By Keerit Jutla, Contributing Writer and Industry Advisor
Keerit Jutla reflects on six industry titans who reshaped mining leadership and governance.
Introduction — There is a New Standard for Doing Business
In an industry long shaped by cycles, speculation, and survival, there are a few individuals whose contributions transcend any one commodity or era. They don’t just lead projects—they shape principles. They don’t just raise capital—they redefine credibility. And they don’t just chase growth—they build legacies.
This paper is a distillation of lessons drawn from six such individuals: Doug Silver, Rick Rule, Frank Giustra, Ross Beaty, Terry Salman, and Mark Cutifani. Each has built something that outlasts markets—be it a company, a code of conduct, or a way of thinking about what mining can and should be.
Over the past two years, I’ve studied their words, their strategies, and their frameworks—through interviews, public statements, partnerships, and quiet observation. What emerges is not just a shared ethos, but a roadmap: one that challenges the next generation of industry leaders to ask not just how to build a company, but how to build one that deserves to exist.
This paper is for anyone who believes that:
- Governance isn’t paperwork—it’s strategy.
- Consent isn’t a risk—it’s a foundation.
- Environmental stewardship isn’t ESG jargon—it’s operational foresight.
- Capital isn’t dumb—it’s evolving.
- And mining, if led with discipline and humility, can still be one of the most honorable, transformative sectors in the world.
The game is changing. The bar is rising. And those who aren’t ready for that future won’t have one.
The men profiled in this paper have shown us what excellence looks like.
The rest is up to us.
1. Doug Silver — Discipline, Clarity, and the End of Lifestyle Companies
Who He Is:
Doug Silver is one of the most respected minds in mining finance and strategic commentary. A geologist by training and a financier by trade, Silver helped shape the evolution of mining M&A, fund structuring, and corporate strategy across North America. He’s known for his sharp assessments, no-nonsense approach, and deep institutional knowledge of the sector.
What He’s Contributed:
More than perhaps any other modern commentator, Silver has issued a clarion call to the mining industry: get serious, or get out. He’s brought focus to governance standards, ethical project development, and capital discipline. But perhaps his most cutting—and necessary—contribution has been his sustained critique of what he calls “lifestyle companies.”
What Are Lifestyle Companies?
In Silver’s terms, a “lifestyle company” in the mining sector isn’t designed to build a mine or deliver shareholder value. It’s structured around sustaining the lifestyle of its executives. These companies:
- Consistently raise capital without making real progress on a project;
- Use investor funds primarily for salaries, conferences, and promotional tours;
- Inflate valuations through speculation, not substance;
- Pivot between commodities or jurisdictions depending on market narrative, not operational logic.
His Lesson:
Silver’s warning is stark: capital is running out of patience for lifestyle companies. Investors today demand clarity of purpose, measurable milestones, and executives who know how to convert exploration into structured value. In BC—where regulatory scrutiny, Indigenous consent, and social licensing are becoming dealbreakers—lifestyle companies are becoming toxic assets.
For Silver, if you can’t justify your existence beyond a PowerPoint and a conference panel, you shouldn’t be in business. The future belongs to those who are willing to build—not those who are just trying to bill.
2. Rick Rule — Capital Has Grown Up: Governance Is the New Grade
Who He Is:
Rick Rule is a legendary contrarian investor and financier who has spent over four decades in the natural resources sector. As the former President and CEO of Sprott U.S. Holdings, he’s been at the center of capital flows that have defined mining cycles, from gold to uranium and everything in between. Rule is as respected for his insight as he is for his blunt honesty.
What He’s Contributed:
Rule has spent his career helping serious investors understand how to price risk—and helping serious issuers understand what capital actually respects. He has championed education in speculative investing, offering mentorship to thousands of junior executives and retail investors alike. Most importantly, he’s been a persistent advocate for substance over hype and governance over gloss.
Where others have chased the “next hot project,” Rule has asked deeper questions:
- Who’s running this?
- Are they aligned with shareholders?
- What’s the real risk-adjusted return—geologically, politically, and ethically?
His Lesson:
Today’s capital environment has matured—and so must the companies seeking to access it. Rule has been clear: grade and jurisdiction aren’t enough anymore. Smart money wants:
- Governance structures that reflect modern expectations—not old boys’ clubs;
- Real consultation processes—not checkbox community engagement;
- Transparency about equity splits, executive compensation, and project risk;
- The presence of Indigenous equity or formal partnerships—before the press release.
For Rule, capital is no longer impressed by flash or proximity. It is seeking companies that are structurally sound, legally aligned, and socially credible. Those that ignore this will find fewer doors opening.
