Ontario invests $250M to support medical isotopes

KINCARDINE — The Ontario government is providing a provincial guarantee through the Indigenous Opportunities Financing Program (IOFP) to support a $250 million investment to increase production of life-saving medical isotopes. This guarantee is part of an agreement between Saugeen Ojibway Nation (SON) and Bruce Power and supports the province’s plan to protect Ontario and build the most competitive, resilient and self-reliant economy in the G7.

Through SON’s expanded economic participation, the partnership will support hundreds of good-paying jobs, help Ontario meet growing demand in the global isotopes market and build on the province’s nuclear advantage to help stand up to U.S. tariffs and economic uncertainty.

“As part of our plan to protect Ontario, our government is proud to support a partnership that strengthens Indigenous participation in Ontario’s economy and expands access to life-saving medical treatments for people here at home and around the world,” said Peter Bethlenfalvy, minister of finance. “The partnership between Saugeen Ojibway Nation and Bruce Power will reinforce Ontario’s strategic position in medical isotope production.”

The provincial guarantee is the largest of its kind since the Indigenous loan guarantee program began in 2009. Administered by the Building Ontario Fund, the IOFP seeks to advance economic reconciliation and prosperity by enabling financial participation of Indigenous partners in Ontario-based infrastructure projects. As part of the 2025 Ontario Budget, the program was tripled to $3 billion and its scope expanded to include energy projects, critical minerals and resource development sectors.

“Ontario has a plan to double medical isotope production by 2030, advancing life-saving treatment for thousands of Canadians through a powerful partnership with Saugeen Ojibway Nation, Bruce Power and Ontario,” said Stephen Lecce, minister of energy and mines. “With ongoing pressure from U.S. tariffs, our government is fortifying our economy by building this homegrown sector using Canadian CANDU technology to save lives, create jobs and improve the quality of life of First Nations. This is Ontario’s nuclear advantage at work.”

For more than 35 years, the Bruce nuclear station has been a global leader in the production of life-saving medical isotopes used to sterilize medical equipment and support precision oncology for treating tumours and cancers. This investment will help expand its world-leading isotope production capacity, enhancing Ontario’s role in delivering cancer-fighting treatments globally while strengthening the long-term economic partnership between Bruce Power and SON.

By facilitating this investment, Ontario is helping ensure patients have access to life-saving therapies while empowering Indigenous communities to participate meaningfully in Ontario’s clean energy economy — protecting Ontario today and building the future of the province.

“This agreement represents a transformative opportunity for our people. It ensures stable, predictable revenues for generations while strengthening our role in the global medical isotope market,” said Chief Conrad Ritchie (pictured), Saugeen First Nation.

• The Bruce nuclear station generates about 30 per cent of Ontario’s electricity and has been a global leader in medical isotopes for over 35 years.
• Currently, Bruce Power produces the cobalt-60 and the lutetium-177 isotopes.
• Cobalt-60 is used globally to sterilize surgical instruments, pharmaceuticals, implants and certain food products. Medical-grade high specific-activity cobalt-60 is used to treat brain tumours and breast cancer.
• Lutetium-177 is used in precision oncology to treat neuroendocrine tumours, prostate cancer and other emerging indications. Bruce Power began production in 2022 using a first-of-a-kind Isotope Production System developed with Isogen.