BC exploration spending sets record on copper appetite

Exploration spending in British Columbia set a new record last year as junior miners turned on the tap amid sustained appetite for copper projects.

Exploration and evaluation expenditures in the province hit $751 million (US$548 million) in 2025, a 36% increase from 2024, according to the latest British Columbia mineral and coal exploration survey released this week by the EY consulting firm.

The result contrasts with declining exploration investment across much of Canada. While Ontario and Quebec remain Canada’s largest exploration provinces, both saw investment drop as projects moved closer to production and away from early‑stage exploration, EY said. 

Copper’s emergence as B.C.’s top exploration target – a first – drove the increase in activity. Spending on the red metal climbed to $384 million, accounting for just over half of total exploration investment and surpassing gold, long the dominant focus in B.C. The shift reflects growing confidence in long-term copper demand tied to electrification, infrastructure buildout and the energy transition, as well as the province’s endowment of large porphyry systems.

Golden triangle

Activity was particularly strong in northwestern B.C., including the prolific “Golden Triangle,” where large-scale copper-gold systems continue to attract capital. The region hosts several major exploration and development-stage projects, including Skeena Resources’ (TSX, NYSE: SKE) Eskay Creek gold-silver project, NovaGold Resources’ (TSX, NYSE: NG) Galore Creek copper-gold project and Contango Ore’s (NYSE-A: CTGO) Kitsault Valley silver project. All three have ranked among the province’s largest exploration spenders in recent years.

After three straight years of declining investment, B.C.’s junior explorers drove the 2025 rebound. Spending by junior companies rose 47% year over year to $479 million, as improved financing conditions and stronger market sentiment enabled companies to expand grassroots programs and advance existing assets. Juniors play a critical role in replenishing the pipeline of new discoveries, particularly in underexplored regions.

Examples of ongoing exploration underscore the renewed momentum. At the Duke copper-gold project in central B.C., Amarc Resources (TSX-V: AHR; US-OTC: AXREF) and Swedish partner Boliden (STO: BOL) are advancing a large porphyry system with extensive drilling and geophysical work aimed at defining new mineralization.

The strong showing by B.C. explorers follows a weaker 2024, when spending slipped to about $552 million as several projects advanced toward development. That shifted capital away from early-stage work.