Brian Zinchuk is editor and owner of Pipeline Online
Key components of the helium purification facility at Stewart Valley, north of Swift Current
Not a total win, but a big one nonetheless
For quite a while now, helium developers and the Government of Saskatchewan have been working closely on lobbying the federal government to improve the tax treatment of helium exploration and production. On Nov. 5, helium was explicitly mentioned in the new federal budget. The question is – did they get what they want?
A big win, a good step, according to two helium CEOs and Saskatchewan’s Minister of Energy and Resources Chris Beaudry.
Indeed, the close relationship was evident as Beaudry has North American Helium CEO Nick Snyder and Helium Evolution CEO Malcolm Adams effectively on speed dial, and set up an early morning Teams meeting on Nov. 6 with Pipeline Online to discuss the budget impacts.
The budget had several relevant paragraphs, not just relating to helium, but critical minerals. This is what the budget said:
To build on this progress and unlock more of Canada’s critical minerals potential, Budget 2026 proposes to:
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Renew the Canadian Critical Minerals Strategy, which supports strategic investments in the technology needed to mine and process our critical minerals, expands our geoscience and research capacity, provides targeted funding for priority critical minerals projects, and keeps government priorities aligned with market needs. Budget 2026 proposes to provide Natural Resources Canada with $424.4 million over four years, starting in 2027-28, to support this renewal.
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Extend the Mineral Exploration Tax Credit and Critical Mineral Exploration Tax Credit for an additional five years, until March 31, 2032. Budget 2026 also proposes to expand the Critical Mineral Exploration Tax Credit to include antimony. These measures are expected to provide $956 million in support of mineral exploration investment over five years, starting in 2026-27.
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Align the tax treatment of helium exploration and development expenditures, as well as expenditures incurred to acquire helium resource properties, with that of the conventional oil and gas sector. This change would also allow helium companies to benefit more from the proposed Productivity Mega Deduction, allowing them to immediately expense more capital investments in the helium sector. These amendments would apply to expenses incurred on or after Budget Day and are expected to provide tax relief of $54 million over four years, starting in 2027-28.
To be clear, nearly all Canadian helium production is based in Saskatchewan. Of that, approximately 90 per cent is from North American Helium, with Helium Evolution as a farm-in partner on projects in the Mankota area to date. In mid-October, NAH held a grand opening for its eleventh and newest helium purification facility, located near Stewart Valley, north of Swift Current. At that event, Snyder spoke of plans to build a helium liquefier facility in Swift Current in the near future, although the formal announcement is yet to be made. A liquefier would cost around $100 million and would allow Saskatchewan helium production to move substantially up the value-added chain.
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Clockwise from top right: Pipeline Online editor Brian Zinchuk, North American Helium CEO Nick Snyder, Minister of Energy and Resources Chris Beaudry, Helium Evolution CEO Malcolm Adams. Teams screenshot
What does this mean?
So, what does it all mean? Is helium now a critical mineral, oil and gas, both or neither, when it comes to tax treatment?
Adams said, “It’s a combination of these things. Helium is already on Canada’s critical minerals list. But that recognition hasn’t translated into access to the same tax incentives as other critical minerals. That’s where the confusion lies.”
As for the budget announcement, he said it’s a good thing, as minister said.
Adams said, “The federal government has listened to us. The Saskatchewan government and industry have worked together to bring this issue to the new federal leadership, and it’s encouraging to see that combined effort produce results. Ottawa has recognized that helium exploration and development activities deserve comparable tax treatment to oil and gas operations.”
“It doesn’t necessarily mean the exploration risk profile matches oil and gas, but it gives us the Canadian Exploration Expense (CEE) and Canadian Development Expense (CDE) tax treatment we’ve been seeking. Quite frankly, the helium industry has been asking for this change for years, so we welcome seeing it in writing now.
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“When it comes to tax treatment, we didn’t receive everything we asked for. Antimony was added to the Critical Mineral Exploration Tax Credit (CMETC), but helium wasn’t. However, the CEE and the CDE treatment is a big win, and the Mega Deduction is an additional positive. We still need to plow through the details of what the mega deduction could mean for us.”
Snyder said, “From the standpoint of tax treatment, the federal government has said the tax treatment will be similar to conventional oil and gas, so that’s where we live today. Obviously, the federal government has also for some time said that helium is a critical mineral, as has almost every government around the world. So, I think this is a positive step that creates more clarity for the industry. But there’s still some wood to chop in terms of getting the same treatment as other critical minerals in Canada, which helium has been recognized as for some time.”
