Good morning. Ottawa and Alberta are expected to announce the framework of an energy deal today. But even with accelerated reviews from the Major Projects Office, anything resembling a pipeline would face the same political and regulatory pushback confronting the projects currently under review. Those challenges are in focus today.

Lawsuits: Brewing giant Molson Coors Canada has uncovered an alleged embezzlement scheme that led to losses totalling at least $9-million since 2021, court documents show.

Boardroom battles: Barrick Mining Corp.’s lead independent director Ben van Beurden left the Canadian gold miner after plans to make him the successor to John Thornton fell apart.

Cyberwars: The contrarian investor immortalized in The Big Short for his bet against the U.S. housing market is in a war of words with Nvidia.

Canada is making a high-stakes bet on energy and critical minerals. These projects – whose acceleration was announced in two waves this fall – are designed to give the country more control over the resources that will drive the 21st-century economy.

Here’s where the ventures are located:

That’s a lot of projects! And each will run into the limits of Canada’s approvals processes, supply chains, capital constraints, and politics. B.C. Premier David Eby, for one, might not be so quick to shake hands with the Prime Minister when they meet next. (That is, unless Carney and Eby have privately spoken about the obvious: No matter how much economic sense another pipeline might make – and no matter how much Ottawa publicly says it understands – getting one built remains a tall order.)

Any of those challenges could determine whether any of these ambitions ever break ground. Here’s what’s on the table – and where each project lands on the map.

1. LNG Canada Phase 2

Kitimat, British Columbia

• The ambition: Double the size of Canada’s first LNG export terminal to strengthen the country’s role in global gas markets and attract tens of billions in investment.
• The challenge: Environmental scrutiny and questions about long-term global demand as clean energy scales up could make the next investment decision difficult.

2. Darlington’s new nuclear project

Clarington, Ontario

• The ambition: Build the first operational small modular reactor in a G7 nation, powering 300,000 homes and positioning Canada as an early leader in the technology.
• The challenge: Costs have already increased significantly and nuclear megaprojects face long, complex construction timelines.

3. Contrecoeur terminal expansion, Port of Montreal

Contrecoeur, Quebec

• The ambition: Increase container handling by about 60 per cent to expand direct trade and support thousands of construction and port-related jobs.
• The challenge: Environmental approval remains uncertain because of risks to endangered fish habitat, and a foreign partner’s long-term operating role has raised concerns.

4. McIlvenna Bay copper-zinc project

Hanson Lake, Saskatchewan

• The ambition: Launch Canada’s first net-zero copper mine, supplying metals essential for electrification while partnering with the Peter Ballantyne Cree Nation.
• The challenge: The project still requires major capital and must demonstrate its clean-mining commitment to communities and regulators.