Government welcomes Canada Growth Fund investment to support the expansion of Canada’s largest operating lithium mine

From: Department of Finance Canada

News release

May 12, 2026 – La Corne, Quebec - Department of Finance Canada 

Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed an investment of up to C$145 million by the Canada Growth Fund to support the expansion of North American Lithium (Project or NAL), Canada’s largest operating lithium mine, located in Quebec’s Abitibi region, owned by Elevra Lithium Limited (Elevra).

This investment will support a staged brownfield expansion of the mine to increase production capacity, improve cost competitiveness, and strengthen the North American lithium supply chain. The Project is expected to support approximately 252 existing jobs in the area.

Growing Canada’s lithium production is critical to strengthening a secure, domestic supply—an essential component in rechargeable batteries, including those for electric vehicles and renewable storage systems. Strengthening production at home will help accelerate the country’s transition to a low‑carbon future while reinforcing its position as a key player in the global clean energy economy.

Today’s announcement furthers the government’s plan to position Canada as a leading global supplier of responsibly sourced critical minerals, while spurring economic growth and creating good jobs as part of a net-zero future. 

Quotes

“This Canada Growth Fund investment delivers real benefits for Quebec and the Abitibi region, and creates lasting value for Canadians across the country. By expanding responsible lithium production here at home, we are strengthening Canada’s position as a reliable supplier of the critical minerals that power the clean technologies of today and tomorrow. Lithium is essential to electric vehicles and energy storage, and this project will support good jobs, drive innovation, and help us build a more secure, low‑carbon economy.”

- The Honourable François-Philippe Champagne, Minister of Finance and National Revenue

Quick facts

  • The NAL mine complex is currently Canada’s largest lithium producer.

    • Based in La Corne, a municipality in Quebec’s Abitibi-Temiscamingue region, located approximately 60 km north of Val-d’Or, NAL is a major mining centre with a skilled local workforce.
    • This revitalised brownfield site comprises an open-pit mine and spodumene concentrator, leveraging Québec’s sustainable hydroelectric power and year-round road and rail access.

  • The Canada Growth Fund is a $15 billion arm’s length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is managed by Canada Growth Fund Investment Management, a wholly owned subsidiary of Public Sector Pension Investment Board and the exclusive, arm’s length and independent manager of the Canada Growth Fund.

  • The Canada Growth Fund makes strategic investments to help grow Canada’s economy at speed and scale on the path to emissions reductions, in the interest of remaining competitive globally over the longer term by:

    • Reducing emissions while promoting economic growth and Canadian competitiveness;
    • Accelerating the deployment of key technologies, such as low-carbon hydrogen and carbon capture and sequestration;
    • Scaling-up companies that will create jobs and drive productivity and clean growth across new and traditional sectors of Canada’s industrial base;
    • Encouraging the retention of intellectual property in Canada; and,
    • Capitalizing on Canada’s abundance of natural resources and strengthening critical supply chains to secure Canada’s future economic and environmental well-being.

  • As of May 2026, the Canada Growth Fund has announced 23 transactions, committing over $5 billion across six provinces.

Contacts

Media may contact:

John Fragos
Press Secretary
Office of the Minister of Finance and National Revenue
john.fragos@fin.gc.ca

Media Relations 
Department of Finance Canada 
mediare@fin.gc.ca 
613-369-4000

General enquiries

Phone: 1-833-712-2292 
TTY: 613-369-3230 
E-mail: financepublic-financepublique@fin.gc.ca

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2026-05-12