Mark Selby has been in senior management of mining companies for several decades.  He is a recognized authority on global nickel market since leading the commodity research and strategy functions for the last of the large standalone Western World nickel producers, Inco, back in early 2000s before it was acquired by Vale in 2006.  Active in nickel for more than 20 years and currently leading Canada Nickel Company.

Nickel is in the headlines for all the wrong reasons, with prices near four-year lows and a general retreat of active capital across much of the mining sector. Yet, periods of low sentiment often present the most compelling opportunities — for those who understand the underlying dynamics.

At Canada Nickel, we’re proving it’s possible to finance and advance the largest nickel deposit in North America (as we finalize our offering of more than CAD$19.4million), even with sentiment at decade-long lows.

So, how did we do it? Four pillars:

• commodity with long-term fundamentals
• location with good infrastructure
• experienced team to tie it all together
• shared vision with shareholders

Commodity fundamentals

First and foremost, focus on a commodity with robust, long-term fundamentals. 

Nickel prices may seem low, but nickel demand growth, driven by electric vehicles and stainless steel, has been underestimated, surging 9-10% annually since 2020, with electric battery demand projected to increase x25 by 2040.

Indonesia’s dominance in global nickel supply — more than 60% in 2024 — is starting to manage production and exports more intently as ore grades start to decline. We are already seeing Indonesian ore prices rising, signalling a squeeze from the bottom that will eventually impact global nickel prices.

This creates an imperative for new, reliable, and ethically sourced supply outside of the Indonesia-China nexus. We are at a pivot point in 2025.

Location, infrastructure, community

Mining is challenging enough, without compounding your difficulties by chasing high-grade deposits in remote, unsupported regions where years and millions of investment will be needed to build out infrastructure and base camps because you don’t have access.

CEOs can quickly be seduced by chasing high-grades and leave political risk as a secondary, even tertiary concern. You should flip this equation — and instead focus on regions with infrastructure (—roads, power, water, and rail) and, crucially, community support.

Our Crawford Nickel Project, for instance, is located in the Timmins Nickel District, a well-established mining camp that offers a skilled local workforce and easy access to contractors. This vastly reduces the time and capital needed for development, mitigating the risk of cost blowouts that can plague projects in less accessible areas. Furthermore, deep engagement with local stakeholders, as demonstrated by the record-setting $20 million investment from Taykwa Tagamou Nation in Canada Nickel, provides an unparalleled level of trust and support.

The team

Team is the glue that holds everything together.

The very existence and swift advancement of Canada Nickel’s flagship Crawford project and the broader Timmins Nickel District are direct testaments to the strength, expertise, and collaborative effort of our leadership team.

Our journey began with what we call our so-called “magic map” – a proprietary geophysical model developed by Steve Balch, our VP Exploration, that allowed us to systematically identify over 20 ultramafic targets in the Timmins region, dwarfing our flagship Crawford project’s footprint by 25 times. The team boasted a 98% success rate in intersecting target mineralisation on the drilled properties.

The reserves were all there, but you need an experienced team to transform data and insights to ensure this vast district would not remain undiscovered.

We then moved quickly to consolidate 35-40 deals over two years with various landowners. Pierre-Philippe Dupont, VP Sustainability, has been instrumental in navigating the complex permitting process and accelerating project development, from discovery to a construction decision, in less than a decade.

Like-minded investors

Last, but not least, we get to the money.

To secure financing you need to find a core group of shareholders who share your long-term view of the commodity.

These are not just financial investors; they are strategic partners who understand the macro environment and the unique value proposition of your project. 

Canada Nickel has successfully attracted cornerstone investors like Agnico Eagle, Samsung SDI, and Anglo American, whose backing provides immense validation and opens doors to further funding. 

Moreover, the political landscape has dramatically shifted. Governments, particularly in North America, now explicitly recognize critical minerals as a national security issue, driven by the need to de-risk supply chains from regions dominated by China. This has translated into tangible support, including significant government funding initiatives like the Canadian Critical Minerals refundable tax credits and Carbon Storage refundable tax credits, Export Development Canada’s involvement, and provincial funds like Ontario’s Critical Minerals Processing Fund.

Our NetZero Metals subsidiary aims to develop North America’s largest nickel processing and stainless/alloy steel facilities in Timmins, adding value by transforming concentrates into end-market products and allows us to pursue offtake agreements with companies like Samsung SDI and explore funding opportunities tied to end-users in Europe and Asia

Conclusion

There’s an element of luck in discovering any large, high-grade ore deposit, but in financing and developing any mining project you can — and need — to manage as many of the other variables as you can influence.

Know your commodity, secure your location, and get the best team you can find.

It’s not for the faint of heart. It demands a clear vision, rapid execution, diverse funding strategies, patience and an unwavering belief in the long-term fundamentals of your commodity.

And the West has a whole series of metals it needs to secure, having outsourced production to China for decades. As China’s environmental regulations tighten and its own resources are depleted, the opportunity for new, responsibly sourced supply in stable jurisdictions like North America is immense. For those ready to make a contrarian play, the current market, despite its challenges, is ripe for the development of the next generation of critical mineral projects.