Provided are a material characterization system and method for characterizing a stream of material emanating from a material identification, exploration, extraction or processing activity, the system including: a source of incident radiation configured to irradiate the stream of material in an irradiation region, one or more detectors configured to detect radiation emanating from within or passing through the stream of material as a result of the irradiation by the incident radiation and thereby produce a detection signal, and one or more digital processors configured to process the detection signal to characterize the stream of material. The source of incident radiation and the one or more detectors are configured to be disposed relative to the stream of material so as to irradiate the stream of material and detect the radiation emanating from within or passing through the stream as the stream passes through the irradiation region.