THE DISPATCH

Get out the working pencils, now is the time to get at the plans and iterate.

2026 is going to be a doozy.

If 2025 was the year of "construction," 2026 is shaping up to be the year of "negotiation."

Technically, we are back at it, though judging by the Out of Office replies, most of you are back Monday. The camps are opening, the ice roads are under construction, and Ottawa is bracing for a year that will likely be defined by a single acronym: CUSMA.

Here is what is actually on the radar for January and beyond:

The July 1st Deadline (CUSMA)
It’s the date everyone in the boardroom is circling. July 1, 2026, marks the 6-year "Joint Review" of the Canada-United States-Mexico Agreement (CUSMA). Unlike a standard check-in, this review comes with a "sunset clause" risk.

• The Reality: The US is laser-focused on supply chain security. If you are in critical minerals (uranium, lithium, cobalt) or cross-border energy, your value proposition just became geopolitical. Expect the rhetoric to heat up now, not in the summer.

The Heavyweights Are Online
We spent the last half-decade talking about LNG Canada and Site C in the future tense. No longer. With LNG Canada’s first cargoes moving and Site C’s units coming online over the last 12 months, the narrative shifts from "building" to "operating."

• The Impact: Western Canada finally has the energy export infrastructure it was promised. The question for 2026 is no longer "when will it be finished?" but "how quickly can we expand it?"

AME Roundup: "Minerals for a Changing World"
The industry descends on Vancouver later this month (Jan 26–29) for AME Roundup. The theme this year is Minerals for a Changing World.

• The Vibe: After a year of tight capital markets for juniors, expect the tone to be pragmatic. The focus is shifting from pure exploration plays to projects with a clear line of sight to production—specifically those that fit the North American security narrative.

The Regulatory Squeeze
While the Critical Mineral Exploration Tax Credit (CMETC) remains a key tool, the industry is watching how the new flow-through shares rules are settling in. The capital pools are there, but the "eligible expense" definitions are tighter.

• Note: If you haven't reviewed your 2026 drilling program against the latest CRA guidance on critical mineral eligibility, do it this week.

The "Energy Transition" is no longer a slide deck; it’s a supply chain fight. 2026 is about proving that Canada isn't just a storehouse of resources, but a reliable partner that can actually get them out of the ground before the next trade review.

Let's get to work.

// THE DIRT

Visionary Voices

A CONVERSATION WITH… YOU!

Once a month I’d like to sit down with a reader and tell their story. I’d like that to be you. Hit reply and let me know if you, or someone you know, has a story to share with readers.

READ THE FULL INTERVIEW →

The Canada Edit 

NORTHERN DISCOVERIES

There is a lot stuff worth sharing in Canada and one of the challenges I’ve faced is that it’s really hard to work these into the story. So I’ve created a section that’s simply things I’ve found that I think are interesting. Like a pocket full of rocks.

A Closing Thought

NOTES FROM THE NORTH

We often forget that Canada’s greatest asset isn’t just the rocks, it’s where the rocks are located. We are the stable neighbour. The secure supply chain. The boring option.

In 2026, "boring" is going to command a premium.

While the rest of the world navigates instability, our job is to keep the drills turning, the permits moving (however slowly), and the lights on. It’s not glamorous, but it’s the only strategy that works.

Welcome back.

-Lee

_{If today was yesterday, you’d do it differently.}