The copper market just received a wake-up call.

On January 8, 2026, S&P Global released a study that sent shockwaves through the mining world. The title: Copper in the Age of AI: The Challenges of Electrification.¹

The conclusion? The world is heading toward a 10 million metric ton copper shortfall by 2040. A gap so severe that S&P Global labeled it a “systemic risk for global industries, technological advancement and economic growth.”

Read that again. Systemic risk.

Not a temporary squeeze. Not a cyclical shortage. A structural crisis that threatens the backbone of modern civilization. 

AI data centers, electric vehicles, power grids, defense systems, renewable energy. All of it runs on copper. And there isn’t enough.

Daniel Yergin, Vice Chairman of S&P Global, didn’t mince words:

Here’s what makes this crisis different from anything we’ve seen before.

It takes 17 years, on average, to bring a new copper mine from discovery to production.² In the United States? Twenty-nine years.³ The supply simply cannot respond fast enough.

Meanwhile, copper is hovering just under $6 per pound. All-time highs. 

Gold continues to test $5,000 an ounce. Silver is up 177% in the last 12 months at over $88 per ounce. Every metal that matters is screaming the same message: supply is broken.⁴

So where does that leave investors?

Most copper “opportunities” are decade-long development plays. Permits that stretch into the 2030s. Feasibility studies that never end. Capex requirements in the billions. By the time they produce their first pound of copper, the window may have closed.

But there’s another way to play this.

What if you could buy a mine that already exists? 

One with $300 million in infrastructure already built. A mill. A camp. Roads. Grid power. Underground workings.⁵ Sixteen years of production history and over 500 million pounds of copper already extracted.⁶

What if that asset was acquired for just C$16 million, pennies on the dollar, because the previous operator went bankrupt?⁷

And what if the Indigenous government that owns the land became the largest shareholder and partner?

That’s exactly what happened with Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF).

In late 2024, Selkirk Copper acquired the Minto copper-gold-silver mine in Yukon, Canada from the Selkirk First Nation who acquired the mine out of bankruptcy. The Selkirk First Nation, whose traditional territory hosts the deposit, now controls 22.3% of the company. Two board seats. Real alignment. This isn’t a company fighting for social license. It’s a partnership with the landowner as the controlling investor.⁸

The target? Commercial production by Mid-2028.

Not 2032. Not 2035. Two years from now.

With 914 million pounds (Mlbs) of copper in the ground, plus gold and silver, Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) may represent the shortest path to new copper production in North America.⁹

And the market hasn’t caught on yet.

The Mine That Shouldn’t Have Been Available

Assets like this don’t come to market.

Past-producing mines with existing infrastructure, defined resources, and a clear path to restart? They get acquired internally. Taken out by majors. Snapped up before anyone hears about them.

But Minto was different.

The previous operator rushed back into production without a proper plan. They underestimated the permitting requirements. Burned through their capital. And in May 2023, they walked away, leaving the mine in receivership.

What they left behind was staggering.

A 4,100 tonne-per-day mill. A 400-person camp. Grid-connected power from the Yukon electrical system. Roads. Tailings facilities. Water treatment. Both open pit and underground workings. Sixteen years of production history and over 500 million pounds of copper already extracted.¹⁰

The invested capital for that infrastructure? North of $300 million.

The acquisition price? Approximately C$16 million.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) didn’t just buy a mine. They bought a decade of work that someone else already completed.

But here’s what made the deal truly unusual.

The Selkirk First Nation, whose Settlement Land hosts the deposit, didn’t merely approve the acquisition. They acquired the asset, and became the largest shareholder at 22.3% ownership with two seats on the board. This is the first time in Canadian history that an Indigenous government has taken controlling ownership of a mine.¹¹

That’s not a press release talking point. That’s a structural advantage most developers spend years trying to negotiate.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) CEO Colin Joudrie, a 33-year mining veteran who spent 13 years as VP of Corporate and Business Development at Teck Resources, understands what he’s sitting on:

Joudrie put $2.3 million of his own money into Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF).¹² That kind of personal conviction tells you something.

The target is H1 2028 production. Not a decade from now. Two years.

What’s Different This Time Around?

The obvious question: if this mine is so good, why did the previous operator fail?

The answer matters. Because it reveals exactly why Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) is positioned to succeed where Minto Metals did not.

