The Iron Ore Company of Canada in Labrador City is trying to track down nine sticks of dynamite.
IOC called the Royal Newfoundland Constabulary to report the missing explosives.
Employees said the company also conducted a search during a lockdown on its property on Monday.
Royal Newfoundland Constabulary Insp. Paula Walsh said it is possible IOC's numbers are off.
"It may very well be simply a discrepancy in the accounting. However, those pieces of information of course obviously have yet to be determined in our investigation and we'll certainly be doing additional follow-up in that regard," she said.
Walsh said the Powerfrac explosives may cause irritation to skin or eyes.
Anyone who thinks they've spotted them should leave them where they are and call police.