The Financial Post reports in its Tuesday edition that gold producer TMAC Resources announced Monday that it is looking for a buyer after hitting operational challenges at its Nunavut mine which have hampered its ability to expand. The Post's Gabriel Friedman writes that the Toronto-based company said it is studying whether a sale, joint venture partnership or an alternative financing could buoy its share price, which has declined more than 57 per cent since July, despite strong gold prices. The stock was down as much as 5 per cent on Monday to $2.85. Whatever happens to the company could influence how investors view opportunities in the Canadian Arctic. For years, mining industry leaders have said that the vast undeveloped North will be the next frontier for exploration and development. However, the operational challenges that TMAC faced, despite backing from industry veterans, highlight the risks associated with the Arctic. TMAC operates a single gold mine in Nunavut, nearest to Cambridge Bay, but has identified at least two other deposits on its large land package. Since it started producing gold in 2017, TMAC has faced consistent problems with its mill, and has never produced as much gold as expected.