SIDEX and the SDBJ Mining Fund Join Forces again

A financing initiative for drilling on Québec’s James Bay territory for junior mining companies

Montréal, December 18, 2020 – SIDEX and Mining Investment Fund SDBJ (SDBJ) have joined forces to launch “DRILLING JAMES BAY 2021”, an initiative designed to encourage junior mining companies to test new drilling targets on Québec’s James Bay territory during winter 2021.

The $1.5 million initiative is available for a limited time and is open to all companies with a drilling project on Québec’s James Bay territory, provided it is consistent with the missions of SIDEX and SDBJ.

Designed to finance drilling programs, “DRILLING JAMES BAY 2021” offers financing of $300,000 per company in equity based on market conditions. To qualify the company will need to conduct a drilling program of a minimum of $450,000.

Paul Carmel, President and CEO of SIDEX, commented: “We are pleased to pursue this initiative with SDBJ to accelerate the emergence of new mineral discoveries on the James Bay territory of Québec”.

SDBJ President and CEO Alain Coulombe added: “Once again this year, the Drilling James Bay program will help meet the needs of mining companies in the Eeyou Istchee James Bay territory and promote the renewal of the region’s mineral resources.”

Eligibility conditions

 In order to qualify for financing, companies must meet certain criteria, among others:  

Eligible companies are invited to submit an application containing the required information. Complete files will be processed in order of date of receipt and accepted until March 30, 2021 or until the $1.5 million budget is exhausted. SIDEX and SDBJ will base their decision on the technical quality of the projects and the strategy of the management team. Testing of new targets will be favored. A due diligence and approval process has been put in place to speed up the investments.

The proposed exploration program must be completed before the end of spring 2021 and a summary of the work performed and a statement of expenses sent to SIDEX by June 30 2021.

Applicants will be charged a 4 % application fee, which includes preparation of the legal documentation by SIDEX and SDBJ.



The following documents must be submitted along with the application.




Post-investment, due by June 30, 2021

The work contemplated by the financing must be completed by the end of spring 2021 and a summary report submitted by June 30, 2021 containing:

 About SIDEX

SIDEX is an initiative of the Québec government and the Fonds de solidarité des travailleurs du Québec (F.T.Q.) whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and support new entrepreneurs.

About SDBJ

SDBJ was created under the James Bay Region Development Act adopted by the Québec National Assembly in 1971. Its mission is to promote, from a sustainable development perspective, the economic development, improvement and exploitation of natural resources other than hydroelectric resources falling within Hydro-Québec’s mandate in the Baie-James territory. SDBJ can also foster, support and participate in the implementation of projects having these objectives.



Paul Carmel

President and CEO




Simon T.Hébert, géo

Mining Investment Fund Manager

Société de développement de la Baie-James

Tel.: 418 748-7777, ext. 5222



Mining Sector Investment Fund

The SDBJ mining investment fund: financing mining projects

To contribute to the renewal of mineral resources and the sustainability of the mining industry in the James Bay territory.

In putting forward a distinct framework for the mining sector, the fund aims to:

The SDBJ’s mining investment fund meets the financing needs of junior mining exploration companies in order to stimulate the mining industry in the James Bay territory, including the mineral potential that remains largely unexplored.

Eligibility criteria
Interventions target mining companies with capital stock.






Means of intervention

Financial vehicles