2024 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 2024, as the junior sector continued to have difficulty accessing funds amid languishing metal markets for many, though not all, commodities. We estimate the global nonferrous exploration budget to decrease 3% to $12.5 billion in 2024, from $12.9 billion in 2023.

Many of our 2024 budget expectations were realized. The junior sector, which is reliant on the marketplace to fund its activities, decreased, while the major companies remained mostly flat. Gold budgets fell sharply despite record prices, while exploration for critical minerals held firm. Geographically, Australia had the largest decline, as its large junior explorer population encountered issues funding its programs. In contrast, exploration directed to the US increased in 2024 on the back of stronger copper and lithium allocations. In line with the overall decrease in budgets, the number of active explorers decreased modestly to 2,210 in 2024, from 2,238 in 2023.

The current weakness in metal prices and financing levels is expected to persist through 2024 and potentially the first half of 2025, restricting any significant increases to budgets for 2025. Continuing interest in the mining supply chain, however, should help insulate the sector from any significant decreases in exploration levels.

Join our analysts as we review 2024 and look ahead to 2025:

• Exploration by commodity, geography and project stage of development
• Discovery trends
• Recent drilling and financing activity
• 2025 exploration outlook

Speakers

Eillen Grace Dela Cruz

Senior Specialist, Metals and Mining Research
S&P Global Commodity Insights

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Marlon Joaquin

Specialist, Metals and Mining Research
S&P Global Commodity Insights

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Kevin Murphy (Moderator)

Research Director, Metals and Mining Research
S&P Global Commodity Insights

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