BC Mine 2024

US tariffs are having a significant effect on elements of the supply chain. But for the mining industry in British Columbia, there remains plenty of optimism, as the value of critical minerals mined in the province rose in 2024. British Columbia has opportunities beyond the US market, as the majority of mined product from there goes to other regions of the world. In addition, many Canadian companies have already begun to look for alternative partners. While uncertainty created by US trade policy is affecting corporate decision making in Canada, it’s driving some global investors into asset havens, in many cases benefiting BC gold producers.

The greatest opportunity, however, lies in the federal and provincial governments’ heightened interest in resource development and the recognition that to control its own economic future, Canada has to responsibly accelerate mining projects. In British Columbia, that means reducing administrative and regulatory hurdles without compromising on due diligence. It also means getting the infrastructure in place to enable First Nations groups to meaningfully participate in project talks.

Uncertainty is creating the impetus to make things happen faster, in a responsible way. Canada has the resources, people, skills and supply chains. Now we have to move quickly to get product to market on a timely basis, before competitors, including those in the United States, beat us to it. It remains imperative to have community engagement and to consider the environmental impact of these projects. But we need to move with purpose and take advantage of preparatory work that has already been done to bring these projects online.

Operators in British Columbia proved themselves to be environmental stewards before many of the current disclosure and compliance rules were enacted, suggesting the level of restrictions doesn’t determine the behaviour of companies on the ground. Ultimately, a mining company needs the local community and various stakeholder groups to be engaged and willing participants for a project to happen.

Mining industry imperatives

In this evolving environment, mining companies are going to have to try new things to accelerate their operations and boost efficiencies. Traditionally, the industry has been risk-averse about deploying new technology. But as artificial intelligence (AI), big data and robotics become ubiquitous in the broader economy, that mindset could slow down performance.

With commodity prices generally at favourable levels, particularly for copper and gold, operating companies have the financial strength to try new mining technologies.

Some of these have been created in British Columbia. Examples include revolutionary tomography from Ideon and an AI and sensor package from MineSense Technologies that provides ore-body intelligence. These and other solutions are already bringing tangible benefits to customers, potentially opening the way for the Canadian mining and technology sectors to begin a strong symbiotic relationship.

As large mining companies adapt to the new global order, and our governments get serious about building a bigger national resource economy, it’s important to consider the longer term. Canadian exploration companies aren’t generally seeing funds trickle down from successful operators. It’s largely a two-speed market today, with many mine operators and advanced developers enjoying strong finances and positive outlooks, while many junior companies struggle to raise capital.

More funding is needed in the space. Large operators must reinvest a greater amount of their profits back into exploration. Canadian institutional investors should consider the space more closely, with an eye on the long-term health of the national economy. And the federal government must make sure its policies are as effective as possible. The Mineral Exploration Tax Credit, for example, could become permanent rather than a benefit that’s renewed year to year. This could support increased exploration spend, building on the increase we saw in 2024 compared to 2023.

Canada is on the front line as policy shifts in the United States spark economic uncertainty around the world. The mining sector, however, is well positioned, as long as it remains adaptive and has the backing of the federal and provincial governments. The BC mining sector produces minerals the world needs, creating fresh opportunities if we move fast enough.

A year in numbers

22%

Costs are increasing

Gross margin dropped to 22% in 2024 from 23% in 2023, highlighting the pressure companies face from rising prices.

31%

Critical minerals accounted for 31% of total revenue in BC for a total of $4.4 billion

Critical mineral revenue increased by 15% for survey participants in 2024 vs. 2023. These critical minerals (copper, zinc and molybdenum) are part of the Canadian Critical Minerals Strategy, as presented by Natural Resources Canada.

34%

Gold and copper revenue increased year over year by 34% and 20%, respectively, among survey respondents

The share of copper revenue of BC revenue increased from 18% to 22% in 2024 vs. 2023, largely driven by increased tonnes shipped while realized prices were down. Realized gold prices increased by 26%, while ounces shipped had a marginal increase.

$7.4

Metallurgical coal revenue totaled $7.4 billion, which accounted for 52% of BC's net mining revenue

The decrease in average realized coal prices in 2024 reduced metallurgical coal revenue by 17% compared to 2023

$14.5

billion in net revenue for survey participants in 2024

Even with gold and silver prices soaring, British Columbia's top revenue earner, metallurgical coal, faced drops in both price and tonnage shipped.

2022

Record-high coal prices from 2022 are tapering off

Realized 2024 coal prices were higher than they were between 2018 and 2021, but they've been dropping since peaking at US$355 per tonne in 2022.

4%

Exploration and development expenditure increased by 4%

The race to find minerals and metals continues, with 68% of the spend ($128 million) incurred by exploration-stage companies.

