World Exploration Trends 2026
Annual exploration budget trends analysis built on S&P Global survey with over 2,160 companies globally, backed by 28 years+ of exploration budget data and research insights.
According to the S&P Global World Exploration Trends 2026 report, global exploration budgets declined for a third consecutive year to $12.40B, even as demand for gold, copper, lithium, and critical minerals continues to grow.
Gold led exploration, with budgets up 11% to $6.15B, driven by record prices—but spending is increasingly focused on existing mines. Latin America retained its position as the largest exploration region globally, supported by strong gold and copper spending, while budgets declined in Canada and the United States. Grassroots exploration fell to a record low of 21%, highlighting a shrinking pipeline of new discoveries.
With an average of 16 years from discovery to production, today’s underinvestment could become tomorrow’s supply constraint. Examine exploration trends by commodity, geography, stage of development and company type.
