Mining thrives not only on geology and technology but also on finance and market dynamics. In today’s interconnected world, access to capital and understanding of market behavior determine whether a mining venture succeeds or collapses. 1. The Power of Financial Strategy Every mine begins as an investment idea a balance of risk, reward, and resource. Financial planning ensures that exploration, development, and production are backed by sustainable funding. Sources of financing range from equity investments, joint ventures, and private equity, to government-backed mineral development funds. A well-structured financial model helps companies secure investor confidence and long-term viability. 2. Market Dynamics and Price Volatility Commodity prices fluctuate with global demand, technological shifts, and geopolitical events. Gold rises during economic uncertainty, while base metals like copper and nickel respond to industrial growth and green energy transitions. Understanding these market cycles allows miners to hedge risks, adjust production strategies, and time their sales for maximum profitability. 3. Investment Trends in the Green Economy The push for renewable energy and electric mobility is reshaping mining finance. Investors are channeling funds toward critical minerals such as lithium, cobalt, and rare earth elements materials vital for batteries and clean energy technologies. This shift is encouraging new financial partnerships between governments, investors, and exploration firms to secure ethical and sustainable mineral sources. 4. Challenges in Mining Finance Rising exploration costs, uncertain regulatory environments, and ESG (Environmental, Social, and Governance) compliance requirements can limit access to capital. Today’s investors demand transparency not only in profits but in social responsibility. Therefore, mining companies must build trust through data disclosure, responsible practices, and community engagement. 5. The Future Market Outlook Digital transformation is introducing blockchain-based mineral trading, improved traceability, and more efficient commodity exchanges. These innovations will redefine how minerals are priced, traded, and financed ensuring fairer and more secure transactions across borders.

In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.” Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in the auto and energy industries.” Especially in critical mineral refining, this balance of power is heavily skewed towards China due to the scale of investment at this critical point in the supply chain. How has China’s dominance evolved since Moores’ speech? Are other countries gaining market share in the upstream? And, is the US still a “bystander” as Moores said in 2019? China gains ground domestically and internationally Critical mineral supply chains are highly-concentrated within China. This trend has only continued since 2018, with China gaining ground in several minerals. For example, China accounted for 12% of global lithium mining in 2019, rising to 21% in 2025 thanks to the development of mica mines. Its share of lithium refining, too, has increased. One area in which domestic production has lost significant market share is nickel refining, in which the country dropped 16 percentage points between 2019 and 2025, partly due to Indonesia banning nickel ore exports. In response, China invested heavily in Indonesia’s nickel sector. In 2018, Indonesia accounted for 13% of refined nickel production. As of 2025, this has risen to 62%, of which 80% is Chinese-owned. China has also invested heavily in cobalt mines in the Democratic Republic of the Congo. Chinese-owned cobalt mines in the DRC account for 50% of global cobalt supply in 2025. Is the US still a bystander? Across battery raw material markets, the US accounts for just 0–2% of global mined and refined supply. However, a US success story can be found in rare earths, a key family of elements for electric vehicle motors and defence applications. In 2018, the US had no mined or refined production of these minerals. However, as of 2025 the US now has an 11% market share in their mining and a 6% share in their refining on a total rare earth oxide basis.

