Americore Resources (TSXV: AMCO)
Drilling Value in the Silver State
While the market remains preoccupied with Federal Reserve rate hikes and geopolitical conflicts, a structural trend measured in trillions of dollars is quietly unfolding across North America – the infrastructure upgrade wave. For long-term investors, this may be one of the most compelling certainty-driven opportunities available today.
The scale of this infrastructure investment is truly unprecedented. In Canada alone, Prime Minister Carney’s July 2026 announcement of a series of western energy and transportation projects will unlock C$150 billion (approximately US$105 billion) in new investment. The Prosperity Partnership Agreement between the federal government and British Columbia further pledges to mobilize over C$200 billion in investment, spanning new pipelines, LNG terminals, port expansions, and copper mine developments. This magnitude of spending is clearly not something that can be absorbed within one or two budget cycles, which implies that the growth thesis for the companies benefiting from it will have a prolonged timeline.
Against this backdrop, three Canadian publicly traded companies have positioned themselves on this track with distinctly different business models, each warranting investor attention.
WSP Global: Services Arrive Before Construction Begins
WSP Global (TSX:WSP) is one of the world’s largest professional services firms, providing engineering, consulting, and design services across transportation, buildings, water, environmental services, and energy. Its core competitive advantage lies in its timing of involvement – virtually all major infrastructure projects require WSP’s services years before groundbreaking, during the planning, environmental assessment, and technical design phases. As of early 2026, the company’s backlog had reached a record C$17.1 billion. More notably, WSP is actively expanding into the physical infrastructure of AI, including data centers and supporting power facilities, with related businesses already achieving double-digit growth. This “picks-and-shovels” role enables it to benefit broadly from infrastructure spending across different sectors and regions, rather than betting on any single project.
AtkinsRéalis: A Scarce Asset in the Nuclear Space
AtkinsRéalis (TSX:ATRL) also offers engineering services, but its differentiating edge lies in its deep expertise in nuclear power. As global electricity demand surges and data centers proliferate, reliable, low-carbon baseload power has become a scarce resource, and the strategic value of nuclear energy is being reassessed. AtkinsRéalis holds the exclusive commercial rights to CANDU heavy-water reactor technology, which has accumulated nearly 1,000 reactor-years of operating experience and uses natural uranium fuel without requiring enrichment. In June 2026, the company formally submitted a letter of intent to the U.S. Nuclear Regulatory Commission to initiate the licensing process for CANDU reactors in the United States, targeting AI-driven electricity demand south of the border. This positioning gives AtkinsRéalis a rare differentiator among its engineering-services peers.
Brookfield Infrastructure: Owning Assets, Not Servicing Projects
Unlike the two companies above, Brookfield Infrastructure (TSX:BIPC) operates on a fundamentally different logic – owning and operating critical infrastructure assets, including utilities, railways, data centers, ports, and natural gas pipelines. The company’s revenue is largely derived from regulated or long-term contracted cash flows, providing a natural defensive quality. Its capital recycling strategy is particularly distinctive: selling mature assets and redeploying capital into higher-growth opportunities. In 2025, the company realized C$3.1 billion in asset sale gains, providing ample firepower for new investment opportunities. Meanwhile, its dividend has increased at least 5% annually for 17 consecutive years, with a current yield of approximately 4.6%, making it attractive to income-oriented investors.
Differentiating the Three Investment Logics
WSP earns professional service fees, benefiting as projects commence – though its revenue remains tied to project cycles. AtkinsRéalis carries the dual attributes of engineering services and nuclear technology, offering a unique technical moat. Brookfield Infrastructure, meanwhile, provides long-term income from infrastructure asset ownership, with the most stable cash flows. Together, the three cover distinct segments of the “planning–construction–operation” value chain, forming a complementary combination across the infrastructure investment spectrum.
Infrastructure investment is a multi-year secular narrative, not a short-term speculative play. In an environment where macro uncertainties persist, companies with clear growth trajectories and solid fundamentals deserve consideration as cornerstone holdings in a well-diversified portfolio.