42%

42% increase to $3.7 billion in capital expenditure in 2024 vs. 2023

Operating mine companies accounted for 84% of the increase from 2024 vs. 2023. This increase was largely driven by investments at the Copper Mountain, Blackwater and Quintette mines.

6%

The number of direct employees increased by 6% in 2024 compared to 2023 among survey participants

With new projects coming online, employment numbers among survey participants continue to increase.

Revenue of commodity by %

Direct employment: Number of mining employees

Average market prices and forecasts

	2023	2024	2025⁽¹⁾
Coal (US$/tonne)	263	240	198
Copper (US$/lb)	3.79	4.15	4.18
Gold (US$/oz)	1,988	2,390	2,916
Avg. FX rate	1.3497	1.3698

^{¹ 2025 forecast from CIBC Global Mining Group Analyst Consensus Commodity Price Forecasts as of April 29, 2025, and FX rates from the Bank of Canada.}

Five-year financial summary

Type	2024	2023	2022	2021	2020
Net mining revenue ⁽²⁾	14,479	14,494	16,551	12,351	8,098
Net income (pre-tax)	2,892	2,955	5,466	4,203	-417
Net income as a % of revenue (after-tax)	16%	17%	27%	31%	-8%
Cash flow from operations	5,796	5,738	8,195	5,165	2,612
Payments to governments ⁽³⁾	640	1,098	1,057	670	382
Exploration and development expenditure	190	182	118	149	270
Capital expenditure	3,647	2,575	2,072	1,999	1,619

^{² Net mining revenues are reported after deduction of smelting and refining charges, freight costs and marketing.

³ Includes direct taxes, other levies and payments related to employment.}

In conversation: Canada’s quiet leadership in responsible mining

As demand for minerals intensifies and the mining industry contends with rising environmental and geopolitical pressures, companies operating in Canada face a complex yet opportunity-rich environment.

To explore the challenges and innovations shaping this pivotal moment, Shelley Gilberg, Markets Leader, Managed Accounts at PwC Canada, sat down with Andrée St-Germain, part of the Board of Directors of Ascot Resources and Li-FT Power and CFO at Integra Resources.

Shelley:  Andrée, Indigenous partnerships are foundational to operating in British Columbia. What has your experience been across the companies you’ve worked with?

Andrée:  Through my board and executive roles, I’ve had the privilege of working alongside Indigenous communities across several projects. At IDM Mining, we began building a relationship with the Nisga’a Nation early on. That was a cornerstone of our strategy, not just a permitting requirement. When Ascot Resources acquired IDM, we strengthened that relationship of mutual respect, culminating in a formal benefit agreement at Premier Gold Project.

Today, two of Ascot’s gold projects are on Nisga’a Nation land: Red Mountain Project and Premier Gold Project. We’ve established an Implementation Committee that meets every quarter and an Environmental Committee that meets bimonthly. These forums make sure there’s continuous dialogue, transparency and accountability.

The Nisga’a Nation participates in the economic benefits through training, employment, business opportunities and cash payments during development and operations. Our educational outreach with MineralsEd, a teacher-industry partnership program, also engages Nisga’a youth directly in mining-related learning.

The Nisga’a Nation has been a very supportive partner over the years and is a critical stakeholder in the BC mining industry. It receives financial benefits through impact benefit agreements from Red Mountain and Premier Gold, as well as three other mining projects. The Nisga’a Nation also partnered with mining entrepreneurs a few years ago and founded Nations Royalty Corp., a royalty company focused on Indigenous-owned royalties. Nations Royalty is the first majority Indigenous-owned publicly traded company in Canada.

Shelley:  How do boards today view Indigenous engagement as part of environmental, social and governance (ESG) performance?

Andrée:  It’s central. Indigenous relationships are a regular agenda item at board and committee meetings. There’s growing recognition that reconciliation isn’t a project phase—it’s a continuous process. From a risk and governance perspective, strong Indigenous partnerships reduce uncertainty and enhance project resilience, and they’re essential to maintaining social licence to operate.

And let me be clear: these aren’t just corporate social responsibility initiatives. They are strategic imperatives. In the long run, our best returns come from projects where communities, governments and companies work collaboratively.

Shelley:  Beyond Indigenous engagement, what broader ESG indicators matter most to you?

Andrée:  Long-term resilience is anchored in operational excellence, environmental protection, workforce health and safety, and strong company culture. We look at water stewardship, workforce diversity, emissions reduction and stakeholder relationships as key metrics.

For example, at Ascot, we modernized our water treatment system to a state-of-the-art bio-reactor process, which significantly improves discharge quality. This is not only the right thing to do environmentally, but it also strengthens our credibility with local communities and regulators.

