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This material is provided for informational and educational purposes only and should not be considered financial, investment, legal, tax, or other professional advice. The views expressed are based on publicly available information, company filings, technical reports, news releases, company presentations, and personal analysis at the time of writing, and they may change without notice. While every effort has been made to present accurate and reasonable information, no representation or warranty is made regarding completeness, accuracy, or reliability.

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Selkirk Copper Mines Inc. TSXV: SCMI / OTCQB: SKRKF / FRA: IO20

Introduction

Selkirk Copper Mines Inc. is a Yukon-focused copper-gold-silver restart and redevelopment company. Its flagship asset is the 100 percent owned Minto Mine, a past-producing open-pit and underground copper-gold-silver mine located in the Minto-Carmacks Copper Belt in central Yukon, Canada. This is not a normal grassroots exploration story. Selkirk is trying to restart a real mine with real infrastructure, a real production history, a large resource base, and a near-term development path.

The bull case is simple: Selkirk controls a fully built former producing copper-gold-silver mine, with more than C$300 million of infrastructure already in place, including a 4,100 tonne-per-day mill, open-pit and underground workings, tailings management facility, camp, water treatment plant, road access, and power line. The company’s current resource includes 12.6 million tonnes indicated grading 1.20 percent copper, 0.46 g/t gold, and 4.27 g/t silver, plus 23.7 million tonnes inferred grading 1.05 percent copper, 0.39 g/t gold, and 3.90 g/t silver.

This makes Selkirk interesting because most juniors need to discover, permit, finance, and build a mine from scratch. Selkirk is entering the game with the shell of a mine already standing. The question is not whether copper exists at Minto. The question is whether Selkirk can restart Minto properly, extend the mine life to 12 to 15 years, control costs, manage water and permitting, and avoid the operational mistakes that hurt previous operators.

The strongest upside comes from four things: high-grade copper-gold-silver resources, existing infrastructure, strong copper and precious-metals leverage, and the equity partnership with Selkirk First Nation. The main risk is also clear: this is still a restart story, not a cash-flowing producer yet.

Projects / Location / MRE / Grades

Project 1: Minto Copper-Gold-Silver Mine, Yukon (Flagship Restart Asset)

Minto is Selkirk Copper’s flagship project. The mine is located in central Yukon, approximately 250 kilometres north of Whitehorse on the Klondike Highway. It sits in the Minto-Carmacks Copper Belt, a known copper-gold-silver district with historic production and a large technical database. The company controls 26,850 hectares of mineral claims in the belt, centered around the former Minto mine.

This matters because Minto is not a remote “maybe one day” copper story. It has already operated. It produced high-quality clean copper-gold-silver concentrate from 2007 to 2023 under previous operators. The concentrate historically carried copper of 36 to 40 percent, gold of 12 to 18 g/t, silver of 100 to 150 g/t, and low deleterious elements.

Clean concentrate matters. In copper mining, you do not just want copper in the ground. You want concentrate that smelters actually want to buy. If the concentrate is clean, high-grade, and contains payable gold and silver credits, the project can potentially attract stronger offtake terms and better financing options.

Minto is a high-grade copper-gold-silver project by modern copper standards. The combined indicated resource grades 1.20 percent copper, 0.46 g/t gold, and 4.27 g/t silver. The combined inferred resource grades 1.05 percent copper, 0.39 g/t gold, and 3.90 g/t silver. This is the core attraction: a smaller, higher-grade, infrastructure-backed restart opportunity rather than a giant low-grade porphyry that needs billions of dollars and a decade-plus before it becomes relevant.

