CANADA, July 11 - Released on July 11, 2023

Companies can now submit applications for Saskatchewan's expanded Targeted Mineral Exploration Incentive at Saskatchewan.ca.  

The Incentive provides financial assistance as a grant to exploration companies that undertake eligible drilling activities. The program was expanded in the 2023-24 Budget to drive additional exploration activity, particularly for critical minerals. The changes put forward raise the total funding available to $4 million annually and make the incentive applicable to all hard rock exploration projects at any location throughout the province. 

Eligible companies can now receive a 25 per cent rebate on drilling costs up to $150,000 per company and up to $50,000 for uranium drilling. All regulatory changes required are now complete and applications are being accepted. 

"I encourage any company that wants to invest in a stable, secure jurisdiction to apply for the program," Energy and Resources Minister Jim Reiter said. "Exploration is the key to unlocking the mineral potential in our province, which we already know is world class."

Securing the Future: Saskatchewan's Critical Minerals Strategy, set a goal to increase Saskatchewan's share of Canadian mineral exploration spending to 15 per cent by 2030. Mining is a key pillar of the provincial economy and contributes up to 12 per cent of Saskatchewan's gross domestic product (GDP). 

The Targeted Mineral Exploration Incentive was introduced in the 2018-19 fiscal year. Over the life of the program 41 successful applications have been completed with more than $40 million of expenditures. 

You can find more information at saskatchewan.ca or by emailing tmei@gov.sk.ca.

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