Global spending on mining exploration increased to around $4.2 billion in 2025, up from $3.6 billion in 2024, showing renewed activity in the sector despite ongoing policy and geopolitical uncertainties.
The 2025 Annual Survey of Mining and Exploration Companies by the Fraser Institute assessed 68 jurisdictions this year, compared with 82 in 2024 and 86 in 2023.
According to the survey’s Investment Attractiveness Index, Nevada was the world’s most attractive mining jurisdiction in 2025, moving up from second place in 2024. Ontario was the top-ranked Canadian jurisdiction and placed second globally, a jump from 15th position last year, while Saskatchewan came third, up from seventh in 2024.
Other jurisdictions in the top 10 included South Australia, Arizona, Western Australia, Botswana, Norway, Sweden, and Saudi Arabia. Regionally, the United States, Canada, Australia, and Europe each had two jurisdictions in the top 10, while Africa and Asia recorded one each.
At the lower end, China was identified as the least attractive mining destination when considering both mineral potential and policy environment. Burkina Faso and Egypt were also ranked among the least attractive jurisdictions.
The survey highlights that global exploration spending is rebounding, but investors remain cautious, carefully considering regulatory stability and policy conditions in their decisions.
