A lower court judge ordered initiative backers to change the petition language, but allowed signature gathering to proceed.
Supporters need signatures from 97,002 registered voters by June 15 to qualify for the November ballot.
After an expedited briefing schedule, the full Supreme Court will hear oral arguments on the mining group's appeal June 7 in Las Vegas.
The mining association argues the initiative violates a rule requiring petitions be limited to a single subject.
Nevada's constitution currently limits mining taxes to no more than 5 percent of proceeds after expenses are deducted. The petition would change that to not less than 5 percent before deductions.