The Western Australian Government is allocating $11.2 million through the Exploration Incentive Scheme (EIS) to support 23 ASX-listed explorers. The funding is divided across three EIS programs: co-funded drilling ($7.8 million), energy analysis ($200,000), and co-funded geophysics ($3.2 million). A significant portion of the drilling funds, approximately 50%, will target critical minerals, while 75% of the co-funded geophysics ventures are focused on discovering new deposits.
The EIS aims to stimulate exploration projects in Western Australia by providing direct co-investment in drilling programs, pre-competitive scientific information, and research and development support. Mines and Petroleum Minister David Michael emphasized the program’s role in overcoming financial barriers for early-stage projects. According to the Association of Mining and Exploration Companies (AMEC), every $1 million invested through the EIS generates an estimated $31 million return to the state’s economy.
AMEC Chief Executive Warren Pearce highlighted the importance of explorers in discovering the mines of the future and driving technological advancements. The latest round of funding recipients includes companies such as Ausgold, Black Cat Syndicate, and Mineral Resources. The EIS program, which has been operating since 2009, has already provided $102 million in grant funding prior to this announcement. The program is managed by the Department of Energy, Industry Regulation and Safety and will soon be managed by the Department of Mines, Petroleum and Exploration.