CES 2025 – Where is battery metals exploration happening?

Global exploration budgets for battery metals (lithium, nickel, cobalt) saw a significant 43% decline in 2025 to $958 million, the first major contraction since 2022, driven by oversupply, weak prices, and tight financing. Canada emerged as the top exploration hub due to strong project pipelines and government incentives, despite overall junior sector cutbacks. While Australia and Latin America faced pressures from consolidation and regulatory shifts, emerging regions like Africa and the Pacific continued to attract targeted, often technology-driven, exploration efforts.