Nunavut exploration expenditures increase for 2025, NWT on par with 2024

Press Release

Yellowknife, NT (March 3, 2025):  The latest Federal statistics from Natural Resources Canada (NRCan) project 2025 exploration and deposit appraisal spending to remain flat in the NWT, with a significant increase in Nunavut and decrease in Yukon. NRCan’s Mineral Exploration and Development, Data Tables released last week provide the following revised 2024 and 2025 spending intentions:

• $96.5 million in NWT, a $6.1 million (6.8%) increase from $90.4 million in 2024;
• $291.7 million in Nunavut, a $93.8.9 million (47.4%) increase from $197.9 million;
• $145.9 million in Yukon, a $8.8 million (5.7%) decrease from $154.7 million; and
• $4,247.1 million in Canada, a $196.6 million (4.8%) increase from $4,051.1 million.

“While exploration expenditures remained steady nationally, the 2025 spending intentions show NWT and Nunavut are trending in different directions,” said NWT & Nunavut Chamber of Mines President, Kenny Ruptash. “While exploration investments in Nunavut have followed national trends for most of the past 15 years, NWT has remained relatively flat except for a two-year period associated with a lithium surge. Attracting strong levels of investment for early-stage exploration in the north requires regulatory simplification and a N60METC combined with investments in northern infrastructure. With their strong mineral potential including a diverse suite of Critical Mineral opportunities, the NWT or Nunavut can be the location of Canada’s next big discovery.”

Some additional findings from the NRCAN data include:

• Nunavut will see over triple the exploration investment as the NWT in 2025;
• In NWT investment is almost equally split between exploration and deposit appraisal whereas in Nunavut investments are focused on exploration;
• NWT exploration is dominated by junior companies, while senior companies play a larger role in Nunavut;
• NWT exploration targets base metals, diamonds and other (lithium, rare earths, etc), while Nunavut includes precious metals, uranium, base metals and iron; and
• Nearly $459 million is projected for mine complex development in Nunavut vs only $4 million in NWT.

Two charts of historical and projected expenditures in northern Canada are in the attached

Backgrounder Charts. The Chamber of Mines has summarized NRCan’s complete data in charts here.

For more information on the NWT and Nunavut mining industries, please visit the NWT & Nunavut Chamber of Mines website at www.miningnorth.com or contact  Karen Costello, Executive Director  at Tel: 867-222-5281 or email: karen.costello@miningnorth.com.

IBF4