Drumbeats - Canadian Indigenous Investment Podcast

For forty years, Kitsaki Management Limited Partnership built one of Canada's largest Indigenous enterprise groups without external debt or outside equity.Kitsaki now operates 12 companies and 21 subsidiaries, employs over 2,000 people, and has distributed $47 million back to the 12,900 members of the Lac La Ronge Indian Band. In this episode of Drumbeats, hosts Mark Magnacca and Rob Brant speak with CEO Ron Hyggen about how Kitsaki reached this scale across Saskatchewan's uranium and potash sectors, and why it is now opening to external capital for the first time in its history.You'll learn:How Kitsaki built a full-service platform working with Cameco, Orano, Nutrien, Mosaic, and BHPA governance model that keeps chief and council in the boardroom under director-level fiduciary dutiesWhy Kitsaki is now borrowing externally and exploring equity participation in Canada's critical minerals strategyWhat any prospective partner needs to bring: alignment with the nation's interests, willingness to negotiate rather than dictate, and a long-term orientationForty years of self-funded growth. Now ready to talk to outside capital, on its own terms.

Adam Matthews is the Chief Responsible Investment Officer at the Church of England Pensions Board. He plays a key role in how major institutional investors assess mining companies and evaluate Canada’s Indigenous equity partnership model as part of how they allocate capital.He also chairs the Global Investor Commission on Mining 2030, a coalition of 125 institutional investors managing about $19 trillion in assets, working to define how responsible investment in mining is properly applied and to translate those standards into investment practice.In this episode of Drumbeats, Adam Matthews explains how institutional investors are building and applying risk and governance frameworks that shape responsible investment in mining, and how those frameworks are increasingly used to assess Indigenous partnership structures in Canada. In this conversation, you'll learn:Why mining matters more to the global economy than what most investment portfolios showWhat the Global Investor Commission on Mining 2030 is doing to reshape standards for responsible miningThe difference between real Free, Prior and Informed Consent (FPIC) and simple box-ticking compliance, and how investors tell them apartHow a new Investor Mining Performance Framework is being built to link Indigenous rights and mining standards to how investments are assessedWhy Canada’s Indigenous equity partnership model is getting more attention from large global investorsHow global politics against ESG are affecting long-term investment strategies in the UK and EuropeThis is why Canada’s Indigenous equity partnership model is gaining attention from global investors. It is being recognised as a practical benchmark for responsible mining, and is increasingly being built into the frameworks that shape how institutional capital evaluates mining projects.

The Port of Rotterdam is the largest port in the European Union. The Port of Antwerp is the second largest. Both are now formally partnered with The Port of Churchill in northern Canada. The Port of Churchill is Canada’s only deep-water Arctic seaport connected to the North American Class 1 rail network. Together with the 1,000-kilometre Hudson Bay Railway, it forms Canada’s Arctic Trade Corridor. A faster, emerging route linking North American resources directly to European markets. It is owned by 29 First Nations and 12 Northern Manitoba communities with over $250 million in combined federal and provincial infrastructure funding has been committed to laying the groundwork for expansion. In this episode of Drumbeats, hosts Mark Magnacca and Rob Brant speak with Chris Avery, President and CEO of Arctic Gateway Group, to discuss the investment case behind this corridor and why institutional capital is starting to move in early. You’ll learn:How Churchill connects to North America’s Class 1 rail network, cutting transit times by two to five daysWhy Arctic shipping lanes are already viable for up to six months per yearWhat $250M+ in public funding is unlocking and how it de-risks private investmentThe strategic implications of partnerships with Rotterdam and AntwerpHow an Indigenous ownership model is shaping long-term infrastructure governance“Within ten years, I believe we will be the next major port in Canada.” — Chris AveryThe partnerships are in place. Private sector interest is growing. And the investment conversation is just getting started.The only question now is timing.

Nearly two hundred investors, lenders, and project principals gathered at the London Stock Exchange for the third annual Canadian Indigenous Investment Summit — and nobody left the sessions. One of Canada's Maple Eight pension funds noted that the corridors were empty all day: a small detail, and a precise one.In this post-summit debrief, Drumbeats hosts Mark Magnacca and Rob Brant go through what the room revealed — the conversations that moved furthest and the intelligence that matters for institutional capital with an interest in Canada.On energy: A major LNG project in northwest British Columbia is approaching a final investment decision. The Indigenous nation involved holds a fifty-fifty equity stake. The key insight from the session was not the project's scale. It was that the Indigenous partner has been actively lobbying the Canadian government to advance the project — not delay it. Production is targeted for around 2030.On institutional capital: A major European asset manager moderated the infrastructure debt panel. The First Nations Finance Authority recently completed a bond financing of half a billion dollars, drawing institutional demand from investors outside Canada.On governance: A fireside conversation explored a governance model that has built over one hundred and eighty million dollars in consolidated assets across multiple sectors over forty-four years — and what institutional due diligence should be asking about it.On defence and the circumpolar frontier: The Canada-UK Defence and Resilience Partnership, announced in the days before the summit, shifted the weight of the Arctic Security Corridor session considerably. Canada has committed thirty billion dollars to northern defence and infrastructure. The government has set a minimum of five per cent of procurement with Indigenous partners — and Indigenous-owned enterprises have been positioning for this moment.Summit 2027 returns to the Square Mile in April. Subscribe to Drumbeats to follow the conversations that began in that room.

In 2025, the Bank of Montreal elevated its Indigenous banking operation from a specialist unit into a dedicated enterprise-wide function - the BMO Office of Reconciliation. The decision came after more than three decades of building what is now Canada's most established Indigenous financial services programme, and it signals something important: Indigenous participation in Canadian capital markets is no longer a niche consideration for institutional investors. It is the next structural phase of the market.Dan Adams, Head of the BMO Office of Reconciliation, joined Drumbeats to explain how this translates into practice. Dan has spent his career in northern Ontario working directly with Indigenous governments and communities and has watched BMO's Indigenous portfolio grow by over four hundred per cent, with assets under administration now exceeding twenty billion Canadian dollars. This reflects the current economic reality that Indigenous communities are generating meaningful own-source revenue, building sophisticated financial strategies, and increasingly seeking equity positions in the major projects crossing their territories.In this episode, Dan covers:The origin of BMO's Indigenous banking mandate in 1992, led by the pioneering Ron Jamieson, and how the creation of the Office of Reconciliation in 2025 represents a fundamental expansion of that mandate across capital markets, wealth management, and investment banking.Canada's first Indigenous bond how BMO structured it from existing term loans already deployed in community infrastructure, and why it was purchased by institutional investors almost immediately.The shift from consultation to ownership why Indigenous governments are now at the ownership table on major Canadian infrastructure projects, and what government guarantees mean for the bankability of those transactions.What foreign investors get wrong and Dan's three-point framework for approaching Indigenous partnerships: community support, long-term project viability, and genuine relationship investment.Why capital markets represent the next chapter of Indigenous economic participation and what bank capital market teams need to understand to play a meaningful role.For UK and European institutional investors evaluating Canadian infrastructure, energy, mining, and natural resource projects, this episode provides the commercial and structural context that no due diligence process can afford to overlook.

