A dynamic assessment model has been developed for evaluating the potential algal biomass and extracted biocrude productivity and costs, using nutrient and water resources available from waste streams in four regions of Canada (western British Columbia, Alberta oil fields, southern Ontario, and Nova Scotia). The purpose of this model is to help identify optimal locations in Canada for algae cultivation and biofuel production. The model uses spatially referenced data across the four regions for nitrogen and phosphorous loads in municipal wastewaters, and CO{sub 2} in exhaust streams from a variety of large industrial sources. Other data inputs include land cover, and solar insolation. Model users can develop estimates of resource potential by manipulating model assumptions in a graphic user interface, and updated results are viewed in real time. Resource potential by location can be viewed in terms of biomass production potential, potential CO{sub 2} fixed, biocrude production potential, and area required. The cost of producing algal biomass can be estimated using an approximation of the distance to move CO{sub 2} and water to the desired land parcel and an estimation of capital and operating costs for a theoretical open pond facility. Preliminary results suggest that in most cases, the CO{sub 2} resource is plentiful compared to other necessary nutrients (especially nitrogen), and that siting and prospects for successful large-scale algae cultivation efforts in Canada will be driven by availability of those other nutrients and the efficiency with which they can be used and re-used. Cost curves based on optimal possible siting of an open pond system are shown. The cost of energy for maintaining optimal growth temperatures is not considered in this effort, and additional research in this area, which has not been well studied at these latitudes, will be important in refining the costs of algal biomass production. The model will be used by NRC-IMB Canada to identify promising locations for both demonstration and pilot-scale algal cultivation projects, including the production potential of using wastewater, and potential land use considerations.