PDAC 2024 Annual Report by PDAC

ANNUAL REPORT 2024

A YEAR OF ADVANCEMENTS & ADVOCACY FROM THE LEADING VOICE OF THE MINERAL EXPLORATION AND DEVELOPMENT COMMUNITY

ANNUAL REPORT 2024

The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community. With over 8,000 members around the world, PDAC’s work centres on supporting a competitive, responsible mineral sector. PDAC is known worldwide for its annual PDAC Convention – the premier international event for the industry –that has attracted nearly 27,000 people from 138 countries in recent years.

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PDAC remains at the forefront of advancing the mineral exploration industry with the introduction of innovative tools and resources.

- Raymond Goldie PDAC President

MESSAGE FROM THE PRESIDENT

This year has been a period of significant progress for PDAC, marked by key achievements in advancing our mission as the voice of mineral exploration and development in Canada.

By collaborating with our members, stakeholders, and partners, we have concentrated on securing access to the essential resources—land, capital, and skills—that are critical for responsible mineral discovery and development. Our efforts are reflected in key milestones, including surpassing 8,000 members, strong participation at PDAC 2024, successful government advocacy, and the launch of our redesigned website. These milestones highlight our commitment to advancing our members’ interests and ensuring the sustainable growth of Canada’s mineral sector. Looking ahead, we remain focused on supporting the next generation of professionals, advocating for policies that enhance industry stability, and fostering long-term sector growth.

The PDAC 2024 Convention in March was a resounding success, drawing 26,926 attendees from 138 countries. The event featured 1,546 booths, 1,105 exhibitors, and 693 presenters, showcasing the global reach and industry excellence that define the convention. This growth underscores its status as the world’s premier mineral exploration and mining event, providing an invaluable platform for industry leaders, government representatives, and stakeholders to engage. I am proud to see the Convention continue fostering collaboration and driving the growth and competitiveness of Canada’s mineral sector.

At the end of March, PDAC welcomed the federal government’s decision to extend the Mineral

Exploration Tax Credit (METC), a vital incentive for attracting investment to Canada’s mineral sector. However, the one-year extension fell short of the stability needed as our capacity to discover and develop new deposits—and connect them to global supply chains— weakens. The METC, proven to generate billions in economic activity without direct public cost, remains a cornerstone of our competitiveness. With the METC set to expire this spring, PDAC is calling on the government to commit to a long-term renewal, safeguarding the Canadian mineral industry’s ability to attract investment, drive new discoveries and create enduring economic opportunities across the nation.

Throughout the year, PDAC maintained a strong focus on supporting students and early-career professionals, reaffirming our commitment to fostering the next generation of talent. PDAC 2024 marked the second year of the Dr. Donald M. Leishman Convention Experience, which offers select students an all-expensespaid opportunity to attend the Convention, including accommodations, ticketed events, sessions, programs, and networking opportunities. Building on this, we introduced two new initiatives in 2024: the FreeportMcMoRan Student Accommodation Funding and a Convention Travel Fund to assist students planning to attend PDAC 2025. We also celebrated the 15th anniversary of the highly regarded Student-Industry Mineral Exploration Workshop (S-IMEW), further showcasing our dedication to opening doors for aspiring professionals and supporting their entry into the industry.

PDAC remains at the forefront of advancing the mineral exploration industry with the introduction of innovative tools and resources. In early 2024, we launched the online Greenhouse Gas (GHG) Calculator, a free, interactive tool designed to help exploration companies estimate direct CO2 emissions from their projects. This tool complements the redevelopment of our e3 Plus program, now rebranded as Driving Responsible Exploration (DRE). DRE’s updated toolkits and digital resources offer enhanced, accessible guidance for companies to improve their health and safety, environmental stewardship, and social responsibility practices.

In the fall of 2024, we proudly launched the new pdac.ca, a completely redesigned website. This extensive overhaul focused on improving navigation, enhancing accessibility, and delivering a seamless, consistent experience for our members and global audience. The result is a modular, user-friendly platform optimized for all devices, offering

easy access to the latest information, news, and programs relevant to the mineral exploration community.

Building on our commitment to knowledge sharing and advocacy, PDAC staff and representatives actively participated in speaking engagements and events to represent our members and the broader mineral exploration industry. Across Canada and internationally, they delivered presentations and contributed to roundtable discussions on key topics such as geoscience, finance, sustainability, and more. A highlight of the year was my keynote presentation at the 2024 Fennoscandia Exploration and Mining (FEM) conference in Finland, Europe’s largest mining industry event. Looking ahead, PDAC remains focused on engaging with national and international mining jurisdictions, strengthening our advocacy efforts, and ensuring our members’ voices are heard at events and conferences around the world.

Looking ahead, I am excited for PDAC’s board elections in March, which will take place during the Annual General Meeting (AGM) at the Convention. Our volunteer Board brings invaluable industry expertise and helps shape the policies and programs that support our members and the sector. This AGM will also mark my final one as PDAC President, as my two-year term comes to an end. It has been an incredible privilege to serve in this role, and I look forward to continuing to contribute to our industry’s growth as a member of several PDAC committees.

It will be a great honour to welcome our incoming president, Karen Rees, who brings over 30 years of industry experience to the position. Karen currently serves as PDAC’s First Vice President and is an active member of several committees and working groups, including Executive, Governance and Nominating, Human Resource Development, and S-IMEW.

With so many exciting developments on the horizon, PDAC remains steadfast in its mission to serve our members, stakeholders, and communities as the leading voice of the mineral exploration and mining industry.

INDUSTRY SUPPORT

PDAC advocates on behalf of its members and the mineral exploration community on every facet affecting the industry.

This includes finance, government relations, human rights and relations, and the available tools and technologies that can make our sector more efficient, equitable and sustainable. The following pages are a summary of a few key elements the association has been engaged with throughout the past year.

FINANCE

In late March, 2024, the Government of Canada announced an extension to the Mineral Exploration Tax Credit (METC) that would be in effect until March 31, 2025. While the one-year extension fell short of PDAC’s advocacy to renew this important incentive for at least five years, it still represented “a positive step in bolstering investment into early-stage mineral exploration in Canada,” said Lisa McDonald, PDAC Executive Director.

