Australian gold exploration expanded by 45 per cent over the 12 months to September 30, fuelled by significant increases in activity in New South Wales and South Australia.
According to the Australian Bureau of Statistics quarterly data for mineral exploration and expenditure, the third quarter saw a 7.2 per cent increase in gold exploration spending, up to $431.5 million. Across all minerals, some $1.07 billion was spent in the quarter, a 5.7 per cent increase quarter-on-quarter, and the highest quarterly spend since the fourth quarter of 2023.
Total metres drilled for the September quarter was 2,835.5 km, down 1.5 per cent on the previous quarter, but 8.5 per cent higher than over the same period in 2024.
On the production side, gold producers have also had an enviable quarter. The sector produced 76 tonnes of the precious metal over the three months to September 30, that output almost anticipating a surge in prices over October and November.
The Association of Mining and Exploration Companies (AMEC) has welcomed the new data showcasing the mining industry in Australia.
AMEC chief executive officer Warren Pearce said the gold sector was a particular standout.
“Gold has proven itself to be an outstanding and resilient performer in maintaining explorer interest, buoyed obviously by recent gold price highs and the continuing uncertainties seen in global markets,” Pearce said.
“As an industry, it is critical we continue to build a pipeline of discoveries, and this requires a dollar commitment to greenfields exploration, and a recognition by governments of the importance of new projects to ensure the future economic prosperity of the nation remains secure and achievable.”