Stock image.
Mining exploration started 2025 on a strong note, as most key metrics tracked by S&P Global including significant drill results, initial resource announcements and project milestones all saw upticks in January compared to December 2024.
These metrics — alongside financings, commodity prices and industry market capitalization — are used to calculate S&P’s Pipeline Activity Index (PAI), which rose 5% to a score of 85 in January. Gold-related PAI led the way with an 8% increase, thanks to the precious metal’s strong performance, while base metals PAI was up 3%.
Despite the recovery, the January PAI remains a distance away from that of October 2024, which scored 98 — the highest in over a year.
Exploration rebounds
The month of January saw a rebound in drilling metrics after a slow end to 2024, with increases across the board.
Total projects increased 17% month over month,…
