Ontario ranks as Canada’s top-rated jurisdiction for mining investment, ranking 2nd globally in the Annual Survey of Mining Companies released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
Nevada is the top-ranked jurisdiction worldwide for mining investment in this year’s survey, moving up from 2nd place in 2024, followed by Ontario in second place.
“The Fraser Institute’s mining survey is the most comprehensive report on not only mineral potential but also government policies that either encourage or discourage mining investment,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the study.
This year’s report ranks 68 jurisdictions around the world based on their geologic attractiveness (minerals and metals) and government policies that encourage or discourage exploration and investment, including permit times.
On overall investment attractiveness, Saskatchewan (3rd) ranks in the global top ten for the sixth time in seven years, with Ontario leading in 2nd place globally. In terms of policy factors alone, Alberta ranks in the global top three while Ontario ranks 5th, Newfoundland & Labrador ranks 7th, and Saskatchewan ranks 8th globally.
However, some Canadian jurisdictions are not capitalizing on their strong mineral potential due to a lack of a solid policy environment that would attract investment. For instance, Yukon and Manitoba—ranking 11th and 13th for mineral potential—fall to 47th and 39th, respectively, when considering policy factors alone.
Similarly, Nunavut and the Northwest Territories, despite ranking 17th and 19th in terms of mineral potential, fall to 43rd and 54th, respectively, when ranked on policy factors, making them—along with Yukon—the worst-performing Canadian jurisdictions on policy factors.
In addition, British Columbia continues to perform poorly on the policy front largely due to investor concerns over disputed land claims and protected areas.
Overall, uncertainty surrounding protected areas, land claims disputes and environmental regulations along with regulatory duplication and inconsistencies continue to hinder mining investment in various Canadian jurisdictions.
“A sound and predictable regulatory regime coupled with competitive fiscal policies help make a jurisdiction attractive in the eyes of mining investors,” said Aliakbari.
“Policymakers in every province and territory should understand that mineral deposits alone are not enough to attract investment.”
Click here to read the full study: Annual Survey of Mining Companies, 2025
