2026 Corporate Exploration Strategies

Preliminary results for global exploration budget data from S&P Global Market Intelligence's Corporate Exploration Strategies (CES) series shows decreases in exploration budgets again in 2025, as the junior sector continued to have difficulty accessing funds and support collapse for those commodities that continue to have languishing prices. We estimate the global nonferrous exploration budget to decrease 1% to $12.4 billion in 2025, from $12.5 billion in 2024.

Elevated prices for gold, copper and silver have pushed budgets for those commodities higher, but not enough to offset declines in other target commodities, led by lithium, nickel and diamonds. Large producers continue to dominate exploration, fueled by strong cash flow from high metal prices. Juniors continue to lag, as funds raised — despite recovering from 2024 lows — remain below their 2021 peak. Most exploration activities remain concentrated on minesite and near-mine areas at the expense of greenfield exploration. The share of grassroots exploration has fallen to a new low, accounting for only one-fifth of global exploration.

Mixed signals are appearing for 2026. Financing activity, while improving over 2023 and 2024, remains well below historic levels. Commodity price performance remains heavily variable and looks to remain that way for the near-term. On the upside, the recently released Canadian budget has promised increased support for critical minerals, although only time will tell how easily these funds can be accessed.

Join our analysts as we review 2025 and look ahead to 2026:

• Exploration by commodity, geography and project stage of development

• Discovery trends

• Recent drilling and financing activity

• 2026 exploration outlook

Speakers

Kevin Murphy

Director, Metals & Mining Research
S&P Global Energy

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Paul Manalo 

Senior Principal Analyst, Mining Studies & Mine Economics
S&P Global Energy

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Kathreen Piquero

Analyst, Metals & Mining Research
S&P Global Energy

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