Ontario announces $10 million for junior exploration companies

Ontario Minister of Energy and Mines, Stephen Lecce (RIGHT) speaks at the PDAC (Prospectors and Developers Association of Canada) conference at Toronto’s Metro Toronto Convention Centre as MPP Algoma-Manitoulin, Bill Rosenberg (LEFT) looks on March 3, 2026. Photo by Peter J Thompson/National PostArticle contentOntario 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.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe funds come from the Ontario Junior Exploration Program (OJEP), which builds on provincial efforts to streamline the regulatory permitting process for mines.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle content“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.Article contentArticle contentCanada’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.Article contentBut 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.Article contentFor 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.Article contentMining 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.Article contentThe $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.Article contentArticle contentThe 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.Article contentRead More Company that wants to mine ocean floor says it may have 'overstated' its growth potential N.S. company wins funding to unlock China’s stranglehold on rare earth minerals Article content“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.”Article content• Email: gfriedman@postmedia.com Article contentTrending Public-private partnership launches $1.3-billion fund to purchase unsold GTA condos Real Estate Posthaste: Canada sets two new population records as 'demographic engine' backfires News Trans Mountain readies expansion in 2027 as pipeline space fills up Oil & Gas William Watson: Some surprising numbers on wealth and home ownership FP Comment A US$50,000 hockey puck is the latest U.S.-Canada Olympic flashpoint Retail & Marketing Share this article in your social network Get the latest from Gabriel Friedman straight to your inbox Sign Up CommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Public-private partnership launches $1.3-billion fund to purchase unsold GTA condos Real Estate Posthaste: Canada sets two new population records as 'demographic engine' backfires News Trans Mountain readies expansion in 2027 as pipeline space fills up Oil & Gas William Watson: Some surprising numbers on wealth and home ownership FP Comment A US$50,000 hockey puck is the latest U.S.-Canada Olympic flashpoint Retail & Marketing