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From potential to production
BC Mine 2025
Critical minerals have become strategic assets, and global competition is accelerating. For British Columbia, the question is no longer whether to develop, but whether it can turn momentum into sustained execution.
British Columbia and the Yukon are entering a new phase of mining development defined by the ability to deliver projects at speed and scale.
A structural shift is underway. Demand for critical minerals is no longer driven solely by commodity cycles, but by a geopolitical realignment of global supply chains. Governments are moving to secure access to materials essential for energy systems, defence, and advanced manufacturing. In this environment, mining projects are increasingly viewed not just as economic opportunities, but as strategic assets.
Public policy is becoming more supportive, with governments playing a more active role through funding, infrastructure investment, and efforts to improve the efficiency of permitting processes. Indigenous participation is evolving into more structured and economically integrated partnerships. At the same time, a pipeline of projects, particularly in northern regions, is advancing toward development, supported by renewed investor interest and, in some cases, direct government involvement.
British Columbia is well positioned but faces competition. Peer jurisdictions, including the United States and Australia, are moving aggressively to attract capital and accelerate project timelines. Investment will flow to regions that can demonstrate both resource quality and execution capability.
The window for British Columbia to establish itself as a reliable supplier of critical minerals is likely measured in years, not decades.
Long-standing constraints remain material—particularly in permitting timelines, infrastructure development, and insufficiently coordinated government approval processes across jurisdictions. While reforms are underway and early signs of progress are emerging, the system must demonstrate it can move multiple projects forward in a predictable and timely manner.
There are encouraging indicators. In the Yukon, a combination of government alignment, Indigenous partnership, and project-level momentum is beginning to translate into concrete development pathways. Infrastructure planning is shifting towards corridor-based approaches that can unlock multiple assets. New financing models, including government-backed capital and strategic off-take arrangements, are helping to de-risk early-stage investment.
British Columbia and the Yukon have the resources, policy alignment, and partnerships needed to succeed. The test ahead is whether this alignment can be translated into consistent, system-wide delivery before competing jurisdictions move faster.
A structural shift
From resource potential to the challenge of delivery
The biggest mining story in British Columbia and the Yukon is no longer about the discovery of resources but the ability to bring them into production.
For much of the past two decades, the sector has been shaped by cyclical forces: periods of strong commodity prices followed by retrenchment. That dynamic is now being overlaid, and in some cases overtaken, by a more structural shift. Critical minerals have moved from the periphery of industrial policy to its centre, driven by the need to secure supply chains for energy transition technologies, defence systems, and digital infrastructure.
Demand for certain commodities is no longer purely price driven. It’s increasingly underpinned by long-term strategic considerations, including the emergence of price support mechanisms and government-backed demand. Under the US Defense Production Act, for instance, certain minerals such as graphite and scandium have been designated as national security priorities, and the US government has negotiated agreements with US domestic producers to support the market.
The implication is a more durable investment environment that could be less exposed to traditional boom-and-bust cycles. Indeed, British Columbia’s mining output has changed significantly in just the past two years. Metallurgical coal, which accounted for slightly more than 60% of commodity revenue in 2023, comprised less than half (41%) in 2025. During the same period, copper’s share of total revenue increased to 24% from 19%.
“The economics of mining are changing. For critical minerals in particular, demand is no longer just price driven. It’s being shaped by security of supply and industrial policy.”
Supply chains that were once optimized for efficiency are now being reconfigured for resilience. Trade tensions, export restrictions, and the concentration of processing capacity in a small number of jurisdictions have forced governments to reconsider their exposure. For example, the US government is considering funding new processing methods for minerals that include antimony and tungsten while replacing supply from China and Russia in some cases with allied or US supply. In this new world, domestic resource development has become a matter of national and economic security, rather than just an economic objective.
“We’re seeing a fundamental shift from supply chains optimized for efficiency to ones built for resilience, and that’s forcing governments to think much more seriously about their exposure.”
