The funds will be invested in a project at a salt flat called Salar de Hombre Muerto, located in the border between the northern Salta and Catamarca provinces.
Ontario has identified 33 critical minerals, including nickel, cobalt, lithium, and rare earth elements. It produced about C$3.5 billion worth of critical minerals in 2020.
The joint project would produce black mass, a metal concentrate containing nickel, cobalt, manganese, lithium and graphite that is suitable for hydrometallurgical refining.