Geothentic’s technology to track mileage and speed, limit idling, and facilitate preventa‑ tive maintenance. Sometimes, drivers will misplace trucks on very large construction sites, and Geothentic’s technology allows them to find their vehicles.

Geothentic is developing a customized solution that also allows Blais’ fleet manager to track tools, such as toolbox or concrete drills, which are used on clients’ sites. The solution involved installing so-called proximity tags on each tool, and these can be detected by Geothetic’s Orca device, a smart phone, and telemetry solutions. This added function that would allow Blais to track lost or stolen tools that may be scattered around large job sites. The other key benefit is that Geothetic’s platform allows the company to improve its sustainability track record. “It is about our values,” according to Blais’ director of internal operations, Véronique Normand.

We agree: every client wants to save money, improve their margins, and reduce accidents. But these kinds of automated systems, which have become ever more prevalent in the mining sector, also enable clients to reduce their greenhouse gas (GHG) emissions. Geothentic’s technology, in effect, delivers both kinds of benefits.

Guillaume Poudrier is the president of Geothentic.

Geothentic’s ORCA technology is a small GPS box that can be installed on all types of vehicles. CREDIT: GEOTHENTIC

By Terry Galvin

Sustainable solutions for end-of-life mining tires

Every year, mining trucks gen erate hundreds of thousands of tonnes of end-of-life tire waste — and yet, traditional disposal leaves the valuable resources within scrap tires locked away, while stockpiling only de lays cleanup. At mines that have been operating already for 10 or 20 years and will go on to operate for another 10 or 20 years, the scale of the challenge is clear. Fortunately, sustainable solutions exist — and, as Kal Tire shares, it is not just an environmental responsibility; it is an operational advantage.

Kal Tire’s Mining Tire Group had al ready been serving mines across com modities on five continents for decades when it recognized that truly supporting the full lifecycle of a tire required a sus tainable solution for end of life manage ment. That realization drove the develop ment of a tire recycling solution designed to meet the industry’s growing demand for environmental responsibility.

Stakeholders are expecting mines to lower their environmental impact, and mining companies want the same, but for change to happen their needs to be sus tainable, commercially viable alternatives.

In many regions, mines have limited options for managing scrap tires and are left to stockpile, incinerate, or send

scrap to shredding facilities that pro duce rubber crumb that is often turned into products such as rubber mulch or playground surfaces. For several rea sons, shredding is increasingly seen as a lesser solution.

Those recycled rubber products still end up in the landfill, it just takes lon ger to get there, so shredding just delays that outcome. Plus, once a tire goes to a shredding facility, tracking becomes dif ficult and often the chain of custody is lost, which has become increasingly im portant in stakeholder reporting and compliance. Instead of seeing end of life tires as waste — and eventual land fill waste — mines are beginning to see them as an opportunity to move forward in line with their sustainability charters.

There are valuable commodities that can be recovered from end of life tires. Recycling end of life tires in the most sus tainable way is not just the right thing to do for the environment; it can give mines a practical long term advantage.

How many tires in Canada and around the world could be sitting in stockpiles, awaiting a sustainable recy cling solution — and what is at stake if mines wait to act? Mines are also facing increasingly stringent environmental, social, and governance (ESG) policies,

and in many regions, recycling legisla tion is looming.

Many years ago, Chile, home to some of the world’s largest copper mines, was about to introduce tire recycling legislation. That step inspired Kal Tire to explore a process that could do more than shredding and even promote a circular economy.

At the time, reclamation of tires prior to mine closure was a relatively new idea — but now it is being encouraged in many places, including in Canada. Recy cling end-of-life tires is a perfect exam ple of how to get a head start on reclama tion throughout the life of a mine.

In Canada, the federal government and some provincial governments — and the International Council on Mining and Met als (ICMM) — are promoting the benefits of a “progressive mine closure approach” that reduces closure risks and leads to best environmental outcomes. We are in a place, in Canada, where the knowledge about what is best is here, stakeholder de mand is here, and now we just need prac tical, sustainable end of life tire recycling solutions to be brought here.

It took years of research and devel opment to bring to life the thermal con version technology that would give re cycled tires their highest and best use. Today, at Kal Tire’s thermal conversion facility in northern Chile, transforming end of life tires into valuable commodi ties is something that happens nearly ev ery day. The process starts when tires are received and logged for traceability.

