Management Discussion and Analysis

AIOC is pleased to provide an overview of our performance,
strategic initiatives, and outlook for the future.

1. Corporate Overview

AIOC was established with the primary mandate of facilitating economic development and investment opportunities for Indigenous communities in Alberta. The corporation acts as a catalyst by providing financial backstopping, expertise, and partnership opportunities to support Indigenous investments across multiple sectors within our mandate: natural resources, agriculture, transportation, telecommunications, tourism, technology, healthcare, and related infrastructure. In particular, the loan guarantees AIOC provides help Indigenous Nations and groups borrow money to fund the equity portion of an investment, the portion that would normally have been funded with cash. The loan guarantees also help reduce financing costs.

2. Financial Performance

During the fiscal year 2025/26, AIOC continued to conduct due diligence, evaluate and advance multiple potential loan guarantees. Due to various factors outside the control of AIOC, these potential loan guarantees could not be closed in the fiscal year 2025/26. While AIOC expects some or all of these potential loan guarantees to be issued in the fiscal year 2026/27, it cannot guarantee this will be the case. To remain financially prudent and fiscally responsible, AIOC continues to conduct due diligence and evaluate project proposals based on creditworthiness, commercial viability, and appropriate risk and reward. With respect to existing loan guarantees, outstanding of almost $750 million, there remains no loan losses or indications of loan impairment to date. During the fiscal year 2025/26, AIOC estimates existing AIOC loan guarantees supported investments that generated aggregate cash flows of over approximately $84 million to Indigenous Nations and groups, prior to costs incurred to service the debt borrowed to fund the investments. After debt servicing, AIOC estimates that 43 Indigenous Nations and groups received cash distributions in aggregate of over approximately $29 million during fiscal year 2025/26.

3. Strategic Initiatives

AIOC continued to focus on strategic initiatives aimed at achieving long-term sustainability and growth. Some key areas of focus included:

  1. Continued comprehensive project due diligence and evaluations: AIOC continued to conduct due diligence and evaluate projects, with a focus on creditworthiness, commercial viability, and appropriate risk and reward for Indigenous Nations and groups. AIOC also continued to focus on high-quality assets and transaction structures that could support what is often 100% leverage while the AIOC-guaranteed loan is outstanding. This year, AIOC started selectively exploring whether assets with more variable cash flow characteristics could qualify for a loan guarantee if proper risk mitigations and structuring were in place. The projects evaluated in 2025/26 were sourced by Indigenous Nations and groups or by industry participants.
  2. Proactive Marketing and Development of Loan Guarantees: In fiscal year 2025/26, AIOC continued to meet with various companies across multiple sectors to help encourage a supply of investment opportunities for Indigenous Nations and groups. As part of its efforts, AIOC tries to find opportunities to describe our work and how we approach loan guarantees. As appropriate, AIOC also tries to proactively identify assets for companies and Indigenous Nations and groups to consider as potential candidates for investments supported by loan guarantees.
  3. Partnership Development: Throughout the past year, AIOC actively sought to understand how it could work with other organizations, including the Canada Indigenous Loan Guarantee Corporation, to further economic reconciliation. AIOC expects such efforts could further reduce the cost of financing and unlock larger investment opportunities.
  4. Relationship Building: AIOC continued to prioritize relationship building with Indigenous Nations and groups and key stakeholders, recognizing that trust and understanding are foundational to meaningful partnerships. Through ongoing meetings, presentations, and information sessions, AIOC shared information about its program and supported communities in understanding project opportunities in a way that reflects their values, cultural considerations, and long-term priorities. Grounded in this approach to relationship building and based on feedback received, AIOC developed a pilot financial training program, aimed at strengthening the financial capacity and supporting informed participation in complex projects.
  5. Major Projects: As mentioned by the Premier during the announcement of the Memorandum of Understanding regarding the West Coast Oil Pipeline, AIOC, where possible, is prepared to support equity investment in major projects, like the West Coast Oil Pipeline, if Indigenous Nations and groups so desire.

