If I had to describe VRIC 2026 in one word, it would be grounded.
There was optimism in the room, but it wasn’t loud or promotional. It felt experienced. Measured. A little more thoughtful than some past cycles.
Gold is strong. Critical minerals are still front and centre in government policy conversations. Capital is moving again, but very selectively. And that nuance showed up in almost every panel and side conversation.
The Conversation That Set the Tone
One of the panels that really captured this year’s mood was moderated by Darrell Thomas, with Rick Rule, Ross Beaty and Robert Quartermain.
It wasn’t driven by excitement. It was guided by experience. The reminder was simple. Bull markets in mining are never straight lines.
Even the companies that ultimately perform exceptionally well can drop 30–50% along the way. That’s still hard to accept, even when you know it’s coming.
There was also honest discussion about how this cycle feels different:
- Capital moves faster.
- Information travels instantly.
- Passive flows amplify momentum, in both directions.
Sentiment shifts more quickly now. Reactions are sharper. And that makes leadership discipline even more important. Reputation management matters.
What I Noticed Across the Conference
A few themes kept surfacing:
- Capital is back, but it’s selective.
Investors are focused on quality. Strong assets, realistic development plans, credible management teams. The bar feels higher and that’s healthy. - Fundamentals matter again.
Jurisdiction. Permitting timelines. Cost discipline. Capital allocation.
The questions are sharper. The scrutiny is deeper. - Critical minerals aren’t just buzzwords anymore.
The energy transition narrative is still strong, but the conversation has matured. In addition to positioning, you need execution and economics to back up the narrative. - Access matters.
Strategic Communications still carries weight. Investors want to hear directly from leadership teams, especially when markets feel volatile.
The Communications Takeaway
What really resonated for me is how closely this mirrors what we see every day with our clients at PRA. Mining companies don’t just manage assets and capital. They manage expectations.In stronger markets, communications amplifies momentum. In volatile markets, communications protect credibility.
The companies that stood out at VRIC weren’t necessarily the loudest. They were the clearest. They could effectively articulate:
- Where they are in the cycle
- What risks remain
- How capital will be deployed
- What realistic success looks like
That clarity builds alignment. And alignment builds staying power.
My Overall Impression
VRIC 2026 felt like a market that’s maturing mid-cycle. There’s tempered confidence, earnest opportunity and mindful capital.
Mining has always rewarded long-cycle thinking. The companies, and leaders, who stay disciplined when markets get loud are the ones who ultimately create lasting value.
