Interview with Colin Joudrie, CEO, Selkirk Copper
Our previous interview: https://www.cruxinvestor.com/posts/selkirk-copper-tsxvscmi-doubles-mineral-resource-estimate-minto-to-restart-by-2028-11683
Recording date: 24th September 2026
Selkirk Copper Mines Inc. (TSXV:SCMI) is advancing the restart of Minto, a copper-gold-silver mine in central Yukon that produced concentrate from 2007 until May 2023. After the previous operator's receivership, the Selkirk First Nation acquired the asset and vended it into Selkirk Copper through a reverse takeover. The First Nation is now the largest shareholder, with around 18% and two board seats.
The September 2026 Preliminary Economic Assessment outlines a 13-year mine life at 4,100 tpd, combining underground mining first with two open pits later in the life of mine. At planning prices of US$5.00/lb copper, US$3,600/oz gold and US$50/oz silver, the after-tax NPV7% is C$494 million, the IRR is 47.8% and payback is 1.9 years. At spot prices, the NPV rises to C$1,023 million and the IRR to 78.2%. Initial capital is C$186 million, which CEO Colin Joudrie said came in below earlier guidance. Sustaining capital totals C$409 million and operating costs average C$95.77 per tonne milled.
The low capital intensity stems from more than $330 million of existing infrastructure, including the mill, a 400-person camp, a water treatment plant, an airstrip and grid power. The mine would produce a clean concentrate grading around 38% copper with gold and silver credits and negligible penalty elements. That product is well suited to a concentrate market where benchmark treatment charges have fallen from an average of US$78 per tonne over 2016-2023 to US$33.8 over 2024-2026. The historical offtake and precious metals stream were removed in bankruptcy, giving the company full precious metals exposure and an unencumbered offtake position.
Resource growth is a second lever. The 2026 MRE contains 47.8 million tonnes of M&I resources holding 940 million pounds of copper, 530,000 ounces of gold and 4.97 million ounces of silver. The PEA mine plan uses only around 18.4 million tonnes of mineable inventory. A roughly 50,000-metre Phase 2 programme, not included in the PEA, will feed an updated MRE in Q1 2027. The Feasibility Study is expected to start within weeks and complete in mid-2027, with an execution plan built in to shorten the path to a restart decision.
The main risks are timing and water. The underground is flooded, and the government must authorise a five-month dewatering programme before rehabilitation can begin. Joudrie described this as the gating item and aims to start pumping before the end of 2026. He also acknowledged that the site's historical water management was poor and said the restart plan adds capital, systems and monitoring to address it. Amended permit applications are due in Q4 2026, with a restart decision targeted for the second half of 2027. The capital estimate carries a Class 5 accuracy range of -50% to +100%.
For investors, Minto offers leveraged exposure to copper and gold prices through a near-term restart. The key milestones are dewatering approval, the Q1 2027 resource update and the mid-2027 Feasibility Study, ahead of first concentrate targeted for the second half of 2028.
Learn more: https://www.cruxinvestor.com/companies/selkirk-copper
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