Australian Resource Exploration a Mixed Bag Amid Middle East Crisis

Coal exploration is expected to rise after the government designated metallurgical coal as a critical mineral, a move that streamlines approvals and accelerates exploration.

Lithium exploration spending fell globally but Australia still led, accounting for 52% of the world total in 2025. Nickel and cobalt exploration in Australia dropped 28% year-on-year to $163 million, extending a two-year decline.

On the petroleum side, onshore exploration rose by $21 million to $269 million in the March quarter. Offshore exploration fell more than 40% to $169 million, reversing a sharp gain in the prior quarter and returning to around its two-year average.

Uranium exploration expenditure also rose, the DISR said, driven by higher uranium prices.