Canada Nickel has banked a $20-million investment by Taykwa Tagamou Nation that's earmarked for the development of the Crawford nickel mine project, outside Timmins.
The Toronto nickel mine developer announced May 27 that it's closed the transaction originally announced before Christmas. The investment comes in the form of a convertible note that can be converted into 16.67 million of Canada Nickel common shares.
In a news release, Canada Nickel claims this is the largest direct equity investment by a First Nation in a critical mineral company in Canada.
TTN is a development partner in Canada Nickel’s flagship Crawford nickel sulphide project through support of the mine-related infrastructure and equipment, such as the power line into the site and electric haul fleet.
If converted, the northeastern Ontario community would hold a 7.9 per cent ownership stake in Canada Nickel and earn one seat on the company board of directors. Other key investors are Agnico Eagle (10. 2 per cent), Samsung SDI (8. 1 per cent) and Anglo American (7.1 per cent).
Canada Nickel is putting together a financing package for this fall to build the $1.7-billion project through a combination of strategic and offtake partners, First Nations and government funders.
Canada Nickel has not yet made a construction decision but expects to some time this year. Since Crawford will be an open-pit mine, the goal is to begin first production by the end of 2027.
With a mine operating life of 41 years, Crawford is a considered a global top three nickel sulphide project in an emerging nickel district in northeastern Ontario.
The company has also been promoting Crawford as a carbon storage facility as part of its ‘zero carbon industrial cluster.’ Canada Nickel has released, and will be releasing, mineral resource estimates on a raft of other nickel projects in the region.
“This agreement is a reflection of that work and the trust we've built with Canada Nickel,” said Deputy Chief Derek Archibald of Taykwa Tagamou Nation in a statement. “From the beginning, the company has demonstrated a genuine commitment to transparency, collaboration, and shared benefit. We're proud to continue this journey together, grounded in respect and true partnership."
"It demonstrates what's possible when First Nations are meaningfully included as equity partners with real decision-making authority,” added TTN Chief Bruce Archibald. “We are proud to make this investment on behalf of our community — one that supports long-term economic benefit while advancing sustainable development on our traditional territory."
Canada Nickel CEO Mark Selby said the company has been “honoured” to have TTN as a long-term development partner.
“TTN has been a pivotal partner from the very beginning — supporting critical infrastructure, shaping project development, and now playing a key role as we unlock the overall potential of the (Timmins) district. This investment is a reflection of TTN's vision, leadership, and commitment to co-developing projects that deliver generational benefits — for their Nation, for the North, and for Canada's clean energy economy."
