This WRF–AfricaMaVal Report explores Madagascar’s artisanal and small-scale mining (ASM) sector, highlighting the entrepreneurial spirit, exceptional women’s leadership, and strong collaboration among miners and stakeholders. Based on interviews conducted during the August 2024 AfricaMaVal capacity-building activity, the report sheds light on the challenges, opportunities, and aspirations shaping ASM, showing how the ASM ecosystem innovates, adapts, and creates value despite regulatory, financial, and market barriers. The publication aims to advocate for a shift in narrative towards the ASM sector, emphasising the importance of entrepreneurial leaders, the essential role of women, and education as key driver of empowerment.