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Ontario is going to shower $10 million on 68 fledgling mineral prospectors and exploration companies as it tries to help them discover the mines of the future.
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The funds come from the Ontario Junior Exploration Program (OJEP), which builds on provincial efforts to streamline the regulatory permitting process for mines.
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“Ontario’s new Critical Minerals Strategy will further double down on early exploration to lay the groundwork for the next generation of mines, good-paying jobs and economic growth across northern Ontario,” Energy and Mines Minister Stephen Lecce said in a press release on Thursday.
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Canada’s mineral exploration sector consistently accounts for a major portion of the equity capital raised on the country’s stock exchanges, but the sector spent most of the past decade in a period of declining investor interest, which was attributed to poor commodity prices and other factors.
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But the dynamic is shifting amidst a renewed push by western countries to establish mineral supply chains independent from China, and investors are returning to the sector in droves.
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For example, the mining sector in 2025 accounted for $16 billion of the total $33.3 billion raised on the Toronto Stock Exchange and TSX Venture Exchange.
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Mining companies on the TSX-V — generally mineral exploration and early stage mining companies — accounted for a little more than half of that total at $8.1 billion, which was 65 per cent higher than in 2024, when $3.57 billion was raised.
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The $10 million Ontario is now spending represents a small portion of the capital flowing into the sector, but the province said it has altogether invested $30 million through its OJEP program to support 213 companies — 165 of which are focused on critical minerals.
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The money will be distributed over the next year and according to information provided on Thursday and includes grants of as much as $200,000 to help companies cover the cost of things such as geological surveys, core drilling, removing refuse and old fuel drums. It is only available for exploration companies at the earliest stage of development.
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“Exploration is where the mines of tomorrow begin,” Priya Tandon, president of the Ontario Mining Association (OMA), said in a press release. “The OMA welcomes the government’s continued investment in early-stage exploration.”
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English (US)