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Yukon Metals is a Yukon-based exploration company with a portfolio of 19 projects, covering copper, gold, silver, tungsten, lead, zinc, and other metals across the Territory. The portfolio was assembled largely by the Berdahl family, the same family behind Snowline Gold. This interview covers the company’s recently confirmed permanent CEO, Jim Coates, the upcoming 2026 drill programs at the two flagship copper-gold targets (AZ and Birch), cash position, and how they think about managing a large and diverse project portfolio on a limited budget.

TL;DR

Jim Coates is now the confirmed full-time CEO after a period of management turnover. The company has roughly C$6 million in the bank, no debt, and says that’s enough to fund the full 2026 field season (approximately C$1.5M to C$2M each at the AZ and Birch copper-gold targets, plus about C$1M in G&A and a smaller budget for early-stage work on other properties). A drill rig is already overwintered at Birch. Both targets generated first-ever modern drill holes in 2025, and Coates says every hole hit metal. Geophysics (drone magnetics and 3D induced polarization) will kick off within weeks. First drill holes are expected as soon as spring snowmelt allows, with assay results expected no earlier than mid-summer 2026. No capital raise has been decided, but Coates explicitly says the door is open.

What have they done for shareholders lately?

The company completed its first-ever modern drill programs at both Birch and AZ in 2025. At Birch, five holes identified a 750-metre strike of copper-gold skarn mineralization, with one intercept returning approximately 14 g/t gold over 47 metres within a gold-bearing skarn. At AZ, a drill hole returned increasing potassic mineralization with depth, which is interpreted as pointing toward a porphyry-style source, and a subsequent induced polarization geophysics survey showed high chargeability coinciding with low resistivity approximately 350 metres from that hole, which management says is consistent with a porphyry system. Soil sampling over the same AZ area returned copper up to approximately 2% and gold up to approximately 0.8 g/t over a kilometre-scale zone. Results from the Star River project’s 2025 drill program were also recently released, showing a structurally controlled mineralized corridor of about one kilometre in length with a base metal component alongside high-grade gold-silver veins. At Carter Gulch (a two-claim greenfield property near Whitehorse) a geologist found rock samples up to 250 g/t gold on surface in early 2026, after which the company staked a larger surrounding land position.

How much money do they have and what are they spending it on?

The company had approximately C$6 million at the time of the interview. There is no debt. There are 20 million warrants outstanding at C$0.70 and 9 million options at C$0.50. The planned spending breakdown is roughly C$1.5M to C$2M each at AZ and Birch (together approximately 80% of the exploration budget), with the remaining approximately 20% going toward early-stage work on other properties. G&A runs approximately C$1 million per year, meaning total planned spending is roughly C$6 million, which Coates says fully funds the season as currently planned. No decision has been made on a capital raise, but Coates did not rule it out and described the current market as supportive if encouraging results emerge.

Upcoming catalysts

Operationally, drone magnetometer surveys at both AZ and Birch are expected to begin within weeks (late April or May 2026). A 3D induced polarization and resistivity survey is planned at Birch. First drill holes at both AZ and Birch are expected once spring snowmelt allows access, with the Birch rig already on-site and overwintered. Assay results from the 2026 drill programs are expected no earlier than mid-summer 2026, subject to lab turnaround capacity. Early-season geophysics and soil sampling results could generate news releases before drill results arrive. Coates flagged pending news flow that he said prevented him from buying shares in the open market.

Corporately, a follow-up interview and company update is planned for around June 2026, once early geophysics results are in hand. The company is actively seeking a part-time senior geologist and a board member with a financial background. Strategic partnership or option discussions for non-flagship properties (including Star River) are reportedly ongoing, though no deal has been announced.

Risks

The biggest risk Coates named is macro. Specifically geopolitical instability and commodity market shifts that are beyond the company’s control. Lab turnaround times are a known operational bottleneck, and the company experienced significant delays in 2025 and is pre-arranging lab capacity for 2026, but this remains a risk for timely news flow. The company’s sulfide-rich samples cannot be flown to labs in Vancouver and must be trucked, adding a week or more to timelines. Drill results at both AZ and Birch remain first-pass or early-stage, as neither target has a defined resource, and both carry typical greenfield exploration risk. Capital adequacy is a moderate risk as C$6M funds the current plan, but any program expansion or underwhelming results that require additional work will require another financing. Class 3 permitting at one or more properties is still in process and may take through summer to complete, though Class 1 permits for current planned work are reportedly in hand.

Yukon Metals CEO Interview

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