The old investment rules are no longer enough to protect capital in this new market with greater macro volatility. With the oil crisis ongoing, the global economy continues to face rising pressure and uncertainty. Crude prices have soared up to $112 per barrel. European gas surged more than 70% in March and TTF, the European gas benchmark, traded at €54 per megawatt-hour. Even gold and government bonds, which investors usually trust in tough times, are no longer providing the stability they once did. Where can investors safely put their money? In this pre-summit episode of Drumbeats, just a few days before the 2026 Canadian Indigenous Investment Summit at the London Stock Exchange, hosts Mark Magnacca and Rob Brant discuss what’s changed, what matters, and why Canadian Indigenous partnerships are becoming viable solutions for long-term, stable investment opportunities. If you’re an investor, asset manager, or involved in any infrastructure or resource large scale-projects, this episode is a clear preview of where to find sustainable capital opportunities. With the global capital market shifting, Canada is standing out as a stronger solution.

In April 2025, the Premiers of Manitoba and Nunavut signed a joint declaration to create a strategic energy and economic corridor between the two jurisdictions. Manitoba repatriated expiring hydro export contracts to the US and carved out 50 megawatts specifically for the Kivalliq Hydro-Fibre Link. As Anne-Raphaëlle Audouin, CEO of Nukik Corporation, explains in this episode: until that moment, the project had a concept but no product to flow through the transmission line. That declaration changed everything.In Part 2 of this two-episode conversation, Anne-Raphaëlle takes Mark Magnacca and Rob Brant inside the project itself - its full specification, its commercial architecture, and the one remaining obstacle between concept and construction.The Kivalliq Hydro-Fibre Link is a 1,200-kilometre dual-use transmission and fibre optic asset running from Churchill in northern Manitoba to five of the Kivalliq region's seven communities.Its anchor customer is Agnico Eagle Mines which Anne-Raphaelle describes as the largest Canadian gold miner and the second-largest gold miner in the world with two operating mines in the region for close to 20 years. Mining represents 75% of Nunavut's GDP. That anchor customer's long-term energy requirements are the bankable revenue that makes private capital participation viable.In this second episode, Mark Magnacca, Rob Brant and Anne-Raphaëlle cover:◦ Why the April 2025 joint declaration was the project's defining commercial turning point, triggering MISO certification, the transmission service request to Manitoba Hydro, and commercial agreements with Qulliq Energy Corporation.◦ The capital structure: Canada Infrastructure Bank leading the financial workstream, senior debt market sounding currently under way, and why the federal backstop is the piece that has not yet moved.◦ The chicken-and-egg financing dynamic and why the federal government is a key enabler.◦ The Greenland benchmark: no engineering reason separates what Greenland has built from what Nunavut could achieve, the gap is political.◦ The defence and Arctic sovereignty dimension, and what Canada's growing national defence budget means for projects of this kind.Commercial close is targeted for 2026 or early 2027. The financial investment decision follows in 2028, with construction starting by the end of that year.

Nunavut is 20% of Canada's landmass. It has no roads, no transmission lines and no physical connection to the rest of the nation. Every watt of electricity powering its homes, hospitals, schools and two major gold mines runs on diesel and almost all of that diesel is imported from foreign countries. Anne-Raphaëlle Audouin, CEO of Nukik Corporation, is working to change that.In this episode of Drumbeats, Anne-Raphaëlle explains the scope of the challenge, the commercial architecture of the solution, and why she believes Canada's Arctic represents one of the most compelling regulated infrastructure opportunities available to institutional investors today.Nukik Corporation was established in 2021 by the Kivalliq Inuit Association, making it 100% Inuit-owned. Its flagship project - the Kivalliq Hydro-Fibre Linkis a $3 billion, 1,000-kilometre transmission line that would connect the Kivalliq region's communities, government and mining operations to the continental grid for the first time. Anne-Raphaëlle joined as CEO in 2022, bringing a career spanning environmental law, natural resources management and over a decade in the hydropower sector across Canada and West Africa.In this first part of a two-episode conversation, Mark Magnacca, Rob Brant and Anne-Raphaëlle cover:Why Nunavut's 25 communities were settled artificially during Canada's Arctic colonisation in the 1950s and 1960s, and how that history shapes the infrastructure deficit todayThe energy sovereignty risk: 138 million litres of foreign diesel imported annually, with telecommunications dependent on non-Canadian Starlink technologyNukik's landmark MISO certification making it the first and only Arctic electricity developer accredited by a US regional transmission organisation and what that milestone means for project bankabilityMark Carney's Major Projects Office and why Nukik meets all five national interest criteria, yet commercial close remains contingent on federal commitmentWhy Inuit communities are pushing Nukik to build faster, and why that represents a rare and valuable social license for infrastructure investorsFor UK and continental European institutional investors, the strategic parallels are direct: regulated transmission infrastructure, sovereign-backed energy security imperatives, and anchor customers in the form of major mining operations with long-term energy contracts. The project is commercially advanced. The question, as Anne-Raphaëlle puts it plainly, is who blinks first.

For institutional investors, infrastructure fund managers, and senior advisors evaluating Canadian project opportunities, the question is no longer whether Indigenous equity participation matters - it is how the financing actually works, and what the federal government is doing to accelerate it. This episode answers both questions directly.In Part 2 of our conversation with Jonathan Davey, Managing Director of Indigenous and Government Advisory at Scotiabank's Global Banking and Markets division, we move from the biographical to the operational. Jonathan is Haudenosaunee and a member of the Lower Cayuga Nation of the Six Nations of the Grand River. He brings a decade of Indigenous law practice, five years building Scotiabank's Indigenous financial services group, two years in the office of Scotiabank's President and CEO to a conversation that covers the full mechanics of Indigenous project finance in Canada today.In Part 2, Jonathan covers:Section 89 of the Indian Act - why this single provision has historically been the greatest barrier to capital access for Indigenous communities, and the leasehold financing structures and investment vehicles practitioners use to navigate itConcessionary capital - what it is, where it comes from, and how forthcoming amendments to the First Nations Fiscal Management Act will allow the First Nations Finance Authority to provide low-cost capital directly to Indigenous special purpose vehicles for the first timeCanada's $10 billion Indigenous Loan Guarantee Corporation - how federal and provincial loan guarantee programmes are bringing institutional lender risk weights close to zero on qualifying transactions, and what that means for the cost of capital on major projectsThe Build Canada Act and Major Projects Office - why every project of national interest now requires Indigenous participation, what the federal permit designation programme means for project timelines, and why Jonathan describes the current moment as a massive sea changeThe investment case for partnering with Indigenous groups - beyond the financial incentives, why Jonathan argues that Indigenous business acumen, stewardship, and traditional knowledge make these partnerships operationally compelling, not just politically necessaryWhat has genuinely changed in Canada - a direct answer to the question sceptical international investors are asking, from someone who has watched the shift from inside one of Canada's largest banksThe key message for UK and European investors: the structures, programmes, and federal commitment that make Indigenous equity participation in major Canadian projects financially compelling are live now. The practitioners exist, the capital is available, and the deal flow in Jonathan's own words is unlike anything he has seen before.