These trends are beginning to translate into tangible support for the sector. Across Canada, governments are introducing policies aimed at accelerating project development, from targeted funding programs to early efforts to improve the speed and consistency of approvals. These include the $2 billion Critical Minerals Sovereign Fund, the $1.5 billion First and Last Mile Fund, and the Critical Minerals Infrastructure Fund. While permitting timelines remain a concern, governments are acting to improve predictability and coordination in an increasingly competitive global market.
At the same time, the foundations for development are strengthening. Indigenous participation is becoming more economically integrated into project development. And after years of limited advancement, a number of projects in British Columbia and the Yukon are moving closer to construction, signalling a maturing pipeline.
Taken together, these developments point to a sector at an inflection point. The opportunity is now well-established. The defining question for the next phase is whether this alignment of markets, policy, and partnerships can be translated into consistent, timely delivery.
A year in numbers
Gold revenue for survey participants increased by $1.7 billion from 2024 to 2025. Gold revenue across BC mines increased materially in 2025, driven primarily by higher gold prices, which amplified revenues even where production remained stable. This was further supported by increased output from the ramp-up of the Blackwater mine, contributing to a broader uplift in provincial gold revenues.
Copper revenue for survey participants increased by 20% from 2024 to 2025, attributed to a 14% increase in realized pricing and a 6% increase in tonnes sold. Higher copper prices in 2025 compared to 2024 (approximately CA$12,578/tonne vs. CA$11,061/tonne) resulted in a direct uplift in revenue for BC producers, despite relatively stable production volumes from established operations. Prices trended upward in 2025, supported by global supply disruptions and strong demand (e.g. electrification and energy transition).
BC exploration companies incurred $104 million in exploration and evaluation expenditures in 2025. Survey results indicate an increase in BC exploration activity, with expenditures rising to $104 million in 2025, up 2% year over year, reflecting continued early-stage investment.
Critical minerals accounted for $5.0 billion in revenue in 2025, 32% of British Columbia's total revenue. Revenue from critical minerals increased 13% for survey participants in 2025 vs. 2024. These critical minerals (copper, zinc, and molybdenum) are part of the Canadian Critical Minerals Strategy, as presented by Natural Resources Canada.
Capital expenditures for operating mines increased 3% year over year, from $3.7 billion in 2024 to $3.8 billion in 2025. British Columbia's operating mines continue to invest heavily in sustaining and further developing its mining operations.
$654 million spent on development and late-stage evaluation projects in 2025. Three BC mining projects are steadily advancing through development stages and moving toward production.
Metallurgical coal revenue declined from $7.4 billion in 2024 to $6.7 billion in 2025. Realized coal prices declined 14%, offset by a 6% increase in metric tonnes sold.
Revenue of commodity by percentage
Direct employment: Number of mining employees
14,549 direct mine site employees reported by British Columbia's operators.
Average market prices and forecasts
US dollars |
Unit | 2026(1) |
2025 |
2024 |
Coal (US$/mt) |
Tonne | 217 |
189 |
243 |
Gold (US$/oz) |
oz. | 4,836 |
3,445 |
2,390 |
Copper (US$/lb) |
lb. | 5.68 |
4.51 |
4.15 |
Silver (US$/oz) |
oz. | 76 | 40 |
28 |
| Molybdenum (US$/lb) | lb. | 24.4 | 22.1 | 21.3 |
| Zinc (US$/lb) | lb. | 1.4 | 1.30 | 1.26 |
¹ 2026 consensus forecast from Bloomberg and Consensus Economics, Inc. as of April 30, 2026, expressed in US$. Nominal annual average.
Five-year financial summary
Type |
2025 |
2024 |
2023 |
2022 |
2021 |
Net mining revenue (1) |
16,411 |
14,375 |
14,494 |
16,551 |
12,351 |
Net income (pre-tax) |
4,597 |
3,332 |
3,004 |
5,466 |
4,203 |
| Net income as a % of revenue (pre-tax) | 27% | 23% | 21% | 33% | 34% |
Cash flow from operations |
5,564 |
5,796 |
5,738 |
8,195 |
5,165 |
¹ Net mining revenues are reported after deduction of smelting and refining charges, freight costs, and marketing.
