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Gold & Silver Ore Mining in Canada Industry Data and Analysis
Gold and silver ore mining continues to thrive as production levels remain elevated, driven largely by Canada's significant gold deposits, which account for over 98.0% of revenue garnered from gold product sales. Early in the current period, in 2021 and 2022, industry returns fell from pandemic-era highs; during the pandemic, escalating gold prices attracted investor attention because of gold's unique properties as a countercyclical asset, offering a hedge against inflation and market volatility. As the economy recovered, investors began resuming interest in other asset classes but quickly switched back to gold as inflation surged. Even as inflation has cooled, generally rising economic uncertainty, particularly from a potentially escalating trade war, has continued to fuel rising gold prices. Gold and silver ore mining revenue has grown at an estimated CAGR of 1.0% to $18.0 billion through the end of 2025, including a 2.9% increase in 2025.
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What's included in this industry analysis
IBISWorld's research coverage on the Gold & Silver Ore Mining industry in Canada includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released January 2026.
About this industry
What's this industry report about?
The Gold & Silver Ore Mining industry in Canada operates under the NAICS industry code 21222CA. The Gold and Silver Ore Mining industry in Canada mines and prepares ores valued primarily for their gold or silver content. Some companies process ore into concentrate or bullion on-site, while others maintain refining facilities abroad. Companies in this industry can also store and delay the sale of their output to speculate commodity price fluctuations. Related terms covered in the Gold & Silver Ore Mining industry in Canada include concentrate, bullion, dore and troy ounce.
What's included in this industry?
Products and services covered in Gold & Silver Ore Mining industry in Canada include Gold ore, powder, concentrates and unwrought forms, Silver ore, powder, concentrates and unwrought forms and Other.
What companies are included in this industry?
Companies covered in the Gold & Silver Ore Mining industry in Canada include Agnico Eagle, Newmont and Barrick.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Gold & Silver Ore Mining industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Gold & Silver Ore Mining industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Gold & Silver Ore Mining industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Gold & Silver Ore Mining industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Gold & Silver Ore Mining industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Gold & Silver Ore Mining industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Gold & Silver Ore Mining industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Gold & Silver Ore Mining industry in Canada.
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Frequently Asked Questions
What is the market size of the Gold & Silver Ore Mining industry in Canada in 2026?
The market size of the Gold & Silver Ore Mining industry in Canada is $21.7bn in 2026.
How many businesses are there in the Gold & Silver Ore Mining industry in Canada in 2026?
There are 264 businesses in the Gold & Silver Ore Mining industry in Canada, which has grown at a CAGR of 5.4 % between 2021 and 2026.
How may import tariffs affect the Gold & Silver Ore Mining industry in Canada?
The Gold & Silver Ore Mining industry in Canada is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Gold & Silver Ore Mining industry in Canada?
The Gold & Silver Ore Mining industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Gold & Silver Ore Mining industry in Canada grown or declined over the past 5 years?
The market size of the Gold & Silver Ore Mining industry in Canada has been growing at a CAGR of 4.9 % between 2021 and 2026.
What is the forecast growth of the Gold & Silver Ore Mining industry in Canada over the next 5 years?
Over the next five years, the Gold & Silver Ore Mining industry in Canada is expected to grow.
What are the biggest companies in the Gold & Silver Ore Mining industry in Canada?
The biggest companies operating in the Gold & Silver Ore Mining industry in Canada are Agnico Eagle, Newmont and Barrick
What does the Gold & Silver Ore Mining industry in Canada include?
Gold ore mining and Silver ore mining are part of the Gold & Silver Ore Mining industry in Canada.
Which companies have the highest market share in the Gold & Silver Ore Mining industry in Canada?
The company holding the most market share in the Gold & Silver Ore Mining industry in Canada is Agnico Eagle.
How competitive is the Gold & Silver Ore Mining industry in Canada?
The level of competition is high and steady in the Gold & Silver Ore Mining industry in Canada.
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