Introduced in 2000, the METC has been vital for mineral exploration throughout the country –securing billions in equity financing , generating employment, bolstering remote and Indigenous communities, and paving the way for major discoveries that fuel Canada’s larger mining ecosystem. PDAC is urgently calling on all members of Parliament to renew the METC.

PDAC is also calling on the federal government to strengthen and modernize the flow-through share (FTS) regime. In particular, PDAC calls for an expansion of this regime to cover the assessment work required to establish mineral reserves and make mine development decisions, and PDAC proposes fixing the “phantom gain” issue by adjusting the capital gains tax treatment to reflect the issue price of the security

versus the current nil cost base approach. This proposal is aimed at expanding the FTS investor base.

As well, despite the expected rise in the longterm value of the minerals needed for the energy transition, the prices of most industrial metals actually fell during 2024. However, there was a strong rise in the value of precious metals like gold and silver, with gold reaching a series of new alltime highs throughout the year.

Exploration expenditures for precious metals continued to decline last year while investment in critical minerals headed in the opposite direction. This uptick in critical mineral activity underscores the crucial role our government has in maintaining the current incentives and other support programs related to exploration activity.

PDAC will continue engaging with the federal government to strengthen financial policies that foster successful projects and opportunities. The association is dedicated to advocating on behalf of its members for a swift renewal of the METC, improvements to the FTS program, as well as the implementation of the Clean Tech Manufacturing Investment Tax Credit.

INDUSTRY SUPPORT

SPEAKING ENGAGEMENTS & OUTREACH

PDAC places strategic importance on building relationships with mining jurisdictions both in Canada and overseas, ensuring strong advocacy for the industry and its members. Each year, PDAC’s staff, specialists, and president participate in speaking engagements, host member events and contribute to community-led programs.

From coast to coast to coast in Canada, as well as abroad, PDAC representatives deliver presentations and take part in roundtable discussions on a broad range of topics – spanning geoscience, finance, sustainability, and more—underscoring the association’s commitment to knowledge sharing and collaboration.

In 2024, PDAC attended the Quebec Mineral Exploration Association’s (QMEA) “Xplor” convention in Montreal, Que., Newfoundland & Labrador’s Mineral Resources Review 2024 in St. John’s, N.L., the 2024 Forward Summit East in Orillia, Ontario, the 13th Annual Energy and Mines Toronto Summit and Export Development Canada’s (EDC) Critical Minerals Roundtable Discussion in Toronto, Ont., the Saskatchewan Geological Open House in Saskatoon, British Columbia’s Association for Mineral Exploration (AME)’s Roundup 2024, the Ontario Prospectors Exploration Showcase (OPES) in Thunder Bay, and more.

We are looking forward to speaking at more conferences in the coming year – including hosting more networking and member-driven events – because e ngaging directly with members allows PDAC to better understand and address their needs, which ensures the association’s initiatives align with our members’ goals.

TOOLS & TECHNOLOGIES

As the leading voice of Canada’s mineral exploration and development sector, PDAC is dedicated to providing the most relevant and up-to-date information to our over 8,000 members, and the industry. Over the past year, PDAC has focused on enhancing the accessibility and visibility of its content, programs, and policies through the development of a new website that reflects the industry’s growth and dynamic future.

On November 4, 2024, PDAC launched its redesigned website, providing a modular, user-friendly experience that is optimized for all devices and applications. This major upgrade, which began in 2023, also features streamlined navigation, a convenient member login portal, as well as a modern, cohesive design through every page

The enhanced online platform was made possible by the dedication of the association’s staff and vendor partner, delivering a better experience for our members and millions of website visitors around the world.

In 2024, PDAC also launched the online Greenhouse Gas (GHG) Emissions Calculator. This free, interactive tool is designed to help mineral exploration companies estimate the total direct CO2 emissions related to their exploration projects.

The online calculator was also produced in parallel with the redevelopment of our e3 Plus program, now branded as Driving Responsible Exploration (DRE). First launched in 2003, the updating and redeployment of DRE’s 20-year-old toolkits and digital collateral was led by the association’s Policy and Communications teams, who worked collaboratively with committees and a working group over a two-year period

The result was a more accessible set of guides for mineral exploration and mining development companies to apply to their health and safety, environmental stewardship and social responsibility practices. The three updated toolkits are available for free on PDAC’s websit e. The new DRE program materials were launched at PDAC 2024.

Read more about PDAC’s GHG Emissions Calculator and the DRE program updates on the next page.

DRIVING RESPONSIBLE EXPLORATION

20 YEARS AGO PDAC PRODUCED A SERIES OF FREE, DETAILED, PRACTICAL, COMPREHENSIVE AND INTERNATIONALLY ACCEPTED BEST PRACTICES FOR ENHANCING PERFORMANCE IN MINERAL EXPLORATION. AFTER TWO DECADES, IT WAS TIME FOR AN UPGRADE.

On the 20-year anniversary of the Environmental Excellence in Exploration (E3) program, PDAC looked at how this comprehensive set of guidelines could be made more accessible to ensure the long-term sustainability of the mining industry.

Beginning in 2022, PDAC’s Sustainability committee – previously known as the Corporate Social Responsibility (CSR) committee – formed a working group which, in collaboration with the association’s Policy and Communications teams, spent two years analyzing, improving, and rebranding the three toolkits associated with the e3 Plus program.

The original purpose of the program – which remains true – was to provide a series of free, detailed, practical, comprehensive and internationally accepted best practices for enhancing performance in mineral exploration – not just for PDAC members, but for all organizations, communities and stakeholders involved with the industry.

E3 was first introduced two decades ago when national and international mining companies recognized the need to enhance environmental practices during exploration. As the mineral exploration and mining development sector is a global community, it is vital to encourage everyone to elevate their activities to achieve better outcomes. By embracing best practices, companies have gained better access to exploration lands, forged stronger partnerships

with local communities, and improved health and safety throughout all phases of exploration and development.

Listening to its members’ concerns about improving operational behaviour and practices, PDAC published its first e-manual – Environmental Excellence in Exploration (E3) – in 2003 as a 212page online resource. Compiled and edited from contributions by volunteer companies, government agencies, and individuals, it emphasized two key principles for best environmental practices in exploration: prevention and reclamation.