The Real Risk for Resource-Rich Nations Isn’t a Lack of Minerals It’s a Lack of Vision In mining, the greatest threat isn’t depletion. It’s moral erosion. Across many resource-rich nations, the same pattern repeats: A few powerful actors prioritize personal gain, signing unfavorable deals that benefit their circle while the broader population is left behind. Let’s be clear: international companies aren’t the villains. They pursue profit that’s business. The failure lies in governments that undervalue and mismanage their own wealth. Mineral abundance is only an advantage with the right governance. Otherwise, it turns into a liability. Natural wealth isn’t just underground. It lives in contracts, institutions, and decision-maker integrity. Small Deposits Are Not Small Opportunities Global investors chase mega-projects while overlooking smaller, more agile deposits full of untapped value. Many smaller asset holders can’t reach real investors. They end up with intermediaries who take control, while the original owners lose value and voice. This isn’t just a Mongolian issue it’s common in many developing nations, where policy ignores mid-tier assets despite their potential. A Forecast: The Era of Small Deposits Is Coming Large deposits bring regulatory delays and political risks. Smaller ones offer faster timelines, lower complexity, and local upside if linked to the right investment frameworks. By 2040, mineral development will likely shift toward distributed value: many small, connected projects, not just one big mine. Mongolia Is Well Positioned Mongolia has more than large reserves. Its geology is rich in high-grade, small to mid-sized deposits. What’s missing is a platform that connects them to serious investment. => Conclusion Small deposits are not small opportunities. Only small thinking makes them so. The value of a resource depends not on its volume but on how, by whom, and under what terms it’s managed. => Call to Action To governments: Support mid-sized deposits not just the giants. To investors: Don’t ignore smaller assets. To owners: Know your value. Don’t trade it for short-term deals. Mining victory comes not from what’s underground but from how wisely it’s brought to the surface. https://www.linkedin.com/in/temuujin-gankhuyag-9a0369360/

The markets performed strongly in the first half of March, with the S&P 500 reaching a record of 6,114 in mid-February. But then, the U.S. government announced new tariffs on steel, aluminum, and key partners like Canada and Mexico. This raised concerns about slower economic growth and inflation. By the end of March, the S&P 500 lost its gains and was down 4.6% year-to-date. On the positive side, the S&P/TSX Global Mining Index, which focuses on Canadian mining, bounced back by 12.7%, helped by a 3.4% drop in the U.S. Dollar Index. The S&P/ASX 300 Metals & Mining index also had a small gain of 0.4%. Commodity prices went up because of a weaker dollar, with copper leading the industrial metals sector with an 11% increase. Precious metals did well, too, with gold rising 19% as investors looked for safety amid uncertainties in growth and geopolitical risks from the tariff issues. The mining sector had a second quarter of improvement. The Pipeline Activity Index from S&P Global Market Intelligence went up to 83.41, showing good developments in exploration and financing, but it is still at the low end of the range since 2020. The Exploration Price Index also reached a new high of 227.6, supported by rising gold and copper prices. These reports are just a glimpse of what our great Research and Data Intelligence team at S&P Global can provide. We're excited to chat and share more about these insights with you!

Ever wondered how smart investors pick winning stocks? They use stock market ratios – simple calculations that reveal a company's health. Let's break down the most useful ones. 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗥𝗮𝘁𝗶𝗼𝘀 The Price-to-Earnings (P/E) ratio shows how much you're paying for each dollar of profit. A high P/E might mean investors expect growth, but it could also signal an overvalued stock. The Earnings Per Share (EPS) tells you the profit allocated to each share. Rising EPS usually means the company is growing. Why they matter: These ratios help you avoid overpaying for stocks. Think of them as the price tag checker of investing. 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝗥𝗮𝘁𝗶𝗼𝘀 The Debt-to-Equity ratio reveals how much a company relies on borrowing versus owner funding. Lower is generally safer. The Interest Coverage ratio shows how easily a company can pay its debt interest from its earnings. Why they matter: They're like checking someone's credit score before lending them money. High debt can sink even profitable companies during tough times. 𝗥𝗲𝘁𝘂𝗿𝗻 𝗥𝗮𝘁𝗶𝗼𝘀 Return on Equity (ROE) measures profit generated from shareholder investment. A higher ROE means better use of investor money. Return on Assets (ROA) shows how well a company uses its assets to make profit. Why they matter: These ratios reveal management efficiency. Good managers create more value from the same resources. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗮𝘁𝗶𝗼𝘀 The Price-to-Cash Flow (P/CF) ratio compares a stock's market price to its cash flow. A lower ratio might signal an undervalued company. PEG ratio shows your value based on the P/E ratio and earnings growth rate. Why they matter: They help you compare value across different companies and find income-generating investments. 𝗣𝘂𝘁𝘁𝗶𝗻𝗴 𝗜𝘁 𝗔𝗹𝗹 𝗧𝗼𝗴𝗲𝘁𝗵𝗲𝗿 No single ratio tells the whole story. Smart investors use combinations of ratios. For example, a stock with low P/E, low debt, high ROE, and good dividend yield could be a hidden gem. These ratios aren't crystal balls, but they are powerful tools. They turn complex financial statements into simple numbers you can use to make better decisions. Start using them in your research, and you'll see the market in a whole new way.