The Previous Operator’s Mistakes

Minto Metals acquired the mine in 2019 with big plans and limited experience. They rushed back into production without completing proper studies. They underestimated the permitting requirements. They ended up restricted to underground-only mining, which couldn’t generate enough feed to keep the mill running efficiently. When capital ran out, so did options. Bankruptcy followed in 2023.

The geology wasn’t the problem. The execution was.

Selkirk Copper’s Approach

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) is taking the opposite path.

The company raised C$44.5 million before starting work. They engaged Hatch and SRK, two of the most respected engineering firms in mining, to lead trade-off studies.¹³ The Preliminary Economic Assessment (PEA) comes first, then the Feasibility Study, then the restart decision. No shortcuts. No rushing back into production without a plan.

CEO Colin Joudrie spent 13 years at Teck Resources evaluating exactly these kinds of situations. He knows what kills projects. And he’s building the team and process to avoid those mistakes.

Clean Economics

The bankruptcy eliminated encumbrances that had burdened previous operators for years. The Wheaton Precious Metals stream, which had extracted over US$250 million from the project, is gone. The Sumitomo offtake agreement is gone. Only a 1.5% NSR to the Selkirk First Nation remains.

For the first time since 2007, the operator will capture 100% of the copper, gold, and silver produced.

Social License Built In

Kevin McGinty, former Chief of the Selkirk First Nation, now serves as VP of Lands and Environment for Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF). The First Nation owns 22.3% of the company. Two board seats. Same interests.

This isn’t a company negotiating for community support. It’s a company where the community is already at the table as the largest shareholder, providing valuable input every step of the way.

Not every copper story deserves your attention.

Most are years away from knowing what they have. Others are drowning in capex requirements and permitting timelines that stretch into the next decade. The majority will never produce a single pound of copper.

Then there are the rare setups where everything aligns. Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) checks every box.

That’s the thesis. Eight reasons. One conclusion.

The Team That Finds Bargains and Builds Mines

Before looking at the asset, look at the people.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) was built by the Fiore Group, led by Frank Giustra. 

His track record speaks for itself: Wheaton River Minerals, merged into Goldcorp. Silver Wheaton, now Wheaton Precious Metals. Endeavour Mining. 

He pioneered the streaming model that transformed mining finance and was inducted into the Canadian Mining Hall of Fame in 2025.

The pattern across Giustra-backed deals is consistent: identify undervalued assets with fixable problems, assemble the right team, and execute.

Now that playbook is being applied to Minto.

Colin JoudrieChief Executive Officer and Director

33 years in mining. 13 of them as VP of Corporate and Business Development at Teck Resources, where he evaluated hundreds of copper projects across the globe and negotiated some of the most complex First Nation partnerships in Canadian mining history. He knows what kills restart projects and he’s built the team and process to avoid those mistakes. Joudrie put $2.3 million of his own money into Selkirk. That’s not a press release talking point. That’s conviction.

Rob McLeodDirector

Third-generation geologist. Fiore Group partner. Co-founded Selkirk Copper alongside the Selkirk First Nation after identifying Minto as exactly the kind of overlooked, mispriced asset the group specializes in. His other projects include West Red Lake Gold, Dolly Varden Silver, and Nations Royalty. McLeod finds value where others see problems.

Ryan WeymarkDirector

Mining engineer. Fiore Group partner. Spent two full years structuring the Selkirk First Nation partnership before anything went public, building the alignment that most developers spend a decade chasing and never achieve. The 22.3% First Nation ownership stake and two board seats didn’t happen by accident. Weymark made it happen.

Kevin McGintyVP Lands and Environment

Former Chief of the Selkirk First Nation. Now leading Selkirk Copper’s lands and environmental strategy. This isn’t consultation theater. It’s the landowner at the table, inside the company, shaping decisions from day one.

The Bottom Line

Fiore Group backing. A CEO with seven figures invested. C$44.5 million in the treasury after an October 2025 financing at $0.56 per share. A First Nation partner with 22.3% ownership and two board seats. The Selkirk First Nation also nominates two directors to the board, ensuring alignment between landowner and operator.

Today, Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) trades 45% above the financing price.

That’s the table.

Inside Minto: The Asset. 16 Years of Production Data Don’t Lie

Some deposits take decades and hundreds of millions of dollars just to understand.

Minto is not one of them.

