The Fraser Institute’s Annual Survey of Mining Companies is the most comprehensive and widely referenced assessment of global mining investment attractiveness. The 2025 edition, released on February 26, 2026, surveyed 256 executives from exploration and mining companies that collectively spent US$4.2 billion on exploration in 2025. It evaluates 68 jurisdictions around the world on two core components: geologic (mineral) potential and government policy attractiveness.
This article provides a complete, up-to-date breakdown of the best mining jurisdictions for gold investors in 2026. It focuses on the Investment Attractiveness Index (the overall ranking most relevant to investors) and the Policy Perception Index, with special emphasis on gold-relevant jurisdictions. All rankings, scores, and data are taken directly from the Fraser Institute’s official 2025 report. Gold price context is as of March 31, 2026, when spot gold was trading near $4,567 per ounce (Bloomberg terminal and Kitco data). This article is for informational and educational purposes only and does not constitute investment advice, a recommendation to buy, sell, or hold any security, or a solicitation of any kind. Investing in gold mining companies or related equities involves substantial risk of loss, including total loss of capital due to exploration failure, permitting delays, commodity price volatility, regulatory changes, and operational risks. Past performance is not indicative of future results. Consult qualified financial, tax, and legal professionals before making any investment decisions.
How the Fraser Institute Ranks Mining Jurisdictions
The survey uses two main indices:
Policy Perception Index (PPI)
A “report card” to governments. It measures how attractive or deterrent government policies are to investment on a scale of 0 to 100 (higher is better). The PPI is based on 15 policy factors, including uncertainty concerning protected areas, environmental regulations, taxation regime, political stability, infrastructure, labor regulations, security, and the quality of the geological database. Respondents rate each factor as encouraging investment, not a deterrent, or a deterrent.
Investment Attractiveness Index
The overall ranking most investors and companies focus on. It is a weighted composite:
Best Practices Mineral Potential Index (60% weight): Respondents rate the jurisdiction’s geologic attractiveness assuming an ideal policy environment.
Policy Perception Index (40% weight).
The 60/40 weighting reflects survey respondents’ views that investment decisions are roughly 60% driven by mineral potential and 40% by policy. Jurisdictions need at least five responses to be ranked. In 2025, 68 qualified.
This methodology makes the survey a practical tool for gold investors evaluating jurisdiction risk when selecting where to allocate capital for exploration, development, or production.
Top 10 Mining Jurisdictions in the World – 2025 Survey (2026 Ranking)
Investment Attractiveness Index (Overall Ranking)
Nevada (United States) – Score: 90.0+ (exact score not published but consistently #1)
Ontario (Canada)
Saskatchewan (Canada)
South Australia (Australia)
Arizona (United States)
Western Australia (Australia)
Botswana (Africa)
Norway (Europe)
Sweden (Europe)
Saudi Arabia (Asia)
Policy Perception Index (Top Performers)
Alberta (Canada) ranked 3rd globally.
Ontario, Newfoundland & Labrador, and Saskatchewan also placed in the global top 10 on PPI.
Canada had two jurisdictions in the global top 3 overall and four in the PPI top 10, demonstrating strong policy attractiveness and mineral potential.
Detailed Breakdown of the Best Mining Jurisdictions for Gold Investors
1. Nevada (United States)
Nevada remains the undisputed global leader for gold investors. It hosts the Carlin Trend and other world-class gold districts, with excellent infrastructure, a transparent regulatory system, and a competitive tax regime. Nevada consistently scores near-perfect on both mineral potential and policy factors. Major producers such as Newmont and Barrick have significant operations here, and the jurisdiction attracts the highest exploration spending globally.
2. Ontario (Canada)
Ontario jumped dramatically to 2nd globally in the 2025 survey. The province benefits from the Abitibi greenstone belt (one of the world’s most prolific gold regions), clear permitting processes, strong infrastructure, and political stability. Companies such as Agnico Eagle and Alamos Gold have major assets here. Ontario’s rise reflects policy improvements and continued exploration success.
3. Saskatchewan (Canada)
Saskatchewan ranked 3rd overall and performed strongly on policy perception. While known for uranium and potash, it also hosts significant gold potential and benefits from a supportive regulatory environment and infrastructure. The province’s strong performance makes it attractive for diversified precious metals investors.
4. South Australia (Australia)
South Australia climbed sharply to 4th. It offers excellent copper-gold potential, a stable policy framework, and growing critical minerals opportunities that complement gold exploration.
