Cascadia Minerals offers high-risk, high-upside Yukon copper-gold optionality, underpinned by Carmacks economics, strategic major backing and a probability-weighted five-year target of C$0.78.
Overview
Cascadia Minerals is a 2023 spin-out from ATAC Resources and operates as a pre-revenue Canadian junior explorer focused on copper and gold in Yukon and British Columbia. It has no commercial production or operating revenue; its funding model relies on equity, flow-through financing and strategic partner expenditures. **Carmacks is the central asset**, a 100%-owned 180 km² project in the Minto Copper Belt with 651 million pounds of copper and 302,000 ounces of gold in Measured and Indicated resources. Its 2023 PEA generated a post-tax NPV at 5% of C$330 million and an after-tax IRR of 38% at US$4.25/lb copper and US$2,000/oz gold. The 2026 drill program expanded to 18,000 meters after success, including 82.69 meters of 1.12% copper and 0.64 g/t gold, or 1.78% CuEq, 300 meters beyond the historical boundary. **Strategic backing is unusually strong for a junior**: Agnico Eagle can spend C$30 million to earn up to 80% of Catch, while Agnico and Hecla each own approximately 14.21%. At C$0.52, equity value is C$108.66 million and EV is C$93.66 million, or C$0.08/lb CuEq. The main near-term catalysts are final Carmacks assays, Catch work and continued resource expansion.