Taykwa Tagamou Nation (TTN) has agreed to invest $20m (C$28.57m) to advance the Crawford Nickel Sulphide Project, owned by Canada Nickel Company.
Through this investment, the partners aim to foster economic empowerment and long-term cooperation, while supporting the development of Canada Nickel’s flagship project in the Timmins Nickel District.
Go deeper with GlobalData
The investment underscores TTN’s commitment to participating in the global transition to clean energy.
TTN will invest $20m in a Convertible Note, convertible into 16.67 million Canada Nickel common shares at $1.20 per share. This represents an 8.4% interest in the company based on its current issued and outstanding share capital.
TTN chief Bruce Archibald said: “This partnership exemplifies our vision of economic self-determination. By utilising our own capital to secure a significant stake in Canada Nickel, we are ensuring we have a true seat at the decision-making table. This collaboration paves the way for future generations to thrive while maintaining our commitment to environmental stewardship and community well-being.
“We are proud to be setting a new standard for First Nation partnership in the mining sector. It demonstrates how mutual respect can drive meaningful change and lasting benefits for both proponents and impacted First Nations.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Convertible Note was signed on 13 December 2024, with completion expected in January 2025, subject to regulatory approvals. It carries a five-year term from closing and features a 4.75% annual coupon paid quarterly before conversion.
TTN’s right to convert into 16.67 million common shares at $1.20 per share represents an 8.4% equity interest, based on the current share capital of 181,418,982 common shares. TTN has agreed to a $1m deposit upon signing.
TTN will have the right to one seat on Canada Nickel’s board of directors as long as it holds the Convertible Note or, after conversion, at least 5% of the company’s shares.
Canada Nickel CEO Mark Selby said: “This transaction demonstrates what is possible when industry and First Nations work together towards a common goal. TTN’s leadership and vision have been instrumental in shaping this partnership. We are excited to welcome TTN as true partners in our journey to deliver critical minerals for the clean energy transition.
“As we advance our flagship Crawford Project towards a construction decision, we also plan to unlock the potential of the Timmins Nickel District together by completing eight resources by mid-2025, building a future that benefits both the environment and future generations.”
This investment ensures direct financial benefits for TTN’s community members and positions the First Nation as a key player in the clean energy sector, given nickel’s role in electric vehicle batteries.
Canada Nickel’s in-process tailings carbonation positions the Crawford Project as a net-zero operation and one of Canada’s largest permanent carbon storage facilities, capable of storing up to 1.5 million tonnes of carbon dioxide annually during peak production.
