Exploration Incentive Scheme targets critical minerals

• Battery and critical minerals exploration continues to grow
• Regions throughout Western Australia set to benefit

Mines and Petroleum Minister David Michael today announced the successful applicants for Round 30 of the Exploration Incentive Scheme (EIS) Co-funded Drilling Program.

Fifty applicants, including six prospectors, will receive grants worth $7.28 million for projects to be drilled between December 2024 and November 2025.

Seventeen of the successful companies are targeting battery minerals including lithium and Rare Earth Elements (REE).

Recent success stories from co-funded drilling projects include Kingfisher Mining, which reported a new lode of REE mineralisation at its Mick Well project.

Western Mines Group also reported success this month with the company’s EIS co-funded drilling in early 2024 confirming a belt-scale mineral system at its nickel sulphide Mulga Tank project.

WA1 Resources is achieving promising results having drilled a discovery hole into its P2 Target in 2022 with the assistance of an EIS co-funding grant. The company believes the site may host a large, mineralised carbonatite system located approximately 35 kilometres from the Luni discovery in the West Arunta, south of Halls Creek.

Applications for Round 31 of the Co-funded Drilling Program, Series 8 of the Energy Analysis Program (EAP) and Venture 2 of the Co-funded Geophysics Program (CGP) will open in February 2025.

For more information on the EIS and this round's successful applicants visit: Co-funded Drilling Program.

Comments attributed to Mines and Petroleum Minister David Michael:

“The race to find critical minerals underlines the Cook Government’s aim to position WA as a dynamic global supplier of future battery minerals and materials.

“It is pleasing to see exploration expenditure continue to rise in WA, hitting a record $2.6 billion in 2023, with demand for critical minerals soaring on the back of global decarbonisation initiatives.

“The EIS continues to support major mineral discoveries, with each project increasing the odds of opening new mines and creating jobs in regional communities.

“Our mining sector has once again demonstrated the significance of mineral exploration to WA’s prosperity, with mineral sales reaching $192 billion in 2023.”