This mine operated for 16 years. It produced over 500 million pounds of copper between 2007 and 2023. Multiple operators extracted value, built infrastructure, refined the processing, and shipped concentrate to smelters around the world.

Then the previous operator failed. But the failure was operational and financial, not geological. The copper is still there. So is everything they built.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) now controls 100% of the asset.

Production History

The mine demonstrated commercial viability across multiple commodity cycles. Previous operators invested hundreds of millions in infrastructure and optimization. That investment now belongs to Selkirk shareholders.²²

NI 43-101 Mineral Resource Estimate (Effective Date: April 7, 2025)

That’s 914 million pounds of copper, 482,000 ounces of gold, and nearly 4.7 million ounces of silver.²³

And the resource is still growing. December 2025 drilling expanded the Minto North West Zone by 90% in strike length, with results not yet incorporated into the formal estimate. The updated resource will be included in the mid-2026 PEA.

The Grade Advantage

Here’s what separates Minto from the pack.

Most copper deposits being developed today grade between 0.3% and 0.6% copper. Minto averages 1.14% copper across the combined resource. That’s two to four times higher than peers.

Grade is margin. Higher grade means more copper per tonne processed, lower costs per pound produced, and better economics at any metal price. When copper is at $13,000 per tonne, that grade differential translates directly to profitability.

Precious Metals Upside

Don’t overlook the gold and silver.

At current prices, gold hovering near $5,000 per ounce and silver above $88 per ounce, the precious metals in Selkirk Copper’s (TSXV:SCMI) (OTC:SKRKF) resource represent significant additional value.

Previous operators surrendered most of this upside through the Wheaton Precious Metals stream. With that stream eliminated in bankruptcy, Selkirk captures 100% of the gold and silver revenue.

Metallurgical Performance

This isn’t experimental processing. Minto has 16 years of commercial production data.

A 90%+ recovery rate means the mill captures nearly all the copper in the ore. Concentrate grading 36–40% copper is considered premium quality, commanding better terms from smelters and traders. The metallurgy is proven, not projected.²⁴

Infrastructure in Place

Building a mine from scratch costs hundreds of millions and takes over a decade. Selkirk inherited all of it.

Selkirk acquired all of this for approximately C$16 million. That’s roughly 5 cents on the dollar.²⁵

The infrastructure isn’t just cost savings. It’s time savings. While competitors spend years in construction, Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) can focus on optimization, permitting updates, and a restart decision.

The Resource Is Growing With Every Hole

The 914 million pounds of copper in the current resource estimate is just the starting point.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) launched a 50,000-meter drill program in late 2025. As of December, 32,026 meters had been drilled across 121 holes. That’s 64% of the program complete, with results already demonstrating significant expansion potential.²⁶

December 2025 Drill Highlights

The Minto North West Zone has expanded 90% in strike length based on 2025 drilling, from 105 meters in the resource model to over 200 meters. And the 34.1% copper massive sulphide intercept is the kind of grade that stops geologists in their tracks.

Metallurgical Upside

Initial flotation tests are showing better than expected results. Copper recovery from partially oxidized material, previously classified as waste, is outperforming historic assumptions. Testing also indicates that coarser primary grind sizes can maintain high recovery while reducing power consumption.

Translation: material that was written off may become mineable, and processing costs could come in lower than previous studies assumed.

What’s Coming

Drilling resumed mid-January 2026. Program completion is targeted for March. New assay results are coming out every two to three weeks.

Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) has built a steady news flow cadence that will carry through Q1. Each release has the potential to expand the resource footprint ahead of the mid-2026 PEA.

The Valuation Gap No One Is Talking About

Here’s where this story gets interesting for investors who actually run the numbers.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) trades at a market cap of approximately C$106 million. 

The company controls 914 million pounds of copper, plus significant gold and silver, with over $300 million in existing infrastructure and a realistic path to production by 2028.

Now compare that to what the market is willing to pay for other copper development projects.

Copper Developer Comparison²⁷

*Market cap take from Yahoo Finance on January 29, 2026

Study this table for a moment.

Faraday Copper’s Copper Creek project has 4.8 billion pounds of copper. But the grade is 0.43%, less than half of Selkirk’s 1.14%. No existing mill. No camp. No roads. Production is years away at best. 

The market values Faraday at C$870 million. That’s more than 8x Selkirk’s current valuation for a project that is objectively harder to build and will take longer to reach production.

