North America
10 June 2026
Avenir Minerals moves to take Fox River private to secure Martison phosphate
Written by Natalie Noor-Drugan
Avenir Minerals is moving to take Fox River Resources private to gain full control of the Martison phosphate project in northern Ontario, signalling serious intent to advance a rare, large-scale igneous phosphate asset aimed at North American fertilizer and battery markets. The deal gives engineers and project developers a clearer indication that Martison is unlikely to remain a small junior project and is instead being folded into a vehicle backed by a major mining house.
What Martison actually is
Fox River’s value is the Martison Phosphate Project near Hearst, Ontario, a large igneous phosphate deposit that has been studied for years as the basis of a vertically integrated operation. The concept is to mine ore at Martison and process it all the way through to phosphoric acid and downstream products, supplying both fertilizer and high purity phosphoric acid for lithium iron phosphate (LFP) batteries. The site has good fundamentals for engineers: existing road and rail links, access to power, and potential to draw sulphuric acid from regional smelters or build dedicated acid capacity.
How far along the project is
Martison has a positive preliminary economic assessment (PEA), which shows that on paper the project could be economically attractive at realistic price assumptions. In addition, testwork has already produced purified phosphoric acid, and the project has attracted grant funding from Ontario’s critical minerals programmes – all signs that the flowsheet is technically credible and aligned with policy priorities. However, it is still at PEA stage rather than full feasibility, and there is no formal construction decision, detailed EPC schedule or committed capex funding in place yet.
What Avenir brings to the table
Avenir Minerals is a specialist critical minerals vehicle created by Agnico Eagle, one of the world’s largest gold producers, to invest in non gold opportunities such as phosphate, nickel and other transition materials. By buying 100% of Fox River, Avenir can take Martison through the next stages of drilling, engineering and permitting with a much stronger balance sheet and in house project execution expertise than a typical junior. For engineers, this means studies and testwork are more likely to progress, but also more likely to be disciplined: Avenir will need robust design, permitting and market offtake before it signs off on construction.
How viable the project looks today
From a technical and strategic standpoint, Martison looks promising: it is a rare igneous phosphate deposit in a stable jurisdiction, with advanced studies, proven PPA testwork and clear demand from both fertilizers and batteries. That said, it remains an early stage project with all the usual risks: further drilling may change the resource picture, capex could rise, and market conditions for fertilizers and LFP materials will influence timing. In practical terms, Martison is credible but not yet committed – it has moved from “interesting junior concept” to “serious option under evaluation by a major,” but it is still several years and multiple study phases away from any realistic first production date.
