British Columbia mineral exploration spending fell 14% to $552 million in 2024 as major projects matured toward development, survey data showed, though employment in the sector rose 10% from the previous year.
The top 10 exploration projects accounted for $259 million in spending, down from $343 million in 2023, according to the British Columbia Mineral and Coal Exploration Survey, conducted jointly by the provincial government, the Association for Mineral Exploration and EY.
Copper and gold remained primary targets despite spending on these metals declining 28% and 24% respectively, which the report attributed to financing challenges for early-stage projects and large deposits advancing beyond exploration.
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The critical minerals sector, excluding copper, partially offset these declines, showing a 110% increase in funding from $24 million in 2023 to $49 million in 2024, supported by a federal tax credit introduced in 2022.
The nearly $100 million difference in top project spending is “indicative of the progression of flagship projects… maturing away from exploration and naturally redirecting resources toward the next phase of development,” according to the report.
The province’s Northwest region, known as the “Golden Triangle,” accounted for 63% of all exploration expenditure, down 6% from 2023. The region hosts the largest exploration projects, including Skeena Resources’ Eskay Creek, Galore Creek Mining Corporation’s Galore Creek and Dolly Varden Silver’s Kitsault Valley.
The survey of 130 companies with 283 projects across British Columbia also highlighted how provincial policy considerations contributed to the spending decline, suggesting that targeted incentives could help encourage grassroots exploration.
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