Ontario Allocates $13 Million for Mineral Exploration Projects

The Ontario government has announced a financial commitment of $13 million to support early mineral exploration projects. This funding is part of the Ontario Junior Exploration Program (OJEP), which aims to assist 84 junior mining companies in their exploration efforts. The initiative is designed to uncover new mineral deposits, potentially leading to the development of future mines. The program is expected to contribute to economic growth and job creation, particularly benefiting northern and Indigenous communities.

The OJEP, launched in 2021, covers up to 50% of eligible exploration costs, with a maximum of $200,000 available per project. Additionally, the program offers up to $10,000 to fully cover costs related to Indigenous employment and business opportunities. To qualify for funding, companies must have a market capitalization of up to $100 million or an equivalent value if privately owned.

The Ontario government has allocated a total of $35 million over four years to the OJEP, which includes $23 million for various mineral explorations and $12 million specifically for critical minerals. These efforts are part of a broader strategy to enhance Ontario's role as a supplier of critical minerals essential for technologies such as electric vehicles.

The program's fifth round of funding focuses on 62 projects exploring critical minerals, aligning with Ontario's goal to build an integrated supply chain for new technologies. The initiative is part of the government's plan to leverage the province's mineral wealth and support the development of future mining operations.