Our future depends on a product we barely notice: aluminum. From power grids and transportation systems to consumer products and energy storage, our lives run on it.
At the same time, aluminum’s supply quality is declining, and the product remains concentrated in a small number of regions far from North America. The world’s electrified economy needs more of it, and the supply solution is closer than anyone expected. Offering a potential generational opportunity in the province of Saskatchewan.
Located in east-central Saskatchewan, Canadian Energy Metals has identified North America’s first major alumina discovery, the Thor Project. A world-leading polymetallic black shale deposit that spans 1,111 square miles of flat prairie farmland. It’s a multi-metal, multi-product, multi-generational asset with alumina as its primary resource and strategic advantage.
Thor’s deposit stands out due to its geology, geography, and geopolitics.
Its geology has an immense scale with 16 billion tonnes of measured resource, 33 billion tonnes of indicated resource, and 87 billion tonnes of inferred resource. To date, there are 2.2 billion tonnes of measured alumina and 4.6 billion tonnes of indicated alumina.
Beyond its scale, the deposit’s near-surface geology supports a more efficient extraction process compared to traditional bauxite mining methods. Outlined in the company’s January 2026 Preliminary Economic Assessment, “the [CEM] process has significant technical and economic advantages over traditional processing methods.” (Source: Hatch).
Unlike traditional alumina supply chains that have historically depended on long transoceanic shipping routes, the Thor Project geography places it in the heart of North America. The project is located near a network of established roads and rail with direct access to the U.S. Midwest and Canada’s industrial heartland.
The Province of Saskatchewan offers the Thor Project its geopolitical advantage. Saskatchewan is consistently ranked among the world’s premier mining jurisdictions. The 2025 Fraser Institute’s Annual Survey of Mining Companies has recognized the province’s supportive policy environment and regulatory clarity that seeks to limit uncertainties plaguing other jurisdictions.
Premier Scott Moe praised the “prospect of a new alumina industry setting up shop in our province” following the release of the company’s preliminary economic assessment in early 2026.
In the short term, CEM is looking at its prefeasibility study in 2026, including engineering the design of a commercial demonstration plant, and potential partnerships with both industry and financial investors.
With its scale, location, and resource potential, the Thor Project represents a generational opportunity for Saskatchewan to seize a mine-to-metal strategy with multiple development options to secure North America’s aluminum supply chain.
Cautionary note regarding forward-looking information
This publication contains forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively, forward-looking statements). Forward-looking statements in this publication include, but are not limited to, statements regarding the company’s strategic initiatives, the anticipated role of its financial advisors, the evaluation of potential partnerships or monetization opportunities, and the advancement of the Thor Project.
Forward-looking statements are based on management’s current expectations, estimates and assumptions as of the date of this publication, and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These factors include, among others, the company’s ability to identify and complete strategic transactions, the availability of financing on acceptable terms, general economic and market conditions, and other risks inherent in the development of mineral projects.
There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
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