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Title: Nevada Mineral and Energy Resource Exploration Survey 2023/2024
Author: Simon M. Jowitt and Travis D. Fisher
Year: 2025
Series: Exploration Survey ES-2024
Version: previously issued as "Nevada Exploration Survey" by Nevada Division of Minerals; sixth issue of the new NBMG series "Exploration Survey"
Format: 24 pages, color
This report summarizes the results of the biennial Nevada Bureau of Mines and Geology (NBMG)
online survey of companies exploring for new metal, industrial mineral, geothermal, and hydrocarbon
resources in Nevada and covering exploration activity in the Silver State in 2023 and 2024. This survey is
supported by the Nevada Commission on Mineral Resources and the Nevada Division of Minerals. The
positive impact of mineral and energy production on the Nevada economy is well known and has been
clearly demonstrated for decades. However, the impact of exploration activities in Nevada, which focus on
discovering new resources for future mines and energy extraction and the formal identification of
resources and reserves prior to and during extractive activities, remains poorly understood as a result of
the relatively limited data available for this sector. This does not mean that exploration is not a major
contributor to the Nevada economy. Indeed, exploration activity contrasts with the majority of the sectors
that drive the Nevada economy in that it is primarily focused in rural areas and can have a substantial
impact on these local economies.
In terms of global and national trends, research undertaken by S&P Global Market Intelligence (2023)
indicates that Nevada remains the state with the largest mineral exploration budgets within the entirety of
the United States although budget gains stopped outpacing global averages during the survey period.
Nevada’s share of U.S. exploration expenditure in 2023 was 38% or some $648 million, 1% down from
2022 but still significantly ahead of the next state in the U.S., namely Arizona with 22% of U.S. exploration
expenditure in 2023. Coinciding with Nevada’s top tier status with regards to exploration budgets, the
Fraser Institute’s annual survey ranked Nevada as the 3rd best jurisdiction in the world for mineral
investment attractiveness in 2023 (Mejia and Aliakbari, 2023). This assessment considers policies and
regulations affecting exploration and mining activities alongside a region’s geologic potential. Although a
positive outcome, this result is lower than the 1st place in the same survey in 2022 (Mejia and Aliakbari,
2022).
Exploration activities are commonly known to be high risk, as investments are not guaranteed to
result in success, but can have significant rewards. When companies achieve the rare success of
discovering an ore deposit, considerable time and financing is required to put the deposit into production.
Despite the unknowns that affect exploration, exploration is a crucial process in sustaining natural
resource industries in Nevada and the growing demands of industrial society both nationally and globally.
These demands have grown significantly over the last 100+ years and continue to grow, as evidenced by
the current record rates of mineral and metal production generated by the mining and extractive sectors
and the increase in demand for metals and minerals as a result of the ongoing energy transition and the
impact of modern standards of living (Jowitt, 2024).
The goal of this survey is to assess the impact of exploration on Nevada’s economy in 2023 and 2024,
with the primary focus being on expenditures and employment. The survey asks participants to break
down their expenditures by category, helping understand where the money goes, and to rate the external
factors that contribute to their exploration company’s decision to work in Nevada. Companies surveyed
are primarily junior explorers followed by midsize and major miners. The geothermal, oil and gas, and
industrial mineral industries are underrepresented in this survey based on response rates.
NBMG contacted 168 companies directly via e-mail or phone, of which 143 explore for metals, 10 for
geothermal, and 5 for oil and gas. Of these companies, 60 responded to the survey with 3 duplicates.
Another 105 active companies were researched using financial disclosures in the public domain. Thus, the
data from 162 companies exploring in Nevada make up the data presented in this report.
Read the full report for the results of the survey.
View previous surveys here
Cover Photograph by Jorge Crespo Mena
Suggested Citation: Jowitt, S.M. and Fisher, T.D., 2025, Nevada mineral and energy resource exploration survey 2023/2024: Nevada Bureau of Mines and Geology Exploration Survey ES-2024, 24 p.
© Copyright 2025 The University of Nevada, Reno. All Rights Reserved
Original Product Code: ES2024
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