The miner has successfully appealed a prior decision regarding ownership of waste rock and tailings from the British Columbia mine.

Some of the country's largest mining companies are copper producers, which means any foreign investment involving those miners would face intense scrutiny.

The government is planning to approve the deal as soon as Thursday, Globe and Mail said.

The comments come hours after Toronto-based Victoria Gold said it hasn’t detected elevated cyanide levels downstream of its property.

With an expected cost of $343 million, the Madaouela project was poised for development and had started to advance despite the political changes.

The Galloway project is located along the Cadillac-Larder Lake Fault in the province's Golden Triangle.

The gold miner now has a 9.9% equity stake in Relevant Gold.

Investors are moving into gold equities from bullion, and the gold price may increase while central banks increase purchases as the US election approaches, BMO analysts said.