Northisle Copper has 3.6 billion pounds at 0.15% grade. That’s less than a quarter of the grade at Minto. Everything needs to be built from scratch. Permitting will take years. Market cap? C$802 million. Over 7x Selkirk.

Western Copper & Gold has been working on the Casino deposit in Yukon for over a decade. They have 10.7 billion pounds of copper, but at just 0.12% grade. They’re nowhere close to construction. The market values them at C$1.27 billion.

Ask yourself: what exactly is the market paying for in these other names that it isn’t recognizing in Selkirk?

What Selkirk Has That Peers Don’t

If Selkirk had inferior assets, the discount would make sense. Look at what the company actually controls.

Grade: At 1.14% copper, Minto runs two to four times higher than every peer on this list. That translates to more copper per tonne processed, lower costs per pound, and wider margins at any metal price. Grades are the single biggest driver of project economics. Selkirk wins this category decisively.

Infrastructure: Faraday, Northisle, and Western Copper all need to spend billions building mills, camps, roads, power systems, and tailings facilities. That capital hasn’t been raised yet. Those timelines haven’t started yet. Selkirk has $300 million worth of infrastructure already on site. The mill exists. The camp exists. The roads exist. That’s not a small advantage. That’s the difference between a project and a producing mine.

Timeline: Most peers are targeting first production sometime in the early 2030s. Some won’t get there until mid-decade. Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) is targeting H1 2028. In a market that desperately needs new copper supply, a four to seven year head start matters. A lot.

First Nation Partnership: This is where most Canadian projects get stuck. Developers spend years, sometimes decades, trying to secure community support. Many never succeed. Selkirk started with the Selkirk First Nation already owning 22.3% of the company. Two board seats. Aligned incentives. The social license question that derails so many projects? Already answered.

Why the Disconnect?

Simple. The company is new to the market.

Selkirk only began trading under the SCMI ticker in November 2025.²⁸ Institutional investors haven’t had time to build positions. Analyst coverage doesn’t exist yet. The story hasn’t been widely circulated.

Meanwhile, names like Faraday and Northisle have been public for years. They have research coverage. They have institutional holders. They have visibility.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) has the better asset. It just doesn’t have the market’s attention yet.

That’s the opportunity.

Valuation disconnects like this resolve in predictable ways. Either the market gradually reprices the stock as awareness builds and catalysts deliver. Or a strategic acquirer, looking for permitted copper pounds in a safe jurisdiction, steps in and takes the asset out at a premium.

The mid-2026 PEA will put formal economics in front of the market for the first time. Drill results will continue releasing every few weeks through Q1. Each catalyst gives investors a reason to revisit the numbers.

Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) is trading at 12 cents per pound. The asset is better. The timeline is shorter. The team is proven. The partnership is locked in.

At some point, the market will do the math.

The Catalyst Calendar

Junior mining stocks move on news. Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) has one of the most catalyst-dense calendars in the sector over the next 30 months.

Six major milestones. Thirty months. Each one a potential re-rating event.

The mid-2026 PEA is the catalyst to watch. It will be the first time the market sees formal economics on this asset under clean ownership, with no stream, no legacy offtake, and metal prices at record highs. That study has the potential to change how Selkirk Copper Mines (TSXV:SCMI) (OTC:SKRKF) is valued overnight.

Until then, drill results will keep the news flow steady. After that, it’s execution toward production.

You’re right, that was weak. Let me rewrite with more punch:

The Math Doesn’t Lie. The Market Just Hasn’t Done It Yet.

Selkirk Copper Mines Inc. (TSXV:SCMI) (OTC:SKRKF) controls 914 million pounds of copper in the ground. Over $300 million in infrastructure already built. A First Nation partner who owns the land and 22.3% of the company. A management team with skin in the game and a track record of turning distressed assets into producing mines.

Peers with less copper, lower grades, no infrastructure, and production timelines stretching into the 2030s trade at 6x to 10x Selkirk‘s valuation.

Either the market hasn’t noticed, or it’s about to.

The mid-2026 PEA will put formal economics in front of investors for the first time. Drill results are releasing every few weeks. The catalyst calendar is stacked for the next 30 months. The window to position ahead of the crowd is now.

We’ve assembled the complete corporate presentation with 32 pages of resource estimates, drill results, infrastructure details, timeline milestones, and peer comparisons. If you’re serious about understanding this opportunity before the market reprices it, this is where you start.

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