Mining Forum Valuations Soar to Records
Investors pile into Denver Gold Group's $818 billion-member mining stocks and load up on 1x1 meetings for the upcoming Mining Forum Americas 2025
Mining stocks are rising with recent metal price increases, injecting enthusiasm into the upcoming Mining Forum Americas 2025 convening in Colorado Springs from September 14–17. Event organizer Denver Gold Group’s members are now worth ~$818 billion—an all-time inflation-adjusted high—surpassing the 2011 record of ~$732 billion (in 2025 USD). While 158 issuers participated in 2011, this year’s total stands at 151.
As many companies advance to new highs, large institutional investors have registered in record numbers for Mining Forum Americas and now control ~15.2% of the total market-cap-weighted holdings—the highest level on record. An additional 2–3% of holdings are unreported, bringing the total to ~18% for attending capital allocators. That makes the Forum one of the top two most investor-dense events on the annual calendar of mining conferences.
Investors attending the Forum have total assets under management of ~$18 trillion, dominated by the largest global institutions. As expected, open-end funds dominate holdings of Mining Forum issuers with ~75% of the total share. Hedge funds are making a strong showing this year with a ~12% share, followed by private equity at ~4%. The issuers own significant stakes in each other and account for ~8% of the total share ownership that can be tracked.
One-on-one meeting activity has seen a significant surge, with 9,000 interactions projected, and around 4,000 completed on-site meetings. Meetings are managed with Denver Gold Group’s proprietary software, ensuring that all data remains secure and isolated from third-party systems.
Australian investors surge
Australian investors are arriving in never-before-seen numbers, mirroring the increase in compatriot issuers, bankers, and sell-side analysts. 29 companies with primary projects in Australia have an aggregate market capitalization of just over $100 billion.
While Australian investors are taking advantage of the concentration of issuers familiar to them, it is also notable that they have much higher one-on-one meeting counts than North American and European investors as they prepare to engage with and invest in issuers from all over the world. Canada leads with ~$245 billion in market value (nearly 30% of the event), closely followed by the United States at ~$221 billion (27%). China ($121 billion) and Australia ($100 billion) form the next tier, with Mexico, Peru, Ecuador, and several West African countries rounding out the top group.
The top 10 operating countries together represent about 48% of the event’s market capitalization, underscoring a measure of geographic diversification while still showing the gravitational pull of the largest jurisdictions that are marked by their political stability and mining-friendly regulatory environments.
Concentration at the top
Just 10 companies account for nearly 60% of the entire event’s market value. Leading the pack is Zijin Mining (~$94 billion), followed by Newmont (~$84 billion) and Agnico Eagle Mines (~$75 billion). Barrick, Wheaton Precious Metals, and Franco-Nevada all sit above $35 billion, cementing their status as global industry heavyweights.
The giants will all be presenting in a single session on Tuesday morning at Mining Forum Americas. Live and on-demand streaming is available for all presentations.
Yet despite the presence of such titans, the overall median market cap is only ~$688 million, far below the mean of ~$8 billion. This imbalance illustrates the “barbell” structure of the sector: a clutch of dominant global leaders on one side, and dozens of smaller developers and explorers on the other, competing for investor attention and highlighting the industry’s striking gap between global leaders and emerging players.
Producers dominate, but royalty firms shine
From the perspective of corporate status, the dominance of producers is clear: they represent ~$665 billion, or ~82% of the total event capitalization. The royalty and streaming companies, while fewer in number, collectively add ~$112 billion and stand out for their per-company averages: the typical attending royalty issuer carries a ~$11 billion valuation, outpacing even the producers. Developers and explorers round out the field, holding ~$23 billion and ~$13 billion, respectively.
Mining Forum Americas 2025 arrives against the strongest backdrop in more than a decade: record valuations, record investor density, and a truly global mix of issuers. With institutional investors piling in and capital flows accelerating, the Forum offers a rare opportunity to participate at the very center of the mining industry’s capital markets ecosystem. There will be deals forged in Colorado Springs this September that are poised to shape strategies and investments well beyond this year’s event.
