07:59 AM EST, 11/11/2025 (MT Newswires) -- Finance Minister Francois-Philippe Champagne says his goal is to help make Canada the NATO partner of choice when it comes to supplying critical minerals as defence becomes a focus for many countries, The Canadian Press is reporting.

Refining is the "name of the game" and Canada can do better than just shipping those high-demand materials south in their raw form, Champagne told a Calgary business audience Monday almost a week after he delivered the latest federal budget.

"Exploration, extraction is something. But what we need is refining. That's the key," he said. Minerals like titanium, used to make submarines, are crucial to defence initiatives, he added.

The budget released last Tuesday outlines a plan for a $2-billion "critical minerals sovereign fund" over five years for equity investments, loan guarantees and offtake agreements.

Critical minerals are becoming "decisive" to the competitiveness of countries, Champagne said. "If we left it entirely to the market, I'm not sure we would meet the moment."

On energy, Champagne said "mentalities are changing" around developing oil and gas resources and ensuring they can get to market.

"The fact that the prime minister changed the tone to talk about an energy superpower in both clean and conventional energy, I think has really changed how people perceive these things," Champagne said. "They understand today the nexus between economic security, energy security and national security."

He said Canada needs to "get its act together" on ensuring regulations don't hold such projects back and that there's much more work to be done on boosting its productivity.

"I think we have done a course correction now," Champagne said.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)