This paper outlines the challenges attached to the exploration for a wide range of metals and minerals. It addresses a number of factors amongst the general public in regard to the differences between exploration, mining, refining and product manufacture. The fact that the exploration philosophy employed in one resource industry differs significantly from another resource industry and that the attitude of the players is extremely different is one of the reasons why there has been a dearth of new discoveries in Europe, especially in regard to the ‘emergent metals’ required for the low carbon economy. Most people are unaware of the very high element of risk at the commencement of the exploration phase. Since Europe has only a very small indigenous mining industry, the only way to restart it is by way of direct financial investment channelled through SMEs, which are known in the industry as “junior” minerals exploration companies. In respect of metals this, along with social acceptance, is the key challenge for our basic industries.