PDAC Annual Report 2025 by PDAC

ANNUAL REPORT 2025

PROGRESS, INNOVATION & ADVOCACY FROM THE LEADING VOICE OF THE MINERAL EXPLORATION AND DEVELOPMENT COMMUNITY

ANNUAL REPORT 2025

The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community. With over 8,200 members around the world, PDAC’s work centres on supporting a competitive, responsible mineral sector. PDAC is known worldwide for its annual PDAC Convention – the premier international event for the industry – that has attracted more than 27,000 people from over 125 countries in recent years.

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MESSAGE FROM THE PRESIDENT

2025 was a year of connection and measurable progress for PDAC and our members. PDAC expanded its outreach by meeting with members, governments and partners across Canada. These conversations helped ensure our priorities stayed grounded in what members are experiencing every day, and they informed our work throughout the year.

Membership grew again in 2025, reinforcing PDAC’s role as the industry’s leading advocate. A larger and more diverse membership reflects confidence in the association and boosts our ability to engage governments and decisionmakers on the issues that matter most to the sector. Access to capital, regulatory certainty and long-term competitiveness all depend on a clear and consistent industry voice.

PDAC’s advocacy delivered tangible results in 2025. Our efforts helped secure a two-year renewal of the Mineral Exploration Tax Credit (METC), a key measure that supports earlystage exploration and investor confidence.

We also welcomed progress on critical minerals policy, including the expansion of the Critical Mineral Exploration Tax Credit (CMETC) and new federal funding commitments aimed at supporting Canada’s role in global supply chains. In 2026, PDAC will keep pressing the federal government to make these tax credits permanent fixtures in Canada’s fiscal landscape. Long-term certainty is vital to attracting risk capital and sustaining exploration activity, and it supports the investment and regional growth needed to advance the prime minister’s goal of building the strongest economy in the G7.

Momentum is also growing outside government. More Canadians are drawing a clearer link between minerals and daily life, from clean technologies and infrastructure to jobs and economic stability. That awareness reflects sustained advocacy and engagement by PDAC and its members, and it provides a strong foundation for the work ahead.

The PDAC 2025 Convention was another success, welcoming more than 27,000 participants from around the world. The event once again brought together investors, governments, Indigenous partners, students and professionals from across the sector to share knowledge, build relationships and advance responsible development. The PDAC Convention remains a key forum for collaboration and a clear reflection of the sector’s global relevance.

Supporting the next generation of talent remained a priority. In 2025, PDAC launched the Indigenous Youth and Early Career Ambassador Program, providing financial support, mentorship and access to the Convention for emerging Indigenous professionals. The program helps participants explore career pathways, build professional networks and bring new insights back to their communities.

PDAC also delivered the 16th edition of the Student Industry Mineral Exploration Workshop (S-IMEW) in May 2025. S-IMEW offers hands-on learning, field experience and direct engagement with industry leaders, giving students a practical view of mineral exploration and the wide range of career opportunities across the sector.

Partnerships are central to this work. PDAC’s collaboration with Mining Matters and the Mining

Industry Human Resources Council (MiHR) reflects a shared commitment to attracting and retaining talent. Working together allows us to align efforts, deliver stronger programs and support the workforce the industry will need in the years ahead.

Across all of this work, one priority stands out: building confidence in Canada as a place to explore, invest and develop responsibly. It is also about ensuring governments and Canadians understand what is at stake and what is possible when mineral exploration and development are supported by predictable policy, strong standards and a competitive investment climate.

As we look ahead, PDAC will continue advocating for policies that attract long-term investment and drive sustained success for Canadian explorers. With growing membership, strong partnerships and a clear advocacy agenda, we will deliver results for members and help position Canada’s mineral sector for the future.

Thank you to our members, partners and volunteers for your invaluable support and guidance. Your active involvement strengthens our association and advances the industry. Karen Rees, President, PDAC

EVENTS & OUTREACH

PDAC works each year to advocate for Canada’s mineral exploration and mining community by presenting and engaging with industry organizations, governments and students. Here are some of the 2025 outreach efforts PDAC was involved with.

Kicking off 2025, PDAC hosted a booth at British Columbia’s Association for Mineral Exploration (AME)’s annual Roundup event in Vancouver, B.C. in January. Attended by over 6,500 people, PDAC welcomed industry stakeholders from western Canada, including members, industry veterans and students. January also saw Jeff Killeen, Director of Policy & Programs, discuss some of the major topics impacting the Canadian mining sector with host Adrian Pocobelli of the Northern Miner Podcast, and in February, Killeen was interviewed by Tracy Hughes from InvestorNews, discussing the potential impacts of the tariffs by the Trump administration on Canada’s mining and mineral exploration industry.

In May, Killeen was part of a delegation of 40 Canadian business leaders who travelled to Washington, D.C. for the Canadian Chamber of Commerce’s third U.S. Critical Minerals Mission, with the purpose of creating an ongoing dialogue between major Canadian and U.S. entities about our mutual priorities related to critical minerals, and to advocate for North Americans becoming reliable partners in energy, prosperity and security.

In September, PDAC President Karen Rees spoke at Ottawa’s Mineral Outlook Dialogue – an annual forum co-hosted with Canadian Minerals and Mining, the Mining Association of Canada and PDAC, which sees government, Indigenous individuals, NGOs and academic representatives gather in one space to discuss and help shape Canada’s mineral exploration and mining policies. Also in September, PDAC participated in McMaster University’s annual career fair, and the Partnerships for Employment (P4E) Career Fair, which is the largest job fair of its kind in Canada. Held in collaboration with the University of Guelph, University of Waterloo, Wilfrid Laurier University and Conestoga College, PDAC’s Student & Early Career Team was proud to connect with students and individuals to raise awareness of the vast spectrum of career opportunities in the mineral exploration and mining industry.

