Investor Presentaiton
Global Exploration Budgets
Annual nonferrous exploration budgets, 1996-2020
S&P Global
Market Intelligence
• 2020 aggregate global nonferrous
exploration budgets total an estimated
US$8.7 billion
~11% decline from 2019 due to impact of
COVID-19
Smaller than expected year-over-year
•
decline due to rapid recovery of mining
industry following project shutdowns
More positive outlook for 2021 budgets
◆ Driven by higher gold and copper prices and
stronger equity market support
Estimated global nonferrous exploration budget (US$ billions)
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18
15
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1996
1997
1998
1999
2000
2001
2002
| 2007
2004
2005
2006
FORAGE
ORBIT
GARANT
DRILLING
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Estimated global nonferrous exploration budget
Annual indexed metals price
Exploration budgets have rebounded from lows reached in 2016
INVESTOR PRESENTATION - MARCH 2021
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2
0
Annual indexed metals price
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