TIMMINS, Ontario – The Ontario government is investing $13 million through the Ontario Junior Exploration Program (OJEP) to help 84 junior mining companies finance early exploration projects. These projects have the potential to lead to promising discoveries of valuable mineral deposits and lead to future mines, which would boost economic growth and job creation for northern and Indigenous communities.
“This investment is an important part of our government’s plan to rebuild our economy as we support exploration of Ontario’s vast mineral wealth,” said George Pirie, minister of mines. “The Ontario Junior Exploration Program is helping unlock the province’s mineral exploration potential and paving the way for the development of the mines of the future which will bring multigenerational opportunities to northern and First Nation communities.”
“The Ontario Junior Exploration Program is providing companies with the resources they need to find the mines necessary to secure our supply chain,” said Stephen Crawford, associate minister of mines. “Our government will continue attracting investment so new mines can be found and crate multi-generational prosperity and wealth for communities across the province.”
Launched in 2021, OJEP helps junior mining companies cover eligible costs for critical and precious mineral exploration and development. Through the fifth round of funding, OJEP has committed $13 million in funding to 84 projects – 62 of them focussed on the exploration of critical minerals.
As part of the province’s OJEP investment to date, Ontario has committed $35 million over four years to the program. This includes $23 million for all types of minerals, and $12 million invested in a stream dedicated to supporting the discovery and development of critical minerals that will help build an integrated supply chain for new technologies – connecting producers in the north with Ontario’s world-class manufacturing sector in the south.
“Since 2021, OJEP has grown as a tangible support to the junior exploration sector. The program benefits from the Ontario government’s experience and knowledge of the sector. It strives to improve the timeliness of the funding program for all projects and adapt funding to meet the province’s desire to see critical minerals explorers build on Ontario’s mineral advantage. Ontario’s OJEP funds will help stabilize exploration activity at home and have a direct positive impact on the field budgets spent by the 84 funded entities this year.”~ Bill McGuinty, Member, Ontario Prospectors Association.
Quick facts
- The Ontario Junior Exploration Program covers up to 50 per cent of eligible costs and up to a maximum of $200,000 per project.
- OJEP also provides up to $10,000 to cover 100 percent of eligible costs per project supporting Indigenous employment and business opportunities.
- To be eligible to apply for funding, junior mining companies must have a market capitalization of up to $100 million, or a comparable value, if they are privately owned.
- Ontario’s mining sector is a significant economic driver, supporting 77,000 jobs in the mining industry.
- The government of Ontario is focused on becoming a supplier and producer of critical minerals needed for electric vehicles including nickel, copper, cobalt and platinum group elements.
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