In October, Killeen presented at the Quebec Mineral Exploration Association’s (QMEA) Xplor convention in Montreal, Que. Florence MacLeod, Manager, Member Engagement & Outreach, and PDAC’s Manager, Student & Early Career Program, Krishana Michaud, were also at Xplor engaging with attendees in the Coreshack event space. Internationally, Rees spoke at the Fennoscandian Exploration and Mining conference, held in Levi, Lapland, Finland. With over 1,000 participants from dozens of countries

in attendance, Rees gave a keynote speech titled, “Propelling Canadian Mineral Explorers – Connecting Strategies to Real-World Impacts,” that detailed a multipronged roadmap for governments and policymakers to cement Canada’s leadership in responsible exploration and development and to provide a stable, long-term supply of minerals to our allies. Rees also brought this presentation to Canada’s east coast in November, where she was joined by PDAC Executive Director Lisa McDonald and MacLeod at the Mineral Resources Review (MRR) conference. In early November, PDAC Board of Directors member and Human Resources Committee Chair David Murray connected with undergraduate students at the Atlantic Universities Geoscience Conference (AUGC) at St. Francis Xavier University. Also in November, PDAC partnered with Mining Matters to participate in the BMO Student Life Expo in Toronto, Canada’s leading postsecondary education event.

Krishana Michaud Manager, Student & Early Career Program

Karen Rees PDAC President

PDAC was also pleased to participate in the Mining Needs You Virtual Career Fair that month. Additionally, Killeen was a guest speaker at a session titled, “Mineral Exploration: What is the role of government?” at the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF)’s Annual General Meeting held in Geneva, Switzerland. Rees also engaged with industry colleagues in Yellowknife, NT while taking part in the Mineral Potential in Arctic Canada panel during the Geoscience Forum in November. The month was capped off with PDAC co-hosting the Mining Needs You booth with Mining Matters and the Mining Industry Resource Council (MiHR) for Mississauga’s Level Up! career fair.

In December, the association hosted a booth at the Saskatchewan Geological Open House in Saskatoon, where Rees presented, and Michaud spoke with attendees about PDAC membership, student and early career opportunities, and the upcoming PDAC 2026 Convention. PDAC also partnered with the Canadian Society of Exploration Geophysicists (CSEG) to cohost an inaugural open house event in Alberta, where board member Mary Louise Hill delivered remarks to the many industry representatives and organizations who attended. Additionally, PDAC partnered again with Mining Matters and MiHR at the Mining Needs You booth during December’s Level Up! career fair in Ottawa. This marked the association’s final outreach event of the year, and PDAC looks forward to continued engagement with members and industry stakeholders in 2026.

POLICY & ADVOCACY

Canada is the leading centre for mine equity financing within the global mineral exploration sector. Each year, PDAC works with securities commissions, stock exchanges, governments and industry stakeholders on behalf of members to advance policies and reforms that help strengthen the sector’s capital base and financial health.

| A cornerstone of Canada’s flow-through shares (FTS) regime since 2000, the Mineral Exploration Tax Credit (METC) was set to expire in 2025. In the November federal budget, the current government confirmed a previously announced two-year extension to the METC. As PDAC President Karen Rees remarked, “This decision supports jobs and partnerships in rural, remote and Indigenous communities and lays the groundwork for a stronger, more resilient Canadian economy.”

While the two-year extension was an important step, PDAC continues to call on the government to make both the METC and the Critical Minerals Exploration Tax Credit permanent fixtures. This would provide the long-term certainty needed to attract risk capital to the sector and drive new mineral discoveries.

Throughout the year, PDAC reviewed and submitted responses to consultations, conducted research and published reports, commented on key policy decisions, and kept members informed about the range of fiscal incentives supporting exploration activity in Canada.

In addition to our annual Mineral Finance report (see page 14 of this Annual Report) , the following highlights some of the advocacy efforts our capital markets team undertook in 2025:

| Securities in Canada are regulated by the Canadian Securities Administrators (CSA), which conduct public consultations when updating provincial and national instruments (NIs). In 2025, PDAC responded to several consultations, including proposals for a Semi-Annual Financial Reporting Pilot and a SelfCertified Investor Prospectus Exemption. However, PDAC made responding to proposed amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), published on June 12, a top priority, given their far-reaching implications for the industry.

This decision supports jobs and partnerships in rural, remote and Indigenous communities and lays the groundwork for a stronger, more resilient Canadian economy.

- Karen Rees PDAC President

While the proposals included several positive changes, PDAC’s response expressed deep concerns that they could result in increased uncertainty, higher compliance costs and greater regulatory burden for issuers, as well as undue encroachment into areas of professional practice and judgment. PDAC’s formal responses to these consultations are available on our website.

The above represent some of the most significant issues PDAC addressed on behalf of members in 2025, as the association works to see governments implement critical policies that are essential to supporting the industry’s continued exploration, development and construction of the next generation of Canadian mines.

From regulatory updates that enable efficient capital raising for exploration and development companies, to our association’s call on the government to follow through on fulfilling its election commitments to strengthen mineral investment incentives, PDAC will continue in the year ahead and beyond to advocate for strengthened financial policies and capital incentives that foster increased participation, new projects and more opportunities for Canada’s mineral exploration and mining community.

PDAC 2025

Held March 2-5, 2025, PDAC’s annual convention covered 600,000 square feet of the Metro Toronto Convention Centre (MTCC) and upheld its position as the industry’s largest and most influential event.

PDAC 2025 delivered industryleading presentations, programs, exhibits and special events for 27,353 attendees. The award-winning event was spread across both the North and South Buildings of the MTCC, as well as the nearby Fairmont Royal York Hotel. Attendees included investors, miners, geoscientists, community leaders, students, government officials and more.

“ Year after year, the PDAC Convention is the place to be for unveiling the latest market insights, advances in technology, and for fostering essential partnerships ,” said Raymond Goldie, PDAC Past President.

Highlights from the 2025 Convention include:

• Showcased more than 1,200 exhibitors, including government representatives, corporate leaders, and technical specialists from across the world.

• Extensive programming covered current topics focusing on capital markets, critical minerals, Indigenous relations, student and early career development, and sustainability.

• Keynote speakers included Mike Henry, BHP; Eric Sprott, Eric Sprott Family Office; Flavia Tata Nardini, Fleet Space Technologies; and David Burt and Bede Evans, the Onto Discovery Team.

• PDAC 2025 provided a vital platform for dialogue between industry stakeholders and government officials. PDAC’s leaders used this forum to emphasize the impact of forward-looking public policy on maintaining Canada’s competitive edge in the mineral sector.

• Five of the industry’s top performers were honoured at the PDAC 2025 Awards Gala at the Fairmont Royal York Hotel.

