annual survey of mining companies 2025

This report presents the results of the Fraser Institute’s 2025 Annual Survey of Mining and Exploration Companies, designed to assess how mineral endowments and public policy factors influence exploration investment decisions. The survey, conducted electronically between August 5 and November 26, 2025, was sent to 2,304 senior mining-related executives worldwide and generated 256 usable responses, allowing evaluation of 68 jurisdictions. Using the Investment Attractiveness Index—combining a Best Practices Mineral Potential index with a Policy Perception Index (PPI)—the study ranks provinces, states, and countries according to how well their geology and policy environments encourage mining investment. Nevada ranks as the top jurisdiction globally, followed by Ontario and Saskatchewan, while China, Burkina Faso, and Egypt are among the least attractive. The report also provides detailed PPI “report card” results on policy dimensions such as regulatory uncertainty, taxation, infrastructure, environmental regulation, land claims, political stability, security, and labor availability. In addition, the 2025 edition incorporates an updated analysis of permit times for mining exploration and explains the survey’s methodology, coverage, and criteria for including or excluding jurisdictions.