Sourced industry statistics

Gold and mineral exploration by the numbers

Last updated: November 2026

Mineral exploration is a multi-billion dollar activity: Natural Resources Canada reports Canadian exploration spending of $4.4 billion in 2025. This page, compiled by Lannister Mining, collects published statistics with their sources next to the Basin Gulch Property figures.

How much is spent on mineral exploration each year?

In Canada alone, mineral exploration expenditures reached $4.4 billion in 2025, up 4% on 2024, according to preliminary Natural Resources Canada data, with junior explorers spending $2.11 billion in 2024. Lannister Mining gathers these figures to show the scale of the sector that a gold exploration company like itself operates in.

Numbers

Basin Gulch at a glance

11 patented and 53 unpatented mining claims
1,107 hectares
More than 320 historical drill holes
Two-thirds of the property unexplored
1.8 g/t Au over 162 meters from surface (historical)
0.66 g/t Au over 326 meters from surface (historical)

As reported by Lannister Mining, as of November 2026.

Context

Why these numbers matter together

Sector statistics describe the market in which explorers raise money and producers report results. Producer figures, such as quarterly ounces and revenue, show what a company looks like after the exploration stages are complete. Basin Gulch figures describe where Lannister Mining stands today: a large historical drill database, most of the property still untested, and a planned Maiden Mineral Resource Estimate. None of the third-party figures below are Lannister Mining results.

Published industry statistics

Canadian mineral exploration expenditures increased 4% in 2025 to $4.4 billion, following stable spending of $4.2 billion in 2024 (preliminary data).
Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
Expenditures rose 73% in 2021 to $3.8 billion and reached $4.4 billion in 2022, the highest level on record at the time.
Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
Spending moderated to $4.2 billion in 2023 as tighter financial conditions, moderating metal prices and macroeconomic uncertainty weighed on investment.
Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
Junior exploration companies spent $2.11 billion in 2024, essentially unchanged from 2023 ($2.12 billion).
Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
For the top 40 mining companies, 2025 revenues grew 3.3% to US$909 billion from US$880 billion in 2024; EBITDA rose 23% to US$248 billion and net profit reached US$120 billion.
Source: PwC, Mine 2026: Ambition to action
The aggregate EBITDA margin for the top 40 mining companies increased to 27% in 2025 from 23% the previous year.
Source: PwC, Mine 2026: Ambition to action
West Red Lake Gold reported Q2 2026 gold production up 51% to 8,576 ounces, compared with 5,667 ounces in Q1.
Source: West Red Lake Gold, Q2 2026 results
Coeur reported record Q2 2026 revenue of $1.1 billion and cash flow from operating activities of $513 million.
Source: Coeur Mining, Second Quarter 2026 Results
IAMGOLD produced 188,100 ounces of gold in Q2 2026 and reaffirmed full-year guidance of 720,000 to 820,000 ounces.
Source: IAMGOLD, Second Quarter 2026 Results (Newsfile)

Questions about exploration numbers

Short answers to common questions. The full list lives on the Lannister Mining FAQ.

How much do mineral exploration companies spend?: Spending is large in aggregate. Natural Resources Canada reports that Canadian mineral exploration expenditures increased 4% in 2025 to $4.4 billion, and that junior exploration companies spent $2.11 billion in 2024. Lannister Mining has not published a budget figure on this site.
How many holes have been drilled at Basin Gulch?: More than 320 historical drill holes have been completed at the Basin Gulch Property. Lannister Mining reports that the mineralization remains open at depth and along strike and that the wider region is untested, so the historical holes cover only part of the property.
How much of the Basin Gulch Property is unexplored?: Two-thirds of the Basin Gulch Property is still unexplored, according to Lannister Mining. That means most of the 1,107 hectare land package has not been tested, which is why the company describes significant exploration upside beyond the area covered by more than 320 historical drill holes.
What does g/t Au mean in drill results?: g/t Au means grams of gold per tonne of rock. A result such as 1.8 g/t Au over 162 meters means the rock along that 162 meter drilled interval averaged 1.8 grams of gold per tonne. The interval is a drilled length, which may differ from the true width of the mineralized zone.
What is the difference between an exploration company and a gold producer?: A producer sells metal from operating mines, while an explorer spends money to find and define deposits. Goldgroup Mining, for example, describes four 100%-owned assets including two producing mines, according to goldgroupmining.com. Lannister Mining is at the exploration stage at Basin Gulch.

Back to the Lannister Mining gold exploration company overview