Sylvain Lépine General Manager NQ INVESTISSEMENT MINIER
Could you elaborate on the composition of the fund’s portfolio?
We began by diversifying our portfolio across several commodities. We invested in companies focused on lithium, gold, copper and even industrial minerals. This approach allowed us to balance our exposure. We also diversified based on company size, including both large-cap firms and smaller juniors with early-stage projects. Why is Northern Québec the central focus of the fund?
Northern Québec is incredibly rich in minerals, and every company there brings a different vision and mission. The region hosts a wide range of commodities, from lithium and copper to scandium, zinc, and others. We see ongoing exploration even in areas where commodity prices are currently low, which shows the commitment of these companies to long-term development. How important is sustainability in your investment decision-making?
Sustainability is essential for us. We prioritize companies that hire locally, procure goods and services locally, and operate with a strong environmental, social, and governance (ESG) framework. How do institutional funds like NQ fit into Canada’s broader mineral development strategy?
The federal and provincial governments are heavily investing in infrastructure in Northern Québec, which is crucial. It is not enough to identify mineral projects; we need to connect those projects with roads, electricity and essential services. The collaboration between the Canadian and Québec governments in this area is key. Funds like ours complement that effort by making sure capital is available to support exploration and early-stage development. What are your goals for 2025 and beyond?
Our focus is on increasing both our visibility and our investment volume. We want more companies to understand who we are, what we do, and how we can support them. After 2025, we will evaluate and plan for 2026, but for now, our priority is to build on our foundation and grow responsibly.
Patrick Beauchesne CEO SOCIÉTÉ DU PLAN NORD
The Société du Plan Nord is celebrating its 10th anniversary this year. How would you summarize that decade?
Over the past decade, Société du Plan Nord (SPN) has executed three major government-approved plans to develop Northern Québec, focusing on infrastructure rather than direct mining investments. Key achievements include a CA$9 million logistics hub in Matagami for lithium transport, co-funded with mining partners, and a CA$700 million restoration of the Billy-Diamond Highway. A C$315 million transformation of the Société ferroviaire et portuaire de Pointe-Noire’s iron ore transportation hub has further upgrades planned to double its capacity to 40 million t/y, with a feasibility study underway. The current Northern Action Plan (2023‑2028) allocates CA$2.6 billion primarily to infrastructure, emphasizing coordinated efforts with Investissement Québec and other agencies, showcasing SPN’s leadership in strategic northern development. What are the key infrastructural bottlenecks still facing Northern Québec today?
Northern Quebec’s mining sector still faces major infrastructure challenges, particularly in transporting minerals from remote sites. Société du Plan Nord promotes a multi-user approach to infrastructure, aiming to shift the sector away from isolated, mine-specific models. Encouraging shared logistics is difficult but seen as vital for sustainable development over the next decade. How do you work with other funding sources, like the federal Critical Mineral Infrastructure Fund?
Société du Plan Nord coordinates closely with federal programs, including Canada’s CA$1.5 billion critical minerals fund led by Natural Resources Canada, to avoid duplicating efforts. Given the high infrastructure costs, combining funding sources is essential. The organization informs developers about available federal and provincial tools, ensuring projects access the necessary resources. What work does Société du Plan Nord do to support Indigenous communities?
SPN collaborates closely with Indigenous communities across Northern Quebec to support critical infrastructure and community well-being. In Nunavik, partnerships with Makivvik and the Kativik Regional Administration address urgent issues such as housing, drinking water supply, and outdated maritime infrastructure.