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Volta Metals awarded up to $500,000 from Ontarioâs Critical Minerals Innovation Fund
Ontario has awarded Volta Metals Ltd up to $500,000 under the Critical Minerals Innovation Fund (CMIF) for work on its Springer Rare Earth Element (REE) and Gallium Project. The project spans 4,750 hectares on the traditional territory of the Nipissing First Nations in Sturgeon Falls, about 70 km east of Sudbury, with direct access via the Trans-Canada Highway. The funding, the maximum CMIF grant per project, covers up to 50% of eligible costs. It will support metallurgical and mineral processing work aimed at improving recoveries of rare-earth elements and gallium from the Springer Deposit. The CMIF focuses on research, development, and commercialization of innovative technologies in Ontario’s critical minerals sector, particularly in mineral processing, recovery, and battery supply chain innovation. “Ontario is doubling down on its leadership in the critical minerals sector,” said Stephen Lecce, Minister of Energy and Mines. “This investment will help advance innovative processing work and support the development of a domestic rare-earth and gallium supply chain.” Volta Metals’ president and CEO Kerem Usenmez noted the award will accelerate studies critical to advancing the project, adding that “Springer is one of the largest rare-earth deposits in North America.” In related news, Volta Metals made the first anniversary option payment under its Springer project option agreement on June 9, 2026. The company paid $266,000 in cash (its 80% share of the $332,500 due) and issued 2,500,000 common shares to the vendor, subject to a four-month hold period. Remaining obligations to complete the 80% earn-in include a further 2,500,000 common shares and $502,000 in cash by the second anniversary on June 9, 2027. Volta Metals, based in Toronto, holds a portfolio of critical minerals projects in Ontario, including rare earths, gallium, lithium, cesium, and tantalum.