Mineral exploration spending in British Columbia declined by 14% in 2024, dropping to C$643-million from the previous year, as several flagship projects matured into the development phase, according to the latest British Columbia Mineral and Coal Exploration Survey.

The survey, set to be released at the Prospectors & Developers Association of Canada Convention starting this weekend, highlights a significant shift in expenditure patterns, with exploration funds being redirected towards infrastructure development as major projects approach operational readiness. The province’s ten largest exploration projects accounted for C$259-million in 2024, down nearly C$100-million from the previous year’s C$343-million.

Despite strong commodity prices, exploration spending on British Columbia’s dominant metals - copper and gold - declined by 28% and 24%, respectively. The report attributes this drop to financing constraints limiting grassroots exploration and the natural progression of large deposits out of the exploration phase. However, increased investment in critical minerals and coal exploration has helped offset some of the losses.

The critical minerals sector, excluding copper, saw a 110% year-on-year increase in funding, rising from C$24-million in 2023 to C$49-million in 2024. This surge was largely supported by the federal Critical Mineral Exploration Tax Credit, introduced in 2022, as demand for energy transition metals continues to grow.

The survey reaffirms the dominance of British Columbia’s Northwest region, home to the prolific Golden Triangle, which accounted for 63% of all mineral exploration spending in 2024. This represents a 6% decline from 2023, reflecting the reduced focus on copper and gold exploration as projects transition to later stages.

Notably, the region continues to host British Columbia’s largest exploration projects, including Skeena Resources’ Eskay Creek project, Galore Creek Mining Corporation’s Galore Creek project, and Dolly Varden Silver’s Kitsault Valley project.

The report, a collaborative effort between the British Columbia Ministry of Mining and Critical Minerals, the Association for Mineral Exploration, and EY, provides insights from 130 companies operating across 283 projects in British Columbia. 

Key findings include the potential role of nickel and industrial minerals in mitigating the impact of declining copper and gold exploration, a resurgence in metallurgical coal exploration, the effects of provincial policy on exploration investment and competitiveness compared to other Canadian jurisdictions, and the need for strategic spending shifts to support grassroots exploration and sustain junior mining companies.