Key statistics 4

Summary 5

1. Overview 5

The value of committed and completed projects declined in 2025 5

Gold, copper, and iron ore accounted for most additions 6

Investment in energy commodities has held up 7

2. Critical minerals 11

Australia’s critical minerals pipeline is driven by early-stage projects 11

Moderate progress in pipeline despite challenging global conditions 11

Rare earths projects lead the later-stage project pipeline amidst investor confidence and government support 12

Project timelines accelerated by global partnerships 12

The battery active materials pipeline remains stable 13

Comparing critical minerals projects to 2024 13

3. Oil and gas 16

Oil and gas dominates projects at the committed stage 16

New project numbers are declining 16

4. Committed and completed projects 18

Committed projects decreased as projects completed 18

5. Publicly announced and advanced feasibility 22

Global net zero plans drove critical minerals projects 22

6. Exploration 23

Lower mineral exploration affected overall capex 23

Gold is drawing the largest interest in mineral exploration 23

7. Methodology 24

1) Publicly announced and under consideration 24

2) Advanced feasibility study completed 25

3) Committed stage 25

4) Completed stage 25

New projects, expansions and reactivations 25

Oil and gas projects 26

Estimated start of commercial operation 26

8. About this report 27

9. Terminology 27