Minister Cleveland welcomes federal extension of Mineral Exploration Tax Credit, renews call for a North of 60 incentive

Press Release

Minister Caitlin Cleveland issued the following statement today regarding the Government of Canada’s extension of the Mineral Exploration Tax Credit (METC) and its impact on the North:

“The Government of Canada’s decision to extend the Mineral Exploration Tax Credit (METC) for another two years is a positive step toward keeping Canada competitive in attracting exploration investment. This tax credit plays a vital role in supporting early-stage mineral exploration, and we welcome this commitment to ensuring Canada remains a premier destination for resource investment.”

“However, for the North to fully realize its mineral potential and help drive Canada’s critical minerals strategy, we need to go further. The three territories continue to call for a 15% stackable North of 60 Mineral Exploration Tax Credit—an incentive designed to recognize the higher costs of exploration in the territories, level the playing field, and attract the investment necessary to develop our vast mineral resources.”

“Exploration costs in the North can be up to six times higher than in southern Canada, yet our territories hold some of the most promising untapped deposits of the minerals needed for clean energy, advanced technology, and national security. Without the right incentives, these resources risk remaining undeveloped, and Canada could fall behind in securing stable, domestic supply chains.”

“A dedicated North of 60 tax credit would not only enhance Canada’s competitiveness but also create jobs, strengthen Indigenous partnerships, and provide long-term economic benefits for Northern communities. The territories are ready to do their part, but we need the right tools to turn potential into production.”

“The METC extension is a welcome measure, but to fully harness the North’s potential, Canada must take the next step and implement a targeted incentive that reflects the realities of Northern exploration. A North of 60 Mineral Exploration Tax Credit would solidify Canada’s position in the global critical minerals race, attract investment to some of the most resource-rich regions in the country, and create new opportunities for Northerners.”

“The future of Canada’s economy runs through the North. By working together, we can ensure the North plays a leading role in securing Canada’s mineral future—advancing opportunity, driving innovation, and delivering lasting economic benefits for all Canadians.”

For media inquiries or to arrange an interview with Minister Cleveland, please contact:
Cabinet Communications
Government of the Northwest Territories
PressSecretary@gov.nt.ca

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