Ontario Junior Exploration Program
Highlights
This program is designed for junior mining companies like yours. It offers up to $200,000 per project to cover 50% of eligible costs, and up to $10,000 to cover 100% of costs for projects supporting Indigenous employment and business opportunities. This funding can significantly reduce your financial burden and help you focus on exploration and growth.
Why apply?
- Substantial funding: Up to $200,000 per project.
- Support for Indigenous initiatives: Up to $10,000 for related costs.
- First-come, first-served basis: Increases your chances of securing funds if you apply early.
What's in it for you?
- Boost exploration efforts: Financial support for early-stage projects.
- Job creation: Contribute to local employment, especially in northern and Indigenous communities.
- Government-backed financing: More reliable and potentially more favorable than private loans.
Applying is straightforward, and if approved, this funding can propel your projects forward, making it easier to achieve your business goals.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Up to $200,000 per project to cover 50% of eligible costs.
- Up to $10,000 to cover 100% of eligible costs per project supporting Indigenous employment and business opportunities.
Use of Funds:
- Funds can be used for early exploration projects, including:
- Grassroots mineral exploration.
- Identifying new mineral exploration targets.
- Evaluating existing targets in areas not known to host economically viable mineral deposits.
Restrictions on Use of Funds:
- Funds cannot be used for:
- Projects outside of Ontario.
- Non-exploration related expenses.
- Administrative or overhead costs not directly tied to exploration activities.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a non-producing junior mining company.
- Market capitalization of up to $100 million (or a comparable value if a private company) as of May 8, 2024.
- Must be registered on the Ontario Business Registry.
- Must propose to undertake grassroots mineral exploration in Ontario.
- Must provide proof of funds to cover 100% of total project costs.
- Must provide a copy of a valid certificate of insurance with general commercial liability coverage of at least $2 million per occurrence.
- Must be enrolled in the Mining Lands Administration System.
- Must hold the necessary mining lands tenure required to carry out the project.
- Must have a valid exploration plan and/or permit issued under the Mining Act before work proceeds and for the duration of the project (where required).
- Must have the approval of the plan/permit and/or tenure holder to apply for funding and carry out the proposed project.
Description
This program offers your business a chance to receive up to $200,000 per project. This funding can cover 50% of eligible costs for early exploration projects. Additionally, you can get up to $10,000 to cover 100% of costs related to Indigenous employment and business opportunities.
The money can be used for:
- Early exploration activities
- Boosting mineral exploration
- Supporting growth and job creation, especially in northern and Indigenous communities
Why this program is valuable:
- Significant financial support: Up to $200,000 can help you manage large exploration costs.
- Focus on growth: The program aims to boost your business's exploration efforts, leading to potential growth and job creation.
- Support for Indigenous opportunities: Additional funding to foster Indigenous employment and business opportunities.
This is a great opportunity to secure substantial funding for your exploration projects, helping your business grow and contribute to the local economy.
Program Steps
Register on the Ontario Business Registry: Ensure your business is registered on the Ontario Business Registry.
Enroll in the Mining Lands Administration System: Make sure your company is enrolled in the Mining Lands Administration System and holds the necessary mining lands tenure required for the project.
Prepare Documentation: Gather the following documents:
- Proof of funds to cover 100% of total project costs.
- A valid certificate of insurance with general commercial liability coverage of at least $2 million per occurrence.
- A valid exploration plan and/or permit issued under the Mining Act.
- Approval from the plan/permit and/or tenure holder to apply for funding and carry out the project.
Complete the Application Form: Fill out the application form, proposing to undertake grassroots mineral exploration in Ontario. Ensure the project identifies new mineral exploration targets or evaluates existing targets in an area not known to host a mineral deposit with economic potential.
Submit the Application: Submit the completed application form and all required documentation by the deadline, June 5, 2024. Applications will be assessed and approved on a first-come, first-served basis.
Await Assessment: Wait for the assessment of your application. If your project is a primary or secondary target for critical minerals, it will be considered for funding under the critical minerals stream first. If funding is fully allocated, it will be considered under the exploration stream.
Receive Approval and Funding: If approved, you will receive up to $200,000 per project to cover 50% of eligible costs and up to $10,000 to cover 100% of costs for projects supporting Indigenous employment and business opportunities.