Authorities now believe that the 6,600 gold bars - worth more than $CAN20 million ($AUD22.66 million) – are likely overseas, potentially in Dubai or India.
Lead investigator detective sergeant Mike Mavity said he believes the gold was melted down shortly after the heist.
"We believe a large portion has gone overseas to markets that are flush with gold," he told CBC News.
"That would be Dubai or India, where you can take gold with serial numbers on it, and they will still honour it and melt it down. And we believe that happened very shortly after the incident."
Earlier this year, authorities charged nine people over the crime, which is the largest theft of gold in Canadian history.
Investigators asserted that a truck driver arrived at the cargo warehouse with a fraudulent bill provided to an airline warehouse attendant. A bill collected the day before was used to claim the gold.
Police previously attempted to connect the stolen gold and cross-border gun trafficking, making note of dozens of firearms seized from suspects in the investigation.
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