Is this the flow-through shares they were seeking, and if not, what is it?
Snyder and Adams both acknowledged they were not tax experts, neither tax lawyers nor accountants. Snyder said, “My understanding is that this measure does not put helium on equal footing as other critical minerals in terms of access to flow-through shares and specific critical mineral incentives. So again, I think there is some wood and chop there. But it’s certainly very positive to see the federal government recognizing this industry, and that’s due in large part to the advocacy of Minister Beaudry and Premier Moe. We’re very excited to be making forward progress here as always, and very thankful to be operating in the greatest province in Canada for resource development.”
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More than half
Is it what they were looking for?
Adams said, “This isn’t the full win, but it’s more than half”.
“My recollection is that oil and gas flow-through eligibility was eliminated after March 2023, so our initial assessment is that receiving similar tax treatment doesn’t automatically give helium access to flow-through shares. As Nick said, we’re not tax experts, so we will need our advisers to confirm that point.
“I think the next step in our advocacy is to bring the helium users’ perspective into the discussion. If you want to understand why helium is critical and deserves Critical Mineral Exploration Tax Credit treatment, then ask the downstream Canadians who depend on it. For example, Ontario Power Generation needs a reliable helium supply for their nuclear power plants and Canadian cancer drug researchers need it for their nuclear magnetic resonance units.”
The Princess Margaret Cancer Centre in Toronto requires refills of helium every six weeks. Helium Evolution photo
He cited one operation in Toronto that requires helium refills every six weeks. “The hospital’s liquid helium allocation has been cut in half since March 2026 and if that supply runs out, cancer drug research would halt until the ruined NMR units are replaced and a reliable helium supply is restored. Each unit cost approximately $5.5 million. That’s what critical means in practical terms.
“Nick had the vision to recognize Saskatchewan’s helium potential and build an industry here. The Government of Saskatchewan has gone all in to help turn that vision into reality, with land tenure and royalty frameworks that encourage companies like ours to take exploration risk.
“We now want to keep working with the federal government to see it go all in as well and help unleash the full potential of this industry. The ultimate goal should be a sovereign Canadian supply of liquid helium to support our critical end-user industries like healthcare, power generation, AI datacenters and aerospace.
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Snyder said, “I certainly echo everything Malcolm said about the importance of this element. There’s a number of critical minerals out there that are of concern, but helium users are suffering right now in the fifth global helium shortage of the last 20 years. This is absolutely mission critical, not just for things that exist today in Canada, like MRI machines for healthcare, but also any ambitions towards new technology, like space exploration or semiconductor manufacturing, a lot of the areas for economic growth and defense that the federal government is now making a priority.
“Helium is only going to get more important, and it’s obviously extremely important for Canada’s allies as well. I think the headline here is that, thanks to the advocacy of the industry and especially the provincial government, this is a big win. The federal government is recognizing that this is an industry that is great for Canada, and they want to support the growth of this industry by helping to clarify some of the tax codes and inclusion in incentives like the mega deduction.
“Are we on equal footing today with some of the other critical minerals? No, we’re not, and we’ll keep working to educate stakeholders on the importance and opportunity this industry represents. Helium production in Canada is proven, it’s growing, and both the resource in the ground and the demand around the world support a tremendous growth story going forward. This is a great opportunity for Canada, a great moment in time.”
Snyder said that while there’s still more work to be done, “We should recognize that this is a very significant step for the federal government to specifically recognize the potential of helium and to move towards greater clarity from the taxation standpoint.”
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Like oil and gas
As for treatment like conventional oil and gas, Snyder said, “I am not a tax expert, and I read this yesterday evening, like everyone else did. But, I think one of the important things here is the so-called ‘Mega Deduction,’ which is accelerated depreciation for development projects. My understanding is that helium will now be qualified for that. So, a lot of the stuff that, as an industry, we’ve been talking about doing, building a regional liquefier, making this a global helium hub, building more and more facilities, creating more employment, more revenue, more royalties for the government. To get on equal footing with all of the resources in Canada in terms of the Mega Deduction, despite not having inclusion in some of the additional programs for critical minerals, that’s still a big positive step forward. So, we’ve got a smile on our face, but as always, there’s a lot more work to be done.”
Snyder said it was his understanding that the Mega Deduction would have an impact on their planned liquefier. “That’s a significant positive,” he said.
