Mining Association of Canada | 2023 Report

The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 29 Over the longer term, metals prices have increased from recent lows. Figure 4 illustrates the strong growth in mineral prices from 2000 to 2007, the dramatic decline for most metals in late 2008, the rebound of prices through 2011, and the subsequent downward pressure on many minerals and metals during the early to mid-2010s. Recent years have shown a robust increase in these metals relative to the baseline. Demand for mineral and metal products is likely to increase over the medium to long-term at an accelerating rate. The transition to a lower carbon future will result in greater demand for battery minerals and metals, including copper, nickel, lithium and cobalt. Geopolitical tensions and their implications for supply-chains mean that there is increasing desire to keep inputs to critical manufacturing capabilities close to home. FINANCING Canada is the leading global centre for mining finance. The Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V) list 43% of the world’s publicly traded mining companies, which combined accounted for more mining equity capital raised ($44 billion, or 36% of the total raised worldwide over the past five years) than any other exchange20. -200 0 200 400 600 800 1000 1200 2001 2006 2011 2016 2021 2026 Uranium: 300% Copper: 481% Silver: 474% Gold: 567% Aluminum: 69% Nickel: 214% Zinc: 239% Percent Iron Ore: 1,139% Figure 4: Price Increase/ Decrease of Selected Metals Since 2001 (%)19 19 Markets Insider commodity prices for each metal except uranium, for example, Iron Ore. For Uranium, Cameco’s calculation of industry average prices. 20 Toronto Stock Exchange, TSX Venture Exchange. The MiG Report, December 2022.