06:48 AM EST, 03/08/2024 (MT Newswires) -- RBC Capital Markets has noted that Suncor (SU.TO, SU), along with the Fort McKay First Nation (FMFN), announced the signing of a memorandum of understanding on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo, and, respectively, FMFN Traditional Territory.

"While this oil sands deposit is highly prospective, its development is unclear and would likely be long dated in nature."

On Additional Details, RBC noted:

- Under the memorandum, Suncor is progressing early stage technical and commercial feasibility assessments to determine the

quality and quantity of economically recoverable mineable ore on Lease 174C, which is FMFN reserve land.

- Lease 174C appears to be located just southeast of Suncor's Fort Hills (100% wi) operation, providing potential synergies as well as the potential for bitumen supply optionality beyond 2040.