Under the EIS, the government will pay up to 50% of an exploration drilling program.
The grant system is designed to assist miners exploring for minerals including nickel, cobalt, and graphite as well as other commodities such as gold, silver, copper, diamonds, base metals, and platinum-group metals.
A mining company can apply for a total of $380,000 per program - with $150,000 available for multi-hole programs, and $200,000 for single deep-hole drilling.
A further $30,000 can be accessed for a prospector application.
The cash can only be used to find new resources and reserves, not bolster existing brownfield projects.
Applications for the scheme have opened for miners looking to drill between December 2021 and November 2022.
Successful miners will be determined via a competitive process with marks assigned to each application form.
WA mines minister Bill Johnston said despite COVID-19, the mining industry had maintained its role as the major contributor to WA's economy.
"Exploring for minerals and commodities ensures WA stays at the forefront of mineral exploration," he said.
The cash is available as a refund following the completion of a drill campaign.
In the previous round nearly $7 million of refunds were made available.
Successful applicants in the previous round included Artemis Resources, BHP Nickel West, Chalice Mining, Gold Road Resources, Kingstone Resources and Newmont.