< Previous20 For daily news follow CMM on Facebook and X FEATURE By Theo Yameogo, EY Americas Metals & Mining Leader Metals in Demand: The Strategic Moves of Gold, Silver, and Copper Miners for Competitive Advantage s the cost of production rises globally and the availability of new projects dwindle, precious and base metals companies are looking to enhance long-term competitiveness by investing in sustainable practices, adopting advanced technologies, and optimizing supply chains. However, the path to that ultimate goal can vary by subsector. Gold companies are applying cost- effective and responsible operational practices, along with proactive efforts towards emerging growth opportunities. Silver companies, on the other hand, are looking to gain an advantage by relying on the adoption of responsible mining practices coupled with innovative extraction processes and digital technologies. Meanwhile, copper miners – gold and silver’s base metal ‘cousin’ – are seizing growth opportunities by prioritizing exploration, expansion, and sustainable practices. This heightened need for innovation comes as the mining industry faces a critical challenge. Over the next 30 years, the industry must mine more mineral ores than humans have mined over the past 70,000 years to meet demand for minerals crucial to the energy transition. Regardless of the path chosen, success depends on a disciplined approach to cost management and an emphasis on circular economy. As gold prices rise to record levels – up more than 20% so far this year – and new discoveries wane, gold miners are increasingly integrating sustainable technologies into their operations to unlock long-term value from challenging deposits. Adopting these advanced technologies across the gold mining value chain aims to drive cost reduction and improve operational effectiveness. Crucially, establishing a sustainable profile stands to boost gold’s attractiveness as an investment option, reinforcing its appeal as a key asset for investors. This push toward responsible mining has also led to the development of standards within the industry. Such a unified stance on responsible mining is perceived by investors as a positive step to enhancing the subsector’s transparency and credibility. One such effort includes the Consolidated Mining Standard Initiative (CMSI), which seeks to streamline the existing mining standards and foster improvement of environmental, social, and governance (ESG) practices throughout the complete mining lifecycle. The initiative consolidates four established standards: The Copper Mark, the Mining Association of Canada’s Towards Sustainable Mining (TSM), the World Gold Council’s Responsible Gold Mining Principles, and the International Council on Mining and Metals’ (ICMM) Mining Principles. Indeed, this reinvigorated focus on environmental stewardship and sustainability is translating into an increased push to explore responsible and economically viable gold recovery processes. Companies like Canada-based Barrick Mining Corp. are teaming with research institutes to develop cyanide-free gold processing methods and minimize reliance on the chemical, used in more than 90% of global gold production, in a bid to extract more value from resources while minimizing environmental impact. Traditional exploration processes remain a lingering challenge for gold miners as less than 0.1% of prospected sites become productive gold mines, according to the World Gold Council. Therefore, gold companies are looking to adopt innovative exploration technologies to help unlock previously inaccessible value from remote deposits, reduce exploration risks, and align with broader sustainability goals. Encapsulating these efforts is Gold Fields Ltd. applying Fleet Space Technologies’ Exosphere technology at Visit us online at www.CanadianMiningMagazine.com 21 its remote Salares Norte mine in Chile; the company is using a satellite network and smart seismic sensors to generate 3D subsurface imaging and provide actionable insights resulting in minimal environmental impact. But gold companies are also eyeing non-traditional sources for new extraction opportunities, including recovering precious metals from electronic waste. Recycling one million mobile phones is expected to recover approximately 34 kg of gold, enhancing the current contribution of approximately 10% of industrial gold recycling to the overall recycled supply. Silver prices have also soared. With 2024 prices averaging 44% higher than the past decade, global demand for the shiny metal continues its uptick, helped by increased industrial usage and a rise in safe haven buying amid geopolitical tensions. In 2024 alone, global silver demand was up some 2% to 1,219 Moz. But as supply pressures tighten on growing demand, silver producers are focusing on boosting production with sustainability in mind. Indeed, silver companies are increasingly considering responsible mining practices, innovation extraction processes and digital technologies as long-term competitiveness drivers. Hecla Mining Co., for instance, is integrating new extraction methods to improve operational efficiency. Its implementation of the Underhand Closed Bench (UCB) method, which uses advanced drilling and blasting techniques at its Lucky Friday operation in Idaho, has resulted in improved control of fault-slip seismic events. This has strengthened safety while producing more silver in seven months than the mine typically produced in one year. The adoption of digital technology and geophysical methods are also supporting reduced investment risks and speeding up exploration in the sector, creating sustained value. Aya Gold & Silver Inc. completed its exploration