Pre-Release Edition PRE-RELEASE|ONTARIO MINING AND TORONTO'S FINANCE HUB 2026 StephenLecce Prime Minister Carney has also been a key supporter of the ‘OneProject, One Process’ initiative, which was officially launched bythe government of Ontario on October 17, 2025. Tandon contin-ued: “The ‘One Project, One Process’ initiative is an important steptoward modernizing permittingand reducing duplication across Minister of Energyand Mines, However, transforming this policy from rhetoric to actionableresults is the difficult part. “The rhetoric and policy statements wehave heard from governments are encouraging. Results will dependon action. It is one thing to promote concepts such as ‘One Project, The New Foundations of Mining How will the mining industry be affected by the ‘OneProject, One Process’ initiative? This government believes that we can do better when it comesto Ontario’s regulatory systems in terms of approval times andthe certainty that we can provide investors. We previously werethe second-slowest jurisdiction in the OECD for permit timelines,averaging up to 15 years to build a mine in the province, doublethe time of other provinces. I believe we can do better. The goalof the ‘One Project, One Process’ framework is to make us the International partnerships, progress and people Relationship with the US Mining remains one of the cornerstones of Ontario’s economy, un-derpinning its industrial strength and global reputation as a resourcepowerhouse. In 2024, the province’s 36 active mines produced more “We applaud the federal budget’s focus on criticalminerals as well as Ontario’s ‘One Project, One The ‘One Project, One Process’ policy forms part of the larger Bill 5,formally known as the Protect Ontario by Unleashing our EconomyAct, 2025. This bill was introduced to respond to economic head-winds and accelerate the development of key infrastructure andresources, particularly in response to US tariffs and trade disrup-tions. This is particularly important to the Ontario mining sector, asin 2023, the province exported C$42 billion worth of minerals and does not mean abandoningenvironmental rigor, andresponsible operators The sector contributed C$23.8 billion to Ontario’s GDP, around 3%of total output, while supporting thousands of high-value jobs anddriving investment across the province. With Toronto serving as thefinancial heart of global mining capital, Ontario stands at the inter- Has the federal government been supportive of Ontario’smining sector? When it comes to resources and energy, we are taking a ‘TeamCanada’ approach. The federal government proved this by an-nouncing a Critical Minerals Sovereign Fund in its most recentbudget to help us deliver more downstream jobs to Canadians. Weshare a common objective of unlocking our economic potential Shaun Usmar,CEO, Vale Base Metals MineConnect represents many of the mining industry’s key sup-pliers right across Ontario after expanding to the southern portion ofthe province over the last couple of years. Marla Tremblay, executivedirector of MineConnect, explained: “In response to tariff uncertain-ty, some companies have begun stockpiling raw materials from the Elected as Canada’s 24th prime minister on March 14, 2025, MarkCarney has already shown his commitment to developing the coun-try’s mineral endowment. Some political commentators predictNATO will raise its spending target to at least 3.5% of GDP within thenext decade. Carney made clear that critical minerals projects willaccount for a significant share of Canada’s contribution, in collabora-tion with NATO members in the EU and UK. In June, he announced We will be working with the federal government to cut du-plicative red tape. One example of this is the environmentalassessment on the building of roads in the Ring of Fire. WithChina’s dominance in REEs, working together to ensure a steadyand responsible supply of minerals and metals is key for our se- see a strong alignment between provincial and federal governmentsin recognizing mining as a strategic priority. It is encouraging thatboth levels of government are emphasizing mining’s significant posi-tive impact on Canada’s economy, the importance of permitting ef-ficiency, and Indigenous partnerships. Coordination is essential to Clarification on the future of the Canada-US trade relationship isparticularly important for smaller towns in northern Ontario, wheresmall changes in the economic outlook of businesses can have far-reaching implications. Tremblay added: “In smaller communities,where a single business may employ 50 people, even modest work-force changes can be significant. It is not just about sales, it is about What led to the decision to select the PAK lithium projectas the first to benefit from ‘One Project, One Process’? Increasingexplorationsuccess The province will need more power, and this was one of thereasons behind naming Frontier Lithium’s PAK property as thefirst designation of ‘One Project, One Proc