His message to companies is simple but firm: If you want long-term capital, act like a long-term business.
3. Frank Giustra — Purpose Is Non‑Negotiable: Profit With Meaning
Who He Is:
Frank Giustra is a renowned Canadian mining financier and philanthropist, best known for founding Wheaton River Minerals (now part of Goldcorp) and the entertainment giant Lionsgate. Beyond business, he’s a committed advocate for aligning capitalism with conscience and has worked extensively on global social initiatives, including with the Clinton Foundation.
What He’s Contributed:
Giustra helped popularize the metals streaming model, changing how junior miners finance projects. More recently, he has made headlines for his belief that businesses—especially resource companies—must deliver meaningful social and environmental returns, not just profit. His co-founding role and major investment in Nations Royalty Corp., a publicly listed Indigenous royalty firm primarily owned by the Nisga’a Nation, exemplify this philosophy. Nations Royalty is the first majority-Indigenous mining royalty company in Canada—a groundbreaking model for economic reconciliation and Indigenous sovereignty.
His Lesson:
Giustra’s overarching message is clear: Purpose is not optional—it’s strategic.
- Authentic Indigenous partnership, demonstrated through equity and shared financial structures, is fast becoming imperative—not just altruism.
- Wealth creation must include capacity building, not just cheque signing.
- Royalties should no longer be a hidden clause in agreements—they should be front and centre, owned, and managed by Nations.
- Supported by smart capital, Indigenous-led royalty companies like Nations Royalty align economic vitality with social returns, charting a new pathway for resource-sector legitimacy.
Giustra’s conviction is that the future of mining lies with companies that can weave economic value with social license, and—crucially—fiscal empowerment for those who have been historically excluded.
If we’re not offering more than minerals, we’ll just get minerals. But when we aim to set up self-sustaining equity and governance structures, that’s the future.
4. Ross Beaty — Stewardship as Strategy: The Planet Is Your Shareholder
Who He Is:
Ross Beaty, C.M., is a prominent Canadian entrepreneur, geologist, conservationist, and philanthropist. He founded Pan American Silver (now part of Endeavour Silver) and later Equinox Gold, and co-founded the Sitka Foundation to support environmental and societal initiatives.
What He’s Contributed:
Beaty has long led by example in integrating environmental stewardship with commercial success—a rare feat in resource development. As Chair of the BC Parks Foundation, he championed bold targets such as protecting 25 % of BC’s lands by 2025 and 30 % by 2030. His commitment has extended into philanthropy and institutional governance: he leads Sitka Foundation’s environmental grantmaking and serves on boards including Panthera and the Nature Trust of BC. He is a sought-after voice on balancing resource development and biodiversity preservation.
His Lesson:
Beaty’s career demonstrates that environmental integrity is not a cost—it’s a competitive advantage:
- Conservation-focused governance builds long-term credibility with governments, investors, and communities.
- Bold, measurable targets—like those set under BC Parks—are not symbolic. They are rallying points that attract human, natural, and financial capital.
- Civic leadership, such as championing parks and protected areas, strengthens a company’s social license to operate.
- If you treat the planet as a shareholder, you’ll create shared value and resilience—today, tomorrow, and beyond.
Terry Salman — The Quiet Architect of Legacy: Give More Than You Take
5. Terry Salman — The Quiet Architect of Legacy: Give More Than You Take
Who He Is:
Terry Salman is one of Canada’s most respected investment bankers and philanthropic business leaders. A former president of Nesbitt Thomson and founder of Salman Partners, he’s been a steady hand behind the financing of countless mining companies over the past four decades. But his influence extends well beyond Bay Street. Salman is a decorated Canadian Forces veteran, a lifelong volunteer, and a civic leader who has helped shape the ethical foundations of modern Canadian business. His 2022 memoir, What We Give, is part reflection, part blueprint—for a life and career defined by contribution.
What He’s Contributed:
Terry Salman’s contribution to the resource sector is not measured in headlines but in handshakes—countless entrepreneurs, geologists, and executives whose ideas were given a chance because Salman believed in them. As one of the few investment bankers in the industry who built his reputation on relationship capital, not hype, Salman helped stabilize junior markets during volatile cycles and protected investor confidence through rigorous due diligence.
He was among the first in the modern mining finance world to publicly emphasize values over velocity—prioritizing trust, mentorship, and stewardship over fast returns. His long-standing involvement with non-profit boards, universities, veterans’ affairs, and Indigenous economic development efforts underscores his belief that business leadership is inseparable from civic responsibility.
His Lesson:
- Capital is human before it is financial.
Salman reminds us that good deals are made by good people, not just sharp models. He prioritizes relationships, trust, and moral grounding—knowing that markets may move, but character endures. - Legacy starts now.
