By the numbers
Mineral exploration by the numbers
Published by Lannister Mining. Last updated November 2026.
Global nonferrous exploration spending was $12.40 billion in 2025, according to S&P Global Market Intelligence.
How much is spent on mineral exploration each year?
The Basin Gulch Brief, published by Lannister Mining, collects published figures with their sources. S&P Global reports $12.40 billion of global nonferrous exploration spending in 2025, a third straight nominal decline. Canada alone reported preliminary spending of $4.4 billion in 2025, with $5.3 billion planned for 2026.
Published exploration statistics
$12.40 billion
Global nonferrous mineral exploration spending in 2025, a third consecutive year of decline in nominal terms (down about 0.6% year over year).
$5.3 billion
Planned Canadian exploration and deposit appraisal spending for 2026, up 21%, which would be a new high if realized.
$4.4 billion
Preliminary Canadian exploration expenditures in 2025, up 4% from stable spending of $4.2 billion in 2024.
23% to 631%
The implied discovery probability for copper rose from 23% in 2004 to 2009 to 631% in 2020 to 2024, which the authors use to analyze exploration efficiency.
$1,742,275
Mundoro exploration expenditures in Q1 2026, the majority funded by partners, compared to $1,759,690 in Q1 2025.
How has Canadian exploration spending changed since 2021?
| Year | Spending | Note |
|---|---|---|
| 2021 | $3.8 billion | Up 73% |
| 2022 | $4.4 billion | Highest on record at the time |
| 2023 | $4.2 billion | Moderated on tighter financial conditions |
| 2024 | $4.2 billion | Stable |
| 2025 | $4.4 billion | Preliminary, up 4% |
| 2026 | $5.3 billion | Spending intentions, up 21% |
Source: Natural Resources Canada.
What are the key Basin Gulch numbers?
These are Lannister Mining's own reported figures, not industry statistics: a 1,107-hectare land package of 11 patented and 53 unpatented claims, more than 320 historical drill holes, two-thirds of the property unexplored, and highlighted historical intervals including 1.8 g/t Au over 162 meters from surface (Lannister Mining property page).
What do these numbers mean for partners and investors?
Spending figures show how much capital the exploration sector is deploying and how it shifts with financial conditions. Partner-funded models, like the one Mundoro reports, show that sharing exploration costs is an established approach. For a project such as Basin Gulch, with a large historical dataset and unexplored ground, that context helps frame a partnership or investment conversation.
Back to the overview: an exploration joint venture in Montana at Basin Gulch.
Common questions
How much do mineral exploration companies spend worldwide?
S&P Global Market Intelligence reports that global nonferrous mineral exploration spending totaled $12.40 billion in 2025, a third consecutive year of decline in nominal terms, down about 0.6% year over year. These are market figures from its World Exploration Trends 2026 study, not Lannister Mining figures.
See this answer in the full FAQWhat is gold exploration?
Gold exploration is the work of finding and defining gold deposits before any mine is built. It usually moves from mapping and sampling to trenching and drilling, then to a resource estimate. At Basin Gulch, Lannister Mining is working from historical drilling toward a future Maiden Mineral Resource Estimate.
See this answer in the full FAQWhat is the difference between a mineral exploration company and a mining company?
A mineral exploration company looks for and defines deposits; a mining company extracts and processes ore from deposits already defined. Lannister Mining is a mineral exploration company. Its advisory board includes John Lewins, CEO of K92 Mining, a high grade gold producer in Papua New Guinea.
See this answer in the full FAQHow does exploration for gold work in practice?
Exploration for gold usually follows a sequence: review historical data, map and sample the surface, trench, drill, assay, then model results into a resource estimate. Basin Gulch already has more than 320 historical drill holes and trench results, so the next stages Lannister Mining describes focus on confirmation and expansion drilling.
See this answer in the full FAQHow many drill holes are at Basin Gulch?
Lannister Mining reports more than 320 historical drill holes at Basin Gulch. The company plans to use this historical drilling together with new work programs in a future Maiden Mineral Resource Estimate, after expansion and confirmation drilling of historical intercepts.
See this answer in the full FAQHow can I invest in Lannister Mining?
Start with the investor presentation and the invest page on lannistermining.com, then contact investor relations. Lannister Mining lists Ken Cotiamco at 604-687-7130 and IR@lannistermining.com. This site does not give investment advice, so speak with a licensed advisor before making any investment decision.
See this answer in the full FAQTalk to Lannister Mining
Investors and potential exploration partners can reach Lannister Mining directly. Investor relations: Ken Cotiamco, 604-687-7130, IR@lannistermining.com.