As for how the Mega Deduction will impact Helium Evolution, Adams said, “Our latest financing was led by international investors who already see Saskatchewan’s strong support for helium. This budget signals federal support as well. That’s positive for future capital raising.
“The Mega Deduction is an additional benefit we hadn’t sought when we went to Ottawa in April. We will be working with our tax advisers to understand its full impact.” Adams said.
Snyder said with respect to critical minerals, “Any sort of government support and recognition is directly helpful.”
“It’s also a signal to investors that this is a priority. This is something we’re paying attention to, and you know, our industry obviously, we’re not producing hydrocarbons. We’re producing helium with lower emissions and a smaller environmental footprint. We’re not building pipelines. We don’t have the types of environmental issues that almost every other critical mineral does, in terms of huge permitting risk, which is something that investors look at. Permitting isn’t something that’s really been an issue, but I think in the mind of investors, this is now near the top of their checklist of saying, ‘Great, you have a critical mineral the world needs. Tell me what the government has done to recognize the importance of this because it’s seen as a red flag otherwise.’
“From that standpoint, I think this is a great step by the federal government to show their support for helium. We appreciate the support of NRCan and the finance ministry and it sends a powerful signal that the federal government is paying attention.”
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Sask government perspective
Asked what this means from the Government of Saskatchewan’s perspective, Beaudry said, “I think for our perspective, it shows that when you work with industry, when you listen to industry, that you actually can make change, and that when you have a federal government who is open and willing to listen, that they’re willing to see that not all geology is the same geology, and that we can work together to move this country forward.”
Beaudry added, “I’d say today we were hoping for a home run, but we got runners in scoring position now, and the game’s not over yet. So we’re going to send someone back up to bat, and we’re going to close this thing out.
“And so, there’s work yet to do here. We’ve moved things forward. It’s going to benefit Saskatchewan. It’s going to benefit Canada, but there’s still work left to be done, and we’re ready to not rest on our laurels right now. Today is a new day, and I will be texting Minister Hodgson, thanking him later today, and then also asking for, here are the next steps that we have to start working on, hopefully, for the for the spring financial update.”
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Any room for improvement?
Asked if it could have been improved in any way, Snyder said, “What we were asking for was to be treated as a mineral resource, which is sort of the way the government, the federal level in the past has dealt with some new emerging resources and critical minerals.
“A notable example that has some similarities to our business is some of the drilling for lithium from brines in Saskatchewan, and that industry has been recognized as a mineral resource, which opens up the door to you know flow through and the critical minerals incentives directly. So, this isn’t exactly what we were looking for, but again, this is a big win for the industry, and we’re very grateful for all the efforts from both the public and private sector advocating for this. And this is a big step forward for the industry and an incredibly positive step forward.”
Adams said the original ask was for flow-through share eligibility and inclusion in the Critical Mineral Exploration Tax Credit. “But those aren’t deal killers for us,” he said, adding that flow-through is really only applicable to Canadian investors, and many investors are from the U.S., Europe and Asia.”
Snyder concluded, “I think what really matters here, because we’re talking about incentives, that means we’re talking about investment.
“In terms of how much new investment into helium production in Canada is going to be directed towards Saskatchewan, I think that’s going to be pretty close to 100 per cent, given the long-standing tenure regulations, and as Malcolm said, the makeup of the gas. This is the only place in the world where what’s referred to in the industry as ‘green helium’ can be produced at scale. And what we hear from around the world, including through the different offices of the provincial government that are in touch with major corporations in Asia and Europe, what we’re hearing from all of them is, ‘We want reliable supply and we want it geopolitically secure.’ And there’s no better place in Canada.
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“We’ve got the best geology in the world for this, in my opinion, and it happens to be in the southwest corner of the province, where you’ve got the Trans Canada Highway running through the middle of it. Particularly when we speak to global investors, people might think, ‘Oh, you’re out in the middle of nowhere because you’re doing critical minerals in Canada, and everyone knows that it snows there occasionally.’
“But the infrastructure is just a tremendous unlock, and having regulations that have been in place for 60 plus years, is absolutely the Goldilocks zone, and the opportunity for growth here is fantastic, and this is a great step towards making sure that there’s going to be greater clarity around the dollars that continue to be invested into the province.”
Adams concluded by saying, “In my opinion, Saskatchewan has the lowest execution risk for helium exploration right now, and because we don’t need to build pipelines to ship our product, we don’t have anything like that in front of us.”
He spoke of the substantial oil and gas industry which has drilled over 160,000 wells in this province, and has all the necessary services to enable helium exploration.
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