Kal Tire thermal conversion facility. CREDIT: KAL TIRE

A

TECHNOLOGY AND SUPPLIERS

The facility is an ISCC (International Sustainability and Carbon Certification) PLUS and ISCCEU-certified, so that accountability along the way means downstream markets have validation that our outputs are 100% circular.

Next, tires are cleaned, cut, and prepared for processing. Then, they are ready for the reactors. Thermal conversion is an advanced process that uses heat in the absence of oxygen to convert tires to their base elements. Five 63-inch tires going through the reactors, a full load, generates 8,000 kg of carbon ash, 6,500 litres of oil, and 4,000 kg of steel — and enough syngas to fuel the plant for several hours.

All this high-value feedstock — virtually 100% of the tire — for this step, Kal Tire worked with a Canadian engineering firm to design a first-of-its-kind technology to process, purify, and upgrade it. It takes about four hours for a full load of carbon ash to go through the upgrading process of heating, milling, pelletizing, and cooling.

MINING TOWARDS THE FUTURE

The results have been promising, meeting and, in some cases, exceeding the material specs of Tier 1 tire manufacturers.

When we transform these giant mining tires, the materials generated are for the highest and best use. We certainly could have designated the carbon ash for tire‑derived‑fuel, but this principle has been our guide when we approach the technical challenges around designing a facility to meet the growing demand for sustainable materials. Tire makers and the rubber in‑ dustry are being especially proactive about creating more sus‑ tainable products. Transforming end‑of‑life mining tires into new materials that can be utilized in mines is really an opportunity for mining companies to be sustainability leaders.

The benefits of pursing sustainable end-of-life tire recycling solutions are significant. There is a tendency to see end-of-life tires as just another headache — large, heavy, costly, difficult to deal with, and something that can get put off until closure. But the reality is that it is a chance to create value today. Add‑ ing beyond regulatory compliance, reducing the carbon foot‑ print of a mine and advancing ESG goals is another outcome that really makes the environmental case. Mines are looking for high-impact ways to live up to their sustainability charters.

The two questions that Kal Tire is often asked as we share how thermal conversion is making a huge impact for end-oflife tire stockpiles in Chile are How do we get it here, and how do we pay for it?

Oct. 1-3, 2025, Calgary

The first thing we tell folks in the industry: engage with recycling partners early. Do not treat recycling as an after thought, think about how it fits into your progressive reclamation strategy from the start. It takes time, and it takes close coordina‑ tion across stakeholders. Also, think about responsible closure planning as not just another line item on the profit and loss (P&L) statement — recycling your tire stockpile does not need to come from an operating budget. Mines already set aside funds for closure and reclamation, and that is where thermal conversion belongs. It is part of a responsible progressive rec‑ lamation strategy.

Being a part of a growing industry shift toward sustainable mining operations by recycling end-of-life tires is not an ESG initiative; it is an operational advantage that benefits mines, communities, and the environment.

Terry Galvin is vice-president, recycling services,

By Victoria Martinez and Lucinda Wood

Improving measurement of clays and other parameters in process flows using online automation

Whether in potash slimes, oilsands, or in kimberlite slurries, active clay minerals can cause serious is sues in many plant operations. For industries where clay minerals are present, a better analytical approach is needed to more quickly and accurately measure these minerals.  In re sponse to this, experts at SRC’s Pipe Flow Technology Centre de veloped an automated measurement platform (AMP) that pro vides accurate, real-time, measurement of clay minerals.

Clay minerals are small, negatively charged particles that are highly reactive in industrial slurries, wastewater, and soils. However, their reactivity can vary significantly depending on the chemistry and crystal structure of the mineral.

Industrial processes are affected by the reactivity of the clays present, and how those clays interact with cations in the environ ment — this is known as the cation exchange capacity (CEC). De pending on what clays are present in an ore, the reactivity or CEC can vary, ranging from small in “inactive” clays, such as kaolin ite, to very large in “active or swelling” clays, such as smectite.

Particularly where there is a solid-liquid separation process or pumps, the amount and CEC of the clay minerals present can lead to significant operational problems.

“As soon as a mine has an active clay in it, there is probably going to be a problem, and it is going to be a big problem,” said SRC research scientist Jennifer Bentz, who works at its Pipe Flow Technology Centre. “It can cause a shutdown or a stop to production to fix the issue or clean it up,” Bentz added.

