A DFT mechanistic exploration of the reactivity of the dinitrogen hafnocene complex, [{(η5‐C5H2‐1,2,4‐Me3)2Hf}2(μ2‐N2)], towards mixtures of CO/CO2 and CO/OCNtBu is reported. The crucial role of the nitride intermediate is highlighted, as well as the importance of the bridging mode of the cyanate ligand between the two Hf metal atoms throughout the process. Interestingly, the CO2 addition to the nitride intermediate occurs through an outer‐sphere transition state, whereas the addition of the heteroallene is governed by the steric congestion imposed by cyclopentadienyl ligands.