Yukon’s placer mining revenue hit $284M in 2024-25, the highest since 1886, as high gold prices fuel record production and economic growth.
Dawson City’s Golden Year
More than 125 years after the Klondike gold rush, the region has posted its highest-ever placer mining revenue. Between April 1, 2024, and March 31, 2025, gold production surged by 34%, according to the Yukon Geological Survey (YGS), generating an estimated $284 million.
Prices Fuel Expansion
The current Canadian gold price of $5,028 per ounce is reshaping the industry. Miners are targeting smaller creeks and less productive ground that would have been overlooked in previous years. Veteran miner Tim Osler says upgraded machinery—larger, faster, and more fuel-efficient—is enabling higher output with lower costs.
Efficiency Changes the Game
Years ago, miners needed an ounce of gold per 100 cubic yards to break even. Now, half that amount can yield a profit. YGS’s Sydney van Loon says this shift is making marginal sites viable, driving new claims in remote and previously unworked areas.
Economic Impact in the Territory
Despite record revenues, Yukon’s fixed royalty rate—set in 1906 at just over 37 cents per ounce—meant the government earned only about $36,000. Mike Burton of the Department of Economic Development says the outdated system is under review, with changes expected in upcoming minerals legislation.
Local Businesses Benefit
High prices are drawing significant investment, particularly in exploration. Burton notes that spending on helicopter charters, camp supplies, and surveying services boosts Dawson City’s economy. Activity remains strong despite the Eagle mine’s closure, as gold’s value attracts new capital and revives dormant projects.
Mining on Traditional Lands
Much of the production occurs on Tr’ondëk Hwëch’in traditional territory. The First Nation has not provided comment on the record-breaking year. Burton says that while some projects once failed to meet investor expectations, current prices are making more ventures financially viable, sustaining momentum across the Yukon.
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