Selkirk Copper Drills 44.7 metres Grading 2.12% Cu, 1.16 g/t Au, and 10.7 g/t Ag (3.0% CuEq) at Minto North as Part of the Ongoing Phase 2 Drill Program

Selkirk Copper Mines Inc. (SCMI) has released assay results from the Phase 2 program at its Minto Cu-Au-Ag project in the Yukon. The update covers holes drilled in July 2026 across Minto North, Minto Main, Area 118, and Copper Keel, serving as an ongoing results update rather than a new discovery.

At Minto North, three holes labeled as infill for the 202 Lens were drilled. Hole 26SCM237 returned 44.7 m @ 2.12% Cu, 1.16 g/t Au, 10.7 g/t Ag (3.00% CuEq) from 169.9 m, including 11.1 m @ 3.97% Cu, 2.47 g/t Au, 18.5 g/t Ag (5.83% CuEq) and 9.2 m @ 4.77% Cu, 2.25 g/t Au, 26.6 g/t Ag (6.45% CuEq). Hole 26SCM228 returned 12.7 m @ 2.94% Cu (4.55% CuEq), while hole 26SCM239 returned 5.1 m @ 3.72% Cu (5.58% CuEq).

In the Minto Main infill area, hole 26SCM217 returned 27.0 m @ 1.42% Cu, 0.58 g/t Au (1.79% CuEq), including 4.0 m @ 2.81% Cu (3.54% CuEq). Hole 26SCM221 returned 22.9 m @ 0.91% Cu (1.16% CuEq), and hole 26SCM229 returned 6.4 m @ 1.31% Cu (1.44% CuEq).

At Copper Keel, which is being targeted for infill and expansion, hole 26SCM242 returned 12.4 m @ 2.02% Cu (2.41% CuEq). Hole 26SCM227 returned 12.0 m @ 0.94% Cu (1.09% CuEq), hole 26SCM232 returned 11.9 m @ 0.67% Cu (0.76% CuEq), and hole 26SCM223 returned 5.0 m @ 0.81% Cu (1.05% CuEq). Hole 26SCM244 was abandoned above target depth.

Area 118, targeted for expansion with 50 m step-outs, saw hole 26SCM236 return 8.7 m @ 2.14% Cu, 1.61 g/t Au, 10.1 g/t Ag (3.38% CuEq). Hole 26SCM226 returned two stacked intercepts of 14.9 m @ 1.30% Cu (1.22% CuEq) and 10.2 m @ 0.69% Cu (1.05% CuEq). Hole 26SCM243 returned 5.0 m @ 0.76% Cu (0.84% CuEq).

As of Oct 14, the program had completed 54,711 m in 223 holes, reaching 109% of the 50,000 m plan. Only 67 of the 223 holes have reported assays, representing approximately 30% of the total. Ridgetop, comprising 44 holes, and the four 2026 exploration holes have returned zero assays.

Selkirk Copper Mines Inc. (SCMI) is a development-stage restart story, transitioning from a former producer with a freshly completed Preliminary Economic Assessment (PEA) and a 47.8 Mt Measured and Indicated (M&I) resource. The company is targeting its first concentrate production in the second half of 2028. As a development-stage equity, Selkirk’s drill results only move the needle if they alter the resource, the mine plan, or the odds of the restart. A single infill hole, regardless of its width, does not change the existing 47.8 Mt resource.

The best prior intercept was the Sept 29 step-out hole 26SCM209, which returned 5.4 m @ 15.11% CuEq (82 %-m) plus a broader 8.1 m @ 10.61%. Against that benchmark, the new 44.7 m @ 3.00% (134 %-m) intercept is wider but significantly lower in grade. Crucially, this new result is infill rather than expansion. For infill and resource-definition holes, the correct anchor is the resource grade; the Minto Underground M&I grade is 1.15% Cu, with the 202 Lens ranging from 1.15% to 1.39% Cu. The 2.12% Cu over 44.7 m is comfortably above these benchmarks, serving as a confirmation and beat of the model.

The stock has round-tripped from approximately C$2.10 in May 2026 to C$1.12 on Oct 14, 2026, representing a ~47% drawdown. It fell sharply following the Sept 22 PEA print, dropping from C$1.72 to C$1.34. Consequently, the market is not currently pricing in repetition, leaving genuine unpriced upside if grades continue to beat the model. This dynamic supports the view that the release is positive, though not a material negative.

The update is a well-disclosed infill and expansion report featuring one standout wide intercept. It supports the thesis of higher-grade material to the mill and de-risks the resource for the Feasibility Study (FS).

Selkirk Copper Mines Inc. (TSXV: SCMI; OTCQX: SKRKF; FSE: IO20) holds 100% of the former Minto Cu-Au-Ag mine in central Yukon, located approximately 250 km by road from Whitehorse. The company controls 26,850 hectares in the Minto-Carmacks copper belt, with Selkirk First Nation holding a controlling approximately 18% equity stake. The site features established infrastructure, including a 4,100 tons per day processing plant, a 400-person camp, water treatment facilities, grid power of approximately 8.5 MW plus on-site generators, an airstrip, and a 27 km all-weather road, assets valued at roughly C$330 million.

The mineral resource estimate, effective June 10, 2026, includes 47.8 million tonnes of Measured and Indicated resources grading 0.89% copper, 0.34 grams per tonne gold, and 3.2 grams per tonne silver, containing 940 million pounds of copper, 530,000 ounces of gold, and 4.97 million ounces of silver. An additional 16.9 million tonnes of Inferred resources grade 0.76% copper. Underground Measured and Indicated resources total 25.7 million tonnes at 1.15% copper.

A preliminary economic assessment presents conflicting financial metrics depending on the source. A September 22 release cites an after-tax NPV7% of C$494 million at $5.00 per pound copper, with a 47.8% internal rate of return and C$186 million in initial capital expenditure. Conversely, an investor presentation cites a base case of C$291 million NPV and a 19% IRR at the same copper price. The mine life is titled at 13 years, with a restart targeted for the second half of 2028 and first concentrate production also expected in the second half of 2028. A feasibility study and updated mineral resource estimate are guided to the first quarter of 2027.

For the fiscal year 2026, ending March 31, 2026, the company reported a net loss of C$26.0 million and exploration and evaluation spending of C$22.0 million. Cash holdings were C$17.6 million, down from C$28.0 million at the nine-month mark of the third quarter of 2026. The balance sheet carries no debt, with positive working capital of approximately C$11.1 million. The company raised approximately C$44.7 million in equity during FY-2026, and explicit needs for further capital raises remain.