The Prospectors & Developers Association of Canada (PDAC) applauds the Government of Canada for extending the Mineral Exploration Tax Credit (METC) and the Critical Mineral Exploration Tax Credit (CMETC) by five years and renewing its investment in public geoscience. The extensions until 2032 respond directly to PDAC’s call for greater long-term certainty for exploration investment, giving companies the confidence to plan and finance work over multiple field seasons.

“Budget 2026 shows that the federal government recognizes how vital mineral exploration is to Canada’s economic future,” said Karen Rees, PDAC President. “Exploration is where new mineral discoveries begin. By supporting Canadian explorers, the government is helping to strengthen secure supply chains and create long-term economic opportunities across the country.”

PDAC has championed both credits since they were introduced: the METC in 2000 and the CMETC in 2022. These incentives work alongside flow-through shares to help Canadian exploration companies attract private investment for early-stage exploration. PDAC’s research and analysis of industry data shows that Canada’s flow-through share regime has generated more than two-thirds of early-stage domestic mineral exploration activity over the past decade, underscoring the importance of these incentives to financing the search for new mineral deposits.

Budget 2026 commits $424.4 million over four years to renew the Canadian Critical Minerals Strategy, including expanded geoscience and research capacity. Public geoscience provides the data and maps needed to attract exploration investment and inform land-use and infrastructure decisions.

“PDAC has long called for greater certainty for exploration investors and sustained federal investment in public geoscience. This budget responds directly to those priorities,” said Jeff Killeen, PDAC Senior Director, Policy & Programs. “Together, the five-year tax credit extensions and renewed investment in the Canadian Critical Minerals Strategy, including expanded public geoscience capacity, represent nearly $1.5 billion in support for Canada’s mineral sector. These investments will help keep Canada competitive and support the next generation of mineral discoveries.”

Read PDAC’s Budget 2026 recommendations for the industry data and analysis supporting these policies.

About PDAC

The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community. Representing more than 9,000 members in Canada and around the world, PDAC supports a competitive, responsible and sustainable mineral sector. PDAC 2027 will take place in Toronto, Ont., from March 7 to 10. Visit pdac.ca for more information.