Tergeo Minéraux Critiques Inc., along with its affiliates Alliance Magnésium Métallurgie Inc., Alliance Magnésium Inc., and Alliance Magnésium Mines Inc. (collectively referred to as "Tergeo"), mining companies based in Montreal, Quebec, obtained CCAA protection on November 10, 2023. This was initiated by Investissement Québec ("IQ") following an initial interim receivership that began on September 20, under a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act. Tergeo, known for its innovative technology in producing clean critical minerals and extracting precious raw minerals from serpentine mine tailings, faced insolvency due to significant liabilities amounting to $288 million—with $101.1 million secured. The company struggled with liquidity shortages and was unable to secure the $1.7 billion needed for its next project phase.

Raymond Chabot was appointed as the super monitor, replacing PwC, the interim receiver, to oversee the CCAA process. This process, funded by IQ as the Debtor-in-Possession (DIP) lender, aims to stabilize the environmental conditions, implement a care and maintenance program, and determine the future steps for restructuring and potentially rehabilitating Tergeo's assets or business.

Legal representation includes Norton Rose Fulbright for IQ, Fasken for Raymond Chabot, McCarthy Tétrault for Tergeo, Osler for Wilmington Trust, Borden Ladner Gervais for Giampaolo Group, and Lavery for National Bank.