Over the next decade, more than 100 mineral projects worth a combined $107 billion are advancing through various stages of development in Canada. Realizing this potential will depend on attracting a broad mix of capital — both domestic and international — to solidify Canada's position as a global commodity leader, an RBC report says.

Critical Capital: How Canada can tap foreign investment for its mineral riches points out that with Chinese investment constrained by tighter federal regulations, the U.S. stands out as a natural partner due to its strategic alignment with Canada. However, ongoing trade tensions underscore the need for Canada to approach new partnerships with caution and diversify its capital sources to mitigate risk.

If integrated into a broader security strategy, Canada could become a cornerstone of Washington’s efforts to “break China’s hold on the supply chains of several commodities critical for defence, energy and high-end manufacturing.” Strengthening cross-border supply chains would not only secure access to key materials but also underpin a renaissance in North American manufacturing, defence, and energy infrastructure.

Successfully developing these mineral projects requires long-term, committed investors — those capable of offering stable offtake agreements or demand security. To reduce risk and improve project viability, Canada should expand its capital pool beyond the U.S., seeking foreign investment aligned with national interest and energy security priorities.

“The world’s looking at Canada as a stable and dependable commodity player to help diversify its commodity supply. It’s also a generational opportunity for the provinces and the federal government to unlock resource developments that are rich in gold (vital as a safe haven commodity), copper, iron and critical minerals. The right strategy, investments and security measures can help power Canadian mining,” the report concludes.