Minto Mineral Resource Estimate

Selkirk’s current resource is based on the 2025 Technical Report for the Minto Property, with an effective date of April 7, 2025. The company presentation summarizes the August 2025 mineral resource estimate as follows:

Resource Area / Category	Tonnes	Cu Grade	Au Grade	Ag Grade	CuEq Grade	Contained Metal
Open Pit Indicated	6.084Mt	0.90% Cu	0.27 g/t Au	2.86 g/t Ag	1.16% CuEq	—
Open Pit Inferred	9.497Mt	0.70% Cu	0.16 g/t Au	2.42 g/t Ag	0.87% CuEq	—
Underground Indicated	6.504Mt	1.49% Cu	0.63 g/t Au	5.58 g/t Ag	2.09% CuEq	—
Underground Inferred	14.161Mt	1.28% Cu	0.54 g/t Au	4.90 g/t Ag	1.80% CuEq	—
Combined Indicated	12.588Mt	1.20% Cu	0.46 g/t Au	4.27 g/t Ag	1.64% CuEq	334.2Mlb Cu, 185.3koz Au, 1.728Moz Ag, 455.5Mlb CuEq
Combined Inferred	23.658Mt	1.05% Cu	0.39 g/t Au	3.90 g/t Ag	1.42% CuEq	547.0Mlb Cu, 296.2koz Au, 2.968Moz Ag, 742.2Mlb CuEq

This gives Selkirk a total resource base of approximately 881M lbs contained copper and about 1.2B lbs CuEq across indicated and inferred categories, before any impact from the 2025 to 2026 drill campaign. The key point is that Selkirk is not starting with a tiny resource. Minto already has scale for a restart scenario, and the company is trying to grow and upgrade that resource before finalizing the mine plan.

Minto Restart Plan Economics

Selkirk has not yet published a full current PEA economic model. The company is targeting a PEA by mid-2026, followed by a feasibility study by mid-2027, with a restart final investment decision also targeted around mid-2027. Potential first production from a restarted operation is targeted for mid-2028.

Restart Objective	Target / Current Status
Mine life	12 to 15 years
Mill throughput	4,100 tpd, or roughly 1.5Mtpa
Production target	Approximately 30,000 tonnes per year of copper equivalent production
Cost work	Updated operating cost estimate based on current power, labour, fuel, and consumable inputs
Capital work	Updated restart and sustaining capital estimate
Closure plan	Updated closure plan
Drilling input	Incorporation of the 50,000m Phase 1 drill program into the updated resource and mine plan

This is the most important near-term catalyst. The PEA will tell investors whether the restart is merely interesting or truly economic at today’s copper, gold, and silver prices. Infrastructure helps, but it does not automatically guarantee profitability.

Project 2: Minto North / Minto East / Ridgetop / Area 118 (Resource Growth Zones)

Selkirk’s Phase 1 drilling program targeted multiple zones around the mine, including Minto North, Ridgetop, Minto East, Copper Keel, Area 118, and Minto Main. The company completed 52,288 metres in 175 holes, exceeding the original 50,000 metre plan. The program had strong early success, with around 87 percent of holes intersecting one or more mineralized lenses of notable grade and thickness based on released assays and visual estimates.

This is important because Selkirk’s investment case is not only restart the old mine. The better version of the story is restart the old mine with a longer, better, cleaner mine plan than previous operators had.

Key drill highlights include Minto North West, where hole 25SCM043 returned 3.52 percent copper, 3.51 g/t gold, and 17.04 g/t silver over 16.7 metres, within a broader interval of 2.09 percent copper, 1.84 g/t gold, and 9.48 g/t silver over 32.9 metres. Selkirk described this as within the top 99th percentile of grade and thickness for the Minto database, which includes more than 1,400 drill holes and over 4,300 significant intercepts.

Recent March 2026 results also showed continued expansion across multiple zones, including Minto North, Minto East, Ridgetop, and Area 118. These results are being incorporated into resource modelling and PEA work.

The exploration upside is meaningful because Selkirk has a massive database but also long periods where the asset was underexplored. The company notes that limited exploration was carried out on the regional package, and no exploration was carried out on the Minto mine property between 2013 and 2020. If Selkirk can use modern geophysics, better resource modelling, and aggressive drilling to extend the resource, the project could become much more valuable than the market originally assumed.

