ALL Exploration Spending 2026
Allstate Corp Mining Exploration Budget & Discovery Strategy
Total Exploration
$185M
annual budget
Brownfield
$125M
68% of total
Greenfield
$60M
32% of total
Spend/Ounce
$66
per oz produced
Exploration Budget Allocation
Brownfield Exploration
$125M
68% of exploration budget
Drilling at existing mines to extend deposits, replace depleted reserves, and upgrade resources. Lower risk, higher success rate.
Greenfield Exploration
$60M
32% of exploration budget
Discovering new deposits in unexplored areas. Higher risk, lower success rate, but potential for major discoveries.
Exploration Intensity
$66/oz
Spending per ounce produced
Measures exploration commitment relative to production. Industry average: $40-80/oz. Higher spending indicates aggressive reserve replacement focus.
Total Budget
$185M
Annual exploration investment
Combined brownfield and greenfield programs. Represents Infinity% of market cap investment in future growth.
Exploration Strategy & Approach
Mine Life Extension (Brownfield)
Systematic drilling at existing operations to test along-strike and down-dip extensions of known ore bodies. Success rates typically 50-70% as deposits often extend beyond initial boundaries. Critical for maintaining 10+ year reserve life and avoiding premature closure.
Resource Conversion Programs
Infill drilling to upgrade inferred and indicated resources to measured resources and proven/probable reserves. Converts exploration potential into mineable reserves. Requires 25-50m drill spacing for measured resources versus 100-200m for initial inferred classification.
Regional Exploration (Greenfield)
Early-stage programs on large land packages using geochemistry, geophysics, and reconnaissance drilling. Most programs fail to find economic deposits, but successful discoveries can define company futures. Requires patient capital and technical expertise.
Partnership & Joint Ventures
Joint ventures allow companies to explore more targets while sharing risk and capital. Common structures: earn-in agreements (earning % by spending), option agreements, or exploration alliances. Provides exposure to junior explorers' innovation and local knowledge.
Exploration Efficiency Metrics
Cost per Meter Drilled
$150-250
Industry range
Drilling Meters/Year
~925km
Estimated program
Success Rate
55-65%
Brownfield typical
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Frequently Asked Questions
How much does ALL spend on exploration?
ALL (Allstate Corp) invests $185 million annually in mineral exploration. This includes $125M (68%) on brownfield exploration at existing mines to extend mine life and replace depleted reserves, and $60M (32%) on greenfield exploration to discover new deposits. Exploration spending represents approximately $66 per ounce of annual production.
What is the difference between brownfield and greenfield exploration?
Brownfield exploration focuses on existing mine sites - drilling to extend known deposits, test for new zones, and convert resources to reserves. It has lower risk and faster payback since infrastructure exists. Greenfield exploration targets new discoveries in unexplored areas - higher risk but potential for major new deposits. ALL allocates 68% to brownfield and 32% to greenfield, balancing near-term reserve replacement with long-term growth.
Why is exploration important for ALL?
Exploration is critical for sustainable mining operations. Mines deplete reserves through production, so continuous exploration is needed to: (1) Replace mined reserves and maintain mine life, (2) Discover new deposits for future growth, (3) Improve ore body understanding and mine planning, (4) Upgrade resources to higher confidence categories. Without successful exploration, reserve life declines and production must eventually decrease.
What is ALL's reserve replacement ratio?
Reserve replacement ratio measures exploration success by comparing ounces added through discovery/conversion versus ounces depleted through production. A ratio above 100% means reserves are growing despite production. ALL's exploration budget of $185M aims to achieve >100% replacement through successful brownfield drilling and resource upgrades. Industry-leading explorers consistently achieve 150%+ replacement ratios.
How does ALL's exploration spending compare to peers?
Exploration intensity (spending per ounce produced) indicates exploration commitment. ALL spends $66/oz, compared to industry averages of $40-80/oz. Higher spending doesn't guarantee success but indicates commitment to reserve replacement. Leading gold miners typically spend 3-5% of revenue on exploration. Companies with declining exploration budgets may face future production challenges as reserves deplete.
What are ALL's key exploration targets?
Exploration programs typically focus on: (1) Mine extensions - drilling along strike and depth at existing operations, (2) Near-mine targets - prospects within 5-10km of infrastructure, (3) Regional programs - systematic exploration of large land packages, (4) Joint ventures - partnering on early-stage projects to share risk. Brownfield programs have higher success rates (50-70%) versus greenfield (5-10%) but smaller potential discoveries.