The S&P Global Market Intelligence Pipeline Activity Index (PAI) showed a modest recovery in April, rising 3% month over month to 91 from 88 in March, indicating a slight improvement in activity following the slowdown in March. The Exploration Price Index (EPI) declined for a second consecutive month, falling to 383 from 391.

At the same time, broader market metrics improved. Total industry market capitalization rebounded to $4.1 trillion, up from $3.9 trillion in March, reflecting a partial recovery in mining equities. Underlying activity indicators were mixed. Significant drill results declined to 126 from 129, initial resource announcements increased to six from two and positive project milestones eased to seven from eight.

Overall, April data suggests a stabilization in market conditions, with modest gains in pipeline activity and equities alongside continued softness in pricing indicators.

The PAI measures the level and direction of overall activity in the commodity supply pipeline by incorporating significant drill results, initial resource announcements, significant financings and positive project development milestones into a single comparable index.

The EPI measures the relative change in precious and base metals prices, weighted by each metal's overall exploration spending percentage as a proxy for its relative importance to the industry at a given time.

Detailed data on the PAI metrics is available in the accompanying Excel databook.

April rebound builds on March pullback

Funds raised by junior and intermediate companies recovered strongly in April, reaching $2.22 billion, up 43% from $1.55 billion in March. The rebound extended the alternating rise-and-fall pattern in monthly fundraising observed since October 2025, with a resurgence in higher-value deals mainly driving April's improvement.

Gold financings rebounded sharply in April, rising to $1.20 billion from $837 million in March. The recovery followed post-February normalization in March and highlighted continued investor preference for gold, amid historically elevated prices and persistent macroeconomic uncertainty. Activity was supported by renewed participation in larger financings, reflecting selective risk-taking rather than a broad increase in speculative issuance. Despite fewer overall transactions, gold remained the dominant commodity group in terms of capital raised. The number of transactions declined to 74 from 82 in March, while significant financings eased to 33 from 35. Only one transaction exceeded $50 million, down from four in March.

Funds raised for base and other metals climbed to $615 million in April from $361 million in March, reversing the group's seven-month low and reflecting improving confidence, particularly in copper-focused assets. Same with gold, the rebound was driven primarily by fewer but larger transactions, as investor activity shifted back toward higher-value deals. Copper accounted for a meaningful share of the increase, supported by constructive medium-term demand expectations tied to electrification and infrastructure investment. The number of transactions fell to 47 from 66 in March, while significant financings fell to 23 from 27, highlighting a shift toward smaller deal sizes. There were two transactions valued at over $50 million, unchanged from March.

Drilling activity dips in April

April drilling metrics faltered in a quiet start to the North American exploration season, with projects and drillholes each falling 5% and companies reporting down 7%. Drillholes fell to a 13-month low and projects dropped to a six-month low.

April marked the first time in the history of this report that early-stage projects reported the most significant drill results, despite dropping 11% to 50 projects. Late-stage projects fell 27% month over month. In contrast, minesite projects with significant drill results more than doubled to 34 projects.

April's top result came from Australian Securities Exchange-listed St George Mining Ltd.'s Araxa rare earth elements project in Brazil. The company reported an intercept of 178.7 meters grading 0.75% niobium and 4.34% total rare earth oxides (TREO). The April results reinforce the mineral resource model and highlight the potential for future resource expansion. April also marked the fifth month in a row in which Araxa recorded either the best or second-best drill result.

The second-best result in April came from TSX Venture Exchange-listed West Red Lake Gold Mines Ltd.'s Madsen gold mine in Ontario. The company reported an intercept of 5.35 meters grading 215.46 grams of gold per metric ton. In late 2025, the company began drilling in a new zone at Madsen, which it plans to continue to drill and define, with initial production from the area expected in the first half of 2027.

Initial resource announcements rise to 6 in April

Six initial resource announcements were released in April, with five for gold and one for copper.

The largest new resource in terms of all-metals value was reported on the Toronto Stock Exchange and came from Seabridge Gold Inc. at the Snip North deposit of its Bronson Corridor gold and silver project in Canada, which reported inferred and indicated resources containing 633.3 million mt, totaling 9.50 million ounces gold, 29.4 Moz silver, 434,995 mt copper, 39,009 mt molybdenum grading 0.48g/mt Au, 1.49g/mt Ag, 0.07% Cu and 0.62% Mo.

The second-largest announcement was from TSX Venture Exchange-listed Wolfden Resources Corp. at its Canoe Landing Lake deposit at the Tetagouche project, with reported inferred and indicated resources containing 20.83 million mt, totaling 646,779 oz gold, 22,482,535 oz silver, 110,009 mt copper, 376,684 mt zinc and 125,561 mt lead, grading 0.97 g/mt Au, 33.58g/mt Ag, 0.52% Cu, 1.81% Zn and 0.6% Pb.

Milestone activity falls to 7 in April, led by gold

Project milestone activity reduced in April, with seven positive announcements recorded. Gold projects dominated the updates, accounting for four of the seven milestones, while copper-focused assets contributed to the remaining announcements.

By development stage, feasibility-related milestones were the most prevalent. Four announcements involved the initiation or completion of feasibility studies, underlining continued project advancement at the evaluation stage. The remaining announcements were: one preproduction milestone and two production-related developments, with updates on the commencement of construction, a new mine entering operation, and a mine expansion. No negative milestone was reported during April.

Feasibility‑related milestones

- ASX‑listed Saturn Metals Ltd. has begun feasibility studies for Apollo Hill in Western Australia. The company plans to update the mineral resource, mining inventory, ore reserves and production forecasts in 2026, which will serve as the basis for the study. In addition, Canadian Securities Exchange-listed Lion Copper and Gold Corp. has officially begun feasibility work on its Yerington/MacArthur project in Nevada, with an on-site workshop completed.

- TSX Venture Exchange-listed Amex Exploration Inc. has completed a feasibility study for the Perron gold project in Quebec. As next steps, the company plans to commence detailed engineering and has a fully permitted 40,000‑mt bulk sample ready to proceed.

- TSX Venture Exchange-listed Blue Moon Metals Inc. has completed a feasibility study for the Nussir copper project in Norway and will now move forward with detailed engineering and construction.

Preproduction milestones

April preproduction activity was centered on one project.

- Immediately after announcing the completion of a feasibility study, Blue Moon Metals announced a final investment decision for construction on its Nussir mine project, with ore production scheduled to start in the September quarter of 2027.

Production milestones

Two production-related milestones were announced during April, both in gold:

- ASX-listed West Wits Mining Ltd. has achieved its first gold pour at Witwatersrand Basin Qala Shallows project in South Africa, marking the transition from a development-stage company to a gold-producing company.

- TSX-listed Erdene Resource Development Corp. achieved commercial production at its Khundii gold mine in Mongolia.

Mining equities rebound while EPI trends lower

Following March's pullback, April data shows partial stabilization in the sector, with mixed trends across key indicators.

Mining equities rebounded to $4.1 trillion from $3.9 trillion in March, a 7% month-over-month increase. Despite this recovery, market capitalization remains below its February peak of $4.7 trillion, though it is still significantly higher year over year (up 85%).

The EPI continued to decline, falling to 383 from 391 in March, a 2% month-over-month decrease, pointing to ongoing softness in pricing.

Pipeline activity improved slightly, with the PAI rising to 91 from 88, up 3% from March. While still below recent highs, this suggests a modest pickup in project momentum.