5. Arizona (United States)
Arizona remains a top performer with strong copper-gold potential and a stable, mining-friendly policy environment.
6. Western Australia (Australia)
Western Australia is a perennial favourite for gold investors, with world-class infrastructure, clear regulations, and major gold districts.
7. Botswana (Africa)
Botswana stands out as Africa’s highest-ranked jurisdiction, with strong policy perception and stable governance.
8. Norway (Europe)
Norway offers political stability and strong environmental standards alongside significant mineral potential in the north.
9. Sweden (Europe)
Sweden provides a transparent regulatory environment and strong potential for base and precious metals.
10. Saudi Arabia (Asia)
Saudi Arabia has made significant policy reforms to attract mining investment as part of economic diversification.
Why Jurisdiction Matters in Gold Investing
Jurisdiction is one of the most important factors in gold investing. Even the best geologic deposit can become uneconomic or uninvestable due to poor policy, permitting delays, political instability, or high taxation. The Fraser Institute survey quantifies this risk through the Policy Perception Index.
Safe jurisdictions reduce:
Permitting risk and timeline uncertainty.
Taxation and royalty burdens.
Political and security risks.
Infrastructure and labor challenges.
For gold investors, top-ranked jurisdictions like Nevada, Ontario, and Saskatchewan offer faster permitting, lower political risk, and better access to capital. Lower-ranked jurisdictions often require higher risk premiums and can lead to project delays or cancellations.
Gold Mining Hotspots in Canada – 2026 Perspective
Canada’s strong showing in the 2025 survey (two provinces in the global top 3) underscores its position as one of the safest and most attractive places for gold mining investment. Ontario and Saskatchewan stand out for their combination of world-class geology, stable policy, and infrastructure.
Other notable Canadian jurisdictions include:
Alberta (strong PPI ranking).
Newfoundland & Labrador (top 10 on PPI).
British Columbia and Quebec (mixed but still competitive for specific gold districts).
Canadian gold mining companies benefit from clear rules, strong ESG standards, and access to capital markets, making them attractive to global investors seeking jurisdictional safety.
Global Gold Mining Hotspots Outside North America
Australia (Western Australia and South Australia) remains a top destination for gold investors due to stable governance and excellent infrastructure. Botswana continues to lead Africa in policy attractiveness. Norway and Sweden offer European stability with growing mineral potential. Saudi Arabia is an emerging player as it diversifies its economy.
Practical Investor Guide: Using the Rankings for Gold Investment Decisions
Investors should use the Fraser Institute survey as one tool among many. Combine it with:
Geologic due diligence and technical reports.
Company-specific fundamentals (AISC, reserves, management track record).
Current gold price trends and macro drivers (central bank buying, inflation, geopolitical risk).
For 2026, top-ranked jurisdictions offer lower risk and better capital access, which is particularly important in a volatile gold price environment.
Risks and Challenges in Lower-Ranked Jurisdictions
Lower-ranked jurisdictions (e.g., certain African and Latin American countries) often face higher policy uncertainty, permitting delays, political instability, and ESG challenges. Investors in these areas require higher risk premiums and thorough due diligence.
Conclusion and 2026 Outlook
The Fraser Institute’s 2025 survey (released February 26, 2026) confirms that Nevada, Ontario, and Saskatchewan are the world’s most attractive jurisdictions for gold investors in 2026. Canada’s strong performance highlights its competitive advantage in stable, policy-friendly environments with world-class geology.
For investors seeking the best mining jurisdictions for gold investors, the survey provides clear guidance. Top-ranked jurisdictions reduce risk and improve the probability of successful project development and returns.
The best gold mining jurisdictions combine excellent mineral potential with supportive policy. In 2026, investors should prioritize Tier-1 jurisdictions like Nevada, Ontario, Saskatchewan, Western Australia, and South Australia for new gold mining investments.
Thewealthyminer.com elite investment club provides members with expert analysis of jurisdictional rankings, on-the-ground insights, and high-conviction opportunities in the world’s most attractive mining jurisdictions.
This article is based on the Fraser Institute’s Annual Survey of Mining Companies 2025 (released February 26, 2026). All rankings, scores, and observations are reported exactly as published in the official report. Gold price context is as of March 31, 2026. This is not investment advice. Mining investments involve substantial risk of loss. Consult qualified professionals.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.