Two Yukon PEAs in one week, two different discount rates. Here is how Selkirk and White Gold really compare

Two Yukon companies published preliminary economic assessments within four days of each other. Selkirk Copper Mines (TSXV: SCMI) released its study for the Minto copper-gold-silver restart on September 22. White Gold Corp. (TSXV: WGO) filed its study for the White Gold Project on September 25.

Read side by side, the headline net present values are not comparable. Selkirk used a 7% discount rate. White Gold used 5%. A lower discount rate produces a higher NPV from the same cash flows.

The numbers, side by side

	Selkirk: Minto	White Gold
After-tax NPV	C$494M at 7%	C$1,856M at 5%
After-tax IRR	47.8%	41%
Initial capital	C$186M	C$1,002M
NPV to initial capital	2.7 to 1	1.85 to 1
Payback	1.9 years	1.5 years
Gold price used	US$3,600/oz	US$3,600/oz
Mine life	13 years	9.4 years

What the ratio says

White Gold's number is almost four times bigger. It also needs more than five times the capital. Per dollar of initial capital, Selkirk's restart returns more: C$2.66 of after-tax NPV for every C$1 spent, against White Gold's own stated ratio of 1.85 to 1, before adjusting for the gentler discount rate.

That makes sense for a restart. Minto has an existing mill, and Selkirk's plan feeds a new crushing circuit into the existing grinding and flotation circuits.

What each study leans on

Selkirk used planning prices of US$5.00 per pound copper, US$3,600 per ounce gold and US$50 per ounce silver. Copper is its biggest sensitivity. The mine plan draws about 18.4 million tonnes from a resource of 47.8 million tonnes measured and indicated, and it includes inferred material. The company targets a restart decision after a feasibility study and permit amendment in the second half of 2027, and first concentrate in the second half of 2028.

White Gold assumes US$3,600 gold flat, with average production of 188,000 ounces a year over 9.4 years and all-in sustaining costs of US$1,482 per ounce. The plan uses about 60% of its current resource. Access depends partly on the planned Northern Access Route from Dawson City, and the site is reached by a road that crosses the Stewart River by barge in summer and by ice road in winter.

The caveat both carry

Both are preliminary studies. Both include inferred resources, which the companies themselves describe as too speculative to be classed as reserves. Neither study proves a mine.

Sources: Selkirk Copper news release, September 22, 2026; White Gold Corp. news release, September 25, 2026.