For senior investment bankers, infrastructure fund managers, and institutional investors building a picture of Canada's Indigenous economy, understanding who is driving change inside the country's major financial institutions matters as much as understanding policy. This episode gives you direct access to one of those people.Jonathan Davey is Managing Director of Indigenous and Government Advisory at Scotiabank's Global Banking and Markets division- the first role of its kind at a major Canadian bank. Haudenosaunee and a member of the Lower Cayuga Nation of the Six Nations of the Grand River, Jonathan spent a decade practising Indigenous law at Canada's Department of Justice before Scotiabank asked him to help build their Indigenous financial services practice. Most recently he spent two years working directly in the office of Scotiabank's President and CEO Scott Thomson before stepping into his current role.In Part 1 of this conversation, Jonathan covers:His path from Indigenous law to capital markets - why he left the Department of Justice after a decade, what Scotiabank's pitch actually was, and how a mutual investment between banker and institution built something genuinely newWhat it means to work for the Crown as an Indigenous person - Jonathan speaks candidly about the weight of representing a federal government whose decisions have historically been injurious to his community, and why moving to the private sector gave him more room to create changeTwo years in the office of Scotiabank's CEO - what Jonathan observed about leadership at the highest level of a major Canadian financial institution, and how Scott Thomson's approach to Indigenous relationships shaped the bank's directionCedar Leaf Capital - how client demand from a single procurement-focused corporate client led Scotiabank to help establish Canada's first Indigenous-owned investment dealer, and why Jonathan considers it one of the bank's proudest achievementsThe collegiality driving Canada's Indigenous finance ecosystem- why practitioners across competing institutions, law firms, and advisory businesses are actively supporting each other's successThe key message for UK and European investors: the infrastructure of Indigenous participation in Canadian capital markets is being built right now, from the inside, by people like Jonathan Davey. This episode introduces you to how that happened and who is doing it.

Canada has a housing crisis in its Indigenous communities that has run for fifty years. The federal government's social housing programme - capped at $150 million annually - produces fewer than one home per community per year across 630 First Nations. The major banks, operating on policies written in the 1960s, have largely refused to lend on-reserve. And yet the infrastructure, the legal frameworks, and the investor appetite to solve this problem exist today.Tracee Smith, President and CEO of Keewaywin Capital Inc., is the private credit fund manager who is stepping into that gap and building a compelling investment case in the process.A Missinaibi Cree entrepreneur, former Bay Street lender, and founder of the nationally recognised Outside Looking In youth charity, Tracee brings a rare combination of community credibility and institutional financial fluency to an underserved market. Keewaywin's model is methodical: advance construction capital to First Nations communities, partner with CMHC's Section 95 social housing programme as a near-guaranteed takeout mechanism, and deploy funds at the point where traditional lenders refuse to go - the design-to-completion construction phase.In this episode, Rob Brant speaks with Tracee about:Why Canada's major banks have structurally failed on-reserve communities - and why that represents a private credit opportunityHow Keewaywin's partnership with CMHC provides investors with a near-sovereign-backed repayment structureThe fund's first major deployment: a $25 million deal in Manitoba delivering 30 modular homes and infrastructure for 200 unitsWhy UK and European pension capital is beginning to look seriously at Indigenous private credit fundsThe systemic policy failures - from siloed government programmes to discriminatory lending practices - that make private capital essentialFor UK and continental European institutional investors, Keewaywin represents something increasingly rare: a private credit fund with quantifiable social impact, a defined security structure, and access to a Canadian market that remains almost entirely overlooked by international capital.

Canada Indigenous business growth, oil sands investment opportunities, and Truth and Reconciliation economic impact explained by Nicole Bourque, CEO of Bouchier Group.UK and European investors gain insight into how a $200M Indigenous-owned industrial company is scaling, winning ExxonMobil recognition, and building institutional-grade growth platforms.Part 2 explores how Canada’s Truth and Reconciliation Commission became an unexpected catalyst for Indigenous business competitiveness, unlocking new commercial pathways for Indigenous-owned companies operating at scale. In this continuation of our conversation, Nicole discusses Bouchier's transformation: • Nicole explains how Bouchier Group integrated Indigenous identity with operational excellence. • Nicole reveals why her company achieved 25% growth in peak years and why she's now deliberately slowing to 5% growth at the $200 million threshold to explore diversification beyond oil sands. • What international investors misunderstand about Indigenous partnerships in Canada’s resource economy.An Indigenous female CEO whose company proves Indigenous-led businesses succeed on merit, alliances, and good partnerships.ABOUT NICOLE BOURQUE: Nicole Bourque serves as CEO and Co-owner of The Bouchier Group, one of Canada's largest Indigenous-owned companies with $200+ million annual revenues, 1,400 employees from nearly 100 First Nations, and major contracts with CNRL, Imperial Oil, Suncor Energy. Recent recognition: December 2024 Member of the Order of Canada, December 2024 ExxonMobil International Diverse Supplier AwardCHAPTERS00:00 - Why UK and European investors are re-evaluating Indigenous partnerships in Canada00:13 - Scaling a $200M Indigenous-owned industrial services company in Canada’s oil sands00:45 - Canada’s Truth and Reconciliation Commission as a catalyst for institutional investment01:48 - Indigenous culture, ESG, and operating in Canada’s energy and infrastructure sectors04:50 - Competing on commercial merit: Indigenous enterprises and global capital expectations08:53 - ExxonMobil’s global supplier award and what it signals to international investors10:39 - Diversification beyond Alberta: national expansion and infrastructure opportunities12:29 - Governance, systems, and capital discipline to scale from $200M to $400M19:03 - What UK and European investors misunderstand about Indigenous partnerships20:15 - Lessons from a UK minority investment partnership and institutional governance30:43 - How international investors should engage Indigenous communities in Canada33:45 - Relationship-led capitalism as Canada’s strategic advantage in global markets

