Nevada has reclaimed the top spot on the Fraser Institute’s Investment Attractiveness Index, according to the 2025 edition of the Annual Survey of Mining Companies, released February 26, 2026. The survey, which polled 256 mining executives whose companies spent a combined US$4.2 billion on exploration in 2025, ranks jurisdictions on mineral potential (60% weighting) and policy (40% weighting). Nevada’s perfect 100 on the Policy Perception Index—the “report card” executives give governments on regulation, taxation, infrastructure and permitting—was a key factor in its return to number one, up from second place a year earlier.
The ranking matters because jurisdiction often determines whether a deposit gets built. A stable regulatory environment can mean the difference between a project sitting undeveloped for decades and one that moves smoothly through permitting, financing, and production. Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) is a pure-play Nevada developer advancing the past-producing Santa Fe Mine in the Walker Lane, and it is one of the companies positioned to convert Nevada’s top ranking into ounces.
The Santa Fe project hosts 2.385 million ounces of pit-constrained gold equivalent, a 22% increase over the 2024 estimate. The company’s Phase One oxide plan is now in Nevada state mine permitting, a significant step toward production. Lahontan’s proposed acquisition of Emergent Metals would deliver 100% of West Santa Fe, remove two 1% royalties, and expand its Walker Lane claim package to more than 93 square kilometers. These moves underscore how a favorable jurisdiction can accelerate resource development.
Nevada’s mineral potential ranked fourth globally, supported by its gold, silver and other resources. The state’s policy score, however, was unmatched, reflecting a regulatory framework that industry executives view as predictable and supportive. For investors, the Fraser survey is a critical tool: it quantifies the risks that can derail a project even when geology is favorable. Nevada’s return to the top of the Investment Attractiveness Index signals that the state remains a premier destination for mining investment, and companies like Lahontan are already leveraging that advantage.
As the industry continues to prioritize stable jurisdictions, Nevada’s performance in the Fraser survey may attract further exploration and development dollars. Lahontan’s progress at Santa Fe, including the permitting milestone and the potential acquisition, illustrates the tangible benefits of operating in a top-ranked region. The latest news and updates relating to LGCXF are available in the company’s newsroom at http://ibn.fm/LGCXF.
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