Ontario Launches $500 Million Critical Minerals Processing Fund

Fund will strengthen the province’s end-to-end critical minerals supply chain and protect Ontario workers

As part of its plan to protect Ontario, the Ontario government has officially launched the $500 million Critical Minerals Processing Fund (CMPF), which will provide strategic financial support to projects that accelerate the province’s critical minerals processing capacity and strengthen domestic supply chains. First announced in the 2025 Budget, the CMPF will strengthen the province’s position as a global leader by ensuring critical minerals mined in Ontario are processed and refined in Ontario, by Ontario workers.

“As global demand for critical minerals rises across leading industries, our government is meeting the moment by increasing Ontario’s domestic processing capacity,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through the Critical Minerals Processing Fund, we are building a complete, made-in-Ontario critical minerals supply chain that will create good-paying jobs for workers, strengthen the economy and reinforce our province’s position as a global leader in this critical sector.”

The CMPF complements the government’s ongoing efforts to unlock the economic potential of Ontario’s mineral resources sector in the Ring of Fire and across Northern Ontario. By ensuring existing mineral processing facilities can maximize their production and supporting the construction of new operations, the government is boosting Ontario’s manufacturing competitiveness and building a more resilient and self-reliant economy equipped with the tools needed to meet growing domestic and international demand for critical mineral resources. The CMPF will be delivered through Invest Ontario, the province’s investment attraction agency.

"We are finally ending the ripping and shipping of Canada's vast resources by stepping up with a plan to build mines faster and expand domestic processing,” said Stephen Lecce, Minister of Energy and Mines. “This is about protecting Ontario workers by ensuring 'Made in Canada' is stamped on the minerals we process, creating thousands of good-paying jobs right here at home. We will continue to lead the clean energy economy by unapologetically opening new markets for the most ethically sourced resources on Earth."

Ontario’s critical minerals advantage will play a key role in growing the province’s strategic sectors, including defence, electric vehicle (EV) and battery manufacturing, technology, aerospace and advanced manufacturing. By expanding production capacity through the CMPF, Ontario will be positioned to provide these industries with secure, reliable access to responsibly sourced materials, ensuring local manufacturers have the resources they need to adapt and expand in the face of U.S. tariffs and create new, good-paying jobs for Ontario workers.

The CMPF builds on the governments plan to protect Ontario by increasing the competitiveness and resiliency of its manufacturing sector. By lowering taxes, cutting red tape, making strategic investments, speeding up approvals and championing local procurement, the government is positioning the province as the most attractive and competitive economy for growth and investment in the G7.

Quick Facts

• Ontario is one of the most mineral-rich areas in the world and is among the top 10 global jurisdictions for mineral exploration. This includes minerals such as nickel, graphite, copper, cobalt and lithium, which are key inputs in the manufacturing of electric vehicles, renewable energy solutions and other advanced technologies.
• Ontario’s abundant supply of critical minerals includes the vast reserves found in the Ring of Fire, an area almost 5,000 square kilometres located about 500 kilometres northeast of Thunder Bay.
• Businesses looking to determine if their project is eligible for funding under the CMPF can engage with Invest Ontario through the agency’s website.
• Since its inception, Invest Ontario has announced over $12.4 billion in investments by companies, resulting in the creation of more than 11,300 jobs in the province.
• The province is investing nearly $3.1 billion in loans, guarantees, grants and scholarships that would support Indigenous participation, partnership and ownership in Ontario’s critical minerals supply chain.
• As part of the government’s plan to protect Ontario, the Protect Ontario by Unleashing Our Economy Act and the Special Economic Zones Act it introduced, sets out comprehensive legislation that cuts the red tape and duplicative processes that have held back major infrastructure, mining and resource development projects, including in the Ring of Fire.