For example, in the potash industry, clay minerals will con sume the flotation reagents used to collect potash, increasing processing costs and reducing recovery. They will also clog fil ters, increase wear on equipment and increase the yield stress of slurries making them harder to pump.

In hard rock mining, such as diamond and uranium opera tions, clays will stick to crusher plates and liners, gum up the thickener discharge, bog down scrubbing units and require more thickener to settle.

SRC’s Automated Measurement Platform (AMP) provides accurate, real-time measurement of clay minerals. CREDIT: SRC

In geotechnical applications, they also cause structural dam age to foundations, roads, and pipelines owing to the shrinking and swelling nature of the clays.

Not only do they cause process problems for minerals pro cessing, but also small amounts of clay can prevent solids from settling and the amount of water that is recovered as part of tailings management and water reuse.

In certain applications active clays are beneficial, like at found ries where they are a key component of molds made with a com pound mixture called “green sand” that are used for metal casting. Active clays are also used in cat litter because of their exceptional absorbent and clumping properties, and in water and soil treat ments to adsorb contaminants from the environment, such as heavy metals, organics, industrial dyes, and radioactive isotopes.

They can also be used as liners for landfills, tailing ponds, and heap leach processes owing to their very low permeability, which prevents contaminants from escaping into the environment.

Clays are difficult to measure because they are small and share a similar crystal structure to each other, despite signif icant differences in CEC.

This means that many of the traditional analytical methods used to measure them (e.g., X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), short-wave infrared reflectance spec troscopy (SWIR), and particle size) require intensive sample prepa ration to get accurate data, as well as sophisticated equipment and robust chemometric models to resolve overlapping patterns.

TECHNOLOGY AND SUPPLIERS: AUTOMATION AND ANALYTICS

Historically, the most practical way to detect active clays was a manual technique called the methylene blue index (MBI) be cause the procedure could be performed in the field without any expensive analytical equipment.

In the MBI method, a technologist takes a sample, then per forms a manual titration by carefully adding blue dye to clay mix tures and “dotting” a filter paper after each successive addition. The appearance of a blue halo around a dot signifies the endpoint of the titration, indicating that the clay has absorbed the maxi mum amount of dye it can hold. The process is straightforward but slow — taking as long as an hour — and relies on subjective assessments from technologists to determine the endpoint.

This is where SRC’s AMP comes into play. The AMP combines automation and a tailored spectroscopic analytical technique to make on site measurements of CEC using a cationic dye sim pler, faster, and more precise.

In 2019, SRC received funding from Natural Resources Can ada’s Clean Growth Program to develop an at-line automated clay analyzer for oilsands applications. With support from its project partners, SRC developed a separate prototype during the project based on its own technology design. SRC’s prototype was later successfully validated during a field trial.

Field testing was key, as according to Bentz, “The problem of going from benchtop to a large scale industrial setting is that ev erything can get more complicated and does not always work. But that is the power of SRC — the team is good at the kind of in novation and automation needed for scaling-up technologies.”

The clay analyzer performed so well at precisely analyzing the CEC value (in this way deducing the clay content) in tailings slurries that SRC is continuing to develop the technology for other industrial applications.

However, the real advancement of this technology is that SRC went further and automated all the steps in the process into an AMP that can also connect to process lines for online capabilities.

The AMP performs every step of the spectroscopic CEC mea surement, including accurate chemical dosing of the buffer solutions and cationic dye, dispersion and mixing of the sam ples, automatic subsampling and filtration down to 0.45 mi crons, and the daily initializations required by the spectrom eter. It also contains built in calculations to give the operator or lab technician the final CEC of the sample — all with custom software programmed at SRC.

To make this work at industrial-scale and for different appli cations, the team needed to optimize the exact concentration and dosing of the cationic dye for maximum efficiency and ac curate detection of the clays, depending on inputs.

“The good news is we really perfected this for a whole range of different samples, and the team has this basically down to a science of how to get the right recipes,” Bentz said.

With the AMP, industries can now receive a reliable reactiv ity measurement (i.e., estimated active clay measurement) of the solids in 15 minutes, a drastic reduction in result times. This helps laboratories to increase the number of samples that are processed and the reliability of the results.