You don’t wait to give back once you “make it.” You embed generosity and mentorship into how you conduct business from the start. He teaches that legacies aren’t built with grand gestures, but with consistency and care. - Quiet credibility beats loud ambition.
In an industry prone to hype, Salman teaches that longevity is built on humility, thoroughness, and long-term partnerships. His calm presence has made him a behind-the-scenes giant in Canadian finance. - Public service is private character in action.
His volunteerism—from UBC to veterans’ groups to the Vancouver Public Library—demonstrates a philosophy too rare in business: that leadership extends beyond the boardroom.
“What we give is ultimately who we are.”
Terry Salman doesn’t need to raise his voice to make a point. He’s the kind of leader whose steady, ethical compass reminds us that the best in business are often those who speak least and give most. In an era where mining and investment are searching for a moral center, he already built his.
6. Mark Cutifani — Systems Leadership: Trust Isn’t Earned Later; It’s Built In From Day On
Who He Is:
Mark Cutifani is a globally respected mining executive and systems thinker. A mining engineer by training, he has held senior roles in the sector for nearly five decades, including CEO of AngloGold Ashanti and, most notably, CEO of Anglo America
n from 2013 to 2022. Under his leadership, Anglo American underwent a dramatic turnaround in productivity, safety, and sustainability, emerging as a global benchmark for responsible mining. He currently serves as Chair of Vale Base Metals and holds board roles focused on ESG and mining innovation.
What He’s Contributed:
Cutifani’s legacy isn’t just financial—it’s philosophical and structural. He’s one of the few CEOs in the industry who has successfully integrated ethical governance, Indigenous relationships, environmental performance, and shareholder return into one coherent system. He doubled Anglo American’s productivity, reduced fatalities by over 90%, cut costs in half, and increased Return on Capital Employed (ROCE) to 23%—all while positioning the company as a sustainability leader.
What sets Cutifani apart is his insistence that trust must be operationalized, not just communicated. That means embedding community engagement, consent, transparency, and fairness directly into financial planning, engineering design, and procurement systems.
His Lesson:
- Trust is not an afterthought—it’s architecture.
Cutifani teaches that if your project’s success depends on earning trust later, you’ve already failed. It has to be built into governance, timelines, budgets, and relationships from the beginning. - Systems thinking is the next frontier of ESG.
You can’t “bolt on” sustainability or social engagement. These must be planned with the same rigour as metallurgy or logistics. Companies must design around people and place—not just commodity cycles. - Consent is not just legal—it’s logistical.
Operational planning must account for Indigenous governance processes, consultation fatigue, community timelines, and procedural fairness. If you ignore those, your timeline will fail—regardless of permitting. - The next great mining companies won’t be great because they extract the most.
They’ll be great because they can operate in complex jurisdictions with confidence, legitimacy, and discipline—creating prosperity for more than just shareholders.
The most successful companies in the future won’t just have the best projects. They’ll have the best systems—for people, trust, and truth.
Keerit Jutla is a nationally respected leader at the intersection of law, Indigenous governance, and natural resource development in Canada.
About the Author Keerit Jutla, JD, MBA, MPP
Keerit Jutla is a nationally respected leader at the intersection of law, Indigenous governance, and natural resource development in Canada. With over a decade of experience spanning legal practice, public policy, and executive leadership, he is known for advancing a principled, consent-based vision for the future of mining.
He is the former CEO of the Association for Mineral Exploration (AME) and currently serves on the Board of Directors of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) – Vancouver Branch. He is also the President of Sikhs in Natural Resources Canada, a national platform dedicated to promoting ethical leadership and cultural inclusion across the sector.
Keerit holds a Juris Doctor (JD), Master of Business Administration (MBA), and Master of Public Policy (MPP). He began his career practicing Aboriginal and administrative law, advising First Nations and governments on governance, consultation, and regulatory integrity. That legal foundation now informs his broader mission: building systems of resource development grounded in trust, legitimacy, and long-term value.
He has contributed to major policy reforms, advised Indigenous–industry partnerships, and authored widely circulated papers on ethics and governance in mining. His recent publication, Lessons from Legends, distills insights from six of the sector’s most respected leaders into a modern code of conduct for companies serious about legacy—not just profit.
In recognition of his contributions, Keerit was awarded the King Charles III Coronation Medal and the DARPAN Award for Corporate Excellence.
At the core of his work is a belief that mining, done right, can still be one of the most transformative sectors in the world. For Keerit, leadership is not just about permitting or profit—it’s about building relationships that endure, governance that earns trust, and prosperity that is truly shared.
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