Five mining companies will each receive $100,000 in grants for advanced mining exploration, the Department of Industry, Tourism and Investment announced, Dec. 9.

The funding, announced in August by the Canadian 快盈v3 Economic Development Agency as part of the GNWT鈥檚 Mining Incentive Program (MIP), was awarded to Fortune Minerals Limited, Kennady Diamonds, Gold Terra Resource Corp., Cheetah Resources Corp. and Rover Metals.

David Connelly, vice president strategy and corporate affairs for Cheetah Resources Corp., says the grant will go to good use on the company鈥檚 Nechalacho Rare Earths project:

鈥淭he MIP Funding will advance the mine planning of the multi-generational Tardiff rare earth deposit. The Financial Times has said, 鈥�Nechalacho could make the NWT the cornerstone of the North American critical minerals industry,鈥� providing responsibly-sourced Canadian rare earths to convert the North American automobile industry from internal combustion engines to electric vehicles.鈥欌��

The most recent injection of $500,000 brings the program鈥檚 total funding for 2022 to $1.5 million.

The GNWT has offered grants through the program since 2014 to stimulate mineral exploration in the territory.

The companies must complete work tied to the funding by March 2022.