I've been thinking about why innovation in mining moves at such a glacial pace compared to tech, and it comes down to a fundamental reality that many industry consultants miss: mining is a small market with unique constraints that require different innovation approaches. When Apple first reached a $1 trillion valuation, every major mining company was about 1/8 its size. Fast forward to 2021, and BHP (the largest mining company in the world) had become 1/19th the size of Apple. Today in 2025, Apple sits at around $3 trillion while the largest mining companies have not grown in comparison. When Apple allocates just 1% of its value to R&D, that's $30 billion, more than many mining companies' entire market capitalization. They can afford to have centralized innovation teams with thousands of specialists working on next-generation technologies. They can afford to fail repeatedly because the successes will more than pay for the failures. Mining companies don't have that luxury. We can't use the same processes as Apple or Google or any tech giant because we don't have the same resources or market dynamics. For us to imagine that we can compete with Apple on a level playing field for innovation is ridiculous. This reality creates several challenges that are unique to mining innovation: First, we can't afford the same failure rates. When a technology company launches ten innovations and two succeed wildly, that's considered a massive win. In mining, we need eight or nine out of ten to succeed just to justify the investment. Second, we can't afford specialized innovation teams at the same scale. While technology companies have thousands of people focused solely on innovation, mining companies might have a handful, if they have dedicated innovation staff at all. Third, our innovation cycles are necessarily longer. We can't just push a software update to millions of users overnight. Implementing new technologies in mining involves physical infrastructure, regulatory approvals, and operational changes that take time. Fourth, our market for any specific innovation is minuscule. A tech company can sell a successful product to billions of enthusiastic consumers or millions of businesses. A mass market innovation can also be funded completely by advertising allowing it to be “free”. A mining innovation might only have a few hundred potential customers distributed around the world. It doesn't mean we should give up on innovation, quite the opposite. Instead of imitating models from tech industries that operate under entirely different dynamics, mining needs frameworks tailored to our specific constraints. Rather than criticizing ourselves for not innovating like Apple or Google, we must embrace our industry’s realities. Mining innovation should serve clear value creation, not become an end in itself.

The recent resilience in mining stocks has been remarkable. Keep in mind that the mining sector still represents just a small share of the global economy, but that’s probably about to change. Both investors and policymakers are beginning to recognize the strategic importance of these companies in a world where hard assets are more essential than ever. It’s time to revitalize a legacy industry.

Let’s be honest—most people picture bankers as the folks who show up after the hard work is done, sign a few papers, and disappear until the next commodity cycle. But the reality? Far more interesting. And, honestly, a lot more demanding. I just watched the latest Fresh Thinking podcast, where Tarrant Elkington sat down with Bob Jankovic (former technical advisor at Scotiabank). And they shared some insights that are definitely worth thinking about for anyone in mining. Here’s what stood out: ✅ Banks aren’t just writing cheques—they’re technical gatekeepers. Banks ideally step in with their technical team after the "bankable" feasibility study is published and permits are issued. Before a single dollar moves, banks conduct deep technical due diligence. We’re talking about independent reviews, resource and reserve scrutiny, and, most importantly, a rigorous level of risk assessment. Why? Because banks don’t gamble. They invest. And they want to know your project can survive more than just a PowerPoint pitch. ✅ The “bankable feasibility study” isn’t just a box to tick. It’s your passport to capital. One key message was that while many obsess over “measured" vs. "indicated” classification ratios, what truly matters is the technical soundness and defensibility of your resource classification not just the ratios. Another note as Bob put it: 🛑“The highest risk definitely starts from the block model, and the resource/reserve interpretation.”🛑 That’s a line we don’t hear often enough, and it should make anyone pause. ✅ Junior miners, take note: If you want funding, don’t wait for the bank to uncover your blind spots. Get strong technical reviews early (independent or internal). It’s not just about impressing the suits—it’s about building real, evidence-based confidence in your project. So, what’s the bigger lesson here? Mining finance is about recognizing where uncertainty lies and confronting it in advance. The more we integrate structured risk analysis—especially around the geological model—the better we align our projects with the real expectations of capital markets. If you’re an executive, technical lead, or someone aiming to build more risk-resilient mining projects, it might be time to rethink how we quantify and communicate geological risk. 📺 Check out the full episode: https://youtu.be/JfxD5z0QXZU?si=1Se1Vj1kvFrOqu9l

