Cedar Leaf Capital: Transforming Indigenous Participation in Capital Markets

Overview

Cedar Leaf Capital is the first Indigenous owned and led investment dealer in Canada, focused on fostering greater Indigenous participation in Canada’s Capital Markets.

Their team of seasoned capital market professionals and developing Indigenous talent provides differentiated debt capital markets advice and execution services to Canadian government and corporate clients.

Through active relationship development, coverage and idea generation, they seek to establish roles in dealer syndicates on bond new issue transactions. They act in the capacity of a junior syndicate member in broadly syndicated offerings.

Established through a partnership between Scotiabank and three Indigenous economic development corporations—Nch'ḵay̓ Development Limited Partnership, Des Nedhe Financial LP, and the Chippewas of Rama First Nation—their objectives also extend beyond those of a traditional market intermediary.

Overview

Denison Mines Corp. is advancing the Wheeler River Project, the largest undeveloped uranium project in the eastern Athabasca Basin, Saskatchewan, Canada. Comprising two high-grade uranium deposits, Phoenix and Gryphon, the project stands as a pioneering case in balancing technical innovation, financial robustness, and Indigenous partnership.

A Shared Prosperity Agreement (SPA) with English River First Nation (ERFN) underpins the project, securing social licence and increasing certainty for its development. This Agreement, coupled with in-situ recovery (ISR) mining at Phoenix, positions Wheeler River as a benchmark for sustainable and commercially competitive uranium production.

ERFN’s business development efforts are led by the Des Nëdhë Group of Companies (Des Nëdhë), which has direct or indirect investments in 23 companies with annual revenue of over $100M Canadian. ERFN and Des Nëdhë have become leaders when working with industry, through both their lands and resources department, and Des Nedhe. Impressively, ERFN’s vision for sustainable economic development within their Ancestral Lands and strong advocacy for the protection of the environment and the Nation’s interests has been consistently applied over a period of nearly 50-years, representing the collective will of the people of ERFN.

Speakers

Indigenous-Led: A Competitive Advantage

Cedar Leaf Capital is not just about Indigenous ownership—it is about creating new market opportunities and fostering greater indigenous participation in the capital markets. CEO, Clint Davis, an Inuk from Labrador and a Beneficiary under the Labrador Inuit Land Claim Agreement, leads the firm with a sharp focus on financial performance and Indigenous economic participation.

Unlocking Institutional Market Access

Cedar Leaf Capital’s role in major financial transactions underscores its potential as a key intermediary for institutional investors and Indigenous opportunities in capital markets. Its regulatory approval in October 2024, followed by its inclusion in the Canada Pension Plan Investment Board (CPP Investments) syndicate in January 2025, demonstrates its credibility and market positioning. These milestones solidify investor confidence in the firm’s ability to manage large-scale capital flows effectively.

A Model for Indigenous Economic Sovereignty

For investors looking to align with Indigenous economic self-determination, Cedar Leaf Capital provides a clear pathway. The firm creates new channels for capital deployment that align with long-term stability and sustainable investing criteria. This investor-focused approach makes it a preferred partner for those seeking both financial returns, Indigenous economic reconciliation and measurable impact.

Meet Reconciliation Commitments

Indigenous ownership provides long-term investment stability.

Institutional-Grade Market Integration

The firm’s inclusion in CPP Investments’ syndicate signals its credibility and reliability for institutional capital.

Scalable Sustainability-Aligned Investment

Cedar Leaf Capital offers a structured, transparent model for investors looking to integrate Indigenous participation into their portfolios.

Proven Market Impact

The firm’s financial structure ensures both capital appreciation and long-term Indigenous economic empowerment.

Cedar LNG: One of the largest Indigenous-Infrastruture Projects in Canada. Source: Canadian Energy Centre & Mining.com

Energy Projects with Indigenous Equity in Canada. Source: Fasken

Distribution of Canadian Energy Projects with an Indigenous Equity Component

Distribution of Canadian Energy Projects. Source: Fasken

Cedar Leaf Capital provides a stable, Indigenous-led market entry point. It offers investors a unique combination of financial performance, enhancing long-term security, and compliance with sustainable investing principles.

This case study explores the rationale and structure involved in Cedar Leaf Capital’s formation, its scalable investment model, and its potential as the blueprint for future Indigenous-led financial ventures. You will gain insight from Indigenous partners on their decision to be a part of Cedar Leaf Capital and how they are looking to capital markets to meet their financing needs.

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