Research
Gold exploration by the numbers, 2025 to 2026
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Large miners earned more in 2025 while US gold output fell, which is the backdrop for gold exploration in the USA today.
According to PwC, the top 40 mining companies grew revenue 3.3% to US$909 billion in 2025. USGS figures summarized by Farmonaut show US mine output fell from 187 tonnes in 2021 to 160 tonnes in 2025. Lannister Mining collects these sourced figures here alongside the facts of its Basin Gulch property in Montana.
Why do these numbers matter for mineral exploration companies?
Producers need new deposits to replace what they mine, and explorers supply them. Strong producer margins, 27% EBITDA for the top 40 in 2025 according to PwC, and falling US output together explain why exploration-stage projects in the US draw attention. These are industry figures, not Lannister Mining results.
Published statistics, with sources
| Topic | Figure | What it measures | Source |
|---|---|---|---|
| Global mining | US$909 billion | Revenue of the top 40 mining companies in 2025, up 3.3% from US$880 billion in 2024 | PwC, Mine 2026 |
| Global mining | US$120 billion | Net profit of the top 40 mining companies in 2025 | PwC, Mine 2026 |
| Global mining | US$248 billion | Top 40 EBITDA in 2025, up 23% | PwC, Mine 2026 |
| Global mining | 27% | Top 40 aggregate EBITDA margin in 2025, up from 23% the year before | PwC, Mine 2026 |
| US gold | 160 tonnes | Estimated 2025 US gold output from more than 40 lode mines in 12 states, worth about US$17 billion | USGS Mineral Commodity Summaries 2026, via Farmonaut |
| US gold | 187 to 160 t | US mine output, 2021 to 2025, while the average price rose from US$1,801 to about US$3,300 per ounce | USGS, via Farmonaut |
| US gold | About 64% / 22% | Shares of US gold made in Nevada and Alaska in 2025 | USGS, via Farmonaut |
| Montana history | $20 million | Silver produced between 1885 and 1893 by one Philipsburg-area mine, called the greatest silver bonanza of its time | University of Montana |
Project figures
Basin Gulch by the numbers
- historical drill holes
- 320+
- claims: 11 patented, 53 unpatented
- 64
- total land package
- 1,107 ha
- of the property unexplored
- 2/3
Source: Lannister Mining property page.
Definition
What is EBITDA margin?
EBITDA margin is earnings before interest, taxes, depreciation and amortization divided by revenue. It shows how much operating profit a company keeps from each dollar of sales. PwC reports the top 40 mining companies reached a 27% aggregate EBITDA margin in 2025.
Exploration companies such as Lannister Mining typically have no EBITDA from mining, because they are not yet producing. Their value is tied to discoveries and resource growth, which is why producer economics matter to them indirectly.
Questions about the numbers
Short answers here. The full mineral exploration FAQ has more.
Why do exploration companies matter to the mining industry?
Explorers find and define the deposits that producers later build and mine. With US mine output falling from 187 tonnes in 2021 to 160 tonnes in 2025, according to USGS figures summarized by Farmonaut, new discoveries and resource definition matter. Projects like Basin Gulch sit at the start of that pipeline.
How does the gold price affect gold exploration?
Higher gold prices generally make more deposits potentially economic and make it easier for explorers to raise capital. According to USGS figures summarized by Farmonaut, the average gold price rose from US$1,801 per ounce in 2021 to about US$3,300 in 2025. Price alone does not make a project viable; grade, size and costs still decide.
How much of US gold comes from Montana?
Montana is a smaller producer than Nevada or Alaska. According to USGS figures summarized by Farmonaut, Nevada made about 64% of US gold in 2025 and Alaska about 22%, leaving the remaining share to other states, Montana among them. More than 40 lode gold mines in 12 states produced an estimated 160 tonnes that year.
What was mined in the Philipsburg Mining District?
Silver made the district famous. The University of Montana's This Is Montana column describes one Philipsburg-area mine, regarded as the greatest silver bonanza of its time, that produced $20 million in silver between 1885 and 1893. Public mineral records also list manganese, rhodochrosite and malachite from the district.
How current is the information on this site?
Each page shows a Last updated date near the top, and this edition was updated in November 2026. Figures about Basin Gulch come from Lannister Mining published materials. Industry figures come from named public sources such as PwC and USGS summaries. Check lannistermining.com for the latest company news.