CONVENTION STATISTICS

OVERALL

27,353 ATTENDEES

33% INTERNATIONAL ATTENDEES

126 COUNTRIES REPRESENTED

Outside Canada, the largest number of attendees came from the United States, Australia, United Kingdom, Argentina, Peru, Brazil, Chile, Mexico, Mongolia, and Turkey.

1,313 STUDENT ATTENDEES

352 ACCREDITED MEDIA

34 SPONSORS EXHIBITS

TRADE SHOW

1,024 TRADE SHOW BOOTHS

745 EXHIBITING ORGANIZATIONS

91 GOVERNMENT EXHIBITORS

INVESTORS EXCHANGE

475 INVESTORS EXCHANGE BOOTHS

423 EXHIBITING ORGANIZATIONS

CORE SHACK

40 CORE SHACK EXHIBITORS

PROSPECTORS TENT

20 PROSPECTORS TENT EXHIBITORS

PROGRAMMING

705 PRESENTERS

195 SESSIONS

8 SHORT COURSES

PUBLICATIONS STUDIES, & REPORTS

THROUGHOUT 2025, PDAC PRODUCED AND PUBLISHED SEVERAL IMPORTANT RESOURCES TO KEEP OUR MEMBERS AND THE INDUSTRY INFORMED AND ENGAGED.

Planning the Path Towards Reconciliation is aligned with PDAC’s Strategic Plan and acts as a framework to guide the work of the association.

PDAC recognizes that the participation of Indigenous communities is vital to the future of our sector and to our work as an association. Aligned with this understanding, PDAC has developed an important document: Planning the Path Towards Reconciliation (the Plan).

Finalized in December 2025, the Plan includes four pillars – dialogue, education, participation, and advocacy – that will serve as a guidepost for PDAC’s executive team, staff, and volunteers to elevate the participation and leadership of Indigenous Peoples in the mineral sector and foster productive and mutually beneficial relationships and collaboration between industry and communities. In developing the content for the Plan, PDAC reflected upon the Truth and Reconciliation Commission of Canada’s work, including the Calls to Action, as well as the stories, experiences, and knowledge shared by hundreds of PDAC’s members, convention attendees, presenters, volunteers and staff. Created as a living document, the implementation and evolution of the Plan will be a continuous journey founded on reflection and ongoing dialogue.

The Plan’s traditional look and feel was designed by Vincent Design Inc., an Indigenous-owned creative firm from Winnipeg, Man. When developing the imagery for the Plan, the designer used the Seven Generations Teaching to guide the rightfacing direction of the animals and iconography throughout, representing “forward movement and future-oriented thinking. Their interconnected and overlapping forms reflect the unity of all living things and our shared responsibility to care for the world – reminding us that today’s actions shape the well-being of future generations.”

PL ANNING THE PATH TOWARDS RECONCILIATION

Navigating Uncertainty: Mineral Finance 2025 presented

key developments with metal prices, financing and mineral exploration activity in Canada and globally.

Mineral Finance is published online annually and examines key financial developments and how macroeconomic conditions affect mineral exploration and mining investment. Drawing on data from S&P Global Market Intelligence, TMX Group and Natural Resources Canada (NRCan), PDAC’s 2025 report offers a comprehensive look at metal prices, financing trends and worldwide exploration activity in 2024.

The report’s 2025 title “Navigating Uncertainty” describes the effects felt by the mineral industry from the long-term unpredictability of global trade, supply chains, and industrial and capital markets. For example, gold prices reached an all-time high during this period, yet overall global equity financing levels remained well below both 2021 and pre-2018 benchmarks, underscoring a disconnect between strong commodity prices and constrained capital markets. Canada, meanwhile, reclaimed the top spot as the leading mine finance destination, with an approximately 45 per cent year-over-year increase in total equity raises.

This growth for Canada could be considered fragile, as a closer examination of equity financing in the TSX and TSXV shows that a substantial portion of the capital raised in the 2024-2025 period was through a small number of large transactions. This highlights the persistent decline in financing activity from sub-$100 million companies (including juniors and early-stage explorers), which widened the gap between a small number of major players and the broader market.

The funding challenges facing grassroots exploration and early-stage development organizations underscore why PDAC calls for several critical policy actions that are essential for enabling companies to explore, develop and build the next generation of Canadian mines.

CORE Magazine is PDAC’s awardwinning publication that engages and informs our over 8,200 members, and a subscriber base of over 41,000 industry professionals, students and stakeholders from across the mineral sector.

CORE

| WINTER 2025 ISSUE

THE VOICE OF MINERAL EXPLORATION

SUMMER 2025

Published on Feb. 11, this issue was also distributed in print at the PDAC 2025 Convention in Toronto. Articles included PDAC in the News, a feature on the 2025 PDAC Award recipients, a preview of what was in store for PDAC 2026 attendees, an exclusive interview with Glencore Canada and the regular This Month in History segment, which highlighted influential geological surveyor William Smith.

| SUMMER 2025 ISSUE

PDAC 2025 RECAP

Published on July 10, this 60-page issue was the largest CORE magazine ever. Content included PDAC in the News, highlights from the 2025 Convention including the inaugural Indigenous Youth and Early Career Ambassador Program, a Q&A with PDAC President Karen Rees, an examination of the minerals and financial markets, a spotlight on the Nunavik Abandoned Mineral Exploration Sites Restoration Project, a photo spread from S-IMEW 2025 and a This Month in History feature on Canada’s first female geologist, Dr. Alice Evelyn Wilson.

| FALL 2025 ISSUE

Published on Nov. 13, this issue featured PDAC in the News, a look ahead to the programming, sessions and events for the PDAC 2026 Convention, a guestauthored recap of S-IMEW 2025, an introduction to the 2026 PDAC Award recipients, an exclusive interview with the year’s Mary-Claire Ward Geoscience Award recipient and a This Month in History feature on the world’s oldest mine, Eswatini’s Ngwenya Mine.

COMMITTEE ACTIVITIES

Throughout the year, PDAC’s committees address industry challenges and priorities and develop policies and programs that support responsible mineral exploration and development.

The following pages highlight their activities, goals and accomplishments during the 2025 calendar year.

| AUDIT

One of the Audit Committee’s primary goals was to sustain a robust treasury to support PDAC’s key initiatives. Throughout 2025, a strong cash position was maintained, supported by a successful PDAC 2025 Convention.

