‘Lithium mania’: How Canada’s energy transition push is changing mining industry’s rush for gold – by Naimul Karim (Financial Post – June 23, 2023)


Scott Gryba grew up in a family of gold miners. His father headed four publicly listed gold companies, while his uncle made a living by discovering mining deposits and selling them for a profit.

Gryba, who is in his mid-40s, wants to follow suit. His day job involves analyzing the gold market for clients, but by night he turns into a prospector, researching hundreds of pages’ worth of geological reports of various land packages across Canada with hopes of finding the next big mining project.

“I don’t depend on it for a living, but I like the treasure hunt aspect of it,” he said. “The probability of finding a mine is one in 500, but the expected payoff is extremely high. You can become a multimillionaire easily.”

A few years ago, the “high payoff” that Gryba referred to could only have been associated with gold mining. Today, however, with the increasing demand for battery metals such as lithium, nickel and cobalt, many prospectors, some of whom have hunted for gold all their lives, are exploring deposits that contain these critical minerals, the production of which is worth about $3.5 billion annually in Ontario alone, out of a total mineral value production of $10 billion.

For the rest of this article: https://financialpost.com/feature/canada-energy-transition-changing-mining-rush-gold