Canada shoudn't want any mining by foreign entities, no matter what country, because in the end there is always a very real threat of exploitation for the benefit of foreign interests at the expense of Canada. Such 'annexation' comes not necessarily by military force, but can also come by political or economic coercion due to dependence on foreign entities or states.

The US has shown that to Canada already of late. China has been doing that to its 'partner' countries all around the globe. Then think of Russia, the former Soviet Union. And all the others now and in history.

These rare earths and supposedly a lot of other things should become sort of a common good. I don't have blueprint how to organize that for Canada as it's very complicated, but it should be public ownership by stakeholders within Canada imo.