To safeguard the organization’s investments and ensure proper authorization for expenditures, the committee also received reporting on the organization’s internal controls over financial reporting. The Chief Accountant played a pivotal role in maintaining consistent oversight over expenditures and in preparing accurate, timely reporting for the Audit Committee and the Board of Directors, facilitating their financial evaluations of activities. All reports were free from errors during the 2025 audit, reinforcing the committee’s commitment to transparency and accountability.

Recognizing the need for enhanced oversight over the investment portfolio, the committee established a new role for a Financial Investment Coordinator. This position was created to enhance investment oversight on the investments managed by the third-party investment advisor. Through these efforts, the committee helped ensure the financial integrity and sustainability of PDAC’s investment portfolio.

Looking ahead to 2026, the committee aims to continue its focus on these priorities. Collaboration with the executive director will be essential to ensure ongoing project evolution, with a commitment to maintaining a balanced budget by strategically utilizing funds raised in the coming year.

| AWARDS

In 2025, the committee once again helped shine a spotlight on excellence across the mineral exploration and mining industry. The Awards Gala & Nite Cap, held on March 4, 2025, at the Fairmont Royal York Hotel in Toronto, was a highlight of the PDAC 2025 Convention. The event brought together leaders from across the industry to celebrate the year’s PDAC Award recipients and recognize their contributions to discovery, innovation and sustainability.

Beyond the gala itself, the committee worked with PDAC staff to ensure the stories behind each award reached

a broad audience. Recipient profiles and project highlights were shared through CORE Magazine, PDAC’s website and social media channels, as well as through dedicated award videos. New for 2025, award videos were boosted on YouTube through a Google Ads campaign, resulting in the strongest viewership numbers to date. Together, these platforms help showcase best practices, amplify positive examples from the sector and demonstrate the impact of the work being honoured.

Looking ahead, preparations are well underway for the 2026 Awards Celebration & Nite Cap, scheduled for March 3, 2026, at the Fairmont Royal York. The committee is pleased to recognize the 2026 PDAC Award recipients: the Canadian Royalties Exploration Team for the Bill Dennis Award, Des Nedhe Group for the Skookum Jim Award, Blue Lagoon Resources for the Sustainability Award, AngloGold Ashanti, Renaissance Gold and Callinan Royalties for the Thayer Lindsley Award, and Equinox Gold for the Viola R. MacMillan Award. Their achievements reflect the innovation, leadership and collaborative spirit that define our industry.

The committee looks forward to celebrating these organizations and teams in 2026 and to continuing to highlight the people and projects that are helping to shape the future of mineral exploration and development in Canada and around the world.

| CONVENTION PLANNING

The committee recognized 2025 was a turbulent and fast-moving time for the industry. With this, one of its priorities for 2025 was to bring to the annual convention topics that captured the important commodities and trends, as well as recent changes in finance and technology. This ensured that the content for PDAC 2025 was closely aligned with what our attendees are talking about and was as helpful as possible for the industry from an educational, discourse and investment perspective.

PDAC 2025, held March 2-5, saw 27,353 attendees from 126 countries and included the first ever technical session on potash. In planning for the 2025 Convention, the committee also continued their

focus on the inclusion of new faces and new areas, as well as including more guest chairs to help build the industry-leading programming provided for attendees.

For PDAC 2026, the committee will bring more topical programming by looking at the changing landscape of Canada’s north, and at areas where AI has made inroads in practical settings. And as in previous years, the committee will also be taking input from member requests for topics and content to continue to improve how the needs and interests of attendees – and the mineral exploration and mining development community – are reflected in Convention programming.

| FINANCE & TAXATION

A major priority for the committee in 2025 was securing the renewal of the Mineral Exploration Tax Credit (METC), which was set to expire in March. Driven by PDAC’s advocacy efforts, with the support of many other industry stakeholders, the government confirmed renewal of the METC in the 2025 federal budget, announced in November.

Additionally, the committee aims to see the government expand the Canadian Exploration Expense (CEE) eligibility to include technical and economic scoping work. Two positive developments also materialized in 2025. First, the British Columbia Supreme Court ruled that studies assessing the economic viability of a deposit qualify as CEE. Second, the Liberal Party election platform included a commitment to expand CEE. However, this commitment was not carried forward in the 2025 federal budget and will remain a priority for the committee in 2026.

The committee also continued to seek improvements to the Clean Technology Manufacturing Investment Tax Credit (CTMITC) to align with Canadian deposit types and to better support critical mineral projects. The 2025 federal budget confirmed a change to qualifying mineral production thresholds that will expand the credit to more polymetallic mines in Canada. Budget 2025 also recognized PDAC’s call to expand the list of priority critical minerals and the number of critical minerals covered under the Critical Minerals Exploration Tax Credit (CMETC).

In 2026, the committee will continue to advocate for a multiyear renewal of the METC and the CMETC for continued expansion of CEE eligibility to include advanced studies and will pursue further improvements to the CTM-ITC. The committee will also work to increase awareness among the

association’s members about recent changes to fiscal incentives and government funding programs, including those introduced in the 2025 Federal Budget, through online resources and outreach. The committee also plans to continue developing a refreshed set of pre-budget recommendations in advance of the 2026 federal budget.

| GEOSCIENCE & INNOVATION

Expanding the scope and improving the access, type, quality and quantity of public geoscience information were the committee’s top goals for 2025. To achieve these goals, the committee committed to several actionable items including regularly meeting with and providing recommendations to the Targeted Geoscience Initiative (TGI) program, a research program of the Geological Survey of Canada that aims to support Canada’s mineral exploration industry.

Through 2025, the committee also supported the realistic design of a government-run public geoscience project by gathering and delivering industry feedback on the proposed government core-scanning initiative – ensuring alignment with exploration sector needs. The committee also made contributions to the development of NI 43-101 consultation recommendations in 2025, providing insights from the perspective of qualified and technical persons.

Looking ahead to 2026, the committee will continue to advocate for improved availability and usability of public geoscience information for the industry, continue to update and enhance insights from the National Mineral Discovery Rates Project (which provide estimates for resource/reserve growth relative to production/depletion), and work towards building stronger connections between geoscience research, technological innovation and practical industry applications.

| HEALTH & SAFETY

The committee had three main priorities for 2025, including partnering with the Association for Mineral Exploration (AME) and the Canadian Diamond Drilling Association (CDDA) to track and analyze industry safety trends with the Canadian Mineral Exploration, Environment, Health & Safety Survey, delivering a health and safety short course at PDAC’s annual convention, and advancing mental health awareness and related research. The committee saw good participation for the Safe Every

Day Survey, which was also the program’s 20th anniversary. Produced in partnership with AME and CDDA, the survey provides a snapshot of key trends in health and safety performance, practices and incidents throughout the year. The committee also continued its dialogue with industry partners and stakeholders in 2025 to further the development of psychological health and safety programming for our sector.

