Wedoany.com Report on Feb 25th, The British Columbia Critical Minerals Office has selected two copper projects and one rare earth project to coordinate environmental assessments and permitting processes, aiming to accelerate their development.

The BC Ministry of Mines and Critical Minerals announced on February 20 that the projects being advanced include Northisle Copper and Gold's (TSXV: NCX) North Island Copper-Gold Project, Surge Copper's (TSXV: SURG) Berg Copper-Molybdenum Project, and Defense Metals' (TSXV: DEFN) Wicheeda Rare Earth Project.

The Critical Minerals Office was established in early 2024 as part of the province's critical minerals strategy to expedite the progress of selected mining projects by coordinating Indigenous and community engagement, identifying regulatory needs early, and integrating approval processes.

Northisle CEO Sam Lee stated in a news release, "Collaboration with the Critical Minerals Office, combined with our efforts to build consensus through meaningful Indigenous and stakeholder engagement, paves the way for efficient and rapid project development."

Northisle's stock has risen 25% this year, trading at C$3.25 per share on Tuesday with a market capitalization of C$964 million. Surge Copper's stock has increased 31%, trading at 64 cents with a market cap of C$218 million. Defense Metals, the only rare earth developer on the list, has seen its stock fall 13% this year, trading at 24 cents on Tuesday with a market cap of C$94.3 million.

Northisle's North Island project, located near Port Hardy, is in the early stages of environmental assessment. Last year, the company released a new Preliminary Economic Assessment (PEA) outlining a two-phase mining plan based on three copper-gold deposits, with a combined indicated resource of 6.3 billion pounds of copper equivalent.

Under the base case scenario, the PEA estimates an after-tax net present value of C$2.0 billion (at a 7% discount rate), an after-tax internal rate of return of 29%, and a payback period of 1.9 years.

Surge's Berg project, located within the Tahtsa Range, is nearing the pre-feasibility stage. Its 2023 PEA describes a potential 30-year mine with average annual production of 191 million pounds of copper equivalent, a net present value of approximately US$2.0 billion (at an 8% discount rate), an internal rate of return of 20%, and a payback period of 3.9 years.

Defense Metals' Wicheeda project is more advanced, having completed a pre-feasibility study. The deposit, located about 80 km northeast of Prince George, has total reserves of 25.5 million tonnes at an average grade of 2.4% total rare earth oxides.

According to the pre-feasibility study, the project supports a 15-year mine life with average annual production of 31,900 tonnes of total rare earth oxide concentrate, an estimated after-tax net present value of US$1.0 billion, and an internal rate of return of 19%.

In addition to these three projects, the BC Critical Minerals Office has also committed to working with FPX Nickel (TSXV: FPX) on its Baptiste nickel project near Fort St. James, whose public comment period began earlier this month.

Minister of Mines and Critical Minerals Jagrup Brar said in a news release, "The Critical Minerals Office provides critical services to help promising projects move forward faster, ensuring B.C. continues to grow the industry."