Selkirk Copper raising $30 million from upsized bought deal

Selkirk Copper Mines Inc. [SCMI-TSXV, SKRKF-OTCQB, 1020-FRA] said it is upsizing a previously announced bought deal private placement financing that is now expected to raise just over $30 million, up from an earlier target of $20 million. Proceeds are earmarked for continued development at the Minto copper-gold-silver mine in the Canadian Yukon.

It said the offering will consist of 4.41 million common shares that will qualify as flow-through shares within the meaning of the Income Tax Act (Canada) priced at $1.70 per flow-through share for gross proceeds of $7.5 million, and 19.6 million common shares priced at $1.15 per share for gross proceeds of $22.5 million.

The company said it has granted the underwriters an option to purchase up to an additional 4.35 million common shares at the common share issue price, potentially raising additional proceeds of $5.0 million. That option can be exercised at any time up to 48 hours prior to closing, likely on or about April 30, 2026.

On Friday, Selkirk shares eased 2.2% or $0.03 to $1.32. The shares trade in a 52-week range of $1.38 and 42 cents.

Selkirk Copper is a newly formed company with a controlling interest held by Selkirk First Nation through its wholly owned subsidiary that is completing a drilling campaign and a restart and redevelopment plan at the former Minto mine.

Selkirk First Nation is based in Pelly Crossing, a community in central Yukon.

Selkirk Copper controls 26,850 hectares of prospective mineral claims located in the Minto-Carmacks copper belt as well as significant open-pit and underground infrastructure, a 4,100 tonne per day processing plant, 400-person camp, water treatment facilities, numerous ancillary buildings and mobile equipment centred on the Minto mine.

In a press release on March 25, 2026, Selkirk announced new assay results from an ongoing 50,000 metre drill program. “As we near completion of the planned 50,000-metre Phase 1 drill program and we continue to advance engineering trade off studies, the restart plan is getting better defined,’’ said Selkirk President and CEO Colin Joudrie.

The Phase 1 drill program, which started in August, 2025, is focused on resource expansion as well as technical data collection in support of the upcoming preliminary economic assessment (PEA). As of March 20, 48,751 metres of drilling in 164 drill holes had been completed, or 97% of the planned program.

“The current phase of drilling is continuing to define and expand zones of high-grade mineralization at Minto North and step-out drilling at Minto East has confirmed the presence of stacked lenses and demonstrates continuity beyond previously drilled areas which is further defining underground development plans,’’ said Joudrie. The PEA is on schedule to be completed by mid-2026.