For applications within the plant, termed “at-line,” the AMP

Clays are difficult to measure because they are small and share a similar crystal structure to each other.

only requires the oper ator to input the sam ple and apply changes to operational settings on the line in response to detector outputs. Sample preparation, detector calibration, and cleaning are all automated.

An online solution goes even further by helping processing plants prevent recovery losses or un planned shutdowns by quickly and reliably detecting the pres ence of active clays.

Beyond mining, the AMP could be beneficial to the foundry industry, which use active clays like bentonite in their green sand molds. They regularly measure clay levels to adequately refresh the spent green sand.

Automating the CEC (or clay) measurements with the AMP could make foundry processes more effective and reduce waste, helping lower costs by maximizing the reusability of the sands throughout the production cycle.

SRC is also looking at applications for the AMP beyond clay measurement. With an established reputation in potash in Sas katchewan and beyond, the potash industry is one key area SRC is looking to support with the AMP.

For potash processing, insoluble — in this case, clay minerals that are not necessarily active — can pose challenges. Insolubles in the brine, especially if clays are present, affect separation and flotation, absorb chemicals, and decrease recovery. They may clog filters, wear down equipment, and require more reagents.

In tailings management, getting near real time data on the clay content of tailings can aid in determining optimum floccu lant dosages and prevent settling issues in the tailings.

The AMP also has potential in several applications beyond active clay and insoluble particle detection. It can be config ured to perform other analytical measurements, including pH, conductivity, or water hardness.

For each new analytical method, SRC tests and validates the platform for the specifics that are unique to each industry. With the core instrumentation and methodology established, many of these other applications are sure to follow.

SRC has patents pending for the Automated Measurement Platform in Canada, the U.S., and Brazil. To learn more about SRC’s Automated Measurement Platform, visit https://www.src.sk.ca/ service/mining/automated-measurement-platform-includingautomated-online-clay-analyzer.

Victoria Martinez is a freelance writer for SRC, and Lucinda Wood is SRC’s manager of business development and services integration.

By Karen Thompson

Mining a sustainable future Strategies, equipment, and technology to help foster sustainable yet profitable mining

The mining industry stands at a pivotal crossroads. Global demand for materials continues to rise, and with it, the pressure to reduce the environmental impact to mine these materials.

Environmental, social, and governance (ESG) expectations are reshaping how mining companies operate. Governments are tightening regulations on emissions, water use, and land rehabilitation. Investors are scrutinizing ESG performance as closely as financial returns. Communities are demanding transparency and accountability. And internally, operations are seeking ways to reduce costs, extend equipment life, and future‑proof their processes.

In this context, sustainability is no longer a buzzword — it is a business imperative.

Fortunately, sustainability and profitability are not mutually exclusive. With the right strategies, technologies, and partnerships, mining operations can reduce their environmental foot‑ print while enhancing efficiency and long-term viability.

Historically, sustainability initiatives in mining were often viewed as cost centres. Today, that perception is shifting. Companies are rec‑ ognizing that sustainable practices can drive operational excellence.

Here are four key strategies forward-thinking mining operations are using to improve sustainability:

1. Extending equipment life through retrofitting

One of the most immediate and impactful ways to improve sustainability is to extend the life of existing equipment. Retrofitting can significantly reduce the need for new manufacturing, which in turn lowers carbon emissions and resource consumption.

Take vibrating screens, for example. These machines are essential in mineral processing, yet many operations continue to run outdated mod‑

els that consume excessive energy and water. Retrofitting these machines with advanced technology and components, high performing screen media, and washing systems can dramatically improve performance. Better yet — it can often be achieved in less than half the cost of buying new.

The retrofitting process typically begins with a site assessment. A screening specialist evaluates the machine’s structural integ‑ rity and identifies components that can be rebuilt or replaced. High-performance parts, such as polyurethane screen panels, modular decks or energy-efficient motors, are then installed. Certified technicians may use vibration analysis tools to ensure the refurbished machine operates within optimal parameters.

Machines that are decades old, up to 80 years in some cases, have been successfully refurbished and returned to service, performing as efficiently as newer models. This approach not only saves capital but also significantly reduces the environmental impact associated with manufacturing and transporting new equipment.

One effective way to limit environmental impact is to extend the life of existing equipment through rebuilds and retrofits. CREDIT: HAVER AND BOEKER NIAGARA

Sustainable yet highly productive solutions have never been more critical, as mineral processing operations seek ways to reduce operational costs, get longevity out of their equipment, and future proof their process.