Industry spotlight featuring President and CEO of the Mining Association of BC, Michael Goehring
From friction to throughput
Turning a complex permitting system into a competitive advantage
For years, the mining industry in British Columbia and the Yukon has been challenged to move projects through a historically complex and time-consuming system of permitting, coordination, and regulatory oversight.
A new level of urgency to control the supply of critical minerals, as well as intensive global demand for precious metals, creates renewed pressure on all parties to improve execution of projects. Permitting performance has moved onto the national agenda. This shift is driven by the growing recognition that Canada’s competitiveness depends not only on its resource base, but on its ability to develop it in a timely and predictable way. Governments are under increasing pressure to demonstrate that projects can move from approval to construction without unnecessary delays.
At both the federal and provincial levels, efforts are underway to improve coordination across agencies and reduce duplication in the review process. This year, for example, Natural Resources Canada launched the Mine Permit Navigator, an online tool meant to streamline the federal regulatory process. And in January 2026, Ottawa green-lit an open-pit gold and silver mine proposed by Skeena Resources Limited, relying on a substituted impact assessment done by the BC government in collaboration with the Tahltan Nation. This ruling marks a major milestone in coordinated permitting for critical mineral projects.
Priority designations for certain projects are also beginning to create clearer pathways through the system. The federal government’s new Major Projects Office, for instance, is helping to fast-track nation-building projects in British Columbia. These include the Red Chris Mine Expansion, LNG Canada Phase 2, Ksi Lisims LNG, and the North Coast Transmission Line. Separately, in the Yukon, reforms to the environmental assessment regime are being actively considered, with a focus on timelines, clarity of process, and more efficient use of information. These steps represent significant improvement for operators.
“It’s not just the length of time—it’s the lack of certainty. If you knew at the outset how long permitting would take, you could plan accordingly.”
In the Yukon, there’s an emerging focus on whether the system can move multiple projects forward consistently, rather than advancing them one at a time. This shift reflects a broader recognition that incremental improvements are no longer sufficient. In a global market where capital is mobile, jurisdictions are increasingly judged by their ability to deliver at scale. Initiatives such as the federal government’s Major Projects Office aim to signal to international investors that the domestic industry has the support it needs to succeed.
Expectations are rising, but progress remains uneven. For the first time in years, the permitting and approvals system is not only under scrutiny but also being actively streamlined and improved. The outcome will determine whether British Columbia and the Yukon can convert favourable conditions into sustained development.
- From consultation to co-development
- Turning infrastructure into a catalyst
- Revising the capital stack
From consultation to co-development
Why Indigenous partnerships are becoming the foundation of mining success in British Columbia
Over the past decade, the role of Indigenous communities in British Columbia’s mining sector has undergone a fundamental shift. What were once largely transactional relationships focused on consultation and mitigation are evolving into long-term economic partnerships grounded in shared value and mutual interest.
This change is more than a matter of policy. It reflects a deeper structural change in how projects are developed and what’s required to move them forward.
At the core is the recognition that Indigenous communities are rights holders, with constitutionally protected authority over their traditional territories. This reality has been reinforced through decades of legal decisions and, more recently, by a broader shift in business thinking. Mining companies increasingly understand that adversarial approaches introduce risk, delays, and cost, while partnerships reduce uncertainty and improve outcomes over the full life cycle of a project.
Earlier agreements often centred on jobs and limited procurement opportunities. In today’s new operating model, arrangements frequently include significant revenue sharing, expanded procurement participation, and equity ownership. A recent example of this is the agreement developed between Skeena Gold + Silver and the Tahltan Nation relating to the Eskay Creek gold and silver project. Greater access to capital—through loan guarantees, Indigenous financial institutions, and partnerships with major banks—has made equity participation more feasible, accelerating this trend.
