BC First Nation terminates agreements with Spanish Mountain Gold, shares plunge

AI desk brief

Xatśūll First Nation has terminated its 2012 and 2021 agreements with Spanish Mountain Gold over the proposed Spanish Mountain mine in British Columbia, saying prior arrangements no longer fit a materially changed project. SMG shares fell 14.7% in Toronto; the company had recently said BC regulators had cleared it to resume the paused environmental assessment and permitting process, with an updated draft project description targeted for Q4 and formal submission in Q1 2027.

The dispute adds another layer of execution risk to a large Canadian gold project and may slow the path to permitting, though the article does not quantify any production or reserve impact.