British Columbia continued to focus on gold and copper in 2024 mineral exploration expeditions, according to the “British Columbia Mineral and Coal Exploration Survey 2024” jointly published by the BC government’s Ministry of Mining and Critical Minerals, the Association for Mineral Exploration, and Ernst & Young.
However, gold and copper exploration fell by 24 percent and 28 percent, respectively, even though commodity prices peaked. The survey pointed to shifting dynamics at opposite ends of the exploration cycle; challenging financial conditions limited grassroots spending, while large-scale deposits matured beyond the exploration phase.
Spending also increased in the critical minerals and coal sectors last year, mitigating the declines in gold and copper spending. Year-over-year funding to the critical minerals sector rose 110 percent in 2024, from $24 million in 2023 to $49 million in 2024. This spending was backed by the 2022 federal critical mineral exploration tax credit.
Overall, mineral exploration spending fell by 14 percent compared to 2023, with major projects transitioning to operational readiness. As a result, the focus has moved to infrastructure development. In 2024, the 10 most significant mineral exploration projects by expenditure totalled $259 million, down from 2023’s $343 million. According to the survey, this drop in exploration spending indicated that flagship projects were progressing; EY also factored in policy considerations.
The Northwest region of BC remains the region that logged the most mineral exploration expenditure, comprising 63 percent of all 2024 mineral exploration spending. According to the survey, this result indicates that it is the primary zone of interest for both local companies and international stakeholders.
Northwest BC is home to the Eskay Creek project operated by Skeena Resources Limited, the Galore Creek Project operated by Galore Creek Mining Corporation, and Kitsault Valley operated by the Dolly Varden Silver Corporation – the projects with the most significant mineral exploration spend in the province.
The “British Columbia Mineral and Coal Exploration Survey 2024” obtained responses, financial reports, and press releases from 130 BC-based companies representing 283 projects in the province.