Introduced in the 2018-19 fiscal year, the Targeted Mineral Exploration Incentive has seen 41 successful applications with over $40 million of expenditures attached to those same projects.

Earlier this month the province shared how companies can now submit applications for Saskatchewan's expanded Targeted Mineral Exploration Incentive at Applicants will find the program as 'a great way to provide financial assistance as a grant to exploration companies that undertake eligible drilling activities', especially after it was expanded in the 2023-24 Budget to drive additional exploration activity, particularly for critical minerals.

According to the release all regulatory changes required are now complete and applications are being accepted; and 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. 

"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. Companies eligible are looking at a 25 per cent rebate on drilling costs (up to $150,000), and up to $50,000 for uranium drilling.

"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 has 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)." stated the release.

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.

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