program at its Zgounder silver mine and the Boumadine Project in Morocco, using high-resolution spectral imagery and geophysics technology. Meanwhile, other companies are deploying autonomous vehicles to enhance safety and slash costs. Mirroring their gold mining counterparts, silver miners are adopting sustainable mining practices as the push for responsible resource extraction grows. With a focus on minimizing environmental impact, addressing social and community challenges and ensuring long-term viability of the sector, seven of the top 10 silver mining companies adopted the Silver Institute’s Responsible Mining Practices. Additionally, the CMSI’s unified standard across various sectors is expected to enhance the transparency and credibility of associated silver mined. Silver mining companies are also prioritizing decarbonization by integrating renewable energy sources such as solar and wind, along with energy storage systems and alternative fuels. To that end, in a bid to reduce carbon emission by up to 25% at its San Dimas mine in Durango, Mexico, First Majestic Silver Corp. is looking to Liquified Natural Gas (LNG) in place of diesel generators used for on-site backup power. Copper companies are facing an uphill battle. While exploration spending reached a decade high of US$3.2b in 2024, the sector is wrestling with long-term supply issues due to a lack of new discoveries, longer development times, declining ore quality, and skyrocketing discovery costs that are now four times higher than 20 years ago. 22 For daily news follow CMM on Facebook and X Copper discoveries have declined from 15 in 2007 to a single discovery in 2021, with no new discoveries recorded in 2022 or 2023. To combat this, copper companies are boosting production, adopting sustainability, and leveraging digital innovations while embracing circular economy principles to drive long-term value and bridge the expected supply gap. To bolster exploration success, companies are seeking out cutting- edge digital technologies, geophysical techniques, and real-time data capture to de-risk investment and accelerate discovery. Through artificial intelligence and satellite technology for instance, groups like Eagle Mountain Mining at its Silver Mountain project are probing deeper into the earth’s surface to identify untapped mineral systems. The application of advanced mineral processing is also optimizing recovery and enhancing productivity with leaching technology proving particularly beneficial in recovering metals from lower ores. Copper companies are achieving recovery rates of up to 85% by using bioleaching processes to extract copper from primary sulphide. Reprocessing tailings and the implementation of closed-loop systems are also gaining traction, enabling the extraction of valuable resources while minimizing waste and emissions. Copper miners are also working with what they already have by integrating recycling into their operating models. With copper boasting one of the highest recycling rates of all metals – recycled copper accounted for 32% (8.7 mts per year) of the world’s copper supply in 2023 – companies are optimizing the recycling potential of electronic waste. To this end, miners are increasingly working with cleantech companies to give new life to the mineral from recycled scrap to create more sustainable copper supplies. Gold, silver, and copper mining companies are at a critical juncture where long-term competitiveness hinges on their ability to innovate, adopt sustainable practices, and optimize operations amid rising costs and limited new project opportunities. While each subsector is forging its own path, whether through advanced technologies, responsible mining standards, or enhanced recycling efforts, all share a common goal of striving to meet the growing global demand for essential metals while minimizing environmental impact and maximizing value. To reshape the future, producers of these sub-sectors must act with urgency, reimagine business models, embrace innovation, and build strategic partnerships. Companies leading with agility and collaboration will unlock new value, gain a competitive advantage, and position themselves to meet growing demand. M THEO YAMEOGO LEADS THE METALS AND MINING PRACTICE AT EY FOR THE AMERICAS, HAVING SPENT THE LAST TWO DECADES WORKING IN MINING OPERATIONS AND BUSINESS CONSULTING. THROUGH HIS WORK, HE STRIVES TO CONSISTENTLY FOSTER BUSINESS TRANSFORMATION AND TECHNOLOGY INNOVATION IN THE MINING SECTOR.24 For daily news follow CMM on Facebook and X FEATURE Building the Copper Future: Why Labrador Matters and What’s Next for Viridian Metals By Tyrell Sutherland, CEO, Viridian Metals y fascination with rocks started early, but it was a beautiful piece of native copper, gifted to me at age six and pulled from Michigan’s Upper Peninsula, that truly stoked the flames. I still have it today. That gleaming fragment sparked a lasting curiosity about how something so raw could be found jutting straight out of the ground. Years later, deep underground at the LaRonde mine in Québec, I stood before entire faces of chalcopyrite (a copper sulfide), exposed in bright, metallic sheets along the drift. It wasn’t the scale or richness that stood out, it was the cutting- edge research and innovation happening onsite. LaRonde showed how mining can be carried out at depth, in a first-world jurisdiction, with both technical excellence and a commitment to doing things better. Those moments – one formative, one professional – continue to shape how I approach exploration, especially as we advance work in the Seal Basin, a rare and underexplored setting geologically linked to that same rift-driven copper story that first