Share Structure / Ownership / Insiders

Capital Structure

Capital Structure Metric	Value
Shares outstanding, March 2026 presentation	127.94M
Options	9.17M
Warrants	5.57M
Fully diluted shares, March 2026 presentation	142.68M
Recent share price, March 2026 presentation	C$1.07
Market cap, March 2026 presentation	C$136.9M
Cash as of Dec. 31, 2025	C$28.0M
Enterprise value, March 2026 presentation	C$108.9M
April 2026 financing	C$35M upsized bought deal private placement
New shares issued in April 2026 financing	23.914M common shares at C$1.15 and 4.412M flow-through shares at C$1.70
Rough post-financing basic share count	Approximately 156.3M shares before options and warrants

The share structure is still reasonable for a restart-stage company with a real mine, large infrastructure base, and institutional support. But investors need to watch dilution carefully. Restart companies usually need more capital for engineering, permitting, site work, feasibility, working capital, and eventual mine restart execution. The positive side is that Selkirk recently raised a large amount of capital, which reduces near-term funding risk for exploration and study work. The negative side is that mine restarts are rarely free.

Ownership / Insiders

Ownership Group	Ownership / Comment
Selkirk First Nation	Approximately 22% ownership according to the March 2026 presentation
CEO ownership	Around 6%
Board and management	Around 4.7%
Institutional ownership	Around 27%
Retail / HNW investors	Around 40.4%
Insider participation in April 2026 private placement	Certain insiders acquired 1.8385M common shares

This is important because the project sits on Selkirk First Nation land, and Selkirk First Nation is not just a stakeholder. They are a major shareholder. That alignment is a big difference compared with many mining stories where local community relations are uncertain or adversarial. Our data show ownership alignment is strong. This is one of Selkirk’s biggest advantages.

People / Management

M. Colin Joudrie

President, CEO, Director

More than 30 years of mineral resources experience. Most recently Vice President Business Development at Teck Resources from 2011 to 2024, helping advance base and precious metal development projects through PEA, prefeasibility, and feasibility work.

Management feel: Very relevant. Selkirk needs study work, partnerships, development strategy, community engagement, and financing. Joudrie’s Teck background gives the company real credibility.

Rob McLeod

Director and Co-Founder

Geologist, third-generation miner, entrepreneur, and Partner with the Fiore Group. Roughly 30 years of experience across major and junior mining companies, including IDM Mining and Underworld Resources.

Management feel: Adds exploration and company-building experience, plus Fiore Group network value for capital markets and mining deal flow.

Ryan Weymark

Director and Co-Founder

Mining engineer with more than 15 years of experience across engineering, permitting, construction, operations, M&A, and finance. President and Co-Founder of Fuse Advisors.

Management feel: Useful technical restart discipline. Minto needs engineering, site work, cost control, and practical execution.

Alex Morrison

Independent Director

More than 35 years of mining experience, including senior strategic roles in finance, accounting, IT, supply chain, risk management, and operations support. Former CFO of Franco-Nevada.

Management feel: Strong finance and governance background. Relevant for financing alternatives, offtake, potential debt, and project funding.

Josh Kierce

Chief Financial Officer

CPA with accounting and investment banking experience focused on metals and mining. Involved in financings raising over C$400M for mining companies.

Management feel: Good fit for a company that will need capital discipline and access to financing markets.

Matthew Pickard

SVP Permitting & Regulatory Affairs

Permitting, environmental, and Indigenous engagement professional with more than 20 years of experience in the Canadian resource sector, especially Canada’s North.

Management feel: Extremely important. Minto is also about permits, water, closure planning, Indigenous partnership, and regulatory trust.

Stacie Jones

VP Exploration & Geoscience

Professional geologist with experience leading exploration programs in remote Canadian districts. Previously helped expand the Back River gold resource at Sabina Gold & Silver.

Management feel: Strong technical fit. Exploration success around Minto North, Minto East, and the regional belt will be central to improving the restart plan.

