Shares in Northern Dynasty Minerals were dumped as the company announced what it called a "politically motivated" negative federal record of decision for its proposed Pebble project in Alaska.
Its shares (TSX: NDM) plunged more than 51% to close at a one-year low of C51c.
They had soared above $4 in January 2017 following Republican Donald Trump's election as US president on hopes of permitting approvals.
Democrat president-elect Joe Biden, whose inauguration is expected in January, had recently voiced plans to stop the controversial project.
Headed higher, cash-strapped Nevada Copper (TSX: NCU) rose 22% on promising financing news.
The Pumpkin Hollow mine owner said it had agreed to non-binding terms with its senior lender, KfW IPEX-Bank GMBH and was "engaged in ongoing discussions with other lenders" to provide a combined financing package of at least US$30 million.
Copper for three-month delivery reached US$7,360/t yesterday, a level not seen since January 2014 when it reached $7,460/t, Marex Spectron's Alastair Munro said.
Finally, gold remains above $1,800 an ounce on the spot market and was worth $1,808/oz at the time of writing.
