Gold and silver mining companies raised more than $6.2 billion in equity financing last year, marking the highest annual total in more than a decade, as rising metal prices reopened capital markets—particularly for smaller producers seeking to accelerate mine development.
According to Bloomberg data, miners listed on U.S. and Canadian exchanges raised the bulk of the funds through share offerings, pushing sectorwide capital raising to its highest level in 12 years.
The surge was driven primarily by mid- and small-cap companies. Hemlo Mining Corp. led the group, raising approximately $489 million. Perpetua Resources Corp. followed with about $374 million, while NovaGold Resources Inc. raised roughly $206 million.
Company executives say the additional capital will be used to advance mine development projects that had previously been delayed. With equity valuations elevated amid a rally in precious metals, many miners moved to secure funding while market conditions remained favorable.
“Smaller miners are taking advantage of stronger share prices to raise as much capital as possible,” said Brooke Tagliari, an analyst at Global X Investments Canada. “That trend is likely to continue as long as access to capital markets stays open.”
By contrast, major mining companies largely stayed on the sidelines despite record-high share prices. Industry leaders such as Newmont, Barrick Mining and Agnico Eagle Mines did not pursue equity offerings last year. Instead, they deployed cash toward share buybacks, prioritizing shareholder returns and balance-sheet discipline.
The divergence highlights a growing split within the sector. Junior and mid-tier miners are focused on growth and project execution, while larger producers emphasize capital efficiency and financial resilience after years of commodity-price volatility.
Renewed investor interest in mining equities has been fueled by gold and silver’s role as inflation hedges and expectations of looser monetary policy. Whether the latest wave of capital raising translates into meaningful new production remains uncertain, but for now, miners of different sizes appear to be following distinctly different playbooks.
