LISTEN: More than $3 billion in new defence spending lands across the Maritimes, New Brunswick targets antimony as a critical mineral opportunity, and Newfoundland and Labrador secures a landmark offshore oil agreement

This week on the Atlantic Canada Business Report, host Peter McCully covers a wide range of economic, infrastructure, energy, and investment developments across all four Atlantic provinces. Prime Minister Mark Carney has announced more than $3 billion in new defence and infrastructure spending across the Maritimes, with more than $2 billion directed to Nova Scotia and more than $1 billion to CFB Gagetown in New Brunswick. Nova Scotia’s offshore wind sector advanced on two fronts, with Hydro-Québec issuing a formal request for information on purchasing Atlantic offshore wind power and the Powering the Economy Act continuing through the legislature.

New Brunswick launched a competitive process to find a private sector partner to redevelop the former Lake George Antimony Mine — estimated to hold ore valued at over $900 million at current prices. Prince Edward Island issued an expression of interest for battery energy storage and filed for potential electricity export authorization to the United States.

Newfoundland and Labrador secured a landmark benefits agreement for the Bay du Nord deepwater offshore oil project, committing to up to $6.4 billion in direct provincial revenue, and invested $15 million in a new venture capital fund for the province’s growing technology sector.

Highlights:

Atlantic Canada - Mediacorp Canada has announced the Atlantic Canada Top Employers for 2026, recognizing organizations across insurance, construction, seafood, engineering, financial services, and retail in all four provinces.

Nova Scotia - Hydro-Québec has issued a formal request for information on purchasing and transmitting power from future Atlantic offshore wind farms, signalling growing continental interest in the region’s offshore wind potential.

New Brunswick - The province has launched a competitive expression of interest process to find a private sector partner to redevelop the former Lake George Antimony Mine, estimated to hold more than 800,000 tonnes of ore valued at over $900 million at current prices.

Prince Edward Island - The province has issued an expression of interest for a battery energy storage system to stabilize the island’s electricity grid, while Innovation PEI is promoting a trade mission to South Korea for export-ready island businesses.

Newfoundland and Labrador - The government has reached a landmark benefits agreement with Equinor and BP to advance the Bay du Nord deepwater offshore oil project, securing up to $6.4 billion in direct provincial revenue with first oil targeted for approximately 2031.

“This report is based on publicly available reporting from regional, national, and industry news sources.”

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