Drumbeats: Canadian Indigenous Investment Podcast

This episode examines Indigenous investment in Canada, institutional capital, and Indigenous partnerships, as well as why Indigenous-led finance is now central to infrastructure, energy, and natural resource investment outcomes. Under Dawn Madahbee-Leach leadership a $150,000 First Nation–owned loan fund scaled to more than $170 million, supporting more than 4,000 projects across Canada. In this episode of Drumbeats, she joins Mark Magnacca and Rob Brant to examine what that growth reveals about Indigenous-led capital, governance, and long-term economic value creation. Recorded on the 10th anniversary of Canada’s Truth and Reconciliation Commission, this conversation offers a rare, inside perspective on the National Indigenous Economic Strategy for Canada a landmark framework authored by Indigenous leaders and 25 national organisations, outlining 107 calls to economic prosperity across four pathways: people, land, finance, and infrastructure. Dawn explains how corporations, institutional investors, and government agencies are already implementing elements of the strategy, reshaping procurement, equity participation, and significant project development in the energy, infrastructure, mining, and trade sectors. She also shares what senior decision-makers should watch for ahead of the 2027 progress report and why Indigenous partnerships are no longer optional but foundational to successful investment in Canada. This episode is essential listening for institutional investors, policymakers, corporate leaders, and Indigenous economic leaders as they navigate the future of capital, reconciliation, and economic sovereignty.

Canada's largest Indigenous equity partnerships aren't happening by accident - they're the result of deliberate corporate strategy, government support, and Indigenous communities' increasing interest in owning infrastructure that operate in their territories. Enbridge has been at the centre of this important work, having completed multiple transaction since 2022.

Until December 2025, Emily Black served as Director of Strategic Projects and Partnerships at Enbridge Inc., where she led a landmark Indigenous equity transaction with 38 First Nations in British Columbia, the first transaction to utilize the government of Canada's Indigenous Loan Guarantee Program. Emily has now been appointed Director of Corporate Strategy for Enbridge, one of North America's largest infrastructure companies with operations spanning liquids pipelines, gas transmission, gas distribution, and renewable power across Canada, the United States, and Europe.

Mark and Rob kick off 2026 by exploring the Canadian levée tradition, tracing its origins back to 1606 and highlighting how Indigenous participation has been fundamental to this relationship-building custom since the very beginning.

The episode features the \"Best of Drumbeats 2025,\" showcasing highlights from the top 10 most influential guest conversations—including insights from leaders like Clint Davis, Harold Calla, and Jaimie Lickers—that define the current state of Indigenous investment and capital flow.

Looking ahead, the hosts discuss the massive 2026 project pipeline, with over $116 billion in energy and mineral developments now referred to the Major Projects Office, all requiring meaningful Indigenous partnership for successful execution.

In this special Christmas episode, Mark Magnacca and Rob Brant revisit the pivotal moments of 2025 that redefined the Canadian Indigenous investment landscape, from the historic scale of the second annual summit at the London Stock Exchange to the rapid passing of Bill C-5. The co-hosts discuss the multi-billion dollar pipeline of LNG, nuclear, and critical mineral projects, emphasizing why authentic equity participation and board seats for Indigenous nations have become the new standard for project success. They also unpack the strategic pivot beyond North American trade, highlighting Canada's strong fiscal position as a stable global energy partner for the future.

In Part Two of our conversation with Chief Ouray Crowfoot, the former CFO and Chief of Siksika Nation reveals exactly how billion-dollar First Nations are deploying capital and how international investors can engage.

This is where theory becomes practice. Chief Crowfoot provides specific details about Siksika's investment portfolio: majority stakes in hotels including Calgary's Westin (95% ownership) and the Kananaskis Lodge where the G7 Summit was held (35% ownership), infrastructure assets like bridges and pipelines, and professionally managed accounts generating 20-25% annual returns. With $200-300 million in annual excess capital, Siksika has moved from government subsidy dependence to active capital deployment.

But the conversation goes deeper than current assets. Chief Crowfoot shares his vision for Siksika to develop a $100 million private equity account focused on emerging sectors like AI, following the Southern Utes model in Colorado who manage a $13-14 billion USD trust. He explains the strategic decision to start with Canada's major banks (RBC, TD) to build community comfort, then gradually bring in specialized managers for small-cap, emerging markets, and growth strategies.

Why would a KPMG and Ernst & Young alumnus leave corporate America to become Chief of a First Nation in Alberta? Because Chief Ouray Crowfoot saw investment potential that most people miss - and he had the financial expertise to unlock it.

