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BC exploration spending surges as copper takes the lead - a record year driven by junior explorers

Photographic Portrait of Iain Thompson
Iain Thompson

EY Canada Metals & Mining Consulting & West Leader

7 minute read 13 Apr 2026
Related topics
Mining & Metals
Energy and resources

Amid global cutbacks, BC shatters records with a $751m surge driven by copper, junior exploration and bold reforms. 

In brief

  • With declining ore grades, climbing costs and difficult conditions challenging new mine development, change was the name of the game for BC mining in 2025.
  • As copper exploration outpaced gold and junior explorers defied market turmoil, agility was key to boasting BC’s highest exploration spending budgets in years.
  • But will new permitting reforms be enough to maintain forward momentum and position BC to dominate the critical minerals race as global tensions define the future?

Amid diminishing exploration budgets, both in Canada and abroad, British Columbia’s mineral and coal exploration sector exploded in 2025, posting a record $751 million in investment and marking a 36% year-over-year increase that topped recorded budget expenditures in the province.



How EY can help

Driven by global demand for critical minerals and supported by higher commodity prices, copper exploration spend outpaced gold for the first time ever — capturing more than half of total investment — and cemented porphyry-rich BC as a critical hub in the global race for minerals powering green and evolving technologies.

BC exploration spending surges as copper takes the lead - a record year driven by junior explorers

Insights from the BC Mineral and Coal Exploration Survey 2025

Download the report
Energy Driver


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2025 was a landmark year for BC’s mineral exploration, driven primarily by a substantial 93% year-over-year increase in copper and critical minerals investments. These investments position BC and Canada as leaders in the global energy transition. Supported by a dynamic junior sector and key regulatory enhancements — including the federal government's Major Projects Office simplifying and expediting approvals — BC stands ready to fast-track transformative mining developments that will drive economic growth, environmental stewardship and nation-building initiatives. This is more than exploration — it’s a bold leap towards a resilient and enduring future through partnerships across the sector, governments and Indigenous groups.

Iain Thompson

EY Canada Metals & Mining Consulting & West Leader

Despite the trend towards scale in mining leading to mergers among the world’s leading copper producers, it was the junior explorers — which are typically more conservative during times of turmoil — that led the charge, boosting spending 47% and fuelling new projects in the Northwest region in particular. BC also tackled permitting delays, establishing fixed timelines and a new Mineral Claims Consultation Framework that is expected to clear the way for faster development.

The report combines survey results with the January to December press releases and financial reports of 187 companies responsible for 301 projects across the province in 2025. It addresses contributing factors impacting the sector, including:

  • How commodity prices and supply and demand cycles are contributing to increased spending on projects later in the exploration lifecycle and closer to production.
  • How risk appetites and market conditions are changing as interest in higher-risk, grassroots copper projects marked a tipping point in junior exploration spending, up an incredible 47% from 2024.
  • The potential reasons why leading geographies, Ontario and Québec, may be seeing declines while BC has increased exploration investments and what this trend may mean for other provinces in the future.

In summary

With approvals accelerating and 17 projects awaiting approval in the Northwest Critical Minerals Corridor, BC enters 2026 well positioned to lead global critical mineral supply — contingent on sustained collaboration across industry, governments and Indigenous nations.

Co-authored by:
Safwaan Hassan, EY Canada Manager, Business Consulting
Harry Armstrong, EY Canada Senior Consultant, Business Consulting

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