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Selkirk Copper Mines is advancing the restart of the past-producing Minto copper-gold-silver mine in central Yukon, roughly 240 km northwest of Whitehorse. We sat down with CEO Colin Joudrie for an update focused on drill results, permitting progress, financing, and timing heading into a busy back half of 2026.
TL;DR
Selkirk just wrapped up a 52,288 metre first drill program that made several new discoveries, and it now has a second 50,000 metre program underway that is running roughly two months ahead of schedule. An updated mineral resource estimate and a preliminary economic assessment (PEA), both delayed from original spring targets due to slow assay turnaround, are now expected together in July. The company still targets a restart decision in mid-2027 and first production in mid-2028. It raised roughly C$35 million in an April 30 bought deal (24 million shares at $1.15, plus 4.5 million flow-through shares at $1.70, no warrants) and says it is funded into the first quarter of 2027 before needing more capital for the restart itself, which management says will require additional financing decided through a mix of project finance, debt, streams, or offtake-related instruments.
What have they done for shareholders lately?
Since taking over care and maintenance of the site in April, Selkirk completed its first 52,288 metre drill program on time and on budget, discovered several new high-grade zones (including ones referred to as 117 and 301) near existing underground workings, and expanded known zones. It has since launched a second 50,000 metre program aimed at converting inferred resources to measured and indicated categories and supporting a feasibility study. Management says the updated resource model and PEA are due in July, and metallurgical test work on oxidized material in the Ridgetop pit is ongoing with Blue Coast.
How much money do they have and what are they spending it on?
Selkirk raised approximately C$35 million on April 30, 2026 through an upsized bought deal: about 24 million common shares at $1.15 and 4.5 million flow-through shares at $1.70, with no warrants attached. Management says the company is funded into the first quarter of 2027 for its current drilling and study work, but will need additional capital before a restart investment decision, expected mid-2027. Spending priorities include the ongoing 50,000 metre drill program, engineering and trade-off studies, feasibility study work starting around end of August/early September, permitting costs, hiring at the site (mill rights, electricians, operations staff), and a roughly C$1 million regional exploration program this summer. Marketing spend is estimated at C$800,000-900,000 through the end of the year, and estimated project capex has risen from about C$150 million to roughly C$200 million since the company’s last interview six months ago.
Upcoming catalysts
Technical: updated mineral resource estimate and PEA expected in July 2026; results from the ongoing 50,000 metre drill program expected to start flowing next week and continue through October/November, with drilling completion targeted for end of August; a further updated resource estimate expected in Q1 2027.
Operational: start of a feasibility study targeted for late August/early September 2026 (9-10 month program); underground dewatering, not yet started, expected to begin soon; regional exploration program (about 27,000 hectares of claims) this summer.
Corporate: submission of amended water and environmental permits targeted for October 2026; progress on restart financing options, with an update hoped for before year-end; continued community engagement with the Selkirk First Nation; additional site-level hires before year-end.
Risks in the next months
CEO Joudrie said permitting timelines as the top risk, particularly around the Type A water licence amendment, given a small, somewhat under-resourced Yukon regulatory system and a queue of permit applications. Financing risk remains, since the restart itself will require capital beyond what’s currently in treasury, though he says early conversations with financing counterparties have been positive. Execution risk (on drilling, budget, and technical work) was flagged as improving but still present. Underground dewatering is running later than originally hoped. The CEO also noted broader risk from potential low-premium takeover interest, though he described the Selkirk First Nation’s land and permitting role as a practical deterrent to an unwanted bid.
Selkirk Copper CEO Interview
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