In this episode of Drumbeats, Chief Crowfoot shares how he's applying Big Four accounting principles to Indigenous economic development at Siksika Nation. Located just one hour east of Calgary, Siksika occupies strategically valuable territory. But as Chief Crowfoot learned during his six years of leadership, location advantages mean nothing without the right business capabilities and mindset.

With undergraduate and graduate degrees in finance and accounting, Chief Crowfoot understands what institutional investors need: sophisticated governance, transparent financial management, and clear partnership structures. His mother's philosophy - ""a computer in one hand and a drum in the other"" - captures the balance he's pursued: maintain cultural identity and traditional knowledge whilst building modern business capacity.

Ontario is doubling its transmission grid by 2040 through Indigenous equity partnerships - and doing it faster than jurisdictions still treating Indigenous engagement as compliance.

In this episode of Drumbeats, Matthew Jackson, Vice President of Indigenous Partnerships and Business Development at Hydro One Networks Inc., reveals how Canada's largest transmission company completely transformed its approach to Indigenous partnerships. The result? First Nations are now actively advocating to government for Hydro One's transmission projects in their territories.

Matthew leads partnership strategy at Hydro One, which operates over 90% of Ontario's transmission infrastructure across a territory five times the size of the United Kingdom. With a multi-billion-dollar capital investment programme and 14 transmission projects underway, Hydro One has implemented 50-50 equity ownership structures with Indigenous communities - proving that genuine economic

How do indigenous communities actually access Europe's £400 billion sustainable bond market? Part 2 provides the implementation roadmap.

Aude Rajonson from London Stock Exchange Group explains the preliminary steps debut issuers must take: creating sustainable bond frameworks with trusted advisers, identifying community priorities that align with ICMA principles, and engaging European impact investors who control 90% of global sustainable bond fund assets.

The flexibility is remarkable. Investment grade and high yield both qualify. Canadian dollars are accepted. Tenors are agnostic. The requirement is adequate disclosure in your prospectus for the investor base you're targeting.

Europe sits at the forefront of sustainable finance with sophisticated appetite for social and environmental outcomes. For indigenous communities addressing infrastructure gaps with measurable impact, this episode provides the step-by-step guidance for accessing concentrated European capital.

Essential listening for indigenous communities exploring international markets and institutional investors evaluating partnership opportunities.

The London Stock Exchange's sustainable bond market represents $400 billion in securities across 16 currencies, serving 1,200+ debt issuers from 90+ countries. But can Canadian Indigenous communities actually access these markets?

In this first of two episodes, Aude Rajonson, Head of Fixed Income Origination at LSEG, answers this question definitively. She explains how LSEG's sustainable bond market works for debut issuers.

We asked the critical questions: What's the minimum deal size? Do you need ratings? Can you issue in Canadian dollars? The answers remove common barriers. LSEG has no minimum size requirement - $10 million private placements to $500 million public benchmarks all qualify. Canadian dollar issuance is fully supported. Ratings are common but not mandatory. Fee structure is upfront only, no annual costs.

Beyond practical access, Aude explains how the sustainable bond market evolved over ten years from pure green bonds to include social bonds (healthcare, education), sustainability-linked bonds, and innovative structures responding to community needs.

Part 2, which releases next week, explores specific innovations like blue and green bonds and the practical steps for debut issuers to access these markets.

Essential listening for institutional investors with sustainable finance mandates and Indigenous communities exploring international capital markets.

In this landmark episode of Drumbeats, we step beyond Canada for the first time to explore how Canadian Indigenous partnership models are transforming investment approaches worldwide. Juan Dumas, co-founder and partner at Meliquina, shares extraordinary insights from mediating disputes across Latin America - revealing patterns about project risk that fundamentally challenge conventional investor thinking.

Juan's career began in 1999 mediating environmental and social disputes in Argentina before moving to Ecuador, where he spent years resolving conflicts between development finance institutions, energy companies, and Indigenous communities. Working on renewable energy projects across Guatemala, Mexico, and Honduras, he encountered a pattern that would reshape his entire career: intense community opposition to projects with minimal environmental impact. When Juan asked community leaders privately whether they would build these projects themselves, every single one said yes.

The conclusion was unavoidable: communities weren't opposing projects because of environmental concerns - they were frustrated about being excluded from economic opportunities happening on their own territories. This realisation led Juan and his partner Michelle Haig (formerly in private equity renewable energy investment) to establish Meliquina, applying Canada's equity partnership model to Latin American renewable energy development.

For institutional investors evaluating Canadian opportunities - or infrastructure projects anywhere with Indigenous considerations - this conversation provides essential strategic intelligence. Juan's argument is compelling: when presented with equity partnerships, investors should ask "how well was this partnership structured?" because well-designed community involvement from scratch represents the strongest possible indicator of project success.