In the latest round of funding for the Exploration Incentive Scheme (EIS), the Western Australian Government will spend $11.2 million across three EIS programs to 23 ASX-listed explorers.
The three programs include co-funded drilling which will receive $7.8 million, energy analysis which will receive $200,000, and co-funded geophysics which will receive $3.2 million.
The state government says encouragingly, about 50% of the applicants receiving funds for drilling are targeting critical minerals while 75% of the co-funded geophysics ventures are focused on discovering new deposits.
Under the EIS, the grant aims to support Western Australian exploration projects via direct co-investment in drilling programs, provision of pre-competitive scientific information, and support for research and development activities.
Mines and Petroleum Minister David Michael says the government’s EIS is helping to share a future where the benefits of our mineral health will last for generations.
“The EIS plays a pivotal role in overcoming the financial barriers that often prevent early-stage projects from reaching their full potential, and we are committed to ensuring these opportunities prosper,” Michael says.
The Association of Mining and Exploration Companies (AMEC) Chief Executive Warren Pearce says there is an estimated $31 million return to the state’s economy, for every $1 million invested through the EIS.
“It helps explorers do what they do best and find the minerals we need,” Pearce says.
“Explorers are the lifeblood of the mining industry. Without them we can’t find the mines of the future and the technology for future generations.”
The latest round of winners include Ausgold (ASX:AUC), Black Cat Syndicate (ASX:BC8), Cannon Resources (ASX:CNR), Critica (ASX:CRI), Dreadnought Resources (ASX:DRE), Encounter Resources (ASX:ENR), Gold Road Resources (ASX:GOR), Greatland Gold (LSE:GGP), Hamelin Gold (ASX:HMG), Hasting Technology Metals (ASX:HAS), Lunnon Metals (ASX:LM8), Metal Hawk (ASX:MHK), Mineral Resources (ASX:MIN), Northern Minerals (ASX:NTU), Orange Minerals (ASX:OMX), RareX (ASX:REE), Sipa Resources (ASX:SRI), Stavely Minerals (ASX:SVY), Strata Minerals (ASX:SMX), Strickland Metals (ASX:STK), Trek Metals (ASX:TKM), Wildcat Resources (ASX:WC8), and Yandal Resources (ASX:YRL).
The EIS has provided $102 million in grant funding prior to the latest announcement and has been operating since 2009. The program is managed by the Department of Energy, Industry Regulation and Safety and soon to be managed by the Department of Mines, Petroleum and Exploration via the Geological Survey of Western Australia.
AMEC is a national association representing over 500 member companies from all around Australia. The association members include explorers, emerging minerals, producers and a wide range of businesses and service providers working in and for the industry.
Mining.com.au is an official member of AMEC.
Write to Aaliyah Rogan at Mining.com.au
Images: AMEC
