In this episode of Drumbeats, hosts Mark Magnacca and Rob Brant speak with Dale Swampy, President of the National Coalition of Chiefs, a body representing eighty-one First Nations chiefs across Canada with a mandate to defeat on-reserve poverty through major resource development.

Dale brings two decades of front-line pipeline consultation experience, including his role leading the Aboriginal Equity Partners process for the Northern Gateway pipeline. He breaks down why, contrary to the prevailing media narrative, thirty-one of forty directly affected First Nations communities signed on as supporters of that project, including a thirty-three percent ownership stake unlike anything seen on a Canadian pipeline since.

In this conversation, you'll discover:

• Why Northern Gateway 2.0 will only proceed as a First Nations-led project, and what that means for the capital structure of the next generation of Canadian export infrastructure
• How the Coalition Model has produced multi-billion-dollar Indigenous asset acquisitions in upstream and midstream
• The strategic case for Kitimat over Prince Rupert as Canada's principal Pacific export terminal
• Why over half of Canadians now back domestic fossil fuel production, a sentiment shift that hasn't occurred since before 2015
• The candid investor view on regulatory ambiguity around free, prior, and informed consent legislation

This is essential intelligence for European institutional investors with allocations to Canadian energy infrastructure, critical minerals, and adjacent sectors, and for advisors structuring transactions where Indigenous participation is now a precondition rather than an afterthought.

Jake Sinclair is CEO of Cowessess Ventures Ltd and President of Six Nations Energy Development LP, the consortium that negotiated a minimum thirty per cent equity stake in the Seven Stars Wind Project, a two hundred megawatt Enbridge development backed by up to one hundred million Canadian dollars in SIIFC loan guarantees and targeted for operation in 2027.

The Seven Stars project is the anchor, but Cowessess Ventures runs a diversified portfolio: a separate two hundred megawatt wind project, a ten megawatt solar facility, biochar processing with the City of Regina, more than one hundred thousand acres of agricultural land, and a one hundred and fifty acre urban holding inside the City of Regina itself.

Jake holds existing equity partnerships with UK and German-based investors and is actively seeking further international capital. Recorded at TMX Studios, Toronto.

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Mark Magnacca and Rob Brant sit down with Bill at the TMX Market Centre in Toronto during the FNMPC annual conference.

Founded in 1996 with TD Bank as regulatory sponsor and now approximately 91% Indigenous-owned, First Nations Bank of Canada marks its 30th year in 2026. Under Bill's leadership the trust business has grown from roughly $800 million to $1.4 billion in assets under management, and the bank's current equity raise has already exceeded its $50 million target ahead of close.

What this episode covers:

• Credit profile and partnership architecture: a near-zero default rate and a $25 million lending cap multiplied through co-financing with the Canada Infrastructure Bank, BDC, and EDC.
• The $1.5 trillion Canadian SME succession opportunity, and why First Nations economic development corporations are emerging as long-hold buyers that preserve management and legacy where private equity does not.
• Sectors moving fastest under the Carney government's major projects agenda, with Bill flagging defence as an opportunity most Nations have yet to position for.

Drumbeats is the podcast of the Canadian Indigenous Investment Forum. More at canadianindigenousinvestmentforum.org.

In this episode, recorded with hosts Mark Magnacca and Rob Brant, Darryl covers:

• Why Aviva treats Canada as a core geography alongside the United Kingdom and Ireland, and how that shapes infrastructure debt appetite
• Why investment-grade construction-phase debt, including greenfield exposure, sits well within Aviva Investors' mandate, and the conditions required to deliver it
• How the First Nations Major Projects Coalition, the First Nations Finance Authority, the Canada Infrastructure Bank and Longhouse Capital, alongside Canadian banks and specialist advisors, are building a credible institutional ecosystem for packaging Indigenous infrastructure opportunities
• The structural parallel between Indigenous infrastructure investment and earlier institutional cycles such as P3 and renewables, and why this opportunity should not be treated as a minority sport

To follow Drumbeats and access further intelligence on Canadian Indigenous investment opportunities, subscribe through your preferred podcast platform and visit the Canadian Indigenous Investment Forum online.

Recorded in front of a live audience at the First Nations Major Projects Coalition's annual event in late April.

