Canada Nickel has received a C$20 million investment from Taykwa Tagamou Nation, a Cree First Nation in northern Ontario. This is believed to be the first Indigenous funding in Canada’s critical minerals sector.reported Friday. They can be converted into common shares. If converted, Taykwa Tagamou Nation would acquire an 8.3% equity stake in the company.
The project, on the Indigenous group’s traditional lands, holds one of the world’s largest reserves. It has 2.4 billion tonnes at 0.24% nickel for 13.3 billion lb. of contained nickel, according to a 2023 feasibility study. This deal is a big step for Indigenous participation in the resource sector. It has faced funding challenges due to restrictive provisions in the Indian Act. Unlike past investments that relied on government loan guarantees, the Taykwa Tagamou Nation is funding this investment from its own resources, the newspaper reported.Canada Nickel shares closed up 2% on Friday at C$0.94, but is still down 20% over the past 12 months. Shares ranged between C$0.89 and C$2.