The three bands that make up James Smith Cree Nation are on a path to become independent from each other for the first time since the federal government forced them to amalgamate in 1902.

The First Nation, situated on lands near the North Saskatchewan River, has just reached a settlement of $713.8 million with the federal government for a collection of complex land claims.

It includes the Chakastaypasin, James Smith and Peter Chapman bands, each of which has already received an advance payment of $50 million.

WATCH | Cree band building toward regaining independent status:

The compensation is meant to address historical wrongdoings of the federal government and to acknowledge the impacts of the wrongful amalgamation.

“I want to acknowledge all of the hard work put in by our leadership, past and present, that has brought us to this day,” Chief Calvin Sanderson of the Chakastaypasin Band said in a news release about the settlement. 

“There is still work to be done to restore our Chakastaypasin Band to our rightful status as an independent Band recognized by Canada, but this day marks a very important milestone on our journey,” he said. 

“With the community trust that we've established, we intend to invest this money for the benefit of all our membership, in the hope that our grandchildren can experience the prosperity that was denied to past generations."

Chakastaypasin Band Coun. Dane Sanderson said elders have been waiting decades for this to happen.

“The three nations are working really well together right now and I commend them and the other two chiefs and their counsel for working with us on this path of de-amalgamation,” Sanderson said.

His First Nation has recently invested in housing development north of Melfort, which is an early step on their "roadmap to de-amalgamation," Sanderson said.

“We break ground after the new year at that development. It's been really good for us. We've been able to help out membership with [per capita distribution] payments and stuff like that over the last year or two, and we're still in the process of dividing the remainder of the money.”

Sanderson said the plan is to build houses and hopefully add some economic growth to Melfort, creating jobs in the area. Housing is a big need for the community right now, he said.

Another plan for some of the settlement is to try to buy back some of its traditional land, he said.

Chief Kirby Constant of James Smith Cree Nation said in a statement that the agreement is a step toward restoring the trust his ancestors placed in their treaty with the Canadian government.

"Today marks an historic step forward for our people," Constant said.

"For generations, the James Smith Cree Nation has carried the weight of unfulfilled promises, broken agreements, and the lasting impacts of forced amalgamation. This settlement is not the end of our journey, but it is an important recognition of those wrongs and a foundation for renewal."

Sanderson noted that negotiating with Canada doesn't happen overnight.

"It took me 25 years to get to where we're at … I'd like to see a legacy for our membership and for the next generation to have a prosperous life."