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Canada unveils criteria for C$1.5bn funding for critical mineral projects
Innovation, Science and Industry Minister François-Philippe Champagne

17th July 2023
By: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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Canadian Innovation, Science and Industry Minister François-PhilippeChampagne has announced the criteria for projects eligible for funds available through the Strategic Innovation Fund (SIF) that aims to accelerate investments in critical mineral projects.
The proposed fund, announced in the 2022 Budget, will make available C$1.5-billion in funding.
Champagne states that the qualifying projects must focus on critical minerals processing, manufacturing and recycling; however, mining projects that show exceptional innovation benefits and strong vertical integration to grow domestic value chains will be considered.
These future projects must meet specific criteria and target one or more of the 31 minerals Canada has identified as "critical", with priority given to the six most significant minerals: lithium, graphite, nickel, cobalt, copper and rare earth elements.
Critical minerals projects selected for investment will be expected to contribute to a more sustainable and competitive economy with a particular focus on the following sectors: clean technologies, including renewable energy sources, information and communications technology, and inputs to advanced manufacturing. Priority will be given to advanced-stage projects capable of demonstrating significant financial and technical readiness.
Implementation of the Canadian Critical Minerals Strategy is being coordinated through the Critical Minerals Centre of Excellence at Natural Resources Canada, in collaboration with other federal departments and agencies, provincial and territorial partners, Indigenous communities, industry stakeholders, and others.
Investments made to date through the SIF include a C$27-million contribution to E3 Lithium in Calgary, Alberta, for the direct extraction of lithium from brines and a C$222-million investment to support Rio Tinto Fer et Titane in Sorel-Tracy, Quebec, in producing an array of critical minerals such as titanium and scandium and decarbonising operations through innovative smelting technology.
"Canada has everything it takes to be a leading force in critical minerals processing, manufacturing and recycling. We already have a growing assortment of key innovative projects that are being developed right here in Canada that will allow us to build a stronger domestic critical minerals ecosystem. And through strategic investments, our government is ensuring that Canada can be a leader in this growing global industry, which will create well-paying jobs across the country, especially in rural, remote and Indigenous communities," says Champagne.

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"Priority will be given to advanced-stage projects capable of demonstrating significant financial and technical readiness."

That sounds like quite a good reason for a 'random' $200m capital raise to me....

Nothing of what they are doing is 'random', they have not just 'randomly' acquired a brownfield lithium mine and concentrator and got it up and running in under 2 years during covid and high inflation with ZERO debt. They have not 'randomly' picked up 60% of Moblan which is now rapidly becoming one of the largest and highest grade lithium deposits in North America for under $100m, along with taking 100% ownership of the massive Lac Albert and Troilus claims surrounding it, along with an ownership stake in Troilus, along with buying up the Jourdan claims and stake in said company also. All the while with NO DEBT, while NAL appears to be already running at near nameplate and they continue to develop Authier with Tansim in the back pocket.

They've done all of this in less than 3 years.... but yeah, they're idiots, clueless armchair warriors on an internet forum can to better, they need to go, they're useless, no idea, blah blah blah.

Absolutely hilarious. If you don't have confidence in the direction of a company, as an investor you can sell and invest elsewhere, but I think that would be rather foolish move here personally.

They WILL secure a strategic offtake, they are taking NAL downstream and will develop Moblan faster than any of our James Bay competitors who are years behind and don't have the boots on the ground or local connections and know how that we have. They are growing the roots for a mighty tree to emerge faster and sooner than many think imo.

They've done an incredible job when you actually stop, quit the BS and look back at what has been achieved.... Yes we've had dilution, but that's why we HAVE NO DEBT. As we start raking in the revenue from this month onwards, that free cash flow is going to start looking rather nice. If they consolidate further down the track and obtain gov funding and strategic partner funding to take us downstream at Moblan, well, people will look back in a few years and laugh at the absurd comments made here.

I'm not worried about where Sayona is going. Again, I will stress I voted no to resolution 1 and 2 as I think the timing and optics of that were very poor, but be under no illusion that BL doesn't know what he's doing or have vision to take Sayona to be a global player.