Laying the groundwork for long-term prosperity at home and global competitiveness
Gold exploration often does more than uncover gold – it helps reveal the full breadth of Canada’s mineral potential. As companies survey remote and underexplored regions, they frequently identify occurrences of other minerals and metals in the process. from left: photomaru; rticknor; dlacombe via getty images
Beneath Canada’s vast landscapes lies a powerful driver of prosperity – gold and precious metals. While their gleam may symbolize wealth and tradition, it’s their economic impact that shines brightest today. This sector powers regional economies, attracts billions in investment and anchors the livelihoods of hundreds of thousands of Canadians.
Over the past decade, mineral exploration companies have spent more than $17-billion searching for gold in Canada, making it the most sought-after mineral in the country. Gold consistently represents more than half of all mineral exploration spending, indicating both strong investor interest and robust geological potential.
“The economic footprint of gold exploration and mining in Canada is far-reaching,” says Karen Rees, president of the Prospectors & Developers Association of Canada (PDAC). “These activities don’t just lead to the discovery of valuable resources, they also spark a wave of economic benefits in communities where few other industries operate.”
That footprint is most visible in rural and remote areas, where exploration spending helps sustain local economies. Every dollar spent on mineral exploration is estimated to generate more than three times that amount in regional economic activity, through wages, local procurement, equipment rentals and spending at restaurants, hotels and shops. Many of the jobs supported by the sector also offer higher wages than other local employment options, making the industry a crucial source of income in hard-to-reach regions.
In 2024 alone, the production value of gold topped $17-billion in Canada, ranking second only to potash among the country’s mined commodities. And when it comes to employment, the numbers are equally impressive: approximately 700,000 Canadians are employed directly or indirectly by the mineral exploration and mining sector. A significant portion of these jobs are tied to gold and precious metals, given the sector’s prominence in exploration activity and production value.
The gold and precious metals sector also plays a vital role in supporting employment among Indigenous Peoples. As Canada’s largest industrial employer of Indigenous workers, with representation rates more than twice the national industrial average, the industry helps create meaningful economic opportunities and strengthens long-term partnerships.
Gold’s economic importance doesn’t stop at Canada’s borders. Between 2013 and 2022, Canada exported nearly $200-billion worth of gold, making it one of the country’s most valuable export commodities. With gold prices reaching record highs in 2024 and trending even higher this year, 2025 could mark a new peak in Canadian gold export value.
While gold’s traditional roles in jewelry and as a store of wealth remain strong, its value in the modern economy is increasingly tied to technology. Gold’s superior conductivity, corrosion resistance and malleability make it essential in communications, aerospace and advanced manufacturing. Every mobile phone contains about 0.04 grams of gold, worth approximately $7 at current prices, and every satellite orbiting Earth relies on up to three ounces of gold for its internal circuitry.
Gold exploration often does more than uncover gold – it helps reveal the full breadth of Canada’s mineral potential. As companies survey remote and underexplored regions, they frequently identify occurrences of other minerals and metals in the process.
“Exploration for gold and precious metals often opens the door to discovering critical minerals and metals,” says Ms. Rees. “In the process, companies may identify occurrences of copper, zinc, rare earth elements and more, resources that are vital to Canada’s transition to alternative energy sources, transportation methods and our global competitiveness.”
This ripple effect could be crucial to Canada’s long-term economic strategy. Because many gold projects can advance with minimal infrastructure – relying on air access rather than roads or rail – they help unlock new areas and lay the foundation for future development. These early-stage discoveries often become the starting point for supply chains that will drive the green economy.
As Canada navigates rising economic pressures, shifting geopolitical dynamics and the imperative for sustainable development, the gold and precious metals sector stands out as both a stabilizing force and a catalyst for growth. From driving high-value exports and supporting employment in remote regions to uncovering the minerals and metals needed to deliver new technologies and alternative energy sources to Canadians into the future, the industry continues to lay the groundwork for long-term prosperity at home and global competitiveness abroad.
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