The Fraser Institute's Annual Survey of Mining Companies includes the Policy Perception Index, which measures the overall policy attractiveness of mining jurisdictions. According to the Fraser Institute, the index is based on survey responses about policy factors that affect investment decisions, including regulation, taxation, legal systems, infrastructure, political stability, security, labor regulations, and labor and skills availability.
In the year-over-year comparison from 2024 to 2025, Nova Scotia, Bolivia, and Tasmania recorded the three largest gains in the Policy Perception Index based on the data provided.
Nova Scotia posted the largest increase. Its Policy Perception Index score rose from 13.6 in 2024 to 74.0 in 2025, an increase of 60.5 points. The Fraser Institute's 2025 survey also stated that Nova Scotia had the largest score increase among Canadian provinces on the Policy Perception Index, moving from 76th of 82 jurisdictions in 2024 to 32nd of 68 in 2025. According to the report, miners expressed decreasing concern over the province's taxation regime, labor regulations, and regulatory duplication and inconsistencies, and Nova Scotia improved on all of the policy factors the survey measured.
Bolivia recorded the second-largest increase. Its Policy Perception Index score rose from 0.0 in 2024 to 34.5 in 2025, for a gain of 34.5 points. In the list of the biggest movers provided in the chart, Bolivia ranked second among the top 10 gainers in the Policy Perception Index.
Tasmania ranked third among the largest year-over-year gainers. Its Policy Perception Index score increased from 58.1 in 2024 to 87.5 in 2025, an increase of 29.4 points. In the chart of the biggest movers, Tasmania was listed third among the top 10 gainers in the Policy Perception Index.
The Fraser Institute's 2024 survey evaluated 82 jurisdictions, while the 2025 survey evaluated 68 jurisdictions. You can view all of the gains and losses in our chart here.
With those year-over-year policy gains in view, attention can now turn to the companies operating in or tied to those jurisdictions. Nova Scotia, Bolivia, and Tasmania led the Policy Perception Index gainers from 2024 to 2025, and the following company updates provide a closer look at issuers with exposure to each of those three markets.
NevGold
Nova Scotia was the largest gainer in the Fraser Institute's Policy Perception Index from 2024 to 2025, and NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) is one of the companies highlighted alongside that jurisdictional discussion.
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NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE)
The company has multiple projects in Nevada and Idaho, and was described in the material as an exploration and development company targeting large-scale mineral systems in those districts.
NevGold was reported to have posted a 330% increase in share price and a 515% increase in market capitalization, ranking 38th in the mining sector. Its portfolio includes the Limousine Butte and Cedar Wash gold projects in Nevada, as well as the Nutmeg Mountain gold project and Zeus copper project in Idaho.
The company quoted Chief Executive Officer Brandon Bonifacio in connection with its inclusion on the 2026 TSX Venture 50 list. He said, "We are very proud to be included on the 2026 TSX Venture 50 list. This is a testament to the strength of our team and disciplined execution, and the continued support from our strong shareholder base and capital markets partners. We look forward to continuing the positive momentum across our portfolio in 2026, as we are exceptionally positioned to continue to drive value creation for our shareholders."
On February 18, NevGold announced discoveries and updates from its ongoing drill program at the Limousine Butte Project in Nevada. The company reported oxide gold-antimony mineralization at the Armory Fault within the Bullet Zone, including drill hole LB25-017, which returned 8.51 g/t AuEq over 10.6 meters, including 12.34 g/t AuEq over 3.0 meters.
NevGold also said the Armory Fault discovery was part of a broader 15,000-meter drill campaign and that hole LB25-016 extended the mineralization footprint by more than 50 meters to the north. According to the material provided, the discovery added to the company's understanding of structural controls on mineralization at the site.
The company said its 2025 to 2026 work at Limousine Butte includes evaluation of the historical geological database, metallurgical testwork, further drilling, and work toward near-term antimony production. The material also said Phase I sampling of crushed and run-of-mine leach pads had been completed and that an initial gold-antimony mineral resource estimate was in progress.
On March 3 of this year, NevGold shares fell 5.80% from CA$1.38 to CA$1.30, according to a March 4 AI analysis on StockInvest.us, while also noting that the stock had risen 22.64% over the prior two weeks.
1 NevGold's strategic investors include GoldMining Inc., which holds 28.3% of the company on an undiluted basis, and McEwen Mining Inc. The company said about 30% is held by management and insiders.
These include Non-Executive Chairman Giulio T. Bonifacio with 4.56%, CEO Brandon Bonifacio with 3.46%, Independent Director Gregory French with 0.85%, and Independent Director Timothy Dyhr with 0.70%, Refinitiv said. About 10% is held by institutions, and the rest is in retail.
