M. Colin Joudrie

Selkirk Copper Mines (TSX-V: SCMI) is uniquely positioned to benefit from the copper bull market. The company operates a past-producing mine in the Yukon with existing infrastructure (roads, grid power, camp). It is the first publicly traded mining company in Canada where a First Nation (Selkirk First Nation) holds a majority equity stake (22%), providing alignment and expected to derisk the repermitting process. The company has completed a 52,288-meter drill program (largest in Yukon in 10 years) with an 87% success rate, discovering high-grade copper-gold-silver mineralization. Upcoming catalysts include a mineral resource estimate and preliminary economic assessment (mid-2026), a feasibility study (mid-2027), and a targeted production restart in mid-2028. The recent $30 million bought deal financing and strong First Nation participation signal market confidence.

Copper is in a severe multi-year supply-demand crunch: decades of underinvestment, long permitting and construction lead times, aging and deeper major mines, and recent disruptions such as Grasberg and El Teniente have left supply lagging demand. He expects the deficit to persist and keep copper prices robust, potentially into the mid-2030s, with current levels around $5.40/lb providing a strong incentive for new supply.