Global tensions, trade wars and geopolitics put Canada’s natural resources front and centre in our recent federal election.
Last week — and immediately after the election — British Columbia’s mineral exploration and mining sectors gathered in Prince George for the Minerals North conference. Reaction to the election result, its implications and how we can address systemic issues came up time and time again. For B.C., the numbers speak volumes: A 26-per-cent drop in exploration spending and a 45-per-cent drop in metres drilled in just the past two years and during a commodity boom. Correspondingly, we have not seen a new critical mineral mine open in more than a decade.
At Minerals North, much of the conversation was about how to get things back on track. We must ensure the critical minerals that are in such great demand to build everything from solar panels to defence systems come from Canada and support Canadian families and jobs.
In the lead-up to the election, Association for Mineral Exploration members were encouraged that all major parties stood up and said clearly that they want to develop Canadian critical minerals. Now, as the election dust settles, our new federal government must hunker down and quickly show that it is serious about building our country, because the path from mineral exploration to an operating mine is a long one. The government’s focus must quickly shift from election mode to increasing investment certainty, expediting permitting timelines and putting in place the infrastructure required for the mineral exploration sector to deliver tomorrow’s critical mineral mines.
The Liberal platform contains several good ideas that are supported by the mineral exploration sector. Top of the post-election to-do list is expediting legislation to renew the Mineral Exploration Tax Credit — which expired in March — to 2027. The Liberal platform focused heavily on other tax credits, too. It promised to broaden the Critical Mineral Exploration Tax Credit — already in place to 2027 — to include critical minerals used in defence semiconductors and clean technologies. In the wake of a B.C. Supreme Court decision on Seabridge Gold, it also promised expansion of eligible activities under Canadian exploration expenses to include the costs of technical studies for critical minerals projects. On top of this, there is a commitment to modify the Clean Technology Manufacturing Investment Tax Credit to include critical mineral mine development expenses for brownfield sites, while expanding the list of priority critical minerals. Following through on these promises will significantly improve investment certainty.
Additionally, the Liberal government has said it will speed up slow permitting times under the Impact Assessment Act and allow substitution in other provinces. Thankfully, B.C. has a substitution process. But at its core, speeding up regulatory timelines is no easy feat. This will take a cabinet minister with a significant willingness to collaborate, find efficiency and, yes, disrupt the status quo to move quickly.
Lastly, the Liberal platform talks about investing in infrastructure to support projects through a First and Last Mile Fund. A similar application of critical minerals funds was used in the Golden Triangle in B.C. in partnership with local First Nations, both levels of government and mines in the region in 2024 to expand infrastructure. This is a clear example of how we can work together to build big things and create public good at the same time. We need to see this effort elsewhere in our province and country.
Prime Minister Mark Carney has plenty of work on his plate this year, and the least of this is dealing with U.S. President Donald Trump. To build a truly strong economy supported by critical minerals, he will need to focus today on supporting the mineral exploration industry in finding the critical minerals that will make tomorrow’s mines.
Trish Jacques is board chair of the Association for Mineral Exploration.
