BCBusiness
Fueled by record-high gold prices and surging central bank demand, six of B.C.’s 10 biggest revenue gainers this year are gold miners.
Amid geopolitical uncertainty and skyrocketing demand from central banks, the record price of gold in 2024 translated to huge gains for B.C.-based mining companies. In fact, six of our top 10 biggest revenue gainers are gold mining firms headquartered here. But some other industries—including fashion and construction—managed to squeak onto the list too. On the flipside, B.C. utility providers saw a dip, as well as companies in the beleaguered forestry sector.
Read on for our full list of winners in the Top 100.
Revenue change: +77.7%
Net income: $152.36 million
Net income change: +240.4%
It was an exceptional year for this Vancouver-headquartered gold producer that owns the Kainantu gold mine in Papua New Guinea. Not only did the public firm end the year with a record amount of cash, it also hit record quarterly production for gold, copper and silver. With construction imminently starting on a new massive processing plant, CEO John Lewins expects 2025 to be “transformational.”
Revenue change: +67.1%
Net income: $89.49 million
Net income change: NA
If there’s a comeback story on the Top 100 list this year, it just might be the Vancouver-based China Gold. In 2023, production was suspended on its Jiama mine after an overflow at the Guolanggou tailings pond dam. But as operations fired up again in 2024, so did the profits: production of gold and copper at the Tibetan mine exceeded forecasts. China Gold is one to watch for 2025, as it applies to increase capacity at Jiama.
Revenue change: +49.4%
Net income: $121.91 million
Rounding out the third spot in our trifecta of gold-mine gainers is Vancouver-based Orla, which saw record gold production from Camino Rojo—its open pit mine in Zacatecas, Mexico. Last year also saw Orla expand its footprint into Canada with the $810 million acquisition of the Musselwhite mine in Ontario, which CEO Jason Simpson expects will more than double Orla’s gold production next year.
Revenue change: +47.1%
Net income: NP
A longtime fixture in the B.C. developer scene, Anthem took a big swing last year—and it paid off. Last fall, the Burnaby-based firm successfully raised $82 million through a first-of-its-kind-in-Canada IPO. The goal from founder Eric Carlson? Securing the necessary financing to construct its planned 66-storey mixed-use development, Citizen—which, when completed, will be one of Metro Vancouver’s highest buildings (beating out Vancouver’s Living Shangri-La and Burnaby’s Two Gilmore Place), and will feature a 176-suite hotel and a mix of market and rental homes.
Revenue change: +43.5%
Net income: $106.26 million
Higher metal prices for both gold and copper combined with B.C.’s Mount Polley and Red Chris mines coming out ahead of production targets resulted in Imperial Metals recording record revenue in 2024. It wasn’t all good news for the company, however. In December, Vancouver-headquartered Imperial Metals was charged with violating Canada’s Fisheries Act in connection with the massive tailings pond spill at Mount Polley in 2014—considered one of the largest environmental disasters in B.C. history.
Revenue change: +40.6%
North Vancouver’s Arc’teryx, dominating the retail space for its high-performance technical gear, earns high marks yet again on our Top 100 winners list. Though this year’s 40-percent revenue boost falls short of last year’s (quite remarkable) 57 percent, this subsidiary of global sportswear giant Amer Sports shows no signs of slowing down. A milestone for 2024 was the unveiling of its first-ever “Alpha” store design in Toronto (named after the ubiquitous Alpha SV jacket), focused on its ReBIRD gear repair centre.
Revenue change: +40.0%
It was a great revenue year for the Lower Mainland-based full-service construction firm, which has dozens of projects under its belt ranging from residential and retail to industrial and office buildings. Ventana is currently working on its largest project to date: a $253-million recreation facility in its hometown of Burnaby, complete with aquatic centre (and lazy river!) and NHL-sized arena.
Revenue change: +39.5%
Net income: $464.77 million
Net income change: +1,092.3%
Vancouver-based Equinox Gold had an absolutely monster year in 2024, which recorded its strongest gold production in the company’s history. Equinox operates seven gold mines in North America along with Brazil, and CEO Greg Smith cites its success at Ontario’s Greenstone Mine as “pivotal” to the record fiscal.
Revenue change: +34.2%
Net income: $583.6 million
Net income change: +140.9%
Becoming debt free was a major feather in the cap of Vancouver-based Lundin, which operates the Fruta del Norte gold mine in Ecuador. Like many of the other gold miners on our winners list, Lundin cashed in quite literally on high gold prices while also hitting an annual production record.
Revenue change: +33.1%
Net income: $396 million
Net income change: +189.5%
With operations in Canada, Greece and Turkey, 2024 saw this Vancouver-based metals producer strike record gold production at its Lamaque Complex mine in the Val d’Or mining district. Eldorado may strike revenue gold again next fiscal, as it plans to add a second underground mine to its Quebec complex.
Revenue change: +100%
Net income: $12.35 million
Net income change: 6.3%
With revenue more than doubling from 2023 to 2024 (from $101 million to $203 million), Beem Credit Union didn’t quite land on our Top 100 this year, but it did come awfully close—and is one to watch. Its dramatic rise comes after recently amalgamating with Interior Savings and Gulf and Fraser, and North Peace Savings and GFCU Savings joined the network last year. Beem—which has corporate hubs in Kelowna and Burnaby—is certainly shining bright as we charge through 2025: it just became the second-largest provincially regulated credit union in B.C. when it merged with BlueShore Financial—and now has a network of over 60 locations.