The committee successfully delivered the “Know your risks: Leadership in exploration health and safety” short course at PDAC 2025, which included newly developed content on psychological health and safety. The new and improved content was well received by attendees, and the course itself received a 100 per cent approval rating, as well as the highest attendance in recent years.

Heading into 2026, the committee plans to work towards advancing the psychological health and safety project portfolio by creating a mental health and wellness resource hub, monitor industry trends and continue to compile resources focused on distilling useful resources to a variety of stakeholders, such as small companies, individuals and managers.

| HUMAN RESOURCE DEVELOPMENT

In 2025, the committee worked towards increasing awareness of the opportunities in the Canadian mineral exploration industry for students across more programs of study, under-represented groups and new entrants to Canada by diversifying convention programming, collaborating with partner agencies and identifying new avenues for engagement. New programming was added to the Student & Early Career Convention Program, which focused on career opportunities for students in programs outside of geoscience and engineering. In-person activities continued through the year, which included partnering with Mining Matters and the Mining Industry Human Resources Council (MiHR) to participate in Level Up! Career fairs in Mississauga and Ottawa, as well as a member outreach event held in Alberta for the first time. PDAC is also a proud partner of MiHR’s national Mining Needs You campaign which completed its first full year of impact in 2025. Our involvement

in this initiative directly supports our strategic goal of changing hearts and minds by helping broaden public understanding of the sector and inspiring the next generation of talent.

S-IMEW 2025 was another success for the committee, which saw the addition of several new sessions that were highly regarded by the student cohort, including one on mental health and remote work. The Workshop also recorded its highest sponsorship levels to date. For the first time since 2017, S-IMEW’s field trip returned to the Timmins mining camp to re-establish local support and connections for continued success of the workshop for years to come. The Timmins mining community provided overwhelming support for the program, with the 2025 trip laying the foundation for a return to Timmins for future field trips.

The committee also held a day-long strategic planning meeting to align members around the mission of the committee, and strategic priorities of the PDAC, positioning the committee and the Student & Early Career Program for a stronger future. Heading into 2026, the committee plans to implement new programming initiatives based on the outcomes of the 2025 strategic planning session, and to expand the Student-Industry Mixer, one of our premier convention events for students.

The committee has several other goals for 2026, including the execution of S-IMEW 2026 with a program reflecting continuous improvement and topical content, and engaging new industry presenters including more S-IMEW alumni who have been working in the industry and government. The committee would also like to increase student membership nationally for greater participation in our student and early career programming, and continue collaborating with industry partners to raise awareness of the breadth of careers in the mineral industry through continued outreach and engagement initiatives.

| INDIGENOUS AFFAIRS

When planning for 2025, one of the committee’s main goals was to complete the reconciliation in practice project, a document aimed at guiding the work of PDAC staff and volunteers. The committee received input from more than 250 Indigenous and non-Indigenous contributors, including PDAC members and staff, as

well as participants of the annual Indigenous Leaders Gathering and the Indigenous Youth and Early Career Ambassador Program. This input informed the content of PDAC’s “Planning the Path Towards Reconciliation” and the published version was created by an Indigenous-owned Canadian graphic design firm.

During the year, the committee also championed cooperative benefits and collaboration opportunities between industry and Indigenous communities to further Canada’s Critical Mineral Strategy, as well as working to guide the industry and communities in navigating new expectations for early engagement. To meet these goals, the committee participated in advocacy efforts related to Indigenous Peoples’ participation in industry, including: recommendations within the Red Tape Review to align community of interest designations and make efforts to reduce duplicative consultation efforts between government departments; feedback to inform Crown-Indigenous Relations and Northern Affairs Canada’s updated consultation guidelines; and staff participation on a panel regarding Indigenous participation in the sector during Natural Resources Canada’s Mineral Outlook Dialogue.

Additionally, the committee continued to track changes to mineral tenure, claim staking and early engagement in jurisdictions across Canada, with a session planned for PDAC 2026 to provide tangible recommendations and insights into the effects of changing regulatory landscapes and legal decisions within and beyond the mineral sector.

For 2026, the committee plans to launch the “Planning the Path Towards Reconciliation” project and begin work on projects aligned to the document’s pillars, including improved communication of PDAC’s Convention, membership, and resources with Indigenous communities, and updates to PDAC Indigenous Affairs resources (where appropriate). The committee also aims to continue to advocate for the application of the Loan Guarantee Program and other government capacity and capital supports to mineral projects and associated key infrastructure in regions of high exploration and development activity to enable greater participation by Indigenous Peoples in the diverse and numerous economic opportunities that come with mineral development.

| INTERNATIONAL

The committee’s top goals for 2025 were to plan and implement the 10th annual International Mines Ministers Summit (IMMS) at PDAC 2025, to begin preparations for the 11th IMMS held at PDAC 2026, and to continue to track and monitor international developments that could have an impact on the national and international mineral exploration and mining industry.

During the PDAC 2025 Convention, the 10th annual IMMS was a success, bringing together 20 international ministers responsible for mining, along with leaders from civil society and industry to discuss the summit’s theme, Unlocking Tomorrow’s Minerals: Accelerating from discovery to production. Summit participants were so engaged that they unanimously asked to forego a break in the discussion to maximize the time available to them.

The committee continues to plan for and is looking forward to successfully hosting the next iteration of the IMMS at PDAC 2026. In 2026, the committee also plans to complete the international diaspora project by updating the list of organizations that operate in Canada and have an interest in the mineral industry, as well as continuing to monitor the development of international issues that have an impact on the mineral industry, such as ongoing trade disputes and potential new regulations to the Investment Canada Act.

| LANDS & REGULATIONS

The committee had several goals heading into 2025, including continued advocacy that seeks changes to the Impact Assessment Act and other major project approvals processes and clarity in land tenure and claim staking. The committee provided recommendations for government engagements related to the Fisheries Act, species at risk and migratory birds, transboundary issues, the Canadian Environmental Protection Act, the Canadian Navigable Waters Act, and more.

