The number of major company investments in early-stage exploration through project earn-ins and purchases, and junior company acquisitions and financings fell to a seven-year low in 2022.
Gold favored target despite lackluster investment
Despite the high market price for gold — on par with 2021 — exploration investment for gold fell considerably in 2022, following the overall trend in the majors' early-stage investment. The yellow metal nevertheless remained the favored target, accounting for more than half of the number of transactions and two-thirds of the financings.
Unsurprisingly, the highest-valued financing and acquisition were both for gold.
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Major early-stage exploration investment in acquisitions and financings was lackluster in 2022, with the number of transactions halving year over year
