Ontario Gave Money to Junior Mining Companies Called ‘Griftco’ and ‘Money Money Money’

The Ontario government won’t judge you by your name, it appears. A report from The Globe and the Mail reveals that the Ontario Junior Exploration Program (OJEP) granted funding to mining exploration companies called Griftco Corp. and Money Money Money. 

OJEP aims to support junior mining companies in exploration projects, providing up to $200,000 per mining project and up to $10,000 for Indigenous employment.

Griftco, a privately held exploration-stage mining company, received $66,035 from OJEP last year. Despite its eyebrow-raising name, Griftco’s principal, Chris Irwin, insists it has no connection to swindling and was actually derived from a humorous phone message of a friend. 

Irwin, a Bay Street lawyer, disclosed that the company, initially a shell, acquired the Butt minerals exploration property in northeastern Ontario in 2008, where uranium was discovered in the early 1900s. Irwin, known for his work in the junior mining sector, also clarified that the Griftco name has so far raised no concerns.

Another recipient of Ontario funding in 2023 was a company called Money Money Money. The privately held entity based in Wawa received $27,494. Registered last year by prospector James Rastel, there is limited public information available about the company, and Rastel could not be reached for comment.

To qualify for OJEP funding, companies must be worth less than $100 million, demonstrate financial capability to cover 100% of project costs, and hold the necessary exploration permits. 

Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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