The JMEI, which replaced the Exploration Development Incentive, is a four-year scheme offered through the Australian Tax Office to encourage shareholder investment in small exploration companies undertaking greenfields mineral exploration in Australia.

It allows companies to distribute exploration credits to shareholders by giving up a portion of their tax losses to create these credits.

Allocation of credits to eligible companies will be on a first-in, first-served basis until the annual cap has been reached, which is $31.53 million for the 2019 financial year.

Applications opened at 9am AEST today and close at 11:59pm AEST on June 30.

According to the Association of Mining and Exploration Companies, 23 applicants were successful in accessing $8.46 million in the 2018 financial year.

The balance remaining from the initial $15m allocation for 2017/18 is being added to the $25 million exploration credits available for FY19.

"This is a great opportunity for eligible companies to raise new capital for greenfield mineral exploration, increase their chances of successful discovery and future mine development, and for their investors to be rewarded," AMEC CEO Warren Pearce said.

"The re-designed JMEI was the outcome of considerable input from AMEC, and therefore we look forward to the first announcement of a successful discovery as a direct result of funding from the JMEI."