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This conversation is a critique of Canada’s mining sector, led by Ore Group Chairman Stephen Stewart, who argues that while Canada possesses world-class geological potential and expertise, the country is falling behind due to a dysfunctional permitting regime, regulatory fragmentation, and poor public perception. Stewart dismisses industry scapegoats like founder shares and warrants as secondary issues, placing the blame instead on a bloated bureaucratic process and unclear responsibilities among governments and First Nations. He calls for greater transparency, a cultural rebrand of the industry, and targeted reform to make Canada more competitive in attracting capital and talent.
TL;DR
- 1. Permitting timelines in Canada are the top concern for both operators and investors, cited as the primary barrier to project advancement and capital allocation.
- 2. The complexity and fragmentation of regulatory oversight across different government levels and First Nations create inefficiencies and uncertainty in project development.
- 3. Stewart emphasizes that while bad actors exist, systemic issues, not internal market practices like warrants or founder shares, are the root problem affecting investor confidence.
- 4. Institutional investors consistently prioritize regulatory risk and permitting timelines over geology when evaluating Canadian mining investments.
- 5. Attracting talent to the industry requires both cultural rebranding and a stronger public narrative about mining’s role in modern society.
What Does Canadian Mining Need?
Stephen Stewart, Chairman of the Ore Group, argues that Canada has the ingredients to be the richest nation on Earth per capita due to its natural resource endowment, infrastructure, and technical expertise. But he says the country has “drifted” from its past leadership role. The key issue, in his view, is permitting. “Talk is cheap and I don’t believe anything they say,” he says of political rhetoric. He points to permitting timelines that once enabled projects like Hemlo to reach production within two years, which are now mired in bureaucracy and inefficiency.
Should We Rely on Government or Fix the Industry Ourselves?
Stewart draws a distinction between systemic government issues and internal industry shortcomings. “Founders shares and warrants aren’t the reason investment is leaving Canada,” he states.
While he acknowledges the presence of “shenanigans” in the sector, he rejects the notion that these are core causes of decline. Instead, he stresses that permitting and regulatory complexity remain the primary deterrents.
What’s Broken with the Regulatory Environment?
“Permitting is the number one risk,” Stewart says.
He criticizes the sheer number of permits required and the fragmented responsibilities across federal, provincial, municipal, and First Nations authorities. “These bureaucrats aren’t rewarded for moving things forward,” he argues. While supporting environmental and community considerations, he believes current processes are unnecessarily slow and disincentivized.
How Are Some Companies Still Permitting Quickly?
Asked whether delays are a reflection of poor management, Stewart concedes that people and projects matter.
“The single most important thing in junior mining is the individuals behind it,” he says.
Some teams and jurisdictions navigate the system better than others. But he maintains that the system itself remains a structural problem, vulnerable to misuse and inertia.
Would Transparency Solve the Permitting Problem?
Stewart supports clearer permitting guidance and potentially greater transparency.
“If there is a single source online that shows how to permit a mine from A to Z, I haven’t seen it,” he says.
He describes the current system as “a black box on top of a black box,” where jurisdictional overlaps and inconsistent responses from government and First Nations create uncertainty. “You can be fully permitted, but without permission, you can’t move.”
What Should First Nations Partnership Look Like?
“Every First Nation has different wants and needs,” Stewart says.
He supports early communication and transparency, and distinguishes between exploration and development-stage obligations.
Stephen is critical of efforts to offload consultation responsibilities onto juniors and warns against any kind of mandatory board representation: “You’re asking for all sorts of problems.”
What Do Institutional Investors Actually Want?
“Canada is too slow on permitting,” Stewart says.
That has been the top concern voiced to him by global institutional investors. He compares the Canadian experience unfavorably to West Africa, where companies like Endeavour and Montage have built multiple mines in short timeframes. The inability to reach cash flow quickly is a fundamental deterrent.
Do Investors Care More About the Rocks or the Rules?
“We have wonderful rocks,” Stephen acknowledges.
But investors assess timelines and project derisking as much as geology. “If all else is equal and one jurisdiction takes 25% of the time, that’s where the money goes.”
Is Canadian Mining in a Talent Crisis?
Attracting young people to the sector is a challenge, OreGroup’s founder admits.
He advocates for narrative change and rebranding: “Let’s stop calling it the mining industry. Call it the metals industry.” He references oil and gas rebranding themselves as “energy” to avoid negative associations.
Can Canadian Mining Really Be Saved?
“One hundred percent,” Stewart says, when asked whether any of this is realistic.
“We’ve just been too complacent.” He calls for a collective effort to push for change, not just in policy but in industry culture.
What Is Stephen Stewart Actually Doing?
Aside from his executive roles, Stephen highlights his work with the Young Mining Professionals (YMP) organization. He views its primary value in fostering connections.
“Maybe two people meet at a dinner and create the next Kinross,” he suggests.
While clear about his limits-“There’s only so much I can do”-he sees value in community and education as tools for long-term change.
Ore Group interview with Chairman, Stephen Stewart
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