CREDIT: HAVER AND BOEKER NIAGARA

2. Leveraging process optimization tools

Plant simulation software helps mines optimize their operation by diagramming plant flow, machine placement and product precalculations. CREDIT: HAVER AND BOEKER NIAGARA

Digital transformation is revolutionizing the mining sector. One of the most powerful tools in this transformation is plant simulation software. These platforms allow engineers to model and optimize entire processing plants in a virtual environment before making physical changes.

Advanced systems enable users to diagram plant flow, sim ulate machine configurations and calculate product outputs. This allows operations to test different scenarios, such as ad justing screen sizes, modifying conveyor layouts or changing feed rates, without interrupting production.

The benefits are substantial. By identifying bottlenecks and inefficiencies, operations can reduce energy consumption, minimize water use and increase throughput. Simulation also supports better decision-making during plant expansions or upgrades, ensuring that new investments align with long-term production and sustainability goals.

3. Conducting proactive maintenance with smart diagnostics

Artificial intelligence (AI) is no longer a futuristic concept; it is a practical tool that is reshaping how mines and quarries oper ate. One of the most impactful applications is in predictive an alytics. Unplanned downtime not only disrupts production but also leads to increased energy use, emergency repairs, and pre mature equipment disposal — all of which have environmen tal consequences.

Predictive maintenance technologies help mitigate these risks. Tools like condition monitoring and vibration analysis use wireless sensors to continuously assess equipment health. These systems detect early signs of wear, imbalance or mis alignment, allowing maintenance teams to intervene before a failure occurs.

For example, advanced condition monitoring systems are permanently attached to the vibrating screen and use their wireless technology to forecast the equipment’s dynamic con dition as well as predict necessary maintenance and provide critical downtime alerts. They can identify common types of failures such as lubrication faults, contamination, and bearing damage as well as loose or broken structural parts of the vi brating screen body. Essentially, over time, a condition moni toring system should be getting “smarter” by using its AI to im prove the accuracy of the alerts it sends.

Another next-level diagnostics tool is vibration analysis tech nology. Vibration analysis complements condition monitor ing technology by identifying subtle changes in machine dy namics that may indicate developing issues. Advanced vibra tion analysis systems allow the user to measure the health of a vibrating screen and spot irregularities invisible to the naked eye. This could be a hairline crack in a side plate or side plate twisting that could affect longevity. The ability to catch and ad dress these issues early can mean significant savings in terms of downtime and repair costs by preventing a chain reaction of damage caused by the initial issue. For example, a damaged spring causing irregularities on a vibrating screen may not be immediately apparent during day to day operation but could lead to high costs if not fixed.

Together, these two tools support a proactive maintenance culture, ensuring uptime and productivity. The data collected is often sent to an online dashboard to be stored, allowing op erations to view historical information and track machine per formance. Some manufacturers offer to have their engineers review the data to provide technical insight and recommenda tions, all without needing to visit the site. On-site inspections can then be scheduled for further examination, if needed.

4. Choosing the right partners

Sustainability is not a solo endeavor. It requires collaboration with partners who share your vision and values. Equipment man ufacturers play a crucial role in enabling sustainable practices.

When evaluating partners, look for those who offer not just products, but solutions that are scalable, practical, and aligned with your ESG goals. This includes support for retrofitting, ac cess to digital tools, and a commitment to innovation.

Look for a partner that works closely with customers to as sess their current systems, identify opportunities for improve ment, and implement tailored solutions. Whether it is upgrad ing a single machine or optimizing an entire plant, the focus should be on delivering long term value, both operationally and environmentally.

Building a resilient, responsible future

There is no one-size-fits-all solution in mining. Each opera tion has unique challenges, resources, and goals. But the path to sustainability begins with a willingness to evaluate current practices and invest in smarter strategies.

By extending equipment life, embracing digital and AI tools, and adopting predictive maintenance, mining operations can reduce their environmental impact while enhancing produc tivity and profitability.

The future of mining belongs to those who innovate — not just for short-term gains, but for long-term resilience. By part nering with forward-thinking manufacturers and embracing sustainable technologies, the industry can build a greener, more responsible future.

Karen Thompson is the president of Haver & Boecker Niagara’s North American and Australian operations.

