Equity Research Associate – Mining

The opportunity

Paradigm Capital is seeking an Equity Research Associate to join our mining research team. This is an in-person position based in our Toronto office. Working closely with our base metal mining team, you will evaluate companies, develop financial models, and contribute to investment research for institutional investors.

This role offers the opportunity to combine technical mining knowledge with financial analysis across companies ranging from early-stage explorers to senior producers. Our lean team and flat organizational structure provide direct access to experienced analysts, meaningful responsibility, and exposure to company management teams and institutional clients.

About Paradigm Capital

Founded in 1999, Paradigm Capital is an independent Canadian investment dealer providing equity research, institutional sales and trading, and investment banking services.

Our Equity Research team covers 115 companies across a range of sectors. Mining is a core part of our franchise, with 76 precious and base metals companies under coverage spanning exploration, development, and production.

Key responsibilities

• Build and maintain detailed financial models, production forecasts, and valuations for base metal companies.
• Analyze company results, technical reports, exploration updates, feasibility studies, and other corporate developments.
• Conduct company and industry research, including analysis of operating performance, project economics, commodity markets, and comparable companies.
• Help draft research reports, earnings updates, investment recommendations, and presentations.
• Participate in mine site visits and meetings with company management as part of the research and due diligence process.
• Attend meetings with institutional investors alongside senior analysts.
• Communicate research findings and investment ideas to the sales and trading team.
• Support senior analysts on additional research projects and analytical assignments.

Qualifications and experience

• A university degree in Mining Engineering, Geology, or a related discipline.
• Any relevant experience in the mining industry, equity research, investment banking, or a related analytical role.
• A solid understanding of geology, mining methods, mineral processing, and the factors that drive project economics.
• A demonstrated interest in capital markets and investing.
• Any financial modelling and valuation skills, with proficiency in Microsoft Excel.
• Excellent analytical and numerical abilities, sound judgment, and close attention to detail.
• Strong written and verbal communication skills, including the ability to explain complex technical information clearly and concisely.
• The ability to manage competing priorities and deliver accurate work under tight deadlines.
• Initiative, intellectual curiosity, and a collaborative approach.

Additional assets

• Experience building mining financial models and interpreting NI 43-101 technical reports.
• Progress toward, or completion of, the CFA designation.
• Experience using Bloomberg, FactSet, and/or CapIQ.

Compensation

The expected annual base salary range is C$80,000 to C$100,000, based on experience, plus participation in Paradigm Capital’s bonus pool.

Why join Paradigm Capital?

You will join an established mining research franchise where technical expertise, independent thinking, and individual initiative are valued. The role offers hands-on experience across the investment research process and the opportunity to develop your capital markets skills while contributing to a collaborative team.

How to apply

Please submit your résumé and a brief cover letter outlining your relevant experience and interest in mining equity research to smcauley@paradigmcap.com, with the subject line “Mining Research Associate – [Your Name]”.