Our Exploration Jurisdiction Power Score (EJPS) indicates where exploration capital is flowing and where it is pulling back with a single, comparable score across the top 20 mining jurisdictions in the world. Updated quarterly, the index combines three key indicators — drilling activity, initial resource announcements and project milestones — to provide a data-driven view of global exploration momentum. This edition covers the December quarter of 2025 and the March quarter of 2026 across gold and base metals.

Due to their size and importance on the global exploration scene, Australia, Canada and the US are broken down to the state and province level, offering a more precise view of where activity is concentrated.

Methodology

Drilling activity is weighted 1 point per hole to reflect its nature as a high-volume, lower-signal metric. Initial resource and milestone announcements are each assigned 100 points, capturing their role as key de-risking events. There is no cap on the combined score, so jurisdictions that perform strongly across all three dimensions are rewarded accordingly.

Q1 2026 combined power ranking

Rankings for the March quarter of 2026 highlighted Canadian momentum, with Ontario moving to second and British Columbia surging to third. Both provinces were supported by drilling activity and initial resources announcements, signaling a conversion of exploration into defined resources.

Western Australia retained its top position with 4,038 points, though its score declined significantly from its 2025-December-quarter score of 5,486. The reshuffled middle of the table reveals meaningful shifts, with Peru, Papua New Guinea, Alaska, Colombia and Finland entering the top 20 in the March quarter of 2026.

Combined score deltas: Q4 2025–Q1 2026

The delta table captures the full picture of the momentum. It not only shows the jurisdiction ranking highest, but also those accelerating versus those decelerating.

The gainers: British Columbia and Ontario stood out as the two strongest movers of the period, each recording significant gains driven by initial resource project announcements and volume of drilling. Ontario's jump is particularly notable, anchored by three initial resource announcements. Peru and Papua New Guinea recorded the third-largest gains for the period (positive 158 points) on the strength of drilling activity and an initial resource announcement. Patriot Resources Ltd. announced in February 2026 an initial resource estimate at its Tassa late-stage asset in Peru at 18.5 million metric tons, grading 42.73 grams of silver per metric ton, 0.06 g/mt gold, 0.05% copper, 0.11% zinc and 0.12% lead, containing 25.5 million ounces silver, 40,000 oz gold, 8,700 mt copper, 20,800 mt zinc and 22,500 mt lead. AusQuest Ltd. and Palamina Corp. led the drilling activity, reporting the most drillholes in Peru, focused on their copper-primary grassroots projects. In Papua New Guinea, drilling activity was led by K92 Mining Inc. reporting the most drillholes in the country at its Kainantu gold mine.

The decliners: Western Australia's decline was the largest in absolute terms, but was in large part due to an exceptionally strong December quarter of 2025, when the jurisdiction recorded one milestone event and two initial resources projects on top of its already dominant drilling activity. The jurisdiction retained its No. 1 ranking by a wide margin. Mexico showed a similar pattern. Drilling activity in the December quarter of 2025 (865 holes) fell off significantly in the March quarter of 2026 (450 holes).

Companies driving top jurisdictions

Western Australia remained the most active drilling jurisdiction globally by a wide margin. Activity in the December quarter of 2025 was led by Western Gold Resources Ltd., with 775 holes versus none in the March quarter of 2026. In addition Bellevue Gold Ltd. delivered 272 holes in the December quarter and none in the March quarter. The subsequent drop-off in drilling activity underscores the episodic nature of large programs. In contrast, Ora Banda Mining Ltd. drilled 223 holes in the December quarter and 280 in the March quarter, maintaining momentum with its Round Dam campaign, a 62,000-meter planned program across an 18-kilometer corridor in the Davyhurst goldfield. Western Australia's quarter-over-quarter decline reflects the cyclical nature of these large programs.

Canada's picture varies by province. British Columbia's surge to third place in the March quarter with 762 holes was driven by junior explorers in the province's Golden Triangle region, led by Goliath Resources Ltd. (180 holes) and Scottie Resources Corp. (85 holes). Ontario was anchored by West Red Lake Gold Mines Ltd. (137 holes) and Alamos Gold Inc. (137 holes across Island Gold and Young-Davidson), with three initial resource announcements in the March quarter reflecting a province converting exploration into defined resources. Newfoundland and Labrador stood out for concentration, with New Found Gold Corp. accounting for 122 of 310 holes in the March quarter.

Elsewhere, Côte d'Ivoire was sixth globally in the March quarter on 549 drillhole points, led by Aurum Resources Ltd. (204 holes). This represented a decrease from the December quarter, but still made it the highest-ranked jurisdiction in Africa. Mexico similarly experienced decline in drilling activity, with 865 drillhole points in the December quarter versus 450 in the March quarter, alongside a drying up in milestone activity.

Global exploration anchored at the top

The EJPS reinforces that global exploration remains anchored by a small number of dominant jurisdictions, but the direction of momentum is shifting. Western Australia continues to operate at a scale unmatched globally, but its quarter-to-quarter swings show that even the largest regions are influenced by ramp-ups or slowdowns in a relatively small number of major drilling programs.

At the same time, Canada is emerging as the most consistent source of growth, with Ontario and British Columbia demonstrating a pattern of sustained drilling and resource conversion rather than episodic spikes.

Beyond the core regions, Côte d'Ivoire holds sixth position globally on drilling volume alone, even as its score eased from the December quarter. Peru was among the largest quarter-over-quarter gainers, showing that milestone events and resource announcements can rapidly elevate jurisdictions from a low base.

Taken together, the latest results show a market that is concentrated at the top and increasingly dynamic beneath it, where scale, conversion and program continuity determine not just where capital flows but where it begins to translate into the next generation of mining assets.

Disclaimer

The Exploration Jurisdiction Power Score is intended as an indicative measure of exploration and development activity. Rankings reflect reported activity within the tracked period and may not capture all activity within a jurisdiction. All figures are subject to revision as new data becomes available.