Taykwa Tagamou Nation (TTN) and Canada Nickel Company (CNC) have announced an investment partnership worth $20 million, marking a significant milestone for both parties in the Canadian mining sector. This deal, which is the largest known direct investment by a First Nation into a critical minerals mining project in Canada, will see TTN acquire an 8.4% equity stake in Canada Nickel.

Under the terms of the agreement, TTN will invest the $20 million through a convertible note, which will convert into 16.67 million Canada Nickel common shares at a price of $1.20 per share, based on the company's current share capital. The deal is expected to close in January 2025, subject to approval from the TSX Venture Exchange and other regulatory consents.

“This partnership exemplifies our vision of economic self-determination,” said Chief Bruce Archibald of TTN. “By investing our own capital, we are securing a true seat at the decision-making table, ensuring benefits for future generations while maintaining our commitment to environmental stewardship.”

In addition to financial benefits, TTN will have the right to nominate one individual to Canada Nickel’s Board of Directors, strengthening its influence in the company's operations. This move positions TTN as a key player in the global shift to clean energy, with nickel being an essential material for electric vehicle batteries and other green technologies. Canada Nickel’s flagship Crawford Nickel Sulphide Project, located in the Timmins Nickel District, is poised to become one of Canada’s largest nickel mines, supplying critical minerals for the growing electric vehicle market.

Canada Nickel CEO Mark Selby praised the partnership, emphasizing the importance of collaboration between industry and First Nations. “TTN’s leadership has been instrumental in shaping this partnership, and we are excited to welcome them as true partners in our mission to provide critical minerals for the clean energy transition,” he said.

Environmental stewardship is a core focus of the collaboration, with both parties sharing a commitment to sustainable development. Canada Nickel’s In-Process Tailings Carbonation technology will make the Crawford Project a net-zero operation, with plans to store up to 1.5 million tonnes of CO2 annually at peak production.

The deal also reflects growing recognition of the potential for First Nations to engage in and benefit from the mining sector. Deputy Chief Derek Archibald of TTN emphasized that this partnership sets a new benchmark for how First Nations can creatively leverage their resources and build long-term economic relationships.

The announcement was met with support from Ontario’s political leadership, with Minister of Mines George Pirie and Associate Minister Stephen Crawford both lauding the partnership as an example of how the mining sector and First Nations can work together for mutual prosperity.