Canada’s top CEOs are calling on Prime Minister Mark Carney’s government to establish a national strategic reserve of critical minerals to supply defense industries at home and across NATO. The proposal, published in a new report by the Business Council of Canada, urges Canada to collaborate with allies on securing key materials as geopolitical risks rise and global supply chains remain fragile.

From Mines to Missiles

The Council’s report outlines how Canada could become a global leader in producing and processing raw materials essential to modern defense systems—from cobalt in Newfoundland to graphite in Quebec, platinum in Ontario, and germanium in British Columbia. All 12 of NATO’s listed critical defense minerals are found in Canada.

The proposed reserve would provide NATO members with a stable, secure supply of materials used in advanced military technology, from missiles and submarines to encrypted communication systems. The initiative also supports a broader shift in Canada’s economic and national security posture.

Despite Canada’s natural resource wealth, the report bluntly states that the country is failing to deliver on its potential. “Canada lacks the export infrastructure to fully leverage its natural assets and deliver to allies and trading partners the commodities they need and want,” it said.

To change course, the Council calls for not only investment in energy and mineral development but a reorientation of foreign and trade policy to promote Canadian commodities as tools for strengthening Western defense and energy security.

Aligning with Canada’s New Defense Doctrine

The proposal aligns with the Carney government’s growing emphasis on military readiness. In June, Ottawa committed to meeting NATO’s defense spending target of 2% of GDP and announced immediate increases in its defense budget.

The report, titled “Selling to our strengths,” argues that Canada’s economic growth and security could hinge on its ability to become a strategic exporter of critical inputs in a changing geopolitical landscape.

“The world has changed — and if we play our cards right, it may be changing in Canada’s favor,” the report says. “We can get what we have to those who want it — in a way that increases both economic security and economic growth.”