New funding levels are now available under the Mining Incentive Program (MIP) following the recent program budget increase from $400,000 to $1 million. Prospectors can now apply for $25,000 (up from $15,000) and exploration companies can apply for $200,000 (up from $100,000), up to 50% of eligible expenses.
The deadline to apply for MIP has been extended to April 29, 2017.
The MIP provides funding to prospectors and exploration companies who propose new projects or are already carrying out NWT mineral exploration work. The increased funding demonstrates the Government of the Northwest Territories’ (GNWT) commitment to strengthening the future of exploration.
Over the last three years, the Department of Industry, Tourism and Investment (ITI) has invested $1.2 million through the Mining Incentive Program. The program has been highly popular and over-subscribed year over year. In the first two years of investment alone, an additional $3.36 million was leveraged in exploration spending by companies and prospectors on their supported projects.
The continuation and enhancement of MIP reflects the GNWT’s ongoing mandate to implement the Mineral Development Strategy and improve the NWT’s competitive edge.
Click here to learn more about the program and access the guidelines and application forms.