During the year, the committee supported PDAC’s commentary on the Free Trade and Labour Mobility in Canada Act, the “One Project, One Review” Cooperation Agreements for the Assessment of Major

Projects, and the modernization of regulations under the Canadian Navigable Waters Act. Recommendations were also made by the committee on the government’s Red Tape Review recommending efficiency measures for the regulation and administration of the following Acts: Impact Assessment, Species at Risk, Migratory Birds, Fisheries, Canada Navigable Waters, Competition, Investment Canada, and Canada Transportation.

In 2026, the committee aims to bring attention to access to land challenges for mineral explorers in Canada, while emphasizing the need for balanced and informed infrastructure development and conservation decisions and clear, efficient processes for claim staking and work permits. The committee will also continue its advocacy efforts relevant to the mineral development sector, with a focus on supporting predictable, efficient and aligned regulatory processes that respect federal and provincial jurisdictions and create realistic and achievable expectations for proponents

| MEMBERSHIP

Membership grew to more than 8,200 individuals and corporate members in 2025, bringing the committee closer to its goal of surpassing the record high of 10,388 members achieved in 2013. This growth reflects the committee’s ongoing commitment to enhancing member retention and recruitment while delivering significant value.

In 2025, the committee focused on initiatives designed to engage both current and prospective members. A notable achievement was the launch of a promotional video that captured the essence of PDAC membership through captivating fieldwork footage and personal testimonials. This initiative reached 126,000 viewers on YouTube and Google TV, effectively broadening our reach and connecting with diverse audiences.

During the year, the committee introduced the PDAC 2025 Field Season Collection featuring branded merchandise such as ball caps, socks, water bottles and hand lenses, which were all available at the Members Pavilion during the annual convention. The committee also made significant progress in refining the Member Referral Program, making it easier for members to introduce new corporate members to the community. This program achieved record participation in 2025, welcoming more than 490 new members.

Looking ahead to 2026, the committee plans to enhance its outreach efforts and build strategic partnerships with regional associations to strengthen engagement across Canada. Another key focus will be on increasing senior corporate memberships, particularly among Class A members, through targeted outreach strategies and tailored benefits that resonate with their specific needs.

Another pivotal initiative will be the introduction of a job board tailored for the mineral industry, aimed at connecting individuals, early-career professionals and students with relevant job openings while promoting professional growth. Discussions are also underway to expand insurance programs in 2026 to include group health benefits and to offer the consultants package to members in qualifying geoscience and earth sciences organizations, ensuring broader usability and enhanced discounts.

|

SECURITIES

A top priority for the committee in 2025 was navigating the proposed amendments to National Instrument 43-101 Disclosure Standards for Mineral Projects (NI 43-101) launched by the Canadian Securities Administrators (CSA). As NI 43-101 is the primary standard governing mineral project disclosure, the committee collaborated with other strategic PDAC committees to ensure that industry views were clearly understood and communicated to regulators. PDAC penned an open letter to CSA that was co-signed by members of the Canadian Mineral Industry Federation (CMIF) in August to convey preliminary, high-level concerns, and this was followed by a submission of a comprehensive commentary in October.

The committee also worked to advance reforms to protect mineral issuers from predatory short selling practices, which PDAC members have increasingly raised as a major market concern. The committee fully supported the proposed amendments by the Canadian Investment Regulatory Organization (CIRO) to introduce mandatory close-out requirements, which can curb abusive short selling and help defend public issuers from bad actors, and reiterated prior PDAC recommendations that aim to prevent manipulative behaviour in Canadian markets.

The committee continued advancing measures to expand the retail investor base through targeted prospectus exemptions, having previously supported provincial attempts to establish new exemptions that are based on criteria such as experience, education or designation. The committee supported the Ontario Securities Commission (OSC) in raising awareness for the Ontario pilot through online information sessions. In the fall of 2025, several CSA members published a proposal, the Multilateral Instrument 45111 Self-Certified Investor Prospectus Exemption, to create a coordinated and permanent exemption. The committee has voiced support for this proposal and recommended that CSA consider an increase to the annual investment limit to enhance the exemption’s effectiveness.

Monitoring of regulatory publications and public consultations will be a continuous priority in 2026. The committee will also continue proactive engagement with the CSA on the NI 43-101 amendment process to ensure that member concerns are recognized and that the next iteration of the instrument progresses without unnecessary delay. Additionally, the committee will investigate concerns raised by members regarding unclear or untimely regulatory processes, including the lack of a transparent mechanism for issuers to appeal CSA auditor decisions.

| SUSTAINABILITY

The top 2025 goals for the committee were to build out the Sustainability Program at PDAC’s annual convention, to promote the Driving Responsible Exploration (DRE) brand, and to monitor and respond to advocacy issues within the industry.

At PDAC 2025, the Sustainability Program was the largest yet, with more than 50 speakers across eight sessions led by the Sustainability Committee, and an additional five sessions integrated from the Indigenous and Capital Markets Programs.

The DRE pages on PDAC’s website were completely redesigned in 2025, with a clearer structure,

streamlined navigation and reorganized content that made DRE’s guidelines and tools easier to find. This section of the site was also elevated to a top-level page, which improved its visibility and reinforced the program’s importance to our members and industry stakeholders. Several social media campaigns were also launched throughout the year to help promote DRE, which collectively generated more than 100,000 impressions and significantly expanded the program’s visibility and engagement with PDAC’s audience. The committee also hosted an in-office workshop that provided members with hands-on training on how to practically implement the DRE toolkits. This session helped participants apply the guidance directly to their exploration activities.

Advocacy items that the committee responded to in 2025 included the Canadian Sustainability Standards Board’s (CSSB) draft Canadian Sustainability Disclosure Standards (CSDS), the Consolidated Mining Standard Initiative (CMSI) draft standards, a review of the Office of the Canadian Ombudsperson for Responsible Enterprise, the 2025-2030 Sustainable Jobs Action Plan, and Environment and Climate Change Canada’s Advancing Environmental Justice Engagement Activities.

The committee’s goals for 2026 include continuing to improve the Sustainability Program at PDAC 2026, continuing to promote DRE for maximum visibility and engagement and undertaking several advocacy initiatives relevant to the mineral development sector.