Scott Fulton

VP Projects & Engineering

Professional engineer with more than 30 years of experience, including EPCM/EPC work and engineering/project roles at New Afton, Brucejack, Rainy River, Prairie Creek, and Eskay Creek.

Management feel: Very relevant. Restarting Minto needs practical project execution. Fulton’s engineering and construction background strengthens the development case.

Justin Stevens

VP Corporate Development

CFA with buy-side and sell-side equity research experience covering mining, plus site-based engineering consulting experience.

Management feel: Useful combination of technical and capital markets background. Selkirk needs both.

Risks / Catalysts / Timeline

Key Risks

Risk Category	Why It Matters
Restart risk	Minto has operated before, but restarting a mine is still complex. Old infrastructure may require more capital than expected.
Permitting risk	Selkirk must amend and modify licenses, including quartz mining, exploration, and water licenses, before a full restart.
Water management risk	Minto’s history includes site control, care and maintenance, and regulatory issues. Water treatment and closure planning will be critical.
Financing risk	Selkirk has raised capital for drilling and studies, but a full restart will likely require a larger financing package.
Dilution risk	Future equity financing may increase the share count.
PEA risk	The current PEA is not yet published. Investors are still waiting for the updated economics.
Resource risk	Mineral resources are not reserves and do not have demonstrated economic viability.
Operating cost risk	Labour, fuel, power, reagents, maintenance, camp costs, and northern logistics can be expensive.
Grade reconciliation risk	High-grade lenses can be profitable, but underground and open-pit reconciliation must be proven.
Commodity price risk	The project is highly sensitive to copper, gold, and silver prices.
Execution risk	The company must move from asset acquisition and drilling into engineering, permitting, financing, construction, and operations.
Previous operator history	Minto previously went through care and maintenance, restart, operating restrictions, and bankruptcy. Selkirk must prove this time is different.

Catalysts

Timeline	Catalyst
2026	Additional Phase 1 drill results from Minto North, Minto East, Ridgetop, Area 118, Copper Keel, and Minto Main
June 2026	Updated mineral resource estimate expected
Mid-2026	Preliminary Economic Assessment targeted
2026	Continued engineering trade-off studies
Q4 2026	Restart indication targeted
2026 to 2027	Regional exploration and infill drilling
Mid-2027	Feasibility study completion targeted
Mid-2027	Restart final investment decision targeted
2027	Development authorization and permitting progress
Q1 2028	Mill commissioning targeted
Mid-2028	Potential first production from restarted operation

Expected Timeline to Full Production

Year / Period	Focus	What It Means
2026	Resource and PEA year	Selkirk completed the Phase 1 drill program with 52,288 metres in 175 holes. Assays, modelling, an updated MRE, and a PEA are the key focus. The goal is to convert the story from interesting restart into economic restart plan.
2027	Major decision year	Selkirk is targeting a feasibility study and restart final investment decision by mid-2027. This year should clarify capital costs, operating costs, mine plan, permits, water management, financing, and whether the project can move into execution.
2028	Restart execution year	If the restart plan stays on schedule, Selkirk is targeting mill commissioning in Q1 2028 and potential first production by mid-2028. This would move Selkirk from a restart developer into a potential Canadian copper-gold-silver producer.

Valuation

Updated Valuation Summary

Because Selkirk has not yet published its new PEA, a proper free cash flow valuation model is not available yet. This valuation should be treated as a rough scenario model only. The company’s restart target is approximately 30,000 tonnes per year of copper equivalent production. Converted into pounds, this equals roughly 66.1 million pounds of copper equivalent production per year.