By Bruce Downing and Donna Beneteau

What have you done today that did not involve a mineral? (PART 4)

JMinerals have rights

urisdictions around the world, including Brazil, Canada, India, and New Zealand, have recognized certain natural entities including rivers, glaciers, and even waves as having legal rights of personhood. For example, Quebec’s Magpie River has been granted legal rights, with guardians appointed to advocate on its behalf. According to a National Geographic ar‑ ticle (April 2022), personhood for natural entities “relies on appointed guardians advocating on behalf of the river or forest” and “raises the profile of natural landmarks by drawing attention to their beauty and cultural significance.” Similarly, West Coast Environmental Law (WCEL) explains that granting rights to natural entities establishes their intrinsic right to remain un‑ harmed. Their article states: “Polluting and damaging rivers, forests, lakes, water bodies, air, and glaciers will be legally equivalent to harming or injuring a person.”

For further reading, see the following: Rivers: “These Rivers Are Now Considered People — What Does That Mean for Travelers?” National Geographic, April 2022.

Glaciers: “What Does It Mean When Glaciers Have the Right

to Sue?” by West Coast Environmental Law, available at www.wcel.org, May 2017.

Waves: “Municipality of Linhares, Brazil: Law on the Rights of the Waves” on EcoJurisprudence.org, June 2024.

In this context, then should mineral deposits also be considered for legal personhood? Minerals form the foundation of all sustainable life and are essential to human existence. The question as posed in Part 1 of this series, “What have you done today that did not involve a mineral?” underscores their integral and indispensable role of minerals in sustaining man‑ kind (Canadian Mining Journal, November 2024, p. 39). Minerals are not only recognized with scientific names but also by their rich histories of discovery, with many named after their discoverers. Minerals have formed over millions of years and have a timeless connection to Earth’s history. Minerals are still forming at present, though most predate the existence of mankind. A mineral deposit is defined as a natural accumulation of minerals that have the potential of being extracted. To be formally recognized as an economic resource, a mineral deposit

Iron ore mineral.

CREDIT: ALEKS-P/ADOBE STOCK

MINING EDUCATION, TRAINING, AND WORKFORCE

trading on the Canadian stock exchange must adhere to NI 43101 guidelines and requires classification within the proven, probable, and indicated categories.

Minerals are grouped into families based on their chemical composition (silicates, carbonates, halides sulfates, sulfides, na tive elements), just as people are grouped into families based on genetics. In this context, personhood suggests that the life cycle of a mineral deposit parallels that of a person. A mineral deposit progresses from formation (conceptualization) to extraction, mineral processing, product creation, waste, and ultimately leaving a legacy. This is much like a person’s life cycle from con ception to growth, work production, retirement, and ancestry.

Also in Part 1, we stated that “Tell a person — they forget. Show a person — they remember. Engage a person — they learn.” Engaging in conversation is the purpose of this series. If corporations, as abstract entities, are also granted personhood to safeguard their existence and rights, could a similar argu ment be made for minerals? According to the article “Corpo rate personhood: Everything you need to know” (September 2022), available on www.upconusel.com, a primary reason for granting personhood is “personhood protects people.” Ap plying this logic, could granting minerals and mineral depos its legal personhood protect them? Unlike rivers, glaciers, and waves, minerals are deeply tied to financial transactions, yet this should not disqualify them from consideration because, af ter all, corporations also involve monetary exchanges.

Interestingly, glaciers owe their legal personhood to the min eral ice. However, a glacier’s personhood is inherently tied to its existence, so when the glacier melts, its personhood ceases to exist. In terms of the natural resources value chain pre sented in Part 2 of this series: Canadian Mining Journal, Decem ber 2024-January 2025, p. 38), glaciers would be considered a monomineralic rock, as they are composed of frozen water. As a solid, they could theoretically be mined. Once melted, they transition into the water cycle. That raises further questions about whether legal recognition could be extended to minerals themselves, independent of their physical state, to safeguard their enduring role in human life and the environment.

The water cycle and other minerals are deeply connected. For example, there are geochemical interactions of the fresh water in rivers with sediments that are composed of miner als. This interaction gives rivers their chemistry. Rivers transport minerals from source to some end point. The turbulence asso ciated with wave action accentuates the interaction. Also in the water cycle, soils made up of minerals in conjunction with geo chemical and microbial interactions provide nutrients for plants.

