The Mining Exploration Boom Has Barely Begun | Major Drilling

Major Drilling sees exploration spending in early-cycle stages, with juniors' contribution still far below the last cycle's 35% peak.

• Record revenue, early cycle: Major Drilling's utilization sits at 58% of its theoretical 75% max across 683 rigs, even after record quarterly revenue up 22% year-over-year, with labor (not rigs) the bottleneck.
• Budgets jumping in 2026: Senior mining companies' exploration budgets are guided up 30-35% for 2026; global exploration spend hit $12.5B in 2025 versus the 2012 cycle peak of $21.5B (unadjusted).

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