Independent Technical Report on the available global drilling market

Included in the Prospectus for Orexplore Technologies Limited, December 2021

Report:

This independent expert’s report on the global market for core drilling was prepared by MinEx Consulting Pty Ltd for Orexplore Technologies Limited, as background data to support its demerger Prospectus. This report identified the available market for a new non-destructive technique for assessing the chemical and mineralogical characteristics of diamond-drill core.

The Report contains data on the total amount of drilling in the World, for the period 2000 to 2030, broken down by drilling type (core- and non-core), region and customer segment (exploration, new projects and mine-site). To the author’s knowledge, such information has never been published before

Key observations were:

The three main market segments for drilling are:

  1. Early-Stage Exploration (searching for new discoveries)
  2. New Projects (focused on in-fill drilling and resource delineation on recent discoveries)
  3. Mine-Sites (focused on extensional drilling and resource-to-reserve conversion)
  • MinEx estimates the global drilling market in calendar year 2021 to be around 146 million metres – made up of 92 million metres at mine-site, 51 million metres on early-stage exploration and 4 million metres on new projects
  • Notwithstanding disruptions from COVID-19, the outlook for exploration and mining over the next decade is very positive.  Global exploration expenditures are set to rise from $12.8 billion in 2021 to $14.3 billion by 2030. This translates into an increase in drilling activity (both exploration and mining, core  and non-core) from 146 to180 million metres p.a. over the same period. 

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