Research
Gold and mineral exploration by the numbers
Last updated: · Published by Lannister Mining
Gold set an all-time high of $5,595 per ounce in January, according to Sprott, before a 25.3% drawdown from March 2 through July 16, 2026.
This page, published by Lannister Mining, collects published statistics on gold prices, US production, the finances of the largest miners and exploration spending. Every figure names its source; none of them is a Lannister Mining figure.
How is the gold market doing for exploration companies in 2026?
Prices are far higher than a few years ago but volatile. Farmonaut, citing the USGS, puts the 2025 average near US$3,300 per ounce, against US$1,801 in 2021, while Sprott records a January all-time high of $5,595 and a 25.3% drawdown from March 2 to July 16, 2026.
Gold price
- US$5,595
- Gold reached an all-time high of $5,595 per ounce in January.
- Source: Sprott, Gold Mining 2.0
- US$5,589.38
- Gold reached US$5,589.38 on January 28, 2026.
- Source: Investing News Network, Top 10 Gold-mining Companies
- 25.3%
- Peak-to-trough drawdown in gold from March 2 through July 16, 2026.
- Source: Sprott, Gold Mining 2.0
- 30%
- A surprise rally in gold miners in August, at the start of Q3, after a sharp Q2 correction.
- Source: Sprott, Gold Mining 2.0
US gold production
- 160 t
- Estimated 2025 output from more than 40 lode gold mines in 12 states, worth about US$17 billion.
- Source: Farmonaut, citing USGS Mineral Commodity Summaries 2026
- 64% / 22%
- Approximate shares of 2025 US gold output from Nevada and Alaska.
- Source: Farmonaut, citing USGS Mineral Commodity Summaries 2026
- 187 t to 160 t
- US mine output from 2021 to 2025, while the average price rose from US$1,801 to about US$3,300 per ounce.
- Source: Farmonaut, citing USGS Mineral Commodity Summaries 2026
- 2.59 Moz
- Approximate 2025 production from the four Nevada Gold Mines sites (100% basis, Barrick), roughly half of US output.
- Source: Farmonaut, citing USGS Mineral Commodity Summaries 2026
The largest miners
- US$909bn
- Revenue of the top 40 mining companies in 2025, up 3.3% from US$880 billion in 2024.
- Source: PwC, Mine 2026
- 27%
- Aggregate EBITDA margin of the top 40 in 2025, up from 23% the previous year.
- Source: PwC, Mine 2026
Exploration spending (Canada)
- $4.4bn
- Preliminary 2025 Canadian exploration expenditures, up 4% from stable spending of $4.2 billion in 2024.
- Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
- $2.11bn
- Spent by junior exploration companies in 2024, essentially unchanged from $2.12 billion in 2023.
- Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
- 73%
- Rise in expenditures in 2021 to $3.8 billion, before reaching a then-record $4.4 billion in 2022.
- Source: Natural Resources Canada, Canadian Mineral Exploration Information Bulletin
And Basin Gulch, by the company's numbers
For comparison, Lannister Mining's own figures for Basin Gulch: more than 320 historical drill holes, 11 patented and 53 unpatented claims over 1,107 hectares, about two-thirds of the property unexplored, and year-round access one hour from Butte. Details are on the Basin Gulch property page and the overview of Lannister Mining among gold exploration companies.
How we chose these numbers
Published by Lannister Mining. We included statistics that help readers understand the gold and exploration market, stated exactly as published with their dates and conditions. We did not round or adjust them. See the methodology page.
Common questions
- What was the gold price high in 2026?
Investing News Network reports gold reached US$5,589.38 on January 28, 2026, and Sprott cites an all-time high of $5,595 per ounce in January. Gold then fell, with Sprott reporting a 25.3% peak-to-trough drawdown from March 2 through July 16, 2026, before gold miners rallied about 30% in August.
See this answer in the full FAQ- What US state has the most gold in the ground?
Nevada leads US gold production. Farmonaut, citing the USGS, reports that Nevada produced about 64% of US gold in 2025 and Alaska about 22%. Production is not the same as gold in the ground, but it shows where large deposits are mined today. Montana, home to Basin Gulch, has a gold history dating to 1852.
See this answer in the full FAQ- How much do mineral exploration companies in Canada spend?
Natural Resources Canada reports preliminary data showing Canadian exploration expenditures rose 4% in 2025 to $4.4 billion, after $4.2 billion in 2024. Junior exploration companies spent $2.11 billion in 2024, essentially unchanged from $2.12 billion in 2023. Lannister Mining has its office in Vancouver but explores in Montana.
See this answer in the full FAQ- Who is the world's largest gold mining company?
Newmont ranks first on the Investing News Network list of top 10 gold-mining companies. According to that list, Newmont holds a 38.5 percent interest in Nevada Gold Mines through a joint venture with majority owner Barrick. Rankings shift with production and acquisitions, so check current company reports for the latest picture.
See this answer in the full FAQ- Why do mining companies conduct mineral exploration?
Mining companies conduct mineral exploration to find new deposits and to define known ones well enough to decide whether they can be mined economically. Producers explore to replace the ounces they mine, while junior explorers such as Lannister Mining aim to discover and define resources that can be developed or advanced with partners.
See this answer in the full FAQ