Seeking to capitalize on a surge in global demand for critical minerals, the Canadian mining sector claims that regulatory processes like Environmental Assessment (EA) impede and delay mining’s economic benefits. This paper investigates whether regulation has delayed mining projects and how much economic benefit mines have delivered in British Columbia (BC), focusing the mines’ performance post-EA. We audit the 27 mines granted an EA certificate in BC since 1995 and projected to open by 2022, comparing each mine’s forecasted and actual timelines and economic benefits (production, employment, and taxes), and identifying publicly-stated reasons for any mine delays. Seven of the 27 mines opened on time: 13 remain non-operational, and of the 14 mines that have operated, seven were delayed. Regulation was cited as a factor in only three of the 20 delayed projects; economic factors like commodity prices were the most common cause of delay. Lack of data and transparency on economic benefits significantly constrained our benefit audit, but BC mines for which data are available are underperforming across production (−77%), employment (−82%), and tax revenue (−100%). These findings suggest economic underperformance and mine delays post-EA are common, with delays typically resulting from economic factors, not government regulations.