See the full list of PDAC’s committee volunteers on pages 30-34 of this report.

REPORT ON EDI

PDAC’S COMMITMENT TO INCLUSIVE LEADERSHIP & ENGAGEMENT

In 2025, PDAC continued to demonstrate a strong commitment to Equity, Diversity and Inclusion (EDI). EDI principles were embedded into workplace practices, programs, and decision-making to support a respectful, inclusive, and welcoming environment for all.

Staff participated in unconscious bias training, which was also incorporated into the onboarding process for new employees, reinforcing inclusive behaviours and awareness from the outset. Across PDAC’s initiatives, including Convention programming, the International Mines Ministers Summit, Mental health and psychological safety projects, Sustainability consultations, Membership and Early Career outreach, and PDAC’s Social Media, EDI considerations informed planning and delivery, reflecting the organization’s commitment to building a robust and inclusive mineral exploration and development community.

EDI principles were also applied to the Board nomination process. An annual survey gathered information on directors’ skills, sector experience, professional designations, and education to identify gaps and underrepresented perspectives. This information guided the nomination process, helping to ensure the PDAC Board is diverse, well-rounded, and effective.

In 2025, PDAC committees continued to infuse EDI principles into their work, strengthening representation across various diversity dimensions including gender, age, geography, career stage and expertise, education background, visible minority representation, Indigenous participation, while integrating diverse perspectives into programs, advocacy and decision making. Committees fostered respectful and welcoming environments through open dialogue, structured opportunities for sharing ideas, and ensuring that all members could contribute meaningfully.

Targeted recruitment and renewal processes continued to evolve, with several committees using surveys, gap analysis and structured selection approaches to address representation gaps and reduce bias. Consideration of EDI was also integrated into committee decision-making processes, including nominations, awards, scholarships and funding support, with efforts to encourage a broad and diverse pool of candidates across gender, background and geography. While applicants for specific programs were assessed against defined criteria, selections were made based on merit and demonstrated effort, without bias toward race, gender, ethnicity, religion, or any other aspect of individual identity.

Together, these efforts demonstrate PDAC’s ongoing dedication to fostering a diverse and inclusive culture that strengthens the organization and the broader minerals industry.

The following are examples of initiatives undertaken by PDAC’s board, committees, staff and volunteers in 2025 to foster EDI in the association’s day-to-day activities, work spaces and events.

REPRESENTATION & DIVERSITY WITHIN COMMITTEES

▪ Gender representation

▪ Indigenous and visible minorities representation

▪ Regional and geographic diversity

▪ Wide range of expertise, disciplines and sectors

▪ Representation across the full range of company types in the minerals sector

▪ Broad age and career-stage representation

▪ Diverse lived experiences and demographics

INCLUSIVE

PRACTICES IN COMMITTEE WORK

▪ Land acknowledgments at the start of meetings

▪ EDI and safety shares to foster awareness and inclusion, and encourage discussion

▪ Actively encouraging quieter members to contribute so all voices are heard and valued

▪ Meeting schedules designed to accommodate geographic diversity and time zones

▪ Meetings held in a hybrid format to support remote participation

▪ Accessibility considerations (font size, contrast) incorporated into meeting materials

▪ Anonymized meeting minutes to support open and honest discussion

EDI INITIATIVES AT PDAC 2025

The 2025 Convention brought together more than 27,000 attendees from over 125 countries, reflecting a wide range of regional perspectives showcased across sessions, panels, and networking events. The exhibit halls highlighted a vibrant and diverse exhibitor community, with more than 1,300 companies represented, including prospectors, junior explorers, middle and major mining companies, financial institutions, a wide range of service providers, technology innovators, Indigenous artisans, student research posters, and national and international jurisdictions.

Exhibitors came from a broad array of countries and sectors, offering global insights into exploration, technology, and investment and presenting valuable business opportunities and connections across the mineral sector community.

The convention programming and speaker line-up reflected strong diversity in 2025, with sessions covering topics ranging from Indigenous engagement, sustainability, and environmental stewardship to international investment, capital markets, and technical advances in exploration and mining. Together, the program content, speakers, and participants represented multiple jurisdictions, industry sectors, and career stages, offering attendees a broad range of perspectives and expertise throughout the event.

This commitment to inclusion was further advanced through the pilot Indigenous Youth and Early Career Ambassador Program, launched in 2025 to inspire careers in the mineral industry while providing Ambassadors with networking opportunities and industry insights.

ACCESSIBILITY & ATTENDEE SUPPORT

▪ Fully barrier-free venue with accessible seating and pathways

▪ Support person access and service animal accommodations

▪ Allergen labelled food options

▪ Quiet spaces for meditation, prayer or reflection

▪ Lactation and breastfeeding facilities

▪ Real-time automatic speech recognition (ASR) for live captioning

▪ Multilingual translation for sessions using the ASR provided

▪ Audio visual equipment optimized for accessibility

▪ Reserved seating for attendees with hearing or vision needs

▪ Digital participation tools to enhance engagement

▪ All staff and volunteers trained in AODA Customer Service Standards and Human Rights

▪ Incident reporting available through secure website or dedicated hotline, and related signage

PDAC believes the mineral exploration and mining sector has the potential to make a positive contribution in the communities where it operates. The association will continue working with its committees, staff and volunteers to integrate EDI principles into policies, practices and everyday work in a practical and meaningful way.

MEMBERSHIP STATISTICS 2025

2025 marked another milestone for our membership program, reflecting a seven per cent increase in individual memberships. This growth can be largely attributed to our enhanced outreach initiatives across the country and improved retention and recruitment strategies. The Member Referral Program successfully welcomed over 490 new members, along with a targeted campaign aimed at reengaging lapsed members from the past three years.

PDAC is particularly proud of a remarkable 44 per cent year-overyear surge in student memberships, highlighting our ongoing efforts to engage and support the next generation of diverse and qualified talent in the mineral exploration and mining industry.