Culturally, minerals have been deeply embedded in human societies. Buddas carved from jade bearing rock hold religious significance, gold has served as currency, native copper has been traded and used as weapons, gems are used as jewelry, and soapstone has been sculped into works of art. These exam ples illustrate the profound impact that minerals have had on human history and culture.

Given their foundational role, we propose that mineral de

posits be granted legal recognition and the special status of personhood. Mineral deposits should be recognized for their right to be mined and processed to provide sustenance to man kind. That is, they should be acknowledged as tangible entities being subject to intrinsic rights of existence, regeneration, al teration, and restoration. The law could strengthen the com prehensive status needed for conservation of all geological fac tors responsible for mineral attributes and preserving the geo logical cycle that makes all minerals unique. In other words, we (mineral title holders) are the guardians of minerals and can obtain their rights through ownership of mineral claims which entitle us to develop, extract, and process such minerals for the benefit of mankind.

This law would encompass the interconnected systems of Earth, comprised of air, water, soil, and rocks, acknowledg ing minerals as integral to these networks. A committee com prising geoscientists, engineers, and others representing the resource community, traditional custodians (i.e., mining as sociations such as Association for Mineral Exploration Brit ish Columbia, and Saskatchewan Mining Association), and a non partisan government geoscience member must uphold the minerals and mineral deposits rights.

In summary, we propose that mineral deposits be granted le gal personhood. This law would safeguard mineral deposits’ intrinsic rights, including the following:

Existence: Recognizing their essential role in being mined and processed to provide resources for mankind.

Sustainability: Ensuring their physical chemical conditions remain suitable for continued balance with ecosystems. Cultural connection: Promoting their significance in artistic, cultural, spiritual, and material contexts.

Representation: Establishing a committee of geoscientists, engineers, traditional custodians, and government representatives to advocate for minerals and mineral deposits rights.

Conservation: Integrating traditional knowledge with modern scientific practices to protect minerals and their geological cycles.

Accountability: Requiring remedies for damage caused by human activities.

Minerals and mineral deposits belong to everyone, every where. Their rights must be recognized to preserve the geolog ical and ecological cycles that sustain humanity. By affording mineral deposits personhood, we not only honour their intrin sic value but also acknowledge their indispensable role in our lives and our shared future.

Connections within the industry can expand our knowledge. Bruce Downing, a geoscientist consultant based in Langley, B.C., combines research, education, geochemistry and industry expertise. Donna Beneteau, an associate professor in geological engineering at the University of Saskatchewan, combines academic insight with industry experience in mining.

People of the Rock:

Inuit miners at Rankin nickel mine

The opening scene of the National Film Board documen tary “People of the Rock” tells the story of an Inuit fam ily who had hired a boat to take them from “their own people on the edge of the world” to “join the people who get the rock.” As the boat rounds a point, the workings of a mine come into view — the North Rankin Nickel Mine (NRNM). The film, released in 1961, emphasized the remarkable transformation of the Inuit newcomers at Rankin Inlet, who had, according to the narrator, gone “from the nomadic life of a hunter, to mech anized hard-rock mining, sort of in-between breaths.” The doc umentary used its spare, fourteen minute run time to depict Inuit as modern industrial workers, highlighting their ability to operate heavy machinery, work underground, acquire the skills of the prospector, and experience the rewards of hard work when a cargo ship brings such modern luxuries as wash ing machines, metal bedframes, mattresses, and insulation.

The documentary also insists that Inuit at Rankin Inlet had choices about whether to embrace the life of a miner or stay with the older world of hunting and fishing. One scene depicts two Inuit surface worker abandoning their jobs suddenly as news of white whales calls them to the hunt. The mine man agers, the film hints, had adapted to Inuit as much as Inuit had adapted to life as miners, having “several men trained for the same job” in cases where hunting opportunities pulled work ers off the job. The film concludes with the idea that Inuit are “determined to live off (the land) the best they can — our way, their way, and with luck, both ways.”

In truth, the Inuit embrace of mining was born out of des perate economic and ecological challenges that the film only hints at. The decline of Arctic fox fur prices in the early 1950s and variable success with caribou hunting among the inland

of

a

situation. At the time, the federal government actively discouraged Inuit from migrating to settler communities or newly built military in stallations, worried that a growing dependence on “handouts” would lead to chronic relief bills. Instead, the government re located Inuit to remote lakes where they could fish and appar ently find more wildlife. These projects failed miserably, and one became a national scandal when 33 Inuit died of starva tion at Henik and Garry Lakes in 1957 and 1958, an incident widely reported by Farly Mowat in magazine articles and his book “The Desperate People” (1959).

