Montana Tunnels in proposed acquisition

In a deal that could complicate efforts by the state Department of Environmental Quality (DEQ) and Jefferson County to force a sale of the Montana Tunnels Mine, the mine’s owner has agreed to a merger that would move the property into a new corporation.

Captivision, Inc., an unprofitable Miami-based company that produces large-scale LED displays, announced on Dec. 2 that it planned to acquire Montana Tunnels Mining Inc., and to restructure the combined entity into a publicly traded “diversified gold mining and related services company” to be called Montana Gold Inc. The company said it expected the transaction to close by the first quarter of 2026.

The proposed acquisition is the latest twist in the tortured legal and financial saga of Montana Tunnels. In principle, its mine outside Jefferson City remains a tantalizing proposition: It claims to have $1.4 billion in reserves of gold, silver and other metals. But the site  hasn’t operated since 2008, and its owner owes the county over $5 million in back taxes and the state $18 million to cover environmental liabilities. As a result, its chief executive, Patrick Imeson, has been declared a “bad actor,” meaning he cannot operate any mine in Montana.