In this first part of our conversation, Nicole Bourque-Bouchier walks through a story that starts with checking her company's first year-end financials on her honeymoon. After the hardest working year of her life, she scrolled to the bottom line: minus $250,000.That was 2005. Bouchier just closed 2025 at $200 million.Nicole is CEO of Bouchier, one of Canada's largest privately-owned Indigenous companies in Alberta's oil sands. She's Mikisew Cree, raised on the trapline before her father took a Syncrude job and moved the family to Fort McMurray. She worked through Syncrude, ran her own consulting business, then joined Shell - where she met David, who had a small contracting operation on the side.In 2004, they both quit their corporate jobs and went all in. Nicole admits she "didn't know what a dozer or excavator was" when she started. Everything about running this business, she taught herself.In this episode, Nicole explains:$250,000 first-year loss to $200 million, what financial discipline actually looks likeFort McKay First Nation, Finning Canada, Alberta Treasury Branch extended payment terms - still partners decades later28-year relationships with CNRL, Suncor, Imperial Oil, how partnership economics drives client retentionSelf-taught CEO scaling three divisions with zero business training99 Indigenous communities, 39% Indigenous workforce, 41% Indigenous leadershipSeven Sacred Teachings in daily operations - values as performance framework$12 million community investment, zero-default performance record In December 2024, Nicole received the Order of Canada and ExxonMobil's International Diverse Supplier Award - validation that relationship-based Indigenous business models deliver sustained client retention and performance through cycles. ABOUT NICOLE BOURQUE-BOUCHIER: Nicole Bourque-Bouchier serves as CEO and Co-owner of Bouchier, one of Canada's largest Indigenous-owned companies with $200+ million annual revenues, 1,400 employees from nearly 100 First Nations, and major contracts with CNRL, Imperial Oil, Suncor Energy. Recent recognition: December 2024 Member of the Order of Canada, December 2024 ExxonMobil International Diverse Supplier AwardCHAPTERS00:00 - Why Indigenous partnerships are central to Canadian natural resource and infrastructure investment00:12 - Building one of Canada’s largest Indigenous-owned companies in the oil sands00:51 - Global recognition: Order of Canada and ExxonMobil’s international supplier award02:49 - Understanding Canada’s oil sands geography for UK and European investors03:17 - Indigenous land stewardship, traditional economies, and modern resource development07:48 - Education, oil sands entry, and early engagement between industry and First Nations10:32 - From side business to full commitment: entrepreneurial risk in capital-intensive sectors12:21 - Winter roads, exploration logistics, and how oil sands projects are actually built14:25 - Long-term contracts, zero-default performance, and operational credibility17:03 - Scaling to $200M revenue with Indigenous leadership and workforce participation18:59 - First-year losses, capital discipline, and financial resilience21:04 - Governance lessons every entrepreneur and investor must learn early23:10 - Strategic partners, banks, and suppliers who enable Indigenous enterprise growth25:35 - Expansion beyond oil sands: facility maintenance, infrastructure, and national growth27:21 - Embedding Indigenous values into corporate culture and operational performance

This episode breaks down Indigenous investment, global capital markets, outcomes financing and where the next wave of Indigenous-led impact is heading. 🎧 Jeff Cyr: Founder & Managing Partner, Raven Indigenous Outcomes Funds; CEO, Raven Indigenous Impact Foundation, returns to explain how outcomes-based financing is scaling across Canada and capturing international investment attention. In Part Two, Jeff goes deeper into how Raven’s model differs from other outcomes funds in the UK, US and Australia—centering community decision-making, prioritizing Indigenous leadership on every project, and designing investments that deliver both measurable societal benefit and fair investor returns. You’ll hear how Raven’s model is: Reshaping the perception of Indigenous economies Structuring returns that look and feel like fixed-income products Attracting capital from Switzerland, Germany and the United States Scaling impact by running multiple $5–$10M investments rather than chasing mega-projects Working with governments to shift how public dollars are deployed Jeff also shares what’s coming next: A national pipeline of First Nations projects, partnerships with governments seeking to accelerate outcomes rather than react to crisis, and a growing international awareness that Indigenous-led funds are delivering both impact and market returns. Whether you’re an investor, policymaker, development leader or a member of an Indigenous community exploring capital partnerships, Part Two shows the scale of what’s possible—and why Indigenous leadership is shaping Canada’s most exciting economic opportunities.

OUTCOMES FINANCE | INDIGENOUS INVESTMENT | COMMUNITY CAPITAL This episode breaks down how Indigenous communities are accelerating infrastructure, financing clean energy, and reshaping the investment landscape through outcomes-based financing.Guest: Jeffrey Cyr, Founder & Managing Partner, Raven Indigenous Outcomes Funds.How do Indigenous Nations deploy housing, energy, and infrastructure faster while delivering investor returns and community impact? Jeffrey Cyr, Founder and Managing Partner of Raven Indigenous Outcomes Funds, breaks down how outcomes-based financing moves projects out of government bottlenecks, channels capital directly into communities, creates measurable public savings, and repays investors from those savings with verified returns. Jeffrey has spent 20+ years advancing self-determination from negotiating land rights to designing policy systems, leading the National Association of Friendship Centres, and launching the first globally Indigenous-led VC firm.In this episode, Jeffrey explains:How outcomes contracts pool federal and provincial programs into scalable capital pipelinesWhy blended finance unlocks projects that foundations, private equity, or governments can’t fund aloneHow Raven structures returns (4–7%) while keeping wealth inside communitiesHow geothermal and solar projects lower housing costs, cut emissions, and keep skilled jobs localWhy Canada has become a global leader in Indigenous economic developmentWhere the next wave of investable projects will emerge housing, clean energy, health, diabetes reduction, and workforce developmentYou’ll learn why outcomes financing is more than a funding model it’s a tool for redistributing power, capital, and decision-making back to Indigenous communities.Whether you’re an Indigenous leader, policy-maker, or investor exploring Canada, the UK, the U.S., or Europe, this episode reveals how First Nations, Inuit and Métis communities are moving from surviving to thriving and what opportunities exist for aligned capital.

