Mining in the spotlight and money on the table: BlytheRay’s biggest takeaways from conference season

BlytheRay makes it a habit to begin the year on the conference circuit, attending two of the mining sector’s most influential gatherings: Mining Indaba in Cape Town and PDAC in Toronto. The settings could hardly be more different. One unfolds in the height of a South African summer, the other in the depths of a Canadian winter.

Yet despite the contrast in climates, the message circulating through both events was remarkably consistent: mining is having its moment in the sun once again.

Gold leads the charge at Indaba

At Indaba, the hot commodities were the most prominent. Gold was evidently front-and-centre of this, buoyed by ongoing geopolitical uncertainty, intense central bank buying, and its role as a hedge against inflation and currency debasement.

But, this year, walking round the tent at the 121 Mining Investment Conference in the city’s Gardens district, it was clear that this positive sentiment wasn’t merely reserved for gold producers. Explorers, too, were the subject of major interest.

“It seemed that lots of people wanted to meet with small scale gold explorers looking for funding, which correlates with the continuing positive sentiment for precious metals”, remarks James Mulligan, Senior Account Manager at BlytheRay.

“This was part of a wider theme that people were very much there for business this year.”

Indeed, James, a Dublin native, puts this down to luck of the Irish – it was his first venture to the annual event. Although, he spoke to many Indaba veterans that firmly echoed his thoughts that it was the first time in a long time that there was a good feeling in the sector.

“I wouldn’t be surprised if a lot of deals come out of the conference this year”, he adds.

Table Mountain provides the backdrop to a week of dealmaking and networking in Cape Town

As a financial PR company, there is a real benefit to gauging how investment stories are being framed internationally at events like Indaba. In the case of African mining, it was increasingly apparent that whilst the prominent jurisdictions that majors already have a presence in were represented, there was a growing emphasis on periphery countries which are fundamentally safe, stable, and underexplored jurisdictions. With current market sentiment the way it is, supported by a strong price environment for many metals, what once wasn’t feasible in these countries now looks to be very enticing.

“Over the coming year, I expect the trade press to more frequently cover jurisdictions that wouldn’t previously be considered mining hotspots. It’s our job as communications professionals to highlight these countries for the massive benefits that they provide, as well as what the projects offer to their locale”, James expounds.

A stripping back of suits and ties

Aside from the newly energised sector – an admitted departure from what mining has endured over the last few years – was the fabled networking opportunities that Indaba provides.

“Not to overlook the hard work that goes into putting on these conferences and delivering for our clients whilst we’re there, the networking aspect of the entire week is invaluable. As somebody who frequents networking events and opportunities in London, I don’t think there is any better way to meet people than to put them all in one city at one time”, says James.

“It’s a stripping back of suits and ties”, he continues. “These largely informal networking events are a leveller of the playing field. I’ve been fortunate to have worked in the sector for three-and-a-half years, yet Indaba afforded me the opportunity to converse with mining stalwarts and financial professionals who’ve committed fifty years to our industry.”

Flying the flag at 121 Mining Investment 2026

Back to business at PDAC

After a few weeks back in London, PDAC drew the industry back across the Atlantic to Toronto, where the bullish sentiment resumed.

Said Izagaren, Senior Account Director at BlytheRay, is no stranger to an international mining conference, but admitted that this year marked a departure from what he’d experienced on prior trips.

“This positive sentiment has been consistent over the last few months, and PDAC was a continuation of what we’d seen at Indaba. It was clear that there was a lot of money in the room, with both debt and equity firmly on the table.”

Like James, Said identified gold as the main commodity in focus but also remarked on the interest in copper.

“Copper porphyry projects received a significant amount of interest, with both investors and strategic partners seemingly seeking exposure to sizeable projects that can deliver meaningful volumes over decades.”

Beyond copper, discussions increasingly turned to a broader category of what many attendees described as “geopolitical metals.” As governments move to secure supply chains and reduce dependence on certain jurisdictions, commodities such as rare earths, copper, tin, lithium, nickel and tungsten are becoming as much a strategic priority as an economic one.

“It’s clear that the critical minerals angle will continue to raise its head, with the need to form domestic and allied supply chains becoming incredibly important for the Western world. As PR professionals, it’s our job to ensure our clients’ projects are represented within this conversation in a considered way”, says Said.

PDAC 2026 set an attendance record with over 32,155 participants

IPOs back on the cards?

In 2025, BlytheRay advised on 20% of all AIM IPOs – a great achievement in a market that has seen more selective listing activity in recent years. Over the last few weeks, however, conversations taking place have indicated that IPOs could be back on the agenda for 2026.

“We saw a growing interest from companies exploring public markets as a route to growth”, suggests Said. “Management teams that have understandably spent the past few years focused on cost control and project development are now revisiting listing strategies as market conditions stabilise and sentiment improves, which is exciting to see.”

The sun sets on a positive conference season

Turning sentiment into opportunity

“My outlook hasn’t necessarily changed,” remarks James, “but it has certainly been enhanced by our engagement at these events. We knew that there was a good feeling around the sector going into it this year, and being at the conference and seeing it in action has just verified it all for me.”

At BlytheRay, our role is to help clients articulate their investment case in a way that resonates with the right audiences, whether that be through strategic messaging, media relations, investor communications or broader reputation management. By strengthening our clients’ positioning in the market and ensuring that their projects are part of the conversations that matter, we aim to help them capitalise on the positive sentiment currently returning to the sector.

BlytheRay is a leading financial PR company, ranked as the No. 1 London PR firm for mining companies.