Mineral exploration spending estimates look particularly promising for Nunavut this year and the Northwest Territories is potentially in line for a modest gain.
Natural Resources Canada's projections for 2025 indicate that $291.7 million will be invested in exploration and deposit appraisals in Nunavut. That would mark a 47.4 per cent gain over 2024, if the estimate proves accurate.
In the NWT, exploration companies are tentatively prepared to sink $96.5 million into their projects, a 6.7 per cent increase over 2024 spending.
鈥淲hile exploration investments in Nunavut have followed national trends for most of the past 15 years, (the) NWT has remained relatively flat except for a two-year period associated with a lithium surge," stated Kenny Ruptash, president of the NWT & Nunavut Chamber of Mines. "Attracting strong levels of investment for early-stage exploration in the north requires regulatory simplification and a N60METC (North of 60 mineral exploration tax credit) combined with investments in 黑料吃瓜网 infrastructure. With their strong mineral potential including a diverse suite of Critical Mineral opportunities, the NWT or Nunavut can be the location of Canada鈥檚 next big discovery.鈥�
The Government of Nunavut is putting $1.9 million toward the Nunavut Exploration Support Program in 2025-26, an amount equal to what was allotted in 2024-25.
In 2023-24, Canadian North Resources Inc. and Tornado Metals Ltd. were each awarded $250,000 through the Nunavut Exploration Support Program while Forum Energy Metals Corp. made use of $178,025.
There's $1.5 million allocated in the GNWT's 2025-26 budget for the Mining Incentive Program, the same amount as last year. This program helps support prospectors and mineral exploration companies working in the NWT. Companies can apply for up to $240,000 while prospectors may be eligible for a maximum of $25,000.
FACT FILE
NWT MINING INCENTIVE PROGRAM RECIPIENTS 2024-25
Trinex Lithium Ltd. 鈥� $168,000 (Halo-Yuri lithium project, North Slave)
White Cliff Minerals Ltd. 鈥� $168,000 (Radium Point multiple metals project, Sahtu)
DEMCo Ltd. 鈥� $156,000 (Camsell River gold project, Sahtu)
Cheetah Resources Corp. 鈥� $144,000 (Tardiff rare earths, North Slave)
Gold Terra Resource Corp. 鈥� $136,284 (Northbelt gold project, North Slave)
Redbed Resources Ltd. 鈥� $123,200 (Redstone copper project, Sahtu)
Loyal Lithium Ltd. 鈥� $120,000 (Hidden Lake lithium project, North Slave)
Integral Metals Corp. 鈥� $114,873.50 (KAP zince project, Sahtu)
Rackla Metals Inc. 鈥� $110,368.05 (NWT RIRGS gold project, Sahtu)
Golden Pursuit Resources Ltd. 鈥� $96,946.20 (Gordon Lake gold project, North Slave)
Kennady Diamonds Inc. 鈥� $96,885.19 (Kennady North diamonds project, North Slave)
Stephane Poitras 鈥� $22,500 (Poor Son multiple metals project, Sahtu)
Danny Yakeleya 鈥� $18,750 (NWT/Yukon Border multiple metals project, South Slave)
Ryan Bachynski 鈥� $17,976 (Viking multiple metals project, North Slave)
David Nickerson 鈥� $5,850 (Uranium Trail uranium project, North Slave)
Source: Department of Industry, Tourism and Investment