This episode breaks down Indigenous investment strategy in Saskatchewan’s critical minerals and nuclear sector—including uranium, small modular reactors (SMRs), and Nation-owned economic development models. We explore how First Nations are securing supply chain opportunities in the mining sector, pursuing a diversified investment. Saskatchewan holds 20% of the world’s known uranium reserves and the province’s new focus of also on deploying small modular reactor is creating new opportunities in the nuclear supply chain for Indigenous-led economic development organizations. Our guest Alex Fallon, CEO of Birch Narrows Dene Nation Development Inc., explains how First Nations are partnering with mining companies like NexGen through Mutual Benefit Agreements to create investment and employment opportunities.. Alex brings a rare threefold perspective: A Saskatchewan mining sector focus with his role as CEO Birch Narrows Dene Development Inc. Knowledge and opportunities across Canada through his role as Founder & Chair of the Western Canada Economic Forum. International investment bridge-building as British Honorary Consul for Saskatchewan for the past 14 years. In this episode, we cover: How Birch Narrows Dene Nation is positioning itself beside one of Saskatchewan’s next major uranium mines Why First Nations are pursuing early-stage equity in critical minerals rather than waiting for projects to mature Lessons from the Sparrowhawk and Roal Helium MOU How loan guarantee programmes can unlock Indigenous ownership in emerging resources Saskatchewan’s fast-moving SMR roadmap, including leadership from Bruce Power and Ontario Power Generation What UK and European investors should understand about working with Indigenous partners in Canada’s natural resource sectors We also explore the important role of Western Canada Economic Forum plays in bringing key stakeholders from industry, provincial government, and federal government together to spur greater collaboration across Western Canada (British Columbia, Alberta, Saskatchewan, and Manitoba) in energy and mining, agriculture, and supply chain development. Whether you’re a Nation building your economic development strategy or an investor looking to partner respectfully and effectively, this episode offers clear, practical insights into where the opportunities are emerging and how Indigenous Nations are positioning to lead them.

This episode examines Indigenous investment in Canada, institutional capital, and Indigenous partnerships, as well as why Indigenous-led finance is now central to infrastructure, energy, and natural resource investment outcomes. Under Dawn Madahbee-Leach leadership a $150,000 First Nation–owned loan fund scaled to more than $170 million, supporting more than 4,000 projects across Canada. In this episode of Drumbeats, she joins Mark Magnacca and Rob Brant to examine what that growth reveals about Indigenous-led capital, governance, and long-term economic value creation. Recorded on the 10th anniversary of Canada’s Truth and Reconciliation Commission, this conversation offers a rare, inside perspective on the National Indigenous Economic Strategy for Canada a landmark framework authored by Indigenous leaders and 25 national organisations, outlining 107 calls to economic prosperity across four pathways: people, land, finance, and infrastructure. Dawn explains how corporations, institutional investors, and government agencies are already implementing elements of the strategy, reshaping procurement, equity participation, and significant project development in the energy, infrastructure, mining, and trade sectors. She also shares what senior decision-makers should watch for ahead of the 2027 progress report and why Indigenous partnerships are no longer optional but foundational to successful investment in Canada. This episode is essential listening for institutional investors, policymakers, corporate leaders, and Indigenous economic leaders as they navigate the future of capital, reconciliation, and economic sovereignty.

Canada's largest Indigenous equity partnerships aren't happening by accident - they're the result of deliberate corporate strategy, government support, and Indigenous communities' increasing interest in owning infrastructure that operate in their territories. Enbridge has been at the centre of this important work, having completed multiple transaction since 2022.Until December 2025, Emily Black served as Director of Strategic Projects and Partnerships at Enbridge Inc., where she led a landmark Indigenous equity transaction with 38 First Nations in British Columbia, the first transaction to utilize the government of Canada's Indigenous Loan Guarantee Program. Emily has now been appointed Director of Corporate Strategy for Enbridge, one of North America's largest infrastructure companies with operations spanning liquids pipelines, gas transmission, gas distribution, and renewable power across Canada, the United States, and Europe.

Mark and Rob kick off 2026 by exploring the Canadian levée tradition, tracing its origins back to 1606 and highlighting how Indigenous participation has been fundamental to this relationship-building custom since the very beginning.The episode features the "Best of Drumbeats 2025," showcasing highlights from the top 10 most influential guest conversations—including insights from leaders like Clint Davis, Harold Calla, and Jaimie Lickers—that define the current state of Indigenous investment and capital flow.Looking ahead, the hosts discuss the massive 2026 project pipeline, with over $116 billion in energy and mineral developments now referred to the Major Projects Office, all requiring meaningful Indigenous partnership for successful execution.

In this special Christmas episode, Mark Magnacca and Rob Brant revisit the pivotal moments of 2025 that redefined the Canadian Indigenous investment landscape, from the historic scale of the second annual summit at the London Stock Exchange to the rapid passing of Bill C-5. The co-hosts discuss the multi-billion dollar pipeline of LNG, nuclear, and critical mineral projects, emphasizing why authentic equity participation and board seats for Indigenous nations have become the new standard for project success. They also unpack the strategic pivot beyond North American trade, highlighting Canada's strong fiscal position as a stable global energy partner for the future.

In Part Two of our conversation with Chief Ouray Crowfoot, the former CFO and Chief of Siksika Nation reveals exactly how billion-dollar First Nations are deploying capital and how international investors can engage.This is where theory becomes practice. Chief Crowfoot provides specific details about Siksika's investment portfolio: majority stakes in hotels including Calgary's Westin (95% ownership) and the Kananaskis Lodge where the G7 Summit was held (35% ownership), infrastructure assets like bridges and pipelines, and professionally managed accounts generating 20-25% annual returns. With $200-300 million in annual excess capital, Siksika has moved from government subsidy dependence to active capital deployment.But the conversation goes deeper than current assets. Chief Crowfoot shares his vision for Siksika to develop a $100 million private equity account focused on emerging sectors like AI, following the Southern Utes model in Colorado who manage a $13-14 billion USD trust. He explains the strategic decision to start with Canada's major banks (RBC, TD) to build community comfort, then gradually bring in specialized managers for small-cap, emerging markets, and growth strategies.

Why would a KPMG and Ernst & Young alumnus leave corporate America to become Chief of a First Nation in Alberta? Because Chief Ouray Crowfoot saw investment potential that most people miss - and he had the financial expertise to unlock it.In this episode of Drumbeats, Chief Crowfoot shares how he's applying Big Four accounting principles to Indigenous economic development at Siksika Nation. Located just one hour east of Calgary, Siksika occupies strategically valuable territory. But as Chief Crowfoot learned during his six years of leadership, location advantages mean nothing without the right business capabilities and mindset.With undergraduate and graduate degrees in finance and accounting, Chief Crowfoot understands what institutional investors need: sophisticated governance, transparent financial management, and clear partnership structures. His mother's philosophy - "a computer in one hand and a drum in the other" - captures the balance he's pursued: maintain cultural identity and traditional knowledge whilst building modern business capacity.

