The key trends shaping Canada’s mining industry in 2026

As Canada enters 2026, mining project development is evolving amid accelerated permitting initiatives, increased consolidation and transactional activity, and growing national‑interest considerations in foreign investment reviews. In the wake of a changing geopolitical landscape, Canada has also released its first Defence Industrial Strategy, which may further bolster metals and mining activity for critical minerals essential for defence. We review the top developments changing the mining industry landscape across Canada, from new policy frameworks to market dynamics shaping project partnerships, structures and financing.

1. Permitting

Over the next year, several project acceleration initiatives put forward by federal and provincial governments alike will be put to the test; in many cases, it will be the first time a new regulatory framework is implemented. Canada’s mining sector stands to benefit from these reforms not only to speed up project timelines but also to enhance regulatory certainty and investor confidence.

Federal initiatives

Federally, in 2025, the Building Canada Act established a new Major Projects Office (MPO) aimed at accelerating nationally significant projects by streamlining federal approvals, coordinating financing and acting as a single point of contact for proponents, governments and Indigenous Peoples. The Government of Canada has, to date, “referred” 13 projects to the MPO¹, five of which are mining projects². The MPO has also been asked to focus its attention on the federal Critical Minerals Strategy, among other transformative strategies focused on specific sectors and regions. The Building Canada Act also allows the government to designate projects as being in the national interest to fast-track or, in some cases, by-pass federal approvals and permits, although no project has been formally designated as a “national interest project” at the time of writing. We expect scrutiny over the MPO’s work to intensify in 2026. Notably, the Impact Assessment Agency of Canada (IAAC) also continues to make headway on its goal to streamline approval timelines, with 21 mines and minerals projects currently “in progress” to receive federally designated status for impact assessment.

Provincial initiatives 

Provincially, governments are mirroring the federal shift and have adopted new legislation to cut regulatory red tape and shorten review times. British Columbia’s Infrastructure Projects Act extends faster permitting pathways to “provincially significant” projects, which include projects that contribute to the province’s “critical mineral supply” or “energy security.” In Ontario, the Protect Ontario by Unleashing Our Economy Act received Royal Assent, which aims to overhaul the project permitting regime by establishing streamlined processes and new Special Economic Zones, including for mining projects. Similarly, the Québec government introduced a bill in December 2025 that would allow priority projects to undergo a single authorization, covering dozens of environmental and resource management laws³.

2. Transactions

The mining space is being influenced by three key transactional trends in the M&A and equity financing space: (1) consolidation; (2) disposition of non-core assets; and (3) the increasing use of joint venture and partnership structures. These market dynamics helped drive mining and metals deal values to their highest levels in the past six years, totalling $70 billion for 2025 (see Figure 1).

Figure 1: M&A deals with Canadian metals and mining targets

Consolidation

Consolidation is a theme across the mining sector, impacting both base and precious metals, with an emphasis on critical minerals, particularly copper. The US$57 billion Anglo Teck merger of equals is the leading example of this trend⁴. Companies are seeking combinations to optimize complementary projects and unleash key synergies. This is the case for Anglo Teck with respect to Collahuasi and Quebrada Blanca II, where potential project synergies formed a key value driver for the transaction. The precious metals industry has also seen significant consolidation in the context of record-setting commodity prices. Record gold prices are helping drive this consolidation, with nine takeovers with a deal value of more than US$1 billion involving Canadian gold mining companies since the beginning of 2025 (see Figure 2).

Figure 2: Industry breakup of Canadian mining targets by deal count

Disposition of non-core assets

In the context of majors focusing on key assets and primary commodities, we are seeing a number of transactions where smaller players are acquiring non-core projects from larger companies, which contributed to the increase of deals in the middle market range (see Figure 3). These include existing companies and new vehicles being created for these opportunities, with dedicated management teams hoping to unlock underutilized or underdeveloped assets. These have the potential to revitalize historical production camps, such as Discovery Silver’s acquisition of the Porcupine Mine Complex from Newmont Corporation⁵ and Hemlo Mining Corporation’s acquisition of the Hemlo Mine from Barrick Mining Corporation.

Figure 3: Mining transactions by deal value