Gold is tariff-proof. Canada has $11 billion a year of it stuck in permitting
We screen Canada's gold development projects for three things.
Canada has been hit with 50% tariffs on a range of goods by the United States, leading to counter-tariffs on $27.6 billion worth of US imports this week. The government has also hosted the first Canada Investment Summit in Toronto, showcasing 167 projects worth around C$100 trillion. Mining is the largest category, with 63 entries and a required capital of $53 billion.
Three gold projects, Troilus, NexGold's Goldboro, and Canagold's New Polaris, have confirmed their permits and are worth about $11 billion in annual revenue on a $9.4 billion initial investment. These projects are unique as they have mine plans, declared reserves, and only require one government signature to start construction. Canada's gold exports are duty-free in the US, and the country's 213 tonnes of 2025 mined output was worth close to $30 billion.
Fifteen projects survive the permitting process, with a combined reserve of 36.6 million ounces. At $4,300 an ounce, these projects could generate $146 billion over their mine lives, contributing to Canada's federal and provincial treasuries.
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