Canada-Ontario Cooperation Agreement Implements “One Project, One Review, One Decision” Framework
Governments Commit to June 2026 Federal Review Completion for Ring of Fire Roads
TORONTO, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Northfield Capital Corporation (TSX-V: NFD.A) (or “Northfield”) and Juno Corp. (or “Juno”) welcome the recent announcement that Prime Minister Mark Carney and Ontario Premier Doug Ford have signed a historic Cooperation Agreement to eliminate regulatory duplication and accelerate responsible development of Ontario's Ring of Fire mineral region.
The agreement establishes a “One Project, One Review and One Decision” framework for major resource projects in Ontario, with the federal Impact Assessment Agency of Canada (“IAAC”) committing to complete its environmental reviews on the same timeline as provincial assessments. Under a separate side agreement, IAAC has committed to completing its environmental reviews for the proposed Ring of Fire road infrastructure by June 2026.
“This is a watershed moment for responsible resource development in Northern Ontario,” said Robert D. Cudney, Chief Executive Officer of Northfield and Juno. “For over a decade, the Ring of Fire has represented one of the most significant untapped mineral regions in the Western Hemisphere. Today's agreement demonstrates that the federal and provincial governments recognize the strategic importance of these resources and are committed to advancing development.”
Juno holds extensive mineral exploration properties in the Ring of Fire region, including titanium-vanadium-iron-scandium-gallium mineralization proximal to the proposed infrastructure corridor. The Webequie Supply Road and Marten Falls Community Access Road are essential infrastructure projects that would provide all-season access to these communities and the mineral-rich region for the first time.
Strategic Implications for Northfield and Juno
The Ring of Fire region hosts critical minerals essential to the global energy transition, including titanium, vanadium, nickel, copper, chromite, platinum group elements, scandium, gallium, and rare earth elements, as well as gold and silver. Juno’s extensive mineral claim portfolio in the region positions it to benefit directly from improved infrastructure access, which is the primary prerequisite for economic mineral development in this remote area.
Northfield holds a significant ownership position in Juno as part of its investment portfolio. The acceleration of Ring of Fire infrastructure development represents a positive catalyst for Northfield's investment thesis in the mineral rich region.
About Juno Corp.
Juno Corp. is a private Ontario-based exploration company and the largest mineral claim holder in the Ring of Fire. With 5,300 square kilometres of claims representing over 52% of the district, Juno is at the forefront of unlocking the region's critical mineral and gold potential through innovation, collaboration, and responsible exploration. The Company has signed agreements with three nearby First Nations communities to foster economic participation and support for local cultural and commercial activities.
About Northfield
Northfield is a publicly traded, leading Canadian investment firm with deep roots in resources, mining, aviation, and premium alcoholic beverages. Founded in 1981 by Robert D. Cudney, Northfield combines decades of experience with forward-thinking strategies to unlock opportunities across its diverse portfolio. Northfield is dedicated to fostering growth and innovation in businesses that drive economic prosperity in Canada.
For more information, visit www.northfieldcapital.com.
For further information, please contact:
Michael G. Leskovec, CPA, CA
Chief Financial Officer
Telephone: (416) 628-5940
Email: info@northfieldcapital.com
Qualified Person
Scott Zelligan, P. Geo. (PGO #2078), Director of Exploration for Juno Corp. is considered a “Qualified Person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical disclosure contained in this news release.
Forward Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements concerning: the anticipated timing of environmental assessment completion, including the commitment by the Impact Assessment Agency of Canada to complete its reviews by June 2026; the potential benefits of the federal-provincial cooperation agreement to Northfield and Juno; the strategic importance of Ring of Fire critical minerals; the potential construction of the Webequie Supply Road and Marten Falls Community Access Road; the potential for improved access to Juno's mineral properties; and the potential benefits of infrastructure development to Northfield's investment in Juno. Forward-looking information is identified by the use of terms and phrases such as "would", "positions", "benefit", "committed", "accelerate", "advancing", "catalyst", and similar terms and phrases, including references to assumptions.
Forward-looking information is based on certain assumptions, including: that the federal and provincial governments will implement the Cooperation Agreement as announced; that IAAC will complete its environmental reviews within the stated timeline; that necessary approvals and permits for road infrastructure will be obtained; that First Nations engagement and consultation processes will proceed as anticipated; that there will be no material changes to government policy or regulatory frameworks; that economic conditions will remain favourable for infrastructure development and mineral exploration; and that Juno will be able to maintain its mineral claims in good standing.
Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including: changes in government policy, priorities, or regulatory frameworks at the federal or provincial level; delays or changes to environmental assessment processes; changes in relationships with First Nations communities or outcomes of ongoing legal proceedings related to Ring of Fire development; failure to obtain necessary permits, approvals, or authorizations; changes in the scope, design, or timing of proposed infrastructure projects; fluctuations in commodity prices; changes in general economic conditions; the ability to secure financing for exploration activities; and other risks described in the continuous disclosure documents of Northfield and Juno filed on SEDAR+ at www.sedarplus.ca.
Although management of Northfield and Juno has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release is based upon what the respective management of Northfield and Juno believes, or believed at the time, to be reasonable assumptions, Northfield and Juno cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Northfield and Juno do not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