NevGold has 94.25 million outstanding shares and 57.25 million free-float traded shares. Its market cap is CA$28.33 million. Its 52-week trading range is CA$0.17 and CA$0.50 per share.
Eloro Resources
Bolivia was one of the three biggest gainers in the Fraser Institute's Policy Perception Index from 2024 to 2025, and Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) is tied to that jurisdiction through its Iska Iska project in southern Bolivia.
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Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE)
Eloro said it increased the size of its previously announced bought deal private placement from gross proceeds of CA$10,000,120 to CA$15,000,180, which the company said reflected strong investor demand. Under the upsized underwritten offering, Red Cloud Securities Inc. and Cantor Fitzgerald Canada Corp., acting as co-lead underwriters and joint bookrunners on behalf of a syndicate, agreed to purchase for resale 5,769,300 common shares at CA$2.60 per offered share.
The company also granted the underwriters an option exercisable up to 48 hours prior to closing to purchase up to an additional 769,300 offered shares at the same price for additional gross proceeds of up to CA$2,000,180. Eloro said the offering was scheduled to close on March 6, 2026, subject to customary closing conditions, including Toronto Stock Exchange approval. As stated in the news release, "As a result of strong investor demand, Eloro Resources Ltd. and Red Cloud Securities Inc. have agreed to increase the size of its previously announced bought deal private placement from gross proceeds of CA$10,000,120 to gross proceeds of CA$15,000,180."
According to the company, net proceeds from the offering are intended to be used for continued exploration and development of the Iska Iska project in southern Bolivia, as well as for general corporate purposes and working capital. The company also said up to 2,307,692 offered shares will be sold to purchasers resident in Canadian provinces other than Quebec under the listed issuer financing exemption pursuant to National Instrument 45-106, and that shares sold under this exemption are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation when sold to Canadian purchasers. Eloro added that shares will also be offered in the United States and other jurisdictions on a private placement basis in accordance with applicable securities laws.
The Iska Iska project hosts an inferred mineral resource that includes estimated in situ metals of 298 million ounces of silver, 4.09 million tonnes of zinc, 1.74 million tonnes of lead, and 130,000 tonnes of tin based on a mineral resource estimate dated October 17, 2023. Eloro also reported that definition drilling programs at the Santa Barbara area intersected multiple intervals of silver-tin polymetallic mineralization, including one drill hole that returned 66.90 grams per tonne silver, 0.63% zinc, 0.42% lead, and 0.11% tin over 289.13 meters. The company further reported tin mineralization in multiple holes, including an interval of 33 meters grading 1.39% tin within a broader interval of 87 meters grading 0.74% tin.
In a January 19 research note, Haywood Securities analyst Pierre Vaillancourt increased his firm's target price for Eloro to CA$5 from CA$3 and maintained a Buy rating. He wrote that "following the drilling success in 2025, the improving economic climate in Bolivia, as well as record silver prices, we believe the economic prospects for Iska Iska have improved materially." In a separate January 19 research note, Red Cloud Securities analyst Ron Stewart initiated coverage with a Buy rating and a CA$5.50 per share target price, writing that "Iska Iska has the potential to evolve into a global leading primary silver and tin mining operation." In a February 2 report, Cantor Fitzgerald analyst Matthew O'Keefe maintained a Speculative Buy rating and a CA$4.50 per share target price, stating that the company had secured "99% ownership, 100% economics, and full operational control" of the Iska Iska project and describing the revised ownership structure as a corporate derisking milestone ahead of upcoming catalysts.
2In a March 2 article, John Newell of John Newell & Associates described Eloro Resources Ltd. as a "Speculative Buy" at current prices of CA$2.70. He also wrote that a breakout above the CA$3.50 resistance zone "could open the door toward the third target near CA$5.60," while adding that on a broader timeframe, there was potential for a larger cycle move with a "big-picture target near CA$8.25."
1About 17% of Eloro Resources Ltd. is owned by insiders, approximately 28% by institutions, and around 2% by strategic investor Cartier Silver. The remainder is held by retail investors.
Top shareholders include Crescat Capital LLC with 15.78% and CEO Larsen with 6.89%.
Its market cap is CA$316.54 million with 110.29 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 to CA$3.42.
CopperCorp
Tasmania was the third-largest gainer in the Fraser Institute's Policy Perception Index from 2024 to 2025, and CopperCorp. Resources Inc. (CPER:TSXV; CPCPF:OTCQB) is tied directly to that jurisdiction through its copper-gold exploration projects in western Tasmania.