Then, in March, 2008, PDAC’s CSR committee initiated a consultation process to expand E3, specifically into the areas of social responsibility and health and safety. The following year, “e3 Plus: a Framework for Responsible Exploration” was launched, comprising of a set of Principles and Guidance Notes and the three popular toolkits: Environmental Stewardship , Social Responsibility, and Health and Safety

These three toolkits are designed to provide guidelines on current professional practices, and form the basis for individuals and companies to create their own detailed policies. The information in each toolkit has been drawn from real-life case studies, active company files and reports, and other industry sources. They also contain high-level discussions and recommendations for responsible community engagement. In whole, the toolkits are measured and practical resources to help elevate exploration activities anywhere in the world.

In 2022 – 14 years after the launch of the full e3 Plus program, and on the twentieth anniversary of the original E3 manual – PDAC’s Sustainability Committee began the work of redeveloping the program to update the three toolkits, as well as to pursue a holistic rebranding to bring all collateral associated with e3 Plus under one banner. This includes not just the toolkits and other E3 manuals, but also the Gender, Diversity and Inclusion guide, the Caribou Management Strategies and more.

The goal of the rebranding effort was to ensure that the new name reflects the scope and application

of these important resources for our members, stakeholders and industry partners. With this, e3 Plus was named Driving Responsible Exploration (DRE) with the tagline “ Guidelines for Exploration in the Minerals Industry.”

PDAC recognized the need for its DRE program to align with evolving technologies and accessibility standards. Based in Ontario, PDAC updated its digital toolkits to meet current Accessibility for Ontarians with Disabilities Act (AODA) guidelines, particularly the “information and communication” requirement. This involved revising layouts, fonts, colours, and imagery to comply with Web Content Accessibility Guidelines (WCAG) 2.0, ensuring the toolkits are accessible for users with visual impairments and that they are compatible with assistive reading devices.

Because the original e3 Plus toolkits predated AODA guidelines, they were completely reconstructed. This process also allowed the team to review and update any outdated terminology or definitions, ensuring the new DRE toolkits remain current and inclusive.

In order to see these important resources used effectively, and as far-reaching as possible, the association launched the updated DRE program toolkits at PDAC 2024 – which saw tens of thousands of attendees from over 135 countries.

PDAC was proud to release the new DRE branding and toolkits in March, 2024, which offered more efficient and updated guidelines for organizations to elevate their exploration performance. Outside of the industry, PDAC has been marketing the free e-toolkits on all available media and digital platforms world-wide, with the goal of fostering elevated performance from the global mineral exploration and mining development community in the key areas of environmental stewardship, social responsibility, and health and safety.

Moving into 2025, PDAC will begin a second phase of updating these popular toolkits. This new phase will see additional components inserted into the manuals to cover even more timely and emerging priorities and practices for the industry.

In

addition to supporting the next generation of skilled and diverse mineral exploration community members, PDAC also continuously strives to bring new tools and improved methodologies to the industry.

Also in 2024 we launched the online Greenhouse Gas (GHG) Emissions Calculator. This free, interactive tool is designed to help mineral exploration companies estimate the total direct CO2 emissions related to their exploration projects.

This helps organizations understand the impacts of the carbon footprint, and how federal carbon policies can affect their operations. The GHG Emissions Calculator web-page provides links and digestible video tutorials to introduce juniors to carbon counting with comprehensive information on the Canadian government’s emissions reporting threshold, variables influencing energy use during the exploration phase of a project, and with case studies from both remote and non-remote drill sites provided by Avalon Advanced Materials – a Canadian company focused on critical metals and minerals.

The GHG Emissions Calculator itself and the updated DRE toolkits are now found in a streamlined section of PDAC’s new website titled Driving Responsible Exploration. This new top-level category provides a more accessible venue for our members and all online visitors to find mineral exploration policies and programs that they can use to improve their health and safety, environmental stewardship and social responsibility practices.

PDAC was the first industry association globally to develop detailed guidance for responsible exploration. Updating our website to highlight sustainability and responsible practices reflects

our commitment to raising performance for members and the broader exploration community. While DRE – and other PDAC policies and programs – are designed to be flexible and scalable, encouraging explorers and mining development companies to go beyond the minimum legal requirements is a practice that we proudly advocate for. The association’s strategic objectives include building a more responsible and sustainable sector.

This is underpinned in the key principles that DRE is founded on (found in the Principles and Guidance Notes that can be downloaded online) that include ethical business practices, respect for human rights, due diligence and project risk assessments, engagement with host communities, contributing to social wellbeing, environmental projection and the safety of all workers and populations.

PDAC was proud to release the new DRE branding and toolkits in March, 2024, which offered more efficient and updated guidelines for organizations to elevate their exploration performance.

Held between March 3-6, 2024, the association’s annual event once again featured the best business, investment and networking opportunities in the mineral exploration and mining industry.

PDAC 2024

PDAC’s Convention covered over 600,000 square feet of the Metro Toronto Convention Centre, welcoming tens of thousands of attendees from across the globe.

Arriving from 138 countries, attendees included investors, miners, geoscientists, community leaders, students, government officials and more. The award-winning event delivered industry-leading presenters and programming, exhibits and special events, as well as government representatives who continue to use the annual showcase as a platform for important announcements. “ PDAC 2024 carried forward the Convention’s 92-year legacy, serving as the premier venue for unveiling new trends, technological innovations, and industry discussions ,” said Raymond Goldie, PDAC’s President.

Highlights from the 2024 Convention include:

• The convention hosted more than 1,100 exhibitors, continuing to be the premier venue for showcasing new technology, connecting with mining jurisdictions, and serving as a hub for exploration, development, and mining companies.

• Extensive programming featuring topics that focussed on capital markets, Indigenous relations , sustainability, industry trends and technical research, plus student and early career development.

• Keynote presenters included Rio Tinto’s Jakob Stausholm, The World Bank’s Michael Stanley, Caterpillar Inc.’s Denise Johnson, and Wojtek Wodzicki from the Lundin Group’s Vicuña Exploration Team.