Blake Hutcheson, President and Chief Executive Officer of OMERS, has put a clear number on the page for international investors. At least $10 billion of additional Canadian deployment over the next five years, with a stated intention to lift Canada's share of the portfolio meaningfully above its current 20%. OMERS is one of Canada's Maple 8, managing approximately $155 billion in equity for 665,000 Ontarians, with a global portfolio operating across 14 time zones.

In this conversation with Mark Magnacca and Rob Brant, Hutcheson sets out:

• Why OMERS is finding Canada more investable than it has been in recent decades
• How the Bruce Power isotopes joint venture financing was priced at levels comparable to Government of Canada and Government of Ontario notes, and why this matters as a prototype for Indigenous-partnered infrastructure debt
• The $90 billion annual delta between current Canadian defence spend and the 2035 NATO target, and why the move from 70% foreign procurement to 70% domestic creates an addressable opportunity set across industrials and infrastructure
• Why First Nations are no longer accepting one-off cheques and are demanding equity positions in the businesses operating on their territories
• The competitive gap with the United States on corporate tax, depreciation rules, and treaty arrangements

Hutcheson runs OMERS on a fiduciary mandate that he describes plainly. "If we're playing jump ball with opportunities in England or Australia or the US or Canada, we really do try to weight more heavily for Canada, but not because we're being nice about it." The math has to work first.

For UK and continental European Managing Directors in Leveraged Finance, Debt Capital Markets, Infrastructure Finance, and Industrials coverage, this is a direct read on capital allocation thinking from inside the Maple 8.

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 BHP
• A governance model that keeps chief and council in the boardroom under director-level fiduciary duties
• Why Kitsaki is now borrowing externally and exploring equity participation in Canada's critical minerals strategy
• What any prospective partner needs to bring: alignment with the nation's interests, willingness to negotiate rather than dictate, and a long-term orientation

Forty years of self-funded growth. Now ready to talk to outside capital, on its own terms.

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 show
• What the Global Investor Commission on Mining 2030 is doing to reshape standards for responsible mining
• The difference between real Free, Prior and Informed Consent (FPIC) and simple box-ticking compliance, and how investors tell them apart
• How a new Investor Mining Performance Framework is being built to link Indigenous rights and mining standards to how investments are assessed
• Why Canada’s Indigenous equity partnership model is getting more attention from large global investors
• How global politics against ESG are affecting long-term investment strategies in the UK and Europe

This 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.

Chris Avery, President and CEO of the Arctic Gateway Group, joins Mark Magnacca and Rob Brant on Drumbeats to set out the commercial case for European institutional capital.

In this episode:

• Over $250 million in federal and provincial funding through the Port of Churchill Plus initiative is clearing the path for private capital entry
• A formal cooperation agreement with the Port of Antwerp-Bruges anchors Churchill's European trade pathway
• Direct rail connection to the North American Class One network, the only Arctic seaport with that integration

Avery also explains why Churchill saves two to five days of shipping time over alternative North America to Europe routes, how research is extending the Arctic shipping season, and the ten-year ambition to make Churchill Canada's next major port. As Avery puts it, the asset is in the first inning.

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.

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.

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 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.

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 today
• The energy sovereignty risk: 138 million litres of foreign diesel imported annually, with telecommunications dependent on non-Canadian Starlink technology
• Nukik'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 bankability
• Mark Carney's Major Projects Office and why Nukik meets all five national interest criteria, yet commercial close remains contingent on federal commitment
• Why Inuit communities are pushing Nukik to build faster, and why that represents a rare and valuable social license for infrastructure investors

For 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.

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 it
• Concessionary 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 time
• Canada'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 projects
• The 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 change
• The 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 necessary
• What 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 banks

The 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.

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 new
• What 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 change
• Two 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 direction
• Cedar 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 achievements
• The collegiality driving Canada's Indigenous finance ecosystem- why practitioners across competing institutions, law firms, and advisory businesses are actively supporting each other's success

The 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.

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 opportunity
• How Keewaywin's partnership with CMHC provides investors with a near-sovereign-backed repayment structure
• The fund's first major deployment: a $25 million deal in Manitoba delivering 30 modular homes and infrastructure for 200 units
• Why UK and European pension capital is beginning to look seriously at Indigenous private credit funds
• The systemic policy failures - from siloed government programmes to discriminatory lending practices - that make private capital essential

For 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.

