The Tonopah Mining Company of Nevada was incorporated on July 12, 1901 in Delaware for the purpose of developing and operating a gold and silver ores property at Tonopah, Nevada. The company was formed by a group of Philadelphia businessmen; throughout Tonopah's history, it was managed by eastern capitalists. The company maintained a mining operations office in Tonopah, Nevada and a business office in Philadelphia where the records were kept and the annual meetings were held.

Within several years, subsidiary companies were formed to operate a mill for ore treatment, a steam plant to generate electricity for the mine, and a railroad to transport the ores. The Tonopah Mining Company of Nevada began exploration and development for additional metal mines in 1910. Over several decades, properties were purchased in Colorado, Nevada, Canada, and Nicaragua. Most of the subsidiary mining companies proved unsuccessful and the operations were limited.

By the 1940s, the company was clearly on the decline The grade of ore at the Tonopah mine and the number of lessees had consistently decreased.