• A new Investment Hub on the Investors Exchange floor was created to host the popular Corporate Presentation Forum for Investors and Investment Leaders Forum programs, giving attendees enhanced investment opportunities.

• The Convention provided a venue for dialogue between industry and government. PDAC’s leadership seized the opportunity to underscore the important role public policy has in supporting the competitiveness of Canada’s mineral sector.

• Five of the industry’s top performers were honoured at the prestigious PDAC 2024 Awards Gala & Nite Cap, held at Toronto’s Fairmont Royal York Hotel.

PDAC 2024 CONVENTION STATISTICS

OVERALL

26,926 ATTENDEES

33.3% INTERNATIONAL ATTENDEES

138 COUNTRIES REPRESENTED

Outside of Canada the largest number of attendees came from the United States, Australia, United Kingdom, Brazil, Peru, Chile, Argentina, Mexico, Mongolia, Germany, Turkey and Kazakhstan.

1,115 STUDENT ATTENDEES

366 ACCREDITED MEDIA

35 SPONSORS

EXHIBITS

TRADE SHOW

1,054 TRADE SHOW BOOTHS

599 EXHIBITING ORGANIZATIONS

73 GOVERNMENT EXHIBITORS

INVESTORS EXCHANGE

492 INVESTORS EXCHANGE BOOTHS

446 EXHIBITING ORGANIZATIONS

CORE SHACK

40 CORE SHACK EXHIBITORS

PROSPECTORS TENT

20 PROSPECTORS TENT EXHIBITORS

PROGRAMMING

693 PRESENTERS

167 SESSIONS

10 SHORT COURSES

PUBLICATIONS STUDIES, & REPORTS

IN 2024, PDAC PRODUCED & PUBLISHED SEVERAL IMPORTANT RESOURCES & REPORTS TO KEEP OUR MEMBERS – AND THE INDUSTRY –INFORMED AND ENGAGED.

Released throughout the year, these publications provided finance and capital markets analysis, labour market insights, and timely reporting on events and developments in mineral exploration.

Mineral Finance 2024: Ups and Downs Abound presented key developments with

metal prices, financing and mineral exploration activity nationally and internationally.

PDAC’s Mineral Finance 2024 report offers a comprehensive look at metal prices, financing trends, and exploration activity in Canada and worldwide. Published online, this annual analysis examines key financial developments across 2023 and the first half of 2024, highlighting how macroeconomic conditions affect mineral exploration and mining investment.

Drawing on data from S&P Global Market Intelligence, TMX Group, Natural Resources Canada (NRCan) and Statista, the report details notable fluctuations in metal prices, alongside reduced capital availability for exploration. Although global economic uncertainty and recession fears persist, governments continue to encourage exploration for critical minerals to support the energy transition— helping sustain overall levels of activity.

For the first time since 2015, precious metals exploration in Canada dropped below 50% of total exploration spending, underscoring a growing interest in battery materials and other critical minerals. Still, more than $2 billion went into gold exploration in 2023 – double the amount recorded a decade earlier – allowing Canada to retain its status as the world’s most active mineral exploration jurisdiction.

Ultimately, Mineral Finance 2024 underscores Canada’s evolving exploration landscape and the influence of government incentives. It also reaffirms the importance of traditional metals – especially gold – in maintaining a robust exploration and development ecosystem.

The 2023 Canadian Mineral Exploration HR Outlook provides essential labour market insights, and forms the basis for a comprehensive strategy to tackle human resource challenges in the exploration sector.

Jointly developed by PDAC and the Mining Industry Human Resources Council (MiHR), this research initiative evaluates various factors affecting labour supply and demand in mineral exploration, as well as identifying immediate and long-term workforce challenges and opportunities.

This is the third HR Outlook report the association has produced with MiHR (previous reports were published in 2017 and 2020) including the design of the survey questionnaire and its promotion through various channels. The Outlook consists of two parts: an overview of the latest relevant statistics describing the exploration sector, and a survey of stakeholders regarding their perspectives on mineral exploration careers.

One of the key findings of the report showed that most career seekers in mineral exploration do not have exposure to the sector until their post-secondary studies, or after graduating. This limits the reach of recruiters, who are challenged to attract new talent within several occupations that are critical to the sector, including geologists and geological technicians, metallurgical engineers, drillers, sustainability and environmental conservationists, community and stakeholder practitioners and more.

“Seeing as mineral exploration is not covered by Statistics Canada’s industry definitions and therefore lacks dedicated labour market information, the Canadian Mineral Exploration HR Outlook 2023 report addresses this information gap and helps exploration sector stakeholders identify and mitigate labour market challenges,” said Ryan Montpellier, Executive Director of MiHR.

In

June, 2024, CORE Magazine received two PRNEWS Nonprofit Awards for “Best Annual Publication/Brochure”, and “Best External Publication/Report” for its fall 2022 issue .

Winter 2024 Issue

Published on February 14 to 35,408 subscribers, this issue included the topical “PDAC in the News” section, a profile on the upcoming 2024 PDAC Award recipients, programming and information for the PDAC 2024 Convention, a feature on PDAC’s rebranded Driving Responsible Exploration (DRE) program, highlights from the Mineral Exploration HR Outlook report, a summary and analysis of the 2023 financial markets, and the now-popular This Month in History segment. Primarily distributed digitally, the winter issue of CORE also had printed copies made available at the annual convention in Toronto. This issue received 96,609 impressions, which is a 93.57 per cent increase over the winter 2023 issue, which had received 49,910 impressions.

Summer 2024 Issue

Published on July 18 and sent to 39,222 subscribers, the summer issue’s articles covered PDAC in the News, highlights, stats and photos from the 2024 Convention, an in-depth look at Canada’s critical minerals resources vs reserves and This Month in History This issue received a click rate of 7.85 per cent – almost triple the industry average, and the highest click rate for a summer issue in the last three years.