Shelley:  Technology is transforming the mining industry. Where do you see the most impact right now?

Andrée:  Technology is helping mining companies operate more efficiently and sustainably. Take Ascot’s Premier Gold Project. By updating a legacy water treatment plant to a moving bed biofilm reactor technology system, we dramatically improved environmental performance and regulatory compliance. This sort of investment shows our long-term commitment to environmental responsibility.

On the financial side, technology enables precision. From advanced budgeting tools to predictive analytics, mining companies can monitor operational performance in real time. But technology alone isn’t a solution. It must be embedded in a culture of accountability. Every team member must be trained to understand the cost implications of their decisions.

Shelley:  As critical minerals become more important for clean technologies, how is Canada positioned to compete?

Andrée:  Canada has many advantages: a stable geopolitical environment, strong rule of law, and abundant mineral resources and clean energy, particularly in British Columbia. However, we still face permitting delays and regulatory complexity, which can deter investment.

The good news is that the urgency around critical minerals is catalyzing action. Governments are moving to streamline processes and improve transparency. If we can match our resource potential with modern infrastructure and inclusive partnerships, Canada could lead the world in responsible mineral development.

Shelley:  The mining sector has seen a significant wave of mergers and acquisitions (M&A) activity recently, particularly in Canada. What do you believe sets successful transactions apart from those that fail?

Andrée:  M&A success starts with alignment. Transactions must be rooted in a clearly defined and well-communicated corporate strategy. At Integra, for example, we completed two acquisitions in the last two years, both aligned with our long-term goal to become a multi-asset open-pit heap-leach producer in the western United States. Shareholders understood the rationale. There were no surprises.

Valuation is another key factor. Paying too much for growth can be damaging. We’ve seen companies over-extend themselves in high commodity cycles, only to suffer write-downs and investor frustration when prices stabilize. It’s about maintaining a long-term, disciplined view of value creation.

Technical merit and jurisdictional stability still matter deeply. But increasingly, sustainability metrics, local community relationships and ESG track records are part of the due diligence process. These aren’t ancillary—they can be deal-breakers or enhancers. And of course, cultural fit between management teams and clarity around leadership and board structure post-merger are vital but often underestimated.

Shelley:  Are boards today putting more weight on these ESG and social licence considerations when evaluating targets?

Andrée:  Definitely. Boards are taking a broader view of risk. The due diligence lens has expanded to include ESG performance, health and safety standards, and the depth of engagement with Indigenous communities. These factors reflect the values and governance culture of the target company, and those values matter more than ever.

While these may not always justify a valuation premium on paper, they absolutely affect the feasibility and long-term success of a transaction. Investors want to know their capital is supporting responsible, resilient operations.

Shelley:  Has the rise in commodity prices, especially gold, changed how companies are approaching M&A?

Andrée:  In some ways, yes. High commodity prices often lead to inflated valuations and competitive bidding environments. But today’s companies are more disciplined. Most producers have deleveraged significantly and built strong cash positions. They’re now able to be more strategic in their dealmaking, redeploying capital into accretive deals rather than chasing scale for the sake of it.

We’re also seeing a shift toward geographic consolidation in stable jurisdictions like British Columbia and Nevada. That can unlock operational synergies and de-risk projects. The M&A story in mining today isn’t just about growth—it’s about focused, responsible scaling.

Shelley:  Andrée, thank you for sharing your insights. What’s your key message to mining leaders in Canada as they navigate this period of change?

Andrée: Stay disciplined, stay engaged and think long-term. Growth for the sake of growth isn’t the answer. Real value comes from integrating economic, environmental and social performance. The future of mining in Canada will be built not just on what we extract, but on how we lead.

Client stories

The views, statistics and opinions expressed by third parties are those of the authors for which PwC Canada takes no responsibility and disclaims all liability, and the above disclaimer applies to any such third-party comments.

Many businesses consider artificial intelligence (AI), machine learning and big data analytics essential ingredients for staying ahead of competitors, and they’re moving quickly to embrace them.

However, Canada’s mining sector tends to adopt new technologies more cautiously, looking for proven solutions that offer clear value propositions before taking the leap.

“This industry is complex and needs a lot of quality evidence first.”

Gary Agnew,CEO and Co-founder of Ideon Technologies

Ideon, which is based in Richmond, British Columbia, uses advanced geophysics technologies to image in high resolution deep below the earth’s surface. Ideon’s subsurface intelligence solutions harness subatomic particles called muons—originating from cosmic rays in space—capturing them using sophisticated sensors placed underground. With a mass of about 200 times that of electrons, muons can penetrate deep underground, losing energy predictably as they encounter materials of different densities. Higher density measurements can indicate the presence of high-grade mineralization.

