Highlights

• Infill drilling at Minto North continues to delineate higher grades and broader widths within the centre of this priority resource area:

  • 44.7 meters grading 2.12% Cu, 1.16 g/t Au, 10.7 g/t Ag (3.0% CuEq) in drill hole 26SCM237, including two internal high-grade intervals of 5.83% CuEq over 11.1 m as well as 6.45% CuEq over 9.2 m.

  • 2.94% Cu, 2.09 g/t Au, and 15.0 g/t Ag (4.55% CuEq) over 12.7 m in drill hole 26SCM228.

  • 3.72% Cu, 2.45 g/t Au, and 17.4 g/t Ag (5.58% CuEq) over 5.1 m in drill hole 26SCM239.

• Infill drilling at Copper Keel intersects high-grade mineralization:

  • 2.02% Cu, 0.65 g/t Au, and 4.8 g/t Ag (2.41% CuEq) over 12.4 m in drill hole 26SCM242.

• Resource expansion drilling at Area 118 intersects high-grade mineralization in a 50-metre step-out, this mineralized trend remains open to the north:

  • 2.14% Cu, 1.61 g/t Au, and 10.1 g/t Ag (3.38% CuEq) over 8.7 m in drill hole 26SCM236.

Vancouver, British Columbia and Pelly Crossing, Yukon--(Newsfile Corp. - October 15, 2026) - Selkirk Copper Mines Inc. (TSXV: SCMI) (FSE: IO20) (OTCQX: SKRKF) ("Selkirk Copper" or the "Company") is pleased to announce additional results from the Phase 2 drill program which commenced in May 2026, at the Minto Project in Yukon, Canada.

M. Colin Joudrie, President & CEO, commented: "The drills, guided by our exploration team, continue to deliver high-grade copper-gold-silver intercepts across several mineralized zones on the mine site property. The structural model and refined targeting methodology, combined with a focused infill drill program, is providing us the information we need to advance Feasibility Study work in the next phase of restart development at the Minto Project.

"These results, notably the high grade and thick intercepts at Minto North, Copper Keel, and Area 118, underpin our confidence in the continuity and grade within the zones of mineralization that will improve the quality of our updated mineral resource modeling. This in turn increases the potential in our integrated mine planning efforts to deliver higher grade material to the mill, resulting in higher metal contained in concentrate. I look forward to continued positive results from the Phase 2 campaign over the next 8-10 weeks and another updated mineral resource estimate in Q1 2027."

2026 Phase 2 Drill Program

The Phase 2 drill program was planned with a target of 50,000 metres focused on expansion, exploration, and infill drilling of key target areas, as well as geotechnical data collection to support the upcoming Feasibility Study. Due to efficiencies of logistics and cost, the team has identified opportunities to complete additional metres while remaining on-schedule and on-budget.

As of October 14th, 54,711 metres of drilling has been completed in 223 drill holes, representing 109% of the planned meterage. The drill program is nearing completion and is expected to be completed by October 20. All geological logging, core cutting, and sample shipping is expected to be complete by early November.

Reported here are results from holes drilled in July 2026. Turnaround time for assay results is currently approximately eight weeks. Assay results are expected to continue being released throughout the fall and winter of 2026.

Table 1: Summary of Phase 2 Drilling Completed by Location

Figure 1: Plan view of the Minto Mine Property showing surface projections of mineralized zones as well as Phase 1 and Phase 2 drill collars. Drill hole results presented in this release are highlighted

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Minto North Drill Results

At Minto North, the Phase 2 drill program is targeting infill and expansion of priority planned mining areas. Reported here are three infill drill holes that targeted the 202 Lens, all of which intersected significant mineralization.

These three drill holes were drilled to investigate a north-northwest structural trend that is interpreted to control high-grade mineralization within the 202 Lens. All three holes intersected high-grade mineralization, including 5.83% CuEq over 11.1 metres in hole 26SCM37 as well as second interval of 6.45% CuEq over 9.2 m; 5.58% CuEq over 5.1 m in hole 26SCM239; and 4.55% CuEq over 12.7 m in hole 26SCM228. Mineralization in all three holes consists of folioform to semi-massive bornite and chalcopyrite mineralization within a migmatite host rock. The results of these drill holes support the hypothesis that the north-northwest structural control is an important focus for high-grade mineralization at Minto North, as well as in other locations within the deposit area.

Hole 26SCM237 included two intervals of high-grade (4 - 6% CuEq) with shoulder intervals of moderate grade (0.5 - 3% CuEq), and an internal interval of waste rock (< 0.1% CuEq). This internal waste rock interval is not typical within the previous 45 holes completed in the 202 Lens. Composited together, including the high, moderate, and waste-grade material, this hole returned a significant interval of 3.0% CuEq over 44.7 metres. This represents one of the best results of grade x width amongst all the holes that have been drilled by the Company during its Phase 1 and Phase 2 drill programs.

