Minex 2011 World Exploration Trends

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Global Exploration TrendspAn Overview of Worldwide Spending

David CoxVice President

Metals Economics GroupMetals Economics Group

MINEX Forum 2011October 5, 2011

Corporate Exploration Strategies‐Methodology

CES is the acknowledged source for worldwide exploration

budgets and strategies

• 22nd edition of CES in 2011

• More than 3 500 companies directly contacted and• More than 3,500 companies directly contacted and

interviewed

• About 2 400 active explorers are covered• About 2,400 active explorers are covered

• Companies spending more than US$100,000/year

P i d b t l di d i PGM• Precious and base metals, diamonds, uranium, PGMs,

some industrial minerals

A l i b t 95% f l b l f l ti

• Analysis covers about 95% of global nonferrous exploration

Exploration Spend vs Metals Prices, 1993‐2010

What Factors Drive Exploration Spending?

• Metals prices

• Available risk capital

• Reserves replacement efforts• Reserves replacement efforts

• Discoveries

• Changing exploration costs

• Mining law and investment incentivesMining law and investment incentives

• Availability of geological survey information

Exploration by Target (% of annual total)

Worldwide and Russian Nonferrous Exploration Spending by Target, 2010

Worldwide Russia

Exploration by Stage of Development (% of annual total)

Worldwide and Russian Nonferrous Exploration Spending by Stage of Development, 2010

Worldwide Russia

Exploration by Region, 2001‐2010 (% of annual total)

Top 10 Destinations in 2009 and 2010

2009 2010

Russia5%

Exploration by Company Type (% of annual total)

Cumulative Explo by Company Type, 1998‐2010 (US$ mil)

Exploration by Headquarters, 2001‐2010 (%)

Significant Junior and Intermediate Financings

Total Equity Raised by Destination (Gold) 2008 – 1H 2011

Equity Raised for Exploration Monthly ‐ Gold

Equity Raised for Exploration (Gold) 2008 – 1H 2011

Significant Gold Drill Results Announced, 2008 – Aug 2011

Total Equity for Development (Gold) 2008 – 1H 2011

Exploration Spend vs Metals Prices, 1993‐2011

Russia’s Share of Total Nonferrous Exploration, 2000‐2011

Russia’s Share of FSU Nonferrous Exploration, 2000‐2011

METALSECONOMICSECONOMICSGROUP

www.metalseconomics.com+1 902-429-2880

dcox@metalseconomics.com

Minex 2011 World Exploration Trends

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