Global exploration trends are shifting dramatically. While overall budgets have yet to return to early 2010s peaks, spending on critical minerals — lithium, nickel, copper, and rare earths — is surging, reflecting changing global priorities and rising demand for energy transition materials.
Exploration activity hits multiyear high as growth continues
According to S&P Global Market Intelligence (November 2025):
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Pipeline Activity Index (PAI) surged in October 2025: the overall index rose 21% month-on-month (from 112 to 135). S&P Global
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Within that, “gold exploration” led gains: gold-PAI jumped 24%, while base/other metals PAI increased 19%. S&P Global
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The “Exploration Price Index” (EPI) also hit a record high, driven by surging metal prices — reflecting rising investor interest and strengthening fundamentals. S&P Global
This indicates growing exploration activity globally — more drilling, financings, and project advances — in response to favourable commodity prices and market conditions.
Mining Needs a New Model: Public Capital for Resource Exploration
In an article by John Zadeh for Discovery Alert, he suggests that current funding models — especially for “junior explorers” — are inefficient: too much time spent on fundraising, not enough on technical work (drilling, data analysis, etc.), reducing discovery success rates despite high demand for minerals. Discovery Alert
The piece argues that most global budgets (about 72%) now go to “brownfields” (existing mines/expansions) rather than “greenfields” (new deposits), which restricts potential for major new discoveries. Discovery Alert
Even amid rising overall investment in exploration, structural challenges remain — and many increased expenditures may go into optimizing or expanding existing mines rather than finding new deposits.
Ghana leads the way
In Africa, Ghana has recently removed taxes on mineral reconnaissance to attract international investors, aiming to stimulate greenfield exploration.
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Ghana announced removal of a 15% VAT on mineral exploration and reconnaissance, aiming to incentivise greenfield projects and lower the upfront cost burden. Reuters
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The reform seeks to stimulate investor confidence and increase new exploration activity in a region competing for global mining investment. Reuters
Internationally, demand for strategic and critical minerals is pushing explorers and governments alike to align incentives, technology, and investment strategies.
This demonstrates how policy changes, like tax incentives, are being used in some countries to attract exploration expenditure — especially for early-stage, high-risk projects.
In Australia, lithium, gold and copper-focused explorers are prioritizing projects that can supply rapidly growing demand by expanding operations to support electrification and renewable energy infrastructure worldwide.
Miners and explorers are becoming increasingly selective. Rather than spreading budgets thinly across a range of metals, exploration spending is concentrated on commodities deemed essential for national security and the clean energy transition.
Critical minerals are shaping the future of exploration, driving selective investment and reshaping global mining priorities. Companies and countries that adapt quickly to these trends are likely to benefit from both economic and strategic advantages in the coming years.
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