Critical Minerals Sovereign Fund 2026: now the $2 billion Canada Critical Minerals Accelerator, with no open call

What is the Critical Minerals Sovereign Fund?

It is a $2 billion federal investment vehicle for critical mineral projects, created in Budget 2025 and launched in July 2026 as the Canada Critical Minerals Accelerator. The budget proposed "$2 billion over five years, on a cash basis, starting in 2026-27" to Natural Resources Canada to create the fund, which would make strategic investments in critical minerals projects and companies, including equity investments, loan guarantees and offtake agreements. It also provided $50 million over five years to deliver it.

It became the Canada Critical Minerals Accelerator (CCMA). Natural Resources Canada's launch announcement of July 7, 2026 says Budget 2025 announced $2 billion over five years to establish the Critical Minerals Sovereign Fund, now the CCMA. The CCMA's stated purpose is to advance projects aligned with national priorities while capturing the financial upside for Canadians, and to help build Canada's national stockpile of critical minerals.

Is the Critical Minerals Sovereign Fund a loan or a grant?

Neither. It is a federal investment vehicle. The CCMA's financing tools include equity, loan guarantees and supply agreements, and NRCan says that, unlike traditional grants and contributions, it uses investment tools that generate returns that can be reinvested. In practice the government invests alongside industry: it can take an equity position, guarantee a loan, or agree to buy part of a project's future output. The aim is to reduce project risk and attract private capital so projects reach a final investment decision, even in difficult markets.

How much can a project get?

The CCMA does not publish a per-project amount; the only figure is the $2 billion envelope over five years. Each investment is structured case by case.

The first agreement shows the scale it works at. Announced at launch, it is a Strategic Investment Agreement between the CCMA, the Canada Growth Fund and Teck Resources supporting an expansion of Teck's Trail Operations in British Columbia. The expansion is part of an up-to $850 million potential total investment by Teck to sustain and enhance critical minerals processing there, which could double Trail's capacity for germanium and antimony and potentially add gallium. The Canada Growth Fund's part is an equity-like investment of up to $400 million. Through the CCMA, the government can negotiate an offtake structure, including rights to part of the future germanium, antimony and gallium produced. The arrangements remain subject to definitive documentation and approvals.

Who is eligible for the Critical Minerals Sovereign Fund?

All of Canada's critical minerals are eligible, but the CCMA gives priority to projects that can increase supply soon and matter strategically. Its program page lists:

• near-term projects that open up supply essential to energy technologies, advanced manufacturing, defence and digital industries;
• near-to-medium term projects with strong potential to increase supply;
• projects that include dual-use minerals, used in both commercial and defence applications;
• projects of strategic importance to allied value chains.

When weighing an investment, the government considers the project's strategic importance to Canada's critical minerals supply chains, the potential economic benefits for Canadians, opportunities to mobilize additional investment, and alignment with broader government priorities. The stated goal is to help projects reach a final investment decision, which is a late-stage milestone, and the first deal went to an operating processing complex.

How do you apply?

You do not. As of September 2026 there is no open call for proposals; the CCMA identifies the proponents whose projects best align with its objectives. What you can do is make your project known:

1. Email the Critical Minerals Centre of Excellence at [email protected]. This is the contact the CCMA page gives to anyone who wants to discuss a project.
2. Fill in NRCan's short project questionnaire. The federal critical minerals funding page invites companies to complete a brief questionnaire about their organization and project to request a meeting with the team.
3. Be ready to explain your project's stage, what it would produce and for whom, how it fits Canadian and allied supply chains, and what private capital it could bring in, because those are the factors the government says it weighs.

Behind the scenes, a Ministerial Investment Board co-chaired by the Minister of Energy and Natural Resources and the Minister of Finance. Export Development Canada, working with Natural Resources Canada, proposes investment packages; NRCan guides policy direction and EDC leads the execution of investments.

What can a small mining or processing company realistically do?

