Ontario has overtaken Saskatchewan as Canada’s top-ranked mining jurisdiction and now sits second globally for investment attractiveness, according to the Fraser Institute’s latest Annual Survey of Mining Companies.
The 2025 survey, based on responses from 256 industry participants evaluating 68 jurisdictions, ranks Ontario 2nd worldwide on the Investment Attractiveness Index (IAI), a sharp rise from 15th place in 2024.
Saskatchewan follows closely in 3rd place, while Nevada reclaimed the top global position.
The Fraser Institute’s Investment Attractiveness Index combines two core components: the Policy Perception Index (PPI) and the Best Practices Mineral Potential Index. Survey respondents consistently indicate that roughly 60 percent of investment decisions are driven by mineral potential and 40 percent by policy considerations.
Ontario’s ascent signals renewed investor confidence and the province’s growing role in critical minerals development. Saskatchewan, long considered a global uranium powerhouse, has placed in the global top 10 six times in the past seven years.
Among Canadian jurisdictions, four provinces ranked in the PPI global top 10 this year: Alberta (3rd), Ontario (5th), Newfoundland & Labrador (7th), and Saskatchewan (8th). However, when combining policy and mineral potential into the overall IAI, only Ontario and Saskatchewan cracked the global top 10.
As with last year’s iteration, permit timelines remain a key differentiator. Ontario performed relatively well in the Fraser sub-survey on exploration permitting, with 33 percent of respondents indicating they were able to obtain permits in less than two months and 67 percent within six months.
Globally, Nevada ranked first on both the IAI and the Policy Perception Index, while Botswana climbed to second on policy metrics.
South Australia, Western Australia, Arizona, Norway, Sweden, and Saudi Arabia also placed in the global top 10 on overall investment attractiveness.
At the other end of the spectrum, China ranked last—68th out of 68 jurisdictions—on both investment attractiveness and policy perception. Burkina Faso, Egypt, and several African and Latin American jurisdictions also populated the bottom 10.
In a press release following the survey results, Toronto-based IsoEnergy (TSX:ISO) pointed to strong placements across jurisdictions where it operates.
“We are encouraged to see several jurisdictions within IsoEnergy’s portfolio once again rank among the global leaders in the Fraser Institute’s 2026 survey. Saskatchewan’s sustained top-tier performance, together with Western Australia’s meaningful advancement this year, reinforces the geological quality and policy stability that underpin our asset base and guide our M&A strategy,” said CEO and Director Philip Williams.
“These results affirm our disciplined focus on advancing high-quality projects in tier one jurisdictions where we believe institutional capital can be allocated with confidence and long-term value can be responsibly created.”
The survey, now in its 27th year, was distributed to more than 2,300 managers and executives globally, with participating companies reporting exploration spending of US$4.2 billion in 2025.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.