captured my imagination as a child. Two decades later, copper is no longer just a building block of old infrastructure: it is the bloodstream of the global energy transition. In a recent Bloomberg interview, BHP said demand for copper will require a $250 billion investment over the next decade and copper is set to rise by 70% to 100% by 2050. It also highlighted how new copper deposits, along with other critical minerals, are becoming harder to find. 1 We are already seeing the shift toward a more sustainable and electrified future with bigger artificial intelligence (AI) data centres emerging, secure power grids, rigid renewable energy systems, and the rise of electric vehicles. Copper lives at the centre of this global transition and has become one of the world’s most critical and contested resources. That realization is what led me to launch Viridian Metals: to help Canada meet this moment, with integrity, purpose, and an eye on what comes next. Canada is uniquely positioned to lead in the global race for critical minerals. Despite claims to the contrary, its vast northern regions remain largely under-explored for copper and other essential metals. But geology alone is not enough. What sets Canada apart is the combination of mineral wealth, a transparent regulatory framework, strong environmental governance, and growing geopolitical relevance. I believe Canada can play a leadership role in this transformation not only because we have the rocks, but because we can find and develop them better, safer, and cleaner than anywhere else. In a world where supply chains are under scrutiny and values matter, doing this work here empowers us to be stewards of human rights, environmental protection, and community well-being all while actively building the future. With the right investment in exploration, innovation, and strategic partnerships, Canada can deliver a sustainable and secure supply of the materials that power Massive sulfides from the Kraken Main Zone drilled using a newly designed Visit us online at www.CanadianMiningMagazine.com 25 electrification. At Viridian Metals, this is why we see Labrador as one of the most compelling frontiers in this effort: a region that holds untapped geological promise and aligns with our vision for responsible development in a shifting global landscape. At Viridian Metals, we are all-in on Labrador. It is already a strategic hub positioned at the intersection of critical global trade routes, with access to the Northwest Passage, Europe, and the eastern seaboard, and it has the potential to become even more integral to the future of resource development. The region boasts an immense clean energy endowment, supported by established infrastructure built specifically for hydroelectric power generation. Just as important is the major grassroots support across local communities, which strengthens the social license needed to responsibly advance mining and exploration. Nowhere is that promise more evident than in the Seal Basin; an entire, underexplored copper district with geological characteristics analogous to the Midcontinent Rift and Kalahari Copper belt, offering scale and grade in a jurisdiction defined by stability, clean energy, and strong local support. With a longstanding mining tradition and growing alignment between communities, governments, and industry, I believe Labrador has the potential to anchor Canada’s leadership in the critical minerals economy, not just through what’s in the ground, but in how we choose to develop it. When we first looked at the Sedna Project in central Labrador, what stood out was how underexplored the region remained. Labrador has long been known for its mineral wealth – from iron ore in the Labrador Trough to the world-class nickel- copper-cobalt Voisey’s Bay mine. But its copper systems remain largely untapped. The geology around Sedna is promising, with nuggets of native copper being traced to the area over 70 years ago. It’s a project with size and upside and which could play a pivotal role in the global critical minerals future. Our Sedna property spans more than 2,600-square-kilometres in a basin where we know only three things for certain: 1.Copper is present; 2.It is moving in the system; and 3.Similar basins globally host some of the largest highest grade copper mines. Exploration has only scratched the surface. Our 2025 field program is focused on building the foundational geological framework needed to guide future discovery. This season’s work emphasizes age-dating, isotopic analysis, and detailed geological characterization, which are all critical steps toward understanding how the Seal Basin fits within the global context of large-scale copper systems. While these techniques don’t often make headlines, they are essential to delivering a credible, data-driven roadmap for exploring a district of this scale. In June, our team was on the ground to launch the program –reinforcing not only the technical opportunity, but also the way we work: with purpose, accountability, and transparency. In August, we commenced drilling at Kraken, where our work to date has outlined a near-surface mineralized corridor extending over five kilometres, with mineralization bearing similarities to the Voisey’s Bay system. While the style is analogous, Kraken represents a potential bulk-tonnage, near-surface opportunity rather than a high-grade underground scenario. The mineralization is consistently expressed along the corridor and we believe there is strong potential for localized accumulations of higher-grade material within it. While we are taking a measured approach by focusing on known mineralization, the broader objective is clear: to vector toward