Gold exploration spending hits record in Western Australia as drilling demand soars

Data released by the Australian Bureau of Statistics show that gold exploration spending in Australia climbed to $1.93 billion in the 2025-26 financial year, with Western Australia accounting for $1.57 billion of that total, a sharp rise from $1.03 billion the year before. The surge follows an all-time high gold price of $7,688 per ounce in January, and the metal was trading at $6,236 per ounce at the time of reporting.

Topdrill, based in Kalgoorlie and now one of the country's largest drilling contractors, employs more than 550 people and is preparing to receive its 43rd drill rig, attributing the boom to sustained demand that even extends through Christmas and New Year. Founder Tim Topham noted that 95 percent of the company's workload now consists of gold projects. While the sector celebrates the influx of capital, the Association of Mining and Exploration Companies warned that upcoming changes to capital gains tax could drive investment overseas and dry up greenfield exploration. Federal Resources Minister Madeleine King countered that recent government investment in Geoscience Australia and critical minerals places the industry in a strong position.