Inflation, volatile markets, and geopolitical tensions are testing Ontario's miners and explorers. Gold, the backbone of Ontario’s mining sector, has continued its bull run to reach all-time highs, just as Ontario has seen new major mines pour their first gold, and with more to come online throughout 2024. However, Ontario’s prospectors and miners have faced challenges, some self-imposed and others due to the cyclical nature of mining. The mining sector’s persistent labor shortages continue, hindering Ontario’s efforts to pursue its Critical Minerals strategy.

Meanwhile, the government sought to streamline the creation of new mines with the Building More Mines Act, made a home for Volkswagen and Stellantis-LG electric battery factories, and continued to boost local exploration through incentives such as the Ontario Junior Exploration Program (OJEP) and the Critical Mineral Exploration Tax Credit (CMETC). In spite of adversity, Canada’s Heartland Province has the potential to be the epicenter of the green energy transition and maintain its status as Canada’s golden province.

GBR’s annual Ontario Mining and Toronto’s Global Reach 2024 report draws from over 100 interviews with leading executives from major producers, associations, juniors, consultants, investors, and service providers, to provide an in-depth and holistic view of what is happening now, and more pertinently, what could happen in the years ahead.