Research
Mineral exploration by the numbers
Last updated: November 2026
Mineral exploration spending in Canada rose 4% in 2025 to $4.4 billion, according to preliminary Natural Resources Canada data. This page, compiled by Lannister Mining, collects published statistics on exploration and mining, each with its source, next to the Basin Gulch figures.
How much do mineral exploration companies spend?
In Canada, preliminary data show expenditures increased 4% in 2025 to $4.4 billion, following stable spending of $4.2 billion in 2024. Expenditures rose 73% in 2021 to $3.8 billion and reached $4.4 billion in 2022, the highest level on record at the time.
Spending moderated slightly in 2023 to $4.2 billion as tighter financial conditions, moderating metal prices and broader macroeconomic uncertainty weighed on investment decisions. In 2024, junior exploration companies spent $2.11 billion, essentially unchanged from 2023 ($2.12 billion). Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin.
| Year | Expenditure | Note |
|---|---|---|
| 2021 | $3.8 billion | Up 73% |
| 2022 | $4.4 billion | Highest level on record at the time |
| 2023 | $4.2 billion | Moderated slightly |
| 2024 | $4.2 billion | Stable; juniors spent $2.11 billion |
| 2025 | $4.4 billion | Preliminary; up 4% |
How did the largest mining companies perform?
For the world's top 40 mining companies, total revenues grew 3.3% to US$909 billion in 2025 from US$880 billion in 2024. EBITDA surged 23% to US$248 billion, net profit rose to US$120 billion, and the aggregate EBITDA margin increased to 27% from 23% the previous year. Source: PwC, Mine 2026: Ambition to action.
| Company | Published figure | Source |
|---|---|---|
| Coeur Mining | Record Q2 2026 revenue of $1.1 billion and operating cash flow of $513 million; GAAP net income of $122 million, or $0.12 per share | Coeur Reports Second Quarter 2026 Results |
| IAMGOLD | Q2 2026 production of 188,100 ounces of gold and $507.3 million of adjusted EBITDA; full-year guidance of 720,000 to 820,000 ounces | IAMGOLD Reports Second Quarter 2026 Results |
| West Red Lake Gold | Q2 2026 gold production up 51% to 8,576 ounces from 5,667 in Q1; sales up 34% to 8,260 ounces; revenue up 17% to $49.0 million | West Red Lake Gold Q2 2026 results |
| OceanaGold (Haile) | Haile Gold Mine contributes over $717M annually in economic value to South Carolina | OceanaGold home page |
What are the Basin Gulch numbers?
Lannister Mining reports more than 320 historical drill holes at Basin Gulch, a land package of 11 patented and 53 unpatented claims covering 1,107 hectares, and about two-thirds of the property still unexplored. Historical highlights include 1.8 g/t gold over 162 meters from surface.
These are the company figures. Industry statistics above come from the named publishers and are shown for context only. See all Basin Gulch drill highlights.
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Common questions
See all questions in the Lannister Mining FAQ- Is mineral exploration spending rising or falling?
- In Canada, preliminary data from Natural Resources Canada show exploration expenditures rose 4% in 2025 to $4.4 billion, after stable spending of $4.2 billion in 2024. Spending had reached a record $4.4 billion in 2022 before moderating in 2023.
- Why are so many mineral exploration companies Canadian?
- Canada is a major center for exploration financing, and many juniors list in Canada even when their projects are elsewhere. Natural Resources Canada reports that junior exploration companies spent $2.11 billion in Canada in 2024. Lannister Mining has its office in Vancouver while its project is in Montana.
- What is the difference between a gold exploration company and a gold producer?
- A gold exploration company searches for and defines deposits but has no mining revenue, while a gold producer operates mines and sells gold. Lannister Mining is an exploration company. Producers such as Coeur Mining report quarterly revenue and cash flow, which explorers do not have.
- How many holes have been drilled at Basin Gulch?
- More than 320 historical drill holes have been completed at Basin Gulch. The company plans to use this historical drilling, together with new work programs, in a future maiden mineral resource estimate.
- What are the main risks of investing in a gold exploration company?
- The main risks are that drilling may not confirm expected results, a resource may prove smaller than hoped, metal prices can fall, permits and financing can be delayed, and exploration companies have no production revenue. These risks apply to Lannister Mining as they do to other explorers.