Canada’s budget extends tax relief but leaves explorers wanting
The renewed critical minerals strategy would support mining and processing technology, research, and funding for projects.
Canada’s federal budget extends tax credits for mineral exploration and critical minerals, but does not address a vital gap in support for explorers to turn discoveries into mines. The five-year extension of the 15% Mineral Exploration Tax Credit and 30% Critical Mineral Exploration Tax Credit, valued at an estimated $956 million (US$684 million) over five years, received praise from Canada's Prospectors & Developers Association of Canada (PDAC) and the Association for Mineral Exploration.
However, the budget left many explorers disappointed as it failed to provide expanded Canadian Exploration Expense eligibility, a key change sought by the industry to cover engineering, economic, and feasibility studies required for establishing reserves and making mine-development decisions.
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