Ontario is doubling its transmission grid by 2040 through Indigenous equity partnerships - and doing it faster than jurisdictions still treating Indigenous engagement as compliance.In this episode of Drumbeats, Matthew Jackson, Vice President of Indigenous Partnerships and Business Development at Hydro One Networks Inc., reveals how Canada's largest transmission company completely transformed its approach to Indigenous partnerships. The result? First Nations are now actively advocating to government for Hydro One's transmission projects in their territories.Matthew leads partnership strategy at Hydro One, which operates over 90% of Ontario's transmission infrastructure across a territory five times the size of the United Kingdom. With a multi-billion-dollar capital investment programme and 14 transmission projects underway, Hydro One has implemented 50-50 equity ownership structures with Indigenous communities - proving that genuine economic

How do indigenous communities actually access Europe's £400 billion sustainable bond market? Part 2 provides the implementation roadmap.Aude Rajonson from London Stock Exchange Group explains the preliminary steps debut issuers must take: creating sustainable bond frameworks with trusted advisers, identifying community priorities that align with ICMA principles, and engaging European impact investors who control 90% of global sustainable bond fund assets.The flexibility is remarkable. Investment grade and high yield both qualify. Canadian dollars are accepted. Tenors are agnostic. The requirement is adequate disclosure in your prospectus for the investor base you're targeting.Europe sits at the forefront of sustainable finance with sophisticated appetite for social and environmental outcomes. For indigenous communities addressing infrastructure gaps with measurable impact, this episode provides the step-by-step guidance for accessing concentrated European capital.Essential listening for indigenous communities exploring international markets and institutional investors evaluating partnership opportunities.

The London Stock Exchange's sustainable bond market represents $400 billion in securities across 16 currencies, serving 1,200+ debt issuers from 90+ countries. But can Canadian Indigenous communities actually access these markets?In this first of two episodes, Aude Rajonson, Head of Fixed Income Origination at the London Stock Exchange, answers this question definitively. She explains how the London Stock Exchange's sustainable bond market works for debut issuers.We asked the critical questions: What's the minimum deal size? Do you need ratings? Can you issue in Canadian dollars? The answers remove common barriers. The London Stock Exchange has no minimum size requirement - $10 million private placements to $500 million public benchmarks all qualify. Canadian dollar issuance is fully supported. Ratings are common but not mandatory. Fee structure is upfront only, no annual costs.Beyond practical access, Aude explains how the sustainable bond market evolved over ten years from pure green bonds to include social bonds (healthcare, education), sustainability-linked bonds, and innovative structures responding to community needs.Part 2, which releases next week, explores specific innovations like blue and green bonds and the practical steps for debut issuers to access these markets.Essential listening for institutional investors with sustainable finance mandates and Indigenous communities exploring international capital markets.

In this landmark episode of Drumbeats, we step beyond Canada for the first time to explore how Canadian Indigenous partnership models are transforming investment approaches worldwide. Juan Dumas, co-founder and partner at Meliquina, shares extraordinary insights from mediating disputes across Latin America - revealing patterns about project risk that fundamentally challenge conventional investor thinking.Juan's career began in 1999 mediating environmental and social disputes in Argentina before moving to Ecuador, where he spent years resolving conflicts between development finance institutions, energy companies, and Indigenous communities. Working on renewable energy projects across Guatemala, Mexico, and Honduras, he encountered a pattern that would reshape his entire career: intense community opposition to projects with minimal environmental impact. When Juan asked community leaders privately whether they would build these projects themselves, every single one said yes.The conclusion was unavoidable: communities weren't opposing projects because of environmental concerns - they were frustrated about being excluded from economic opportunities happening on their own territories. This realisation led Juan and his partner Michelle Haig (formerly in private equity renewable energy investment) to establish Meliquina, applying Canada's equity partnership model to Latin American renewable energy development.For institutional investors evaluating Canadian opportunities - or infrastructure projects anywhere with Indigenous considerations - this conversation provides essential strategic intelligence. Juan's argument is compelling: when presented with equity partnerships, investors should ask "how well was this partnership structured?" because well-designed community involvement from scratch represents the strongest possible indicator of project success.Links mentioned in the episode:Drumbeats with Matt Jamiesonhttps://www.youtube.com/watch?v=lzlmth1MWG0UK PACThttps://www.ukpact.co.uk/

Mark Magnacca and co-host Rob Brant analyse Canada's Prime Minister Mark Carney's first federal budget hours after delivery, focusing on Indigenous-specific provisions and infrastructure investment opportunities for UK and continental European investors.Rob details three critical Indigenous economy initiatives: legislation enabling First Nations Finance Authority to lend directly to special purpose vehicles, building on their recent $500 million bond raise; pilot bonding programmes helping Indigenous contractors access defence procurement despite Indian Act collateral barriers; and mechanisms allowing First Nations to monetize transfer payments for capital investments.The budget positions Canada to attract a trillion dollars in private capital over five years through doubling non-US exports, establishing a Critical Minerals Sovereign Wealth Fund, increasing defence spending substantially, and embedding Indigenous Advisory Council oversight in the Major Projects Office.For institutional investors seeking practical intelligence on Canadian project finance and Indigenous partnership structures, this episode provides essential analysis connecting budget policy to actual deal flow. Subscribe to Drumbeats for continuing coverage as Carney's provisions translate into investable opportunities across Canadian sectors.Links:The Globe and Mailhttps://www.theglobeandmail.com/politics/article-carney-federal-buget-2025-deficit/Andrew Coynehttps://www.theglobeandmail.com/canada/video-opinion-andrew-coyne-says-carneys-budget-misses-the-mark/Shannon Proudfoothttps://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-manifesto-of-no/Campbell Clarkhttps://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-liberals-didnt-meet-expectations/Adam Radwanskihttps://www.theglobeandmail.com/business/article-carney-federal-budget-2025-climate/Financial Timeshttps://www.ft.com/content/f67f453c-ff20-4991-9df4-7bfeb9cefacfThe Wall Street Journalhttps://www.wsj.com/economy/canada-delivers-targeted-spending-public-sector-job-cuts-to-jolt-economy-98a3a10a

In this episode, Mark Magnacca and co-host Rob Brant are joined by Michael McPhie, Executive Chairman and Founding Partner at Falkirk Consulting. Michael previously served as President and CEO of the Mining Association of British Columbia, Chair of Ridley Terminals, and Chair of the British Columbia Institute of Technology. He explained how Indigenous partnership quality determines project velocity in Canadian resource development. Falkirk contributed to Osisko Development Corporation's $700 million Cariboo Gold Project environmental assessment, accomplished in three years instead of a decade or more, through engaging Indigenous communities from the beginning. Michael's insights are captured in "Weaving Two Worlds," co-authored with Christy Smith of the K'ómoks First Nation. The conversation explored why you cannot legislate trust but must build it through authentic relationships, and how Indigenous-company alignment with government accelerates regulatory approvals whilst removing political risks that damage project economics.To get a copy of Weaving Two Worlds: Economic Reconciliation Between Indigenous Peoples and the Resource Sector go to this link: https://a.co/d/crUvdlH

In this Drumbeats episode, Mark Magnacca and Rob Brant are joined by Dallas Smith, President of Na̲nwak̲olas Council and former Chair of Coast Funds. Smith shares his journey from growing up between urban Vancouver and his North Island community to becoming a leader in Indigenous governance and economic development. He reflects on the $435 million Coast Funds model that has protected 3.1 million hectares of the Great Bear Rainforest while generating lasting economic opportunities. The conversation explores Indigenous-driven tourism, the potential of nation-to-nation trade, and how Indigenous-led financing frameworks are shaping sustainable investment and prosperity for future generations.

