Insights and opinion from the conference floor by Luke Derbyshire, Managing Director of SPOKE.

This year’s Prospectors and Developers Association of Canada (PDAC) 2025 conference in Toronto once again proved a major drawcard for the global mining sector, attracting nearly 30,000 delegates and more than 1,100 exhibitors.

Across packed exhibition halls and conference sessions, three dominant themes emerged:

  • Stronger political backing for tier-one jurisdictions like Australia and Canada is required to maintain competitiveness.
  • Increased exploration funding to support this race is urgently needed.
  • The race to secure critical minerals, essential for driving global electrification, is escalating.

From keynote speeches to informal discussions, the message was clear: governments must act decisively.

BHP CEO Mike Henry called on Australia and Canada in particular to strengthen their policy support or risk falling behind emerging markets offering aggressive incentives.

He forecast a 70% surge in global copper demand by mid-century, requiring US$250 billion in investment over the next decade. Investment for broader critical minerals is higher still, with demand requiring US$800 billion by 2040.

The paradox with this scale of investment is the fact that exploration budgets are shrinking.

S&P Global Director of Metals and Mining Research, Kevin Murphy, warned the industry’s increasing focus on mine-site work over greenfield exploration risks constraining future supply by limiting new discoveries.

Amid these calls for political and investment action was a strong sentiment echoing across the conference floor from delegates about the need for streamlined approvals, enhanced investment incentives, and greater project de-risking to strengthen supply chains amid intensifying geopolitical pressures.

The sentiment was further inflamed as the implementation of new US tariffs by President Donald Trump took centre stage during the four-day conference, sparking widespread criticism and raising concerns over potential disruptions to North American supply lines.

But the attitude within the Metro Toronto Convention Centre remained positive, particularly around the long-term outlook for lithium. Attending companies spoke of their focus on positioning for the next growth cycle ahead of an anticipated supply shortfall by 2030, with many viewing current price levels as a strategic window for acquisitions and project development.

Despite global market uncertainty, PDAC 2025 showcased a resilient and forward-looking mining sector, leaving no doubt the industry will continue to play a fundamental role in delivering a cleaner, more technologically advanced global economy.