To succeed over the long term, these arrangements need to generate durable, mutual benefits. In practice, that means projects must deliver tangible economic outcomes for Indigenous communities while providing companies with the certainty needed to invest. When this balance is achieved, trust develops and projects are more likely to proceed efficiently.
The benefits extend beyond the mine itself. Procurement opportunities can support the growth of Indigenous-owned businesses. Infrastructure investments, such as power generation and transportation, can create long-term economic assets. In some cases, Indigenous groups are becoming owners of enabling infrastructure, positioning themselves not only as project partners but as participants in the broader regional economy.
To find examples of this, one can look to the 2025 BC call for power, which requires major energy production projects to have Indigenous equity positions. Another example is the joint partnership between the Nisga’a Nation, the Tahltan Nation, and Arrow Transportation Systems Inc. to purchase the Port of Stewart’s Bulk Terminal, a deep-sea shipping terminal used to get BC minerals to market.
For mining companies, success increasingly depends on building relationships early and investing in the capacity to manage them effectively. This includes developing cultural understanding, allocating time and resources to engagement, and integrating partnership thinking into core business strategy.
For Indigenous communities, expanded participation brings new governance demands. Negotiating and managing major projects requires technical, financial, and administrative capacity. Strengthening these abilities is essential to sustaining partnerships.
The dynamics between mining companies and rights holders are often cited as contributors to longer project timelines. In reality, while regulatory complexity remains a long-standing challenge, strong partnerships can accelerate progress by reducing conflict and creating alignment. Where trust exists, decisions can move quickly.
Looking ahead, the direction is clear. Indigenous partnerships are no longer a component of project development but the very foundation. Over the next five to ten years, the growth of British Columbia’s mining sector will depend on the strength of these relationships. Projects that align economic opportunity with Indigenous priorities will advance. Those that do not will struggle to gain traction.
Turning infrastructure into a catalyst
From project constraint to system-wide enabler
For decades, the lack of roads, power, and transportation access has been one of the defining constraints on mining development in northern British Columbia and the Yukon. Projects have often been evaluated, and in many cases stalled, based on the cost of building stand-alone infrastructure to support a single asset. But that framing is beginning to shift.
Governments are increasingly approaching infrastructure as a strategic investment rather than a project-specific cost. The focus is moving toward building capacity ahead of development—through shared corridors, transmission networks, and transportation links that can support multiple projects over time.
This new thinking is particularly visible in the Yukon. Proposals such as a grid connection to British Columbia are being framed not as enabling a single mine, but as unlocking an entire region. The implications are significant at the project level. Mining companies are sequencing development to match what is available today while positioning for future expansion. In practice, this often means starting with smaller-scale operations that can operate independently, while designing for integration into a broader regional system.
“You have to plan around the infrastructure you have today, while designing for how the project will scale as that infrastructure improves.”
This approach reflects a more coordinated model of development. Rather than expecting individual projects to bear the full cost of enabling infrastructure, governments, industry, and, increasingly, Indigenous partners are sharing risk and planning at a regional level. The result is a shift from isolated investments to interconnected systems that stand to make a greater number of projects economically viable.
Infrastructure, in this context, is no longer just a constraint. It’s the critical lever that determines whether resource potential can be translated into sustained production and whether development can occur at scale.
Revising the capital stack
How governments are reshaping mining finance
If execution is the central challenge, capital is increasingly part of the solution.
The financing model for mining projects is undergoing a structural shift, driven by the same geopolitical forces that are reshaping demand. Governments are no longer acting solely as regulators. They’re emerging as active participants, providing capital, reducing risk, and, in some cases, helping shape market outcomes.
This reflects a broader change in how states view resource development. Critical minerals are now tied directly to economic security and industrial strategy. In that context, public capital is being deployed not simply to support individual projects, but to make sure supply chains are developed in aligned jurisdictions.
