Gold exploration by the numbers

Gold and mineral exploration by the numbers

Mineral exploration is a multi-billion-dollar activity: Natural Resources Canada reports Canadian exploration spending of $4.4 billion in 2025, while USGS data show US gold output of about 160 tonnes.

These published statistics help explain the market that gold exploration companies, including Lannister Mining, work in. Each figure is stated as its source published it. None of them is a Lannister Mining figure.

Last updated: November 2026

What do the numbers say about gold exploration in 2026?

The large miners had a strong 2025, exploration budgets held steady or grew, and gold prices hit records before a sharp pullback. US gold output has fallen since 2021 even as prices rose, which keeps attention on new US ounces.

The mining industry

Revenues of the world’s top 40 mining companies grew 3.3% to US$909 billion in 2025, from US$880 billion in 2024.
EBITDA for the top 40 rose 23% to US$248 billion, and net profit reached US$120 billion.
The aggregate EBITDA margin for the top 40 increased to 27% in 2025 from 23% the previous year.

Source: PwC, Mine 2026: Ambition to action

Exploration spending

Canadian exploration expenditures increased 4% in 2025 to $4.4 billion (preliminary), after $4.2 billion in 2024.
Expenditures rose 73% in 2021 to $3.8 billion and reached $4.4 billion in 2022, the record at the time.
Junior exploration companies spent $2.11 billion in 2024, essentially unchanged from $2.12 billion in 2023.

Source: Natural Resources Canada

Gold prices and gold miners

Gold reached an all-time high of $5,595 per ounce in January.
Gold then saw a 25.3% peak-to-trough drawdown from March 2 through July 16, 2026.
Gold miners had a surprise 30% rally in August, after a sharp Q2 correction.

Source: Sprott, Gold Mining 2.0

US gold production

More than 40 lode gold mines in 12 states produced an estimated 160 tonnes in 2025, worth about US$17 billion.
Nevada made about 64% of US gold and Alaska about 22% in 2025.
US mine output fell from 187 t in 2021 to 160 t in 2025, while the average price rose from US$1,801 to about US$3,300 per ounce.

Source: Farmonaut, citing USGS and Barrick

What these numbers mean for Basin Gulch

Lannister Mining states that there is a clear premium in the market for S-K 1300 and NI 43-101 compliant gold and silver ounces in the USA. Falling US output, from 187 tonnes in 2021 to 160 tonnes in 2025 per Farmonaut citing USGS, is part of the backdrop for that view. Gold price swings, such as the 25.3% drawdown Sprott reports, are a reminder that exploration investing carries real risk.

Start from the overview of Lannister Mining among gold exploration companies.

Questions people ask

How does the gold price affect gold exploration companies?: Gold prices shape investor appetite and the value placed on ounces in the ground. Sprott reports gold reached an all-time high of $5,595 per ounce in January, followed by a 25.3% drawdown from March 2 to July 16, 2026. Over a longer span, Farmonaut, citing USGS, reports the average gold price rose from US$1,801 in 2021 to about US$3,300 in 2025.
What are the risks of investing in gold exploration companies?: Gold exploration companies carry high risk. Drilling may not confirm historical results, a resource may prove smaller than hoped, studies may not show economic viability, and raising money can dilute shareholders. Metal prices swing too: Sprott reports a 25.3% peak-to-trough drawdown in gold from March 2 through July 16, 2026. Read company disclosures and seek independent advice.
Where do the top gold exploration companies in the USA work?: Most US gold output comes from a few states. Farmonaut, citing the USGS Mineral Commodity Summaries 2026, reports more than 40 lode gold mines in 12 states produced about 160 tonnes in 2025, worth about US$17 billion, with Nevada making about 64% and Alaska about 22%. Montana, home of Basin Gulch, recorded its first gold discovery in 1852.
Does Lannister Mining work in Canada, Australia, Ghana or India?: No. Lannister Mining focuses on one property, Basin Gulch in Montana, USA. Readers searching for gold exploration companies in Canada, on the ASX, in Ghana or in India will need other sources. For Canadian context, Natural Resources Canada reports preliminary exploration expenditures rose 4% in 2025 to $4.4 billion, after $4.2 billion in 2024.
Why does Lannister Mining say compliant ounces matter to investors?: Lannister Mining states that there is a clear premium in the market for S-K 1300 and NI 43-101 compliant gold and silver ounces in the USA, and that US-based companies with 43-101 compliant resources trade at a significant premium to peers. That is the company's view, and the reason a maiden resource estimate is its central goal.
How can I check the facts on this site?: Each company figure on this site comes from Lannister Mining's published materials, and each market statistic names its source, such as PwC, Natural Resources Canada, Sprott, The Motley Fool or Farmonaut citing USGS. Follow the source links to read the original. Where the company updates a figure, its main website takes priority over this summary.

Read all 43 answers in the FAQ

Read the June 2026 investor presentation

The full Lannister Mining summary of Basin Gulch, its team and its plans, published on lannistermining.com.

Investor presentation (PDF)Visit lannistermining.com