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 Award

CHAPTERS

00:00 - Why UK and European investors are re-evaluating Indigenous partnerships in Canada

00:13 - Scaling a $200M Indigenous-owned industrial services company in Canada’s oil sands

00:45 - Canada’s Truth and Reconciliation Commission as a catalyst for institutional investment

01:48 - Indigenous culture, ESG, and operating in Canada’s energy and infrastructure sectors

04:50 - Competing on commercial merit: Indigenous enterprises and global capital expectations

08:53 - ExxonMobil’s global supplier award and what it signals to international investors

10:39 - Diversification beyond Alberta: national expansion and infrastructure opportunities

12:29 - Governance, systems, and capital discipline to scale from $200M to $400M

19:03 - What UK and European investors misunderstand about Indigenous partnerships

20:15 - Lessons from a UK minority investment partnership and institutional governance

30:43 - How international investors should engage Indigenous communities in Canada

33:45 - Relationship-led capitalism as Canada’s strategic advantage in global markets

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 like

Fort McKay First Nation, Finning Canada, Alberta Treasury Branch extended payment terms - still partners decades later

28-year relationships with CNRL, Suncor, Imperial Oil, how partnership economics drives client retention

Self-taught CEO scaling three divisions with zero business training

99 Indigenous communities, 39% Indigenous workforce, 41% Indigenous leadership

Seven 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 Award

CHAPTERS

00:00 - Why Indigenous partnerships are central to Canadian natural resource and infrastructure investment

00:12 - Building one of Canada’s largest Indigenous-owned companies in the oil sands

00:51 - Global recognition: Order of Canada and ExxonMobil’s international supplier award

02:49 - Understanding Canada’s oil sands geography for UK and European investors

03:17 - Indigenous land stewardship, traditional economies, and modern resource development

07:48 - Education, oil sands entry, and early engagement between industry and First Nations

10:32 - From side business to full commitment: entrepreneurial risk in capital-intensive sectors

12:21 - Winter roads, exploration logistics, and how oil sands projects are actually built

14:25 - Long-term contracts, zero-default performance, and operational credibility

17:03 - Scaling to $200M revenue with Indigenous leadership and workforce participation

18:59 - First-year losses, capital discipline, and financial resilience

21:04 - Governance lessons every entrepreneur and investor must learn early

23:10 - Strategic partners, banks, and suppliers who enable Indigenous enterprise growth

25:35 - Expansion beyond oil sands: facility maintenance, infrastructure, and national growth

27:21 - Embedding Indigenous values into corporate culture and operational performance

🎧 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.

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 pipelines
• Why blended finance unlocks projects that foundations, private equity, or governments can’t fund alone
• How Raven structures returns (4–7%) while keeping wealth inside communities
• How geothermal and solar projects lower housing costs, cut emissions, and keep skilled jobs local
• Why Canada has become a global leader in Indigenous economic development
• Where the next wave of investable projects will emerge housing, clean energy, health, diabetes reduction, and workforce development

You’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.

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.

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.

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.

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.

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.

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

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.

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.

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 Jamieson

https://www.youtube.com/watch?v=lzlmth1MWG0

UK PACT

https://www.ukpact.co.uk/

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 Mail

https://www.theglobeandmail.com/politics/article-carney-federal-buget-2025-deficit/

Andrew Coyne

https://www.theglobeandmail.com/canada/video-opinion-andrew-coyne-says-carneys-budget-misses-the-mark/

Shannon Proudfoot

https://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-manifesto-of-no/

Campbell Clark

https://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-liberals-didnt-meet-expectations/

Adam Radwanski

https://www.theglobeandmail.com/business/article-carney-federal-budget-2025-climate/

Financial Times

https://www.ft.com/content/f67f453c-ff20-4991-9df4-7bfeb9cefacf

The Wall Street Journal

https://www.wsj.com/economy/canada-delivers-targeted-spending-public-sector-job-cuts-to-jolt-economy-98a3a10a

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

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

UK investors can take note of how FNFA reduces risk through pooled borrowing and stable revenue streams rather than relying on traditional collateral. This approach offers a practical framework for supporting infrastructure and community-led projects while maintaining financial discipline.

The FNFA story offers a clear example of how rethinking access to capital can lead to resilient investments and lasting economic impact.

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