Fall 202 4 Issue

Published on November 21 and sent to 38,984 subscribers, this 52-page issue was one of the largest magazines PDAC has produced. Its content featured PDAC in the News, an examination of initiatives to help drive Indigenous inclusion in the industry, a look ahead at PDAC 2025, a recap of S-IMEW 2024, an exclusive interview with the year’s Mary-Claire Ward Geoscience Award recipient, This Month in History, and a showcase of the four finalists from PDAC’s 2024 member photo contest This issue received an open rate of 40.59 per cent, which is one of the highest levels recorded for a PDAC publication.

PDAC’S COMMITTEE ACTIVITIES

Throughout the year, our committees meet to address industry challenges and priorities, developing policies and programs to help our members secure the land, capital, and skills needed to responsibly discover and develop minerals and metals.

PDAC’s committees are made of many volunteers, who guide the association with their industry experience and expertise.

PDAC believes that mineral exploration and development has always had the potential to make social and economic improvements within the communities where the industry operates. This is why equity, diversity, and inclusion (EDI) are strategic priorities for PDAC, and are at the core of our mandate and values.

EDI is reflected in our priorities as an association, and an important topic for our volunteer committees to incorporate into the association’s policies and programs.

The following pages are highlights of the activities, goals and accomplishments from PDAC’s committees for the 2024 calendar year.

| AWARDS

The committee had the privilege of celebrating the remarkable achievements of the 2024 PDAC Award recipients at the annual Awards Gala & Nite Cap, held on March 5, 2024, at the Fairmont Royal York Hotel in Toronto. This prestigious event brought together industry leaders to honour the recipients for their outstanding contributions to the mineral exploration and mining industry.

Their stories were prominently featured in the winter 2024 issue of CORE magazine, and also highlighted in The Globe and Mail’s “Investing in Mining Report.” In addition, award videos showcasing their accomplishments were launched on the PDAC website and YouTube channel, ensuring that their impact reaches a wider audience.

The committee also took pride in the induction of its nominees William Roscoe and John Postle into the Canadian Mining Hall of Fame (CMHF), alongside David Bell, Ross Lawrence, and Eric Sprott. Their inclusion was announced in September 2023, with the formal ceremony taking place on Jan. 11, 2024, at the Metro Toronto Convention Centre. This recognition underscores their lasting legacy and influence on the mining sector.

As the committee looks forward to 2025, preparations are underway for the next Awards Gala & Nite Cap, scheduled for March 4, 2025, at the Fairmont Royal York Hotel. The 2025 PDAC Awards will celebrate the exceptional achievements of the Canadian Malartic Exploration Team for the Bill Dennis Award, David Kritterdlik for the Skookum Jim Award, Teck Resources and UN Women –Originarias Program for the Sustainability Award, the Onto Discovery Team for the Thayer Lindsley Award, and John Robins for the Viola R. MacMillan Award.

The committee is eager to recognize these individuals and teams for their contributions, which continue to shape the future of the global mineral exploration and mining industry.

| CONVENTION PLANNING

PDAC 2024, held in March, was highly successful, seeing 26,929 attendees from 138 countries. Following the event, the committee spent the remainder of the year planning

for PDAC 2025. The goals for the next year’s event were to look beyond committee connections and bring more global topics, and to ensure content is topical and in close alignment with what the industry is currently focused on. The committee’s goals also included having a high quality agenda of programming that is attractive to attendees and drives attendance, as well as providing content that is as helpful as possible for the industry from an educational, discourse, and investment perspective.

The committee also continued to make representation of diverse ideas and people a priority for convention sessions, with an increased focus on ensuring that their contributions, presence, and perspectives are valued and integrated meaningfully into event programming for 2025.

Seven of the 14 technical program sessions for 2025 are supported by guest chairs who were included specifically to broaden the reach of our speaker contacts, and deepen our industry knowledge when building sessions. While sessions often include guest chairs, 2025 represents the highest number of noncommittee member chairs. And with its ear to the ground and an industry in transition, the committee is presenting a diverse technical program that speaks to key issues facing the sector: uncertainty and risk, new disruptive technologies, and critical minerals and commodity trends that are shaping the mining community, and the world.

Following the 2025 Convention in March, the committee will be analyzing data and feedback from the event and incorporate the findings while planning for PDAC 2026. With this, the committee plans to continue to improve how the needs and interests of attendees – and the mineral exploration and mining development community – are reflected in Convention programming. This includes placing a priority on growing representation from previously less prominent members of the sector.

| FINANCE & TAXATION

A priority for this committee in 2024 was to address the escalating access-to-capital challenges our members have been facing this year.

Among many factors, a proposed increase in the capital gains inclusion rate and other tax policy changes diminished the attractiveness of flow-through share (FTS) investments. PDAC and other industry stakeholders led an advocacy campaign, to which Finance Canada responded to, by proposing an amendment to the tax code that will eliminate the requirement to add back resource deduction (associated with an FTS transaction) to investors’ taxable income when computing the alternative minimum tax - somewhat offsetting the negative impact of the policy changes on the FTS regime.

In March 2024, the Mineral Exploration Tax Credit (METC) was set to expire after a five-year term, and advocating for its renewal constituted another high priority for the committee. Following extensive advocacy efforts, the METC was renewed at the last minute – for only one year – so in 2025 the committee will continue to push for a multi-year renewal.

Additionally, the committee advocated that FTS eligibility should be expanded to include economic scoping and assessment activities, which will help to accelerate development of additional mineral reserves and create shovel-ready projects. The committee intends to advance this initiative further in 2025 after receiving initial positive feedback from relevant government officials with whom this concept was discussed.

Another important goal for the committee was to address the financial impacts of Canada’s critical minerals strategy and attempt to ensure its successful implementation. In 2024, the committee successfully advocated for expanding the eligibility of the Clean Tech Manufacturing Investment Tax Credit (CTM-ITC) to fund investments in polymetallic deposits, which will fund more Canadian projects.

The committee also progressed in its efforts during the year to increase the diversity of perspectives – first by analyzing existing gaps in the committee’s expertise and then by adding new members who helped fill some of the identified gaps.

