Ontario’s provincial government is increasing funding for the Ontario Junior Exploration Program (OJEP) to aid more companies in finding critical minerals, such as nickel and cobalt, in order to support the growing supply chain for electric vehicles, while also creating jobs for northern and Indigenous communities.
The funding was announced as part of the government’s 2023 budget and includes an additional $6 million over the next two years, bringing its total investment in OJEP to $35 million.
“Our government is taking a comprehensive approach to unlock the economic potential of Northern Ontario," Ontario’s Minister of Finance Peter Bethlenfalvy said in a statement.
“This critical minerals approach is part of our government’s plan to build Ontario’s economy by attracting investment and creating jobs so we can lay a strong foundation for future generations,” he added.
OJEP was created in 2021 to help junior companies finance early exploration projects by covering eligible costs for critical and precious mineral exploration and development.
The government noted that so far, 48 junior exploration companies have received funding and in turn, have invested a further $17.5 million in these projects.
As well, Ontario said it has invested an additional $5 million in the Critical Minerals Innovation Fund, which supports Ontario-based companies that are developing new mining technologies focused on building the critical minerals supply chain.
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