Uranium Mine

Costmine Intelligence Ring of Fire Report 2024

Ring of Fire: North America’s next Mining District?

Ontario’s Ring of Fire was discovered in 2007 and is one of the most promising mineral development opportunities for critical minerals in the province. It is located approximately 500 kms northeast of Thunder Bay and covers about 5,000 square kilometers.

While Ontario’s Ministry of Mines says Ring of Fire could be worth $1 trillion, a figure which critics say is exaggerated, Wyloo Metals, which owns significant claims in the area, estimates the value of “defined ore bodies” at $90 billion. According to the Wildlands League, a non-profit conservation group, the number of mining claims in the Ring of Fire area has increased by over 28% since September 2022. The claims now cover approximately 626,000 hectares, nearly 10 times the size of Toronto. Similarly, as of December 2023, there were 33,074 mining claims in the area according to Ontario Ministry of Mines. As of September 2023, Juno Corp, a Toronto-based mining company held more than 17,000 mining claims covering ~333,000 hectares in the Ring of Fire region. The company holds exploration drilling permits at two sites. Similarly, Wyloo Metals, formerly Ring of Fire Metals Ltd., holds more than 10,600 claims in the region.

Ring of Fire’s Eagle’s Nest project is the most advanced project in the area. According to analysis conducted by Costmine Intelligence, the mine reserves are estimated at 11.1 million tonnes grading 1.68% nickel, 0.87% copper, 0.87 g/t platinum, 3.09-grams palladium, and 0.18-gram gold. The company received a $500,000 grant from the Critical Minerals Innovation Fund to test storing tailings as underground backfill in mine workings.

Our latest report released by Costmine Intelligence identified 33 key properties located in the Ring of Fire region, offering a comprehensive overview of this opportunity. Drawing from meticulously sourced data from Mining Intelligence database, here are some key insights you can expect:


  • Geology
  • Climate
  • Transportation
  • Recent Developments


Properties Distribution: By Development Status

  • Advanced Exploration Stage Properties: By Commodity Exposure
  • Advanced Exploration Stage Properties: Financials
  • Advanced Exploration Stage Properties: Recent M&A
  • Exploration Stage Properties
  • Exploration Stage Properties: Financials
  • Prospect and Feasibility Stage Properties


Case Study

Eagle’s Nest: Wyloo Metals


Gain valuable insights into the world of exploration and mining with our proprietary data at Mining Intelligence. Explore the trends, developments, and opportunities shaping this dynamic sector.

Download the Ring of Fire Report

Submit your information to receive a free copy of Costmine's Intelligence 2024 Ring of Fire Report.

This field is for validation purposes and should be left unchanged.

Want to learn more about Costmine Intelligence and how we can help you streamline your with your mining data needs?

Request a demo with a member of our team to get a personal assessment and discover what tools and data meet your needs.

Chris Berry

Vice-President Sales

Request a Demo

Related Insights

Image of Osisko's Malartic Mine, Quebec

Top 10 Capital Raisings: Exploring Nevada’s Mining Landscape

Our analyst’s review for rail transport over the past decades notes the abnormally large increase in the cost to move rail freight continues and new rates now persist for a third year. The new cost regime in transportation appears more permanent fixture since the initial impact of Covid-19 continues unchanged. What is happening or what might be a cause of the much-steepened upward increase in cost seen in since 2020.

Free Data and Insights Delivered Directly to Your Inbox

Sign up for our newsletter to get regular updates on our products, along with free data, recommended posts on our Insights channel, and special opportunities.

This field is for validation purposes and should be left unchanged.