Use the programs built for smaller projects, and treat the CCMA as a later-stage possibility. As of September 2026:

• Critical Minerals Research, Development and Demonstration (CMRDD), contribution funding: open. NRCan accepts expressions of interest on a continuous basis. Eligible projects are pre-commercial (starting below technology readiness level 8), advance the extraction, processing, recycling or reprocessing of minerals on Canada's critical minerals list, and must be finished by March 31, 2028. Eligible activities include pre-feasibility and feasibility studies, front-end engineering and design studies, and testing and piloting. For-profit companies incorporated or registered in Canada can apply. See the expression of interest page and our CMRDD record.
• First and Last Mile Fund (FLMF): by invitation. Up to $1.5 billion until 2030 for mine-site development and the transportation and energy infrastructure that critical minerals mines and processing need, through non-repayable contributions, repayable contributions and grants. There is no open call; NRCan identifies proponents and invites them to submit an expression of interest. See the FLMF page and our FLMF record.
• Critical Minerals Infrastructure Fund: closed. Its calls are closed for applications and the FLMF has subsumed it, so a small company should not plan around a new CMIF intake. Our CMIF record keeps the history.
• Critical Mineral Exploration Tax Credit (CMETC). A 30% non-refundable credit for investors in flow-through shares that fund eligible critical mineral exploration in Canada. NRCan's page covers agreements entered into on or before March 31, 2027, and Budget 2025 proposed adding 12 more minerals, including germanium, tungsten and manganese. See NRCan's mining tax provisions.

The same federal page also lists the Strategic Response Fund, NRC IRAP, BDC, EDC and the Canada Infrastructure Bank as further sources. For the full picture by stage, see our clean energy and critical minerals funding guide and natural resources grants.

What keeps a project from being picked?

Mostly a mismatch with the priorities above. A project that cannot add supply in the near or medium term, that serves no strategic value chain, or that cannot draw in additional investment scores poorly on the factors the government says it weighs. There is also nothing to appeal: without an open call, there is no application to reject, only projects the CCMA chooses to pursue.

Can you combine it with other funding?

Yes; combining sources is the design. The CCMA is meant to attract private capital, and its first agreement paired the CCMA with a Canada Growth Fund investment, and the announcement notes the project also has potential for support under the B.C. Strategic Investment Fund. Programs such as the FLMF fund the enabling infrastructure around a project, which is a different job from investing in the project itself.

Frequently asked questions

What happened to the Critical Minerals Sovereign Fund?

It became the Canada Critical Minerals Accelerator (CCMA). Natural Resources Canada's launch announcement of July 7, 2026 says Budget 2025 announced $2 billion over five years to establish the Critical Minerals Sovereign Fund, now the CCMA.

Can a company apply to the Canada Critical Minerals Accelerator?

Not through an application. As of September 2026 there is no open call for proposals: the CCMA identifies the proponents whose projects best align with its objectives. A company that wants to discuss a project can email NRCan's Critical Minerals Centre of Excellence at [email protected].

Is the Critical Minerals Sovereign Fund a grant or a loan?

Neither. It is a federal investment vehicle. The CCMA's financing tools include equity, loan guarantees and supply agreements, and NRCan says that, unlike traditional grants and contributions, it uses investment tools that generate returns that can be reinvested.

How big is the Critical Minerals Sovereign Fund?

Budget 2025 provided $2 billion over five years, on a cash basis, starting in 2026-27, to Natural Resources Canada to create the fund, plus $50 million over five years to support its delivery. The CCMA program page does not list a per-investment amount or a minimum project size.

Who decides which projects get CCMA money?

A Ministerial Investment Board co-chaired by the Minister of Energy and Natural Resources and the Minister of Finance. Export Development Canada, working with Natural Resources Canada, proposes investment packages; NRCan guides policy direction and EDC leads the execution of investments.

What can a small critical minerals company apply for instead?

As of September 2026, the contribution stream of the Critical Minerals Research, Development and Demonstration (CMRDD) program accepts expressions of interest on a continuous basis for pre-commercial processing, recycling and extraction technology projects. Exploration companies can also raise flow-through share financing that qualifies investors for the 30% Critical Mineral Exploration Tax Credit.