Real Assets
Visualizing the $2.9B Money Flow into Gold Exploration
Visualizing the $2.9B Money Flow into Gold Exploration
In 2020, the price of gold reached multi-year highs, in part to the impact of COVID-19 shutdowns. This renewed interest in gold spurred the plans of many gold exploration and development projects around the world.
This infographic uses data from Mining Intelligence which tracked the $2.87 billion from 425 transactions for gold projects in 41 countries between February 1, 2020, and February 28, 2021.
Gold Financings, by Country
Five countries accounted for 75% of the money raised for top gold projects around the world.
Canada attracted the most with $965 million or roughly 34% of all the money raised for gold exploration and development.
Country | Amounts ($USD) | Number of Transactions |
---|---|---|
Canada | $965,066,856 | 180 |
Mexico | $389,087,534 | 25 |
Australia | $291,040,977 | 43 |
United States | $255,563,607 | 82 |
Chile | $253,711,427 | 2 |
Mali | $85,728,402 | 13 |
Guatemala | $75,939,982 | 4 |
Colombia | $71,389,229 | 4 |
Burkina Faso | $58,937,852 | 2 |
Greenland | $54,739,544 | 1 |
Fiji | $44,024,224 | 3 |
Nigeria | $40,660,735 | 1 |
Ivory Coast | $37,608,031 | 4 |
Argentina | $30,678,621 | 5 |
Brazil | $30,292,143 | 9 |
Nicaragua | $29,040,361 | 4 |
Tanzania | $22,215,178 | 2 |
Finland | $2,106,0740 | 2 |
Mongolia | $15,120,700 | 1 |
Ghana | $14,894,336 | 4 |
Kyrgyzstan | $13,651,801 | 1 |
Namibia | $13,041,621 | 1 |
Ecuador | $8,644,975 | 1 |
Bulgaria | $6,879,450 | 1 |
Japan | $6,569,742 | 2 |
Guyana | $6,282,134 | 2 |
United Kingdom | $4,796,983 | 3 |
Dem. Republic of the Congo | $4,528,450 | 1 |
Peru | $4,436,335 | 6 |
Sudan | $4,066,484 | 1 |
Cameroon | $3,252,956 | 4 |
Papua New Guinea | $1,737,903 | 2 |
Serbia | $1,478,579 | 1 |
Kenya | $1,288,041 | 1 |
Spain | $1,074,211 | 1 |
Dominican Republic | $992,252 | 1 |
Guinea | $387,483 | 1 |
Kazakhstan | $334,733 | 1 |
Honduras | $296,096 | 1 |
Indonesia | $213,835 | 1 |
South Africa | $102,959 | 1 |
Total | $2,870,857,503 | 425 |
In second place, Mexico attracted $389 million or 14% of total exploration dollars raised while Australia with $291 million (10%) is in third place.
The United States comes in fourth place with $256 million or 9% of global gold exploration dollars. Chile on the fifth spot received $254 million (9%) with one project attracting the largest amount of any on the list.
Top 10 Financings by Gold Project
Focusing on individual projects, Gold Fields’ Salares Norte project in Chile received $252 million for the largest financing of the period. The company started construction this year, after a delicate operation to remove endangered chinchillas from the site.
Silvercrest’s Las Chispas project in Mexico’s Sonora state received $228.9 million, giving it the second largest sum. According to the company, the property hosts 94.7 million ounces of silver equivalent (AgEq) in proven and provable reserves.
Properties | Location | Amount ($USD) | Company |
---|---|---|---|
Salares Norte | 🇨🇱 Chile | $251,845,426 | Gold Fields Ltd. |
Las Chispas | 🇲🇽 Mexico | $228,858,469 | SilverCrest Metals Inc. |
Windfall Lake | 🇨🇦 Canada | $130,539,783 | Osisko Mining Inc. |
Blackwater | 🇨🇦 Canada | $129,712,140 | Artemis Gold Inc. |
Magino | 🇨🇦 Canada | $108,128,440 | Argonaut Gold Inc. |
Dargues Reef | 🇦🇺 Australia | $96,500,680 | Aurelia Metals Ltd |
Cariboo | 🇨🇦 Canada | $95,460,630 | Osisko Development Corp. |
Marmato | 🇨🇴 Colombia | $66,116,989 | Aris Gold Corp. |
Cerro Blanco | 🇬🇹 Guatemala | $65,632,958 | Bluestone Resources Inc. |
Mount Morgans | 🇦🇺 Australia | $63,179,600 | Dacian Gold Ltd. |
Gold is Canada’s most valuable mined mineral and the next 3 projects on the list show this priority. Osisko Mining’s Windfall Lake project in Quebec is third ($130 million), Artemis Gold’s Blackwater mine ($130 million) in British Columbia is the fourth, and Argonaut’s Magino project in Ontario ($108 million) the fifth.
The analysis found that more than half of the money raised (57%), went to 63 gold projects to advance economic studies – from scoping studies or preliminary economic assessments through to bankable feasibility studies and permitting.
A total of 71% of the projects were in the early stages of exploration, but they only accounted for about 25% of the total capital raised during the period.
Gold Going Forward
With $2.9 billion in capital going into gold projects around the world, the gold industry has big plans. These financings represent opportunities for host countries’ economies and their workers, along with more gold for investors to buy.
Real Assets
Visualizing Mining’s Footprint in British Columbia
Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.

Visualizing Mining’s Footprint in British Columbia
British Columbia is considered a global leader in the development of socially and environmentally responsible resources.
An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.
This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.
A Tier 1 Jurisdiction for Mining
British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.
As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.
British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.
At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.
More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.
How Green is B.C. Mining
Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.
Land Use in B.C. | Revenue (2022, CAD $) | |
---|---|---|
Mining | 0.04% | $18.0 billion |
Oil & Gas | 0.4% | $9.5 billion |
Infrastructure | 1% | $25.0 billion |
Farmland | 3% | $2.1 billion |
Forest | 62% | $13.3 billion |
Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.
In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.
According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.
In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.
The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.
Real Assets
Mapped: The 10 Largest Undeveloped Silver Deposits in the World
Global silver demand is poised to soar in the next decade, driven by emerging technologies like EVs and solar power.

Ranked: The Largest Undeveloped Silver Deposits in the World
Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.
Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.
So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.
Silver in Green Technology
Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.
When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.
Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.
In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.
Global Silver Demand Rising
With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.
2023 silver industrial demand is forecasted to rise by 4% to a new record high.
However, according to the Silver Institute, mined output is expected to decline over the next five years.
In this scenario, new mines are expected to play an important role in meeting the demand.
Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:
Rank | Project | Owner | Country | Contained Silver Reserves (Moz) |
---|---|---|---|---|
1 | Cordero | Discovery Silver | Mexico | 266 |
2 | Corani | Bear Creek Mining Corporation | Peru | 229 |
3 | Prognoz | Polymetal International plc | Russia | 125 |
4 | Bowdens | Silver Mines Limited | Australia | 66 |
5 | Santa Ana | Formerly Bear Creek | Peru | 63 |
6 | Fuwan | Minco Silver Corporation | China | 55 |
7 | Nueva Esperanza | Kingsgate Consolidated Limited | Chile | 48 |
8 | Vares | Adriatic Metals PLC | Bosnia & Herzegovina | 47 |
9 | Terronera | Endeavour Silver Corp. | Mexico | 47 |
10 | Menkechka | GeoProMining Ltd. | Russia | 38 |
Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.
Once in production, it is expected to become one of the top three silver mines in the world.
As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.
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