Australia's metals exploration spending is poised for a strong rebound this year, bucking a troubling global trend. While worldwide exploration budgets declined for a third consecutive year to US$12.40 billion, Australia maintained the second-largest budget despite a six percent drop to US$1.86 billion in 2025. The concerning part: grassroots exploration spending globally hit a record low of twenty-one percent, signaling a shrinking pipeline of new discoveries. With an average of sixteen years from discovery to production, today's underinvestment could create tomorrow's supply constraints. Gold exploration led gains with budgets up eleven percent, while lithium spending plummeted fifty-seven percent.
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