Data
Gold and mineral exploration by the numbers
Last updated: November 2026
Mining is profitable at the top and exploration spending is rising: PwC reports the top 40 miners earned US$120 billion in net profit in 2025, and Natural Resources Canada reports planned 2026 Canadian exploration spending of $5.3 billion. Lannister Mining collects these published figures, with sources, alongside its own Basin Gulch numbers.
Is mineral exploration spending going up?
In Canada, yes. Natural Resources Canada reports spending intentions for 2026 rising 21% to $5.3 billion, after a 4% increase in 2025 to $4.4 billion. These are Canadian figures; Basin Gulch is in Montana, so they show the direction of the sector rather than conditions at any single project.
The global mining industry
US$909B
Total 2025 revenues of the world’s top 40 mining companies, up 3.3% from US$880 billion in 2024.
US$120B
Net profit of the top 40 miners in 2025; EBITDA surged 23% to US$248 billion.
27%
Aggregate EBITDA margin for the top 40 in 2025, up from 23% the previous year. Net profit margins rose to 13% from 11%.
Exploration spending
$5.3B
Planned 2026 exploration and deposit appraisal spending in Canada, up 21%, which would represent a new high if realized.
Source: Natural Resources Canada
$4.4B
Preliminary 2025 Canadian exploration expenditures, up 4% after stable spending of $4.2 billion in 2024.
Source: Natural Resources Canada
73%
Rise in Canadian exploration expenditures in 2021, to $3.8 billion, before reaching $4.4 billion in 2022, the record at the time.
Source: Natural Resources Canada
Gold producers in 2026
$1.1B
Coeur Mining’s record Q2 2026 revenue, with cash flow from operating activities of $513 million and GAAP net income of $122 million, or $0.12 per share.
8,576 oz
West Red Lake Gold’s Q2 2026 gold production, up 51% from 5,667 ounces in Q1; gold sales rose 34% to 8,260 ounces, and AISC fell 30%.
Basin Gulch, by the numbers
Lannister Mining's own figures for the Basin Gulch Property: more than 320 historical drill holes; a 1,107-hectare package of 11 patented and 53 unpatented claims; about two-thirds of the property unexplored; and historical intersections including 1.8 g/t Au over 162 meters from surface. These are company figures, not independent data. See the full property details or return to the Lannister Mining overview.
Common questions
- Are mining stocks a good investment?
- Mining stocks can rise and fall sharply, and exploration companies carry more risk than producers because they do not yet earn revenue from a mine. Industry results vary: PwC’s Mine 2026 report says net profit margins for the top 40 miners rose to 13% in 2025 from 11%. Whether they suit you depends on your goals and risk tolerance.
- What is the largest mining company in the world?
- The sources used on this site do not rank individual companies by size, so check a current ranking for that answer. For scale, PwC’s Mine 2026 report says the world’s top 40 mining companies grew revenues 3.3% to US$909 billion in 2025, with net profit of US$120 billion. Lannister Mining is an exploration-stage company, not a large producer.
- Are mineral exploration companies riskier than miners?
- Generally yes. Exploration companies usually have no mining revenue and depend on financing and drilling results, so outcomes are less certain than at operating mines. The sector also needs steady capital: Natural Resources Canada reports planned 2026 exploration and deposit appraisal spending in Canada rising 21% to $5.3 billion. Expect volatility and read technical disclosures carefully.
- Am I too late to invest in gold?
- No one can reliably say whether it is too late, because gold prices and gold company shares can move in either direction. One published forecast, in a Farmonaut article, projected gold mining company stock investments to grow by over 14% annually leading into 2026, but forecasts are not guarantees. Consider your timeline and risk tolerance first.
- How many holes have been drilled at Basin Gulch?
- More than 320 historical drill holes have been completed at Basin Gulch. Lannister Mining plans to use this historical drilling, together with new work programs, in a future maiden mineral resource estimate. Expansion and confirmation drilling of historical intercepts is part of that path, according to the company.
Talk to Lannister Mining investor relations
Questions about Basin Gulch, the investor presentation or partnering? Reach Ken Cotiamco at 604-687-7130 or IR@lannistermining.com.