20 19 ag gr eg a t e global n on f err ous e xplor a tion b u d g e ts t ot aled an es tim a t ed U S 9 8 bi ll ion Sl igh t 3 d ec line fr om 2018 f ol lo wi n g tw o c onse c u tiv e y e ar s of gr ow th Go ld b u d g e ts d ec line d in 20 19 i m p ac tin g d em an d f or d rill ing ser vice s Go ld p rice r ally in 20 19 20 20 sup p or ts s tr ong er e xplor a tion spe n d ing ov er tim e Glo bal Explo ra tio n Budg ets 18 Es t ima t ed glob al n onf er r ou s e x p lor a t ion b u d g e t An n u al in d e x ed me t als p rice E s timated glo b al n o n f e rro u s exp lora tio n b u d ge t U Sbillion s An n u al in d e xe d m e ta ls p rice E xpl or at ion bud ge ts h av e r eb oun de d from l ows re ached in 20 16 Ann ua l no nf erro us explora t io n budge t s 19 96 2019 IN V E S T O R PR E S E N T A T IO N JUN E 2020