PDAC, Protectionism & Pivots: What’s Shaping Mining in 2025
Insights from PDAC 2025, Trump’s tariffs, and what’s next for mining investors as key projects near milestones in a shifting global landscape.
Reflections from PDAC 2025: Navigating Capital in Challenging Markets
Heading to the PDAC 2025 Convention in early March was a real eye-opener for us at Crux Investor. It was clear just how resilient - and adaptable - some companies in the mining sector continue to be. Over the course of the event, we sat down with 29 of them and had plenty more off-the-record chats on the floor. A recurring theme was the innovative strategies companies are employing to secure capital and streamline operations amid challenging market conditions. Notably:
- Diversified Funding Sources: Several Canadian firms reported securing significant investments from regions outside North America, highlighting a shift towards global capital pools.
- Joint Ventures and Project Generators: There was a discernible uptick in companies adopting joint venture models and project generator strategies, aiming to mitigate risk and share development costs.
- Asset Rationalization: Smaller-cap companies are increasingly focusing on core assets, opting to divest non-essential properties or infrastructure. Some are even selling land and facilities, then leasing them back to free up capital.
- Streamlined Development Plans: To expedite revenue generation, many firms are refining their development blueprints to reduce upfront funding requirements and accelerate time-to-market.
These approaches reflect a pragmatic response to the current financial landscape, emphasizing agility and fiscal prudence.
Market Volatility in the Wake of New Tariffs
The recent announcement of sweeping tariffs by President Donald Trump has sent ripples through global markets. Dubbed "Liberation Day," these tariffs have led to significant market sell-offs, with major indices experiencing notable declines.
The uncertainty stemming from these protectionist measures poses challenges for companies as they grapple with potential impacts on supply chains and demand dynamics. In the commodities sector, the immediate effect has been a surge in gold prices, as investors seek safe-haven assets amidst the turmoil. Gold recently reached a record high of $3,167 per ounce before coming off as China annouinced retaliatory tariffs. While the long-term implications for metals and mining companies remain to be seen, the short-term boost in gold underscores its role as a hedge against economic uncertainty.
Anticipated Developments in the Coming Months
Despite the prevailing market challenges, there are still many mining companies - across all stages of development - with the capability to push forward with their work programs, aiming for significant milestones in the next quarter alone (Q2 2025), and we’ll be watching with interest. Here are just a few we've picked out
Preliminary Economic Assessments (PEA's):
(Pre)Feasibility Studies ((P)FS's):
Permitting Approvals:
Resource Updates:
New (Dual / Multi) Listings:
Production Milestones / First Pour
We'll be closely monitoring these companies, as well as many others not mentioned, providing insights and analyses to keep our community informed in the next months, whilst markets hopefully settle.
Analyst's Notes
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