4. Looking Ahead

AIOC remains committed to its mission of fostering economic development and investment opportunities for Indigenous Nations and groups. AIOC will continue to prepare the ground and plant and water the seeds for future investment opportunities. While doing so, it will continue to prioritize meaningful relationship building, long-term sustainability, and growth. AIOC is collaborating with Indigenous Nations and groups and industry to evaluate and assess active investment opportunities at various stages in its deal funnel, as part of our due diligence.

In conclusion, AIOC made significant progress in its mandate to enable Indigenous Nations and groups through equity ownership initiatives. AIOC's fiscal responsibility, project highlights, strategic initiatives, and commitment to partnership and community relationship building position us well for future success.

AIOC remains dedicated to supporting Indigenous investments in medium and large-scale projects across a variety of sectors and driving meaningful change for Indigenous Nations and groups and all citizens of the province of Alberta.

Accountability Statement

Alberta Indigenous Opportunities Corporation’s (AIOC) Annual Report for the year ended March 31, 2026, was prepared under the Board of Directors guidance in accordance with the ministerial guidelines established pursuant to the Alberta Public Agencies Governance Act (APAGA) and the Sustainable Fiscal Planning and Reporting Act. All material economic, environmental or fiscal implications, of which we are aware, have been considered in preparation of this report.

Annual Statement of Governance Practices

Alberta Indigenous Opportunities Corporation (AIOC) is committed to strong corporate governance, accountability, and transparency. Its framework supports effective oversight, sound decision-making, and responsible stewardship of public resources.

Board of Directors

AIOC’s Board is independent, diverse, and composed of individuals with the skills and experience required to fulfill its mandate. Three standing committees, Audit and Risk, Governance and HR, and Investment, provide focused oversight and report regularly to the Board. Ongoing performance evaluations and director development support continuous improvement.

Roles and Responsibilities

The Board sets strategic direction, oversees risk, and monitors organizational performance. Management is responsible for day-to-day operations and executing Board-approved strategies. Directors are expected to act in good faith, exercise due diligence, and prioritize the best interests of AIOC.

Risk Management

AIOC maintains a comprehensive Enterprise Risk Management framework to identify, assess, and manage strategic, operational, financial, and reputational risks. The Board defines risk appetite and oversees mitigation through regular reporting. Strong internal controls, along with tested business continuity and crisis response plans, support organizational resilience.

Governance Practices

AIOC upholds a Code of Conduct applicable to all directors, management, and employees. Clear conflict of interest requirements ensure transparency and accountability. The organization is committed to timely, accurate reporting and open communication with stakeholders.

Whistleblower Statement

The Public Interest Disclosure (Whistleblower Protection) Act (Alberta) applies to most public entities in the Province of Alberta, including the Alberta Indigenous Opportunities Corporation. The Act enables disclosure and investigation of wrongdoings alleged to have occurred at a public entity in Alberta. It also protects individuals who report alleged wrongdoings from reprisal. Section 32 of the Act requires annual reporting on all disclosures that have been made in accordance with the Act.

There have been no disclosures of wrongdoings filed and received by the designated officer between April 1, 2025 and March 31, 2026. Accordingly, there were no disclosures acted upon or investigated.

© 2026 Alberta Indigenous Opportunities Corporation Contact

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Land acknowledgement

We acknowledge that Alberta is the traditional and ancestral territory of many peoples, presently subject to Treaties 6, 7, and 8. This encompasses the Blackfoot Confederacy – Kainai, Piikani, and Siksika – the Cree, Dene, Saulteaux, Nakota Sioux, Stoney Nakoda, and the Tsuu T’ina Nation and the Métis People of Alberta, including the Metis Settlements and the five territories of the Otipemisiwak Métis Government of the Métis Nation within Alberta. We are grateful for the many First Nations, Métis and Inuit who have lived and cared for these lands and their resources for generations. We give thanks for the traditional Knowledge Keepers and Elders who are here with us today and those who have gone before us and for what they have taught us about the gifts these lands offer.