Ideon solutions reduce the risk and cost of traditional exploration methods like drilling, while saving time, improving production and reducing environmental impact across the mining life cycle.

By delineating subsurface features, the technology reduces geologic uncertainty, which in turn compresses the amount of time needed to validate the potential of a target site. The company sells its REVEAL subsurface intelligence platform as a subscription service, leveraging its proprietary hardware, software, and data acquisition and analysis tools.

Muon tomography itself isn’t new. Over a decade ago, Ideon’s founders began developing a way to apply the science to subsurface mineral exploration. Its first-generation sensors were the size and weight of a small car. They’ve since miniaturized them to fit in a standard drill hole or on the ceiling of a mine tunnel. A typical imaging program covers millions of cubic metres of earth with just a few sensors.

Innovations such as these offer clear and measurable benefits, helping persuade mining companies of the value of working more closely with the tech sector.

The views, statistics and opinions expressed by third parties are those of the authors for which PwC Canada takes no responsibility and disclaims all liability, and the above disclaimer applies to any such third-party comments.

Skeena Gold + Silver is entering an exciting new chapter. Their flagship project, Eskay Creek, is steadily advancing towards production, with permitting, engineering and early works underway. Eskay Creek represents one of the world’s highest grade open-pit projects. But its significance goes beyond gold: Eskay Creek also holds substantial silver reserves, as well as essential critical minerals, including antimony, copper, zinc and lead.

Eskay Creek is located within Tahltan Territory in northwest British Columbia. Skeena is dedicated to protecting Tahltan rights, culture and land, and they aim to create meaningful social and economic benefits for communities and stakeholders. A significant economic driver for both the national and local economies, this project is expected to provide direct and indirect employment opportunities over many years.

Skeena’s social licence to operate is founded on their collaborative partnership with the Tahltan Nation. Together, they’ve achieved a historic milestone under British Columbia’s Declaration on the Rights of Indigenous Peoples Act. In 2022, the Tahltan Nation and the Province of British Columbia broke new ground with the first consent-based decision-making agreement under this framework.

This achievement laid the foundation for Eskay Creek to potentially become the first mining project authorized by an Indigenous government for their Environmental Certificate.

In August 2024, Skeena filed their initial Environmental Assessment Certificate application with the BC Environmental Assessment Office for joint review with the Tahltan Central Government. Their submission highlighted the actions and mitigations Skeena has implemented or will take to protect natural resources. It also evaluated the project’s impact across key areas: environment, human health, culture, social aspects and economy. In April 2025, Skeena submitted a revised application that incorporated significant feedback from Indigenous Nations, government agencies and local communities.

The Environmental Assessment process reflects Skeena’s broader philosophy: today’s mines must be built on collaboration, transparency and shared prosperity. Skeena believes a mining project developed with care and respect can become a model for responsible and sustainable resource development in British Columbia and beyond.

The views, statistics and opinions expressed by third parties are those of the authors for which PwC Canada takes no responsibility and disclaims all liability, and the above disclaimer applies to any such third-party comments.

When Jeff More joined the mining sector ten years ago as the president and CEO of MineSense Technologies Ltd., he was surprised by some companies’ general reluctance to try new things. Since then, years of working with customers have helped him appreciate that with the variability and complexity in the mining process—mostly from the large scale and natural conditions of operations—it’s only natural that companies approach investments in new technology carefully.

Today, however, he sees attitudes evolving. “I do see a desire to be more innovative,” he says. “There’s absolutely a shift towards becoming more digital and recognizing the importance of data. There’s a wave of activation happening in mining.”

Vancouver-based MineSense sees its own ore characterization technology and real-time data analysis technology as part of that wave.

The company’s solution uses X-ray fluorescence installed in truck shovels and buckets that is paired with software using machine-learning algorithms to assess ore grade in real time. This provides an accurate grade so that each truck load can then be designated as valuable ore or waste and routed accordingly. In addition to improving recovery, MineSense’s system also helps to track and plan mill feed. The “secret sauce” lies in the artificial intelligence (AI), which the company trains to look for target elements and specific markers in the ore, and how the data is translated into precise information about the mineralization.

The company’s technology increases a mine’s payable metal while reducing its carbon intensity. The investment provides a high return on investment for customers. MineSense initially worked with customers in British Columbia in the early stages, with first commercialization in 2019. It has since grown globally and is generating revenue in Chile, Peru, Indonesia and the United States.

Innovation in the mining sector is doing more than improving efficiency and reducing environmental impact. It’s also attracting a broader range of young talent into the industry, including data engineers and scientists who may not have initially considered careers in mining.

“What we’re doing is super cool, and the industry is doing some amazing things. So I think that’s going to continue to draw more innovation,” More says.

From shock to opportunity: A time for decisive action

Mining industry imperatives