The committee’s top priority for 2025 is to address policy aspects related to access-to-capital challenges, including a renewal of the METC. The committee will also continue advancing the initiative to expand FTS eligibility to include advanced studies, and finalize a policy view around the pension funds’ domestic investment.

| GEOSCIENCE & INNOVATION

One of the committee’s top goals for 2024 was to provide expert feedback to the Mineral Discovery Rates project – which seeks to provide a clear picture of Canada’s changing mineral resource and reserves bases for commodities of interest. Following the initial proof-of-concept in 2023, the Mineral Discovery Rates project was ramped up in-house in 2024, with data collected on 14 minerals (Canada’s priority critical minerals, base metals, precious metals) and analyzed for use in advocacy work. With the help of PDAC staff, the work was also featured in the summer issue of CORE magazine with a feature article titled “Our Critical Minerals: Resources vs Reserves.”

The committee also worked to increase the exposure and engagement of geoscience on PDAC platforms. To this end, a dedicated “Geoscience” section was created on PDAC’s new website, which features several sections on critical minerals, exploration and more.

In 2025, the committee plans to create more publicfacing content summarizing the findings of the Mineral Discovery Rates project – including exploring avenues for collaboration with government and other stakeholders to expand the project’s impact. The committee will also be prioritizing its mission to incorporate innovations into its programs and policies, to better align its work with the interests of PDAC members.

| HEALTH & SAFETY

For 2024, the committee had three priorities including redesigning the Convention’s annual Health and Safety short course, developing content related to psychological health and safety and mental health, and continuing to contribute to the transition from e3 Plus to Driving Responsible Exploration (DRE).

The committee accomplished its goals, and saw the Health & Safety short course renamed to “Know your risks: Leadership in exploration health and safety,” with highlights that include the incorporation of topics on mental health and human factors for safety in the field, providing a then-novel perspective to exploration/field health and safety. The redeveloped course was well received at PDAC 2024 in March.

As part of the DRE rebrand effort, the committee helped complete the update to the Health & Safety toolkit, and saw the launch of the program at PDAC 2024. Following the Convention, the updated toolkit was made available on PDAC’s website, with an update to the Health & Safety Field Guide also launching online in Q4, 2024.

The committee also developed internal resources on psychological health and safety and mental health, raising awareness of these topics with the PDAC community. Heading into 2025, the committee plans to publish a variety of resources aimed at empowering PDAC members to address mental health as part of their health and safety in the field. The committee also plans to continue refining the short course and consider avenues for its expansion at Convention. 2025 will also mark the 20th anniversary of the Safe Day Every Day Survey – a collaborative annual survey which provides a snapshot of the leading indicators related to exploration health and safety, and of incidents throughout the year.

| HUMAN RESOURCE DEVELOPMENT

One of the committee’s goals for 2024 was to see the return of pre-pandemic levels of attendance for the Student & Early Career program at the annual Convention. The committee was encouraged that in-person engagement activities actually exceeded pre-pandemic levels. These activities included the introduction of several new events, attendance at career fairs, and relationships with new partner organizations to help reach new audiences in 2024.

The committee also made it a priority to increase its outreach activities at post-secondary geoscience programs and conferences and increase awareness of the opportunities in the mineral exploration industry in Canada across all school systems, including underrepresented groups and Canadian newcomers by collaborating with and supporting Mining Industry Human Resources Council (MiHR) and Mining Matters through various initiatives.

The continued planning and execution of the 15th Student-Industry Mineral Exploration Workshop (S-IMEW) was another important goal for the

committee. S-IMEW 2024, held in May, was another success, thanks in part to the over 90 industry volunteers who shared their expertise with the 26 students who attended the program from post-secondary institutions across Canada. The programming reflected continuous improvement and topical content, engaged new industry presenters – including more S-IMEW alumni who have been working in the industry and government, and new post-secondary programs were identified from which to engage a larger pool of S-IMEW applicants.

For S-IMEW 2025, the committee plans to continue with workshop improvements and engage new industry presenters and include additional S-IMEW alumni in activities. The committee will also be taking the S-IMEW field trip to Timmins for the first time since 2017, to re-establish local support and make connections for the continued success of the workshop for years to come. Priorities for the committee in 2025 will also be to increase awareness of the opportunities in the mineral exploration industry in Canada for students across more programs of study, and to attract under-represented groups and newcomers to Canada. This is to be achieved by diversifying convention programming, collaborating with partner agencies, and identifying new avenues for engagement.

| INDIGENOUS AFFAIRS

The committee set several goals for 2024, including expanding participation in the Indigenous Program at PDAC’s annual convention, as well as encouraging opportunities for Indigenous youth to become a part of the mineral exploration and development sector through a Convention sponsorship fund. The committee also continued to engage with the Canadian government on regulations and supports for cooperative benefits and Indigenous participation in the mineral sector.

This engagement included commenting on the framework for the Indigenous Impact Assessment Co-Administration Agreements, seeking clarity on mineral tenure challenges, and advocating for ease of access to government initiatives that contribute to Indigenous participation in the mineral industry, which drive economic and capacity growth.

The committee also submitted comments on the “What We Heard Report” for the National Benefits Sharing Framework, continued to monitor progress on the Indigenous Loan Guarantee Program, and implemented the Indigenous Youth and Early Career Ambassador Program – securing nine Ambassadors for a program involving a range of unique activities and mentorship opportunities at PDAC 2025.

The committee also initiated work on a reconciliation in practice project, currently titled the Reconciliation Action Plan (RAP). The committee held a series of working group meetings to discuss how to be aligned with PDAC’s Strategic Plan, and specific actions for the RAP with plans to complete the internal portion of the project in 2025.

Through 2025, the committee plans to continue to champion cooperative benefits and collaboration opportunities between industry and Indigenous communities to further Canada’s Critical Mineral Strategy, as well as guide the industry and communities in navigating new expectations for early engagement and avenues for meaningful participation in industry opportunities.

| INTERNATIONAL

The committee’s top goals for 2024 were to successfully execute the 2024 International Mines Ministers Summit (IMMS) at PDAC 2024 in March, then to begin the planning for IMMS 2025. IMMS 2024 was a success, bringing together 20 international Ministers who are responsible for mining, along with leaders of our industry and civil society. The event, co-hosted with the World Economic Forum and the Intergovernmental

Forum on Mining, Minerals, Metals and Sustainable Development, was held on March 4 at Toronto’s Bank of Montreal building on King Street West, where attendees discussed the 2024 theme of “Striking a Balance for Success: Responsible Mining and the Energy Transition.”