Dans un contexte mondial marqué par une compétition croissante autour des ressources stratégiques, le secteur minier africain occupe une place centrale dans les dynamiques économiques et géopolitiques contemporaines. Cet ouvrage collectif propose une analyse rigoureuse de l’essor de l’industrie minière sur le continent, en soulignant non seulement son potentiel de transformation économique, mais aussi les nombreux défis qu’elle soulève en matière de gouvernance, d’environnement et d’inégalités sociales. Alors que l’Afrique détient près de 30 % des réserves minières mondiales, cet ouvrage interroge la capacité des États africains à transformer cette richesse naturelle en levier de développement durable, en s’inscrivant dans la perspective ambitieuse de la Vision Minière Africaine et de l’Agenda 2063.

Australia and Canada Lead Australia tops the list, with its major mining companies totaling $353 billion in market capitalization. The country is home to two of the biggest miners in the world, BHP and Rio Tinto. Rank Country Company Market Cap (USD) 1 🇦🇺 Australia BHP Group 125B 2 🇨🇳 China China Shenhua Energy 103B 3 🇦🇺 Australia Rio Tinto 97B 4 🇺🇸 U.S. Southern Copper 77B 5 🇺🇸 U.S. Freeport-McMoRan 58B 6 🇨🇭 Switzerland Glencore 55B 7 🇸🇦 Saudi Arabia Maaden 49B 8 🇺🇸 U.S. Newmont 48B 9 🇨🇦 Canada Agnico Eagle Mines 43B 10 🇮🇩 Indonesia Bayan Resources 42B 11 🇲🇽 Mexico Grupo México 39B 12 🇦🇺 Australia Fortescue 36B 13 🇬🇧 UK Anglo American 37B 14 🇧🇷 Brazil Vale 37B 15 🇨🇳 China Zijin Mining 57B 16 🇮🇳 India Coal India 27B 17 🇨🇦 Canada Barrick Gold 28B 18 🇨🇦 Canada Wheaton Precious Metals 27B 19 🇨🇦 Canada Nutrien 26B 20 🇨🇦 Canada Franco-Nevada 24B 21 🇨🇦 Canada Teck Resources 22B 22 🇨🇦 Canada Cameco 22B 23 🇬🇧 UK Antofagasta 21B 24 🇮🇳 India Vedanta 20B 25 🇷🇺 Russia Nornickel 18B 26 🇨🇦 Canada Ivanhoe Mines 15B 27 🇨🇳 China Yanzhou Coal Mining 15B 28 🇨🇦 Canada Kinross Gold 13B 29 🇦🇺 Australia Northern Star 12B 30 🇷🇺 Russia Severstal 11B 31 🇨🇦 Canada First Quantum Minerals 11B 32 🇰🇿 Kazakhstan Kazatomprom 10B 33 🇦🇺 Australia South32 10B 34 🇺🇸 U.S. Royal Gold 9B 35 🇨🇳 China Ganfeng Lithium 9B 36 🇸🇪 Sweden Boliden 8B 37 🇨🇦 Canada Alamos Gold 8B 38 🇨🇦 Canada Pan American Silver 8B 39 🇨🇳 China Tianqi Lithium 7B 40 🇦🇺 Australia Evolution Mining 7B 41 🇨🇦 Canada Lundin Mining 7B 42 🇮🇳 Indonesia NMDC 7B 43 🇨🇦 Canada Lundin Gold 6B 44 🇮🇩 India United Tractors 6B 45 🇯🇵 Japan Sumitomo Metal Mining 6B 46 🇲🇽 Mexico Fresnillo 6B 47 🇵🇱 Poland KGHM 6B 48 🇿🇦 South Africa Harmony Gold 6B 49 🇬🇧 UK Endeavour Mining 5B 50 🇿🇦 South Africa Impala Platinum 5B 🌍 Global Total All Companies Combined 1.4T Rich in minerals, Australia is the world’s largest producer of iron ore, essential for steel production, and lithium, a key component in batteries. While Canada’s economy has struggled to keep pace with its southern neighbor, its mining industry remains formidable. The country’s mining sector has a combined market capitalization of $344 billion, making it the second-largest globally. Canada, the world’s second-largest country by area after Russia, has vast natural resource wealth. It is particularly rich in gold, copper, nickel, and potash. United States with miners totaling $228 billion and China with companies totaling $206 billion come in third and forth, respectively.

