The Territory's mineral exploration expenditure reached a record $227.4 million in 2023-24, the highest ever financial year figure according to ABS statistics. The demand for the Territory’s critical minerals, including lithium and rare earth elements, as well as gold and uranium, continues to drive this growth in exploration. Expenditure for ‘Other’/critical minerals increased by 12% in 2023-24 to $101.1 million, and now comprises approximately 45% of all mineral exploration in the Territory. Expenditure on gold exploration increased by 20% from $57.7 million in 2022-23 to $69.3 million in 2023-24.
The Northern Territory’s share of Australian mineral exploration expenditure has increased from 4.94% in 2022-23 to 5.41% in 2023-24. The proportion of exploration in greenfields areas is 47% and significantly higher than the national average of 31%.
The Territory's mineral production value for the 2023/24 remains steady at $4.32 billion.
For more information, visit Exploration Activity.