The Western Australian government released a list of 50 successful applicants for Round 30 of its Exploration Initiative Scheme's (EIS) co-funded drill program on October 18.

In a statement, Mines and Petroleum Minister David Michael said exploration expenditure is currently on an upward slope in the state, coming in at a record AU$2.6 billion in 2023.

Meanwhile, mineral sales in Western Australia reached AU$192 billion last year.

Michael noted that many of the latest applicants are focused on critical minerals, which continue to see rising demand. Seventeen are targeting battery minerals, including lithium and rare earths. Six are prospectors.

"The EIS continues to support major mineral discoveries, with each project increasing the odds of opening new mines and creating jobs in regional communities,” the minister added.

Grants worth AU$7.28 million will be delivered to the applicants, with the funds being dedicated toward the drilling of projects between December 2024 and November 2025. Various Western Australian regions will benefit from the money given the various locations and projected production capacities of the applicants’ projects.

Forming the roster are the likes of Constellation Resources (ASX:CR1), which will complete work at its Fraser Range copper-nickel project, and Mineral Resources (ASX:MIN,OTC Pink:MALRF), whose asset is West Pioneer Dome. Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) also made the list with its Pilgangoora lithium-tantalum project.

The Western Australian government notes that WA1 Resources (ASX:WA1,OTC Pink:WAORF), which previously completed a co-funded drill program, has also received a grant for its Madura project in this EIS round. The company has reportedly achieved promising results after having drilled a discovery hole into its P2 target in 2022.

Other EIS success stories include Kingfisher Mining (ASX:KFM) and its Mick Well rare earths project.

The EIS was launched in April 2009 with the goal of encouraging exploration in Western Australia to sustain the state’s resource sector and feed demand for critical minerals. The initiative is in line with the state's transition to net zero.

Applications for Round 31 of the EIS' co-funded drill program will open in February 2025, as will Series 8 of the Energy Analysis Program and Venture 2 of the Co-funded Geophysics Program.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.