Spending on mineral exploration swung upwards in Nunavut in 2024 with an estimated $267.7 million committed, a 23.3 per cent rise from $217.1 million in 2023 and also better than the $255.4 million spent in 2022.
That was a rosier picture than in the Northwest Territories, where projected spending on mineral exploration for 2024 stood at $143.7 million. Regardless, that is an 27.3 per cent improvement over $112.9 million in 2023 and 34.3 per cent superior to just $107 million in 2022.
When adding in mine complex development, capital assets and repair and maintenance, Nunavut is looking at approximately $1.5 billion in spending in 2024 whereas the NWT is sitting at an estimated $392.8 million.
In Nunavut, the number of prospecting permits plummeted to 24 in 2023 from 90 in 2022.
Mineral claims rose, however, reaching 3,054 from 2,508 a year earlier.
The number of leases was essentially the same year over year, standing at 566 in 2023 compared to 565 in 2023.
In the NWT, 212 mineral claims were recorded or were pending in 2023 while 55 claims were cancelled, leaving 1,210 claims in good standing.
Four leases were issued compared to 148 that were cancelled and another 257 leases were renewed, which left 1,274 leases in good standing.
Fifteen prospecting permits remained in good standing after six were cancelled in 2023.
Fact file
NWT Mining Incentive Program 2023-24
The GNWT awarded $1.4 million for prospectors and junior exploration companies to tackle grassroots exploration in 2023-24. The majority of the work is taking place in the North Slave region and lithium is a hot commodity. The following were approved applicants:
Danny Yakeleya (Sahtu; gold) $16,250
Dave Nickerson (North Slave; gypsum) $3,910
Dave Smith (North Slave; barite, gold, diamonds) $16,250
Jared Suchan (North Slave; rare earth elements) $19,548
Jared Suchan (North Slave; zinc, copper) $20,000
Ryan Bachynski (North Slave; lithium, rare earth elements, gold, silver, copper) $18,212
Prestige Lithium (North Slave; lithium) $37,555
Ant Lithium Corp (North Slave; lithium) $23,203
Erex International (North Slave; lithium) $204,000
KAV Resources Ltd (North Slave; lithium) $48,943
Lake Winn Resources (Dehcho; lithium, tantalum) $192,000
Night Hawk Gold Corp (North Slave; gold) $192,000
North Arrow Minerals Corp (North Slave; lithium) $192,000
Northern Critical Minerals Corp (North Slave; rare earth elements) $21,887
Redbed Resources Ltd (Dehcho; copper) $156,000
Rover Metals Corp (now Rover Critical Minerals; North Slave; zinc, lead, copper, gold, silver) $153,749
Voyageur Exploration Ltd (North Slave; rare earth elements) $180,000
Source: ITI