2025-06-19
Tomngat Metals said on June 17 that it had received $165 million in government funding (about $120 million), including a $110 million bridge loan from Export Development Canada and a $55 million infrastructure loan from the Canada Infrastructure Bank. The financing will be used for the company’s early construction of the Strange Lake rare earth project in northern Quebec.
The project is scheduled to start construction at the end of 2026 and begin operations in 2028. It will cost $2 billion and produce about 15,000 tons of rare earth oxides annually. More than half of Strange Lake’s production will be classified as heavy rare earth elements, making it a standout among North American rare earth projects, particularly dysprosium and terbium, which would make it the largest producer of heavy rare earths in North America and one of the largest outside of China.
