The Mining Exploration Boom Has Barely Begun | Major Drilling

The gold price has surged, mining companies are generating significant cash flow, and exploration budgets are finally starting to rise. But according to Major Drilling, the next major mining exploration cycle may only be getting started.

In this special long-form episode of Mining Stock Daily, host Trevor Hall welcomes Ryan Hanley, Director of Capital Markets at Major Drilling (TSX: MDI), for a unique look at the mining industry from the perspective of one of the world's largest drilling contractors.

Rather than focusing on a single exploration project or discovery, Ryan provides a view of the entire mining sector through drilling activity, exploration budgets, capital flows, and demand from major producers and junior exploration companies.

Ryan explains why he believes the mining exploration industry remains in the early stages of a new cycle, despite record quarterly revenue at Major Drilling. He points to a 30–35% increase in exploration budgets among major mining companies in 2026, the delayed impact of junior mining financings, and the enormous gap between current global exploration spending and the previous cycle's peak.

The conversation also examines the growing technical challenges of finding new mineral deposits, including drilling holes more than 3,500 meters deep, the shortage of skilled drillers, and why mining companies are increasingly willing to pay for specialized drilling expertise.

Trevor and Ryan explore which jurisdictions are attracting new exploration capital, why major producers are investing in junior mining companies, and how investors can identify better-managed exploration businesses.

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