This hole has been reported as a single interval with noted subintervals of waste and high-grade to reflect the potential for different underground mining methods, including larger volume bulk extraction or more selective high-grade extraction. More detailed investigation of mining method and stope designs to maximize value at Minto North is planned as part of the upcoming Feasibility Study.

The Minto North 202 Lens remains open to the northwest and southeast. Additional drill hole results targeting the 202 Lens are pending as part of the Phase 2 drill program.

Figure 2: Cross section and plan view of drill holes intersecting the 202 Lens at Minto North

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Figure 3: Strip log and photographs of mineralization at Minto North in hole 26SCM237. 

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Area 118 Drill Results

In Area 118, Phase 2 drilling is targeting expansion and delineation of several mineralized lenses located close to existing underground development. Reported here are three drill holes that were planned as 50-metre step-outs beyond the limits of previous drilling, all three of which intersected significant mineralization.

Hole 26SCM236 targeted the 301 Lens, which was discovered earlier in 2026 as part of Selkirk Copper's Phase 1 drill program. This hole targeted an area within 150 metres of existing underground development and returned a mineralized intercept of 2.14% Cu, 1.61 g/t Au, and 10.1 g/t Ag (3.38% CuEq) over 8.7 m. Mineralization in this location is relatively high grade and remains open to the north and west. Additional drill hole results targeting the 301 Lens are pending as part of the Phase 2 drill program.

Hole 26SCM226 targeted two stacked mineralized lenses, the 120 Lens and 160 Lens. Mineralization in this location was known from historical drilling, but a revised geological model completed in 2026 highlighted potential for resource expansion in this area. Mineralization in both lenses is located within 200 metres of existing underground development and open for expansion in several directions. This hole returned two mineralized intercepts including: 1.22% CuEq over 14.9 m; and 1.05% CuEq over 10.2 m. Additional drilling is proposed to follow-up on these results.

Minto Main Drill Results

In the Minto Main area, Phase 2 drilling is targeting expansion and delineation of mineralized lenses located between and beneath previous open pit and underground mining areas. Reported here are three drill holes targeting infill of the 114 and 117 Lenses, all three of which intersected significant mineralization.

Notable results reported here include 26SCM217 which intersected 1.42% Cu, 0.58g/t Au, and 3.4g/t Ag (1.79% CuEq) over 27 m. This interval is somewhat thicker and higher grade than other nearby intercepts, and this higher-grade area remains open to the north. A geological review of the Minto Main area is in progress to evaluate structural controls on high-grade mineralization. The results of this review will be used to guide subsequent geological modelling and future drill targeting. Additional drill hole results targeting this area are also pending as part of the Phase 2 drill program.

Figure 4: Section view of Minto Main and Area 118, looking East. Highlighted are recent results from the Phase 2 drill program, as well as holes that have been completed with assay results pending. 

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Copper Keel Drill Results

At Copper Keel, Phase 2 drilling is targeting infill and expansion of several shallowly dipping mineralized lenses. Reported here are five drill holes targeting the eastern portion of the 101 Lens within the Copper Keel resource area. Four of these holes intersected significant mineralization. One hole encountered poor ground conditions and was abandoned before reaching the expected mineralized target depth.

Notable results reported here include hole 26SCM242, which returned an intercept of 2.41% CuEq over 12.4 metres. This hole targeted a 90-metre gap between previous drill holes. The results are higher grade than expected and confirm continuity of the geological model geometry in this location.

Also reported here are results from drill holes 26SCM227 and 26SCM232 targeting expansion of the 302 Lens. This lens is a new target identified during geological modelling completed in 2026. The results of these holes indicate that mineralization in this area is open for expansion to the east and south, at relatively shallow depths 50-70 metres below surface. Additional drill hole results targeting this area pending as part of the Phase 2 drill program.

Figure 5: Section view of drill holes the eastern portion of the Copper Keel area

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Figure 6: Section view of drill holes in the far eastern portion of the Copper Keel area highlighting the newly recognized 302 Lens

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Table 2: Collar Locations and Header Information

Table 3: Significant Interval Table

QAQC Procedures and Data Validation

The Company is drilling NQ-diameter core and completing geological logging with oriented core structural data collection. Following data collection, core is cut along the long axis, with half of the core going to the lab for chemical analysis and the remaining half kept in sequence as record. The half core samples are packaged with the corresponding sample tag id and sealed. All sampling is conducted by Selkirk Copper and is subject to Company standard internal quality control and quality assurance (QAQC) programs. QAQC procedures include the insertion of certified reference material, coarse blank materials, and field duplicate analysis, as well as standard laboratory procedures to monitor contamination during preparation, analytical accuracy, and precision. QAQC insertion rates by Selkirk Copper approximate 15% of all samples at set intervals.

