Nevada has reclaimed the top ranking in the Fraser Institute’s 2025 Annual Survey of Mining Companies, released at the end of February.
The state now leads the Investment Attractiveness Index among 68 jurisdictions after finishing second the previous year.
Mining company executives give Nevada strong marks for its outstanding geology and supportive policies. The state posted a perfect 100 on the Policy Perception Index, thanks to low uncertainty around regulations, reasonable taxes, solid infrastructure and consistent governance.
Executives also placed Nevada fourth in best-practice mineral potential, citing its abundant gold, silver and critical mineral deposits.
Nevada Mining Association President Amanda Hilton discussed this topic on social media this week and voiced her enthusiasm for the latest survey results.
“Nevada has more than 100 operating mines producing more than 20 minerals today,” Hilton stated, highlighting that her organization is very proud of the results.
“The opportunity before us extends further,” she continued. “Tungsten, boron, and antimony, all on the federal critical minerals list, can be sourced from Nevada.”
Several junior developers in the state are currently pursuing these strategic minerals as they become increasingly imperative for national defence purposes. NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) and Military Metals Corp (CNSX: MILI) (OTCMKTS: MILIF) (FRA: QN90) are actively developing state antimony projects along with American Tungsten & Antimony Ltd (OTCMKTS: ATALF) (FRA: 4VZ).
Nevada has stayed inside the global top 10 for 11 consecutive surveys. This year’s result puts Nevada back in first place after a short stay at number two. Ontario and Saskatchewan follow close behind to complete the top three.
Ontario climbed sharply from 15th to second after the province rolled out new rules in October 2025 that cut mine approval times in half and boosted its appeal for critical minerals. Meanwhile, Saskatchewan moved up from seventh to third, driven by its exceptional uranium and potash resources along with steady policy support.
The Fraser Institute has run the Annual Survey of Mining Companies since 1997 as the premier benchmark for where exploration dollars flow. In the 2025 edition, 256 senior executives responded.
Their companies reported an aggregate US$4.2 billion in exploration spending.
Participants assessed each jurisdiction across 15 policy areas, such as permitting timelines, taxation levels, political stability and access to labour. The survey builds two main scores: one for perceived mineral potential and another for how friendly government policies feel to investors.
It then blends them into the final Investment Attractiveness Index by giving mineral potential 60 per cent weight and policy perception 40 per cent.
“The latest Fraser Institute Annual Survey of Mining Companies was just released, and the results confirm what we’ve known all along,” commented Made in America Gold Corp. CEO Justin Daley. “Nevada isn’t just a premier mining destination, it is the gold standard for investment.”
Read more: NevGold reports high-grade antimony-gold hits as Limo Butte resource estimate nears
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