Thank you, Mr. Chair.
Government investment in geoscience and innovation is critical for spurring mineral exploration activity and enhancing the industry's efficiency, productivity and environmental performance. Geological surveys in Canada play a critical role in producing high-quality public geoscience information, which has attracted exploration activity to Canada and led to successful discoveries.
Presently, the absence or the low quality of geological maps and models compounds other challenges faced by the industry in exploring Canada's northern and remote regions. The lack of detailed mapping in potentially prospective regions reduces the likelihood of economically viable discoveries.
First-pass mapping programs need to be followed up with more detailed programs to better target mineral occurrences. Lacking detailed maps and models negatively impacts Canada's attractiveness for mineral investment compared to other mineral-rich countries, such as Australia. Innovation in the mineral industry is critical for advancing efforts to improve efficiency, enhance environmental performance, and increase the mineral deposit discovery and extraction rates needed for modern society. While the mineral industry invests millions each year in research and development, Canada underperforms compared to its peers.
To remain sustainable, progressive and profitable, the Canadian mineral industry must innovate and collectively challenge existing ways of thinking. Through investments in innovation for both industry and governments, critical business challenges can be addressed and continuous improvement of Canada's mineral industry performance can be realized.
The Government of Canada can support geoscience mapping and innovation in the mineral sector by providing increased funding to the Geological Survey of Canada, particularly for the mapping of remote regions, as well as funding or fiscal incentives for mineral companies to encourage the testing and adoption of innovative technologies and processes. To add to that, CanNor also provides funding to the Yukon Geological Survey, so a strengthened and maintained CanNor funding system also supports the geological mapping system of the Yukon.
Thank you very much for the opportunity to speak to you this morning.