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Summary
Preliminary results for global exploration budget data from S&P Global Market Intelligence's Corporate Exploration Strategies (CES) series shows decreases in exploration budgets again in 2025, as the junior sector continued to have difficulty accessing funds and support collapse for those commodities that continue to have languishing prices. We estimate the global nonferrous exploration budget to decrease 1% to $12.4 billion in 2025, from $12.5 billion in 2024.
Elevated prices for gold, copper and silver have pushed budgets for those commodities higher, but not enough to offset declines in other target commodities, led by lithium, nickel and diamonds. Large producers continue to dominate exploration, fueled by strong cash flow from high metal prices. Juniors continue to lag, as funds raised — despite recovering from 2024 lows — remain below their 2021 peak. Most exploration activities remain concentrated on minesite and near-mine areas at the expense of greenfield exploration. The share of grassroots exploration has fallen to a new low, accounting for only one-fifth of global exploration.
Mixed signals are appearing for 2026. Financing activity, while improving over 2023 and 2024, remains well below historic levels. Commodity price performance remains heavily variable and looks to remain that way for the near-term. On the upside, the recently released Canadian budget has promised increased support for critical minerals, although only time will tell how easily these funds can be accessed.
Join our analysts as we review 2025 and look ahead to 2026:
- Exploration by commodity, geography and project stage of development
- Discovery trends
- Recent drilling and financing activity
- 2026 exploration outlook
Speakers
S&P Global Energy
Kevin Murphy
Director of Metals & Mining Research
Kevin Murphy is a Research Director for Metals and Mining Research with S&P Global Market Intelligence and is based out of Halifax, Nova Scotia. He manages a group of analysts with the Metals & Mining Research group and writes analysis on various aspects of the industry including exploration, discoveries and production pipelines.
He began his career in metals and mining in 2007 as an analyst for Metals Economics Group which, through a series of acquisitions, became the core of S&P Global Market Intelligence’s Metals & Mining division. He is passionate about the mining industry and its critical role in the global economy.
S&P Global Energy
Paul Manalo
Senior Principal Analyst, Mining Studies & Mine Economics
Paul has been a member of Metals and Mining research team of S&P Global Energy for more than 8 years. His team is involved in the annual publication of Corporate Exploration Strategies that analyzes global trends in exploration. He also works on the group's monthly Industry Monitor and focuses on keeping track of financing and capital raising activities of mining companies.Prior to joining S&P, Paul also managed different research groups that looked at various industries such as retail and logistics. He majored in Philosophy with a minor degree in Political Science from the University of the Philippines.
S&P Global Energy
Kathreen Piquero
Analyst, Metals & Mining Research
Kathreen Piquero is an Analyst in the Metals and Mining Research group at S&P Global Energy, specializing in the Mining Studies team. She contributes to the Corporate Exploration Strategies (CES), an annual study that analyzes global exploration budgets and trends in the mining sector. Additionally, Kathreen also plays a key role in producing the Industry Monitor, a monthly publication that provides comprehensive coverage of mining datasets, including significant drill results, initial resource announcements, project development milestones, and financing activities.
Before joining the Metals and Mining Research group, Kathreen managed relationship-building initiatives with industry professionals in the private equity and venture capital space through targeted outreach campaigns. Kathreen holds a Bachelor’s degree in Business Administration from the Polytechnic University of the Philippines.
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