-
Summary
Preliminary results for global exploration budget data from S&P Global Market Intelligence's Corporate Exploration Strategies (CES) series show significant increases for nonferrous exploration in 2026. A return of investor interest—driven by record to near record prices for gold and copper—drove budgets up 33% to $16.5 billion from $12.4 billion in 2025.
Gold prices moved above $5,400 per ounce for the first time ever in January 2026. Although they have since retreated, gold prices remain above $4,000, fueling investor interest and providing producers with strong margins that could be reinvested in exploration. This pushed the exploration budget directed to gold up 38% to $8.5 billion, the second-highest total ever when not accounting for inflation. While large companies continue to drive exploration efforts, the return of investor capital to the junior sector has been notable, funding a resurgence in junior exploration budgets.
There is reason to be optimistic about the prospects for 2027. Prices for the core commodities remain strong with investor funding, while variable, maintaining momentum for now. Geopolitics remains a concern with multiple conflicts continuing, placing stress on commodity supply chains and raising the specter of inflation. It will be a delicate balance where some current events aid metal prices but could damage them in the longer term through inflation and economic recoil.
Hear directly from our CES analysts on the trends behind the 2026 headline numbers and the signals we are watching for 2027.
The webinar will explore:
- Where exploration budgets are growing, with trends by commodity, geography and project stage
- How discovery trends are evolving and what they reveal about the industry's project pipeline
- Recent drilling and financing activity, including the resurgence in junior-sector exploration
- The addition of iron ore to CES coverage and what it adds to the global exploration picture
- The outlook for exploration in 2027, including key upside drivers and risks to continued growth
Speakers
S&P Global Energy
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.
Questions?
Please contact us if you need more information or have trouble accessing the webinar.