Exploration Incentive Scheme continues to fuel mineral discoveries

• Inaugural Co-funded Geophysics Program offers more than $3 million
• Continued interest in exploration for battery and critical minerals

Mines and Petroleum Minister David Michael today announced the successful applicants for Round 29 of the Exploration Incentive Scheme's (EIS) Co-funded Drilling Program, Series 7 of the Energy Analysis Program (EAP), and the inaugural Co-funded Geophysics Program (CGP).

Forty-seven applicants will receive grants worth almost $7.5 million in the EIS Round 29 for projects to be drilled between June 2024 and November 2025.

The Co-funded Drilling Program saw continued interest in battery minerals exploration this round, with 57 per cent of the successful 47 projects targeting these commodities, including rare earth elements, lithium and nickel-cobalt.

The inaugural Co-funded Geophysics Program awarded more than $3 million to 23 successful applicants for Venture 1 of the program, with 78 per cent of them actively searching for critical minerals.

The successful projects will focus on largely under-explored greenfields areas in the central and eastern parts of the State.

Series 7 of the Energy Analysis Program will also offer $125,000 to three successful projects planned in the Canning Basin.

Last year the co-funded programs saw success from a number of drilling programs including that by Future Metals which intersected high grade PGM mineralisation in a single EIS co-funded hole at its Panton Project.

The Co-funded Drilling Program will open for Round 30 applications in August 2024.

Applications for Series 8 of the Energy Analysis Program (EAP) and Venture 2 of the Co-funded Geophysics Program (CGP) will open in February 2025.

Visit Exploration Incentive Scheme (EIS) for more information on the EIS and this round’s successful applicants.

Comments attributed to Mines and Petroleum Minister David Michael:

“Exploration is the bedrock of ongoing success in our powerhouse resources sector and the Cook Government is committed to helping facilitate new mineral discoveries.

“The high number of applications we received is a strong indicator of the continued interest in Western Australia's mining industry.

“I look forward to seeing what exciting new finds result from the co-funded Round 29 projects.”