Ottawa, Washington join forces to fund junior Canadian critical minerals companies in face of Chinese dominance

News Snapshot:

Ottawa and Washington have teamed up for the first time to jointly invest in two early-stage Canadian mining exploration companies, as they attempt to bolster the North American supply chain of critical minerals in the face of Chinese dominance. Cobalt developer Fortune Minerals Ltd. and graphite exploration company Lomiko Metals Inc. have been awarded about $32.4-million in combined funding from both governments. The funding from the U.S. is coming from the Department of Defense under the auspices of the Defense Production Act. U.S. President Joe Biden invoked the act in 2022 to spur investment in critical minerals such as lithium,...