At the MINEX Far East forum in Magadan, the head of the Federal Agency for Subsoil Use, Oleg Kazanov, presented a report on the role of small geological exploration companies – the so-called juniors. He noted that it is this segment that today is becoming the main driver of growth in financing of exploration work in the country.
Juniors refers to subsoil users who hold only exploration licenses and are not part of the structure of large mining corporations. According to Casanova, in 2025, subsoil users allocated 30% more money for geological exploration of solid minerals than in 2024. At the same time, exploration itself became more expensive by 34%. Taking a long-term view, total investment has increased by 227% since 2012.
At the same time, the number of issued licenses is growing. In 2010 there were just over 4 thousand, in 2018 – about 6.1 thousand, and by 2025 the number of licenses reached 11,494. More than half of them (6,468) were issued on the so-called application principle – when the site is vacant and does not have approved reserves, the right to operate is granted simply upon filing an application, without an auction.
It is this simplified procedure that stimulates the growth in the number of juniors. In 2025, 58% of all licenses were received by small companies. And, more importantly, financing of geological exploration by juniors also reached a new historical maximum: their share in total expenses reached 42%, which in monetary terms amounts to 12.3 billion rubles. For comparison: in 2016 this figure was only 4%.
Thus, small exploration companies have become a significant force capable of conducting prospecting work without the participation of large capital. Easier access to licenses and growing investment set the stage for new discoveries in the future.
Source: Rosnedra
Image: Rosnedra
