Artisanal and Small-Scale Mining has become a key feature of rural economic adjustment in Zamfara State, Nigeria, driven by livelihood insecurity and limited formal employment opportunities. This study examines the evolving dynamics of ASM and its socioeconomic contributions in selected Local Government Areas of the state. The study adopted Social Exchange Theory to provide theoretical insight for the study. Using a mixed-methods approach, data were collected from 400 respondents 384 respondents through structured questionnaire, supported by Key Informant Interviews. Quantitative data were analysed descriptively, while qualitative data were thematically interpreted. The findings indicate that ASM significantly supports miners, their relations and residents of mining communities, through income generation, income diversification, employment absorption, and local market development. Informal governance arrangements, including cooperatives and community networks, increasingly shape access to mining resources and labour relations, amidst other challenges accompany mining operations. The study concluded that ASM activities will continue to evolve as demand for mining products continue to expand and the evolving partnership among the actors continue to metamorphose. The study emphasizes the need to integrate ASM into formal development and governance frameworks to enhance inclusiveness and sustainable rural livelihoods, through the guidance of Ministry of Mines and Steel Development in Nigeria.