In this episode, Mark Magnacca and co-host Robert Brant are joined by Catherine Pennington, Director of Indigenous Advisory Services at KPMG. Catherine shares her path from social work to the energy sector and explains how Indigenous relations are shaping the success of major corporate projects. She highlights KPMG’s Truth and Reconciliation Action Plan, and KPGM's services specializing in Indigenous equity, commercial structuring, and financing. Catherine also speaks to the increasing demand for skilled Indigenous relations professionals, the relevance of international models for Canada, and the vital role of Indigenous participation in infrastructure and energy projects, unlocking more than $30 billion in private investment.

In this episode of Drumbeats, hosts Mark Magnacca and Robert Brant speak with Bernd Christmas, KC, Principal at Bernd Christmas Law Group (BCLG). The conversation explores the historical and legal importance of Mi’kmaq treaty rights, beginning with the 1725 peace and friendship treaty with the British. Bernd reflects on the landmark Donald Marshall Jr. case, which affirmed Mi’kmaq commercial fishing rights and reshaped Indigenous–government relations in Canada.The discussion also highlights modern examples of Indigenous economic development, including the Squamish Nation’s $1.2–$1.5 billion Sen̓áḵw project in Vancouver, designed to address both growth and affordable housing for its members.

In this episode, hosts Mark Magnacca and Robert Brant are joined by Jean Paul (JP) Gladu, Board Member of the Indigenous Advisory Council and Principal of Mokwateh. JP shares his journey from his Anishinaabe roots in Thunder Bay to serving as President and CEO of the Canadian Council for Indigenous Business, where he advanced programmes that support Indigenous entrepreneurs.He speaks about his role on the Indigenous Advisory Council for the Major Projects Office, where he promotes Indigenous participation at the outset of major projects. JP highlights examples of effective collaboration, including Enbridge’s partnerships with First Nations in Alberta, and encourages international investors to work directly with Indigenous leaders to gain insight into local perspectives.This discussion provides a clear view of how Indigenous leadership continues to shape Canada’s business and resource development sectors.

In this episode, Mark Magnacca and co-host Robert Brant are joined by Bernd Christmas, KC, Principal at Bernd Christmas Law Group (BCLG). With nearly 30 years of experience as a practising Mi’kmaw lawyer, Bernd has represented First Nations in groundbreaking projects that are reshaping Canada’s economy.He shares insights from his recent and ongoing work, including billion-dollar negotiations in Ontario and major projects such as the Ring of Fire and the Port of Churchill. Bernd’s story reflects the growing influence of Indigenous nations in deal-making and the future of development across the country.

Our conversation explores Prime Minister Mark Carney's announcement of five nation-building projects generating $60 billion for the Canadian economy, supported by eleven Indigenous leaders with exceptional credentials appointed to the Indigenous Advisory Council. Rob details how these transformative initiatives, from LNG Canada's Phase Two expansion doubling liquefied natural gas production in Kitimat to the Darlington New Nuclear Project's small modular reactor development, create launching pads for equity ownership and responsible resource management through meaningful Indigenous participation.The five designated projects include LNG Canada's Phase Two in Kitimat, British Columbia, doubling production capacity; the Darlington New Nuclear Project in Clarington, Ontario, pioneering small modular reactor technology; the Contrecoeur Terminal Container Project expanding Montreal's port infrastructure; the McIlvenna Bay Foran Copper Mine Project in Saskatchewan; and the Red Chris Mine expansion in northwestern British Columbia. Each project embeds Indigenous economic participation as fundamental to approval and development processes.

Our conversation explores specific multi-billion dollar projects, including the Grays Bay Road and Port development and the Kivalliq Hydrofibre Link, designed to open mineral corridors and transform energy infrastructure. President Obed details how these nation-building initiatives create launching pads for natural resource extraction whilst maintaining environmental standards and Indigenous rights protection.Key insights include the strategic importance of Arctic sovereignty investments, the role of development corporations in facilitating partnerships, and how efficiency improvements in environmental assessments are accelerating project timelines without compromising standards. This conversation reveals why going "through the front door" with Indigenous partners isn't just ethical, it's the pathway to successful returns in Canada's emerging Arctic economy.

Michael Bonshor, CPA, CMA, and newly appointed board chair of the Canadian Indigenous Loan Guarantee Corporation (CILGC), discussed the organisation's role in providing enabling affordable capital for Indigenous Nations. The CILGC, initially funded at $5 billion, was expanded to $10 billion by Prime Minister Mark Carney. With one deal completed and a number of applications received, the CILGC aims to support Indigenous economic opportunities across sectors. The CILGC's mandate now includes all sectors except gaming, and it plans to collaborate with other loan guarantee programmes to maximise funding utilisation.

Thomas Benjoe, CEO of Flowing River Capital, discusses how Canada’s first Indigenous-led private equity fund fuels investment.In this interview, he outlines the firm’s strategy to acquire and Indigenise strong businesses aligned with procurement commitments, unlocking billions in opportunities. Learn how Flowing River Capital combines Indigenous and non-Indigenous expertise, has already secured $35 million with a target of $100 million, and is trailblazing a new model for growth.Discover insights on building sustainable Indigenous-owned enterprises, leveraging procurement policies, and why economic reconciliation is central to investment success.

CWEIC drives trade across Commonwealth nations, linking rich countries like Australia and the UK with global markets and Indigenous innovation.In this episode of Drumbeats podcast, co-chairs Mark Magnacca and Robert Brant speak with Samantha Cohen, CVO, OBE, Chief Executive of the Commonwealth Enterprise and Investment Council.Cohen reveals the 21% Commonwealth trade advantage and why Canada is missing out on the world's fastest-growing economic network. Go behind the scenes of the Commonwealth Enterprise and Investment Council (CWEIC) as Samantha Cohen reveals how this remarkable self-funded organisation facilitates trade and investment. As the practical business arm of the Commonwealth, CWEIC operates independently from government policy, maintaining 13 global hubs from United Kingdom to Malta to Cyprus.

