Finance core drilling rigs, rotary drill rigs, and geophysical equipment for mineral exploration programs. $50k minimum. New and used equipment. Decisions in 1-2 weeks.
Mineral exploration is a capital-intensive phase that generates no revenue until something worth developing is found. The drill is the only tool that answers the geological question, and the speed at which you can put holes in the ground determines how fast you get to that answer. Financing the drill rig instead of tying up equity lets a junior exploration company run more programs, drill more targets, and spend exploration capital on meters drilled rather than equipment purchase.
We finance exploration equipment including core drill rigs, rotary rigs, reverse circulation setups, and support vehicles for programs ranging from grassroots greenfield work to near-mine resource drilling. Our minimum is $50,000. The most common deal size for a single exploration drill rig is $150,000 to $800,000 depending on the rig specification, age, and capability. Funding closes in one to two weeks from a complete application.
Exploration financing requires a slightly different risk lens than production equipment financing. The iron itself, a core rig or RC drill, holds independent market value separate from the success of the program. That asset value is the primary underwriting anchor. If the program produces a resource that advances to development, the financing relationship often continues into the production phase as well.
What Exploration Equipment We Finance
Diamond core drilling rigs are the workhorse of detailed resource definition. A core rig capable of drilling to 500 to 2,000 meters, recovering HQ or NQ diameter core for assay and geological logging, is the instrument most mineral exploration companies need most urgently.Core drilling rigsfrom manufacturers including Boart Longyear, Epiroc, Sandvik, and Major Drilling are regularly financed as single units or as pairs when a program requires two rigs working simultaneously to hit targets within a budget window.
Reverse circulation (RC) drilling rigs are another common exploration tool, particularly for near-surface oxide targets, gold exploration in regolith terrain, and preliminary resource definition before committing to core drilling. RC rigs cover ground faster and at lower cost per meter for the right geology. We finance both RC and combined RC/core rigs capable of transitioning between methods.
Exploration drill rigsdesigned for rotary methods are also eligible, particularly for programs in sediment-hosted mineral systems or large porphyry targets where wide spaced reconnaissance drilling is the first phase. Support equipment including drill camp generators, water supply pumps, core shacks, rod handlers, and all-terrain drill support vehicles round out the program and can be included in the same transaction as the drill itself when combined as a package.
- Diamond core drilling rigs (HQ, NQ, BQ capable)
- Reverse circulation (RC) drill rigs
- Combined RC/diamond core rigs
- Rotary drill rigs for reconnaissance work
- Drill support equipment packages
- All-terrain vehicles and program support vehicles
Who Finances Exploration Equipment Through Us
Junior exploration companies with a permitted property, a geological team, and a drill program planned are the most direct fit. A company that has secured a land package and completed soil sampling or geophysical work has defined targets and needs to drill them. Financing the rig keeps equity available for assays, camp costs, and follow-up programs that depend on the first drill results.
Contract drilling companies are a second major category. A firm that provides drill contract services to junior and mid-tier mining companies needs rigs that are available, up to spec, and capable of competing for programs that specify particular diameter, depth capacity, or rig type. Adding a rig or replacing an aged unit with a newer machine is a growth decision, and financing the capital cost against contracted drilling revenue is the standard approach.
Established mining companies running exploration programs on newly acquired properties or in new districts also access financing for exploration rigs rather than mobilizing purchased rigs from one project to another. In Alaska, Nevada, Idaho, and Montana, where exploration activity is perennial, we see operators at each of these stages regularly. Operators working in theFairbanks, AKregion and the Nevada mining corridors nearWinnemucca, NVrepresent active exploration markets we have financed in.
Financing Terms for Exploration Drill Rigs
Exploration equipment financing terms typically run 36 to 84 months depending on deal size, equipment age, and the borrower's credit profile. A newer core rig with strong market value supports longer terms. Older equipment may be financed on shorter terms to stay inside the asset's useful life. Rates vary based on credit profile, collateral strength, and term length, and we do not publish a single rate because the variable mix determines the real cost for each transaction.
Down payment requirements are deal-specific.Application-only dealsunder approximately $400,000 may require little to no down payment for well-qualified borrowers. Larger deals or borrowers with thinner credit histories may be asked for 10 to 20 percent down. The equipment itself is the primary collateral in all cases.
Seasonal use patterns for exploration rigs matter here. Programs in northern latitudes run predominantly in summer, and some operators prefer a seasonal payment structure that reduces or defers payments during winter months when the rig is not generating contract revenue. That type of custom structure is available and worth discussing early in the process.
New versus Used Exploration Drill Rigs
The used exploration drill rig market is active and offers real value for companies that do not need the latest telemetry systems or depth specifications. A ten-year-old core rig from a major manufacturer in solid mechanical condition can drill the same meters at the same diameters as a new unit at a fraction of the price.Used mining equipment financingis available for exploration rigs, and we have financed used equipment from private sellers, fleet sales by major drilling contractors, and auction purchases.
New rigs carry full manufacturer warranty and access to factory support, which matters on remote programs where downtime cannot be serviced quickly. They also carry list prices that reflect current supply chain costs, which have elevated significantly over recent years. The financing decision between new and used often comes down to program duration and the risk tolerance for mechanical availability.
Either way, the underwriting looks at the equipment's documented condition, recent service history, and its position in the current market for comparable units. We can finance both.