Spending on mineral exploration has slumped to the lowest level in three years as the most represented sector on the ASX goes into cash preservation mode and the scourge of inflation means fewer metres are drilled for every dollar spent.

Pre-revenue ASX-listed explorers spent a total of $794.5 million on drilling in the September quarter, down 4 per cent on the June quarter, and 19 per cent year-on-year. It is 26 per cent lower than the same period in 2022.