The paper contributes to the on-going discussion on innovation modes and innovation systems in literature Primary data was collected from mining companies in six states in Nigeria. Questionnaire was administered to one hundred and fifty mining companies in the six states-being all companies with mineral title. Questionnaire was used to elicit information on the different sources of information for innovation, the innovation output and financial performance (turnover). One hundred and six questionnaire were completed with accuracy and found useful for analysis. Three models were used to address the study’s objectives: model one and two employed Binary Logistic Regression (maximum likelihood method) was used to determine the strength and direction of the relationship between the information sources and the innovation outputs (technological and non-technological innovations). Model three deployed linear regression (ordinary least square method) to determine the strength and direction of the relationship between innovation output and performance.