Preview the priorities, themes, and strategic direction of Summit 2026, from critical minerals to Arctic defence, energy, and infrastructure. In this episode of the Drumbeats podcast, Co-Chair Mark Magnacca offers a preview of what’s ahead at the 2026 Summit, a platform where Indigenous leadership and institutional capital converge.Building on our previous episode’s examination of Bill C-5, which strengthens the recognition of Indigenous rights and governance, this episode shows how these shifts are actively reshaping investment priorities, project design, and capital flows across Canada.

Indigenous-led finance meets institutional capital: FNFA's Jody Anderson reveals how First Nations are reshaping Canada's investment landscape.In this episode of the Canadian Indigenous Investment Summit podcast, co-chairs Mark Magnacca and Robert Brant speak with Jody Anderson, Vice President of Partnerships, Strategy & Public Affairs at the First Nations Finance Authority. A proud Anishinaabe kwe from Treaty 3 and member of Couchiching First Nation, Jody leads transformative work in advancing Indigenous-led economic growth across Canada. Jody shares insights from her leadership role designing high-impact initiatives and establishing trust-based relationships with First Nations committed to infrastructure development and financial self-determination.

Mark Carney's policy influence meets Bill C-5: How regulatory shifts are reshaping Indigenous-corporate investment partnerships in Canada.In this episode of the Canadian Indigenous Investment Summit podcast, co-chairs Mark Magnacca and Robert Brant examine Prime Minister Mark Carney's The Building Canada Act Bill C-5 and Canada's changing investment landscape. The legislation allows federal fast-tracking of major infrastructure projects by bypassing traditional regulations, a direct response to Trump's tariff threats, yet faces serious Indigenous opposition and ongoing legal challenges that create complex investment considerations.

Chana Martineau, CEO of the Alberta Indigenous Opportunities Corporation, joins Co-Chairs Mark Magnacca and Robert Brant to discuss how Indigenous communities are leading major investments in Alberta’s key sectors. With over 30 years in finance, Chana shares her insights on economic reconciliation, inclusive leadership, and building long-term partnerships across industries.

Matt Jamieson, CEO of Six Nations of the Grand River Development Corporation, shares how Canada’s largest First Nation is generating transformational economic returns through Indigenous-led enterprise. Since its founding in 2015, the corporation has delivered $295 million in direct community benefits and led landmark projects like the Ontario Oneida Energy Storage Project, a $700 million, 250 MW facility that advances Canada’s net-zero goals. Learn how strong governance, community engagement, and visionary leadership are powering a sustainable future.

Join Brendan Bell, CEO of West Kitikmeot Resources Corp, as he outlines the strategic vision behind the Grays Bay Road and Port Project, a $1 billion infrastructure development in Nunavut designed to transform Canada’s Arctic frontier.Spanning 230 km and featuring a deep-water port, the project aims to reduce the high cost of living in the North, generate employment, and stimulate economic development. It also carries geopolitical weight, aligning with NATO objectives and reinforcing Canadian sovereignty in the Arctic.With strong interest from the federal government and Indigenous communities, the project is seeking investment and security user commitments to move forward.

The First Nations Financial Management Board (FMB) is helping Indigenous communities unlock economic opportunity through strategic capacity development and financial empowerment. In this discussion, Scott Munro reveals how FMB supports First Nations in building strong governance, accessing capital, and forming transformative partnerships, like the groundbreaking 50% acquisition of Clearwater Seafoods by Mi’kmaq First Nations in partnership with Premium Brands Holdings Corporation. Watch this insightful discussion to learn how this successful deal opened doors to Indigenous ownership and investment in Canada’s economy.

Learn how Chief Sky-Deer led her community to a historic energy agreement with Hydro-Québec during a time of restructuring. From navigating regulatory hurdles with the New York State Energy Research and Development Authority (NYSERDA) to addressing environmental justice concerns, her leadership has built a historic path to Indigenous equity. This unprecedented deal grants her Nation a 10% equity stake, with the option to grow to 49%, in a major infrastructure project.

Marissa Nobauer, Director of Reconciliation, Community Engagement & External Relations at TELUS, and Carol Anne Hilton, CEO and Founder of the Indigenomics Institute and a distinguished member of TELUS’ Indigenous Advisory Council (IAC) explore how corporate Canada is rethinking reconciliation through action.The IAC was established to embed reconciliation into TELUS’ corporate strategy, guided by ongoing input from Indigenous leaders and subject matter experts. Recognising the diverse needs of Indigenous communities, this council ensures TELUS’ commitments are both principled and actionable, creating a framework of community-driven accountability. This discussion offers critical insight into how Indigenous partnership models are reshaping priorities, corporate governance, and long-term investment value in Canada.

Barbara McKenzie, CEO of the Métis Settlements Development Corporation (MSDC), shares how Indigenous-led investment is reshaping capital markets. With a focus on growth-stage, cash-positive ventures, MSDC is advancing long-term economic sustainability across all eight Métis settlements, while creating majority-Indigenous partnerships with non-Indigenous firms. For institutional investors seeking impact-aligned returns with commercial fundamentals, this conversation offers a rare window into an evolving frontier.

Tabatha Bull, President & CEO at Canadian Council for Indigenous Business (CCIB), discusses how community involvement in projects, particularly through revenue-sharing and capacity-building, enables communities to reinvest in both local and broader initiatives while participating as business stakeholders. She highlights renewable energy projects in Ontario as a key example, where policy incentives promote Indigenous participation by offering higher payments per kilowatt under power purchase agreements, encouraging First Nations partnerships and investment in sustainable development.

Senator PJ Prosper, a Mi’kmaw Senator representing Nova Scotia, shares insights from his first 100 days in Parliament and his national listening tour across Mi’kma’ki. Guided by his ReconciliACTION Report, Senator Prosper outlines seven clear priorities that align with Canada’s economic and housing goals while centring Indigenous voices in national policy. This was the outcome of his recent Listening Tour, where he met with over 1,700 individuals across Mi’kmaw territory known as Mi’kma’ki. This vast region stretches from Newfoundland to the Gaspé region of Québec, encompassing all of Newfoundland, Nova Scotia, and Prince Edward Island, as well as parts of New Brunswick and Québec. For global investors, including asset managers, corporates, and sovereign wealth funds, this conversation provides valuable insights into how capital can be aligned with Indigenous-led priorities in Canada. As Indigenous Nations play an increasingly strategic role in economic development, understanding these dynamics is key to building responsible, long-term partnerships in one of the world’s most stable and resource-rich markets.