The Fraser Institute’s latest Annual Survey of Mining Companies investment attractiveness index has ranked two Canadian provinces – Ontario and Saskatchewan – second and third as the most attractive jurisdictions for mining investment.
According to the Ontario Mining Association, there are 36 active mining operations in Ontario covering a diverse set of metals and minerals. These include precious and base metals, and non-metallic minerals.
In 2023, Ontario’s mining sector produced C$15.7 billion ($16.21 billion) worth of minerals – representing a 50% increase over the past decade. The largest value metal produced was gold, at C$6.5 billion, followed by nickel at C$2.5 billion.
In Saskatchewan, the province holds 75% of the world’s potash reserves and ranks second in uranium production. The province’s mining sector attracts more than C$7 billion in annual investment, centred on critical minerals.
In January 2026, the value of Saskatchewan’s total mineral sales were C$1.2 billion, representing a 0.1% increase compared to the same period last year.
For the second year in a row, Québec fell out of the top ten most attractive jurisdictions for investment, after having ranked in the top ten for four consecutive years.
Similarly, Nunavut and the Northwest Territories fell to 43rd and 54th of the Fraser Institute’s attractive index, despite ranking 17th and 19th in terms of mineral production.
According to the Fraser Institute, several Canadian jurisdictions with strong mineral production fail to fully capitalise on it. These provinces include Yukon, British Columbia and Manitoba – ranking 11th, 12th and 13th for mineral potential and rank 47th, 31st and 39th, respectively, when considering policy factors.
PDAC sets stage for miners
This news comes amid the Prospectors & Developers Association of Canada (PDAC) currently taking place in Toronto.
The PDAC convention, which is set to host the largest trade show in its history this year, is considered the ‘Super Bowl’ of the mineral exploration and mining community. Mining.com.au is a media partner for this year’s convention and will be on the floor.
As previously reported, Canada is a global leader in potash production and ranking among the top five global producers of aluminium, gold, indium, niobium, platinum group metals, titanium concentrate, and uranium, the convention brings together more than 30,000 attendees from over 125 countries.
As of 2023, Canada produced 60 minerals and metals across 200 mines, 6,500 sand, gravel and stone quarries – valued at more than C$71 billion.
Speaking to Mining.com.au, artificial intelligence (AI) mining services provider TerraEye CEO Mark Wilgucki says PDAC lands at a time when mineral supply chains are being treated as strategic infrastructure.
“In parallel, resource nationalism is no longer an edge-case risk; it’s a mainstream variable in project planning and valuation,” Wilgucki told this news service.
“Two examples from the last days alone illustrate the direction of travel. DRC cobalt export restrictions/quotas are stressing China’s cobalt supply chain and amplifying price and availability volatility and Zimbabwe has moved to ban exports of raw minerals and lithium concentrates.”
Several companies are deepening their engagement with North American investors at this year’s convention, including Critica (ASX:CRI), which is currently progressing all core Scoping Study workstreams, advancing pilot and optimisation programs to show repeatability and refining product specifications to support partner and offtake engagement.
Venari Minerals (ASX:VMS) made its first appearance at this year’s PDAC as it aims to show delegates why the Red Mountain Lithium Project in Nevada, is the “most significant new US lithium discovery” in recent years, as reported.
Meanwhile, Globe Metals & Mining (ASX:GBE) is shifting its focus to execution amid PDAC. CEO Charles Altshuler previously told Mining.com.au that this shift means moving beyond exploration and feasibility and into construction at the Kanyika Niobium Project in Malawi.
“Being in build mode changes the conversation,” Altshuler says.
“Investors, governments, and offtakers are now focused on delivery, supply security, and timelines rather than resource potential alone.”
Altshuler says Kaniyka is a fully permitted project located in a stable, conflict-free allied jurisdiction with a strong rule of law. The project is being developed as a fully vertically integrated mine-to-refinery operation, providing complete traceability from ore extraction through to refined, high-purity niobium oxide suitable for demanding industrial and defence applications.
“The project has a long operating life, with approximately 76,000 tonnes of high-purity niobium pentoxide produced over the life of mine,” the CEO tells this news service.
“That scale, combined with vertical integration and jurisdiction stability, makes Kanyika a rare long-term alternative source of niobium supply outside Brazil.”
Neotech Metals (CSE:NTMC) is also moving to execution via preparing to initiate a preliminary economic assessment-level scoping work to outline the Hecla-Kilmer Project’s potential economic profile in Ontario, Canada.
In addition, Q2 Metals (TSX-V:QTWO) is expecting to transition from an early-stage explorer to resource-stage within the next nine to 10 months.
During the first quarter of 2026, Q2 Metals expects to release the inaugural inferred resource, which investor relations manager Jason McBride says “will put official numbers to the project and define its position among other globally significant hard-rock lithium projects”.
“Later in the year, we expect to announce a preliminary economic assessment, which we anticipate will propel Cisco to that of a development story rather than exploration,” McBride tells Mining.com.au.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash, PDAC, Critica & Globe Metals & Mining
