Indigenous-Led Minto Mine Revival Fueled by C$20 Million Deal

VANCOUVER, BC – April 09, 2026 – Selkirk Copper Mines Inc. has secured C$20 million in a landmark financing deal to re-energize the former Minto copper-gold-silver mine in the Yukon, signaling a new chapter for a project now defined by Indigenous ownership and a focus on sustainable practices. The company, which is majority-controlled by the Selkirk First Nation, announced it has entered into a bought deal private placement with a syndicate of underwriters led by Canaccord Genuity Corp.

The financing is a critical step in the redevelopment of a mine that holds significant potential for the region's economy and Canada's critical minerals supply chain. The deal underscores investor confidence in a new operational model that places environmental stewardship and Indigenous economic self-determination at its core.

A New Model for Canadian Mining

This initiative represents a significant departure from traditional resource extraction models in Canada. In a historic move in June 2025, the Selkirk First Nation (SFN) became the first Indigenous governing body in the country to acquire full legal ownership of a major mining operation after the previous owner, Minto Metals Corp., abandoned the site in 2023. The SFN subsequently partnered with Vancouver-based mineral exploration firm Venerable Ventures to form Selkirk Copper, retaining a controlling equity stake through its wholly-owned subsidiary.

This partnership is more than a financial arrangement; it's a foundational shift in governance. The SFN has appointed two directors to the company's board, ensuring its values and long-term vision for the land are embedded in corporate strategy. The nation's leadership has publicly stated its commitment to ensuring the highest standards of environmental performance, aiming to create a precedent for Indigenous-led reclamation and development.

"The Company is completing a thorough exploration drilling campaign and a restart and redevelopment plan for the former Minto copper-gold-silver mine based on best-in-class environmentally sustainable mining, development and reclamation practice," Selkirk Copper stated in its release, a commitment that gains substantial credibility through the SFN's majority ownership and direct oversight.

This model is viewed by industry observers as a potential blueprint for de-risking projects by aligning operations with the interests of local Indigenous communities, addressing social license and economic reconciliation head-on.

From Abandonment to A Second Act

The path to this moment has been complex. The Minto Mine, located on Selkirk First Nation settlement land about 240 kilometers northwest of Whitehorse, began commercial production in 2007. Over 16 years, it produced over 500 million pounds of copper. However, its history is also marked by significant operational and environmental challenges, particularly with water management exacerbated by permafrost melt and extreme weather events.

These issues culminated in May 2023 when then-owner Minto Metals Corp. abruptly ceased operations, walking away from the site and leaving the Yukon government to step in and manage environmental care and maintenance. The sudden shutdown was a blow to the local economy and raised serious concerns about environmental liabilities.

The SFN's acquisition of the mine's assets, including its infrastructure, processing plant, and mineral claims, was a decisive move to take control of the future of their land. Selkirk Copper now plans an 18- to 24-month exploration program and a comprehensive feasibility study to determine the most economically and environmentally sound path to restarting production, leveraging existing infrastructure while redesigning aspects of the mine plan to address historical weaknesses.

Fueling the Green Energy Transition

The timing of the Minto Mine's revival is strategically significant. Copper is designated as a critical mineral by Canada and other world governments due to its indispensable role in the global transition to a green economy. It is a vital component in electric vehicles, wind turbines, solar panels, and the grid infrastructure required to support them.

Market analysts project a substantial copper supply deficit in the coming decade as demand from electrification outpaces the development of new mines. According to the International Energy Agency (IEA), demand for copper in clean energy technologies could surge, and the world may face a significant supply shortfall by 2035. This makes the redevelopment of existing assets like Minto a critical priority.

Selkirk Copper's financing structure cleverly leverages federal incentives designed to spur such projects. The C$20 million placement includes C$5 million from the sale of "flow-through shares" at a premium price of C$1.70. These shares allow the company to pass on exploration expenses to investors, who can then claim tax deductions. The expenses are specifically designated as "flow-through critical mineral mining expenditures," qualifying them for Canada's 30% Critical Mineral Exploration Tax Credit (CMETC), a key government incentive to de-risk and accelerate the discovery of essential resources.

The Financial Blueprint for Redevelopment

The financing agreement details a clear plan to fund the mine's next phase. The placement consists of:

• 13,044,000 common shares at a price of C$1.15 per share for gross proceeds of approximately C$15 million.
• 2,942,000 flow-through shares at a price of C$1.70 per share for gross proceeds of approximately C$5 million.

The net proceeds from the common shares will be used to advance the development of the Minto Mine, as well as for working capital and general corporate purposes. The gross proceeds from the flow-through shares are committed to be spent on qualifying Canadian exploration expenses on or before December 31, 2027.

Furthermore, the underwriters have been granted an option to purchase up to an additional 4,348,000 common shares, which, if fully exercised, would bring in another C$5 million. The offering is expected to close on or about April 30, 2026, subject to customary conditions and the receipt of all regulatory approvals, including that of the TSX Venture Exchange.