For the Phase 2 drill program, all samples were sent to ALS's prep facility in Whitehorse, then shipped to ALS's analytical laboratory in Vancouver. All samples are prepared by crushing rock to 70% passing 2mm screen, then splitting a 250g sub-sample using a riffle splitter before being pulverized 85% passing 75 microns. Gold is analyzed by 30 g Fire Assay (Au-AA23) with atomic absorption (AAS) analysis followed by gravimetric finish for overlimit results. Copper and silver are analyzed by four-acid digest (ME-ICP61) with inductively coupled plasma – atomic emission spectroscopy (ICP-AES) finish. If copper or silver overlimit results are triggered a second four-acid digest for high grade copper (Cu-OG62) and silver (Ag-OG62) is conducted. Samples containing greater than 1000 ppm copper are also analyzed for soluble copper using a sulphuric acid leach (Cu-AA05) analysis with AAS finish. ALS Vancouver holds an ISO/IEC 17025 standard accreditation.

QAQC results are reviewed by Selkirk Copper upon receipt of assay results. Overall, QAQC results show strong analytical performance across Cu, Au, and Ag datasets. All control standards are within acceptable tolerance, with no significant outliers or systematic bias observed.

Primary intervals are reported as drill core length, with true widths estimated to be approximately 80 – 90% of core lengths, based on the sub-horizontal to shallow-dipping nature of the modelled mineralized zones.

Mineral Resource Estimate Details

The following table summarizes the current Minto Mineral Resource Estimate:

Table 4: Global Mineral Resource Estimate for the Minto Project (Effective Date: June 10, 2026)

References
¹ See 2026-09-14 Technical Report "NI 43-101 2026 Mineral Resource Estimate Update for the Minto Property, Yukon, Canada" effective date 2026-06-10 filed by Selkirk Copper Mines Inc., available on SEDAR+ (sedarplus.ca).

Technical aspects of this news release have been reviewed, verified and approved by Leif Bailey, P.Geo., Director of Geoscience & Exploration of Selkirk Copper Mines Inc., who is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Selkirk First Nation

Selkirk First Nation is centered in Pelly Crossing, a community in central Yukon, 280 km north of Whitehorse. They are a self-governing First Nation, having signed its Final and Self-Government Agreements in 1997. Selkirk First Nation owns 4,740 square kilometers of Settlement Land, including 2,408 square kilometers where they own both the surface and subsurface. Selkirk First Nation is one of three self-governing Northern Tutchone First Nations in the Yukon. The Selkirk First Nation, indirectly, holds a controlling equity stake in Selkirk Copper.

About Selkirk Copper

Selkirk Copper is a well-financed, newly formed company with a controlling interest held by the Selkirk First Nation through its wholly owned subsidiary, that, in partnership with the Selkirk First Nation, 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 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 full-rotation camp, water treatment facilities, numerous ancillary buildings, and mobile equipment centered on the former Minto copper-gold-silver mine. Selkirk Copper's mineral tenure, operation infrastructure, access roads, and powerline is located on or adjacent to Lands of the Selkirk First Nation much of which is surrounded by prospective Selkirk First Nation Category A Lands.

Selkirk Copper Mines Inc. is listed on the TSX Venture Exchange under the symbol TSXV: SCMI, has a secondary listing on the Frankfurt Exchange under the symbol FSE: IO20, and its common shares trade under the symbol OTCQX: SKRKF on the OTCQX® Best Market, a U.S. marketplace operated by OTC Markets Group Inc.

On behalf of the Board of Directors of Selkirk Copper Mines Inc.

M. Colin Joudrie
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words, or variations thereon or comparable terminology are intended to identify forward-looking information. The forward-looking information in this news release includes information relating to: Phase 2 drill results; the target mine life; metallurgical recoveries; potential for improvement in quality of the Company's mine plans; development of an updated mine plan and targeted mine life; the remainder of the Company's drill program and integrating results into ongoing studies results and the support of a feasibility study and the timing thereof; technical and economic factors that may influence prospects of economic extraction; the business plans and objectives of the Company; and future planned drilling and feasibility study work. Such forward-looking information is based on the Company's expectations, estimates and projections as at the date of this news release.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern, risks associated with potential governmental and/or regulatory action with respect to the Company's operations, delays in or the potential inability of the Company to obtain necessary regulatory approvals, fluctuations in the price of copper, gold and silver, environmental risks, the accuracy of capital and operating cost estimates, risks related to the condition of existing underground workings and rehabilitation requirements, risks related to metallurgical recovery assumptions and oxide ratio variability, risks related to the availability and retention of skilled personnel and contractors, the potential inability of the Company to implement its business plan going forward, including but not limited to completing the remainder of the Company's drill program, completing the PEA and Technical Report, and the development of an updated mine plan and targeted mine life. In connection with the forward-looking information contained in this news release, the Company has made assumptions about: metal prices; exchange rates; metal recoveries; capital cost estimate accuracy; the timely receipt of necessary permits and regulatory approvals; the successful dewatering and rehabilitation of existing underground workings; the availability of financing on reasonable terms; and the Company's ability to execute on its business plans. The Company has also assumed that no significant events will occur outside the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

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Source: Selkirk Copper Mines Inc.