Nevada has reclaimed the top position in the Fraser Institute's Investment Attractiveness Index, according to the institute's Annual Survey of Mining Companies, released on February 26, 2026. The survey, which polled 256 mining industry respondents whose companies spent a combined US$4.2 billion on exploration in 2025, ranks 68 jurisdictions on perceived mineral potential (weighted 60%) and policy (weighted 40%). Nevada moved up from second place a year earlier, posting a perfect 100 on the Policy Perception Index—a “report card” executives give governments on regulation, taxation, infrastructure and permitting.
For mining investors, the ranking carries significant weight. Geology may get a project started, but jurisdiction often determines whether it gets built. A world-class deposit in a country that frequently rewrites its mining code can sit undeveloped for a generation, while a modest oxide resource in a stable state can be permitted, financed and poured. Nevada's return to the top of the Investment Attractiveness Index underscores the state's enduring appeal for mineral development.
Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF), a pure-play Nevada developer, is advancing the past-producing Santa Fe Mine in the Walker Lane. The company's Santa Fe project hosts 2.385 million ounces of pit-constrained gold equivalent, up 22% on the 2024 estimate. Its Phase One oxide plan is now in Nevada state mine permitting, positioning Lahontan to potentially benefit from the improved jurisdictional climate.
Additionally, 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. This consolidation could enhance the project's economics and streamline development. The latest news and updates relating to LGCXF are available in the company's newsroom at http://ibn.fm/LGCXF.
The Fraser Institute survey's findings are particularly relevant for investors holding Nevada developers. With Nevada's policy environment rated perfect, companies like Lahontan are well-positioned to convert the ranking into ounces. As noted in a recent Read More>> article, the state's mineral potential ranked fourth globally on the strength of its gold, silver and other resources.
This news matters because it highlights the critical role of jurisdiction in mining investment. Nevada's top ranking could attract further exploration and development dollars, benefiting the state's economy and the companies operating there. For Lahontan Gold, the improved ranking and its progress on permitting could accelerate the timeline from resource to production, potentially creating value for shareholders and contributing to domestic gold supply.
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