Mining and energy projects in the Northwest Territories and Yukon received attention this week at the Canada Investment Summit in Toronto, an event organized and hosted by Prime Minister Mark Carney that brought together investors from around the world to review more than 160 projects across the country.
Carney said in a statement following the summit that the gathering had generated nearly $500 billion in new investment commitments, putting the effort roughly halfway toward a $1-trillion goal he has set. The summit’s tag line, “Canada has what the world needs,” was echoed by northern premiers who traveled to the event to pitch critical minerals and energy projects in their territories.
Northwest Territories Premier R.J. Simpson said in a written statement that the North has an “essential role to play” in the country’s economic development, pointing to critical minerals, transportation and energy projects, the territory’s Arctic position, and Indigenous governments and businesses with experience in resource development partnerships.
Critical Minerals Projects Pitched by N.W.T.
Among the five critical minerals projects presented by Simpson was Honey Badger Silver’s PC Silver Mine in the Northwest Territories. Chad Williams, the company’s CEO and executive chairman, said the summit generated significant “buzz” and credited Carney for bringing investors together to consider PC Silver and other Canadian companies. Williams said his company had briefed the N.W.T. premier and his team ahead of the summit, providing information so they could present what he called a compelling business case.
Also highlighted was Li-FT Power’s Yellowknife Lithium Project, which aims to develop a lithium ore mine in the territory paired with a processing facility in Alberta. April Hayward, the company’s vice president of external affairs and strategic partnerships, said the summit created opportunities to meet investors the company might not otherwise have accessed, and that benefits could materialize in the coming weeks and months. Hayward said the company felt fortunate to have been included by the N.W.T. government and expressed hope for positive outcomes on the investment side.
Yukon and Nunavut Make Their Case
The Yukon government presented several mining projects, including Kudz Ze Kayah, the Mactung tungsten project, Minto, Coffee Gold and Casino, along with proposed upgrades to the territory’s energy infrastructure. Yukon Premier Currie Dixon said he did not anticipate immediate deals resulting from the summit but noted that his territory’s priorities align with the prime minister’s agenda and that he expects renewed interest in Yukon projects going forward. Dixon described what he called an unprecedented level of national consensus around the need to grow the economy and develop natural resources.
Ian Gibbs, president and CEO of Fireweed Metals, which is behind the Mactung project, said he left the summit feeling confident even without a signed deal, describing the event as a first step in opening dialogue with potential investors. Gibbs said political will remains important given that mining projects can require years of development and billions of dollars in investment before coming online.
Representatives from Nunavut, including Premier John Main, also attended the summit, seeking funding for infrastructure projects such as the Grays Bay Port and Road and the territory’s first connection to the North American electric grid.
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Consult a licensed financial advisor before making investment decisions.
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