Uganda’s reform efforts have not proved to be successful from a legal risk perspective, with risk in the country rising under the 2022 mineral legislation. The MMA provides the Minister with unfettered discretion over the mining sector and contains numerous provisions which expose mining companies to legal and corruption risks. The law falls far short of expected standards, and although principles of transparency, anti-corruption and beneficial ownership are acknowledged within its many provisions, it fails entirely to provide an environment where investors who value such principles may rush to. It is high time for countries to start considering the type of investors and companies they want to attract and start working with industry to ensure balanced laws that work for all parties. Unfortunately, in Uganda’s case, we find yet another example of a law which has been drafted without acknowledging the fundamental issue that a country’s mining sector potential will never be fulfilled unless the legislative framework provides a sound basis for investment. The economic and other benefits nations hope to gain from their mining sectors cannot be achieved without the mining companies themselves and it would seem that Uganda has forgotten that with its 2022 mineral law.