Silver, copper and tin to battle it out for the honours this year 70 pages of annotated charts and tables that should make for light but informative reading

These 4 pages teach you everything you need to know Balance Sheet: The balance sheet consists of the following elements: - Current assets - Long-term assets - Current liabilities - Long-term liabilities - Shareholders equity The balance sheet is based on a simple formula: Assets = Liabilities + Equities A balance sheet shows you what a company owns and owes. Income Statement: An Income Statement shows you the revenues and expenses of a company. It consists of the following elements: Revenue - COGS = Gross Profit - Operating Expenses = Operating Income - Non-Operating Income / Expenses = Pre-Tax Income - Income Tax = Net Income Cash Flow Statement: A Cash Flow Statements shows you the cash that enters and leaves a company. The Cash Flow Statements consists of 3 elements: - Cash Flow from Operating Activities - Cash Flow from Investing Activities - Cash Flow from Financing Activities Cash Flow from Operating Activities: Net Income + Non-Cash Changes +/- Changes in Working Capital = Cash Flow from Operating Activities Cash Flow from Investing Activities: - Capital Expenditures - Acquisitions + Proceeds from the Sale of Investments = Cash Flow from Investing Activities Cash Flow from Financing Activities: +/- Borrowing/Repaying Debt +/- Issuing/Repurchasing Stocks - Dividends Paid = Cash Flow from Financing Activities

As we enter 2025, the global mining and commodity landscape continues to play a critical role in shaping industries and economies worldwide. Here are some key takeaways from the latest Commodity Overview 2024 / 2025: 🔑 Critical Minerals: The building blocks of modern technology—from electric vehicles to renewable energy systems—rely heavily on lithium, copper, rare earth elements, and cobalt. Countries like Chile, Australia, and China are at the forefront of these resources. 💡 Gold’s Enduring Power: With central banks purchasing gold at record rates, the metal remains a hedge against economic volatility, inflation, and currency instability. 🔋 Copper and Batteries: The energy transition demands more copper than ever, powering advancements in EVs, solar panels, and wind turbines. Meanwhile, China’s dominance in battery manufacturing underscores the strategic importance of vertical integration. 🌱 Sustainability in Focus: ESG considerations are reshaping coal and other commodities' market dynamics, driving a push for cleaner, sustainable alternatives. ✨ Fascinating Facts: Iron Ore: The backbone of steelmaking, essential for infrastructure and development. Diamonds: Beyond their allure, diamonds are indispensable in industrial applications for cutting and grinding. Uranium: One ton of uranium can produce energy equivalent to 16,000 tons of coal. Commodities underpin our daily lives, from the smartphones in our hands to the electricity powering our homes. As global demand evolves, staying informed about these shifts is crucial for industries and policymakers alike.

