Exploration has always felt commodity swings first. From 2010 onward, exploration for rare earth elements (REEs) surged as supply concerns grew—until that bubble burst. Lithium then dominated, driving record exploration expenditure in 2023 before cooling again. These fluctuations have long defined exploration consulting: exciting, but unpredictable.
Although, this time feels different. Despite gold’s extraordinary rise— exceeding US$4,000/oz in October 2025 when topping US$3,000 seemed incredible a year earlier—exploration activity has not followed. A decade ago, such prices would have triggered a rush of market enthusiasm and drilling. Similar booms lifted REE resources— excluding China—fivefold between 2010 and 2015, and lithium resources by 44% from 2020 to 2025. Yet today, the surging gold price is not translating into grassroots exploration.
For many junior explorers, especially those listed on growth stock markets such as the London Stock Exchange Alternative Investment Market (AIM), access to capital has become severely constrained. Once central to global discovery pipelines, many are simply staying afloat. Conversely, activity has intensified around more advanced projects in stable jurisdictions, where environmental, social, and governance risks are better understood and managed. SRK teams supporting such projects are engaged in continuous due diligence for mergers and acquisitions, feasibility assessments, and resource updates. In essence, the market has de-risked: shifting focus from speculative discovery toward disciplined, risk-managed investment.
This evolution reflects both caution and maturity. After years of volatility and increased scrutiny, investors now prioritise capital preservation and transparency. SRK is adapting in turn by pursuing specialised generative work for major mining companies with leaner geological teams, developing new analytical approaches, and integrating digital and data-driven capabilities. SRK’s growing expertise in data analytics and generative exploration work illustrates how innovation is replacing reactivity.
At the same time, governments are taking a more active role in securing critical raw materials.
- Canada has committed CAD 3.8 billion to critical minerals.
- The EU supports 47 strategic projects requiring EUR 22.5 billion.
- The US and Australia have launched an US$8.5 billion partnership.
These initiatives explicitly recognise exploration as a vital link in the supply chain. The US Government, for instance, has even taken direct stakes in domestic and foreign base metals, lithium and REE ventures. While state involvement remains unusual in Western mining, attitudes are shifting. There is growing discussion of price-support mechanisms to reduce boom-and-bust cycles in exploration that have long stifled discovery.
This orientation suggests a broader understanding that sustained mineral project development requires more than market cycles—it needs long-term commitment and confidence in exploration. If this new environment holds, the sector could be entering a more stable, strategically guided phase—one where cyclical volatility gives way to sustained, purpose-driven growth. For SRK, this is not only an opportunity to apply deep technical insight, but to help shape a more resilient future for mineral exploration globally.
