The Ontario government took advantage Thursday from the opening of the sixth round of requests for the Ontarian program to help small mining exploration companies (POAPSEM) to announce funding of $ 10 million to support mineral exploration at the early stadium. This sum will allow small mining exploration companies and licensed prospectors to cover the initial exploration and development costs.
The announcement was made Thursday morning, in Thunder Bay, in the presence in particular of Stephen Lecce, Minister of Energy and Mines and Kevin Holland, associate minister of forests and forest products and deputy of Thunder Bay-Atikokan.
Two new particularities characterize the sixth round of the 2025 edition of the Poapsem.
First, the component new prospector
Allows Ontario licensees to make a request of up to $ 50,000 per project.
Then the Enriched funding for native participation
Increases, offering an additional $ 10,000 to $ 15,000 per project compared to basic financing.
Ontario’s Minister of Energy and Mines Stephen Lecce made the trip to Thunder Bay for the government announcement.
Photo : Facebook/Stephen Lecce
In a press release, the government indicates that uncertainty combined with the need to operate in distant regions and in land filled with challenges
can make it difficult For these companies to obtain the investment necessary to advance projects
.
Ontario investments in mines
Thursday’s investment joins the Ontario strategy relating to critical minerals and is added to the $ 35 million already announced in November 2024.
These announcements are part of the government’s Ontario protection plan.
The government recalls that investing in mining exploration in the start -up phase is often highly risky and that success takes time to come.
About, a project on 1000 is likely to succeed.
By supporting our local prospectors, our small mining exploration companies and our indigenous partners, we throw well paid jobs, economic growth and long -term prosperity in the North.
The subsidy subsidy period is now open. The subsidies will be granted to approved projects on the basis of first arrival, first served, until the request for the request period, on July 31.
According to figures transmitted by the government, the previous round of financing of Poapsem Helped 80 small mining exploration companies to finance exploration projects in the start -up phase. Among these projects, 68 were intended for critical mineral sites.
