Canada’s mining sector, long a bellwether for the nation’s economic ambitions, is navigating a period of profound change in 2025. Volatile commodity prices, shifting trade regimes, and regulatory bottlenecks are forcing dealmakers, financiers, and legal advisers to rethink their strategies. In Lexpert’s 2025 Mining Special Edition, we spotlight the lawyers and firms at the forefront of these changes – those shaping the next chapter of Canadian mining law.
M&A: creativity amid uncertainty
This year began with optimism, but global volatility – especially tariffs and evolving trade dynamics – quickly tempered expectations. “In late 2024, most practitioners were cautiously optimistic. But persistent global volatility – particularly around tariffs and shifting trade dynamics – has led to a more muted picture than many expected,” says Steve Bennett, partner at Stikeman Elliott. Transactions are still happening, but “they’re taking longer. Buyers and sellers are being more methodical.” Creative deal structures – earn-outs, joint ventures, contingent payments – are now common as parties seek to bridge valuation gaps and share risk.
Gold is the standout, with record prices driving consolidation and new opportunities. “At gold prices surpassing US$3,000 per ounce, assets that wouldn’t have made sense a year ago are now attractive targets,” notes Andrew Mihalik of Davies Ward Phillips & Vineberg LLP. Yet, critical minerals remain subdued, hampered by flat prices and policy uncertainty.
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For others, the pace is brisk. “It’s been a very busy year from an M&A perspective, led by strategic consolidations among senior producers and fuelled by long-term macroeconomic and geopolitical trends,” says Andrew Disipio, head of mining at Bennett Jones LLP. Still, systemic hurdles remain: “The permitting process is long, capital costs are high, and the regulatory environment is complex.”
Critical minerals: promise and challenge
Canada’s critical minerals sector holds extraordinary promise, but realizing it requires more than geology. “We are closer to the beginning than the middle of this story as significant capital must be spent on exploration to prove the arguments for developing new mines,” says Sander Grieve, partner at Bennett Jones LLP. Infrastructure and regulatory certainty are persistent challenges. “Many projects are so remote that industry alone cannot bear the burden. They must have a partner helping with those costs, then you can see a pathway to building the necessary infrastructure for both the community and the economic development project.”
Legal clarity is crucial. “We’re told there’s going to be an express approval process – through the recently passed One Canadian Economy Act – but we don't know what that looks like yet, we don't have a project or process in place,” Grieve observes. Indigenous engagement is now foundational. “We have accelerated Indigenous engagement discussions,” says Greg McNab, partner and co-head of the Canadian mining group at Dentons Canada. “There’s a historic opportunity for communities to participate effectively.”
Uranium’s return
Uranium, once overshadowed, is now “being reframed as a clean, reliable, and strategically critical resource,” says Chris Langdon of McCarthy Tétrault LLP. Canada’s Athabasca Basin is world-class, and its regulatory regime is a global benchmark.
“The resource is there, but the legal landscape is equally important. Without clarity around permitting, consultation, and export controls, investors will hesitate,” adds Mahdi Shams of MLT Aikins LLP. The global market is splitting, says Jessica Kennedy of Bennett Jones: “On one side, supply chains run through Russia and Kazakhstan; on the other, Western buyers urgently seek to buy from stable, rule-of-law jurisdictions like Canada. That split is shaping transactions.”
The legal edge
Legal practitioners are no longer just facilitators – they are architects of Canada’s mining future. As Bennett puts it, “M&A in mining isn’t going away. It’s just evolving. Dealmakers are pragmatic – and if they see long-term value, they’ll find ways to get deals done.”
This special edition profiles the top-ranked lawyers and firms guiding clients through this era of disruption and opportunity – helping Canada’s mining sector adapt, innovate, and lead.