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CopperCorp. Resources Inc. (CPER:TSXV;CPCPF:OTCQB)
CopperCorp said it is focused on the exploration and development of its Skyline and AMC copper-gold-REE projects in western Tasmania. In its February 2026 investor presentation, the company described a 100%-owned land package of about 1,600 square kilometers covering two underexplored geological trends in northwest Tasmania, with more than 20 mid- to advanced-stage copper-gold and REE prospects and about 95% of its licenses carrying no NSR.
The company also stated that Tasmania is powered by 100% renewable energy and that mining is the largest contributor to the state's GDP and mercantile export earnings.
On March 10, CopperCorp provided an exploration update from Jukes, its 100%-owned copper-gold prospect in western Tasmania, where the company said Phase 2 drilling intersected both broad zones of near-surface mineralization and deeper copper-gold-silver intersections. The company highlighted results from hole JDD007, which returned 36.0 meters at 0.54% copper, 0.13 g/t gold and 1.84 g/t silver, or 0.64% CuEq, from 66 meters, including 12.0 meters at 0.77% copper, 0.20 g/t gold and 1.18 g/t silver, or 0.92% CuEq, from 69.0 meters.
At depth, JDD007 returned 13.0 meters at 1.18% copper, 1.14 g/t gold and 3.93 g/t silver, or 2.01% CuEq, from 205.0 meters, including 1.0 meter at 6.28% copper, 12.2 g/t gold and 9.27 g/t silver, or 14.91% CuEq, from 206.0 meters.
CopperCorp said drilling to date at Jukes has confirmed copper-gold-silver mineralization over a drilled strike length of at least 350 meters and from near surface to depths exceeding 500 meters vertically. The company also said an additional drill site located 100 meters west of JDD007 was being established to test the shallower zone of chalcopyrite mineralization along strike to the west.
Stephen Swatton, president and chief executive officer, said in the news release, "This year's drill program (Phase 2) at Jukes has delivered strong results: Phase 1 and Phase 2 drilling have both confirmed that high grade copper-gold-silver mineralization remains open both along-strike and at depth."
The company said it had completed seven diamond drill holes totaling 2,829 meters at Jukes. CopperCorp stated that the prospect represents the most advanced copper-gold target within its 100%-owned Razorback property and is located about 10 kilometers south of the Sibanye-Stillwater-owned Mt Lyell copper-gold mining camp.
The company described Jukes as a structurally controlled hydrothermal copper-gold system and said the prospect is characterized by IP chargeability, magnetic, and geochemical anomalies defining a footprint of at least 700 meters in strike length and about 400 meters in width. In its February 2026 investor presentation, CopperCorp also described the Skyline Project as a 569 square kilometer land package located along trend of the Tier 1 Mount Lyell copper-gold system.
CopperCorp's investor presentation also outlined broader project activity in Tasmania. The company said the Razorback property includes 23 kilometers of prospective strike extending directly south and east of the Tier 1 Mt Lyell copper mining camp, with the highest-priority targets at Jukes, Hydes, Linda North, and Linda South. At the Hydes prospect, the company reported channel sampling of 24 meters at 0.74% copper and 0.36 g/t gold, including 14 meters at 0.97% copper and 0.56 g/t gold.
The presentation also stated that Linda North and South have never been drilled and that the AMC Project covers 1,066 square kilometers with more than 25 magnetic anomalies within the belt.
In the same presentation, CopperCorp said its current strategy includes drilling Jukes, Linda, and Jasper Hills in 2026, reviewing partnership options at both Razorback and AMC, and working toward an internal resource calculation at Alpine. The company also reported a market capitalization of about CA$11.90 million as of January 28, 2026, cash position of about CA$1.2 million as of February 2, 2026, and total funds raised of CA$15.5 million. Management and insiders were listed at about 14%, Crescat Capital at 9.2%, and a strategic investor at 5.04% on an undiluted basis.
1In terms of ownership, management and insiders own 8.38% of CopperCorp, with the institution Crescat Capital LLC holding 9.22%. The rest is retail.
CopperCorp has 118.96 million outstanding shares, a market cap of CA$6.08 million, and a 52-week range of CA$0.065 to CA$0.19.
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Important Disclosures:
- Eloro Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eloro Resources
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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2. Disclosure for the quote from the John Newell article published on March 2, 2026
- For the quoted article (published on March 2, 2026), Eloro Resources has paid Street Smart, an affiliate of Streetwise Reports, US$3,550.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
