I don't think that they need to go that far.

I am a Canadian Forces member who has flown in and out of CFS Alert (google map it), where we have been flying the CC-130 Herc for years. It is a 5000' dirt (on permafrost) runway. We have also landed the new CC-17 Globemaster there, although turning around on the button of the runway was touchy due to encroaching infrastructure (light standards and a building).

$4 million would be a considerable sum of money for infrastructure upgrades. I don't imagine Nakina plans on wasting this money on hangars and a terminal.

• It is already capable of parking aircraft overnight, which means that they have tarmac space and support equipment.
• They have 100LL and JetA1 fuel, which are the more common civilian fuel types.
• The 3500' paved runway is lighted.

Where the money could be spent:

• Navigational aids: The only nav aid at Nakina is a non-directional beacon (NDB), but Geraldton does have distance measuring equipment (DME), which used in conjunction with the NDB can direct a visual flight to Nakina
• extend runway to 5000', including lighting
• increase fuel capacity (about 1.5 days worth with current tanks). They are looking at tripling this capacity

There are a couple of places that I gathered this information from, but the easier to read and more interesting one is: http://www.gedc.ca/upload/documents/final-report-jan-29.pdf. Note that this document is a bit older (Jan 2010)