As 2024 comes to a close, gold, silver, and copper have experienced notable price growth. Gold has had an outstanding year so far, with prices rising by more than 27%. The precious metal soared to an all-time high of $2,790 per ounce in October 2024, marking its strongest performance in decades. Investor demand surged amid geopolitical tensions, inflationary concerns, and a flight to safe-haven assets during periods of uncertainty. Gold’s enduring appeal as a store of value was reinforced as inflation and market volatility spooked investors, leading to a steady climb in its price throughout the year. Silver also experienced substantial growth so far in 2024, gaining over 24%. Its price peaked at $34.72 per ounce on October 22, 2024, the highest level in 12 years. Silver’s rise was largely driven by booming industrial demand, particularly from the solar energy and electric vehicle sectors. As global economies accelerated their sustainability initiatives, silver became an increasingly critical material due to its key role in green technologies, such as photovoltaic cells and battery production. Copper’s YTD growth of 5.37% reflects its steady demand, although it did not experience the same dramatic percentage increases as gold and silver. However, copper hit a record high of $5.20 per pound in May 2024, driven by its critical role in the renewable energy transition and advanced technologies. The metal is essential for clean energy infrastructure, electric vehicles, and the rapidly expanding AI industry, positioning copper as a cornerstone for future industrial development.

The junior mining industry is a high-risk, high-reward arena. A practical way to navigate it is by categorizing companies by market capitalization to understand their development stage, potential, and risks. 𝟭. 𝗙𝗿𝗼𝗻𝘁𝗶𝗲𝗿 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟭𝗕–$𝟮𝗕) Advanced projects near production or significant discoveries. Look for proven reserves, feasibility studies, and potential for acquisitions. 𝟮. 𝗔𝗰𝗰𝗼𝗺𝗽𝗹𝗶𝘀𝗵𝗲𝗱 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟱𝟬𝟬𝗠–$𝟭𝗕) Late-stage development or high-grade deposits. Key questions: Can management handle the transition to production, and is funding non-dilutive? 𝟯. 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟮𝟱𝟬𝗠–$𝟱𝟬𝟬𝗠) Advanced exploration projects expanding known deposits. Evaluate management's ability to align exploration goals with shareholder value. 𝟰. 𝗘𝘅𝗽𝗮𝗻𝗱𝗶𝗻𝗴 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟭𝟬𝟬𝗠–$𝟮𝟱𝟬𝗠) Scaling up exploration with promising discoveries but funding challenges. Check for strong technical teams and minimal shareholder dilution. 𝟱. 𝗣𝗿𝗼𝗺𝗶𝘀𝗶𝗻𝗴 𝗘𝘅𝗽𝗹𝗼𝗿𝗲𝗿𝘀 ($𝟱𝟬𝗠–$𝟭𝟬𝟬𝗠) Early-stage resource definition with high-grade results. Focus on drilling prioritization and management’s track record. 𝟲. 𝗖𝗮𝘁𝗮𝗹𝘆𝘀𝘁 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟮𝟬𝗠–$𝟱𝟬𝗠) Speculative plays relying on upcoming drill results or partnerships. Ensure they have enough cash to execute plans. 𝟳. 𝗘𝗮𝗿𝗹𝘆-𝗦𝘁𝗮𝗴𝗲 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟭𝟬𝗠–$𝟮𝟬𝗠) Grassroots explorers with prospective land but no major discoveries. Assess the geological rationale and team experience. 𝟴. 𝗡𝗮𝗻𝗼 𝗘𝘅𝗽𝗹𝗼𝗿𝗲𝗿𝘀 ($𝟯𝗠–$𝟭𝟬𝗠) High-risk plays with minimal funding. Look for land near significant discoveries and cash to sustain operations. 𝟵. 𝗠𝗶𝗰𝗿𝗼 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟭𝗠–$𝟯𝗠) Struggling to stay viable with speculative projects. Watch for hidden assets or potential partnerships. 𝟭𝟬. 𝗕𝗮𝗿𝗲-𝗕𝗼𝗻𝗲𝘀 𝗝𝘂𝗻𝗶𝗼𝗿𝘀 ($𝟬–$𝟭𝗠) Mostly inactive shells. Investigate whether they hold hidden value or pivot potential. 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗦𝗲𝗰𝘁𝗼𝗿 Building a diversified portfolio across categories can mitigate risks and capitalize on exploration successes. Always prioritize management expertise, funding sufficiency, and project potential. Source: GoldDiscovery