Aussie Mine Report 2025: Gold capital flowing as 120 Australian critical minerals projects await breakthrough

Monday, 01 December 2025

Australia has 124 "investment-ready" critical minerals projects positioned to capitalise on surging global demand, as new PwC analysis reveals the building blocks are in place to unlock billions in investment.

Released today, PwC Australia's 2025 Aussie Mine report found $18.7 billion in mining deals were completed in FY25, demonstrating strong capital flows into Australian resources, while strategic partners from the US, Japan, and Korea actively pursue critical minerals opportunities driven by urgent supply chain security needs.

The report, which analyses Australia's mid-tier 50 miners (MT50), identified a critical juncture: policy settings including the $13 billion US-Australia agreement, price support mechanisms and new tax credits are now operational, yet only seven new investable critical minerals projects were added in the past year.

Kerryl Bradshaw, Energy, Utilities and Resources Leader at PwC Australia, said the fundamentals point to a breakthrough moment.

"On a foundation of strong returns, Australia has built strategic partnerships, policy, and breakthrough AI technology delivering 20-40 per cent productivity uplifts across the value chain," she said.

"Demand is urgent and diverse. Defence priorities now rival the energy transition as key drivers, and international partners are at the table with capital ready to deploy. The 124 investment-ready projects we have identified represent billions of dollars in potential value and thousands of jobs.

"The gap we have seen between promise and production is an invitation, not a warning sign. This is genuinely Australia's moment, if we can match execution velocity to the opportunity in front of us."

The investment pipeline

Of 900 critical minerals projects examined nationwide, PwC identified 124 that have a defined resource, which mitigates early-stage exploration risk for investors, but have not yet reached a Final Investment Decision.

Nearly one-third of the investment-ready projects are copper-focused, along with other minerals critical to batteries, renewable energy and defence technologies. Several have a net present value under $600 million and many operate in opaque markets, positioning them below the scale traditionally targeted by major mining finance but ideal for strategic partnerships and new funding mechanisms.

However, these projects have not yet secured offtake agreements or financing, creating what Ms Bradshaw described as "a valley between discovery and production that recent policy interventions are designed to bridge”.

A tale of two markets

The report revealed stark divergence in market performance between gold and critical minerals:

Total market capitalisation increased 15 per cent to $128.6 billion, driven almost entirely by gold

Gold sector market cap surged 94 per cent to $64.8 billion as prices breached US$3,500/oz

Critical minerals market cap declined 20 per cent to $37.1 billion

Operating cash flows for critical minerals fell 71 per cent to $0.9 billion

Total deal value reached $18.7 billion, with gold accounting for $12.3 billion (up 216 per cent year-on-year)

"Gold thrived as a safe-haven asset amid global uncertainty, capturing the majority of investment flows. The question now is whether the policy architecture and international partnerships in place can redirect capital toward Australia's strategic minerals opportunity," Ms Bradshaw said.

"The US is targeting a domestic rare earth supply chain by 2027. Korea and Japan are seeking secure supplies. The demand is real, and the capital exists, the window to convert Australia's resource advantage into production leadership is open, but it won't stay open indefinitely."

The 2025 Aussie Mine report can be viewed here.