The mine has changed ownership four times in the past 20 years.

The Caribou deposit is a volcanogenic massive sulphide (VMS) deposit rich in lead, zinc, copper, silver and gold.

Breakwater Resources owned the Caribou mine from 1995[citation needed] until 2006, when the operation was taken over by Blue Note Metals Inc.[3] Blue Note Caribou Mines Inc. filed for bankruptcy in the summer of 2009.

An Ontario-based company purchased the mine in September 2009 with the intent to reopen it.

Receiver appointed January 2023 under terms of the CCAA.