Data / Sourced statistics
Gold exploration by the numbers
Published by Lannister MiningLast updated:
Gold exploration budgets rose 11% to US$6.15 billion, nearly half of all non-ferrous exploration spending, according to S&P Global Market Intelligence.
Gold Explorer Rankings, published by Lannister Mining, collects the published figures that matter most to anyone comparing gold exploration companies: spending, gold prices through 2025 and 2026, and how miner share prices reacted. Every figure below names the publication it comes from; none is Lannister Mining’s own data.
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How much is being spent on gold exploration?
S&P Global Market Intelligence reports that gold exploration budgets rose 11% to US$6.15 billion, representing nearly 50% of the global non-ferrous exploration budget. The same report finds spending biased toward lower-risk, near-mine projects, with grassroots exploration at a record-low 19% share. Source: S&P Global Market Intelligence, Gold Exploration Trends 2026.
Key gold and exploration figures for 2025 and 2026
- US$6.15BGold exploration budgets after rising 11%, nearly 50% of the global non-ferrous exploration budgetSource: S&P Global Market Intelligence, Gold Exploration Trends 2026
- 19%Grassroots exploration’s share of gold exploration spending, a new record lowSource: S&P Global Market Intelligence, Gold Exploration Trends 2026
- 60%+Gold’s rise in 2025, driven by trade tensions and central bank buyingSource: MINING.COM, World’s top 20 largest gold mines (2026 Updated)
- US$5,589Gold’s all-time high per ounce, reached 28 January 2026Source: NerdWallet, 7 Best-Performing Gold Stocks For Hedging
- Up to 15%Gold’s fall from the start of March 2026, nearly erasing its gains on the yearSource: MINING.COM, World’s top 20 largest gold mines (2026 Updated)
- 20% to 40%Losses suffered by many leading gold mining equities during that routSource: MINING.COM, World’s top 20 largest gold mines (2026 Updated)
- US$3,876Gold’s close on 30 October 2026, after a 3.6% drop below US$4,000Source: Canadian Mining Report, Best Gold Mining Stocks to Invest for November 2026
- US$3,442Average gold price in 2025, against US$2,388 in 2024 (World Bank)Source: Farmonaut, Best Junior Gold Mining Stocks Ranked by Project Stage (reviewed October 2026)
What these numbers mean for gold explorers
Reading the figures
Three points stand out. First, money is flowing to gold, but mostly to projects near existing mines rather than new grassroots ground, which favors projects that already have drilling data. Second, gold has been volatile: from a record US$5,589 on 28 January 2026 to a close near US$3,876 on 30 October 2026. Third, miners amplify gold’s moves, with many leading equities losing 20% to 40% in the 2026 rout. For a company like Lannister Mining, publisher of this guide, with more than 320 historical holes at Basin Gulch, these figures frame both the opportunity and the risk.
Use these figures alongside the gold exploration company rankings and the top gold exploration companies guide.
How big are the largest gold miners?
| Company | Size | Detail | Source and date |
|---|---|---|---|
| Newmont | Market value of roughly US$128.9 billion | Largest revenue contributors: NGM about US$4.4b, Peñasquito US$3.7b, Boddington US$2.5b, Yanacocha US$2.3b | Yahoo Finance, 3 Gold Mining Stocks To Own In September 2026September 2026 |
| Agnico Eagle Mines | Market value of roughly US$98.0 billion | Largest revenue contributors: Detour Lake about US$3.2b, Canadian Malartic US$2.5b, Meadowbank US$2.0b | Yahoo Finance, 3 Gold Mining Stocks To Own In September 2026September 2026 |
| Barrick | Market capitalisation of US$23.75 billion | Traded on the New York and Toronto stock exchanges; operates in 15 countries | Bullion By Post, Largest Gold Mining Companies - Top 10Date not stated on the source page |
Common questions about gold market numbers
- How much is being spent on gold exploration?
- Gold exploration budgets rose 11% to US$6.15 billion, nearly 50% of the global non-ferrous exploration budget, according to S&P Global Market Intelligence’s Gold Exploration Trends 2026. Gold remains the single largest target of exploration spending among non-ferrous metals.
- Is grassroots gold exploration growing?
- No. S&P Global Market Intelligence reports that grassroots exploration fell to a record-low 19% share of gold exploration spending, as budgets favor lower-risk, near-mine projects. Projects with existing drilling data, such as Basin Gulch with its 320+ historical holes, sit between grassroots and near-mine work.
- What happened to the gold price in 2026?
- Gold reached an all-time high of US$5,589 per ounce on 28 January 2026, according to NerdWallet. MINING.COM reports it then fell as much as 15% from the start of March. Canadian Mining Report noted a close near US$3,876 on 30 October 2026 after a 3.6% drop below US$4,000.
- How did gold mining stocks perform in the 2026 sell-off?
- Many leading gold mining equities lost 20% to 40% during the 2026 gold rout, according to MINING.COM. Smaller exploration companies can move even more sharply because they have no revenue and thinner trading, so price swings in gold often show up magnified in explorer share prices.
- What was the average gold price in 2025?
- Gold averaged US$3,442 per ounce in 2025 against US$2,388 in 2024, according to World Bank data cited by Farmonaut. MINING.COM reports gold rose more than 60% during 2025 as trade tensions and central bank buying increased demand.
- What is the largest gold mining company in the world?
- By market value among the figures we cite, Newmont is the largest, at roughly US$128.9 billion according to Yahoo Finance in September 2026. Agnico Eagle followed at roughly US$98.0 billion. Rankings by annual gold output can differ from rankings by market value.