copper-rich, highgrade pods within the system. Importantly, in systems like this, copper mineralization is often marginally offset from the main nickel zones – a pattern observed at projects like Power Metallics’s Lion Zone. This potential for offset copper mineralization has never low impact diamond drill rig. Photos courtesy of Gregory Langille, Geotech. Dr. Simon Jones a Senior Research Fellow at the SFI Research Centre in Applied Geosciences (iCRAG) and recognized authority on sediment-hosted copper systems taking structural measurements at Viridian’s Sedna Project.26 For daily news follow CMM on Facebook and X been systematically evaluated at Kraken. Part of our focus this season will be to test that hypothesis, particularly along structures where previous intercepts have returned grades exceeding 4% copper. This program is designed to simultaneously test zones with high-grade potential and begin building toward a maiden resource. At Viridian Metals, our strategy is clear. We aim to become a trusted, modern copper explorer that balances technical excellence with environmental stewardship and local partnerships. At Sedna, we are beginning a multi-year journey that starts with field exploration and will grow through disciplined development planning and community engagement. We are not just drilling holes; we are building a long-term foundation based on quality science and responsible practices. In our current phase, we are focused on detailed mapping and sampling to define drill targets. This foundational work is critical. It tells us where to go next, how to scale, and how to prioritize. It also gives us an opportunity to communicate transparently about what we’re seeing and learning. From a development perspective, we are planning with scale and sustainability in mind. That means thinking about infrastructure, environmental impacts, and carbon footprint from the earliest stages of exploration. We also understand the importance of working closely with local communities and Indigenous partners. Exploration only works when it creates shared value, and that requires early conversations, ongoing engagement, and respect. That approach is embedded in how we operate. Lauren DiPietro takes a structural measurement at an outcrop at Sedna.Visit us online at www.CanadianMiningMagazine.com 27 As Canada accelerates its critical minerals strategy, copper will be at the centre of the conversation. It is the backbone of civilization, and an essential part of the clean energy supply chain. Yet in Canada, copper is not always seen as “critical” in the same way as lithium or rare earths. That needs to change. Without copper, the rest doesn’t work. Labrador offers a chance to lead. It offers geology, governance, and green power potential in a single package. And it offers the opportunity to do it right and to build copper supply without compromising environmental or social values. At Viridian, we’re proud to be part of that opportunity. We are a Canadian company, building Canadian projects, for a global purpose. With copper entering a pivotal period, analysts forecast the demand to double by 2030. But supply remains slow. Why? Quality discoveries are difficult to find. That’s where junior companies like Viridian have a vital role to play. We can be nimble, efficient, and transparent in how we explore, how we communicate, and how we manage risk. Looking ahead, 2025 is a foundational year for us. At the same time, we are building our technical team, expanding our partnerships, and continuing to grow our visibility in the critical minerals space. There is still work to do. But the landscape is promising, the opportunity is real, and the time to act is now. It is time to develop a sustainable, reliable supply chain to meet growing demand. The world is moving toward a low- carbon future, and critical minerals are the building blocks. M TYRELL SUTHERLAND IS THE FOUNDER AND CEO OF VIRIDIAN METALS AND A PROFESSIONAL GEOLOGIST WITH OVER 15 YEARS OF EXPERIENCE ADVANCING EXPLORATION PROJECTS FROM EARLYSTAGE CONCEPTS THROUGH DISCOVERY TO THE DEVELOPMENT STAGE. HE HAS HELPED UNLOCK THE POTENTIAL OF NUMEROUS PROJECTS THROUGH TARGETED GEOSCIENCE, DISCIPLINED EXECUTION, AND STRATEGIC DECISION-MAKING, INCLUDING A PIVOTAL ROLE IN THE ACQUISITION AND INITIAL RESOURCE GROWTH OF THE PICKLE CROW MINE WITH AUTECO MINERALS.28 For daily news follow CMM on Facebook and X FEATURE Powering the Future: Canada’s Role in the Critical Minerals Race With expertise from Cody Ryckman, Innovation and Technology Lead for Stantec’s Mining, Minerals, and Metals team. Compiled by Paul Adair, Staff Writer. ritical minerals are the building blocks of tomorrow, and Canada is uniquely poised to play a strategic role supplying these essential materials that power electric vehicles, renewable energy systems, and high-tech industries around the world. Canadian Mining Magazine (CMM) recently had the opportunity to speak with Cody Ryckman, the Innovation and Technology Lead for Stantec’s Mining, Minerals, and Metals team. Cody also co-leads the Critical Minerals team at Stantec, so we welcomed his thoughts on market trends and how Canada is positioning itself to become a global powerhouse in the critical minerals space. Editor’s note: This interview has been edited for length and clarity. CMM: The demand for critical minerals is growing around the world. From your perspective at Stantec, what do you see driving that demand and how has that demand evolved over time? Ryckman: The global demand for critical minerals is very unlikely to subside any time soon. The world has an insatiable thirst for economic growth, and the prosperity of people is desirable worldwide. In addition to