Vancouver, British Columbia--(Newsfile Corp. - June 17, 2026) - MCC Canadian Gold Ventures Inc. ("MCGV") has launched a multi-million dollar lawsuit against the British Columbia Government after the Province, having previously lobbied the company to rescue a bankrupt, environmentally compromised gold mine on Banks Island, without warning or compensation, stripped MCGV of its mining rights through Orders in Council to settle a separate legal dispute with the Gitxaala Nation.

"We are deeply disappointed with the actions of the provincial government" said Director, Danish Mir. "If this what the government considers Indigenous reconciliation then every investor in B.C. faces grave risk."

The claim arises from several 2024 Orders in Council the BC government issued under section 7 of the Environment and Land Use Act to sterilize the Company's mineral claims and prohibit any further exploration on Banks Island in northwest British Columbia. To date, no compensation has been paid to the Company for the actions taken by the B.C. Government.

"The Province specifically asked us to step in and rescue this mine - we invested millions, began the necessary work of cleaning up someone else's environmental mess, and created real economic value for British Columbia. In return, the Province negotiated away our property rights in a backroom deal without involving us or even telling us. That is not how a government should treat investors," said Mir.

MCGV's lawsuit advances three main legal theories: (1) misrepresentation: that the Province made false assurances to MCGV about its ability to mine while simultaneously negotiating a deal that would eliminate MCGV's rights (2) expropriation: that the Orders in Council took MCGV's property without paying for it; and (3) unjust enrichment: that the Province used MCGV's property as the price of a settlement with the Gitxaala Nation, pocketing the benefit while MCGV fully bears the loss."

"British Columbia's mining sector drives jobs, tax revenue, and economic growth in communities across this province." said Mir, "We are concerned that the government has failed to recognize the destructive impact of its heavy-handed actions. We intend to pursue this case vigorously and forcefully."

This case draws striking parallels to the landmark decision in Carrier Lumber v. British Columbia, in which the Province was ultimately compelled to pay a substantial damages award to a forestry company whose contractual rights had been unilaterally extinguished by the government of then-Premier Mike Harcourt in the course of resolving a dispute with a First Nation.

See: attached Backgrounder

About MCC Canadian Gold Ventures Inc.: MCC Canadian Gold Ventures Inc. is a British Columbia corporation and the registered owner and operator of the Yellow Giant Gold Project on Banks Island in northwestern British Columbia. The Company acquired the Yellow Giant Gold Property in 2018 at the encouragement of the Province of British Columbia and has invested millions of dollars in the acquisition, remediation, and development of the property.

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BACKGROUNDER

• The Yellow Giant Gold Property is a 12,914 hectare property located in the Skeena Mining Division on Banks Island in northwestern British Columbia, approximately 110 km south of the City of Prince Rupert and 120 km southwest of the town of Kitimat.

• The property features both gold and silver mineral resources.

• A Preliminary Economic Assessment reported a substantial valuation for the Project, which has increased materially because of the long-term secular trend in price appreciation of gold and silver and a projected extension of operational mine life.

• Senior Provincial officials, including the then responsible Cabinet Minister Bill Bennett, personally lobbied and persuaded MCGV to purchase and remediate the Yellow Giant Gold Property given its value to the Province of British Columbia.

• The previous environmental issues caused significant public and Indigenous concern and the Province was at risk of having to assume significant environmental liabilities for the project, making MCGV's acquisition a direct benefit to the Province.

• MCGV acquired the Yellow Giant Gold Property in October 2018 and the Province continued to actively encourage MCGV's investment through a series of representations and assurances by senior officials.

• On March 7, 2024, without prior notice to MCGV, without any opportunity to be heard, and while the Province was simultaneously engaged in active discussions with MCGV regarding the future of the Yellow Giant Gold Property, the Province issued the Orders in Council.

• MCGV was excluded from confidential bilateral negotiations between the Province and the Gitxaala Nation, despite the obvious impact on its legal interests.

• The Orders in Council were enacted as part of a negotiated settlement between the Province and the Gitxaala Nation to resolve or forestall litigation. MCGV's property interests were the currency used by the Province to secure the resolution of its own disputes, political objectives, and litigation advantages.

• MCGV has received no compensation for the loss of its rights, despite remaining obligated to maintain the mineral tenures through renewals, annual payments, and fees.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302003