If I may, Mr. Angus, I would like to take that question. Thank you very much for that.
Are we doing enough? As we mentioned earlier, I think the most recent federal budget of 2022 was a good first step. We're seeing that new tax credit for critical minerals come to bear. That should be a way to usher in more investment in exploration in Canada. That should be a way for us to develop more of a resource base in critical minerals, whether that's rare-earth, cobalt, lithium, graphite or those things that we will need into the future.
To your point about the Defence Production Act, and about the Inflation Reduction Act in the United States, when we think of that critical minerals exploration tax credit commitment, it's an excellent one, but it constitutes about $400 million over five years of forgone revenue by the federal government. It's not an outlay of funds, if you will. Then you marry that or you compare that, if you would, to the Defence Production Act, where the U.S. government may look to invest as much as half a billion dollars into one single project in Canada. That's at the bankable stage to get that to a producing asset—a producing asset that may flow materials to the U.S.
When we think of those two scales, $400 million in a tax credit over five years in Canada versus up to maybe half a billion dollars per project by the U.S. government, we can do the simple math. It suggests to us that, yes, more will need to be done here in Canada so that we can retain more value-added processing activities here and actually see that economic wealth retained here in Canada.
Thank you.