This new thinking is starting to change the economics of early-stage development. Traditional mining finance has often struggled to support projects through the highest-risk phases, particularly where long timelines and uncertain pricing deter private investment. But today governments are increasingly stepping into that gap with targeted funding programs, loan guarantees, and infrastructure investment designed to de-risk projects before they reach final investment decisions.
This evolution extends beyond financing to the structure of the market itself. Strategic capital is being paired with mechanisms such as long-term off-take agreements and, in some cases, implicit price support. This is providing greater certainty for investors and helping stabilize returns in commodities that have historically been volatile. The result is a more complex but, potentially, more resilient capital stack.
Private capital remains essential, but it’s now complemented by state participation that can accelerate development. The trade-off is that capital is becoming more selective as it’s directed towards projects that align with broader policy objectives around security, sustainability, and domestic supply.
In a more competitive global environment, access to capital is no longer just a function of market conditions. It is increasingly shaped by alignment with national priorities and by the ability to deliver projects that meet them.
Northern spotlight on the Yukon
Why the Yukon is gaining traction—From alignment to execution
Closing the productivity gap with technology
A supporting lever for execution
Technology is increasingly shaping how effectively mining projects are built and operated. Across the sector, digital tools and artificial intelligence (AI) are being deployed to improve productivity, reduce costs, and enhance decision making.
The most immediate gains are coming in areas where better data can translate into efficiency improvements. These include tasks such as equipment utilization, predictive maintenance, and operational planning. For instance, an AI agent can continuously monitor fuel consumption and detect anomalies that might suggest a mechanical problem. It can cross-reference that information with maintenance and scheduling records and initiate corrective action, such as scheduling maintenance. The process doesn’t require new sensors or major capital investment. It’s simply a matter of orchestrating existing data to deliver actionable insights quickly.
“Where we’re seeing real traction is in applying data to improve operational efficiency in areas such as maintenance, utilization, and planning.”
These applications aren’t necessarily transformative on their own, but they are additive. For an industry facing cost pressures, labour constraints, and complex operating environments, incremental gains in performance can materially affect project economics. More advanced uses of AI are also emerging, particularly in scenario modelling and decision support, where companies are using data to better manage risk across the life cycle of a project.
Adoption, however, remains uneven. Larger operators, with greater scale and access to capital, continue to lead in deploying advanced technologies. For many smaller companies, the challenge is less about access to tools than about integration, that is, embedding new systems into existing operations and making sure the underlying data is reliable.
One way for companies to consider new technologies is as a force multiplier. Their value lies in helping projects that are already viable move more efficiently, from planning through to production.
The test for British Columbia
From alignment to acceleration
After years of false starts and deferred potential, British Columbia and the Yukon are entering a period where the conditions for mining development are more favourable than at any point in recent decades.
Markets are aligned, with sustained demand for critical minerals driven by structural forces rather than short-term cycles. Governments are more engaged, deploying policy, capital, and coordination to accelerate development. Indigenous partnerships are more established, providing a stronger foundation for projects to proceed. And a growing pipeline of assets, particularly in northern regions, is approaching decision points.
The test moving forward is whether this alignment can translate into delivery. For all the progress made, the core challenge remains unchanged: the ability of the system to move projects forward in a consistent, timely, and scalable way. It’s no longer enough to advance individual projects through exceptional effort or priority status. The measure of success will be whether multiple projects can proceed simultaneously—supported by permitting systems that deliver predictably, infrastructure that enables regional development, and partnerships that are durable over the long term.
British Columbia offers a combination of resource quality, political stability, and proximity to allied markets few jurisdictions can match. But those advantages aren’t unique. Global competition is strong. Competing regions are moving quickly to attract investment, streamline approvals, and build the infrastructure needed to support development.
The window for British Columbia to establish itself as a reliable supplier of critical minerals is limited. The coming years will determine whether the province can convert favourable conditions into sustained, system-wide delivery. The outcome will shape not only the trajectory of the mining sector, but Canada’s role in the emerging global supply chain for critical minerals.
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