8,284 MEMBERS

COMMITTEES

AUDIT

| CHAIR Jeff Swinoga

AWARDS

| CHAIR Alex Christopher

Jon Baird

Robert Boyd

Patricia Dillon

Peter Dimmell

Mike Doggett

CONVENTION PLANNING

| CHAIRS Charles Beaudry & Valerie Wilson

Robert Boyd

Nic Capps

Antoine Caté

Patrick Chance

Natalie Chu

Brooke Clements

Ryan Dhillon

Resa Furey

Raymond Goldie

Eaun Gray

Don Hains

Robert Hearst

Doris Hiam-Galvez

Joe Hinzer

Francisca Maepa

EXECUTIVE

| CHAIR Karen Rees

MaryAnn Crichton

Conrad Dix

FINANCE & TAXATION

| CHAIRS Rob Stevens & Michael Long

Brian Abraham

Peter Bell

Tara Christie

Lisa Davis

Aynsley Foss

Ben-Schoeman Geldenhuys

Peter Dimmell

Jessie Liu-Ernsting

Raymond Goldie

Jessie Liu-Ernsting

Bill Mercer

Glenn Mullan

Karen Rees

Enrique Mendez

Volker Moeller

Naomi Nemeth

Ellie Owens

Karl Pearce

Spencer Ramshaw

Antoine Schwartzmann

Patricia Sheahan

James Siddorn

Keith Spence

Rob Stevens

John Sullivan

Robert Valliant

Shuda Zhou

Raymond Goldie

David Murray

Scott Parsons

Stephanie Holland

Roger Lemaitre

Lauren McDougall

Greg New

Keith Spence

GEOSCIENCE & INNOVATION

| CHAIR Charles Beaudry & Frank Santaguida

Sandy Archibald

Doris Hiam-Galvez

Anna Hicken

Francisca Maepa

Gordon Maxwell

Volker Moeller

Scott Parsons

Frank Santaguida

Ciara Talbot

Jean-Paul Tsotsos

GOVERNANCE & NOMINATING

| CHAIRS MaryAnn Crichton (Appointed) & Conrad Dix (Ex-Officio)

Rosario Astuvilca-Rojas

Patricia Dillon

Scott Parsons

Mary-Carmen Vera

HEALTH & SAFETY

| CHAIR Conrad Dix

Rodney Barber

Jonathan Buchanan

Lorne Burden

Morgan Dunham

Chris Evans

Steven Galjaardt

Ben Graham

Adam Johnson

Louise Lowe

Gordon Maxwell

James Maxwell

Bill Mercer

Marion Olivier

Bryan Wilson

HUMAN RESOURCE DEVELOPMENT

| CHAIR David Murray

Peggy Bell

Laura Clinton

Ben Graham

Mary Louise Hill

Will Meyer

Christine Petch

Rowan Phendler

Karen Rees

Elana Romero

Alexandra Squires

Kendra Zammit

INDIGENOUS AFFAIRS

| CHAIRS Lana Eagle & Mary-Carmen Vera

Mark Deans

Jonathan Fowler

Michael Fox

Arend Hoekstra

Katherine Koostachin

Pam Marsden

Gordon Maxwell

Stuart McCracken

Glenn Nolan

Kevin O’Callaghan

Sarah Weber

Colin Webster

INTERNATIONAL

| CHAIR Stuart McCracken

Sandy Archibald

J. Gregory Goldhawk

Juan-Carlos Guajardo

Florencia Heredia

Doris Hiam-Galvez

LANDS & REGULATIONS

| CHAIRS Scott Parsons & Matthew Pickard

Nicole Charbonneau

Connor Devereaux

Siri Genik

Justine Knox

Robert Schafer

Keith Spence

Laura Stein

Raziel Zisman

Stephen Morison

Michael Rosatelli

Rich Schmidt

MEMBERSHIP

| CHAIR Mary Louise Hill

Liane Boyer

Justin Daley

Marc Gasparotto

Nickolas Kohlmann

Kevin Neyedley

Spencer Ramshaw

SECURITIES

| CHAIR Kerem Usenmez

Brian Abraham

Kurt Breede

Denise Cummings-Luckie

Lisa Davis

Dennis Frawley

Greg Gosson

Sandy Hershaw

Bruce McLeod

Dean McPherson

Naomi Nemeth

Maria Smirnova

Keith Spence

Marilyn Spink

Nick Tintor

Al Wiens

SUSTAINABILITY

| CHAIR Valerie Pascale

Amiel Blajchman

Dani Bryant

Jonathan Fowler

Siri Genik

Raymond Goldie

Brian Hegarty

Melanie Jenkins

Alexandria Marcotte

Bill McGuinty

Ian Thomson

PDAC Annual Report 2025

ANNUAL REPORT 2025

ANNUAL REPORT 2025

MESSAGE FROM THE PRESIDENT

EVENTS & OUTREACH

POLICY & ADVOCACY

PDAC 2025

CONVENTION STATISTICS

27,353 ATTENDEES

PUBLICATIONS STUDIES, & REPORTS

Navigating Uncertainty: Mineral Finance 2025 presented

key developments with metal prices, financing and mineral exploration activity in Canada and globally.

CORE

| WINTER 2025 ISSUE

THE VOICE OF MINERAL EXPLORATION

SUMMER 2025

| SUMMER 2025 ISSUE

PDAC 2025 RECAP

| FALL 2025 ISSUE

COMMITTEE ACTIVITIES

| AUDIT

| AWARDS

| CONVENTION PLANNING

| FINANCE & TAXATION

| GEOSCIENCE & INNOVATION

| HEALTH & SAFETY

| HUMAN RESOURCE DEVELOPMENT

| INDIGENOUS AFFAIRS

| INTERNATIONAL

| LANDS & REGULATIONS

| MEMBERSHIP

|

SECURITIES

| SUSTAINABILITY

REPORT ON EDI

REPRESENTATION & DIVERSITY WITHIN COMMITTEES

INCLUSIVE

EDI INITIATIVES AT PDAC 2025

ACCESSIBILITY & ATTENDEE SUPPORT

MEMBERSHIP STATISTICS 2025

8,284 MEMBERS

DIRECTORY

OFFICERS

BOARD OF DIRECTORS

STAFF

COMMITTEES

AUDIT

AWARDS

CONVENTION PLANNING

EXECUTIVE

FINANCE & TAXATION

GEOSCIENCE & INNOVATION

GOVERNANCE & NOMINATING

HEALTH & SAFETY

HUMAN RESOURCE DEVELOPMENT

INDIGENOUS AFFAIRS

INTERNATIONAL

LANDS & REGULATIONS

MEMBERSHIP

SECURITIES

SUSTAINABILITY