Imperial Metals shares rally on favourable B.C. mine ruling
Imperial Metals Corp. (III-TSX) said the Supreme Court of British Columbia has dismissed the application of the Xatsull First Nation for an injunction and judicial review of two provincial approvals authorizing construction of a four-metre lift on the tailings storage facility (TSF) at Imperial Metals’ Mount Polley mine.
Imperial shares advanced on the news, rising 7.7% or 22 cents to $3.09 in early trading, Thursday. The shares trade in a 52-week range of
Imperial and Mount Polley are committed to transparent engagement with indigenous communities and environmental responsibility, the company said in a press release. “Maintaining a meaningful relationship with Xatsull and Williams Lake First Nation is important to the company, including supporting sustainable development through meaningful dialogue,” the company said.
Mount Polley is an open pit copper/gold mine located in south-central B.C., 56 kilometres northeast of Williams Lake. The 2025 production target for Mount Polley is 25 million to 27 million pounds of copper and 35,000 to 40,000 ounces of gold. The production target for gold is the same as in 2024, while the copper production target is lower.
The Mount Polley mine employes over 390, making the site a significant economic driver in the region.
The company said that although the mine can continue to construct the TSF raise and may now deposit tailings that rely on that raise, without receipt of a pending mine permit amendment which allows Mount Polley to continue to mine, the mine may again be put in jeopardy of significantly revising operational plans or ceasing operations if the mine permit amendment process is not expedited.
“We support and hold up the court’s decision to dismiss the petition,” said Willie Sellars, chief of the Williams Lake First Nation. “Mount Polley is a vital part of our regional economy, offering stable jobs and contributing to programs that benefit both WLFN members and the wider community,” he said. “This outcome brings certainty for our region and local businesses, and we look forward to the province continuing to support the mine’s operations through timely permit approvals.”
Aside from a 100% interest in Mount Polley, Imperial has a 100% interest in the Huckleberry mine and a 30% stake in the Red Chris mine. All three are located in British Columbia.
“There are significant challenges facing project development in British Columbia today,” said Imperial President Brian Kynoch. “Well-considered decisions made by expert regulatory authorities following extensive consultations are frequently contested, at great expense, increasing risk to projects through permitting delays and causing uncertainty for operators and their employees and contractors,” he said. “We hope that today’s (August 6, 2025) decision helps to reduce this risk and uncertainty, especially for our work force and their families.”