If the industry isn't included in decisions on setting aside land to preserve, it could hamper mining development in the NWT, said Warren MacLeod, vice president of the Caledonia Mining Corporation.
"We've already withdrawn from Canada except for two properties in the NWT," he said. "This could be the final nail in the coffin."
The mining company's board of directors decided Canada was a high-risk environment for exploration because of recent actions that were seen as anti-mining, MacLeod said.
Among the incidents are the federal charges laid against BHP and Kennecott for drilling in the NWT.
Now the company is worried the government won't include industry -- companies the likes of Caledonia which have spent $10 million in exploration in the NWT -- in discussions on setting aside land for parks, sanctuaries and wildlife areas.
But Val Mellesmoen, press secretary at the legislative assembly, said the companies have no reason to worry.
"They're essential to what the whole thing is about," she said. "We want them to be a participant."
More information on the government's plans will be made public this week, Mellesmoen added.
MacLeod said he doesn't disagree with land being set aside, but wants to be in on talks that could see land under exploration turned into a protected space.
"It's not just the aspect of losing a prospect you've been working on. It's the lost opportunity of what you could have done with that money elsewhere," he said.
Caledonia's decision on whether to continue investing in the NWT will be based on answers the company receives from the government, MacLeod said.
The federal government, World Wildlife Fund and Yellowknives First Nation have also supported protected spaces in the NWT.