The Government of the Northwest Territories announced at the Prospectors and Developers Association of Canada convention that they will be updating the Mining Incentive Program to better support mineral exploration across the territory.
These changes will include the conditional removal of the $500,000 lifetime cap on funding for cooperate interests, though annual limits will remain.
This effort is in response to feedback from exploration companies and the current state of the mineral sector. As costs rise and project timetables lengthen, it becomes harder for parties to commit to lengthy multi-year programs.
“These updates provide greater stability and flexibility for companies advancing high-potential projects, including critical minerals, at a time when the sector is under real pressure,” said Minister Caitlin Cleveland.
The Mining Incentive Program has been working to support dozens of projects in the territory since 2014. These projects have generated valuable geo-science data, as well as strengthen the investment climate in the Northwest Territories.
With this new approach, projects that rank within the top 30% of applicants will be eligible to exceed the $500,000 cap. Once this cap is passed, the applicant will be limited to two funded projects at a time. The cooperate funding cap will remain at $240,00 per project.
“This is about making sure strong projects do not stall because of structural limits in our programs,” said Cleveland.
“The Northwest Territories has vast mineral potential, and our government is focused on doing what we can, within our authorities, to keep momentum going, strengthen our resource economy, and create new opportunities for Northerners.”
