Carney Courts Global Capital at Canada’s First Investment Summit

The agenda

The prospectus for the summit outlines dozens of projects at various stages within the Canadian resource sector, including projects that are well into development like Canada Nickel's (TSXV:CNC,OTCQX:CNIKF) US$2 billion pre-construction phase Crawford Nickel Project in Ontario; NexGen Energy's (TSX:NXE,NYSE:NXE) C$1.6 billion Rook 1 uranium project currently under construction in Saskatchewan; and Osisko Gold’s (TSXV:OGG) US$746 million, pre-construction phase, Cariboo Gold Project in British Columbia.

The government identified the resource sector as a critical driver of the Canadian economy over the next decades, which is one reason the sector features heavily at the summit. However, it’s not just late-stage projects that are being represented.

Many of the companies attending the summit are seeking financing to move projects from exploration to development, either by completing permitting, environmental assessments or feasibility studies.

For example, BMC Minerals (ASX:BMV) is completing permitting work at its US$492 million Kudz Ze Kayah project in the Yukon. It’s currently targeting a construction decision on the silver-zinc-gold-copper property for mid-2027 and is meeting financing objectives through a combination of debt, equity raises and financial guarantees.

Likewise, Defense Metals (TSXV:DEFN,OTCQB:DFMTF) is looking to meet its financing goals for its US$1.44 billion Wicheeda rare earth project by connecting with strategic partners, forming joint ventures, and signing long-term commercial agreements. The project is currently in the feasibility stage and is focused on neodymium and praseodymium.

Canada’s energy sector is also represented with 11 conventional and 31 clean energy projects.

The largest projects are focused on the development of liquefied natural gas (LNG), including Ksi Lisims US$28.5 billion, fully permitted, terminal and pipeline project in northern BC, and the US$23 billion Kin Aski LNG pre-application export project that is seeking to connect western Canada’s gas fields to the Port of Baie-Comeau, Quebec, in order to supply European customers.

Although it may take time for the summit's effectiveness to become clear, one of the first commitments came from Canada’s TD Bank (TSX:TD,NYSE:TD), with C$150 billion in lending, underwriting, advisory and financing activities to accelerate investment growth. The bank cited estimates that more than C$1 trillion in investments currently back 300 projects across the sectors represented at the summit, with the potential to expand to C$1.7 trillion.

Prime Minister Mark Carney has previously described Canada as a superpower in conventional and clean energy and has outlined the importance of building out domestic mineral supply chains.

The expectation is that investment in Canada will leverage the Canadian resource sector and skilled labor force to drive economic growth in the decades to come.

The summit comes at a critical time for the Canadian economy as Canada tries to build new partnerships and expand old ones to reduce reliance on the US as its most important trade partner.

Since the end of August, tensions between Canada and the United States have grown, as the US imposed a new set of tariffs, and Canada retaliated dollar-for-dollar with its own on September 8.

To that end, after Prime Minister Carney addresses the summit on Monday, he is scheduled to fly to Europe from September 15 to 17, where he will address the European Parliament at the request of EU President Roberta Metsola.

The expectation is that the Prime Minister will negotiate closer trade and security ties with the EU, focusing on energy, critical minerals and technology, three sectors represented at the event in Toronto.

Additionally, the European Parliament announced on Monday that it would be opening a satellite office in Ottawa, the first in Canada and the third in North America after New York City and Washington DC.

Outside the summit venue, the mood is less celebratory.

Labour unions, Indigenous leaders, and climate and housing advocates are mobilizing under the banner "The Many vs. The Money," planning direct engagement with attendees over concerns that pipelines, arms manufacturing and public services are being decided in a room full of CEOs rather than the public.