Optimism Abounds at PDAC 2026 and Bennett Jones Panels

The mining industry convened at PDAC 2026 amid growing confidence that a new global commodities supercycle is emerging. Market fundamentals and mineral demand have aligned in a manner that may define this as the most consequential period for mining in a generation.

Members of Bennett Jones' mining team shared their insights across three panels held at the firm's Toronto office during this year's PDAC convention. The discussions addressed the opportunities and complexities of this evolving landscape—and what Canada must do to capitalize on the moment.

The following summarizes the key observations from each panel.

Have We Awoken a Sleeping Giant?

The Honourable John Baird and Sander Grieve KC assessed the current state of mining and critical minerals in Canada, along with the shifting global order shaping the industry. They observed a broad consensus that the previous status quo in Canadian mining was insufficient. A fundamental shift in perspective has occurred, and mining has clearly emerged as a strategic national priority. The next step is to translate this priority into expedited regulatory approvals.

This strategic importance of mining extends throughout the West. Meeting Western critical mineral policy objectives will require an estimated C$2 trillion in investment. The seriousness of the United States in advancing its critical minerals agenda should not be underestimated. The US Treasury is seeking to mobilize public capital while reducing reliance on private finance to secure supply chains and accelerate domestic capacity developments with direct implications for industry participants.

In Canada, one of the most significant public policy challenges is refining capacity. Between 85 and 100 percent of most critical minerals are refined in China. Until this gap is addressed, Canada will continue to export raw minerals only to repurchase them as refined products at a substantial premium. New battery plants in Canada require 19 new processing facilities to meet their needs, only three are currently in consideration for development. The opportunities are considerable.

Signs We Are in a Global Metals Supercycle

As the industry emerges from a 15-year bear market, James Clare and Abbas Ali Khan discussed the factors driving a renewed bull market and the forces behind this significant shift.

Timing is a key factor, with many principal drivers in mining and economics converging simultaneously. Geopolitical developments, currency fluctuations and surging demand are moving in tandem and generating new momentum. Uncertainty has become embedded in the system and is now a consistent feature of decision-making.

The pace of developments is also unprecedented. Market dynamics are accelerating, from price movements to deal timelines. Retail investors are contributing to recent volatility in metal prices, adding an unpredictable dimension to the market.

Gold and silver have attracted considerable global attention, and a convergence of factors is shaping conditions in the copper market. The metal is facing supply constraints as ore grades have declined and new discoveries have slowed. AI data centres, technological advancement and the energy transition are generating significant demand for copper. Demand may soon outstrip supply, prompting questions about potential alternatives to the metal.

Pass Or Fail: Regulatory Reform in Canada

Linda Misetich Dann moderated a panel with Martin Ignasiak KC and Gatlin Smeijers on Canada's efforts to accelerate the development of major projects. Central to these efforts is Bill C-5, the Building Canada Act, which was enacted in June 2025. A primary objective is to reduce federal approval timelines from five years to two—a transformational change.

Bill C-5 also seeks to eliminate the layering of policies and processes that characterised the previous federal administration. The legislation's new national interest test and the establishment of the Major Projects Office represent tangible developments. The metrics for success in approvals are now clearly defined: speed, certainty and delivery.

What tactical considerations should mining industry decision-makers weigh when evaluating investment opportunities? Consultation with Indigenous communities is paramount. Early, substantive relationships are essential, and mining companies have been leading in this area for years. Equally important is early attention to other aspects of a project. Proponents should develop a comprehensive roadmap addressing environmental considerations, data collection and analysis. Early planning also reduces a project's legal risk.

Bennett Jones Mining Team

Bennett Jones is a premier Canadian business law firm with industry-leading expertise in mining. To discuss mining investment, project and M&A opportunities in Canada, please contact one of the authors.