base-demand, there is also an increase in demand being driven by the stated desire of developed nations to accelerate the energy transition through the development and deployment of clean technologies This is especially true for energy generation and storage technologies, where minerals like lithium, nickel, copper, graphite, and rare earth elements are essential. However, what’s shifted recently has been geopolitical tensions and war, which has driven urgency in the desire to ensure that national and economic security interests are being addressed. These circumstances are driving demand for critical minerals even further. CMM: Given this expanding demand, what trends do you see on the horizon when it comes to Canada and its critical minerals resources? Ryckman: Coming out of the recent G7 Summit, which was hosted in my backyard of Kananaskis, Alberta, I was encouraged to see a strengthened desire to collaborate around shared national and economic security interests. It’s readily apparent that no individual country can be successful long- term without alignment and collaboration. Simply put, we’re better together. Visit us online at www.CanadianMiningMagazine.com 29 Given Canada’s position as a global leader in environmental, social, and governance (ESG) considerations, I’m sure we’ll play a prominent role in advancing action in the areas noted in a recent press release by the Prime Minister’s Office: building standards- based markets, mobilizing capital, investing in the development of public-private partnerships, and innovation. CMM: So, what are the advantages Canada has when it comes to supplying the critical minerals the world needs? Ryckman: Canada has many advantages on the world stage. First and foremost, we have a developed industry with world class mineral resource wealth, which means we are readily able to supply the world. We’re also effective at managing risk, with strong ESG credentials recognized globally. We have also an abundance of clean energy available to us, which is a key consideration when striving to establish low-carbon, sustainable, and resilient supply chains. And finally, we’re constantly innovating. While we always expect government to ‘move a little faster,’ Canadian governments at all levels are playing a very vital role in establishing and funding extensive research and development, investing in innovation hubs, and commercializing emerging technologies to keep Canada leading in the sector or – at the very least – abreast of the competition. All these advantages contribute to Canada being a global supplier of choice. CMM: What about when it comes to regulation, permitting, or opportunities? Is Canada currently a good jurisdiction in which to do business – and what needs to happen to become even better? Ryckman: Canada is currently a good jurisdiction. But there is always opportunity for improvement, and we should be aspiring to progress beyond the status quo. We often discuss the need for reform and improvement in terms of regulation, harmonizing community / stakeholder engagement, permitting, and enabling infrastructure. And those are all important and worthy endeavours. But what I would like to see is Canada capitalizing on a more vertically integrated value chain wherever it’s economically and technically feasible. From an economic and national interest perspective, we need to determine where we can, and where we should, invest domestically to remain a global leader or become one in a specific commodity or value chain. We should also be asking where we should invest abroad – friendshore or nearshore – with allied nations as part of our strategy instead of trying to compete with the export of domestically produced goods. CMM: What are the challenges Canada currently faces related to exploiting its critical mineral resources and / or getting them to market? Ryckman: Major challenges that come to mind are global competition creating uncertainty in some commodity markets; remote deposit locations requiring infrastructure investment by local, provincial, and / or federal governments in concert with investment decisions by the private sector; a lengthy and complex permitting process that requires reform; strategic technology gaps; and skilled labour shortages. I was recently in Washington, D.C. for Benchmark’s Giga+ event, and the prominent communal message was the role of the United State’s government in addressing uncertainty created through shifting policy, tax incentives, supply chain disruption, and global disadvantages driving commodity price instability. Notionally, the same can be said of the Canadian Government’s responsibility in our domestic market. CMM: Was there anything from the recent federal election here in Canada that caught your attention, related to critical minerals? The phrase ‘global critical minerals superpower’ was tossed around a lot during the campaign – is that something achievable for Canada? Ryckman: Well, we are certainly fortunate to be endowed with the natural resources and the know-how necessary to form the foundation of a ‘global critical minerals superpower’, so it’s accurate in concept and potential. CMM: Is it attainable though? Ryckman: I like to think so. If we move from election promises to action swiftly, and accelerate project timelines, it will instill new confidence in a weary market, and we’ll be on the right track to attract the investment required to make that phrase a reality. I’m looking forward to additional ‘nation- building projects’ announcements from the new Prime Minister and our provincial premiers that will directly or indirectly have positive impacts on the mining industry – and that we quickly get on with the building aspect. Next >