Recent analysis of 2024 exploration trends highlights a sharp divide across battery metals: 🔹 Lithium exploration remains a standout performer, with budgets reaching a record $1.1 billion, a 30% year-over-year increase. Major contributors include Rio Tinto, Delta Lithium Limited, Ioneer Ltd. , and Azure Minerals Limited, with Canada and Australia leading global efforts. Rio Tinto notably increased its focus on Canada and Serbia, including the reactivation of its Jadar lithium project. 🔹 In contrast, Nickel exploration has taken a significant hit, falling 30% to $534 million, marking a three-year low. Budget cuts from major players like Vale and BHP have been substantial. Vale’s allocation alone dropped from $167 million to $56 million. Canada, historically dominant in nickel, saw a 52% decline. 🔹 Cobalt exploration fell to a seven year low of $52 million, a 35% decline. Leaders in this space include Cobalt Blue Holdings Ltd, which allocated $11 million to its Broken Hill Cobalt Project in New South Wales. The decline reflects continued price pressures and oversupply, particularly in key regions like Australia, the Democratic Republic of Congo, and Canada. With Australia now the top exploration hub for battery metals, driven by unprecedented lithium investment, the outlook for nickel and cobalt remains cautious amid persistent oversupply concerns and price uncertainty.