This year, the committee continued to monitor the evolution of the critical mineral discussion at the international level, including developments in Canada. The committee also worked on the comprehensive list of diaspora organizations that have an interest in the mineral industry and operate in Canada (for example, chambers of mines or commerce). This comprehensive list began development in 2023, and plans are to finalize it in 2025.

The committee is looking forward to hosting the 10th annual IMMS at PDAC 2025, and will continue to monitor the development of critical mineral issues through the year, including regulations related to Bill C-34, along with other emerging international issues.

| LANDS & REGULATIONS

In 2024, two of the committee’s top goals were to continue its advocacy and participation in relevant consultation processes that affect mineral exploration and development activities in Canada, and to support the industry in complying with regulatory requirements and best practices to encourage more efficient and responsible exploration and development.

To successfully achieve these goals, the committee supported submissions and recommendations for a number of key advocacy efforts, including (but not limited to) the Impact Assessment Act amendments and Physical Activities Regulations review, the Quebec

Boreal Caribou Emergency Order, the Right to a Healthy Environment under the Canadian Environmental Protection Act, 1999, and the Fisheries Act.

During the year, the committee also completed the necessary research and coordination with provincial and territorial officials to compile an Exploration Permitting Guide for Canada for the PDAC website.

Through 2025, the committee plans to undertake several advocacy initiatives relevant to the mineral development sector. This includes advocating for changes to the Impact Assessment Act, advocating for clarity in land tenure and claims staking issues, and providing commentary on government engagements relating to the Fisheries Act, species at risk and migratory birds, transboundary issues, CEPA, the Nunavut Land Use Plan and more.

| SECURITIES

The committee’s early focus in 2024 on addressing concerns about potential misuse of short selling by bad actors highlights the growing need for stronger oversight and regulations within Canada’s financial markets. By responding to the public consultation and supporting proposed amendments to the short selling regulatory framework, the committee took a proactive stance in safeguarding market integrity. The committee also reinforced previous recommendations on this matter, including instituting an alternative uptick rule, and developing a stricter disclosure regime for activist

short sellers. The uptick rule is designed to prevent excessive downward pressure on stock prices by requiring short sales to occur only at higher prices than the last trade. A stricter disclosure regime will enhance market transparency of activist short sellers who may have the power to influence market sentiments and provide greater insight into bad actors’ positions and activities, potentially curbing manipulative practices that could harm the broader market.

During the year, the committee continued to monitor developments pertaining to NI 43-101, which defines technical disclosure requirements for mineral projects and is expected to be meaningfully changed for the first time since 2011. Among other emphases expressed in a commentary on the previous NI 43-101 consultation, the committee’s goals for the past year were to ensure that this disclosure regime remains technical in nature, maintains the preliminary economic assessment (PEA) as a viable document, avoids excessive prescriptions for the required disclosure, and acknowledges the authority of Qualified Persons to make judgment calls. The committee also heard concerns about the way the Canadian Securities Administrators (CSA) auditors administer this disclosure regime (for example, through the application of unofficial policies in auditing technical reports), and the intention is to address these concerns with the CSA in 2025.

In 2025, the committee will also continue to monitor developments with respect to amendments of the Investment Canada Act, which received royal assent in 2024. The committee will monitor for the release of –and advocate for – regulations that provide transparency and ensure allocation of sufficient resources to enable a streamlined process and timely completion of national securities reviews. Lastly, the committee will continue to monitor public consultations and proposed amendments throughout the year, and respond where they pertain to mineral exploration companies.

| SUSTAINABILITY

The goals for the committee heading into 2024 were to continue developing the Sustainability Program for the association’s annual convention, launch the rebranded Driving Responsible Exploration (DRE) initiative, and monitor and respond to advocacy issues related to the mineral exploration and mining development industry.

The committee received positive feedback on its Convention programming, with the most wellreceived sessions including “Surviving the Blaze: Facing Crisis Together,” which featured stories of community collaboration and resilience through wildfires, and “Exposing the gaps in attracting and retaining diverse talent,” which saw the breadth of the industry from students to CEO’s debating the state of the mining workforce.

After over a year of extensive groundwork, discussions, and review processes, the committee successfully rebranded the former Environmental Excellence in Exploration (e3 Plus) initiative into a modern, cohesive brand that better reflects PDAC’s values and forward-thinking approach. The new program, named Driving Responsible Exploration (DRE) was launched at PDAC 2024. The DRE program was also upgraded to a top-level item on the association’s website, giving users greater accessibility to the updated toolkits and other resources – including the new GHG Calculator.

The committee contributed to PDAC advocacy efforts in 2024 by responding to The Milestone Document on Canada’s 2030 National Biodiversity Strategy and the Canadian Sustainability Standards Board’s public consultation on draft Canadian Sustainability Disclosure Standards. The committee also advocated for junior company considerations within the administration of the Right to a Healthy Environment under the Canadian Environmental Protection Act, and enforcement of the Competition Act’s new greenwashing provisions. Other advocacy contributions included PDAC’s participation in “Talking Targets: Canada’s Climate Future” – Environment and Climate Change Canada’s public engagement platform related to the announced 2035 greenhouse gas emissions reduction target.

In 2025, the committee plans to build on its goals from 2024, including creating additional DRE program updates and components, and continue its advocacy efforts on behalf of the Canadian mineral exploration community.

See the full list of PDAC’s committee volunteers on pages 30-34 of this report.

MEMBERSHIP STATISTICS | 2024

2024 was another successful year for the Member Renewal Program, which allows individual and corporate members to upgrade their annual membership to a two or three-year plan, and lock in current fees for subsequent years.

PDAC was also encouraged by a 21% growth in student memberships year-over-year, as attracting the next generation of skilled talent to the mineral exploration sector is a strategic priority for the association.

