Taykwa Tagamou Nation Invests $20 Million in Canada Nickel’s Crawford Project
Taykwa Tagamou Nation (TTN) has announced a $20 million investment in Canada Nickel Company’s flagship Crawford Nickel Sulphide Project, marking a significant collaboration aimed at advancing economic empowerment and fostering long-term partnership. The investment, secured through a Convertible Note, will give TTN an 8.4% stake in Canada Nickel by converting into 16.67 million common shares at $1.20 per share. The transaction is expected to close in January 2025, pending TSX Venture Exchange and other required approvals.
Chief Bruce Archibald of TTN emphasized the transformative nature of this agreement, stating, “This partnership exemplifies our vision of economic self-determination. By utilizing our own capital, we’re ensuring a meaningful role in decision-making while paving the way for future generations.” Deputy Chief Derek Archibald added that the deal sets a benchmark for First Nations engagement in mining, showcasing how collaboration and equity can drive mutual benefits.
The Crawford Nickel Sulphide Project, poised to be Canada’s largest nickel mine, positions TTN as a significant participant in the global clean energy transition. Nickel’s critical role in electric vehicle batteries and sustainable technologies aligns with TTN’s commitment to environmental stewardship and community well-being. The project’s innovative In-Process Tailings carbonation technology could make Crawford a net-zero operation and one of Canada’s largest carbon storage facilities, with a capacity to store up to 1.5 million tonnes of CO2 annually during peak production.
Canada Nickel CEO Mark Selby highlighted the importance of TTN’s leadership in shaping the partnership, stating, “This collaboration underscores what is possible when industry and First Nations work together. As we advance the Crawford Project, we are building a future that benefits both the environment and future generations.”
The $20 million Convertible Note carries a five-year term with a 4.75% annual coupon paid quarterly. TTN’s investment includes a $1 million deposit and secures the right to a seat on Canada Nickel’s Board of Directors, provided TTN maintains at least a 5% equity interest post-conversion.
Ontario’s Minister of Mines, George Pirie, praised the agreement, describing it as a milestone for ensuring local communities and First Nations benefit from mineral development. Associate Minister of Mines Stephen Crawford echoed these sentiments, emphasizing the importance of such partnerships in unlocking economic growth and prosperity in Ontario.