When the NRNM opened in 1957, the government soon shifted its policy and began to actively recruit Inuit from Ches terfield Inlet and the Kivalliq (Keewatin) interior to work at the mine. Although Indigenous people had worked at various mines throughout the territories since the 1930s, most often it was in secondary roles (such as the ore carriers at Port Ra dium) rather than as underground workers. The NRNM pres ident, W.W. Weber, and the mine manager Andrew Easton, strongly favoured Inuit labour, in part to side step the chal lenge of attracting and retaining southern workers amidst pe riod of booming mineral production. By the end of 1957, NRNM employed eighty Inuit workers at the mine.

“People of the Rock” paints a picture of a happy and smiling workforce at NRNM, but the reality was not so rosy. Inuit lived in two sections of town — “Old Eskimo Settlement” consisting of tents and makeshift shelter, and “New Eskimo Settlement” with more modern housing — that were segregated from the non-Inuit population. Such division along racial lines stemmed from the paternalism of government officials, who wanted to protect Inuit from the vices of liquor and sex (non-Inuit men

Inuit

the eastern Arctic had created

dire

Abandoned ore cart at Rankin Inlet.

HISTORY OF MINING

were prohibited in the “Eskimo” settlements), while steering Inuit use of their wages toward necessities. Some Inuit found the experience of town life and mine work disagreeable enough that they de camped for life on the land after only a short time.

Inuit who stuck with mining found that condi tions improved over time. The company quickly adjusted initial wage disparities between Inuit and non-Inuit workers, for instance, and offered more opportunities for higher paying work un derground. Slowly, as language barriers fell and segregation policies were revoked, Inuit became much more socially integrated with the population of outsiders. As hinted at in the film, the company developed flexible staffing policies that allowed In uit to spend time on the land, and Inuit remember Easton as a kind manager who treated them very fairly. An oral history study conducted in Rankin Inlet in 2011 by geographer Arn Keeling and historian Patricia Boulter revealed that Inuit were proud of their identity as miners, citing their abil ity to adapt to a sudden transition from hunters to industrial workers, yet still retain their Inuit identity.

Indeed, many Inuit mine workers at Rankin suggested that the most difficult period of adjustment came when mining came to an end in 1962. Because NRNM was the primary em ployer in a town of approximately 600 people, closure was devastating for Inuit workers and their families. Keeling and Boulter quote Veronica Manilak, who recalled starkly that, “we became extremely poor after the mine closed. We were, as a matter of fact, very hungry at times.” Those who attempted a return to hunting often lacked equipment, or ready access to good wildlife areas. Others found employment in commercial fishing and canning, or the burgeoning Inuit handicraft indus try. Some wanted to continue with mining and moved (with fi nancial help from the government) to mines at Lynn Lake, Yel lowknife, the Yukon, and northern Quebec.

Today at Rankin Inlet, the visible remains of the mining op eration — ore cars, milling equipment, and old buildings — are

scattered around the town. For Inuit, the detritus serves as a constant reminder of the rapid period of colonial change that accompanied the introduction of nickel mining. But it is also a reminder of their remarkable resilience in the face of rapid change; how, as a people who survived as hunters on the land for centuries, they were able to take advantage of the opportu nity for a new life as “People of the Rock” when circumstances demanded sudden change.

Note: The film “People of the Rock” can be viewed by searching for the title on the National Film Board website. Keeling and Bouter’s study “From Igloo to Mineshaft” is printed as a chapter in “Mining and Communities in Northern Canada,” which is available as a free e-book at the University of Calgary Press website.

John Sandlos is a professor in the History Department at Memorial University of Newfoundland and the co-author (with Arn Keeling) of “Mining Country: A History of Canada’s Mines and Miners,” published by James Lorimer and Co. in 2021. His new book, “The Price of Gold: Mining, Pollution and Resistance in Yellowknife” (also co-authored by Arn Keeling), will be released with McGill-Queen’s University Press in 2025.

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Remnants of the ore processing facilities at North Rankin Inlet Mine. CREDIT: ARN KEELING

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