The mining industry sent a clear signal at this year’s PDAC in Toronto: After years of comparatively low attention, the world’s largest mining conference recorded a new attendance record. According to the organizers, 32,155 participants from around the world came to Canada—the highest number in the event’s 94-year history. The record turnout underscores that resources and mining are once again in sharper focus in an environment of strong metal prices, geopolitical tensions, and growing demand for critical minerals.
For four days, mining companies, investors, government representatives, representatives of indigenous communities, as well as young professionals and students met at the Metro Toronto Convention Centre. The focus was on networking appointments, financing and investment discussions, and an extensive conference program. PDAC President Karen Rees spoke of a “palpable energy” at the event. In her assessment, strong commodity markets and a growing understanding in politics and the public of how crucial minerals are for economic growth, electrification, defense, and modern technologies provided tailwinds.
PDAC Sets New Standards: Largest Exhibition and Full Halls
In addition to the record number of participants, PDAC also set new benchmarks for exhibition space. The accompanying trade show counted more than 1,300 exhibitors and was thus larger than ever before. For companies in exploration, development, production, and services, the trade show is traditionally a central platform for presenting projects, establishing contacts with capital providers, and initiating partnerships.
The fact that PDAC is taking place on this scale is regarded by many market observers as a sentiment barometer. In recent years, the mining industry has often been overshadowed by other sectors in the capital markets. The new record turnout is therefore understood as an indication that the topic of resources—from precious metals to base metals to critical materials—is being discussed more broadly again.
At the same time, some observers report an interesting contrast: Despite full halls and much activity, the actual market sentiment was not euphoric everywhere. Rather, conversations and panels showed that while some capital is flowing back into the sector, many generalists and retail investors remain hesitant.
Capital Is Flowing—But Many Investors Are Still Watching from the Sidelines
In a panel discussion at the conference, a portfolio manager said she had the impression that many investors are currently primarily gathering information before building larger positions in the sector. This assessment fits with another argument heard at PDAC: Because both mining stocks and broad equity indices have risen significantly over the past twelve months, some generalist investors fear entering “too late” and buying near the high.
The counterposition, held by many market professionals, is: The sector has already completed part of its recovery, but is not yet near a final stage. The multi-year weakness in mining—sometimes described as a bear market lasting over a decade—has left deep marks on portfolios. Even after strong price movements in individual metals, many investors’ capital allocation to mining stocks remains comparatively low.
“Underinvested” and “Wall of Worry”: Why Professionals Still See Room
This picture also fits the statement of a market commentator who emphasized at PDAC that while many investors may have missed the first major upward movement in gold, they will not necessarily miss the next one. Regardless of whether one shares this opinion, the statement reflects a widespread view: Gold and commodity markets can run in cycles, and even after strong increases, follow-on movements are possible—especially when market positioning is not yet fully built up.
Other commentators expect that it is only a matter of time before generalist investors return more strongly to the sector. They described the current situation as a classic “Wall of Worry”: The market is rising while skepticism and caution set the tone. In such phases, it often does not take much—such as another price surge in commodities or stronger inflows into commodity funds—to activate those who are hesitating.
The PDAC record numbers thus deliver two messages simultaneously: First, interest in resources and mining is visibly growing again, not least because governments and industry are increasingly emphasizing the strategic role of metals for the energy transition, infrastructure, and security. Second, investor psychology remains differentiated: While industry insiders, specialized funds, and companies are already more active, many broad investor groups are still waiting.
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