Eagle Gold cleanup costs C$11m monthly

PricewaterhouseCoopers said on May 14 that cleanup and stabilization work at Yukon’s Eagle Gold mine is projected to cost C$76.5 million over the 2026 spring and summer season, underscoring the scale of the response nearly two years after the site’s heap leach failure. The court-appointed receiver said that implies spending of more than C$11 million a month between April and September. PwC has managed Victoria Gold’s affairs since the company was placed into receivership after the June 24, 2024 failure at the mine. The latest figures come as the receiver tries to stabilize the site, fund ongoing work and negotiate a potential sale of the asset. ### Where is the C$76.5 million going? PwC’s spending breakdown shows that nearly C$24.4 million between April and September 2026 is earmarked for on-site remediation work including water treatment, water storage and heap leach stabilization, according to CBC’s account of the receiver’s latest report. Another C$32.3 million is set aside for equipment, staffing, utilities and accommodations, while C$16.5 million is classified as off-site overhead including site management and technical advisers. The Government of Yukon said in a September 2025 remediation update that the receiver’s main focus at the site had been intercepting, storing and treating water, alongside work to improve the stability of the heap leach facility. The government said the receiver had built storage ponds, installed groundwater monitoring and interception wells, and used remote-controlled bulldozers to recontour the heap. (cbc.ca) ### Why are spring and summer costs so high? CBC reported that PwC expects costs to rise during the spring snowmelt because the season requires more surface-water management at the site. The receiver’s report, as described by CBC, ties the heavier spending to the practical demands of handling runoff while continuing stabilization work on the heap leach facility. (yukon.ca) June 24, 2024 remains the trigger for the entire cleanup effort. PwC’s website says the Independent Review Board was established to examine that heap leach failure, and the board’s final report was posted on July 2, 2025. ### How is the cleanup being financed? PwC said total expected spending from January through September 2026 is about C$110 million, according to CBC’s report on the latest receiver filing. (cbc.ca) CBC said the work is being financed in part through a C$220 million loan from the Yukon government that was approved in 2025, and that the receiver has not yet reached that borrowing limit. (pwc.com) The Yukon government said on March 3, 2026 that the maximum loan amount remained C$220 million and that proceeds from asset sales were being used to offset remediation costs. The government said the receiver had arranged to sell net smelter return royalties to Franco-Nevada for C$55 million, with the money intended to help fund work at the site and reduce taxpayer exposure. Franco-Nevada said in its May 12, 2026 quarterly results that the royalty acquisition closed on April 16, 2026. (cbc.ca) CBC also reported that PwC said asset sales had brought in C$27 million up to March 31, before the additional royalty proceeds were received. ### What has changed at the site since the failure? The Yukon government said on September 25, 2025 that the receiver had intercepted more than 350,000 cubic metres of groundwater and treated and discharged more than 800,000 cubic metres of water. (yukon.ca) The government also said water quality in Haggart Creek was meeting objectives for cyanide and copper at that point, while mercury was below detection at all monitoring stations. (cbc.ca) The same government update said recirculation of water on the heap had stopped and a well had been installed to remove water from an in-heap pond. It also said gold recovery work from cyanide-bearing water stored in ponds was continuing and that revenue from asset sales, including future gold sales, would help offset remediation costs. (yukon.ca) ### Who is negotiating to buy Eagle Gold now? PwC said in a May 8, 2026 status update that it entered into an exclusivity agreement on April 23, 2026 with Boroo Pte Ltd, a Singapore-based mining company, after a sale process that began in June 2025. PwC said the initial exclusivity period runs for 90 days and covers further due diligence, negotiation of a definitive purchase agreement and early discussions with the Yukon government and the First Nation of Na-Cho Nyäk Dun. (yukon.ca) CBC reported that Boroo is currently the only company in talks to buy the mine. PwC said no agreements have yet been reached with either the Yukon government or the First Nation of Na-Cho Nyäk Dun, and the receiver’s next steps include facilitating those negotiations and preparing a sale proposal. (pwc.com)