7,831 MEMBERS

5,969

COMMITTEES

AUDIT

| CHAIR Jeff Swinoga

AWARDS

| CHAIR Alex Christopher

Jon Baird

Robert Boyd

Patricia Dillon

Peter Dimmell

Raymond Goldie

CONVENTION PLANNING

| CHAIRS Charles Beaudry & Valerie Wilson

Robert Boyd

Nic Capps

Antoine Caté

Patrick Chance

Natalie Chu

Brooke Clements

Resa Furey

Raymond Goldie

Eaun Gray

Don Hains

Robert Hearst

Doris Hiam-Galvez

Joe Hinzer

Francisca Maepa

Enrique Mendez

EXECUTIVE

| CHAIR Raymond Goldie

Alex Christopher

Conrad Dix

FINANCE & TAXATION

| CHAIRS Rob Stevens & Michael Long

Brian Abraham

Peter Bell

Tara Christie

Lisa Davis

Ben-Schoeman Geldenhuys

Peter Dimmell

Jessie Liu-Ernsting

Bill Mercer

Glenn Mullan

Glenn Nolan

Robert Schafer

Sasha (Aleksandr) Mitrofanov

Volker Moeller

Naomi Nemeth

Ellie Owens

Karl Pearce

Spencer Ramshaw

Sonia Scarselli

Antoine Schwartzmann

Patricia Sheahan

James Siddorn

Keith Spence

Rob Stevens

John Sullivan

Robert Valliant

Shuda Zhou

David Murray

Scott Parsons

Karen Rees

Stephanie Holland

Lauren McDougall

Greg New

Keith Spence

GEOSCIENCE & INNOVATION

| CHAIR Charles Beaudry & Frank Santaguida

Sandy Archibald

Doris Hiam-Galvez

Anna Hicken

Francisca Maepa

Gordon Maxwell

Volker Moeller

Marian Moroney

Scott Parsons

Ciara Talbot

Jean-Paul Tsotsos

GOVERNANCE & NOMINATING

| CHAIRS MaryAnn Crichton (Appointed) & Scott Parsons (Ex-Officio)

Rosario Astuvilca-Rojas

Patricia Dillon

Karen Rees

Mary-Carmen Vera

HEALTH & SAFETY

| CHAIR Conrad Dix

Rodney Barber

Jonathan Buchanan

Lorne Burden

Morgan Dunham

Chris Evans

Steven Galjaardt

Ben Graham

Louise Lowe

Gordon Maxwell

James Maxwell

Bill Mercer

George Werniuk

Bryan Wilson

HUMAN RESOURCE DEVELOPMENT

| CHAIR David Murray

Peggy Bell

Laura Clinton

Conrad Dix

Ben Graham

Mary Louise Hill

Felix Lee

Ryan Montpellier

Christine Petch

Rowan Phendler

Karen Rees

Elena Romero

Alexandra Squires

Kendra Zammit

INDIGENOUS AFFAIRS

| CHAIRS Lana Eagle & Mary-Carmen Vera

Mark Deans

Jonathan Fowler

Michael Fox

Arend Hoekstra

Katherine Koostachin

Pam Marsden

Gordon Maxwell

Stuart McCracken

Glenn Nolan

Kevin O’Callaghan

Karen Restoule

Sarah Weber

Colin Webster

Laureen Whyte

INTERNATIONAL

| CHAIR Stuart McCracken

Sandy Archibald

J. Gregory Goldhawk

Juan-Carlos Guajardo

Florencia Heredia

Doris Hiam-Galvez

LANDS & REGULATIONS

| CHAIRS Scott Parsons & Matthew Pickard

Connor Devereaux

Siri Genik

Justine Knox

Robert Schafer

Keith Spence

Laura Stein

Raziel Zisman

Stephen Morison

Michael Rosatelli

Sean Samson

MEMBERSHIP

| CHAIR Mary Louise Hill

Marc Gasparotto

Nickolas Kohlmann

SECURITIES

| CHAIR Kerem Usenmez

Brian Abraham

Kurt Breede

Denise Cummings-Luckie

Lisa Davis

Dennis Frawley

Greg Gosson

Sandy Hershaw

Kevin Neyedley

Spencer Ramshaw

Bruce McLeod

Dean McPherson

Maria Smirnova

Keith Spence

Marilyn Spink

Nick Tintor

Al Wiens

SUSTAINABILITY

| CHAIR Valerie Pascale

Amiel Blajchman

Dani Bryant

Jonathan Fowler

Siri Genik

Raymond Goldie

Melanie Jenkins

Dennis Jones

Alexandria Marcotte

Bill McGuinty

Ian Thomson

PDAC 2024 Annual Report

ANNUAL REPORT 2024

ANNUAL REPORT 2024

MESSAGE FROM THE PRESIDENT

INDUSTRY SUPPORT

FINANCE

INDUSTRY SUPPORT

SPEAKING ENGAGEMENTS & OUTREACH

TOOLS & TECHNOLOGIES

DRIVING RESPONSIBLE EXPLORATION

PDAC 2024

PDAC 2024 CONVENTION STATISTICS

26,926 ATTENDEES

PUBLICATIONS STUDIES, & REPORTS

Mineral Finance 2024: Ups and Downs Abound presented key developments with

metal prices, financing and mineral exploration activity nationally and internationally.

Winter 2024 Issue

Summer 2024 Issue

Fall 202 4 Issue

PDAC’S COMMITTEE ACTIVITIES

| AWARDS

| CONVENTION PLANNING

| FINANCE & TAXATION

| GEOSCIENCE & INNOVATION

| HEALTH & SAFETY

| HUMAN RESOURCE DEVELOPMENT

| INDIGENOUS AFFAIRS

| INTERNATIONAL

| LANDS & REGULATIONS

| SECURITIES

| SUSTAINABILITY

MEMBERSHIP STATISTICS | 2024

7,831 MEMBERS

DIRECTORY

OFFICERS

BOARD OF DIRECTORS

STAFF

COMMITTEES

AUDIT

AWARDS

CONVENTION PLANNING

EXECUTIVE

FINANCE & TAXATION

GEOSCIENCE & INNOVATION

GOVERNANCE & NOMINATING

HEALTH & SAFETY

HUMAN RESOURCE DEVELOPMENT

INDIGENOUS AFFAIRS

INTERNATIONAL

LANDS & REGULATIONS

MEMBERSHIP

SECURITIES

SUSTAINABILITY