Assumption	Value
Annual production	30,000 tonnes CuEq
Annual production in pounds	66.1M lbs CuEq
Share count used	156.3M basic shares
CAD/USD assumption	1.37
FCF margin scenarios	25%, 35%, 45%
Valuation multiples	10x, 15x, 20x annual FCF
Copper price scenarios	US$15/lb and US$20/lb copper

Selkirk Copper FCF Model at US$15/lb and US$20/lb Copper

Copper Price	FCF Margin	Annual Revenue	Annual FCF	10x FCF/share	15x FCF/share	20x FCF/share
US$15/lb	25%	US$992.1M	US$248.0M	C$21.74	C$32.61	C$43.48
US$15/lb	35%	US$992.1M	US$347.2M	C$30.44	C$45.65	C$60.87
US$15/lb	45%	US$992.1M	US$446.4M	C$39.13	C$58.70	C$78.26
US$20/lb	25%	US$1.323B	US$330.7M	C$28.99	C$43.48	C$57.98
US$20/lb	35%	US$1.323B	US$463.0M	C$40.58	C$60.87	C$81.16
US$20/lb	45%	US$1.323B	US$595.2M	C$52.17	C$78.26	C$104.35

This valuation is aggressive and simplified. It is designed to show copper-price torque, not a guaranteed target price. The upcoming PEA is still the key valuation reset point. Investors need to see restart capex, operating cost, sustaining capital, recoveries, taxes, royalties, financing terms, mine life, dilution, and water management assumptions before treating this as anything more than a high-level copper bull market scenario.

Summary & Quick Scorecard

Category	Points	Overall
Company Overview	Stock ticker: TSXV: SCMI / OTCQB: SKRKF / FRA: IO20 Main metal: Copper, with gold and silver credits Main project: Minto Mine Project phase: Restart / redevelopment stage Projects country: Canada, Yukon	—
1. Management	Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big mining company experience: Yes, Teck / Fiore Group / Franco-Nevada experience Capital markets track record: Yes	✅ Strong
2. Projects	High grades: Yes, current resource grades above 1% copper with gold and silver credits MRE size: Yes, approximately 881M lbs contained copper and about 1.2B lbs CuEq indicated plus inferred Optionality: Yes, Minto North, Minto East, Ridgetop, Area 118 and regional belt upside	✅ Strong
3. Cost Structure	Low AISC: Unknown until PEA Low capex / existing infrastructure: Potentially yes, because existing 4,100 tpd mill, camp, water treatment plant, road, power, open pit, underground workings, and tailings infrastructure are in place Updated opex and capex are not available until the PEA	⚠️ Unknown
4. Share Structure Discipline	Rough post-financing basic shares: approximately 156.3M Previous fully diluted shares: 142.68M before April 2026 financing Share count remains reasonable, but future restart financing may dilute shareholders	✅ Strong
5. Insider / Ownership	Selkirk First Nation ownership: approximately 22% CEO ownership: around 6% Board and management alignment: meaningful Insider-aligned ownership: around 28%, great	✅ Strong
6. Location	Country: Canada Territory: Yukon Tier: Tier 1 mining jurisdiction Infrastructure: strong, but northern logistics, water, permitting, and closure obligations must be handled carefully	✅ Strong

⭐ RT Rating, Commentary

Selkirk Copper is on our watchlist.

We rate this as 4 out of 5 stars for now.

Selkirk Copper ticks many of our checklist boxes: high-grade copper-gold-silver resource, existing infrastructure, strong ownership alignment, serious management, Selkirk First Nation partnership, and a clear restart timeline. Minto is not a dream drawn on a map. It is a real past-producing mine with a real mill, real workings, real resources, and a real shot at becoming one of Canada’s next copper producers.

The biggest reason we are not rating it 5 out of 5 yet is simple: the PEA is not out. We still need to see updated economics, restart capex, operating costs, water management plan, mine schedule, recoveries, dilution assumptions, and financing strategy. We like near-producer setups, but this one still looks like it has more work ahead, which may cap the valuation in the near term.

If the PEA confirms a 12 to 15 year mine life, strong margins, and reasonable restart capital, Selkirk could become a very interesting copper restart story. But if costs come in higher than expected, or permitting and water issues become more difficult, the upside may take longer to unlock.

The setup is strong. The next test is execution.

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