$3.9 Million Boost to NT Resource Exploration
The Finocchiaro CLP Government has committed $3.9 million to NT resource exploration through the Geophysics and Drilling Collaborations program.
This funding forms part of Round 18 of the program under the $9.5 million Resourcing the Territory initiative.
Thirty Companies Awarded Funding
Thirty companies received 38 grants in this round, supporting a total of 38 exploration projects across the Territory.
The NT Government awarded co-funding for greenfield and brownfield drilling, geophysical surveys and innovative mineral targeting.
Support for Exploration and Discovery
Minister for Mining and Energy Gerard Maley said the funding supports responsible resource development and Territory economic growth.
“This flagship program gives companies a clear incentive to invest in exploration here in the Territory, rather than interstate,” said Mr Maley.
“It also rewards those willing to innovate and test new techniques to unlock the Territory’s vast mineral potential and bring forward the next wave of discoveries.”
Increased Focus on Critical Minerals
More than half of the projects target critical minerals like copper, rare earth elements, lithium and fluorite.
These minerals are essential to the global energy transition and support the development of a critical minerals pipeline.
“It’s encouraging to see the majority of these co-funded programs focusing on the critical minerals that are essential to the global energy transition,” said Mr Maley.
“These projects will help build the Territory’s critical minerals pipeline, support local jobs, and drive long-term economic growth.”
First-Time Recipients Encouraged
Eleven companies received co-funding from the program for the first time under this latest round.
This indicates the growing appeal of NT resource exploration and support for new entrants in the sector.
Diverse Exploration Activities Funded
The program supported 14 greenfields drilling programs and 6 brownfields diamond drilling programs across various sites.
It also funded 10 regional geophysical surveys, 7 innovative targeting projects, and one advancing critical minerals project.
Copper Leads Among Targeted Commodities
Copper was the most frequently targeted mineral, appearing in nearly one-third of successful projects.
Other targeted resources included gold, uranium, diamonds and hydrocarbons, reflecting the Territory’s geological diversity.
Strong Mineral Output in 2023/24
In 2023/24, the NT’s mineral production was valued at $4.32 billion, demonstrating the sector’s economic importance.
Mining continues to be the largest contributor to the Territory’s own-sourced revenue from eight operating mines.
Territory Supplier Incentive Enhances Local Involvement
Nine of the funded projects will use local suppliers for earthworks, drilling, and laboratory services.
The NT Government has allocated $88,900 in Territory Supplier Incentive (TSI) funding to these projects.
The TSI offers up to $10,000 per project to encourage companies to engage Territory-based service providers.
NT Maintains Global Mineral Appeal
The Fraser Institute’s Annual Survey of Mining Companies ranks the Northern Territory among the top jurisdictions for mineral potential.
The NT Government aims to leverage this recognition through targeted investment and strategic support.
Commitment to Economic Growth Through Resources
NT Mining and Energy Minister Gerard Maley reaffirmed the Government’s commitment to responsible development and private sector investment.
“We are committed to making the Northern Territory the best place in Australia for exploration, private investment, and job creation,” said Mr Maley.
Program Structure and Funding Details
The Geophysics and Drilling Collaborations program provides co-funding for up to 50 per cent of project costs.
Eligible projects include drilling, regional scale geophysical surveys, innovative targeting and advancing critical minerals.
Resourcing the Territory Powers Exploration
The $9.5 million Resourcing the Territory initiative underpins the GDC program, which continues to support mineral discovery.
Through strategic co-investment, the program stimulates exploration and enhances the Territory’s long-term mineral prospects.
Forward Momentum for NT Resources Sector
The CLP Government’s $3.9 million injection marks a strong step in strengthening NT resource exploration efforts.
The focus on critical minerals, new participants and local suppliers signals a concerted push toward sustainable economic growth.
