Beyond Royalties: First Nations Secure Equity in Major Projects

TORONTO, ON – November 05, 2026

For decades, Indigenous economic participation in Canada’s resource and infrastructure sectors was largely defined by passive royalties, localized employment quotas, and Impact Benefit Agreements (IBAs). While these agreements provided necessary baseline benefits, they rarely offered the structural economic power that comes with ownership. Today, a profound transformation is reshaping the Canadian industrial landscape. Indigenous development corporations are no longer just seeking a seat at the negotiating table; they are demanding direct equity, sovereign ownership, and co-development rights in national infrastructure projects.

This evolution forms the vital backdrop for the second annual First Nations Investment Forum (FNIF), scheduled for November 29 to December 1, 2026, at The Ritz-Carlton in Toronto. Co-presented by Horizon Seven and Lac des Mille Lacs First Nation, the forum's theme, "From Access to Execution," signals a critical pivot. It marks the transition from early-stage capacity building and conceptual negotiations to the complex reality of finalized financial closes and long-term asset management.

Demanding Majority Equity in Canada's Resource Economy

The shift from passive revenue streams to active equity ownership requires a fundamental restructuring of how First Nations approach economic development. Leaders across the country have recognized that to acquire significant stakes in multi-billion-dollar energy, mining, and real estate projects, they must present sophisticated, self-sustaining business models to the global capital markets. By separating traditional political governance from day-to-day business operations, many Indigenous development corporations have built the professional frameworks necessary to attract institutional investors.

The FNIF 2026 speaker lineup reflects this maturity, bringing together heavyweights who have successfully navigated complex, multi-party transactions. Prominent figures such as Crystal Smith, former Chief Councillor of Haisla Nation, and Matt Jamieson, President and CEO of Six Nations of the Grand River Development Corporation, represent a unified front of Indigenous executives who understand the mechanics of large-scale equity. Joining them are Sean Willy of the Des Nedhe Group and Chief LaRocca of Mississaugas of Scugog Island First Nation, highlighting a diverse array of regional and sectoral expertise.

"The First Nations Investment Forum is about moving beyond conversations about economic participation to making investment and ownership a reality," said Anthony Maunula, Principal of Horizon Seven. "This year's program brings together the people, experience and capital needed to turn opportunities into executed deals and create lasting economic benefits for First Nations."

De-Risking Nation-Building: The Role of Loan Guarantees

Despite the growing sophistication of Indigenous development corporations, a primary bottleneck remains: access to capital. Without traditional collateral or historical credit profiles matching the scale of modern mega-projects, securing the hundreds of millions—or billions—required for major infrastructure stakes is a daunting challenge. Commercial lenders, bound by strict risk parameters, have historically hesitated to deploy capital without extensive guarantees.

Enter the Canada Indigenous Loan Guarantee Corporation (CILGC). Led by President and CEO Kristan Straub, who will be a featured speaker at the Toronto forum, this federal agency is engineered to fundamentally alter the risk calculus for institutional lenders. By providing a sovereign-backed guarantee, the CILGC lowers the cost of borrowing for Indigenous groups acquiring equity in natural resource and energy projects. This financial innovation unlocks institutional capital that might otherwise remain sidelined due to perceived jurisdictional complexities.

This de-risking mechanism is equally crucial for corporate partners. Major utilities and resource companies are increasingly viewing Indigenous equity partnerships as strategic imperatives rather than mere compliance exercises. Ontario Power Generation, represented at the forum by CFO and CAO Aida Cipolla, and mining giants like Agnico Eagle, understand that equity partnerships are the most effective way to streamline regulatory approvals, secure an enduring social license to operate, and ensure long-term project stability.

"When communities have a vested, debt-backed ownership stake, the dynamic shifts from transactional consultation to genuine, aligned partnership," noted a senior infrastructure finance analyst advising on Indigenous joint ventures. "The loan guarantee programs are the bridge. They allow First Nations to leverage their inherent rights and land base into bankable equity, aligning long-term commercial interests in a way that standard benefit agreements simply cannot achieve."

Bridging Geography and Capital for Remote Nations

Yet, as the Indigenous investment boom accelerates across Canada, a stark geographic divide threatens to create a two-tiered system of economic advancement. While well-capitalized urban and southern treaty First Nations have successfully leveraged their proximity to Tier-1 capital markets and existing infrastructure, remote northern communities face distinct, compounding disadvantages. Leaders operating in these isolated regions frequently highlight the severe challenges of accessing specialized financial advisory services, overcoming the perceived logistical risks of remote geographies, and building the initial capital base required to even enter equity negotiations.

The FNIF 2026 program is actively attempting to address this disparity. Through Nation Building Sponsorships from organizations like Indigenous Community Engagement (ICE) and SUSLOP, alongside Platinum Sponsor Agnico Eagle, the forum is subsidizing access and travel for delegates from remote First Nations.

Agnico Eagle’s involvement as a Platinum Sponsor is particularly telling. As a major global gold producer with significant operations in remote northern regions, the company’s push for Indigenous inclusion aligns directly with its operational need for stable, long-term community partnerships. Ensuring that remote nations are integrated into the capital deployment pipeline is essential for resource companies looking to develop assets in Canada's north. Without deliberate inclusion efforts, there is a real risk of uneven economic advancement, where only geographically favored communities reap the transformative benefits of the equity revolution.

Beyond the high-level panels and fireside chats, the forum is fundamentally structured as a deal-making hub. The event will feature a gala evening on November 30, emceed by Geena Jackson, Founder of Bears' Lair, and featuring Mark Podlasly, CEO of the First Nations Major Projects Coalition. However, the true measure of the forum's success will be the formal investment deal announcements and partnership unveilings expected across the energy, infrastructure, mining, and real estate sectors. As First Nation leaders, institutional investors, and corporate executives converge in Toronto, the focus will remain relentlessly on the financial and governance disciplines required to execute transactions. By turning access into execution, these partnerships are laying the groundwork for a more equitable and resilient industrial future.