Bennett Jones Discusses Opportunities in Canadian Mining at PDAC 2025

March 04, 2025

Written By Andrew Disipio, Hon. John Baird, Hon. Jason Kenney, Serge Dupont, Sander Grieve KC, Martin Ignasiak KC, Philip Ward and Zee Derwa

Despite current trade and geopolitical developments and uncertainties, Bennett Jones discusses opportunities for Canada’s mining industry in 2025 and beyond, including optimism driven by policy shifts and heightened demand in key areas.

A powerhouse panel of Bennett Jones lawyers and advisors spoke about this to a full house of PDAC 2025 attendees at the firm’s Toronto office.

Here are the key takeaways from the panel discussion, led by Andrew Disipio, Head of Bennett Jones Mining Industry Team.

Mining and Policy in Canada

If the Conservative Party of Canada forms a majority government in the next federal election, their policies would be transformational on the regulatory side for mining, oil and gas. The Conservatives would move quickly and aggressively—and this would be a major boost to the mining sector in 2025. Hon. John Baird PC, Senior Business Advisor

There is an unprecedented national consensus in Canada that we must unlock the full potential of our mineral and other natural resources to strengthen our economy in the face of US tariffs. The accelerated development of our resource base is essential for our national security and standard of living. Governments and businesses are in agreement across Canada in a way we have not seen before. This must now be followed up with prompt action. Serge Dupont, Senior Advisor

Indigenous consultation and investment in resource projects has entered a new and positive paradigm in Canada. Corporate engagement is more advanced, there is growing equity participation by Indigenous communities in projects and governments have gotten much better at financing Indigenous involvement. As companies build their capital resources for a new project, partnering with Indigenous communities is becoming an important part of the playbook. The groundbreaking Alberta Indigenous Opportunities Corporation has been replicated by other governments across Canada. Hon. Jason Kenney PC, ECA, Senior Advisor

The federal Impact Assessment Act (IAA) was found unconstitutional by the Supreme Court of Canada (SCC) in October 2023—and we are seeing real and positive changes on-the-ground in the country’s resource industries. The SCC declared almost all of the IAA unconstitutional and confirmed that Canada cannot use the IAA to regulate aspects of the non-renewable natural resources industry that are properly within the provinces’ jurisdiction. As a result of the SCC ruling, the Impact Assessment Agency of Canada discontinued the federal assessment of two major projects in Ontario and Alberta. Martin Ignasiak KC, Partner, Head of Regulatory Practice

Investing in Canadian Mining

Ontario, Quebec and Canada’s federal government have provided C$14.5 billion in subsidies to major auto makers to build electric vehicle batteries in Canada. This is a huge opportunity for Canadian mines to supply the resources needed for battery production. Looking at other metals, copper is expected to be very hot and in demand throughout 2025. The price of gold is on a tear and there should be major M&A opportunities in the sector this year. Sander Grieve KC, Partner, Mining, M&A

Investment activity is robust in mining. There was C$4 billion in mineral exploration in Canada in 2024. This accounts for 20 percent of all exploration investment globally. 140 projects worth C$120 billion are under consideration in Canada right now. Serge Dupont, Senior Advisor

Canada’s flow-through share tax regime continues to be an effective way to promote mining exploration investment. The federal government announced at PDAC 2025 that it is extending the 15 percent Mineral Exploration Tax Credit for an additional two years, until March 31, 2027, thereby aligning it with the timing of the enhanced 30 percent Critical Mineral Exploration Tax Credit. These credits, combined with various tax credits and deductions offered by certain provinces, permit mining companies to raise exploration financing at significant premiums. Philip Ward, Partner, Tax

In recent years, Canada has heightened restrictions on investments from 'hostile or non-likeminded' entities in its critical minerals sector, primarily enforcing these policies through the national security regime of the Investment Canada Act (ICA). These measures have had a chilling effect on foreign investment in the sector (including non-controlling interests), particularly from Chinese investors. Notwithstanding this policy shift, certain transaction structures may fall outside the scope of the ICA if the vendor and target lack (1) a place of operations in Canada, (2) an individual or individuals in Canada who are employed or self-employed in connection with their operations, or (3) assets in Canada used in carrying on their operations. Even if a transaction falls under the ICA, a recent precedent suggests there may be an opportunity to negotiate commitments with the government, such as allocating a portion of the mine’s offtake to a specific class of customers. Zee Derwa, Partner, Competition/Antitrust

Bennett Jones Mining Team

Bennett Jones is a premier Canadian business law firm with industry-leading expertise in mining. To discuss mining investment, project and M&A opportunities in Canada, please contact one of the authors.

Bennett Jones Public Policy Group

Members of the firm’s Public Policy Group have been invaluable for their leadership in shaping public policy in Canada, and in developing business responses to those policies. To discuss the policy landscape in Canadian mining, please contact one of the authors.

Authors