The Fraser Institute’s Annual Survey of Mining Companies is one of the most respected and widely referenced reports in the global mining industry. The 2025 edition, released on February 26, 2026, surveyed 256 executives from companies spending US$4.2 billion on exploration in 2025. It evaluates 68 jurisdictions around the world based on two core components: mineral potential (geologic attractiveness) and government policy (how attractive or deterrent policies are to investment).
This article provides a complete breakdown of the top 50 mining jurisdictions in the world according to the 2025 survey (the most current and authoritative 2026 ranking), explains the methodology, highlights key Canadian results, analyses year-over-year changes, and offers practical insights for investors and mining companies. All data, rankings, and figures are taken directly from the Fraser Institute’s official 2025 report and news release. 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 mining or mineral exploration companies 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 the attractiveness of mining policies on a scale of 0 to 100 (higher is better). The PPI is a composite of 15 policy factors, including uncertainty over regulations, environmental rules, 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 focus on. It combines:
Best Practices Mineral Potential Index (60% weight): How 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. The survey is sent to thousands of mining executives globally, making it one of the largest and most representative assessments of mining investment attractiveness.
Top 50 Mining Jurisdictions in the World – 2025 Survey (2026 Ranking)
Top 10 on the Investment Attractiveness Index (Overall Ranking)
Nevada (United States)
Ontario (Canada)
Saskatchewan (Canada)
South Australia (Australia)
Arizona (United States)
Western Australia (Australia)
Botswana (Africa)
Norway (Europe)
Sweden (Europe)
Saudi Arabia (Asia)
Notable Canadian Performances
Ontario jumped to 2nd globally (from 15th in 2024).
Saskatchewan rose to 3rd (from 7th).
Four Canadian jurisdictions (Alberta, Ontario, Newfoundland & Labrador, Saskatchewan) placed in the global top 10 on the Policy Perception Index.
Alberta ranked 3rd on PPI.
Newfoundland & Labrador and Saskatchewan also performed strongly on policy factors.
Bottom 10 on the Investment Attractiveness Index
59. Northern Ireland
60. Guinea (Conakry)
61. Bolivia
62. Neuquen (Argentina)
63. Chubut (Argentina)
64. Philippines
65. Mali
66. Egypt
67. Burkina Faso
68. China
Africa dominates the bottom 10 with four jurisdictions, highlighting ongoing challenges with policy uncertainty, permitting delays, and political stability in several countries.
Detailed Analysis of the Top 10 Jurisdictions
1. Nevada (United States)
Nevada reclaimed the top spot with a perfect PPI score of 100. It benefits from rich mineral endowment (gold, silver, lithium, copper), streamlined permitting, competitive taxation, and a stable regulatory environment. Nevada has consistently ranked in the top 10 for 11 consecutive surveys.
2. Ontario (Canada)
Ontario’s dramatic rise to 2nd globally reflects strong policy improvements and excellent mineral potential. It scored highly on regulatory certainty, infrastructure, and geological database quality. Ontario unseated Saskatchewan as Canada’s top-rated jurisdiction.
3. Saskatchewan (Canada)
Saskatchewan continues its strong performance, ranking 3rd overall and 8th on PPI. It benefits from uranium, potash, and diamond potential, combined with a supportive policy environment.
4. South Australia (Australia)
South Australia surged from 35th to 4th, driven by policy reforms and strong mineral potential in copper, gold, and critical minerals.
5. Arizona (United States)
Arizona remains a consistent top performer with excellent copper and gold potential and a stable policy framework.
6. Western Australia (Australia)
Western Australia is a perennial favourite for iron ore, gold, nickel, and lithium, supported by world-class infrastructure and clear regulations.
7. Botswana (Africa)
Botswana stands out as Africa’s top jurisdiction, with strong policy perception and diamond, copper, and coal potential.
8. Norway (Europe)
Norway benefits from stable governance, strong environmental standards, and significant mineral potential in the north.
9. Sweden (Europe)
Sweden offers a stable, transparent regulatory environment and strong potential for iron ore, base metals, and critical minerals.
10. Saudi Arabia (Asia)
Saudi Arabia has made significant strides in diversifying its economy and improving mining policy, attracting increased exploration interest.
Why Canadian Jurisdictions Performed Strongly
Canada had two jurisdictions in the global top 3 (Ontario and Saskatchewan) and four in the PPI top 10. This reflects Canada’s reputation for political stability, clear regulations, and strong geological databases. However, challenges remain in some provinces (e.g., British Columbia and Manitoba showed mixed or declining policy perception in certain areas).
Implications for Investors and Mining Companies
The Fraser Institute survey is a key tool for investors evaluating jurisdiction risk. Top-ranked jurisdictions tend to attract more exploration capital, faster permitting, and lower political risk. For Canadian companies, strong domestic rankings provide a competitive advantage when raising capital and advancing projects.
Investors should use the survey to:
Prioritize projects in high-ranking jurisdictions.
Assess relative risk when comparing opportunities across countries.
Monitor year-over-year changes for emerging trends in policy attractiveness.
How to Use the Fraser Institute Survey in Investment Decisions
The survey is not a guarantee of success but provides a valuable “report card” on policy attractiveness. Investors should combine it with geologic due diligence, technical reports, and on-the-ground assessments.
For Canadian investors, the strong performance of Ontario and Saskatchewan highlights the advantage of domestic projects in Tier-1 jurisdictions with clear permitting pathways and supportive policy environments.
Risks and Important Considerations
Rankings can change year to year. Policy changes, political shifts, or new discoveries can alter a jurisdiction’s attractiveness. The survey is based on executive perceptions and may not capture every nuance of on-the-ground operations. Investors should conduct their own due diligence and consult professionals.
This article is not investment advice. Mining investments involve substantial risk of loss. Consult qualified professionals.
Conclusion
The Fraser Institute’s 2025 Annual Survey of Mining Companies (released February 26, 2026) confirms that Nevada remains the world’s most attractive mining jurisdiction, while Canadian provinces Ontario and Saskatchewan claim second and third place globally. The top 10 is dominated by stable, policy-friendly jurisdictions in North America, Australia, and Europe.
Canada’s strong showing underscores its competitive advantage in attracting mining investment. For Canadian investors and mining companies, the survey highlights the importance of jurisdiction selection in a competitive global landscape.
The Fraser Institute mining survey and Fraser Institute policy perception index remain essential tools for evaluating best countries for mining investment and identifying mining friendly jurisdictions. As the global competition for critical minerals intensifies, the top 50 mining jurisdictions ranking provides clear guidance on where capital is most likely to flow in 2026 and beyond.
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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 and news release. 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.