Global nonferrous exploration budgets to climb to $16.5B in 2026

What is the forecast for global nonferrous exploration spending in 2026?

S&P Global Market Intelligence's latest Corporate Exploration Strategies (CES) study shows global nonferrous exploration budgets climbing to $16.5 billion in 2026, up from $12.4 billion in 2025. This marks the largest annual gain in more than a decade, following three years of subdued exploration spending.

Improved financing conditions helped revive exploration activity, particularly among junior companies, while majors also continued to expand their budgets. Gold and copper were the main drivers of growth, more than offsetting further declines in lithium exploration. Budget allocations increased across all stages of development, with grassroots exploration returning to growth but still accounting for only a small share of the total spending.

Watch this space as we release our latest analysis on the 2026 exploration budgets.

Copper Exploration Reaches 14-Year High

Copper exploration has reached its highest level since 2012, as both junior and major companies increased their efforts to explore the red metal. Exploration budgets rose 32% to $4.3 billion in 2026, marking the second-highest level on record, only surpassed by the $4.7 billion allocated in 2012 during the peak of the commodity-cycle boom. Except for 2020, copper exploration budgets have grown steadily since 2017. Copper now accounts for 26% of global nonferrous exploration budgets, up from 21% in 2017.

Canada Leads Global Rebound in Exploration Spending

Canada remains the global leader in exploration spending in 2026, with budgets rebounding 37% to $3.14 billion, an $841 million increase from 2025. The recovery was overwhelmingly driven by gold, with allocations rising by $668 million to $1.92 billion. Copper added $123.2 million, while uranium, silver and several smaller targets also recorded gains. The number of active explorers was broadly stable at 632, indicating the increase came from larger programs rather than a wider company base.

How does the Corporate Exploration Strategies (CES) study help to monitor future mine supply?

The S&P Global Corporate Exploration Strategies (CES) study helps monitor future mine supply by providing an extensive global exploration budget dataset that allows users to evaluate how exploration, acquisitions, discoveries, and production activity influence future supply availability. This dataset, compiled through surveys of mining companies globally, contains over 20 years of historical exploration information. With access to this data alongside historical mined production data and projected supply estimates, mining producers can monitor significant financings and drilling announcements and analyze new mine developments by location, commodity, development status, and company type.

Key Questions on the 2026 Exploration Budget Outlook

Which commodities are driving the growth in exploration budgets?

Gold and copper are the main drivers of the growth in global exploration budgets for 2026, more than offsetting a decline in exploration for lithium.

Which country has the highest exploration budget?

Canada remains the global leader in exploration spending in 2026, with budgets rebounding to $3.14 billion, representing a 37% increase from 2025.

How has copper exploration spending changed?

Copper exploration spending has increased significantly, rising 32% to $4.3 billion in 2026. This is the highest level for copper exploration since 2012 and the second-highest level on record.

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