Selkirk Copper Mines (TSXV: SCMI | FRA: IO20 | OTCQX: SKRKF) has released a Preliminary Economic Assessment for its copper-gold-silver Minto Project in Yukon, Canada, outlining a potential pathway to restart production by H2-2028. The PEA reports a baseline after-tax NPV of C$494 million using a copper planning price of $5.00 per pound, rising to C$1.023 billion at spot prices of US$6.50 per pound. The announcement is significant for investors tracking the company's progress toward a feasibility study and permit amendment targeted for H2-2027.

Key Points

  • Selkirk Copper Mines (TSXV: SCMI | FRA: IO20 | OTCQX: SKRKF) released a PEA for its Yukon-based Minto Project on September 22, 2026.
  • Baseline after-tax NPV is C$494 million; at spot copper prices the figure more than doubles to C$1.023 billion.
  • Initial capital costs estimated at C$186 million; after-tax payback period approximately 1.9 years from first production at baseline pricing.
  • Investors may be watching the targeted feasibility study completion and permit amendment receipt in H2-2027 as the next major milestone.

Minto PEA Economics and Capital Cost Breakdown

The PEA estimates initial capital costs, including working capital, owner's costs, and contingency, at C$186 million, with pre-capex costs of approximately $20 million excluded from the economic model. Sustaining capital over the life of mine is estimated at C$409 million, and operating costs at C$1,764 million. At spot prices of US$6.50 per pound copper, US$4,300 per ounce gold, and US$65 per ounce silver, the internal rate of return improves from 47.8% to 78.2%, and the after-tax payback period from first production shortens from 1.9 years to 1.3 years. The project's economics are most sensitive to copper price, followed by the CAD:USD exchange rate.

Selkirk First Nation Engineering Collaboration Strengthens Restart Confidence

A distinguishing feature of the Minto PEA is the parallel engineering review conducted independently by a team hired by the Selkirk First Nation, which co-owns the project through its partnership with the Frank Giustra-backed Fiore Group. The release states that this collaborative approach provides independent third-party due diligence, which the company says strengthens its standing with regulators and government entities. The 2026 Mineral Resource Estimate disclosed in the announcement revealed a 182% increase in contained metals over the 2025 estimate, further underpinning the mine planning assumptions within the PEA.

Phase 2 Drill Results and Longer-Term Resource Potential Excluded from PEA

The PEA baseline economics do not incorporate results from the 50,000-metre Phase 2 drill program, which the company states was 98% complete at the time of the announcement. The release states the PEA outlines a 13-year mine plan, while management has indicated potential exists to the north and south of the current mine area. A complete PEA technical report is expected to be made publicly available on the company's website within 45 days of the press release. Readers are cautioned that the PEA is preliminary and includes Inferred Mineral Resources not classified as Mineral Reserves; there is no certainty projections will be realised.